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.
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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.
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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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END
ACSEASDDEEDDEFA
(END) Dow Jones Newswires
March 06, 2023 04:00 ET (09:00 GMT)
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