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AGL
ANAAL
AGL - Anglo American plc - Dbsa today reported underlying earnings for the
year ended 31 December 2006 of US$425 million.
Anglo American plc
(Incorporated in the United Kingdom)
Registration number: 3564138
Share code: AGL
ISIN: GB0004901517
(the "Company")
De Beers Societe Anonyme ("Dbsa") today reported underlying earnings for the
year ended 31 December 2006 of US$425 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$227 million for the
year ended 31 December 2006 from its investment in DBI, as reconciled in
the table below:
US$ million 2006
*DBI underlying earnings (1) (100%) 425
*Adjustments (2) 18
*DBI underlying earnings - AA plc basis 443
(100%)
*AA plc`s 45% ordinary share interest 199
*Income from preference shares 28
*AA plc underlying earnings 227
(1) DBI underlying earnings is stated before costs of $57m in relation to the
amended class action settlement agreement, and profits of $229m and $105m
relating to the Ponahalo BEE transaction and sale of interest in Fort a la
Corne, respectively.
(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 year ended 31 December 2006, AA plc received a total of US$315 million
in distributions from DBI, consisting of a US$68 million interim dividend
on ordinary shares relating to FY 2006, US$17 million dividends
representing the second payment on preference shares for 2005, interim
dividends totalling US$18 million on preference shares for 2006, and a
share premium repayment of US$212 million relating to the proceeds from the
BEE transaction. This transaction, which concluded on 18 April 2006,
resulted in 26% of De Beers Consolidated Mines Limited being sold to
Ponahalo Consortium for R3.7 billion.
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.
09 February 2007
Sponsor: J.P.Morgan Equities Limited
Date: 09/02/2007 12:00:01 Produced by the JSE SENS Department.
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