Anglo American plc notification: Anglo American Platinum Limited year end results 2011
13 February, 2012
Anglo American wishes to draw attention to Anglo American Platinum Limited’s announcement of its results for the year ended 31 December 2011. Anglo American Platinum Limited reported headline earnings of ZAR3,566 million.
Anglo American will report underlying earnings in respect of Anglo American Platinum Limited of US$410 million for the year ended 31 December 2011, which takes into account certain adjustments.
| $m | 2011 | 2010 |
|---|---|---|
| IFRS headline earnings(1) | 527 | 674 |
| Exploration | 5 | 11 |
| Operating and financing remeasurements (net of tax) | (27) | (21) |
| Restructuring costs included in headline earnings (net of tax) | 6 | 28 |
| BEE transactions and related charges | 141 | - |
| Other adjustments | - | (1) |
| 652 | 691 | |
| Non-controlling interests | (132) | (140) |
| Elimination of intercompany interest | (1) | 29 |
| Depreciation of assets fair valued on acquisition (net of tax) | (55) | (102) |
| Corporate cost allocation | (54) | (53) |
| Contribution to Anglo American plc underlying earnings | 410 | 425 |
(1)2011 includes a $36 million exchange rate adjustment to the US dollar IFRS headline earnings published by Anglo American Platinum Limited to reflect translation of the movement each month at the average exchange rate for the month.
Anglo American will report results for the year ended 31 December 2011 on 17 February 2012. 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 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 as well as foreign exchange impact arising in US dollar functional currency entities on deferred tax balances.