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ANGLO AMERICAN PLC - Summarised Preliminary Financial Results for the Year ended 31 December 2020 and Notice of Dividend

Release Date: 25/02/2021 09:00
Code(s): AGL     PDF:  
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Summarised Preliminary Financial Results for the Year ended 31 December 2020 and Notice of Dividend


Summarised Preliminary Financial Results for the Year ended 31 December 2020 and Notice of Dividend

Anglo American Preliminary Results 2020

Business resilience and robust demand deliver underlying EBITDA of $9.8 billion

Financial highlights

Year ended 31 December 2020

- Generated underlying EBITDA* of $9.8 billion (2019: $10.0 billion)
- Profit attributable to equity shareholders of $2.1 billion (2019: $3.5 billion)
- Net debt* of $5.6 billion (0.6x underlying EBITDA), reflecting investment in growth, largely offset by 
  H2 cash flow
- Final dividend of $0.72 per share, consistent with our 40% payout policy
- Basic headline earnings per share of $2.47 compared to $2.74 in the comparative period
- Investing in high quality growth, including Quellaveco (copper) and Woodsmith (low carbon fertiliser)
- Good progress towards exiting remaining thermal coal operations in South Africa
- Committed to 30% net GHG reduction by 2030 and carbon neutrality across operations by 2040

Mark Cutifani, Chief Executive of Anglo American, said:

"In 2020 we saw much of the world tested to its limits by Covid-19. I am immensely proud of how our team of more
than 95,000 people across Anglo American pulled together to do what's right for each other, for our many
stakeholders across society and the business. We showed considerable speed and agility to help keep people
and communities safe while supporting business continuity.

"Making sure every employee returns home safely at the end of each day drives our thinking and behaviours and
it is with this mindset that we achieved our best ever safety performance. However, it remains our most pressing
challenge that we still experience serious and fatal safety incidents. In 2020, and after eight fatality-free months
at our managed operations, two people lost their lives at work, one in each of our PGMs and thermal coal
businesses. While we have made such progress, we can never say we have had a good year unless we have
zero fatal incidents.

"The resilience of our diversified business, following the operational disruptions of the first half and benefiting from
strong metals prices in the latter months, generated underlying EBITDA of $9.8 billion, with an increased mining
EBITDA margin of 43%. We are delivering strong cash returns, investing in value-adding growth and maintaining
our strong balance sheet, resulting in a 17% ROCE and an attractive Total Shareholder Return of 16.2% for the year.

"Our balanced investment programme is driving material business improvement, while also delivering margin-
enhancing and sector leading volume growth of 20-25% over the next three to five years, that includes first copper
production from Quellaveco in 2022. Together with our P101 and technology work, we are on track to deliver our
targeted $3-4 billion annual run-rate of incremental improvement by the end of 2022, also taking us towards our
longer term target of a 45-50% mining EBITDA margin.

"Looking further out, we benefit from a sequence of high returning growth options, mainly in copper, PGMs, and
now also crop nutrients. Our business is increasingly positioned to supply those products that are fundamental to
enabling a low carbon economy and catering to global consumer demand trends. Combined with our integrated
approach to technology and sustainability - also helping us reach carbon neutrality across our operations by 2040
- we are well positioned to meet the expectations of our full breadth of stakeholders."

Year ended
US$ million, unless otherwise stated                                                       2020       2019     Change
Revenue                                                                                  30,902     29,870         3%
Underlying EBITDA*                                                                        9,802     10,006       (2)%
Mining EBITDA margin*                                                                       43%        42%
Attributable free cash flow*                                                              1,209      2,287      (47)%
Profit attributable to equity shareholders of the Company                                 2,089      3,547      (41)%
Basic underlying earnings per share* ($)                                                   2.53       2.75       (8)%
Basic earnings per share ($)                                                               1.69       2.81      (40)%
Final dividend per share ($)                                                               0.72       0.47        53%
Group attributable ROCE*                                                                    17%        19%

Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 78 in the link below.

Notice of Dividend
(Dividend No. 38)

Notice is hereby given that a final dividend on the Company's ordinary share capital in respect of the year to
31 December 2020 will be paid as follows:

Amount (United States currency) (note 1)                                                  72 cents per ordinary share
Amount (South African currency) (note 2)                                                         1050.55200 cents per
Last day to effect removal of shares between the United Kingdom (UK) and
South African (SA) registers                                                                    Monday, 15 March 2021
Last day to trade on the JSE Limited (JSE) to qualify for dividend                             Tuesday, 16 March 2021
Ex-dividend on the JSE from the commencement of trading (note 3)                             Wednesday, 17 March 2021
Ex-dividend on the London Stock Exchange from the commencement of trading                     Thursday, 18 March 2021
Record date (applicable to both the UK principal register and SA branch register)               Friday, 19 March 2021
Movement of shares between the UK and SA registers permissible from                            Tuesday, 23 March 2021
Last day for receipt of DRIP mandate forms by Central Securities Depository
Participants (CSDPs) (notes 4, 5 and 6)                                                        Tuesday, 13 April 2021
Last day for receipt of DRIP mandate forms by the South African Transfer Secretaries
(notes 4, 5 and 6)                                                                            Thursday, 15 April 2021
Last day for receipt of Dividend Reinvestment Plan (DRIP) mandate forms by the UK
Registrars (notes 4, 5 and 6)                                                                 Thursday, 15 April 2021
Last day for receipt of US$:GBP/EUR currency elections by the UK Registrars (note 1)          Thursday, 15 April 2021
Currency conversion US$:GBP/EUR rates announced on (note 7)                                   Thursday, 22 April 2021
Payment date of dividend                                                                           Friday, 7 May 2021

1. Shareholders on the UK register of members with an address in the UK will be paid in Sterling and those with an address in a country in the European
   Union which has adopted the Euro will be paid in Euros. Such shareholders may, however, elect to be paid their dividends in US dollars provided
   the UK Registrars receive such election by Thursday, 15 April 2021. Shareholders with an address elsewhere will be paid in US dollars except those
   registered on the South African branch register who will be paid in South African rand.
2. Dividend Tax will be withheld from the amount of the gross dividend of 1050.55200 cents per ordinary share paid to South African shareholders at
   the rate of 20% unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net dividend will be 840.44160 cents
   per ordinary share. Anglo American plc had a total of 1,363,118,080 ordinary shares in issue as at 24 February 2021. In South Africa the dividend
   will be distributed by Anglo American South Africa Proprietary Limited, a South African company with tax registration number 9030010608, or one
   of its South African subsidiaries, in accordance with the Company's dividend access share arrangements. The dividend in South African rand is
   based on an exchange rate of US$1:R14.59100 taken on Wednesday, 24 February 2021, being the currency conversion date.
3. Dematerialisation and rematerialisation of registered share certificates in South Africa will not be effected by CSDPs during the period from the JSE
   ex-dividend date to the record date (both days inclusive).
4. Those shareholders who already participate in the DRIP need not complete a DRIP mandate form for each dividend as such forms provide an
   ongoing authority to participate in the DRIP until cancelled in writing. Shareholders who wish to participate in the DRIP should obtain a mandate
   form from the UK Registrars, the South African Transfer Secretaries or, in the case of those who hold their shares through the STRATE system,
   their CSDP.
5. In terms of the DRIP, and subject to the purchase of shares in the open market, share certificates/CREST notifications are expected to be mailed
   and CSDP investor accounts credited/updated on or around Friday, 21 May 2021. CREST accounts will be credited on Wednesday, 12 May 2021.
6. Copies of the terms and conditions of the DRIP are available from the UK Registrars or the South African Transfer Secretaries.
7. The US$:GBP/EUR conversion rates will be determined by the actual rates achieved by Anglo American buying forward contracts for those currencies,
   during the two days preceding the announcement of the conversion rates, for delivery on the dividend payment date.

Registered office                                                UK Registrars                                South African Transfer Secretaries
20 Carlton House Terrace                                           Equiniti                        Computershare Investor Services (Pty) Limited
London                                                           Aspect House                                Rosebank Towers, 15 Biermann Avenue
SW1Y 5AN                                                         Spencer Road                                       Rosebank, 2196, South Africa
United Kingdom                                                     Lancing                                                     Private Bag X9000
                                                                 West Sussex                                                     Saxonwold, 2132
                                                                   BN99 6DA                                                         South Africa
                                                                 United Kingdom

Short form announcement

This short form announcement is the responsibility of the directors of Anglo American plc and is a summary of
the information in the detailed results announcement available on and on the group's website

This announcement does not contain full details and any investment decision in relation to the Company's
shares should be based on the full announcement. The full announcement is available on the Company's
website ( and the office of the Sponsor during
standard office hours. Alternatively, copies of the full announcement may be requested from the Company via
email (

The financial data disclosed above relates to Anglo American and/or its shares.

The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on
the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX
Swiss Exchange.

                        JSE share code: AGL                                 ISIN: GBOOB1XZS820

                          Rand Merchant Bank (A division of FirstRand Bank Limited)
                            Cnr Fredman Drive and Rivonia Road, Sandton, 2196

                                              25 FEBRUARY 2021

For further information, please contact:

 Media                                                                       Investors
 UK                                                                          UK
 James Wyatt-Tilby                                                           Paul Galloway                               

 Marcelo Esquivel                                                            Robert Greenberg                                

 Katie Ryall                                                                 Emma Waterworth                                     

 South Africa

 Sibusiso Tshabalala

 Nomonde Ndwalaza

Notes to editors:
Anglo American is a leading global mining company and our products are the essential ingredients in almost every
aspect of modern life. Our portfolio of world-class competitive operations, development projects and undeveloped
resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that
meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart
of our business, we use innovative practices and the latest technologies to mine, process, move and market our
products to our customers - and to discover new resources - safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients
of iron ore and metallurgical coal, and nickel - with crop nutrients in development and thermal coal operations planned
for divestment - we are committed to being carbon neutral across our operations by 2040. We work together with our
business partners and diverse stakeholders to unlock sustainable value from precious natural resources for the benefit
of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American
is re-imagining mining to improve people's lives.

Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 25 February 2021, can be accessed through the Anglo American website at

Note: Throughout this results announcement, '$' denotes United States dollars and 'cents' refers to United States cents. Tonnes are metric tons, 'Mt' denotes
million tonnes and 'kt' denotes thousand tonnes, unless otherwise stated.

Date: 25-02-2021 09:00:00
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