13th Feb 2006 07:15
Anglo American PLC13 February 2006 News Release 13 February 2006 Anglo American plc notification: Anglo Platinum annual results 2005 Anglo American wishes to draw attention to Anglo Platinum's announcement oftheir annual results for the year ended 31 December 2005. Anglo American will report underlying earnings in respect of Platinum of US$483million for the year ended 31 December 2005, which takes into account certainadjustments. Anglo Platinum Limited $m IFRS headline earnings US dollar equivalent 664Exploration 21Other adjustments (2) 683Minority interest (173)Depreciation on assets fair valued on acquisition (net of tax) (51)Impact of change in South African corporate tax rate on assets fairvalued on acquisition 24 Contribution to Anglo American plc underlying earnings 483 Anglo American will report annual results for the year ended 31 December 2005 on22 February 2006. The above figures are unaudited. Underlying Earnings In previous reporting periods the Group has reported Headline Earnings as itsprimary earnings measure, using the definition of Headline Earnings which isrequired to be disclosed by the Johannesburg Stock Exchange Limited ('JSE Ltd'),consistent with that given by the Institute of Investment Management andResearch ('IIMR').(1) Following the adoption of International Financial Reporting Standards, as wellas consideration of other restrictions of the definition, the Group believesthat an alternative measure would provide a clearer picture of the underlyingperformance of the Group. Consequently, the Group has adopted 'Underlying Earnings' as its principalmeasure of earnings. Underlying Earnings is net profit attributable to equityshareholders, adjusted for the effect of special items and remeasurements, andany related tax and minority interests. Special items include those items offinancial performance which the Group believes should be excluded fromperformance earnings, and principally relate to impairment and significantclosure costs, exceptional legal provisions and profit or loss on disposals.Remeasurements include unrealised gains and losses on non-hedge derivativeinstruments that are recorded in the income statement. Headline Earnings and Headline EPS for the Group will also continue to bereported to comply with JSE Ltd listing requirements, and a full reconciliationwill be provided between Underlying Earnings and Headline Earnings. -------------------------- (1) Statement of Investment Practice No. 1, September 1993. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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