De Beers announces FY11 results

RNS Number : 1658X

Anglo American PLC

10 February 2012

 

10 February 2012
Anglo American plc notification: De Beers Société Anonyme year end results 2011

Anglo American wishes to draw attention to the De Beers Société Anonyme ("De Beers") announcement of its results for the year ended 31 December 2011. De Beers reported Underlying earnings of US$968 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$443 million for the year ended 31 December 2011 from its investment in De Beers, as reconciled in the table below:

$m	2011	2010
De Beers Underlying earnings (100%)	968	598
Difference in IAS 19 accounting policy	17	53
De Beers underlying earnings - Anglo American plc basis (100%)	985	651
Anglo American plc's 45% ordinary share interest	443	293
Income from preference shares	-	9
Contribution to Anglo American plc underlying earnings	443	302

Anglo American will report results for the year ended 31 December 2011 on 17 February 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.

Please click on the link to read the FY11 De Beers result announcement:

http://www.rns-pdf.londonstockexchange.com/rns/1658X_1-2012-2-9.pdf 

 

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