Anglo American Annual Report 2012

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FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS40. FINANCIAL STATEMENTS OF THE PARENT COMPANYa) Balance sheet of the Company, Anglo American plc, as at 31 December 2012US$ million Note 2012 2011Fixed assetsFixed asset investments 40c 12,361 13,046Current assetsAmounts due from subsidiaries 14,950 13,496Prepayments and other debtors 4 4Cash at bank and in hand 41 2314,995 13,523Creditors due within one yearAmounts owed to group undertakings (448) (395)Other creditors (4) (12)(452) (407)Net current assets 14,543 13,116Total assets less current liabilities 26,904 26,162Liabilities due after more than one yearConvertible bond 40d – (1,504)Net assets 26,904 24,658Capital and reservesCalled-up share capital 40b 772 738Share premium account 40b 4,357 2,714Capital redemption reserve 40b 115 115Other reserves 40b 1,955 1,955Share-based payment reserve 40b 1 1Convertible debt reserve 40b – 355Profit and loss account 40b 19,704 18,780Total shareholders’ funds (equity) 26,904 24,658The financial statements of Anglo American plc, registered number 03564138, were approved by the Board of directors on 14 February 2013 and signed on itsbehalf by:Cynthia CarrollChief ExecutiveRené MédoriFinance Director188 Anglo American plc Annual Report 2012
40. FINANCIAL STATEMENTS OF THE PARENT COMPANY continuedb) Reconciliation of movements in equity shareholders’ fundsCalled-upshare capitalSharepremiumaccountCapitalredemptionreserveOtherreserves (1)Share-basedpaymentreserveConvertibledebt reserveProfitand lossaccount (2)US$ millionTotalBalance at 1 January 2011 738 2,713 115 1,955 6 355 12,650 18,532Profit for the financial year – – – – – – 6,520 6,520Dividends paid (3) – – – – – – (561) (561)Issue of treasury shares under employee shareschemes – – – – – – 18 18Share-based payments – – – – 1 – – 1Capital contribution to Group undertakings – – – – – – 147 147Shares issued on conversion of bond – 1 – – – – – 1Transfer between share-based payment reserveand profit and loss account – – – – (6) – 6 –Balance at 1 January 2012 738 2,714 115 1,955 1 355 18,780 24,658Profit for the financial year – – – – – – 1,152 1,152Dividends paid (3) – – – – – – (599) (599)Issue of treasury shares under employee shareschemes – – – – – – 24 24Share-based payments – – – – 1 – – 1Capital contribution to Group undertakings – – – – – – 161 161Shares issued on conversion of bond 34 1,643 – – – (355) 185 1,507Transfer between share-based payment reserveand profit and loss account – – – – (1) – 1 –Balance at 31 December 2012 772 4,357 115 1,955 1 – 19,704 26,904(1)At 31 December 2012 other reserves of $1,955 million (2011: $1,955 million) were not distributable under the Companies Act 2006.(2)At 31 December 2012 $2,685 million (2011: $2,685 million) of the Company profit and loss account of $19,704 million (2011: $18,780 million) was not distributable under the Companies Act 2006.(3)Dividends paid relate only to shareholders on the United Kingdom principal register excluding dividends waived by Greenwood Nominees Limited as nominees for Butterfield Trust (Guernsey)Limited, the trustee for the Anglo American employee share scheme. Dividends paid to shareholders on the Johannesburg branch register are distributed by a South African subsidiary inaccordance with the terms of the Dividend Access Share Provisions of Anglo American plc’s Articles of Association. The directors are proposing a final dividend in respect of the year ended31 December 2012 of 53 US cents per share, see note 12.The audit fee in respect of the parent company was $7,792 (2011: $7,156). Fees payable to Deloitte for non-audit services to the Company are not requiredto be disclosed because they are included within the consolidated disclosure in note 3.c) Fixed asset investmentsInvestment in subsidiariesUS$ million 2012 2011CostAt 1 January 13,374 13,232Capital contributions (1) 147 140Additions 2,776 2Capital reduction (823) –Transfer to subsidiary (3,096) –At 31 December 12,378 13,374Provisions for impairmentAt 1 January (328) (328)Impairment charge (9) –Transfer to subsidiary 320 –At 31 December (17) (328)Net book value 12,361 13,046Financial statements(1)This amount is net of $14 million (2011: $7 million) of intra-group recharges.During 2012 Anglo Coal Holdings Limited undertook a capital reduction and repayment of share premium to Anglo American plc to the value of $823 million.This resulted in a $9 million impairment of the remaining investment in Anglo Coal Holdings Limited.During 2012 the Company transferred its holding in Anglo American Finance (UK) Limited to another subsidiary, Anglo American Services (UK) Limited,in exchange for shares in Anglo American Services (UK) Limited. This additional investment in Anglo American Services (UK) Limited was recognised atthe net carrying value of the Company’s previous investment in Anglo American Finance (UK) Limited.d) Convertible bondOn 23 March 2012 Anglo American plc gave notice that it had exercised its right to redeem its $1.7 billion of 4% senior convertible bonds (the Bonds)on 22 May 2012 (the optional redemption date). The Bonds were due to mature on 7 May 2014. On 13 April 2012 following the announcement of therecommended 2011 full year dividend, and in accordance with the terms and conditions of the Bonds, the conversion price was adjusted from £18.36to £18.02.Of the $1,700 million Bonds issued, $1,678 million were converted to equity prior to the optional redemption date, including $1 million converted in 2011,and the remaining $22 million were redeemed by the Group. As a result, 62.5 million ordinary shares were issued and the financial liability of $1,529 million,representing the notional value of the outstanding Bonds of $1,699 million less unamortised discount of $170 million, was derecognised. The balance in theconvertible debt reserve of $355 million, which related to the Bonds, was transferred to share premium ($170 million) and retained earnings ($185 million).Anglo American plc Annual Report 2012 189
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A BALANCEDPORTFOLIOWITH THE FUTURE
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HeadquartersLondon,United KingdomCo
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OVERVIEW CHAIRMAN’S STATEMENTCHAI
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GOVERNANCE INTRODUCTIONGOVERNANCESi
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FINANCIAL STATEMENTSRESPONSIBILITY
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Anglo American plc20 Carlton House
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