Anglo American plc notification: Anglo Platinum annual results 2006
12 February, 2007
Anglo American wishes to draw attention to Anglo Platinum's announcement of their annual results for the year ended 31 December 2006
Anglo American will report underlying earnings in respect of Platinum of US$1,265 million for the year ended 31 December 2006, which takes into account certain adjustments.
| Anglo Platinum Limited | $m |
|---|---|
| IFRS headline earnings (US dollar equivalent of published) | 1,771 |
| Exchange rate difference | (40) |
| Exploration | 30 |
| Adjustment to profit on disposal(1) | 16 |
| Other adjustments | (6) |
| 1,771 | |
| Minority interest | (454) |
| Depreciation on assets fair valued on acquisition (net of tax) | (52) |
| Contribution to Anglo American plc underlying earnings | 1,265 |
(1)The BEE cost included in the current year transaction in respect of the disposal of 15% of Union section by Anglo Platinum is calculated in accordance with IFRS2 Share-based payment. This is excluded from Anglo American's underlying earnings as it is considered to be part of the profit or loss on disposal, however this amount is included in Anglo Platinum's headline earnings as defined by the Johannesburg Securities Exchange (JSE).
Anglo American will report annual results for the year ended 31 December 2006 on 21 February 2007.
The above figures are unaudited.
Underlying 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 underlying financial performance,
and principally relate to impairment and significant closure costs,
exceptional legal provisions and profit or loss on disposals.
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.