Kumba Iron Ore Limited year end results 2014
10 February, 2015
Anglo American wishes to draw attention to Kumba Iron Ore Limited’s announcement of its results for the year ended 31 December 2014. Kumba Iron Ore Limited reported headline earnings of R11,006 million.
Anglo American will report underlying earnings in respect of Kumba Iron Ore Limited of $693 million for the year ended 31 December 2014, which takes into account certain adjustments.
$ million |
Year ended 31.12.14 |
Year ended 31.12.13 |
|---|---|---|
IFRS headline earnings |
1,011 |
1,604 |
Kumba Envision Trust[1] |
20 |
33 |
| Other adjustments | (4) |
2 |
1,027 |
1,639 |
|
| Non-controlling interests | (309) |
(497) |
Exploration |
12 |
10 |
| Elimination of intercompany interest | 10 |
12 |
| Depreciation of assets fair valued on acquisition | (7) |
(6) |
| Corporate cost allocation | (40) |
(50) |
Contribution to Anglo American underlying earnings |
693 |
1,108 |
[1]The Kumba Envision Trust charge is included in IFRS headline earnings but is a special item so is excluded from Anglo American underlying earnings.
Anglo American will report results for the year ended 31 December 2014 on 13 February 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 and remeasurements 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.