SALSIFI INVESTMENTS
  

Anglo American FY07 Profit Up 18% On Strong Operational Results - Update
Wednesday February 20, 2008 03:59:00 EST

(RTTNews) - Wednesday morning, Anglo American Plc (AAUK, AAL.L) said its full year 2007 profit rose 18% driven by continued strong metal prices, accompanied by strong performances from Base Metals, Platinum, Ferrous Metals' core businesses and Industrial Minerals. Further, the company raised its final dividend by 15% to 86 cents per share.

FY07 Results

The company posted full year 2007 profit attributable to equity shareholders of $7.31 billion, up 18.1% from previous year's profit of $6.19 billion. On a per share basis, earnings increased to $5.50 from $4.12 earned in the prior year.

For the full year 2007, profit attributable to equity shareholders before special items and remeasurements totaled $5.76 billion, higher than the prior year's profit of $5.47 billion.

Profit from continuing operations amounted to $5.29 billion or $3.99 per share, compared to $5.15 billion or $3.43 per share in the year 2006.

Full year 2007 underlying earnings totaled $5.76 billion or $4.34 per share, compared to $5.47 billion or $3.64 per share posted last year.

The company attributed the increase in the total group underlying earnings to continued strong metal prices, which reflected the favorable trading environment for the group's key commodities and volumes improved in most commodities.

Excluding special items and remeasurements, the company's profit from continuing operations ascended to $5.48 billion from $5.02 billion reported in the fiscal year 2006. Underlying earnings from continuing operations improved to $4.13 per share from $3.34 per share in the previous year.

Headline earnings for the current year rose to $4.12 per share from $3.49 per share a year ago, while headline earnings from continuing operations increased to $5.36 billion or $4.04 per share from $5.02 billion or $3.34 per share in the year 2006.

Annual revenues realized by the company advanced to $25.470 billion from $24.991 billion recorded in the fiscal year 2006. Total Group revenue including associates dropped 7.7% to $35.7 billion from $38.6 billion in the prior year.

Cynthia Carroll, Chief Executive of Anglo American, commented, "The strength of our performance was due to improved production volumes of ferrous metals, copper and zinc, an increased focus on operational discipline and a continuation of the supportive trading environment."

Segmental Analysis

Base Metals generated a record operating profit of $4.34 billion, 49% of the company's total operating profit from core operations, up 11%, due to increased copper, zinc and phosphate fertiliser production and higher nickel, lead, niobium and fertiliser prices.

Platinum reported record operating profit of $2.69 billion, 30% of Anglo American's total operating profit from core operations, 12% higher than the previous year, reflecting a significantly higher price achieved for the basket of metals sold and the weaker average rand in relation to the US dollar, partially offset by higher costs and lower refined production.

Ferrous Metals' operating profit improved 5% to $1.43 billion, with operating profit from its core businesses increasing by 59% to $1.21 billion, 14% of Anglo American's total operating profit from core operations, primarily due to higher iron ore and manganese prices, partially offset by the loss of contribution, following their disposal, from Kumba non-iron ore and Highveld.

Coal witnessed operating profit of $614 million, 7% of the company's total operating profit from its core operations, 29% lower than the prior year, hit by a significant reduction in Australia's contribution, with port and rail constraints which reduced sales, the adverse impact of the appreciation of local currency against the US dollar and lower average metallurgical coal prices. Despite the port and rail constraints experienced in Australia, production at the Australian mines was over 25 million tonnes, 3% above last year.

Diamonds recorded operating profit of $484 million, 5% of Anglo American's total operating profit from core operations, up 5% on 2006, principally due to higher earnings from joint ventures and a modest increase in the price of diamonds.

Industrial Minerals saw a significant improvement in its operating profit, excluding benefit from exchange rate movements, was up 38% at $474 million, owing partly to disciplined margin management and favorable demand in certain sectors.

Gold's contribution to total group operating profit plunged 57% to $202 million hurt by the reduction of the group's shareholding in AngloGold Ashanti from 41.6% to 17.3% on 2 October, combined with the benefit of consolidating AngloGold Ashanti as a subsidiary for four months in 2006. At 31 December 2007 the Group's shareholding in AngloGold Ashanti was 16.6%.

Paper and Packaging's contribution to total group operating profit declined to $324 million, a decrease of 32%, due to the demerger of Mondi in early July 2007.

Dividend

Additionally, the company noted that it has raised its final dividend by 15% to 86 cents per share, to be paid on April 30, 2008 subject to shareholder approval at the Annual General Meeting to be held on 15 April 2008.

Carroll added, "In terms of the outlook, Anglo American's position as a focused mining company with a clear strategy and unique position in platinum group metals and diamonds enables us to benefit from the ongoing strong global environment for commodities as we accelerate the realization of our exciting growth prospects."

Stock Quotes

AAUK on NasdaqCM closed Tuesday's trading at $30.74.

Anglo American is currently trading on LSE at 3,089.00 pence, down 58.00p or 1.84%. During the day, AAL.L shares touched a high of 3099p and a low of 3050p. For the past 52-weeks, the stock has been trading between 2,167.00p and 3,820.99p

Escrito por SALSFI às 07h38
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   Minério sobe 65% !

Ore prices may not raise Vale bid for Xstrata--UBS

Mon Feb 18, 2008 4:33pm EST

 

 

SAO PAULO, Feb 18 (Reuters) - Brazilian iron ore miner Vale (VALE5.SA: Quote, Profile, Research)(RIO.N: Quote, Profile, Research) should make an announcement on takeover talks with mining rival Xstrata (XTA.L: Quote, Profile, Research)XTA.AU soon, but improved iron ore price may not help raise its bid, analysts said on Monday.

Vale announced on Monday that it has secured agreements from at least five major Japanese and one South Korean steelmaker, including Nippon Steel (5401.T: Quote, Profile, Research) and POSCO (005490.KS: Quote, Profile, Research), to raise term iron ore prices for 2008 by 65 percent from its southern mining system. [ID:nPEK348125]

But the expected increase in cash flow from the improved iron ore revenues, which make up about two-thirds of Vale's mining earnings, would not likely raise Vale's bid for takeover target Xstrata, said UBS Pactual's mining specialist Edmo Chagas.

"(The term price increase) is positive but does not necessarily raise Vale's leverage to bid higher," said Chagas on a conference call Monday. "Vale is in a comfortable position in respect to cash flow given the very decent price of nickel and iron ore in 2008 and 2009."

Chagas added that he expected "Vale to come out in the short-term and make an official statement about the transaction given that Vale management is to meet to decide on a formal offer for the company" Xstrata.

The UBS Pactual analysts were slightly more up beat than sources recently quoted by the Financial Times that said that negotiations were not going well due to lack of agreement over price. [ID:nL15884451]

UBS Pactual mining and metals analyst Paulo Galloway said on a conference call: "The politics of the deal seem to be sorted out, the financing seems to be sorted out and remaining is the price that needs to be sorted out."

Chagas estimated that Vale could reasonably bid around 48 pounds a share for Xstrata, which would require about $50 billion in financing that Vale is reported to have secured from banks.

 



Escrito por SALSFI às 07h19
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