Anglo American Platinum Limited interim results 2014
21 July, 2014
Anglo American wishes to draw attention to Anglo American Platinum Limited's announcement of its results for the six months ended 30 June 2014. Anglo American Platinum Limited reported headline earnings of R157 million.
Anglo American will report an underlying loss in respect of Anglo American Platinum Limited of $1 million for the six months ended 30 June 2014, which takes into account certain adjustments.
| $m | 6 months ended 30.06.14 | 6 months ended 30.06.13 | Year ended 31.12.13 |
|---|---|---|---|
| IFRS headline earnings | 14 | 140 | 152 |
| Exploration | 2 | 1 | 2 |
| Operating and financing remeasurements | (3) | (5) | (8) |
| Restructuring costs included in headline earnings | - | - | 105 |
| BEE transactions and related charges | - | - | (44) |
| Tax special item included in headline earnings | - | - | 188 |
| Other adjustments | 3 | (8) | 5 |
| 16 | 128 | 400 | |
| Non-controlling interests | (3) | (26) | (80) |
| Elimination of intercompany interest | 23 | 42 | 67 |
| Depreciation of assets fair valued on acquisition (net of tax) | (9) | (19) | (36) |
| Corporate cost allocation | (28) | (33) | (64) |
| Contribution to Anglo American underlying earnings | (1) | 92 | 287 |
Anglo American 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.