Anglo Platinum Annual Results 2005
13 February, 2006
Anglo American wishes to draw attention to Anglo Platinum's announcement of their annual results for the year ended 31 December 2005.
Anglo American will report underlying earnings in respect of Platinum of US$483 million for the year ended 31 December 2005, which takes into account certain adjustments.
| Anglo Platinum Limited | $m |
|---|---|
| IFRS headline earnings US dollar equivalent | 664 |
| Exploration | 21 |
| Other adjustments | (2) |
| 683 | |
| Minority interest | (173) |
| Depreciation on assets fair valued on acquisition (net of tax) | (51) |
| Impact of change in South African corporate tax rate on assets fair valued on acquisition | 24 |
| Contribution to Anglo American plc underlying earnings | 483 |
Anglo American will report annual results for the year ended 31 December 2005 on 22 February 2006.
The above figures are unaudited.
Underlying Earnings
In previous reporting periods the Group has reported Headline Earnings as its
primary earnings measure, using the definition of Headline Earnings which
is required to be disclosed by the Johannesburg Stock Exchange Limited ('JSE
Ltd'), consistent with that given by the Institute of Investment Management
and Research ('IIMR').[1]
Following the adoption of International Financial Reporting Standards, as well as consideration of other restrictions of the definition, the Group believes that an alternative measure would provide a clearer picture of the underlying performance of the Group.
Consequently, the Group has adopted 'Underlying Earnings' as its principal measure of earnings. Underlying Earnings is net profit attributable to equity shareholders, adjusted for the effect of special items and remeasurements, and any related tax and minority interests. Special items include those items of financial performance which the Group believes should be excluded from performance earnings, and principally relate to impairment and significant closure costs, exceptional legal provisions and profit or loss on disposals. Remeasurements include unrealised gains and losses on non-hedge derivative instruments that are recorded in the income statement.
Headline Earnings and Headline EPS for the Group will also continue to be reported to comply with JSE Ltd listing requirements, and a full reconciliation will be provided between Underlying Earnings and Headline Earnings.
[1] Statement of Investment Practice No. 1, September 1993.