Anglo American plc reports a solid first half performance despite difficult market conditions
10 September, 2002
- Headline earnings per share up 9% to US 60 cents.
- Headline earnings reflect improved geographic diversity: South Africa 54%, Rest of world 46%.
- Good performances from gold, base metals, coal, diamonds, forest products, industrial minerals and ferrous metals, more than offsetting sharply lower earnings from platinum.
- Strong improvement in the Base Metals division – headline earnings of $37 million compared with a loss of $30 million in the first half of 2001.
- Contribution from Diamonds up by 16% on better than expected sales.
- Further cost savings and efficiency improvements of $133 million achieved.
- Strong cash generation: EBITDA(1) interest cover of 15.5 times; EBITDA(1) return on total capital 24%.
- $1.9 billion of acquisitions.
- Interim dividend maintained at 15 US cents per share.