Transcript No Slide Title

ANGLO AMERICAN
ADDING VALUE TO
NATURAL RESOURCES
28 February 2003
This presentation is being made only to and is directed only at (a) persons who have professional experience in matters
relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be
communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”).
Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
2002 Annual Results
Key Financials
 Record headline EPS of $1.25, up 10%
on 2001
 Headline earnings for the year $1,759m
 Cost & efficiency improvements of
$279m
 Total dividend increased to 51 US cents
per share
 Strong EBITDA of $4.8bn: EBITDA
interest cover 20.0x*
 Net Debt/Total Capital of 23.1%
 Obtained strong, single “A” credit
ratings
*
2
Annualised
All prior year figures restated for FRS19
Headline EPS
$1.25
$1.14
2001
2002
2002 Annual Results
SA Mining Legislation Update
 Minerals & Petroleum Resources Development Act
signed and promulgated, will be effective at a future date
 Empowerment Charter & Scorecard finalised
 Money Bill still to be published
 Anglo making good progress towards 5 year target of
15% HDSA involvement
 To date Anglo American has undertaken
› Over $1.8bn of black empowerment transactions in SA
› Over $800m of procurement from black-owned businesses
3
2002 Annual Results
Balanced Asset Mix
Americas
16%
Australasia
1%
Australasia
6%
Americas
21%
Europe
14%
South
Africa
67%
Rest of
Africa
2%
South
Africa
31%
Rest of
Africa
7%
Europe
35%
30 June 1999
31 December 2002
Net attributable operating assets, including investment in associates & JVs
4
2002 Annual Results
Headline Earnings
Australasia
Americas 4%
3%
Europe
15%
Rest of
Africa
6%
SA
Other
18%
South
Africa
Mining
54%
Australasia
4%
Americas
9%
Europe
22%
Rest of Africa
11%
2001
5
South
Africa
Mining
42%
SA
Other
12%
2002
2002 Annual Results
Acquisitions
Flexing Our Balance Sheet: $3.7bn in Acquisitions
Durox &
other UK
$89m
La Rochette
$110m
Syktyvkar
$252m
Moly Cop
$105m
Key:
Base Metals
Ferrous Metals
Forest Products
Industrial Minerals
Platinum
Coal
Gold
6
Mavike &
other Europe
$101m
Cerrejón
Moura &
Jellinbah East
Disputada
$1.3bn
Cerro
Vanguardia
$105m
Anglo Plat.
$847m
Kumba &
Avmin
$365m
Gold Fields
$252m
2002 Annual Results
Acquisition Track Record
 Industrial Minerals - Tarmac acquired in November 1999
 Fully integrated & delivering strong cash flows
1
 EBITDA/Total Capital: 16%
 Australian/South American Coal Acquisitions - since 2000
 Global coal asset base established
 EBITDA/Total Capital: 21%
 Syktyvkar - March 2002
 Low cost producer integrated into European marketing network
2
 EBITDA/Total Capital: 33%
 Disputada - 13 November 2002
 World class, low cost integrated copper producer
 Corporate offices integrated
1
EBITDA/Total Capital shown for Industrial Minerals as calculation for original Tarmac acquisition is not possible due to integration with
previously held Industrial Minerals assets in the UK. Total Capital adjusted for projects in progress.
2 Annualised.
7
2002 Annual Results
Internal Growth
A Well-balanced $5.8bn Project Portfolio
Buxton
$173m
Goiás
$147m
RPM Tailings
$186m
Polokwane
$190m
CC&V
$194m
Skorpion
$454m
Twickenham
$343m
Collahuasi
$286m
HBMS 777
$276m
Ruzomberok
$233m
ACP Project
$250m
Modikwa
$311m
2003
Finsch
$107m
2004
Capcoal
$107m
RPM Ph 2
$444m
RPM Ph 1
$203m
BRPM
$317m
2005
Cerrejón
$50m
Mponeng
$152m
2006
2007
Key:
Base Metals
Diamonds
Forest Products
Industrial Minerals
Platinum
Coal
Gold
Styldrift
$344m
Moab Khot.
$419m
2008
2009
Major authorised projects. Full project list included in appendix. 100% of subsidiaries and AA plc’s share of JV’s and associates. Full production dates.
8
2002 Annual Results
Operating Margins
A Steady Performance
16.9%
17.1%
2000
2001
16.3%
11.1%
1999
2002
Total operating profit before exceptional items divided by turnover
9
2002 Annual Results
Social Responsibility
 Leading the way in anti-retroviral treatment provision for
HIV/AIDS employees
 Strong focus on safety leading to 39% reduction in fatal
injury frequency rate & 42% reduction in LTIFR
 Launch of ‘Good Citizenship: Our Business Principles’
across managed operations
 Group continues to maintain significant corporate social
investments & has strengthened management of relations
with communities
 Participation in international policy debates - WSSD, Global
Mining Initiative, Extractive Industries Review, Extractive
Industries Transparency Initiative
10
2002 Annual Results
Review of Financials
Tony Lea
2002 Annual Results
Highlights 2002
12
Headline EPS ($)
2002
1.25
2001
1.14
Headline earnings ($m)
1,759
1,681
Total dividend (US cents)
51
49
Average shares in issue
1,411m
1,474m
EBITDA ($m)
4,792
4,647
2002 Annual Results
Headline Earnings
$m
Profit for the financial year
2002
1,563
2001
3,085
Operating exceptional items
81
513
Non-operating exceptional items
(64)
Profit for the year pre exceptionals
1,580
1,450
Amortisation of goodwill
189
167
Related tax & minority interests
(10)
Headline earnings for the year
13
(2,148)
1,759
64
1,681
2002 Annual Results
Headline Earnings Variances
1,900
1,700
1,681
(36)
1,500
206
25
Volume
DBI
280
1,759
Structural
& Other
2002
10
1,300
(296)
$m
(69)
(42)
1,100
900
700
500
2001
14
Price
Inflation Exchange
Cost
Interest
2002 Annual Results
Headline Variance: Price
Group Total: -$36m
200
22
150
2
24
(5)
30
100
(41)
70
$m
50
0
Industrial
Minerals
-50
15
Forest
Products
Ferrous
Metals
Industries
Gold
Base
Metals
Coal
Platinum
(138)
2002 Annual Results
Headline Variance: Volume
Group Total: +$206m
250
21
200
14
3
2
Industries
Ferrous
Metals
Base
Metals
30
34
150
$m
102
100
50
0
Forest
Products
16
Platinum
Coal
Gold
2002 Annual Results
Rand/US$ Exchange Rate
14
13
11.96
12
11
R/$
10
8.58
9
8
7.58
7
6
5
Jan
Jan01
17
Mar
Mar01
May Jul
JulMay01
01 2001
Sep
Sep01
Nov
Nov01
Jan
Jan-
Mar
Mar-
02
02
May Jul
JulMay02
02 2002
Sep
Sep02
Nov
Nov02
Jan
Jan03
2002 Annual Results
Headline Variance: Exchange
$m
Conversion of local currency costs
(weaker average rand – 10.48 vs 8.62)
273
Exchange losses on non-rand monetary assets
(stronger closing rand – 8.58 vs 11.96)
(263)
Net exchange variance
18
10
2002 Annual Results
Pre-tax Cost Savings: $279m
Maintenance
Admin & Overhead
Labour
Materials & Supplies
$154m
$21m
$4m
$33m
$96m
$77m
$3m
$12m
$48m
$2m
$1m
$42m
$45m
$20m
Operating
efficiencies
19
Restructuring
& synergies
Procurement
2002 Annual Results
Balance Sheet
$m
31/12/2002
31/12/2001
Shareholders’ Funds
16,261
12,856
Net Debt/(Funds):
South Africa
12
(1,571)
Rest of World
5,566
5,578
3,589
2,018
Minority Interests
Total Capital
Net Debt/Total Capital
ROCE
EBITDA/Total Capital
20
2,304
24,143
23.1%
17.5%
23.6%
1,607
16,481
12.2%
19.0%
25.0%
2002 Annual Results
Cash Flow Analysis
Net cash inflow from operating activities
Net interest & dividend income
Taxation
Disposal of fixed assets
Available cash flow
Dividend paid - company & minorities
Net acquisitions & disposals
Capital expenditure
Other
Movements in net (debt)/funds
Net debt at start of the period
Net debt at end of the period
21
2002
3,618
335
(722)
313
3,544
(1,107)
(3,717)
(2,139)
(141)
(3,560)
(2,018)
(5,578)
2001
3,539
321
(637)
263
3,486
(1,168)
1,672
(1,787)
(631)
1,572
(3,590)
(2,018)
2002 Annual Results
Cash Flow Analysis
Inflow
$3,618m
Outflow
$722m
Taxation
$732m
AA plc
Dividend
$810m
SIB capital
expenditure
$1,329m
Expansionary
capital
expenditure
1
Cash flow from
operations1
22
Cash flow for
subsidiaries, excludes
associates & JVs
2002 Annual Results
Effective Tax Rate
 Effective tax rate (pre-exceptionals) decreased from
36.4% in 2001 to 33.0% in 2002
 Reduction in tax is primarily due to changes in the mix
of contributions by divisions with differing effective tax
rates
 Adoption of FRS19 decreased headline earnings in
2002 by $166m (2001: $89m taken as a prior year
adjustment)
23
2002 Annual Results
Review of Operations
Tony Trahar
2002 Annual Results
Highlights - Platinum
 Headline earnings: $351m
 Weaker results primarily due to
lower palladium & rhodium prices
 Refined Pt production up 7% to
2.25m ounces
Headline earnings
down 27%
$478m
$351m
 Revised project suite on track to
produce 3.5m refined platinum
ounces per annum by end 2006
 70.0% stake in Anglo Platinum;
average cost of R371 per share
since January 2001
25
2001
2002
2002 Annual Results
Highlights - Gold
 Headline earnings: $205m
 Cash costs reduced by 10% to
$161/oz
Headline earnings
up 27%
 Stake in Cerro Vanguardia
(Argentina) doubled to 92.5%
 Hedge book reduced by 4.3m
ounces to 10.3m ounces
$205m
$162m
 Gold production down 15% to 5.9m
ozs due to sale of Free State assets
 Average realised price*:
2002: $303 /oz
2001: $287 /oz
2001
2002
* Including realised non-hedge derivative gains
26
2002 Annual Results
Highlights - Diamonds
 Headline earnings: $324m
 DTC sales of $5.2bn up 16%
Headline earnings
up 38%
 Stocks reduced by nearly $1bn
 Solid Thanksgiving/Christmas retail
sales in the US
 EU approves Supplier of Choice
$324m
$234m
 Free cash flow of $1,549m; net debt
reduced by 46% to $1,716m in
2002
 Further voluntary repayment of
$355m in 2003
27
2001
2002
2002 Annual Results
Highlights - Coal
 Headline earnings: $266m
 Lower export thermal coal prices
offset by higher export coking coal
prices (net impact -$41m)
 Significantly impacted by stronger
rand at 31 December 2002
Headline earnings
down 31%
$387m
$266m
 Sales volumes increased 9% to
84.5m tonnes
2001
28
2002
2002 Annual Results
Highlights - Base Metals
 Headline earnings: $69m
 Improved financial performance
despite lower copper & zinc prices
$87m turnaround
in performance
 Acquisition of Disputada for $1.3bn
completed in November 2002
$69m
 Significant progress made in
restructuring the business:
 Disposal of KCM, Tati Nickel, BCL,
Salobo and Kolwezi
 Sale of stake in Anaconda Nickel in
February 2003
 Skorpion to be commissioned in 2003
29
($18m)
2001
2002
2002 Annual Results
Highlights - Industrial Minerals
 Headline earnings: $231m
 EBITDA up by $89m to $468m
Headline earnings
up 44%
 Tarmac improved margins despite
mixed market conditions.
 Improved performance at Copebrás
$231m
$160m
 Buxton cement ($173m) &
Copebrás phosphates ($147m)
commissioning in 2003
2001
30
2002
2002 Annual Results
Highlights - Forest Products
 Headline earnings: $376m
 Strong performance in challenging
markets
Headline earnings
up 38%
 Successful integration of Syktyvkar
and La Rochette acquisitions
 Increased volumes from European
and South African operations
$376m
$272m
2001
31
2002
2002 Annual Results
Highlights - Ferrous Metals
 Headline earnings: $88m
 Strong operating performances
from Scaw, Highveld & Samancor
Headline earnings
up 83%
 Memorandum of Understanding
signed in December 2002 with SA
Government on iron ore strategy
 Stimela option over 10.5% of
Kumba implemented
 Accordingly, stake in Kumba
increased to 20.1%, further 10%
awaits SA Competition Tribunal
approval
32
$88m
$48m
2001
2002
2002 Annual Results
Outlook
 Outlook remains mixed
 Current global political, economic and currency
uncertainties
 Possible military action in Iraq could see short term
volatility
 Anglo’s commodity & geographic asset mix and strong
project pipeline will underpin performance in years
ahead
33
2002 Annual Results
Strategy
 Ongoing focus on efficiencies & cost savings
 Seeking acquisitions that meet our investment criteria,
including new markets
 Developing the value chain in our businesses & to
improve focus on marketing & customer relationships
 Continuing with a balanced portfolio of greenfield &
brownfield projects - project pipeline of $5.8bn
34
2002 Annual Results
ANGLO AMERICAN
ADDING VALUE TO
NATURAL RESOURCES
28 February 2003
2002 Annual Results
Additional Information
Handout Only
2002 Annual Results
Key Dates
Currency Conversion
Ex-dividend (JSE)
Ex-dividend (LSE)
12 March 2003
AGM
25 April 2003
Payment of Final Dividend
30 April 2003
Forest Products Site Visit
Interim Results
37
25 February 2003
10 March 2003
18 - 20 June 2003
8 August 2003
2002 Annual Results
Market Prices
Gold
Platinum
Palladium
Rhodium
Copper
Nickel
Zinc
Coal: thermal (RSA)*
Coal: coking (Aus)*
2002
310
2001
272
541
336
838
531
597
1,606
71
307
35
26
72
267
41
30
45
40
*Thermal & metallurgical coal prices are strictly indicative as wide variations occur in
relation to region, product quality, contract volume and timing.
38
2002 Annual Results
Headline Earnings Sensitivities
10% change in gold price
10% change in platinum price
10% change in palladium price
10% change in coal price
10% change in copper price
10% change in nickel price
10% change in zinc price
10% change in pulp price
10% movement in SA rand/US$
10% movement in AUD/US$
10% movement in Euro/US$
US$m
± 34
± 51
± 15
± 98
± 65
± 16
± 16
± 6
± 124
± 26
± 44
Excludes the impact of translation of monetary assets & liabilities and the effect of any hedging
activities. Stated after tax at marginal rate. Pulp sensitivity depends on recoveries.
39
2002 Annual Results
Projects
Gold
Approved
Mponeng
TauTona
Cripple Creek & Victor
Moab Khotsong
Total
Industrial Minerals
Approved
Goiás (completed under budget)
Buxton Cement Plant
Total
1
2
40
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m
2.8m oz
2.7m oz
2.8m oz
4.5m oz
2004
2004
2002
2003
2005
2005
2003
2008
152
48
194
419
12.8m oz
813
Total additional
production2
Production
commences
Full
prod.
Approved
capex $m
455,000 t
425,000 t
2002
2003
2003
2004
147
173
320
Gold incremental production is total additional capacity over life of project. Capex converted to US$ on date of project approval.
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
2002 Annual Results
Projects
Platinum
Approved
Total additional
production1
ACP Project
PMR Plant Expansion
Slag Cleaning Furnace
Rustenburg UG2 Phase 1
Rustenburg UG2 Phase 2
2
RPM Tailings Treatment
Styldrift Mine
Bafokeng Rasimone Mine (BRPM)
Modikwa Mine
Twickenham Mine
Meet
expansion
requirements
395,000 oz
260,000 oz
110,000 oz
245,000 oz
254,000 oz
162,000 oz
160,000 oz
Production
commences
Full
prod.
Approved
capex $m
2003
2002
2002
2002
2003
2004
2006
1999
2002
2005
2004
2006
2003
2005
2007
2005
2008
2004
2003
2005
250
97
30
203
444
186
344
317
311
343
Total
Polokwane Smelter
Total
1
2
41
2,525
650,000 t
concentrate
2003
2003
190
2,715
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
RPM - Rustenburg Platinum Mines
2002 Annual Results
Projects
Coal
Approved
SACE Expansion
Greenside Expansion
Cerrejón Sur
Cerrejón
Kriel South Project
Capcoal
Total
Base Metals
Approved
HBMS 777 Project2
Black Mountain Deeps
Collahuasi Rosario Project
Skorpion
Total
Total additional
production1
1.3m tpa
1.0m tpa
feasibility
2.0m tpa
5.1m tpa
5.5m tpa
Production
commences
Full
prod.
Approved
capex $m
2003
2001
2004
2003
2004
2002
2005
2007
2007
2007
50
17
8
50
70
107
14.9m tpa
Total additional
production
45,000 t Zn
150,000 t Zn
302
Production
commences
Full
prod.
Approved
capex $m
2003
2004
2002
2003
2004
2005
2004
2003
276
110
286
454
1,126
1
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. Capcoal
project to maintain current production levels.
2 Extends HBMS life to 2018
42
2002 Annual Results
Projects
Forest Products
Approved
Frantschach: Evap. Plant
Frantschach: Steti PM3
Ruzomberok: Mill Reconstruct.
Ruzomberok: PM18 Expansion
Neusiedler: PM4
Merebank PM2 Rebuild
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m
8,000 t
20,000 t
105,000 t
100,000 t
5,000 t
40,000 t
2002
2002
2004
2003
2002
2003
2003
2003
2005
2004
2003
2003
10
20
129
104
8
26
Total
Approved
Frantschach: Inncoat Foils
Neusiedler: Sykt. Cutter
Merebank A4 Cutter
297
Total converting
capacity
150,000 t
92,000 t
Production
commences
Full
prod.
Approved
capex $m
2003
2003
2002
2003
2003
2003
11
15
12
Total
1
43
38
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
2002 Annual Results
Projects
Diamonds
Current projects
CTP Kimberley
!Gariep
Finsch Block 4
Venetia Upgrade
BB1E Premier
Total
Total additional
1
production
20m carats
3m carats
16m carats
1.5m carats pa
3m carats
Production
commences
Full
prod.
Approved
2
capex $m
2002
2004
2003
2003
2004
2003
2004
2006
2004
2007
44
27
107
3
10
42m carats
+1.5m pa Venetia
191
Under review
C-Cut Premier
Elizabeth Bay Upgrade
Finsch Tailings
Snap Lake
Victor
110m carats
2m carats
6m carats
19m carats
6m carats
Total
143m carats
1
2
44
2007
2004
2004
2007
2007
2011
2004
2005
2008
2008
632
21
12
207
272
1,144
Total additional production shown for the life of the project. Shown on a 100% basis.
Approved capex is AA plc’s effective attributable share (48.65%), converted to US$ at R9.15=US$1, C$1=US$0.68
2002 Annual Results
Analysis of Headline Earnings
$m
2002
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Exploration
Corporate Activities1
DB Investments
351
205
324
266
69
231
376
88
38
(77)
(112)
-
Headline Earnings
1
45
1,759
2001
478
162
234
387
(18)
160
272
48
38
(85)
(60)
65
1,681
Includes Gold Fields earnings in 2002 of $27m. Prior to equity accounting dividends were included in Corporate
2002 Annual Results
Headline Variance: Exchange
$m
Platinum
Gold
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Corporate Activities
Conversion of
local currency
results/costs
99
49
28
21
5
73
(4)
2
273
46
Translation of
monetary
assets/liabilities
Actual
variance
(131)
(109)
(23)
14
(14)
-
(32)
49
(81)
(2)
5
14
73
(18)
2
(263)
10
2002 Annual Results
Analysis of Operating Profit
$m
2002
2001
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Exploration
Corporate Activities1
802
463
541
427
82
277
649
150
114
(93)
(161)
1,345
443
373
493
(510)
201
520
77
114
(101)
(170)
Operating Profit
3,251
2,785
1
Includes Gold Fields $41m in 2002 & Financial Services $2m in 2001.
Operating profit after operating exceptional items
47
2002 Annual Results
Capital Expenditure
$m
Platinum
Gold
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Other
Total
48
2002
2001
586
246
142
346
363
365
32
53
6
391
243
93
446
205
283
28
65
33
2,139
1,787
2002 Annual Results
Operating Profit Variance
3,500
3,298
184
3,332
Structural
& Other
2002
168
405
3,000
188
(518)
2,500
(143)
(250)
$m
2,000
1,500
1,000
500
2001
Inflation
Price
Exchange
Cost
Volume
DBI
Operating profit before operating exceptional items
49
2002 Annual Results
Regional Analysis
$m
Operating Profit
2002
2001
South Africa
Rest of Africa
Europe
Americas
Australasia
1,790
439
583
301
138
2,269
(121)
371
137
129
3,251
2,785
Operating profit after operating exceptional items
50
2002 Annual Results
Operating Cost Reconciliation
Subsidiary & JV Operating Costs
2001 operating costs
Subsidiaries
JVs (share of turnover less operating profit)
Inflation
Exchange
Volume
Depreciation & amortisation
Acquisitions & disposals
Operating impairments
Aggregates levy & coal purchases1
Other
2002 Operating costs before cost savings
Cost reduction initiatives
2002 Operating costs
(12,638)
(931)
Subsidiaries
JVs (share of turnover less operating profit)
(12,804)
(881)
1
51
$m
(13,569)
(484)
138
(288)
(45)
(7)
432
(180)
39
(13,964)
279
(13,685)
recovered through increased prices at Tarmac & revenues at Coal
2002 Annual Results
Anglo Platinum Reconciliation
IAS net profit (published)
STC adjustment
Movement on unrealised profit on FEC
Exploration
Exceptional items
Weighted average exchange impact
Minority interest
Depreciation on assets revalued on acquisition
Other
UK GAAP contribution to headline earnings
52
$m
548
23
8
14
(10)
14
597
(214)
(29)
(3)
351
2002 Annual Results
AngloGold Reconciliation
IAS Headline earnings (published)
Exploration
Other
1
Minority interest
UK GAAP contribution to headline earnings
1
53
$m
368
27
3
398
(193)
205
before unrealised non-hedge derivatives
2002 Annual Results
De Beers Reconciliation
$m
Total
DBI headline earnings
570
UK GAAP adjustments
23
DBI headline earnings - UK GAAP
593
AA plc’s 45% equity interest
219
Additional 3.65% effective equity interest
18
AA plc’s portion of preference shares
87
AA plc headline earnings
324
54
Equity
486
219
18
237
Non-equity
107
87
87
2002 Annual Results
EBITDA Reconciliation
$m
Net cash inflow from operating activities
Share of EBITDA of JVs & associates
Working capital adjustments
Differences in adjustments for
exceptionals & non-cash
EBITDA
55
2002
3,618
1,303
2
(131)
2001
3,539
991
138
(21)
4,792
4,647
2002 Annual Results
EBITDA by Business: 2002
$m
Operating Profit Exclude
(incl JVs
Exceptional
& Associates)
Items
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Other
802
463
541
427
82
277
649
150
114
(254)
Total
3,251
56
Add Back
Add Back
Subsidiaries Subsidiaries
Depreciation Amortisation
Add Back JVs
& Associates
Depr. & Amort.
EBITDA
30
107
182
104
124
142
228
21
42
12
16
31
4
1
46
15
1
3
22
1
71
53
36
72
3
17
35
49
22
926
747
594
571
330
468
909
207
208
(168)
81
962
139
359
4,792
51
2002 Annual Results
EBITDA by Business: 2001
$m
Operating Profit Exclude
(incl JVs
Exceptional
& Associates)
Items
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Forest Products
Ferrous Metals
Industries
Other
1,345
443
373
493
(510)
201
520
77
114
(271)
Total
2,785
57
Add Back
Add Back
Subsidiaries Subsidiaries
Depreciation Amortisation
Add Back JVs
& Associates
Depr. & Amort.
EBITDA
25
77
157
108
130
136
193
25
46
9
16
30
4
1
42
13
1
1
21
4
69
55
22
74
26
36
51
2
1,442
699
428
627
183
379
752
139
212
(214)
513
881
129
339
4,647
488
2002 Annual Results
ANGLO AMERICAN
ADDING VALUE TO
NATURAL RESOURCES
28 February 2003
2002 Annual Results