Anglo American wishes to draw attention to Kumba Iron Ore Limited’s announcement of its results for the six months ended 30 June 2017. Kumba Iron Ore Limited reported headline earnings of R4,603 million.
Anglo American will report underlying earnings in respect of Kumba Iron Ore Limited of $210 million for the six months ended 30 June 2017, which takes into account certain adjustments.
| $ million |
6 months ended 30.06.17 |
6 months ended 30.06.16 |
Year
ended
31.12.16 |
|
|
|
|
| Headline earnings |
348 |
198 |
607 |
| Special items(1) |
- |
35 |
95 |
| Other adjustments |
3 |
(6) |
(11) |
|
351 |
227 |
691 |
|
|
|
|
|
|
|
|
| Non-controlling interests |
(104) |
(69) |
(207) |
| Exploration |
3 |
1 |
5 |
| Elimination of intercompany interest |
(24) |
(2) |
(19) |
| Corporate cost allocation |
(16) |
(14) |
(32) |
| |
|
|
|
| Contribution to Anglo American underlying earnings |
210 |
143 |
438 |
(1)These items are included in Headline earnings but are excluded from Anglo American underlying earnings. These include one-off tax charges, Kumba Envision Trust and restructuring costs.
Anglo American will report results for the six months ended 30 June 2017 on 27 July 2017. The above figures are unaudited.
Underlying earnings
Underlying earnings is profit attributable to equity shareholders before special items and remeasurements, and is therefore presented after net finance costs, income tax and non-controlling interests. Special items are those items of financial performance that the Group believes should be separately disclosed to assist in the understanding of the underlying financial performance achieved by the Group.