Anglo American notification: KIO interim results

RNS Number : 1261I

Anglo American PLC

20 July 2012

 

20 July 2012
Anglo American plc notification: Kumba Iron Ore Limited interim results 2012

Anglo American plc wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the six months ended 30 June 2012. Kumba Iron Ore Limited reported headline earnings of R7,409 million.

Anglo American plc will report underlying earnings in respect of Kumba Iron Ore Limited of $614 million for the six months ended 30 June 2012, which takes into account certain adjustments.

$m	6 months ended 30.06.2012				6 months ended 30.06.2011		Year ended 31.12.2011
IFRS headline earnings Exploration		932 4			1,319 -		2,366 4
BEE transactions and related charges		20			-		-
Other adjustments		1			1		3
		957			1,320		2,373
Non-controlling interests(1)		(304)			(459)		(826)
Elimination of intercompany interest		(8)			(12)		(27)
Depreciation of assets fair valued on acquisition (net of tax)		(4)			(5)		(9)
Corporate cost allocation		(27)			(20)		(49)
Contribution to Anglo American plc underlying earnings			614		824		1,462

 ⁽¹⁾On 20 July 2012 Anglo American increased its shareholding in Kumba Iron Ore Limited by 4.5% through the exercise of options acquired in 2011 and 2012. This increased the Group's shareholding from 65.2% to 69.7%, for a total cost of R7,525 million ($948 million) at a weighted average purchase price of R519 per share.

Anglo American plc will report results for the six months ended 30 June 2012 on 27 July 2012.  The above figures are unaudited.

Underlying earnings

Underlying earnings is net profit attributable to equity shareholders, adjusted to remove special items and remeasurements, and any related tax and non-controlling interests. Special items are those items of financial performance that the Group believes should be excluded from underlying financial performance. Operating special items include impairment charges and reversals and other exceptional items, including restructuring costs. Non-operating special items include profits and losses on disposals of investments and businesses as well as certain adjustments relating to business combinations. Remeasurements include adjustments to ensure that the unrealised gains or losses on non-hedge derivative instruments are recorded in underlying earnings in the same period as the underlying transaction against which these instruments provide an economic, but not formally designated, hedge as well as foreign exchange impact arising in US dollar functional currency entities on deferred tax balances.

 

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