Kumba Iron Ore Limited H1 2013 Results

RNS Number : 8785J

Anglo American PLC

23 July 2013

 

23 July 2013
Anglo American plc notification: Kumba Iron Ore Limited interim results 2013

Anglo American plc wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the six months ended 30 June 2013. Kumba Iron Ore Limited reported headline earnings of R7,748 million.

Anglo American plc will report underlying earnings in respect of Kumba Iron Ore Limited of $579 million for the six months ended 30 June 2013, which takes into account certain adjustments.

$m	6 months ended 30.06.13					6 months ended 30.06.12 restated(1)		Year ended 31.12.12 restated(1)
IFRS headline earnings Exploration		840 7				965 4		1,534 16
Kumba Envision Trust(2)		11				20		53
Other adjustments		4				1		3
		862				990		1,606
Non-controlling interests		(261)				(316)		(513)
Elimination of intercompany interest		6				(8)		4
Depreciation of assets fair valued on acquisition (net of tax)		(3)				(4)		(8)
Corporate cost allocation		(25)				(27)		(49)
Contribution to Anglo American underlying earnings				579	635			1,040

 ⁽¹⁾ Headline and Underlying earnings have been restated to reflect the adoption of new accounting pronouncements.

⁽²⁾ The Kumba Envision Trust charge is included in IFRS headline earnings but is a non-operating special item so is  excluded from Anglo American underlying earnings.

Anglo American plc will report results for the six months ended 30 June 2013 on 26 July 2013.  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.

 

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