Kumba Iron Ore Limited interim results 2015
21 July, 2015
Anglo American plc notification:
Kumba Iron Ore Limited interim results 2015
Anglo American wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the six months ended 30 June 2015. Kumba Iron Ore Limited reported headline earnings of R2,519 million.
Anglo American will report underlying earnings in respect of Kumba Iron Ore Limited of $192 million for the six months ended 30 June 2015, which takes into account certain adjustments.
| $ million | 6 months ended 30.06.15 | 6 months ended 30.06.14 | Year ended 31.12.14 |
|---|---|---|---|
| IFRS headline earnings | 213 | 606 | 1,011 |
| Kumba Envision Trust(1) | 11 | 10 | 20 |
| One-off tax charge(1) | 68 | - | - |
| Other adjustments | (1) | - | (4) |
| 291 | 616 | 1,027 | |
| Non-controlling interests | (88) | (187) | (309) |
| Exploration | 4 | 5 | 12 |
| Elimination of intercompany interest | 3 | (2) | 10 |
| Depreciation of assets fair valued on acquisition | (4) | (3) | (7) |
| Corporate cost allocation | (14) | (20) | (40) |
| Contribution to Anglo American underlying earnings | 192 | 409 | 693 |
(1) These items are included in IFRS headline earnings but are excluded from Anglo American underlying earnings as special items.
Anglo American will report results for the six months ended 30 June 2015 on 24 July 2015. The above figures are unaudited.
Underlying earnings
Underlying earnings is profit attributable to equity shareholders before special items and remeasurements, and is therefore presented after net finance costs, income tax and non-controlling interests. Special items are those items of financial performance that the Group believes should be separately disclosed to assist in the understanding of the underlying financial performance achieved by the Group.
Operating special items principally include impairment charges and restructuring costs. Non-operating special items include costs in relation to closure of operations, 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 financial assets and liabilities are recorded in underlying earnings in the same year as the underlying transaction for which the instruments provide the economic hedge.