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AGL - Anglo American plc - Anglo American plc notification: De Beers Societe

Release Date: 11/02/2011 09:16
Code(s): AGL
Wrap Text

AGL - Anglo American plc - Anglo American plc notification: De Beers Societe Anonyme year end results 2010 Anglo American plc Incorporated in the United Kingdom (Registration number: 3564138) Short name: Anglo Share code: AGL ISIN number: GB00B1XZS820 ("Anglo American plc" or "the company") Anglo American plc notification: De Beers Societe Anonyme year end results 2010 Anglo American wishes to draw attention to the De Beers Societe Anonyme ("De Beers") announcement of its results for the year ended 31 December 2010. De Beers reported Underlying earnings of US$598 million. Anglo American plc ("Anglo American") arrives at its Underlying earnings in respect of De Beers by accounting for the interests arising from the ordinary shares it holds. Anglo American will therefore report underlying earnings of US$302 million for the year ended 31 December 2010 from its investment in De Beers, as reconciled in the table below:
$m De Beers Underlying earnings (100%) 598 Difference in IAS 19 accounting policy 53 De Beers Underlying earnings - Anglo 651 American plc basis (100%) Anglo American plc`s 45% ordinary share 293 interest Income from preference shares 9 Contribution to Anglo American plc 302 underlying earnings In the year ended 31 December 2010, Anglo American received US$9 million in preference share dividends from De Beers. The remaining US$88 million of 10% non-cumulative redeemable preference shares outstanding at 31 December 2009 were also redeemed during the year. Anglo American will report results for the year ended 31 December 2010 on 18 February 2011. 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 transactions 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. 11 February 2011 Sponsor: UBS South Africa (Pty) Ltd Date: 11/02/2011 09:16:00 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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