| Fri 24 Jul 2009, 14:15 | | AGL - Anglo American plc - Notification: De Beers Societe Anonyme interim |
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AGL
ANAAL
AGL - Anglo American plc - Notification: De Beers Societe Anonyme interim
results 2009
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
News Release
Anglo American plc notification: De Beers Societe Anonyme interim results 2009
De Beers Societe Anonyme ("De Beers") today reported profit before finance
charges and taxation for the six months ended 30 June 2009 of US$140 million.
Anglo American plc ("Anglo American") arrives at its profit before finance
charges and taxation in respect of De Beers by accounting for the interests
arising from the ordinary shares it holds. Anglo American will therefore report
an operating profit of US$4 million for the six months ended 30 June 2009 from
its investment in De Beers, as reconciled in the table below:
US$ million 6 months ended
30.06.2009
De Beers profit before finance charges and 140
taxation (100%)
Remeasurement gains on financial instruments (165)
(100%) net of asset disposals
Reclassification of joint venture retained 29
income
Difference in IAS 19 accounting policy 4
De Beers profit before finance charges and 8
taxation - AA plc basis (100%)
Contribution to Anglo American`s operating 4
profit (45%)
De Beers today reported net earnings of $3 million, after remeasurement gains
net of asset disposals of $165 million. After excluding the remeasurement gains
and the adjustment for a difference of accounting policy and after including
interest arising from the 10% preference shares, Anglo American will be
reporting an underlying loss of $67 million.
In the six months ended 30 June 2009, Anglo American received a total of US$29
million in distributions from De Beers, consisting of US$24 million dividends on
ordinary shares relating to FY 2008 and a US$5 million dividend representing
payment on preference shares. The dividend on ordinary shares was re-invested
in De Beers as a capital loan.
Operating Profit and Underlying Earnings / (Loss)
Operating Profit is revenue less operating costs before special items and
remeasurements. Underlying Earnings is net profit / (loss) attributable to
equity shareholders, adjusted for the effect of special items and
remeasurements, and any related tax and minority interests.
Special items are those items of financial performance which are material by
nature or amount and should therefore be separately presented. These principally
relate to impairment and significant closure costs, exceptional legal provisions
and profit or loss on disposals.
Remeasurements include (i) 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, (ii) foreign currency
gains and losses arising on the retranslation of dollar denominated De Beers
preference shares held by a rand functional currency subsidiary of the Group and
(iii) foreign exchange impacts arising on certain deferred tax balances.
The above figures are unaudited.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any
person is, or becomes, "interested" (directly or indirectly) in 1% or more of
any class of "relevant securities" of Anglo American or Xstrata plc ("Xstrata"),
all "dealings" in any "relevant securities" of that company (including by means
of an option in respect of, or a derivative referenced to, any such "relevant
securities") must be publicly disclosed by no later than 3.30 pm (London time)
on the London business day following the date of the relevant transaction. This
requirement will continue until the date on which the offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the "offer period" otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an "interest" in "relevant securities" of Anglo American or Xstrata,
they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of either Anglo American or Xstrata by Anglo American or Xstrata, or
by any of their respective "associates", must be disclosed by no later than
12.00 noon (London time) on the London business day following the date of the
relevant transaction.
A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel`s website at
www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic
exposure, whether absolute or conditional, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the
Takeover Panel`s website. If you are in any doubt as to whether or not you are
required to disclose a "dealing" under Rule 8, you should consult the Panel.
Sponsor
UBS South Africa (Pty) Ltd
24 July 2009
Date: 24/07/2009 14:15:09 Produced by the JSE SENS Department.
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