De Beers Interim Results

RNS Number : 0294L

Anglo American PLC

26 July 2011

 



26 July 2011
Anglo American plc notification: De Beers Société Anonyme interim results 2011

Anglo American wishes to draw attention to the De Beers Société Anonyme ("De Beers") announcement of its results for the six months ended 30 June 2011. De Beers reported Underlying earnings of US$666 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$299 million for the six months ended 30 June 2011 from its investment in De Beers, as reconciled in the table below:

	$m
De Beers Underlying earnings (100%)	666
Difference in IAS 19 accounting policy	(1)
De Beers Underlying earnings - Anglo American plc basis (100%)	665
Anglo American plc's 45% ordinary share interest	299
Contribution to Anglo American plc underlying earnings	299

In the six months ended 30 June 2011, Anglo American received US$22 million in dividends from De Beers. In addition, $45 million of the outstanding shareholder loans to De Beers were repaid during the period.

Anglo American will report results for the six months ended 30 June 2011 on 29 July 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 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.

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

http://www.rns-pdf.londonstockexchange.com/rns/0294L_-2011-7-25.pdf

 

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