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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Anglo American Plc | LSE:AAL | London | Ordinary Share | GB00B1XZS820 | ORD USD0.54945 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
32.00 | 1.20% | 2,693.50 | 2,681.00 | 2,684.00 | 2,776.50 | 2,646.50 | 2,750.00 | 5,183,657 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 30.84B | 283M | 0.2116 | 126.82 | 35.89B |
TIDMAAL
RNS Number : 8971R
Anglo American PLC
06 March 2023
Anglo American plc
(the "Company")
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
6 March 2023
ANNUAL FINANCIAL REPORT AND NOTICE OF AGM
In accordance with Listing Rule 9.6 and Disclosure Guidance and Transparency Rule ("DTR") 4.1, the Company announces that the following documents are today published on its website: www.angloamerican.com
-- Integrated Annual Report for the year ended 31 December 2022 (the "2022 Annual Report") -- Notice of the 2023 Annual General Meeting ("AGM") to be held on 26 April 2023 -- Sustainability Report 2022 -- Climate Change Report 2022 -- Ore Reserves and Mineral Resources Report 2022 -- Tax and Economic Contribution Report 2022
The 2022 Annual Report, Notice of the 2023 AGM and the 2023 AGM proxy form ("Proxy Form") have been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly be made available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The above mentioned documents (except for the Proxy Form) are available on our website at www.angloamerican.com/investors/annual-reporting and www.angloamerican.com/investors/shareholder-information/agm/agm2023 respectively, and will be posted to shareholders on 24 March 2023. Shareholders can obtain additional copies of the Proxy Form from our Registrar, Equiniti Limited at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA or view online at www.shareview.co.uk .
This announcement should be read in conjunction with the Company's Preliminary Results announcement issued on 23 February 2023. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in full unedited text through a Regulatory Information Service. This material is not a substitute for reading the Company's 2022 Annual Report. Page references and references to notes to the financial statements, refer to those contained in the 2022 Annual Report.
An indication of the important events that occurred in 2022 and their impact on the consolidated financial statements and the consolidated financial statements themselves were announced to the London Stock Exchange on 23 February 2023, forming part of the Preliminary Results announcement for the year ended 31 December 2022. Additional content forming part of the management report are set out in the appendices to this announcement.
AGM Timetable
In accordance with JSE Listing Requirement 18.20 the Company confirms the following dates in respect of its AGM which will be held at The Queen Elizabeth II Centre, Broad Sanctuary, Westminster, London SW1P 3EE, and virtually via the Lumi platform on Wednesday, 26 April 2023 at 11:00 UK time.
AGM Date Wednesday, 26 April 2023 Record date - to determine which shareholders were entitled to Friday, 24 February 2023 receive the notice of meeting -------------------------------- Notice of Meeting Publication date Monday, 6 March 2023 -------------------------------- Last day to trade to determine Wednesday, 19 April 2023 (for eligible shareholders that may South Africa shareholders) attend, speak and vote at the Meeting Thursday, 20 April 2023 (for UK shareholders) -------------------------------- Record date - to determine eligible Monday 24 April 2023 at 18:30 shareholders that may attend, UK time speak and vote at the meeting -------------------------------- Meeting deadline date (for administrative Monday 24 April 2023 at 11:00 purposes, forms of proxy for UK time or 12:00 South African the meeting to be lodged) time -------------------------------- Results of meeting released As soon as practicable after the conclusion of the AGM --------------------------------
Clare Davage
Deputy Company Secretary
Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers - safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel - with crop nutrients in development - we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives.
Forward-looking statements and third-party information
This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South
Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this document is sourced from publicly available third-party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.
APPIX A - Principal risks
We define a principal risk as a risk or combination of risks that would threaten the business model, future performance, solvency or liquidity of Anglo American. In addition to these principal risks, we
continue to be exposed to other risks related to currency, inflation, community relations, environment, litigation and regulatory proceedings, changing societal expectations, infrastructure and human resources. These risks are subject to our normal procedures to identify, implement and oversee appropriate mitigation actions, supported by internal audit work to provide assurance over the status of controls or mitigating actions. These principal risks are considered over the next three years as a
minimum, but we recognise that many of them will be relevant for a longer period.
For more on Principal risks see pages 69 - 73
Catastrophic risks
We also face certain risks that we deem catastrophic risks. These are very high severity, very low likelihood events that could result in multiple fatalities or injuries, an unplanned fundamental change to strategy or the way we operate, and have significant financial consequences. We do not consider likelihood when assessing these risks, as the potential impacts mean these risks must be treated as a priority. Catastrophic risks are included as principal risks.
For more on catastrophic risks see page 69
Risk appetite
We define risk appetite as 'the nature and extent of risk Anglo American is willing to accept in relation to the pursuit of its objectives'. We look at risk appetite from the context of severity of the consequences should the risk materialise, any relevant internal or external factors influencing the risk, and the status of management actions to mitigate or control the risk. A scale is used to help determine the limit of appetite for each risk, recognising that risk appetite will change over time.
If a risk exceeds appetite, it will threaten the achievement of objectives and may require a change to strategy. Risks that are approaching the limit of the Group's risk appetite may require management actions to be accelerated or enhanced to ensure the risks remain within appetite levels.
For catastrophic and operational risks, our risk appetite for exceptions or deficiencies in the status of our controls that have safety implications is very low. Our internal audit programme evaluates these controls with technical experts at operations and the results of that audit work will determine the risk appetite evaluation, along with the management response to any issues identified.
For more on the risk management and internal control systems and the review of their effectiveness See pages 157-159
Summary
Our risk profile evolved in 2022, mainly due to external factors. Macro-economic uncertainty increased as a result of the Russia's invasion of Ukraine, global inflation and economic slowdowns in key markets. The regulatory environment in which we operate remains impacted by political and societal changes in key countries, which could affect future production and delay the deployment of new technologies to support future production and sustainability objectives. Operationally, we have identified reliance on third-party infrastructure and power supply as a heightened risk, particularly in South Africa. Climate change remains one of the defining challenges of our era and our unequivocal commitment to being part of the global response presents both opportunities and risks. A number of our principal risks are directly or indirectly related to climate change and our strategies to reduce its impact on our business, and the planet.
Our catastrophic risks are the highest priority risks, given the potential consequences.
1. Catastrophic risks We are exposed to Impact: Multiple Risk appetite: Operating the following risks fatalities and injuries, within the limits we deem as potentially damage to assets, of our appetite. catastrophic: tailings environmental damage, dam failure; geotechnical production loss, reputational Commentary: These failure; mineshaft damage and loss of very high impact but failure; and fire licence to operate. very low frequency and explosion. Financial costs risks are treated associated with recovery with the highest priority. Root cause: Any of and liability claims these risks may result may be from inadequate significant. Regulatory design or construction, issues may result adverse geological and community conditions, relations may be affected. shortcomings in operational performance, natural Mitigation: Technical events standards exist that such as seismic activity provide or flooding, and failure minimum criteria for of structures or machinery design and operational and equipment performance requirements, the implementation of which is regularly inspected by technical experts. Additional assurance work is conducted to assess the adequacy of controls associated with these risks. -------------------------------- ------------------------------- 2. Product prices Global macro-economic Impact : Low product Risk appetite: Operating conditions leading prices can result within the limits to sustained low product in lower levels of of our appetite. prices and/or volatility. cash flow, profitability and valuation. Debt Commentary: Macro-economic Root cause: Factors costs may rise conditions remain that could contribute owing to ratings agency uncertain; that may to this risk include downgrades and the result in price volatility a deep and protracted possibility in the products slowdown in economic of restricted access mined, and marketed, growth, to funding. The Group by Anglo American. armed conflict involving may be unable major world powers, to complete any divestment trade war programme within the between major economies desired and a disrupted recovery timescales or achieve from expected values. The the Covid-19 pandemic capacity to invest as a result of new in growth projects variants being is constrained during resistant to vaccines. periods of low product prices - which may, in turn, affect future performance. Mitigation: Maintaining a conservative balance sheet and proactive management of debt facilities and the delivery of cash improvement and operational performance targets are the key mitigation strategies for this risk. Regular updates of economic analysis and product price assumptions are discussed with executive management and the Board. -------------------------------- ------------------------------- 3. Cyber security Loss or harm to our Impact: Theft or Risk appetite: Operating technical infrastructure loss of intellectual within the limits and the use of technology property, financial of our appetite. within the organisation losses, increased
from malicious or costs, reputational Commentary: During unintentional sources. damage, operational 2022, we further strengthened disruption and compromise our Root cause: Attacks of safety systems. control environment. motivated by fraud, Our controls responded ransomware, and/ Mitigation: We have as planned or access to sensitive a dedicated Global and no cyber attack data or information. Information attempt resulted in Management Security negative impacts team with appropriate for Anglo American. specialist third-party support to oversee our network security. We have aligned to the internationally recognised NIST Cyber Security Framework, as well as ISO27001 in sensitive areas. Additionally, we employ the IRAM2 risk assessment methodology to large scale projects and maintain an ongoing cyber awareness programme across the Group. -------------------------------- ------------------------------- 4. Political Global, regional Impact: Global supply Risk appetite: Operating and chains may be impacted within the limits national political by the of our appetite. tensions and disputes threat of or actual may negatively impact disputes between major Commentary: Global our business. economies. economic conditions Regional and national can have a significant Root cause: Geopolitical political tensions impact on countries disputes between major may result in whose economies are economic countries, social unrest affecting exposed to commodities, regional and national our operations and placing greater pressure political employees. on tensions. The effectiveness Uncertainty over future governments to find of national governance business conditions alternative means in leads to a lack of of raising revenues, countries in which confidence in making and increasing the we operate may be investment decisions, risk of social and compromised which can influence labour unrest. by corruption, weak future financial performance. policy framework and Increased costs ineffective can be incurred through enforcement of the additional regulations law. or resource taxes, while the ability to execute strategic initiatives that reduce costs or divest assets may also be restricted, all of which may reduce profitability and affect future performance. These may adversely affect the Group's operations or performance of those operations. Mitigation: Anglo American has an active engagement strategy with governments, regulators and other stakeholders within the countries in which we operate, or plan to operate, as well as at an international level. We make significant efforts to contribute to public policy objectives such as socio-economic development to demonstrate the broader value of our presence. We assess portfolio capital investments against political risks and avoid or minimise exposure to jurisdictions with unacceptable risk levels. We actively monitor regulatory and political developments at a national level, as well as global themes and international policy trends, on a continuous basis. See page 16 for more detail on how we engage with our key stakeholders. -------------------------------- ------------------------------- 5. Community and Social Relations Failure to maintain Impact: A breakdown Risk appetite: Operating healthy in trust with local within the limits relationships with communities and of our appetite. local society at large threatens communities and society Anglo American's 'licence Commentary: Through at large. to the Social Way 3.0, operate', potentially we ensure that Root cause: Failure leading to increased policies and systems to identify, understand costs, future growth are in place at all and respond to community being impacted, business Anglo American and societal needs interruption and reputational managed sites to support and expectations. damage. effective engagement with Mitigation: The Anglo communities, avoid American Social Way or minimise adverse 3.0 is our social impacts, integrated management and maximise development system for social opportunities. For performance, further adopted and implemented information on how at all managed sites. we engage with key In addition, the commitments stakeholders, see we have made as part pages 16-19. For more of the Thriving Communities information on our pillar of our Sustainable Sustainable Mining Plan will deliver Mining Plan commitments, tangible and valued see page 42. benefits to host communities. -------------------------------- ------------------------------- 6. Regulatory and permitting Failure to comply Impact: Delays to Risk appetite: Operating with permitting and projects and disruption within the limits other mining regulations. to existing operations of our appetite. may impact future Root cause: Regulations production, delays Commentary: Annual impacting the mining in deploying new technologies assessments of compliance
industry are evolving that support future with the Anglo American as a result of political growth and sustainability Minimum Permitting developments, changes objectives, legal Requirements are in societal expectations claims and regulatory undertaken, as well and the public perception actions, fines and as periodic independent of mining activities. reputational damage. audits. Failure to comply with management processes Mitigation: All operations will threaten the must comply with our ability to adhere Minimum to regulations and Permitting Requirements, permits. which is a management system to ensure necessary permits and other regulatory requirements are identified and embedded in life of asset plans and management routines. Through our Sustainable Mining Plan, we make considerable efforts to meet community aspirations for socio-economic development and carefully manage the environmental impacts of our business to avoid causing harm and nuisance. -------------------------------- ------------------------------- 7. Operational Performance Unplanned operational Impact: Inability Risk appetite: Operating stoppages affecting to achieve production, within the limits production and profitability. cash flow or of our appetite. profitability targets. Root cause: We are There are potential Commentary: There exposed to risks of safety-related risks were no material unplanned interruption to associated with unplanned operational incidents power supply and the operational stoppages, in 2022, although failure of critical along power outages in South third-party-owned with a loss of investor Africa impacted our and -operated infrastructure; confidence. operations. e.g. rail networks and ports. Mitigation: We maintain Failure to implement ongoing engagement and embed our Operating with Model, critical power and maintain critical infrastructure suppliers plant, machinery and and maintain infrastructure, and appropriate business operate in compliance continuity and emergency with Anglo American's preparedness plans. Technical Implementation of Standards, will affect our Operating Model our performance levels. and compliance with Our Technical Standards, operations may also supported by operational be exposed to natural risk management and catastrophes and extreme assurance processes, weather events. are key to the mitigation against this risk. Regular tracking and monitoring of progress against the underlying production plans is undertaken. -------------------------------- ------------------------------- 8. Safety Failure to eliminate Impact: A fatal incident Risk appetite: Operating fatalities. is devastating for within the limits the bereaved of our appetite. Root cause: Fatalities family, friends and may result from operational colleagues. Over the Commentary: During leaders, longer term, failure 2022, there were two employees and contractors to provide a safe work-related failing to apply safety working environment fatalities in our rules threatens our licence managed operations. and poor hazard identification to operate. Management remains and control, including fully committed to non -- compliance Mitigation: All operations the elimination of with critical controls. continue to implement fatalities. safety improvement plans, with a focus on: effective management of critical controls required to manage significant safety risks; learning from high potential incidents and hazards; embedding a safety culture; and leadership engagement and accountability. Our Elimination of Fatalities Taskforce oversees targeted improvement initiatives to further improve safety performance. -------------------------------- ------------------------------- 9. Climate Change Climate change is Impact: Potential Risk appetite: Operating the defining challenge loss of stakeholder within the limits of our era and our confidence, negative of our appetite. commitment to being impact on reputation, part of the global financial performance Commentary: For more response presents and valuation. information on our both opportunities Sustainable and risks. Mitigation: We have Mining Plan and approach articulated our climate to climate change, Root cause: We are change plans, policies see pages 42 committed to the alignment and progress and engage and 45-49, and for of with key stakeholders further information our portfolio with to ensure they understand on how we engage the needs of a low them. Our Sustainable with key stakeholders, carbon world in a Mining Plan includes see pages 16-19. For responsible manner; operation-specific more on the however, different and Group targets extreme weather events stakeholder expectations for reductions in that have affected continue to evolve carbon emissions, the operating and are not always power and water usage. performance of our aligned. Long term business units, see demand for metals pages 84-111. and minerals mined and marketed by Anglo American may deviate from assumptions based on climate change abatement initiatives. Changing weather patterns and an increase in extreme weather events may impact operational stability and our local communities. Our Scope 1 and 2 carbon emission reduction targets are partly reliant on new technologies that are at various stages of development, and our Scope 3 reduction ambition is reliant on the adoption of greener technologies in the steelmaking industry. -------------------------------- ------------------------------- 10. Pandemic Large scale outbreak Impact: As has been Risk appetite: Operating of infectious disease witnessed by the Covid-19 within the limits increasing morbidity pandemic, widespread of our appetite. and consequences include mortality over a the physical and mental Commentary: For more wide health and well-being information on our geographic area. of our people and response to the Covid-19 local communities; pandemic, see pages Root cause: Human economic shocks and 59-60. population growth, disruption; social
urbanisation, changes unrest; an increase in land use, loss in political stresses of biodiversity, exploitation and tensions, a rise of the natural environment, in criminal acts; viral disease from and the potential animals, and increased for increased resource global travel and nationalism. integration are all contributory causes Mitigation: Anglo of health pandemics. American actively monitors global pandemic-potential diseases. In the event of a pandemic, our Group Crisis Management Team is activated at an early stage to direct the Group's response, prioritising the well-being of our people, their families and our host communities, and ensuring the continuity of the operations. -------------------------------- ------------------------------- 11. Corruption Bribery or other Impact: Potential Risk appetite: Operating forms of corruption criminal investigations, within the limits committed by an employee adverse media of our appetite. or agent of Anglo attention and reputational American. damage. A possible Commentary: Group negative Compliance Committee Root cause: Anglo impact on licensing oversees the organisation's American has operations processes and valuation. anti-bribery management in some countries system to ensure its where there is a higher Mitigation: A comprehensive continuing suitability, prevalence of corruption. anti-bribery and corruption adequacy and policy and programme, effectiveness. including risk assessment, training and awareness, with active monitoring, are in place. -------------------------------- ------------------------------- 12. Water Inability to obtain Impact: Loss of production Risk appetite: Operating or sustain the level and inability to achieve within the limits of water security cash flow or volume of our appetite. needed to support improvement targets. operations over the Damage to stakeholder Commentary: This current life of asset relationships or reputational continues to be a plan or future growth damage can result risk to the majority options. from failure to manage of this critical resource. our operations. For Root cause: Poor more information on water resource management Mitigation: Various our Sustainable or projects have been Mining Plan, see page inadequate on site implemented at 42. storage, combined operations most exposed with reduced water to this risk, focused supply at some operations on: water as weather patterns efficiency; water change, can affect security; water treatment; production. Water and discharge management; is a shared resource as well as alternative with local communities supplies. New and permits to use technologies are being water in our operations developed that will are at risk if we reduce water demand. do not manage the resource in a responsible and sustainable manner. -------------------------------- ------------------------------- 13. Future demand Demand for metals Impact: Potential Risk appetite: Operating and minerals produced for negative impact within the limits and marketed by Anglo on revenue, cash flow, of our appetite. American may deviate profitability and from our assumptions. valuation. Commentary: We monitor new business opportunities Root cause: Technological Mitigation: Regular in line with our strategy developments and/or reviews of production to secure, develop product and financial and operate a portfolio substitution leading plans, as well as of high quality and to reduced demand, longer term portfolio long life mineral growth in the decisions, are based assets, from which circular economy and on extensive research. we will deliver leading shifts in consumer Our businesses invest shareholder returns. preferences. in marketing Our Ethical Value and other activities Chain commitments to enhance the inherent within the Trusted value of Corporate Leader pillar the products we produce, of our Sustainable including building Mining Plan consumer ensure we operate confidence in the in line with stakeholder ethical provenance expectations for responsible of our products. mining. For more information on our ethical value chains and responsible mining certification, see page 54. -------------------------------- -------------------------------
APPIX B - Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 34 and 35). Members of the Board and the Group Management Committee are considered to be related parties.
The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with joint operations, associates, joint ventures and others in which the Group has a material interest. These transactions are under terms that are no less favourable to the Group than those arranged with third parties.
Associates Joint ventures Joint operations ------------- ------------------- ------------------- US$ million 2022 2021 2022 2021 2022 2021 ----------------------------------- ------ ----- ------- ---------- --------- -------- Transactions with related parties Sale of goods and services - - 16 - 181 158 Purchase of goods and services - - (190) (169) (4,253) (3,466) Balances with related parties Trade and other receivables from related parties - - 7 1 17 18 Trade and other payables to related parties - - (18) (16) (250) (273) Loans receivable from related parties 2 2 147 76 - - ----------------------------------- ------ ----- ------- ---------- --------- --------
Balances and transactions with joint operations or joint operation partners represent the portion that the Group does not have the right to offset against the corresponding amount recorded by the respective joint operations. These amounts primarily relate to purchases by De Beers and Platinum Group Metals from their joint operations in excess of the Group's attributable share of their production.
Loans receivable from related parties are included in Financial asset investments on the Consolidated balance sheet.
Remuneration and benefits received by directors are disclosed in the Remuneration report. Remuneration and benefits of key management personnel, including directors, are disclosed in note 26. Information relating to pension fund arrangements is disclosed in note 27.
APPENDIX C - Statement of directors' responsibilities in respect of the financial statements
The directors are responsible for preparing the Integrated Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the Group financial statements in accordance with UK-adopted International Accounting Standards and the Parent Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law).
Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Parent Company and of the profit or loss of the Group for that period.
In preparing the financial statements, the directors are required to:
-- Select suitable accounting policies and then apply them consistently -- State whether applicable UK-adopted International Accounting Standards have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 101 have been followed for the Parent Company financial statements, subject to any material departures disclosed and explained in the financial statements -- Make judgements and accounting estimates that are reasonable and prudent -- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Parent Company will continue in business
The directors are responsible for safeguarding the assets of the Group and Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006.
The directors are responsible for the maintenance and integrity of the Parent Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' responsibility statement
for the year ended 31 December 2022
The directors consider that the Integrated Annual Report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's and Parent Company's position and performance, business model and strategy.
We confirm that to the best of our knowledge:
-- the Group financial statements, which have been prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group -- the Parent Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 101, give a true and fair view of the assets, liabilities and financial position of the Parent Company and -- the Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Parent Company, together with a description of the principal risks and uncertainties that it faces.
By order of the Board
Duncan Wanblad Stephen Pearce Chief Executive Finance Director
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