Final Results
Anglo American PLC
13 March 2002
News Release
13 March 2002
Anglo American plc ("Anglo American") reports a robust performance for 2001
despite challenging market conditions
• Net earnings for 2001 up by 62% to $3,176 million reflecting exceptional
gains arising from the De Beers transaction and the continuing disposal of
non core assets;
• After adjusting for disposals and structural changes and despite weaker
prices for most of our products, headline earnings from continuing
businesses increased by 4%, following the successful integration of recent
acquisitions and reflecting strong performances by Platinum, Coal, Gold,
Industrial Minerals and Forest Products;
• Headline earnings per share declined 6% reflecting further disposals in
Industries and Financial Services, elimination of the De Beers cross-holding
and cancellation of 10% of the company's shares in issue;
• Final dividend of 34 US cents, giving an increased total dividend for 2001
of 49 US cents per ordinary share, an increase of 3% on 2000;
• Continued focus on restructuring - elimination of the cross-holding
between Anglo American and De Beers and the increase in Anglo American's
interest in De Beers to 45%;
• Operating profit margin before exceptional items increases to 17.1% -
record operating profit in five major businesses;
• Further progress on cost savings and efficiency initiatives across the
Group realises $275 million in 2001, containing cost increases to $56
million (0.4%).
HIGHLIGHTS FOR YEAR ENDED 31 DECEMBER 2001 (1)
$ million except per share amounts 2001 2000 Change
Group turnover & share of turnover of joint ventures & associates 19,282 20,570 (6) %
Total operating profit before operating exceptional items 3,300 3,480 (5) %
Operating profit before exceptional items : turnover 17.1% 16.9% -
Total operating profit 2,787 3,214 (13) %
Net earnings for the financial year 3,176 1,957 62 %
Headline earnings for the financial year * 1,770 2,000 (12) %
Headline earnings - continuing businesses (2) 1,728 1,664 4 %
Total earnings per share ($) 2.15 1.25 72 %
Headline earnings per share ($) 1.20 1.28 (6) %
Dividend per share (US cents) 49 47.5 3%
Weighted number of shares in issue (million) 1,474 1,567 -
1. includes 12 months of De Beers cross-holding and equity earnings from FirstRand
2. Headline earnings adjusted for structural changes (De Beers) and major disposals in Industries and Financial
Services
* see note 6 for basis of calculation of headline earnings
Tony Trahar, Chief Executive, said
"The past year was one of substantial progress for Anglo American. We continued
to deliver against our strategy on a number of fronts with the achievement of
enhanced shareholder value as our key objective. The major milestone was the
successful removal of the Anglo American/De Beers cross holding and the
resultant cancellation of 10% of our shares in issue.
In a year characterised by difficult economic conditions and substantially
weaker prices for most commodities, after adjusting for disposals and
restructuring, the Group recorded a 4% increase in headline earnings from its
continuing businesses reflecting strong performances from Platinum, Coal, Gold,
Industrial Minerals and Forest Products. It is pleasing that the operating
profit margin increased: this robust performance demonstrates the strength of
Anglo American's diverse earnings base and the quality of our assets.
We made substantial progress in further driving down costs and improving
efficiencies across the entire Group. Major initiatives on cost control and
efficiencies yielded significant savings of $275 million and will continue to be
a focus going forward. We have also delivered an impressive performance in
integrating acquisitions into our core businesses.
While there are some signs of economic recovery, at this stage they seem more
encouraging in the United States than in Europe and Japan. The trading
environment for most of our products is likely to remain challenging. The Group
will benefit from its diverse and competitive operations, particularly in low
cost areas of production, and the significant capital projects that are
presently in progress. We will continue to pursue further opportunities for
expansion and growth."
Review of 2001
Despite difficult economic conditions, 2001 was another year of significant and
continued progress in focusing and growing Anglo American's core businesses. The
elimination of the cross-holding between Anglo American and De Beers in the
first half of the year was a key element to the restructuring process and has
brought substantial benefits to Anglo American. The major acquisitions made in
2000 in Coal, Industrial Minerals and Forest Products have been successfully
integrated over the last year and are now making significant earnings
contributions.
• Tough trading environment during 2001:
Lower prices were experienced in most major commodities as the global
economic slowdown affected many key markets. Base metals were severely
affected, with average annual copper, nickel and zinc prices declining 13%,
31% and 21% respectively. Platinum Group Metal (PGM) prices also experienced
a decline from the very high levels of 2000 with platinum falling 3% over
the year. The effect of lower commodity prices was offset by weaker
currencies, mainly the South African rand and the Australian dollar, which
lowered local operating costs in US dollar terms by $454 million.
• Strong contributions from major acquisitions made in 2000:
• Coal reported on the first full year contribution from the Australian coal
assets and the interest in Cerrejon Zona Norte in Colombia which helped the
division to record a 180% increase in headline earnings;
• Industrial Minerals' 11% increase in headline earnings was due to
substantial synergy benefits following the integration of Tarmac and the
continuing programme of cost cutting and price improvements;
• in Forest Products, improved productivity and further cost reductions
reflected the successful integration of the European paper and packaging
assets acquired in 2000. Operating profit increased to a record $522
million, although headline earnings were affected by increased debt levels.
• Internal growth:
• five major gold projects costing $700 million are scheduled to come into
production over the next 3 years;
• the $2 billion platinum expansion to 3.5 million ounces per annum by 2006
is on schedule and two new mines will be commissioned in 2002;
• in Colombia, the $500 million expansion project to raise coal production
at Carbones del Cerrejon to 10 million tonnes a year should commence soon;
• expansions and new projects currently underway in Base Metals total $890
million.
• Transactions:
Since listing in May 1999, $4.1 billion has been realised from the disposal
of assets. Disposals made in 2001 realised $1.9 billion and include:
• interests in FirstRand, SA Breweries, Stanbic, AECI and Shaft Sinkers;
• a 12.3% interest in Aracruz for $370 million;
• a 7.1% stake in Billiton, acquired as a result of disposing of most of the
Group's interest in FirstRand, for $754 million.
Since May 1999, $7.4 billion has been invested in new businesses. Recent
acquisitions include:
• an increase in Anglo American's stake in Anglo Platinum from 50.1% at 2
March 2001 to 59.6% at 1 March 2002;
• the outstanding 50% stake in Cerrejon Zona Norte, the largest producer and
exporter of steam coal in Colombia, as part of a consortium. The initial 50%
stake was acquired by the consortium from Carbocol in December 2000;
• Danisco Pack UK's paper and packaging assets, making Mondi Packaging UK
the third largest corrugated packaging company in the UK;
• Durox, consolidating Tarmac's leadership of the UK concrete block market;
• a 9.6% stake in Kumba Resources with the right to acquire a further 10.5%,
and a 34.9% stake in Avmin for a total of $365 million. The acquisitions,
announced on 12 March 2002, are part of Anglo American's strategic objective
of securing a meaningful interest in the iron ore sector.
• Increased focus on cost control including corporate centre:
Increased focus on cost savings and efficiencies across the Group has
realised $275 million this year. Further savings from the restructuring of
corporate offices at the end of 2001 will accrue during 2002.
• De Beers deal:
The elimination of the cross-holding with De Beers had been a key strategic
priority since listing in May 1999. The benefits to Anglo American were:
• the simplification of its structure and improved transparency;
• an increase in Anglo American's interest in De Beers' diamond business to
45%;
• a net cash inflow of $998 million plus $701 million preference shares in
DB Investments;
• ordinary and preference dividends due of $71 million for first seven
months of the new structure;
• an increase in the free float of Anglo American shares from 53% to 91% and
the retention of a full FTSE weighting.
Review of financial results:
Anglo Platinum recorded the largest contribution to headline earnings of $522
million (29% of Anglo American's total headline earnings) up from US$500 million
in 2000. The increase resulted from an improved operational performance which
led to higher production and sales volumes. Although PGM prices declined
significantly from their historic highs of 2000, the lower prices were largely
offset by the depreciation of the South African rand.
Coal's contribution to headline earnings increased significantly by 180% to $387
million (22% of Anglo American's total) following the first full year
contribution from the Australian assets and Cerrejon Zona Norte in Colombia. The
improved performance also reflected higher export prices and some benefit from
the weaker Australian dollar and South African rand.
Although Forest Products reported record operating profits of $522 million,
headline earnings declined by 13% to $267 million (15% of Anglo American's
total) due to substantially higher tax and interest payments and lower prices.
In Europe, improved productivity, further cost reductions and a steady
underlying performance following the successful integration of the paper and
packaging assets acquired last year, offset lower sack paper, pulp and
corrugated packaging prices.
De Beers contributed $234 million to headline earnings (13% of Anglo American's
total) down from $321 million in the previous period, due to the widely expected
fall in demand for rough diamonds following the record sales achieved in 2000.
However, Christmas retail sales figures for 2001 were stronger than expected.
Industrial Minerals reported an 11% increase in headline earnings to $176
million (10% of Anglo American's total). The improvement was due to substantial
synergy benefits arising from the acquisition of Tarmac and a continuing
programme of cost cutting and price improvements across the division. This was
offset by higher tax charges and lower earnings from Cleveland Potash which,
subject to certain conditions, has been sold. The second half of the year in
particular saw a strong performance as the benefits of increased infrastructure
spending in the UK began to emerge.
AngloGold's contribution to headline earnings of $173 million (10% of Anglo
American's total) was 14% lower than the previous year as a result of increased
finance and tax charges. Total cash costs declined by 16% to $178 per ounce.
AngloGold's production declined by 4% to 7 million ounces as a result of the
sale of the Elandsrand and Deelkraal mines in South Africa.
The Ferrous Metals division recorded a 44% decline in headline earnings to $48
million (3% of Anglo American's total). This was principally a result of the
continued oversupply situation in the world steel industry and declining prices.
Base Metals reported a headline loss of $2 million. Declining prices and
generally poor markets for base metals were major factors that contributed to
the division's poor performance. Exceptional charges of $488 million were
recorded against certain assets, including a $353 million exceptional charge
attributed to the Konkola Copper Mine operations in Zambia.
The Industries division reported a 55% decline in headline earnings to $45
million, with increased operating profits from Boart offset by lower profits
from Tongaat-Hulett, an operating loss from Terra and further disposals.
Exceptional items
Non-operational exceptional gains amounted to $2,148 million, mainly comprising
the De Beers transaction and the swap of most of the Group's interest in
FirstRand Limited for interests in Billiton Plc and Gold Fields Limited, the
subsequent sale of the interest in Billiton and the sale of other non-core
assets.
Operating exceptional charges amounted to $513 million. These represented
impairments or write downs to the value of $488 million in respect of Base
Metals operations, including ZCI/KCM, the Anaconda nickel operation, Lisheen
zinc mine, Hudson Bay's Ruttan zinc/copper mine and the expensing of
Quellaveco's feasibility costs for the copper project. In addition, a $25
million exceptional charge was recorded in Corporate Activities relating to the
investment in Ivernia West plc.
Taxation
The effective rate of taxation before goodwill amortisation and exceptional
items was 31%. This was an increase over the effective rate of 26% in 2000 and
principally reflects higher effective tax rates in Gold and Forest Products,
higher profit contributions from Platinum and Coal and lower contributions from
Industries, Base Metals and Financial Services.
Dividends
The directors recommend a final dividend of 34 US cents per share to be paid on
15 May 2002. Dividends for the year will amount to 49 US cents per share, a 3%
increase on last year's total dividend. Whether or not this increase will be
reflected in the next interim dividend declaration will depend on the results
and outlook at the time.
Outlook
While there are some signs of economic recovery, at this stage they seem more
encouraging in the United States than in Europe and Japan. The trading
environment for most of our products is likely to remain challenging. The Group
will benefit from its diverse and competitive operations, particularly in low
cost areas of production, and the significant capital projects that are
presently in progress. We will continue to pursue further opportunities for
expansion and growth.
For further information, please contact:
Anglo American - London
Investor Relations
Nick von Schirnding
Tel: +44 (0)20 7698 8540
Media Relations
Kate Aindow
Tel: +44 (0)20 7698 8619
Anglo American - Johannesburg
Investor Relations
Anne Dunn
Tel: +27 11 638 4730
Media Relations
Marion Dixon
Tel: +27 11 638 3001
Anglo American plc website: www.angloamerican.co.uk
Anglo American plc is a global leader in the mining and natural resource
sectors. It has significant and focused interests in gold, platinum, diamonds,
coal, base and ferrous metals, industrial minerals and forest products, as well
as financial and technical strength. The Group is geographically diverse, with
operations in Africa, Europe, South and North America and Australia. Anglo
American represents a powerful world of resources.
Operational review
Platinum
$ million 2001 2000
Total operating profit 1,345 1,336
Headline earnings 522 500
Net operating assets 1,847 1,327
Capital expenditure 391 272
Share of headline earnings (%) 29 25
Share of group net operating assets (%) 13 8
Anglo Platinum's contribution to headline earnings of $522 million was 4% higher
than in 2000, following higher sales volumes and lower dollar costs.
World supplies of platinum rose by an estimated 5% to 5.58 million ounces as
expansions in South Africa came on stream. Demand for platinum also rose by some
5% and the market was in deficit for the third consecutive year.
Jewellery demand dipped by 11%, with record demand in China not quite
compensating for declines in Japan and the United States.
Net demand for platinum from the autocatalyst sector increased 25%. High prices
for palladium at the beginning of 2001, coupled with irregular Russian supplies,
triggered a move to platinum by auto manufacturers to reduce their reliance on
palladium.
Anglo Platinum's planned expansion to 3.5 million annual ounces of refined
platinum by the end of 2006 is on track. Two new mines will be commissioned in
2002 - the Waterval mine at Rustenburg, and the Maandagshoek mine, a joint
venture with a black empowerment consortium.
After the considerable reduction in Platinum Group Metal market prices in the
second half of last year, platinum and palladium have established more stable
trading ranges. The profitability of Anglo Platinum's individual operations
remains closely hinged to the South African rand/dollar exchange rate.
Gold
$ million 2001 2000
Total operating profit before exceptional items 443 410
Headline earnings 173 201
Net operating assets 2,086 2,667
Capital expenditure 243 240
Share of headline earnings (%) 10 10
Share of group net operating assets (%) 14 17
In 2001, AngloGold's contribution to headline earnings was $173 million, 14%
lower than the year before as a result of higher finance and tax charges.
Attributable production declined by 4% to 7 million ounces as a result of the
sale of Elandsrand and Deelkraal in South Africa. This was partially offset by a
137% increase in production from the rest of Africa region, with Geita and
Morila included for the full year and Yatela producing its first gold. Despite
the overall fall in production, improvements in cost control and productivity,
assisted by the depreciation of the South African rand, resulted in total cash
costs reducing by 16% to $178 per ounce. The gold price received was 7% lower at
$286 per ounce.
In November, AngloGold announced that it would sell its Free State assets to
black-empowerment group African Rainbow Minerals and Harmony Gold Mining for
$183 million plus recoupment tax, thereby reducing its South African operations
to seven. The sale will lower total cash costs for the company's worldwide
assets by 4%.
In 2002, AngloGold expects to produce approximately 5.8 million ounces of gold
at an average cash cost of $154 per ounce. The company has five major capital
projects in development that are coming into production over the next three
years at a cost of $700 million.
Diamonds
$ million 2001 2000
Total operating profit 373 491
Headline earnings 234 321
Share of headline earnings (%) 13 16
De Beers' contribution to headline earnings amounted to $234 million for the
year. In 2001, sales of rough diamonds by De Beers' marketing arm, the Diamond
Trading Company (DTC), at $4.4 billion, were 21.5% lower than the record $5.6
billion achieved in 2000. The economic uncertainty surrounding a weakening
economy and excess stocks of polished diamonds was aggravated by the 11
September terrorist attacks. However, Christmas season retail sales of diamond
jewellery were above expectations, and global diamond retail sales in 2001 were
around 5% down.
The DTC is making progress with its 'Supplier of Choice' strategy, for which
final approval of the DTC's distribution system is awaited from the European
Commission.
In December, De Beers and the Russian diamond producer Alrosa signed a new five
year $4 billion trade agreement (which awaits clearance by the European
Commission).
Although stocks of rough diamonds in the cutting centres and polished diamonds
in the pipeline have reduced, the DTC's 2002 sales prospects will depend on the
timing and extent of any recovery in the world economy and the level of polished
stocks that the trade pipeline will be confident to carry. Rough diamond demand
at the first two sights in 2002 has been encouraging.
Forest products
$ million 2001 2000
Total operating profit 522 458
Europe 330 221
South Africa 185 202
Brazil 7 35
Headline earnings 267 308
Net operating assets 2,700 3,054
Capital expenditure 283 126
Share of headline earnings (%) 15 15
Share of group net operating assets (%) 18 19
Forest Products total headline earnings for 2001 were $267 million, a 13%
decrease on 2000. Mondi Europe's operating profit was 49% higher at $330
million, partly attributable to the incorporation of the Assi Sack and SCP
Ruzomberok businesses acquired in 2000. Mondi South Africa's operating profit
declined by 8% to $185 million in a subdued market.
The graphic paper sector reported healthy growth in operating profit. In the
white paper business, SCP Ruzomberok strengthened the 100% owned Neusiedler
group's European market position. Newsprint enjoyed a significant improvement in
operating margins. Frantschach (70% held) achieved significant cost reductions
to compensate for volume and margin pressure in Industrial Packaging.
A recovery in the corrugated packaging sector took place during the first six
months. In September, Danisco Pack UK's corrugated assets were acquired,
providing significant synergy benefits.
In South Africa, 2001 was a tough year for pulp as production declined and
prices remained under pressure. However, the Paper and Cartonboard Divisions
achieved profit growth, while the Forests Division and Mondipak contained costs
to hold profits under difficult trading conditions.
In October, Mondi Brazil disposed of its interest in Aracruz Celulose for $370
million, realising a profit of $114 million on the sale.
2002 is expected to be a challenging year. In Europe, where the corrugated
packaging industry is still relatively fragmented, Mondi has several projects
and plans under consideration. In January 2002 Mondi announced a Euro 367
million bid for La Rochette the outcome of which is still pending. In March
2002, the go-ahead was given for a $210 million rebuild and expansion project at
Ruzomberok and Mondi Europe announced the acquisition of a further 68.5% stake
(taking its shareholding to 88%) in Syktyvkar, the low cost Russian paper
producer, for $252 million.
Coal
$ million 2001 2000
Total operating profit/(loss) 493 169
South Africa 271 136
Australia 173 35
South America 49 (2)
Headline earnings 387 138
Net operating assets 1,373 1,580
Capital expenditure 93 45
Share of headline earnings (%) 22 7
Share of group net operating assets (%) 9 10
In 2001, headline earnings for Coal were $387 million, a 180% increase on the
previous period. Total coal sales rose by 12.6 million tonnes to 77.4 million
tonnes. At the South African operations, despite lower sales, operating profit
doubled to $271 million, assisted by the depreciating South African rand.
The Australian operations increased operating profit fivefold to $173 million,
2001 marking their first full year under Anglo Coal management. Results were
improved by the acquisition of minority interests to secure full ownership of
Capcoal (previously German Creek) and increased equity in Dartbrook.
Attributable operating profit from the South American operations was $49 million
compared with a loss of $2 million in the previous year. In an important move to
consolidate the Carbones del Cerrejon (CdelC) and Cerrejon Zona Norte (CZN)
operations in Colombia, the Anglo Coal/BHP Billiton/Glencore consortium has
acquired 100% ownership of CZN. The $500 million expansion project to raise
output at CdelC to 10 million tonnes a year should commence soon.
The metallurgical coal market, particularly hard coking coal, remained firm
throughout the year. Thermal coal demand and prices were bolstered during the
first half by the US energy crisis. However, a dramatic increase in coal exports
from China contributed to second-half price softening. Although Chinese export
volume growth is expected to slow in 2002, China will remain a material
influence on thermal export price levels. Despite the steel industry's
difficulties worldwide, the outlook for coking coal is reasonably robust.
Industrial minerals
$ million 2001 2000
Total operating profit 201 150
UK 156 107
Europe 23 21
Brazil 22 22
Headline earnings 176 159
Net operating assets 3,246 3,196
Capital expenditure 205 186
Share of headline earnings (%) 10 8
Share of group net operating assets (%) 22 20
Headline earnings for Industrial Minerals increased 11% to $176 million in 2001.
The improvement was attributable to synergy benefits arising from the
acquisition of the Tarmac Group, price improvements and a cost cutting
programme.
In the United Kingdom, benefits from increased infrastructure spending were felt
towards the year end and the aggregates, asphalt and ready-mixed concrete
product businesses improved significantly after a poor start to the year.
The Spanish operations nearly doubled operating profit, but the other
continental European operations encountered weak markets.
In Brazil, Copebras improved earnings slightly. The new fertiliser plant is
scheduled for completion before the end of the year.
Several acquisitions were made in Poland and France, particularly in concrete
products. In January 2002, Tarmac consolidated its leadership of the UK concrete
block market through the acquisition of aircrete-blocks supplier Durox. An
agreement was announced in November for the sale of Cleveland Potash, subject to
various conditions.
Tarmac expects growth and increased profitability in 2002 in the UK on the back
of further infrastructure investment, although the introduction of the
aggregates levy may result in some distortion to demand. In continental Europe,
benefits will flow from recent acquisitions, but the outlook remains mixed.
Ferrous metals
$ million 2001 2000
Total operating profit/(loss) 77 127
Highveld Steel 6 22
Scaw Metals 31 30
Samancor Group 19 57
Catalao 22 15
Other (1) 3
Headline earnings 48 86
Net operating assets 220 390
Capital expenditure 28 32
Share of headline earnings (%) 3 4
Share of group net operating assets (%) 1 2
In 2001, headline earnings for the Ferrous Metals division were $48 million
compared with $86 million in 2000. World steel consumption remained at low
levels in line with prior years, with weak prices for carbon and stainless
steel, vanadium and chrome.
Sales were buoyant in South Africa, though exports were weak, with volumes and
dollar prices of carbon steel and vanadium below prior year levels. At Columbus,
decreased prices for stainless steel led to a lower operating profit of $2
million. Highveld Steel reported lower operating profit of $6 million.
Scaw Metals' operating profit was 3% higher than the prior year at $31 million,
despite slightly lower volumes.
In 40% held Samancor, ferromanganese profits were steady, with volumes and
prices being maintained despite reduced global steel production. Reduced
stainless steel demand, however, led to losses in the ferrochrome division.
At Catalao in Brazil, volumes increased and operating profit rose from $15
million to $22 million. With effect from 1 January 2002, management of the
Catalao business was transferred to the Base Metals division.
It is likely that 2002 will be a difficult year. Although the steel market
appears to have bottomed out, prices are expected to remain at low levels, with
some relief towards year end.
On 12 March 2002, Anglo American announced the acquisition of a 9.6% stake in
Kumba Resources with the right to acquire a further 10.5%, and a 34.9% stake in
Avmin for a total of $365 million as part of its strategic objective of securing
a meaningful interest in the iron ore sector. Anglo American intends working
with Kumba, Avmin, the South African Government and appropriate black economic
empowerment groupings to realise the full growth potential of the Kalahari iron
ore resource as well as to help unlock the significant synergies that exist and
facilitate meaningful black economic empowerment.
Base metals
$ million 2001 2000
Total operating (loss)/profit before exceptional items (22) 196
Copper 2 173
Zinc (57) (5)
Nickel 19 40
Namakwa Sands/other 14 (12)
Exceptional Items (488) (237)
Total operating loss after exceptional items (510) (41)
Headline (loss)/ earnings (2) 132
Net operating assets 1,977 2,102
Capital expenditure 446 410
Share of headline earnings (%) - 7
Share of group net operating assets (%) 13 13
Reflecting very depressed metals prices, Base Metals recorded a headline loss of
$2 million for 2001. Demand weakened as the world economy turned downward, while
meaningful price-induced cutbacks and mine closures only materialised towards
year end. Copper, nickel and zinc's annual average prices declined by 13%, 31%
and 21% respectively. The division recorded an operating loss, before
exceptional charges, of $22 million.
Attributable copper production rose 12% to 534,000 tonnes, with increases at
Hudson Bay, Mantos Blancos and Collahuasi.
Attributable nickel production increased by 91% to 27,000 tonnes, as Loma de
Niquel started to ramp up production and with higher output at Bindura Nickel.
Anaconda saw continued poor production performance.
Attributable zinc production was 17% higher at 166,000 tonnes. Hudson Bay
enjoyed a much improved second half, while the Lisheen mine ramped up to full
production by year end.
Namakwa Sands experienced production improvements and reported higher profits.
In October 2001, Konkola Copper Mines (KCM), in which Anglo American has an
indirect 33% interest, announced that, given the weaker outlook for copper and
cobalt prices and its inability to raise the required project finance, it was
unable to proceed with the Konkola Deep Mining Project (KDMP). In January 2002,
Anglo American announced that in the absence of KDMP project finance further
investment in KCM could not be justified beyond the amount committed at the time
of vesting. A Shareholders Steering Committee is currently evaluating future
options for KCM.
The immediate focus of Base Metals is improving performance at under-performing
operations and the development of a world-class suite of assets.
Industries
$ million 2001 2000
Total operating profit/(loss) 114 272
AECI - 60
Tongaat-Hulett 112 126
Boart 30 28
Terra (23) 27
Other (5) 31
Headline earnings 45 99
Net operating assets 884 1,317
Capital expenditure 65 163
Share of headline earnings (%) 3 5
Share of group net operating assets (%) 6 8
In Industries, headline earnings of $45 million were down from $99 million in
2000. This reduction was primarily due to the programme of disposals in 2000 and
to a lesser extent this year. Further progress was made in 2001. The majority of
the remaining interests in AECI and SA Breweries were sold for $179 million,
resulting in a profit of $108 million. The Group's interest in Shaft Sinkers was
sold with effect from 1 January 2002.
Tongaat-Hulett's operating profits were lower at $112 million. During the year
the Corobrick and Textiles divisions were sold. The sugar division's performance
was similar to the prior year.
Boart Longyear's operating profit increased to $30 million from $28 million in
the prior year. Sales volumes were marginally lower, mainly due to the disposal
of non-core businesses. Costs were well contained as a result of previous
restructuring initiatives. Demand in South Africa was boosted by development
work in the platinum mines.
The Group's 49% share of Terra's operating loss incurred was $23 million
compared with a profit of $27 million in 2000. Weak fertilizer demand and high
natural gas prices adversely affected operating costs.
Balance sheet
Total shareholders' funds were US$13,426 million compared with US$15,544 million
at 31 December 2000. The decrease was primarily due to the fall in the value of
the South African rand and the effect of the De Beers transaction.
Net debt was US$2,018 million, a decrease of US$1,572 million from 2000. The
decrease was due to the proceeds from the De Beers transaction, the sale of the
Group's interest in Billiton and the sale of other non-core investments.
Net debt to total capital at 31 December 2001 was 11.6% compared with 16.5% in
2000.
Cash flow
Cash inflow from operations was US$3,539 million compared with US$2,959 million
in 2000. This inflow was after a US$138 million increase in working capital.
Depreciation and amortisation, which increased by US$118 million, are analysed
below.
Analysis of depreciation by business segment
US$ million 2001 2000
Platinum 77 60
Gold 157 186
Forest products 193 111
Coal 108 59
Industrial minerals 136 113
Ferrous metals 25 26
Base metals 130 122
Industries 46 95
Other 9 10
881 782
Analysis of goodwill amortisation by business segment
US$ million 2001 2000
Platinum 16 17
Gold 30 27
Diamonds 34 6
Forest products 11 19
Coal 8 6
Industrial minerals 42 44
Ferrous metals 1 -
Base metals 1 (3)
Industries 1 7
Other 21 23
165 146
Capital expenditure of US$1,787 million was US$276 million higher than for 2000.
An analysis is set out below.
Analysis of capital expenditure by business segment
US$ million 2001 2000
Platinum 391 272
Gold 243 240
Forest products 283 126
Coal 93 45
Industrial minerals 205 186
Ferrous metals 28 32
Base metals 446 410
Industries 65 163
Other 33 37
1,787 1,511
Sale of other financial assets and associates generated US$2,701 million, which
included the proceeds from the De Beers' transaction and the sale of Billiton
shares. This was partially offset by the acquisition of Anglo Platinum shares,
increasing the Group's ownership from 50.2% at the 2000 year end to 57.9% at 31
December 2001.
Exchange rates against the US dollar
Average 2001 2000
South African rand 8.62 6.91
Pound sterling 0.69 0.66
Euro 1.12 1.08
Australian dollar 1.93 1.72
Year end
South African rand 11.96 7.58
Pound sterling 0.69 0.67
Euro 1.12 1.06
Australian dollar 1.96 1.80
Consolidated profit and loss account
for the year ended 31 December 2001
Before Exceptional Before Exceptional
exceptional items exceptional items
items (note 7) items (note 7)
US$ million Note 2001 2001 2001 2000 2000 2000
Group and share of turnover of joint 2 19,282 - 19,282 20,570 - 20,570
ventures and associates
Less: Joint ventures' turnover 2 (1,109) - (1,109) (1,590) - (1,590)
2 (3,387) - (3,387) (4,156) - (4,156)
Associates' turnover
Group turnover - subsidiaries 2 14,786 - 14,786 14,824 - 14,824
Operating costs (12,138) (498) (12,636) (12,456) (33) (12,489)
Group operating profit - subsidiaries 2 2,648 (498) 2,150 2,368 (33) 2,335
Share of operating profit of joint ventures 2 193 (15) 178 282 (123) 159
Share of operating profit of associates 2 459 - 459 830 (110) 720
Total operating profit 2 3,300 (513) 2,787 3,480 (266) 3,214
Profit on disposal of fixed assets 7 - 2,148 2,148 - 402 402
Costs of fundamental reorganisation 7 - - - - (79) (79)
Profit on ordinary activities before 3 3,300 1,635 4,935 3,480 57 3,537
interest
Investment income 799 - 799 1,057 - 1,057
Interest payable (669) - (669) (749) - (749)
Profit on ordinary activities before 3,430 1,635 5,065 3,788 57 3,845
taxation
Tax on profit on ordinary activities 5 (1,102) (147) (1,249) (1,005) - (1,005)
Profit on ordinary activities after taxation 2,328 1,488 3,816 2,783 57 2,840
Equity minority interests (704) 64 (640) (917) 34 (883)
Profit for the financial year 3 1,624 1,552 3,176 1,866 91 1,957
Equity dividends to shareholders - paid and (690) - (690) (742) - (742)
proposed
Retained profit for the financial year 934 1,552 2,486 1,124 91 1,215
Headline earnings for the financial year 6 1,770 2,000
Basic earnings per share (US$)(1) :
Profit for the financial year 6 2.15 1.25
Headline earnings for the financial year 6 1.20 1.28
Diluted earnings per share (US$)(1):
Profit for the financial year 2.13 1.23
Headline earnings for the financial year 1.19 1.26
Dividend per share (US cents)(1) : 49 47.5
Basic number of shares outstanding(2) 1,474 1,567
(million)
Diluted number of shares outstanding(2) 1,491 1,588
(million)
(1) The comparative figures for 2000 for earnings and dividend per share
statistics, and numbers of shares outstanding, have been restated to reflect the
three-for-one bonus issue in May 2001.
(2) Basic and diluted number of shares outstanding represent the weighted
average for the year.
All amounts included above relate to continuing operations.
Consolidated balance sheet
as at 31 December 2001
US$ million 2001 2000
Fixed assets
Intangible assets 2,068 2,462
Tangible assets 10,770 11,819
Investments in joint ventures: 1,580 1,483
2,977 2,891
Share of gross assets
(1,397) (1,408)
Share of gross liabilities
Investments in associates 2,438 4,856
Other financial assets 1,527 1,621
18,383 22,241
Current assets
Stocks 1,383 1,748
Debtors 2,817 3,222
Current asset investments 2,003 2,344
Cash at bank and in hand 915 1,061
7,118 8,375
Short term borrowings (2,301) (3,398)
Other current liabilities (3,936) (4,027)
Net current assets 881 950
Total assets less current liabilities 19,264 23,191
Long term liabilities (2,635) (3,597)
Provisions for liabilities and charges (1,261) (1,404)
Equity minority interests (1,942) (2,646)
Net assets 13,426 15,544
Capital and reserves
Called up share capital 734 204
Share premium account 1,203 1,815
Merger reserve 636 2,424
Other reserves 716 927
Profit and loss account 10,137 10,174
Total shareholders' funds (equity) 13,426 15,544
Consolidated cash flow statement
for the year ended 31 December 2001
US$ million Note 2001 2000
Net cash inflow from operating activities 8 3,539 2,959
Expenditure relating to fundamental reorganisation (23) (44)
Dividends from joint ventures and associates 258 258
Returns on investments and servicing of finance
Interest received and other financial income 419 348
Interest paid (430) (501)
Dividends received from fixed asset investments 74 68
Dividends paid to minority shareholders (454) (357)
Net cash outflow from returns on investments and servicing of finance (391) (442)
Taxation
UK corporation tax 7 (25)
Overseas tax (644) (304)
Taxes paid (637) (329)
Capital expenditure and financial investment
Payments for tangible fixed assets (1,787) (1,511)
Proceeds from the sale of tangible fixed assets 263 177
Payments for other financial assets(1) (96) (104)
Proceeds from the sale of other financial assets(1) 1,174 535
Net cash outflow for capital expenditure and financial investment (446) (903)
Acquisitions and disposals
Acquisition of subsidiaries(2) (718) (2,705)
Disposal of subsidiaries 135 226
Investment in associates(3) (223) (257)
Sale of interests in associates(3) 1,527 517
Investment in proportionally consolidated joint arrangements (51) (42)
Investment in joint ventures (76) (367)
Net cash inflow/(outflow) from acquisitions and disposals 594 (2,628)
Equity dividends paid to Anglo American shareholders (714) (657)
Cash inflow/(outflow) before use of liquid resources and financing 2,180 (1,786)
Management of liquid resources(4) (287) (358)
Financing 8 (1,667) 1,935
Increase/(decrease) in cash in the year 226 (209)
(1) Disposal and acquisition of other financial assets included in fixed assets.
(2) 2000 figure is stated net of assets resold of US$709 million in respect of
the acquisition of Tarmac plc.
(3) Include the cash flows resulting from the De Beers transaction.
(4) Cash flows in respect of current asset investments.
Consolidated statement of total recognised gains and losses
for the year ended 31 December 2001
US$ million Note 2001 2000
Profit for the financial year 3 3,176 1,957
Currency translation differences on foreign currency net investments (3,225) (1,725)
Net asset value movements in associates - (120)
Total recognised (losses)/gains for the financial year (49) 112
1. Basis of preparation
The financial statements have been prepared according to the historical cost
convention, and in accordance with accounting standards applicable in the United
Kingdom.
The financial statements have been prepared using the accounting policies that
are consistent with those used in the prior year. The Group has adopted the
transitional arrangements of FRS 17, "Retirement Benefits", and made the
additional disclosures required for accounting periods ending on or after 22
June 2001. Full implementation of FRS 17 is required in 2003. FRS 19, "Deferred
Tax", will be implemented in the Group's 2002 financial statements.
2. Segmental information
Turnover Operating profit Net operating assets(1)
Before Exceptional
exceptional items
items (note 7)
US$ million 2001 2000 2001 2001 2001 2000 2001 2000
By business segment
Group subsidiaries
Platinum 2,180 2,318 1,325 - 1,325 1,314 1,847 1,327
Gold 1,768 2,082 363 - 363 324 2,086 2,667
Diamonds - - (2) - (2) (6) - 101
Forest Products 3,853 2,529 483 - 483 327 2,700 3,054
Coal 1,394 889 445 - 445 170 1,373 1,580
Industrial minerals 2,432 2,310 185 - 185 138 3,246 3,196
Ferrous metals 702 796 55 - 55 55 220 390
Base metals 1,077 1,015 (99) (473) (572) 41 1,977 2,102
Industries 1,380 2,885 139 - 139 225 884 1,317
Financial services - - 2 - 2 4 - -
Exploration - - (101) - (101) (116) - -
Corporate activities - - (147) (25) (172) (141) 379 406
14,786 14,824 2,648 (498) 2,150 2,335 14,712 16,140
Joint ventures
Gold 260 129 79 - 79 53
Forest Products 243 773 34 - 34 96
Coal - 20 - - - 2
Industrial minerals 70 65 12 - 12 11
Ferrous metals 142 205 1 - 1 8
Base metals 388 398 67 (15) 52 (11)
Industries 6 - - - - -
1,109 1,590 193 (15) 178 159
Associates
Platinum 38 50 20 - 20 22
Gold - - 1 - 1 4
Diamonds 2,055 2,034 375 - 375 497
Forest Products 73 86 5 - 5 35
Coal 178 58 48 - 48 (3)
Industrial minerals 25 19 4 - 4 1
Ferrous metals 441 509 21 - 21 64
Base metals 65 90 10 - 10 (71)
Industries 512 1,310 (25) - (25) 47
Financial services - - - - - 124
3,387 4,156 459 - 459 720
19,282 20,570 3,300 (513) 2,787 3,214
(1) Net operating assets consist of tangible and intangible assets
(excluding investments in joint ventures and associates), stocks and
operating debtors less non-interest bearing current liabilities.
2. Segmental information (continued)
Turnover Operating profit Net operating assets(1)
Before Exceptional
exceptional items
items (note 7)
US$ million 2001 2000 2001 2001 2001 2000 2001 2000
By geographical segment
(by origin)
Group subsidiaries
South Africa 6,811 8,512 2,111 - 2,111 2,101 5,393 6,062
Rest of Africa 410 390 (79) (353) (432) (41) 225 433
Europe 5,284 3,953 382 (25) 357 194 5,569 5,989
North America 611 695 (17) (14) (31) (28) 796 727
South America 643 693 82 (43) 39 101 1,362 1,392
Australia and Asia 1,027 581 169 (63) 106 8 1,367 1,537
Joint ventures
South Africa 143 242 1 - 1 19
Rest of Africa 264 86 78 - 78 41
Europe 361 851 32 (15) 17 (1)
South America 341 408 81 - 81 99
Australia and Asia - 3 1 - 1 1
Associates
South Africa 1,186 1,169 157 - 157 300
Rest of Africa 1,285 1,253 233 - 233 315
Europe 128 141 (1) - (1) 17
North America 456 425 (9) - (9) 28
South America 239 152 57 - 57 27
Australia and Asia 93 1,016 22 - 22 33
19,282 20,570 3,300 (513) 2,787 3,214 14,712 16,140
By geographical segment
(by destination)
Group subsidiaries
South Africa 2,317 3,619
Rest of Africa 269 375
Europe 7,471 6,665
North America 1,922 1,648
South America 387 411
Australia and Asia 2,420 2,106
Joint ventures
South Africa 65 83
Rest of Africa 42 25
Europe 744 1,109
North America 93 169
South America 34 35
Australia and Asia 131 169
Associates
South Africa 184 569
Rest of Africa 1 37
Europe 670 683
North America 1,631 1,702
South America 27 119
Australia and Asia 874 1,046
19,282 20,570
(1) Net operating assets consist of tangible and intangible assets
(excluding investments in joint ventures and associates), stocks and
operating debtors less non-interest bearing current liabilities.
3. Profit for the financial year
The table below analyses the contribution of each division to the Group's
headline earnings.
Profit Net Equity Profit for the
before
interest investment minority financial year
US$ million 2001 income Tax interests 2001
By business segment
Platinum 1,361 37 (407) (469) 522
Gold 473 (47) (96) (157) 173
Diamonds 407 (35) (136) (2) 234
Forest products 533 (78) (128) (60) 267
Coal 501 53 (167) - 387
Industrial minerals 243 - (53) (14) 176
Ferrous metals 78 (9) (21) - 48
Base metals (21) (19) (23) 61 (2)
Industries 115 (25) 11 (56) 45
Financial services 2 1 (3) - -
De Beers investments(1) - 159 (51) (43) 65
Exploration (see note 4) (101) (1) - 17 (85)
Corporate activities (126) 94 (28) - (60)
Headline earnings for the financial year (see note 3,465 130 (1,102) (723) 1,770
6)
Headline earnings adjustment (see note 6) 1,470 - (147) 83 1,406
Profit for the financial year 4,935 130 (1,249) (640) 3,176
Profit Net Equity Profit for the
before
interest investment minority financial year
2000 income Tax interests 2000
By business segment
Platinum 1,353 38 (394) (497) 500
Gold 437 (15) (69) (152) 201
Diamonds 497 30 (200) (6) 321
Forest products 477 (46) (78) (45) 308
Coal 175 27 (64) - 138
Industrial minerals 194 (5) (16) (14) 159
Ferrous metals 127 (15) (19) (7) 86
Base metals 193 (45) (25) 9 132
Industries 279 (15) (36) (129) 99
Financial services 128 9 (30) (7) 100
De Beers investments(1) - 428 (120) (105) 203
Exploration (see note 4) (116) - - 24 (92)
Corporate activities (118) (83) 46 - (155)
Headline earnings for the financial year (see note 3,626 308 (1,005) (929) 2,000
6)
Headline earnings adjustment (see note 6) (89) - - 46 (43)
Profit for the financial year 3,537 308 (1,005) (883) 1,957
(1) Represents De Beers' share of Anglo American plc earnings for the 5 months
to 31 May 2001 (2000 : 12 months to 31 December).
4. Exploration expenditure
US$ million 2001 2000
Business segment
Platinum 13 9
Gold 25 43
Base metals 59 60
Other 4 4
101 116
5. Tax on profit on ordinary activities
US$ million 2001 2000
United Kingdom corporation tax at 30% 4 1
South Africa corporation tax at 30% 665 468
Other overseas taxation 230 165
Share of joint ventures' taxation 12 25
Share of associates' taxation 211 376
Deferred taxation (20) (30)
Tax on exceptional items 147 -
1,249 1,005
6. Headline earnings
2001 2000
Basic Basic
earnings earnings
Earnings per share Earnings per share
US$ US$
US$ million (unless otherwise stated) Restated
Profit for the financial year 3,176 2.15 1,957 1.25
Operating exceptional items 513 0.35 266 0.17
Non-operating exceptional items (2,148) (1.45) (323) (0.21)
Amortisation of goodwill 165 0.11 146 0.10
Related tax and minority interests 64 0.04 (46) (0.03)
Headline earnings for the financial year 1,770 1.20 2,000 1.28
Headline earnings per share is calculated in accordance with the definition in
the Institute of Investment Management and Research ("IIMR") statement of
Investment Practice No 1, "The Definition of IIMR Headline Earnings", which the
directors believe to be a useful additional measure of the Group's performance.
7. Exceptional items
Operating exceptional items
US$ million 2001 2000
Base metals
Write off in respect of ZCI/KCM copper mine in Zambia (353) -
Other impairments or write downs of assets and feasibility study costs (160) (237)
Gold
Impairment provision in respect of Ergo and other gold assets - (29)
Total operating exceptional items (513) (266)
Minority interests 11 12
(502) (254)
Non-operating exceptional items
US$ million 2001 2000
Gain arising from the exchange of the 32.2% interest in the De Beers Group for
the
45% interest in DB Investments 1,089 -
Gain arising from the exchange of the 15.3% interest in FirstRand Limited for
interests in Gold Fields Limited (11.3%) and Billiton Plc (7.1%) 637 -
Partial disposal of interests in South African Breweries plc 95 -
Further disposal of interests in FirstRand Limited 68 -
Partial disposal of interest in Standard Bank Investment Corporation 44 -
Disposal of interest in Billiton Plc 36 -
Disposal of Columbus Stainless (120) -
Disposal of Elandsrand and Deelkraal gold mines (8) (36)
Disposal of interests in Aracruz Celulose SA 114 -
Disposal of other non-core interests (36) 19
Partial disposal of interests in Li & Fung Limited 4 211
AECI Limited share buyback - (50)
Disposal of interest in Johnnies Industrial Corporation Limited - 191
Disposal of LTA Limited - 90
Sale of mineral rights combined with partial disposal of Northam Platinum Limited - 49
Partial disposal of interest in Gold Fields Limited - 36
Anticipated disposal of Terra Industries Inc - (167)
Share of associates' exceptional items 225 59
Profit on disposal of fixed assets 2,148 402
Cost of fundamental reorganisation - (79)
Total non-operating exceptional items 2,148 323
Taxation (147) -
Minority interests 53 22
2,054 345
Total exceptional items (net of tax and minority interest) 1,552 91
8. Consolidated cash flow statement analysis
a. Reconciliation of group operating profit to net cash inflow from
operating activities
US$ million 2001 2000
Group operating profit - subsidiaries 2,150 2,335
Depreciation and amortisation charges 1,008 928
Decrease/(increase) in stocks 1 (230)
Increase in debtors (274) (534)
Increase in creditors 135 278
Provisions and impairments 553 -
Other items (34) 182
Net cash inflow from operating activities 3,539 2,959
a. Financing
US$ million 2001 2000
(Decrease)/increase in short term borrowings (1,332) 1,920
(Decrease)/increase in long term borrowings (218) 948
Repayment of debt acquired - (966)
Net movement in minorities shares and loans 3 -
Exercise of share options 8 33
Repurchase of shares in subsidiary (128) -
Financing (1,667) 1,935
c) Reconciliation of net cash flow to movement in net (debt)/
funds
US$ million 2001 2000
Increase/(decrease) in cash in the year 226 (209)
Cash outflow/(inflow) from debt financing 1,550 (1,902)
Cash outflow from management of liquid resources 287 358
Change in net debt resulting from cash flows 2,063 (1,753)
Loans and current asset investments acquired with subsidiaries (52) (2,278)
Loans and current asset investments disposed with subsidiaries 11 241
Currency translation differences and other non-cash movements (450) 119
Movement in net funds/(debt) 1,572 (3,671)
Net (debt)/funds at start of year (3,590) 81
Net debt at end of year (2,018) (3,590)
9. Movement in net debt
Acquisitions Disposals
excluding excluding Other
cash and cash and non-cash Exchange
US$ million 2000 Cash flow overdrafts overdrafts movements adjustments 2001
Cash at bank and in hand(1) 963 226 - - - (332) 857
Debt due after one year (3,597) 218 (46) - 395 395 (2,635)
Debt due within one year (3,300) 1,332 (6) 11 (395) 115 (2,243)
(6,897) 1,550 (52) 11 - 510 (4,878)
Current asset investments 2,344 287 - - - (628) 2,003
Total (3,590) 2,063 (52) 11 - (450) (2,018)
(1) Net of bank overdrafts.
10. Status of financial information
The financial information set out herein does not constitute the Company's
statutory accounts for the year ended 31 December 2001, but is derived from
those accounts which were approved by the board of directors on 12 March 2002.
Statutory accounts for the year ended 31 December 2000 have been delivered to
the Registrar of Companies, and those for 2001 will be delivered following the
Company's annual general meeting convened for 15 May 2002. The auditors have
reported on these accounts; their reports were unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
Production statistics
2001 2000
Anglo Platinum (troy ounces)
Platinum 2,145,900 1,915,300
Palladium 1,075,900 967,000
Rhodium 204,100 168,700
Nickel (tonnes) 19,500 19,200
AngloGold (gold in troy ounces)
South Africa 4,669,700 5,418,000
North and South America 937,000 935,000
Australia and Asia 508,600 524,000
Rest of the world 867,800 366,000
6,983,100 7,243,000
Anglo Forest products (tonnes)
South Africa
Pulp 290,400 343,000
Graphic papers 509,800 415,000
Packaging papers 527,600 523,000
Corrugated board (000 m2) 275,000 166,000
Lumber (m3) 137,000 358,000
Wood chips (m3) 1,284,300 1,103,000
Mining timber 131,800 125,000
Europe
Pulp 187,800 110,000
Graphic papers 1,142,800 863,000
Packaging papers 1,202,000 765,000
Corrugated board (000 m2) 780,200 625,000
Paper sacks (000 units) 2,620,100 1,489,000
Brazil
Pulp 110,000 154,000
Anglo Coal (tonnes)
South Africa:
Eskom 28,250,000 36,100,000
Trade 19,182,000 19,100,000
Australia 24,282,000 8,200,000
Colombia 5,829,000 1,400,000
77,543,000 64,800,000
The figures above include the entire output of consolidated entities and the
Group's share of joint ventures and associates where applicable.
Production statistics (continued)
2001 2000
Anglo Industrial minerals (tonnes)
Aggregates 64,112,000 67,815,000
Lime products 926,000 928,000
Concrete (m3) 6,627,400 6,329,000
Potash 882,000 966,000
Sodium tripolyphosphate 91,500 86,000
Phosphates 820,500 775,000
Anglo Ferrous metals (tonnes)
Chrome ore 1,012,000 1,476,000
Stainless steel 156,000 169,000
Vanadium slag 73,700 70,000
Chrome alloys 289,000 428,000
Manganese ore (mtu m) 62,000 67,000
Manganese alloys 154,200 287,000
Steel 935,800 1,375,000
Ferro-Alloys 54,200 213,000
Niobium 3,400 2,700
Anglo Base metals
Copper (tonnes)
Collahuasi 199,200 191,900
Mantos Blancos 156,800 155,300
Hudson Bay 79,600 53,200
Konkola 196,800 125,400
Other 33,100 33,500
665,500 559,300
Nickel (tonnes)
Codemin 5,800 6,300
Tati 3,500 3,700
Other 18,300 4,700
27,600 14,700
Zinc (tonnes)
Hudson Bay 88,400 98,900
Black Mountain 24,300 27,100
Lisheen 52,900 16,000
165,600 142,000
Lead (tonnes)
Black Mountain 45,800 68,100
Lisheen 8,500 10,700
54,300 78,800
Namakwa Sands (tonnes)
Chloride slag 104,600 112,700
Sulphate slag 28,200 27,200
Pig iron 84,400 71,600
Zircon 114,100 106,800
Rutile 27,100 23,200
The figures above include the entire output of consolidated entities and the
Group's share of joint ventures and associates where applicable.
Reconciliation of subsidiaries profits to those included in the consolidated
financial statements
For the year to 31 December 2001
Note only key reported lines are reconciled
Anglogold Limited 2001
US$ million
IAS Headline earnings (published) 286
Deferred tax 14
Exploration 25
Termination of retirement benefits (5)
Other 7
Minority interest (154)
UK GAAP contribution to headline earnings 173
Anglo American Platinum Corporation Limited 2001
US$ million
IAS Headline earnings (published) 931
Deferred tax 75
Exploration 13
Excess depreciation on assets revalued on acquisition (14)
Minority interest (467)
Other (16)
UK GAAP contribution to headline earnings 522
ANGLO AMERICAN plc
(Incorporated in England and Wales - Registered number 3564138)
("the Company")
Notice of Recommended Final Dividend
Notice is hereby given that a final dividend on the Company's ordinary share
capital in respect of the year to 31 December 2001 will, subject to approval by
shareholders at the Annual General Meeting to be held on 10 May 2002, be payable
as follows:
Amount (United States currency) 34 cents per ordinary share
(see notes)
Currency conversion date Friday, 8 March 2002
Last day to trade on the JSE Securities Exchange, South Africa
("JSE") to qualify for the dividend Thursday, 14 March 2002
Ex-dividend on the JSE from the commencement of trading on Friday, 15 March 2002
Ex-dividend on the London Stock Exchange from the commencement of
trading on Wednesday, 20 March 2002
Record date (applicable to both the principal register and South Friday, 22 March 2002
African branch register)
Dividend warrants posted Tuesday, 14 May 2002
Payment date of dividend Wednesday, 15 May 2002
Notes:
1. Shareholders on the United Kingdom register of members with an address in the
United Kingdom will be paid in pounds sterling and, those with an address in
a country in the European Union which has adopted the euro, will be paid in
euros, unless they elect for payment in US dollars, and those shareholders
with an address elsewhere will be paid in US dollars, unless they elect for
payment in pounds sterling or euros, provided all such elections are received
by the UK Registrar by Friday, 22 March 2002. The equivalent of the dividend
in sterling will be 23.8714 pence per ordinary share based on an exchange
rate of US$1 = £0.7021. The equivalent of the dividend in euros will be
38.6886 euro cents per ordinary share based on an exchange rate of
US$1 = -1.1379.
2. Shareholders on the South African branch register will be paid in South
African Rand at R4.0702per ordinary share based on an exchange rate of
US$1 = R11.9712.
By order of the Board
N Jordan
Secretary
13 March 2002
Registered office UK Registrar Registrar's Agent (South Africa)
20 Carlton House Terrace Computershare Investor Services Computershare Services Limited
PLC
London 2nd Floor, Edura
P O Box 82
SW1Y 5AN 41 Fox Street
The Pavilions
England Johannesburg 2001
Bridgwater Road
South Africa
Bristol BS99 7NH
England
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