De Beers Annual Results 2001

Anglo American PLC
15 February 2002


News Release
15 February, 2002



              Anglo American plc ('Anglo American') notification:

                 De Beers Societe Anonyme ('DBsa') announcement


Anglo American wishes to draw attention to DBsa's announcement of their results
for the 12 months to 31 December 2001, attached hereto.

Accounting note:

DBsa reported today pro forma headline earnings for the 12 months to 31 December
2001 of US$837 million. These headline earnings include De Beers' diamond
earnings for the 12 months to 31 December 2001 and De Beers' share of Anglo
American's headline earnings for the six months to 31 December 2000.

The implications for Anglo American's results for the 12 months to 31 December
2001 to be announced on 13 March 2002 are as follows:


  • Headline diamond earnings:


    Anglo American's headline diamond earnings can be arrived at after
    eliminating De Beers' share of Anglo American's earnings for the six months
    to 31 December 2000, being US$342 million, from the US$837 million reported.
    Net of other minor adjustments, the headline diamond earnings will amount to
    some US$234 million for the year.




  • In addition, as reported in Anglo American's interim results to 30 June
    2001, Anglo American will include in headline earnings for the year to 31
    December 2001 an amount of $65 million, being its interest in De Beers'
    share of Anglo American's headline earnings for the five months to 31 May
    2001, the effective date of the elimination of the cross-holding between the
    two companies.



The above figures as they relate to Anglo American are unaudited.





For further information, contact:

Anglo American - London:

Nick von Schirnding

Tel: [phone]














                            DE BEERS Societe Anonyme

                           (formerly DB Investments)

                  (Incorporated under the laws of Luxembourg)

 (DB Investments acquired 100% ownership of De Beers Consolidated Mines Limited

                   and De Beers Centenary AG on 8 June 2001)

   

                                        No disclosure or comment before 09.30GMT

                                                         Friday 15 February 2002



                           PRO FORMA AUDITED RESULTS

                      FOR THE YEAR ENDED 31 DECEMBER 2001

An internal restructuring of shareholders' interests has taken place since the
year end. DB Investments, the holding company of De Beers Consolidated Mines
Limited (DBCM) and De Beers Centenary AG (DBCAG), has changed its name to De
Beers Societe Anonyme (DBsa) and a new company called DB Investments has been
created by the shareholders (Anglo American plc, Central Holdings Limited and
Debswana Diamond Company) to hold their interest in DBsa. The restructuring will
have no effect on the operations or the cash flows of the De Beers Group.

2001 was a difficult year for the operations of De Beers and for the diamond
industry in general. The year began against the background of a weakening global
economy and an excess inventory of polished diamonds held mainly by the US
trade. The economic uncertainty was aggravated by the terrorist attack on the US
on 11th September. However, Christmas season retail sales of diamond jewellery
were above expectations; in the crucial American market they appear to have been
slightly better than Christmas 2000. Consequently, the reduction in global
retail sales in 2001 was less than had been feared. On preliminary estimates it
was some 5% down.

De-stocking by the retail trade and lower demand for diamond jewellery had a
negative impact on the rough diamond market in the form of downward pressure on
prices, shortage of liquidity and reduced profitability. In light of these
factors, sales of rough diamonds by the DTC, the marketing arm of De Beers, were
21.5% lower than 2000 at $4,454 million.

The rough market has started the year in a more optimistic mood. Stocks of rough
diamonds in the cutting centres are low. Although there is still an overhang of
polished in the pipeline this is less than at the same time in 2001. DTC's sales
prospects for 2002 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.

During the past year, De Beers and LVMH received clearance from the European
Commission to proceed with their joint venture to launch the De Beers brand at
retail level. De Beers also made good progress with the European Commission on
its Supplier of Choice strategy.

In December, De Beers and the Russian diamond producer, Alrosa, signed a new
five year $4 billion trade agreement providing for annual sales to De Beers of
$800 million. Under European Competition rules, the agreement is being notified
to the European Commission for clearance.

Pro forma results for the year 2001 follow. However, because of the acquisition
of DBCM and DBCAG by DBsa in June 2001, the results are not comparable with
those of the previous year.











                            DE BEERS Societe Anonyme

                           (formerly DB Investments )

                    Pro forma Consolidated Income Statement

                      for the year ended 31 December 2001

                             (Abridged and audited)





                                                                              US Dollar millions


                                                                           Pro forma                    12 months to

                                                                        12 months to                31 December 2000

                                                                    31 December 2001



Diamond sales
-DTC                                                                           4 454                           5 670
-Other                                                                           413                             420
Trade investment and other income                                                639                             681

                                                                               5 506                           6 771
Deduct:
Cost of sales                                                                  3 839                           4 764
Depreciation and amortisation (Note 1)                                           198                             115
Sorting and marketing                                                            453                             406
Exploration and research                                                         130                             164

Net diamond account                                                              886                           1 322
Add:
Investment income (Note 2)                                                       164                             263
Net interest (paid) received                                                    (65)                              69
                                                                                 

Surplus on realisation of fixed assets and
investments                                                                       94                              66

                                                                               1 079                           1 720
Deduct:
                                                                                
                                                                                 
Corporate expenses (Note 3)                                                      149                              41
Net income before taxation                                                       930                           1 679
                                                                                

Taxation                                                                         280                             370
Net income after taxation                                                        650                           1 309
                                                                                   

Attributable to outside shareholders in subsidiaries                               8                              20
Own earnings                                                                     642                           1 289

                                                                                                                 
Share of income of associated companies and joint                                
ventures (Note 2)                                                                134                             617
 Total net earnings                                                              776                           1 906

Headline earnings                                                                837                           1 707

Cash available from operating activities                                         638                           2 237



De Beers Societe Anonyme (DBsa) (formerly DB Investments) acquired 100%
ownership of De Beers Consolidated Mines Limited (DBCM) and De Beers Centenary
AG (DBCAG) on 8 June 2001. The results for DBsa shown above have been prepared
on a pro forma basis to include the results of DBCM and DBCAG for the full
twelve months ended 31 December 2001. The figures for 2000 reflect the
previously published combined results of both DBCM and DBCAG.





                           Consolidated Balance Sheet

                                31 December 2001

                             (Abridged and audited)
                                               US Dollar millions
                                                 31 December 2001
Shareholders' interests                                     3 578
Outside shareholders' interests                                83
                                                            3 661
Provisions for liabilities and charges                        224
Net interest bearing debt (Note 4)                          3 152
                                                            7 037

Fixed assets (Note 1)                                       4 340
Investments and loans                                          42
Diamond stocks and other net assets                         2 655
                                                            7 037



Notes and Comments

 1. The goodwill arising on the acquisition of DBCM and DBCAG by DBsa of $2.8
    billion is being amortised over 20 years. An amount of $83 million has been
    expensed in the current period.
 2. The reduction in investment income and share of income of associated
    companies is mainly attributable to the distribution during the year of the
    group's investment in Anglo American plc.
 3. Corporate expenses include the cost in respect of the early redemption of
    DBCAG's Sterling Bonds and non recurring fees relating to the acquisition of
    DBCM and DBCAG by DBsa.
 4. Cash has been offset against interest bearing debt.

 5. The $3,550 million Senior Debt facility has been drawn against in full. The
    $1 billion revolving facility was not utilised during the period under
    review.



Contacts:

De Beers London:

Lynette Hori          [phone]/[phone]

Kate Evan-Jones          [phone]/[phone]



De Beers South Africa

Tracey Peterson          [phone]/[phone]

Pride Mogorosi          [phone]



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