Interim Results - Part 2.
Anglo American PLC
8 September 2000
Part 2
Consolidated profit and loss account
For the six months ended 30 June 2000
6 months 6months
ended ended Year ended
US$ million Note 30.6.00 30.6.99 31.12.99
Group and share of turnover of joint 2 10,312 9,769 19,245
ventures and associates
Less: Joint ventures' turnover 2 (1,020) (835) (1,720)
Associates' turnover 2 (2,636) (3,385) (5,947)
Group turnover - subsidiaries 2 6,656 5,549 11,578
Operating costs (5,585) (4,934) (10,135)
Exploration expenditure 4 (55) (62) (138)
Group operating profit - subsidiaries 2 1,016 553 1,305
Share of operating profit of joint 2 176 109 245
ventures
Share of operating profit of 2 416 272 592
associates
Total operating profit before 2 1,608 934 2,142
exceptional items
Profit on disposal of fixed assets 5 326 82 489
Costs of fundamental reorganisation by 5 - - (79)
AECI Limited
Profit on ordinary activities before 3 1,934 1,016 2,552
interest
Investment income 470 437 869
Interest payable (322) (312) (604)
Profit on ordinary activities before 2,082 1,141 2,817
taxation
Tax on profit on ordinary activities 6 (445) (230) (481)
Profit on ordinary activities after 1,637 911 2,336
taxation
Equity minority interests (430) (369) (784)
Profit for the financial period 3 1,207 542 1,552
Equity dividends to shareholders - (234) (164) (585)
paid and proposed
Retained profit for the financial 973 378 967
period
Headline profit for the financial 7 951 537 1,308
period
Basic earnings per share (US$):
Profit for the financial period 7 3.09 1.43 4.03
Headline profit for the financial 7 2.44 1.41 3.40
period
Diluted earnings per share (US$):
Profit for the financial period 7 3.06 1.41 3.98
Headline profit for the financial 7 2.41 1.40 3.35
period
Dividend per share (US cents) 60 42 150
Basic number of shares outstanding 7 390 380 385
(million)
Diluted number of shares outstanding 7 395 384 390
(million)
Consolidated balance sheet
As at 30 June 2000
As at As at As at
US$ million 30.6.00 30.6.99 31.12.99
Fixed assets
Intangible assets 2,302 1,455 1,585
Tangible assets 10,519 8,829 9,512
Investments in joint ventures and associates 6,911 6,867 6,902
Other financial assets 1,525 1,727 1,489
21,257 18,878 19,488
Current assets
Stocks 1,513 1,439 1,431
Debtors 2,707 2,042 2,060
Current asset investments 2,509 2,632 2,315
Cash at bank and in hand 1,206 1,258 1,303
7,935 7,371 7,109
Short term borrowings (1,122) (800) (999)
Other current liabilities (2,872) (2,233) (2,611)
Net current assets 3,941 4,338 3,499
Total assets less current liabilities 25,198 23,216 22,987
Long term liabilities (4,912) (3,216) (2,538)
Provisions for liabilities and charges (1,405) (1,409) (1,324)
Equity minority interests (2,841) (2,672) (2,951)
Net assets 16,040 15,919 16,174
Capital and reserves
Share capital and premium 2,019 2,019 2,019
Reserves 3,471 3,471 3,471
Profit and loss account 10,550 10,429 10,684
Total shareholders' funds (all equity) 16,040 15,919 16,174
Consolidated cash flow statement
For the six months ended 30 June 2000
6 months 6 months
ended ended Year ended
US$ million Note 30.6.00 30.6.99 31.12.99
Net cash inflow from operating activities 8 1,068 804 1,850
Expenditure relating to fundamental - (46)
reorganisation of AECI Limited
Dividends from joint ventures and 127 120 209
associates
Returns on investments and servicing of finance
Interest received and other financial income 146 130 388
Interest paid (168) (246) (402)
Dividends received from fixed asset investments 31 34 50
Dividends paid to minority shareholders (188) (167) (380)
Net cash outflow from returns on (179) (249) (344)
investments and servicing of finance
Taxation
UK corporation tax (14) (5) (10)
Overseas tax (166) (136) (263)
Taxes paid (180) (141) (273)
Capital expenditure and financial
investment
Payments for fixed assets 10 (604) (534) (1,251)
Proceeds from the sale of fixed assets 15 37 84
Payments for other financial assets(1) (22) (209) (45)
Proceeds from the sale of other financial assets(1) 314 361 534
Net cash outflow for capital expenditure (297) (345) (678)
and financial investment
Acquisitions and disposals
Acquisition of subsidiaries (2,070) (444) (889)
Disposal of subsidiaries - - 103
Investment in associates and joint ventures (192) (226) (429)
Sale of interests in associates 88 385 592
Net cash outflow from acquisitions and disposals (2,174) (285) (623)
Equity dividends paid to Anglo American (421) (130) (276)
shareholders
Cash outflow before use of liquid resources (2,056) (226) (181)
and financing
Management of liquid resources(2) 395 403 912
Financing 1,595 66 (403)
(Decrease)/Increase in cash in the period 9 (66) 243 328
(1) Disposal and acquisition of other financial assets included in fixed
assets.
(2) Cash flows in respect of current asset investments included in
current assets.
Consolidated statement of total recognised gains and losses
For the six months ended 30 June 2000
6 months 6 months
ended ended Year ended
US$ million 30.6.00 30.6.99 31.12.99
Profit for the financial period 1,207 542 1,552
Currency translation differences on foreign (997) (215) (549)
currency net investments
Other movements in associates (110) - -
Total recognised gains for the financial period 100 327 1,003
Combined statement of movement in shareholders' funds
6 months 6 months
ended ended Year ended
US$ million 30.6.00 30.6.99 31.12.99
Shareholders' funds at start of period 16,174 15,016 15,016
Profit for the financial period 1,207 542 1,552
Dividends paid and proposed (234) (164) (585)
Currency translation differences (997) (215) (549)
Shares issued - 740 740
Other movements in associates (110) - -
Shareholders' funds at end of period 16,040 15,919 16,174
Notes to financial information
1 Accounting policies
The financial information has been prepared in accordance with generally
accepted accounting principles in the UK. The accounting policies applied in
preparing the financial information are consistent with those adopted and
disclosed in the Group's statutory accounts for the year ended 31 December
1999 other than the adoption of FRS 16 'Current Taxation' which has not had a
material impact on the Group's results. The comparative information for the
six months to 30 June 1999 has been restated on to a similar consistent basis.
The financial information for the year ended 31 December 1999 has been derived
from the Group's statutory accounts for that period as filed with the
Registrar of Companies. The auditors' report on the statutory accounts for the
year ended 31 December 1999 was unqualified and did not contain statements
under section 237(2) of the Companies Act 1985 (regarding adequacy of
accounting records and returns) or under section 237(3) (regarding provision
of necessary information and explanations). The interim financial information
does not constitute statutory accounts as defined under section 240 of the
Companies Act 1985.
2 Segmental information Table 1 part A
Turnover Operating profit
6 6 6 6
months months Year months months Year
ended ended ended ended ended ended
30.6.00 30.6.99 31.12.99 30.6.00 30.6.99 31.12.99
US$ million
By business segment
Group subsidiaries
Gold 1,051 1,035 2,102 181 208 404
Platinum 1,084 636 1,428 546 207 480
Diamonds - - - (3) (4) (7)
Coal 335 375 731 55 62 121
Base metals 420 336 740 51 (1) 49
Industrial minerals 1,075 481 988 77 48 116
Ferrous metals 392 411 839 24 22 40
Forest products 694 618 1,307 95 59 149
Industries 1,605 1,657 3,443 116 111 222
Financial Services - - - 4 1 19
Exploration - - - (55) (62) (138)
Corporate Financial - - - (75) (98) (150)
6,656 5,549 11,578 1,016 553 1,305
Joint ventures
Gold 59 53 108 23 20 44
Coal 19 21 43 3 3 5
Base metals 183 137 307 64 42 95
Industrial minerals 26 7 20 5 - 2
Ferrous metals 106 63 149 4 (5) (12)
Forest products 627 554 1,093 77 49 111
1,020 835 1,720 176 109 245
Associates
Gold - 25 25 3 5 4
Platinum 42 - - 9 - -
Diamonds 1,181 1,062 1,809 255 89 252
Coal 22 4 13 (5) (4) (12)
Base metals 37 50 116 13 16 30
Ferrous metals 271 175 469 40 29 47
Forest products 42 28 64 17 5 12
Industries 1,041 2,041 3,451 23 88 136
Financial services - - - 61 43 119
Corporate activities - - - - 1 4
2,636 3,385 5,947 416 272 592
10,312 9,769 19,245 1,608 934 2,142
Table 1 part B Net operating assets
6 6
month month Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
By business segment
Group subsidiaries
Gold 2,884 2,617 2,990
Platinum 1,488 1,299 1,519
Diamonds 115 136 131
Coal 605 750 708
Base metals 1,877 1,291 1,606
Industrial minerals 3,388 1,128 1,184
Ferrous metals 449 482 470
Forest products 1,204 1,208 1,348
Industries 2,039 2,247 2,137
Financial services - (21) -
Exploration - - -
Corporate activities 457 710 441
14,506 11,847 12,534
2 Segmental information continued Table 2 part A
Turnover Operating profit
6 6 6 6
months months Year months months Year
ended ended ended ended ended ended
30.6.00 30.6.99 31.12.99 30.6.00 30.6.99 31.12.99
US$
million
By geographical segment
(by origin)
Group subsidiaries
South Africa 4,193 3,951 8,258 880 464 1,173
Rest of Africa 120 149 259 (1) (29) (30)
Europe 1,318 666 1,442 39 23 50
North America 446 352 708 13 (1) 7
South America 338 261 614 63 81 114
Australia and Asia 241 170 297 22 15 (9)
6,656 5,549 11,578 1,016 553 1,305
Joint ventures
South Africa 125 84 192 7 (2) (7)
Rest of Africa 44 29 64 23 11 35
Europe 646 561 1,113 80 49 113
South America 199 161 351 66 51 104
Australia and Asia 6 - - - - -
1,020 835 1,720 176 109 245
Associates
South Africa 1,100 1,618 3,108 234 193 388
Rest of Africa 596 615 1,075 136 53 163
Europe 67 - 123 6 3 13
North America 260 757 797 20 13 9
South America 68 35 88 12 5 2
Australia and Asia 545 360 756 8 5 17
2,636 3,385 5,947 416 272 592
10,312 9,769 19,245 1,608 934 2,142
2 Segmental information continued Table 2 part B
Net operating assets
6 6
months months Year
ended ended ended
30.6.00 30.6.99 31.12.9
US$ million
By geographical segment
(by origin)
Group subsidiaries
South Africa 7,663 8,117 8,039
Rest of Africa 420 132 150
Europe 3,965 1,970 1,864
North America 689 571 502
South America 1,260 978 1,431
Australia and Asia 509 79 548
14,506 11,847 12,534
3 Profit for the financial period
The table below analyses the contribution of each division to the Group's
headline profit.
Six months ended 30.6.00
Profit Profit for
before Net Equity the financial
interest Investment minority period ended
30.06.00 income Tax interests 30.06.00
US$ million
Gold 223 (9) (46) (81) 87
Platinum 563 15 (163) (206) 209
Diamonds 255 11 (80) (5) 181
Coal 56 4 (21) - 39
Base metals 129 (34) (15) (1) 79
Industrial minerals 103 (5) (17) (6) 75
Ferrous metals 68 (19) (2) (4) 43
Forest products 189 (50) (30) (9) 100
Industries 143 (9) (18) (68) 48
Financial services 65 9 (20) (2) 52
De Beers investments(1) - 210 (56) (51) 103
Exploration (see note 4) (55) - - 6 (49)
Corporate activities (64) 25 23 - (16)
Headline profit for the
period (see note 7) 1,675 148 (445) (427) 951
Headline profit adjustment 259 - - (3) 256
(see note 7)
Profit for the financial
period 1,934 148 (445) (430) 1,207
(1) Represents De Beers' share of Anglo American plc profits for the 6 months
to 30 June.
3 Profit for the financial period continued
Six months ended 30.6.99
Profit
for the
Profit financial
before Net Equity period
interest investment minority ended
30.06.99 income Tax interest 30.06.99
US$ million
Gold 239 40 (48) (105) 126
Platinum 211 10 (55) (89) 77
Diamonds 89 (8) (31) (9) 41
Coal 65 1 (25) - 41
Base metals 57 (31) (6) (5) 15
Industrial minerals 54 2 (18) - 38
Ferrous metals 51 (5) (2) - 44
Forest products 113 (25) (11) (2) 75
Industries 201 (20) (24) (76) 81
Financial services 44 22 (14) (1) 51
De Beers' investments(1) - 140 (32) (42) 66
Exploration (see note 4) (62) - - 8 (54)
Rationalisation costs (32) - - - (32)
Corporate activities (51) (1) 20 - (32)
Headline profit for the 979 125 (246) (321) 537
financial period (see note 7)
Headline profit adjustment 37 - 16 (48) 5
(see note 7)
Profit for the financial
period 1,016 125 (230) (369) 542
(1) Represents De Beers' share of Anglo American plc profits for the 6 months
to 30 June.
Year ended 31.12.99
Profit
for the
financial
Profit Equity period
before Net minority ended
interest investment Tax interests 31.12.99
31.12.99 income
US$ million
Gold 469 38 (90) (207) 210
Platinum 495 20 (97) (218) 200
Diamonds 252 - (77) (13) 162
Coal 122 3 (46) - 79
Base metals 175 (64) (6) (8) 97
Industrial minerals 131 7 (15) (7) 116
Ferrous metals 80 (14) 3 (2) 67
Forest products 275 (47) (21) (8) 199
Industries 367 (39) (78) (168) 82
Financial services 131 21 (35) (5) 112
De Beers' investments(1) - 296 (61) (84) 151
Exploration (see note 4) (138) 2 - 24 (112)
Corporate activities (121) 42 24 - (55)
Headline profit for the 2,238 265 (499) (696) 1,308
financial period (see note 7)
Headline profit adjustment 314 - 18 (88) 244
(see note 7)
Profit for the financial period 2,552 265 (481) (784) 1,552
(1) Represents De Beers' share of Anglo American plc profits for the 12
months to 31 December.
4 Exploration expenditure
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
Gold 18 21 48
Base metals 35 41 85
Other 2 - 5
55 62 138
5 Exceptional items
6 months 6 months Year
ended ended ended
30.06.00 30.06.99 31.12.99
US$ million
Disposal of interest in Driefontein - 89 89
Consolidated Limited
Disposal of interest in Johnnies Industrial 179 - -
Corporation Limited
Partial disposal of interest in Gold Fields 37 - 53
Limited
Partial disposal of interest in South - - 84
African Breweries plc
Disposal of AECI's interest in Polifin - - 181
Limited
Disposal of Terra Industries Inc. - (34) (33)
distribution operations
Profit on sale of mineral rights to Northam 17 - -
Platinum Limited
Disposal of other non-core assets 42 27 36
Share of associates' exceptional items 51 - 79
Profit on disposal of fixed assets 326 82 489
Cost of fundamental reorganisation by AECI - - (79)
Limited
Exceptional items 326 82 410
Taxation - 14 18
Minority interests (8) (49) (98)
318 47 330
6 Tax on profit on ordinary activities
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
United Kingdom corporation tax 14 8 10
South Africa corporation tax 206 115 237
Other overseas taxation 40 6 62
Share of joint ventures' taxation 3 3 18
Share of associates' taxation 185 112 186
Deferred taxation (3) - (14)
Tax on exceptional items - (14) (18)
445 230 481
7 Earnings per share
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
Weighted average number of ordinary shares 390 380 385
in issue (million)
Ordinary shares issuable under employee 5 4 5
share schemes (million)
Adjusted weighted average number of ordinary 395 384 390
shares in issue (million)
Basic earnings per share (US$):
Profit for the financial period 3.09 1.43 4.03
Headline profit for the financial period 2.44 1.41 3.40
Diluted earnings per share (US$):
Profit for the financial period 3.06 1.41 3.98
Headline profit for the financial period 2.41 1.40 3.35
7. Earnings per share continued
Basic earnings per share is calculated by dividing the profit for the period
attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the period. The average number of shares in
issue excludes the shares held by the employee benefit trust. Diluted
earnings per share is calculated by adjusting the weighted average number of
ordinary shares in issue on the assumption of conversion of all dilutive
potential ordinary shares. The only category of dilutive potential ordinary
shares is share options granted where the exercise price is less than the
average price of the Company's ordinary shares during the period.
Basic and dilutive earnings per share are also shown based on headline profit,
which the directors believe to be a useful additional measure of the Group's
past performance. 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'.
Earnings (US$ million) Basic earnings per share
(US$)
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30.6.00 30.6.99 31.12.99 30.6.00 30.6.99 31.12.99
Profit for the financial 1,207 542 1,552 3.09 1.43 4.03
period
Exceptional items (326) (82) (410) (0.83) (0.22) (1.06)
Related tax and minority 8 35 80 0.02 0.09 0.21
interests
Profit before exceptional 889 495 1,222 2.28 1.30 3.18
items
Amortisation of goodwill 67 45 96 0.17 0.12 0.25
Related tax and minority (5) (3) (10) (0.01) (0.01) (0.03)
interests
Headline profit for the 951 537 1,308 2.44 1.41 3.40
period
8 Reconciliation of group operating profit to net cash flow from operating
activities
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
Group operating profit - subsidiaries 1,016 553 1,305
Depreciation and amortisation charges 422 376 736
(Increase)/decrease in stocks (36) 58 30
Increase in debtors (408) (32) (215)
Increase/(decrease) in creditors 3 (234) (83)
Other items 71 83 77
Net cash inflow from operating activities 1,068 804 1,850
9 Reconciliation of net cash flow to movement in net (debt)/funds
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
(Decrease)/increase in cash in the period (66) 243 328
Cash (inflow)/outflow from debt financing (1,592) 257 959
Cash inflow from management of liquid resources (395) (403) (912)
Change in net debt arising from cash flows (2,053) 97 375
Loans and current asset investments acquired with (378) (51) (149)
subsidiaries
Other items and currency translation differences 31 27 54
Movement in net (debt)/funds (2,400) 73 280
Net funds/(debt) at start of the period 81 (199) (199)
Net (debt)/funds at the end of the period (2,319) (126) 81
10 Capital expenditure
6 months 6 months Year
ended ended ended
30.6.00 30.6.99 31.12.99
US$ million
Gold 92 92 223
Platinum 111 103 239
Coal 6 7 26
Base metals 194 113 257
Industrial minerals 71 35 70
Ferrous metals 18 23 47
Forest products 31 59 181
Industries 66 91 175
Other 15 11 33
604 534 1,251
11 Analysis of net (debt)/funds
Acquisitions
and disposals
As at excluding cash Exchange As at
US$ million 31.12.99 Cash flow and overdrafts adjustments 30.6.00
Cash at bank and 1,252 (66) - (31) 1,155
in hand(1)
Debt due after in (2,570) (1,490) (1,013) 161 (4,912)
one year
Debt due within (916) (102) (1) (52) (1,071)
one year
(3,486) (1,592) (1,014) 109 (5,983)
Current asset 2,315 (395) 636 (47) 2,509
investments
81 (2,053) (378) 31 (2,319)
(1) Net of bank overdrafts.
Notice of interim dividend
Notice is hereby given that an interim dividend on the company's ordinary
share capital in respect of the year to 31 December 2000 will be payable as
follows:
Amount (United States currency) 60 cents per ordinary share (see notes)
Currency conversion date Tuesday, 5 September 2000
Ex-dividend on the London and Johannesburg Stock Exchanges from the
commencement of trading on Monday, 18 September 2000
Record date Friday, 22 September 2000
Dividend warrants posted Thursday, 19 October 2000
Payment date of dividend Friday, 20 October 2000
Notes:
1. Shareholders on the United Kingdom register of members with an address in
the United Kingdom will be paid in pounds sterling, 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,
provided all such elections are received by the United Kingdom Registrar by
Friday 22 September 2000. The equivalent of the dividend in sterling will be
41.22 pence per ordinary share based on an exchange rate of US$1 = £0.6870.
2. Shareholders on the South African branch register will be paid in South
African rand, at ZAR 4.1906 per ordinary share based on an exchange rate of
US$1 =
ZAR 6.9843.
Production statistics (1)
6 months 6 months
ended ended Year ended
30.6.00 30.6.99 31.12.99
AngloGold (gold in troy ounces)
South Africa 2,717,000 2,895,000 5,745,000
North and South America 443,000 433,000 911,000
Australia and Asia 241,000 - -
Rest of the world 150,000 117,000 262,000
3,551,000 3,445,000 6,918,000
Anglo Platinum (troy ounces)
Platinum 896,100 928,000 2,022,700
Palladium 447,700 464,000 1,017,200
Rhodium 76,200 76,000 171,700
Nickel (tonnes) 9,000 9,000 19,600
Anglo Coal (tonnes)
Eskom 20,200,000 20,900,000 41,700,000
Trade 9,000,000 9,600,000 19,600,000
Cerrejon 800,000 200,000 500,000
30,000,000 30,700,000 61,800,000
Anglo Base metals
Copper (tonnes)
Collahuasi 96,200 96,200 191,200
Mantos Blancos 77,900 75,500 151,600
Hudson Bay 24,800 22,300 50,300
Konkola 12,100(2) - -
Other 13,500 17,600 31,000
224,500 211,600 424,100
Nickel (tonnes)
Codemin 3,300 3,300 6,500
Tati 1,800 1,500 3,700
Other 2,300 3,000 5,900
7,400 7,800 16,100
Zinc (tonnes)
Hudson Bay 37,800 44,000 82,800
Black Mountain 13,500 16,000 31,200
Lisheen 16,200(2) - 3,600(2)
67,500 60,000 117,600
Lead (tonnes)
Black Mountain 36,700 38,000 73,800
Lisheen 6,100(2) - 3,700(2)
42,800 38,000 77,500
Namakwa Sands (tonnes)
Chloride slag 46,000 41,800 85,700
Sulphate slag 9,000 6,200 13,900
Pig iron 35,200 24,500 60,200
Zircon 55,900 39,100 91,900
Rutile 10,400 7,300 17,800
(1) Includes entire output of consolidated entities and the
Group's share of joint ventures and associates where applicable.
(2) Pre-commercial production
Production statistics continued(1)
6 months 6 months
ended ended Year ended
30.6.00 30.6.99 31.12.99
Anglo Industrial minerals (tonnes)
Aggregates 31,000,000 13,200,000 26,701,000
Lime products 487,000 480,000 926,000
Concrete (m3) 2,900,000 1,300,000 2,612,000
Potash 531,000 400,000 825,000
Sodium tripolyphosphate 37,000 41,000 82,000
Phosphates 176,000 143,000 589,000
Anglo Ferrous metals (tonnes)
Chrome ore 748,000 624,000 1,360,000
Stainless steel 88,000 70,000 183,000
Vanadium slag 40,000 28,000 58,000
Chrome alloys 226,000 200,000 394,000
Manganese ore 663,000 679,000 1,462,000
Manganese alloys 148,000 139,000 255,000
Steel 662,000 604,000 1,228,000
Ferro-Alloys 123,000 117,000 240,000
Niobium (kg) 1,181,000 1,186,000 2,445,000
Anglo Forest products (tonnes)
South Africa
Pulp 194,000 187,000 346,000
Graphic papers 258,000 251,000 496,000
Packaging papers 275,000 239,000 436,000
Corrugated board (000 m2) 82,000 46,000 89,000
Lumber (m3) 171,000 183,000 385,000
Wood chips (m3) 596,000 473,000 1,018,000
Mining timber 61,000 69,000 133,000
Europe
Pulp 69,000 69,000 141,000
Graphic papers 321,000 274,000 555,000
Packaging papers 273,000 248,000 487,000
Corrugated board (000 m2) 319,000 305,000 635,000
Paper sacks (000 units) 392,000 338,000 652,000
Brazil
Pulp 76,000 73,000 149,000
(1) Includes entire output of consolidated entities and the
Group's share of joint ventures and associates where applicable.
US dollar exchange rates
Average spot prices for the period
6 months 6 months
ended ended Year ended
30.6.00 30.6.99 31.12.99
South African Rand 6.59 6.25 6.15
Sterling 1.56 1.61 1.61
Euro 0.96 1.13 0.99
Commodity prices
Average market prices for the period
6 months 6 months
ended ended Year ended
30.6.00 30.6.99 31.12.99
Gold - US$/oz 285 280 278
Platinum - US$/oz 506 359 376
Palladium - US$/oz 596 342 358
Rhodium - US$/oz 1,894 882 906
Copper - US$/oz 80 65 71
Nickel - US$/oz 427 224 273
Zinc - US$/oz 51 46 49
Lead - US$/oz 20 23 23
European Eucalyptus
Pulp price (CIF) -US$/tonne 593 414 462
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