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AGL
ANAAL
Anglo American Plc - Notification : De Beers Interim Results
ANGLO AMERICAN PLC
(the "Company")
JSE Code: AGL
ISIN Code: GB0004901517
Anglo American Plc - Notification : De Beers Interim Results
De Beers Societe Anonyme ("Dbsa") today reported underlying earnings for the six
months ended 30 June 2006 of US$308 million.
Anglo American plc ("AA plc") arrives at its underlying earnings in respect of
De Beers by accounting for the interests arising from the ordinary shares and
the 10% preference shares it holds in DB Investments ("DBI").
AA plc will therefore report underlying earnings of US$164 million for the six
months ended 30 June 2006 from its investment in DBI, as reconciled in the table
below:
Reconciliation of underlying earnings for the six months ended 30
June 2006
US$ million 6 months 6 months
ended ended
30.6.06 30.6.05
*DBI underlying earnings (100%) (1) 308 357
*Adjustments (2) 9 4
*DBI underlying earnings - AA plc basis 317 361
(100%)
*AA plc"s 45% ordinary share interest 143 162
*Income from preference shares 21 26
*A plc underlying earnings 164 188
(1) DBI underlying earnings is stated before costs of $45m in relation to the
amended class action settlement agreement, and profits of $229m relating to
the Ponahalo BEE transaction concluded in April 2006.
(2) Adjustments include the reclassification of the actuarial gains and losses
booked to the income statement by Dbsa under the corridor mechanism of
IAS19.
On 30 June 2006, Dbsa redeemed a further 25% of the preference shares originally
in issue, taking the total redemption to 75% of the issue, and on that date AA
plc received US$175 million, representing 25% of its original US$701 million
preference share interest. AA plc now holds US$175 million of preference shares
in Dbsa.
In the six months ended 30 June 2006, AA plc received a total of US$238 million
in distributions from DBI. These comprised US$26 million dividends, being the
second payment on preference shares for 2005 (US$17million) and an early
dividend for 2006 on the redeemed preference shares (US$9million), and a share
premium repayment of $212 million relating to the proceeds from the Black
Economic Empowerment transaction. This transaction, which concluded on 18th
April 2006, resulted in 26% of De Beers Consolidated Mines Limited being sold to
Ponahalo Consortium for R3.7 billion.
In the six months ended 30 June 2005, AA plc received from DBI a US$90 million
final dividend on ordinary shares relating to FY 2004, US$26 million dividends
representing the second payment on preference shares for 2004, and US$9 million
representing the first dividend for 2005 on the redeemed preference shares. In
the second half of 2005, AA plc received a US$68 million interim dividend on
ordinary shares relating to FY 2005, a US$17 million interim dividend on
preference shares, and a combined ordinary dividend and share premium repayment
of $112m.
Underlying Earnings
Underlying Earnings is net profit 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 and (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.
The above figures are unaudited.
28 July 2006
Sponsor: J.P.Morgan Equities Limited
Date: 28/07/2006 08:30:18 AM Produced by the JSE SENS Department
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