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Anglo AmericanAnnouncement

06/09/2014 18:41

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RNS Number : 9162M
Anglo American PLC
22 July 2014 
 
 22 July 2014                                                                 
 Anglo American plc notification:Kumba Iron Ore Limited interim results 2014  
                                                                              
 
 
Anglo American plc wishes to draw attention to Kumba Iron Ore Limited's
announcement of its results for the six months ended 30 June 2014. Kumba Iron
Ore Limited reported headline earnings of R6,505 million. 
 
Anglo American plc will report underlying earnings in respect of Kumba Iron
Ore Limited of $409 million for the six months ended 30 June 2014, which takes
into account certain adjustments. 
 
                                                                                                                                      
 $m                                                              6 months ended30.06.14  6 months ended30.06.13  Year ended 31.12.13         
                                                                                                                                             
 IFRS headline earningsExploration                               6067                    8407                    1,60414                     
 Kumba Envision Trust(1)                                         10                      11                      33                          
 Other adjustments                                               -                       4                       2                           
                                                                 623                     862                     1,653                       
                                                                                                                                             
 Non-controlling interests                                       (189)                   (261)                   (501)                       
 Elimination of intercompany interest                            (2)                     6                       12                          
 Depreciation of assets fair valued on acquisition (net of tax)  (3)                     (3)                     (6)                         
 Corporate cost allocation                                       (20)                    (25)                    (50)                        
                                                                                                                                             
 Contribution to Anglo American underlying earnings                                      409                     579                  1,108    
                                                                                                                                                       
 
 
 (1)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 2014
on 25 July 2014.  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 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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