De Beers 2010 Results

RNS Number : 0567B

Anglo American PLC

11 February 2011

 



11 February 2011
Anglo American plc notification: De Beers Société Anonyme year end results 2010

Anglo American wishes to draw attention to the De Beers Société Anonyme ("De Beers") announcement of its results for the year ended 31 December 2010. De Beers reported Underlying earnings of US$598 million.

Anglo American plc ("Anglo American") arrives at its Underlying earnings in respect of De Beers by accounting for the interests arising from the ordinary shares it holds. Anglo American will therefore report underlying earnings of US$302 million for the year ended 31 December 2010 from its investment in De Beers, as reconciled in the table below:

	$m
De Beers Underlying earnings (100%)	598
Difference in IAS 19 accounting policy	53
De Beers Underlying earnings - Anglo American plc basis (100%)	651
Anglo American plc's 45% ordinary share interest	293
Income from preference shares	9
Contribution to Anglo American plc underlying earnings	302

In the year ended 31 December 2010, Anglo American received US$9 million in preference share dividends from De Beers. The remaining US$88 million of 10% non-cumulative redeemable preference shares outstanding at 31 December 2009 were also redeemed during the year.

Anglo American will report results for the year ended 31 December 2010 on 18 February 2011.  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 transactions 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.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0567B_-2011-2-10.pdf

 

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