financial analysis - anglo american plc is a global mining company

15.03.2013

Ticker: Anglo American PLC Benchmark:

Currency: London: AAL, Currency: GBp FTSE 100 INDEX (UKX)

Sector: Materials Industry: Metals & Mining Year:

Telephone 44-20-7968-8888 Revenue (M) Business Segments in GBp Sales (M) Geographic Segments in GBp Sales (M)

Website www.angloamerican.com No of Employees Metals & Mining 711988 South Africa 920795

Address 20 Carlton House Terrace London, SW1Y 5AN United Kingdom Iron & Steel 590263 South America 474974

Share Price Performance in GBp Thermal Coal 270521 Australia and Asia 291282

Price 1892.00 1M Return -7.2% Diamonds 254115 Rest of Africa 205463

52 Week High 2571.71 6M Return -9.2% Construction & Building 136996 Europe 141035

52 Week Low 1662.50 52 Wk Return -24.8% Other Sales 67268 North America 35274

52 Wk Beta 1.73 YTD Return -0.1% Phosphates 37672 Unallocated Investment in Associates -253925

Credit Ratings

Bloomberg IG2

S&P BBB+ Date 18.04.2011 Outlook NEG

Moody's Baa1 Date 23.02.2009 Outlook NEG

Fitch BBB+ Date 11.08.2009 Outlook STABLE

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 21.7x 9.6x 7.2x - 12.1x 10.0x 8.5x

EV/EBIT 25.8x 9.5x 5.4x 10.6x - - -

EV/EBITDA 15.8x 7.7x 4.5x 7.5x 5.5x 5.0x 4.7x

P/S 2.5x 2.2x 1.5x 1.3x 1.2x 1.1x 1.1x

P/B 2.2x 2.0x 1.2x 1.1x 0.9x 0.8x 0.8x

Div Yield 0.0% 1.2% 2.0% 2.8% 2.9% 3.2% 3.7%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin 26.7 43.0 43.3 - 29.8 29.6 30.7

EBITDA Margin 21.4 36.8 38.9 26.8 28.9 30.2 30.8

Operating Margin 13.1 30.0 32.4 18.9 21.3 22.9 23.2

Profit Margin 11.6 23.4 20.2 -5.2 8.7 10.3 11.4

Return on Assets 4.6 10.6 8.9 -2.0 3.6 4.5 5.7

Return on Equity 10.5 21.7 16.8 -3.9 7.5 8.5 9.3

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 1.6 1.8 2.3 2.4 Current Capitalization in GBp

Quick Ratio 0.9 1.2 1.8 1.0 Common Shares Outstanding (M) 1391.0

EBIT/Interest 2.7 7.9 9.5 6.8 Market Capitalization (M) 2636350.0

Tot Debt/Capital 0.3 0.3 0.2 0.3 Cash and ST Investments (M) 559906.4

Tot Debt/Equity 0.5 0.4 0.3 0.4 Total Debt (M) 1093092.0

Eff Tax Rate % 27.7 25.7 26.5 - Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 377416.6

Enterprise Value (M) 3546952.1

Anglo American PLC is a global mining company. The Company's mining portfolio

includes bulk commodities including iron ore, manganese and metallurgical coal, base

metals including copper and nickel and precious metals and minerals including

platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe,

North and South America, Asia and Australia.

AAL LN

1'814'898

106'000

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.angloamerican.com

Anglo American PLC

Target price in GBp

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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15.03.2013

Anglo American PLC

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1391.0 United States 27.51%

Float 88.0% South Africa 23.44%

Short Interest (M) Britain 18.90%

Short Interest as % of Float Unknown Country 9.31%

Days to Cover Shorts Luxembourg 2.56%

Institutional Ownership 55.36% China 2.25%

Retail Ownership 44.59% Switzerland 2.19%

Insider Ownership 0.05% Others 13.85%

Institutional Ownership Distribution

Investment Advisor 51.07%

Government 14.59%

Unclassified 10.65%

Holding Company 5.62%

Pricing data is in GBp Others 18.09%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

BLACKROCK 78'986'629 0 149'442'702'068 5.67% 13.03.2013 ULT-AGG UNITED STATES

PUBLIC INVESTMENT CO 77'592'603 0 146'805'204'876 5.57% 01.11.2012 REG SOUTH AFRICA

LEGAL & GENERAL 51'464'626 371'930 97'371'072'392 3.69% 31.01.2013 ULT-AGG

TARL INVESTMENT HOLD 47'275'613 0 89'445'459'796 3.39% 01.11.2012 REG SOUTH AFRICA

EPOCH TWO INVESTMENT 42'166'686 0 79'779'369'912 3.03% 01.11.2012 REG BRITAIN

FMR LLC 31'102'799 2'875'107 58'846'495'708 2.23% 31.01.2013 ULT-AGG UNITED STATES

NORGES BANK INVESTME 29'466'453 -2'557'012 55'750'529'076 2.11% 01.11.2012 REG NORWAY

SCOTTISH WIDOWS 29'199'945 3'632'677 55'246'295'940 2.10% 30.11.2012 ULT-AGG

VANGUARD GROUP INC 25'211'973 549'175 47'701'052'916 1.81% 31.12.2012 MF-AGG UNITED STATES

E OPPENHEIMER & SON 25'200'000 0 47'678'400'000 1.81% 01.11.2012 REG

OPPENHEIMERFUNDS INC 21'574'878 3'080'902 40'819'669'176 1.55% 31.01.2013 MF-AGG UNITED STATES

UBS 17'579'059 497'364 33'259'579'628 1.26% 31.01.2013 ULT-AGG

PEOPLES REPUBLIC OF 17'290'964 0 32'714'503'888 1.24% 01.11.2012 REG CHINA

OPPENHEIMERFUNDS INC 15'661'337 6'944'224 29'631'249'604 1.12% 01.11.2012 REG UNITED STATES

VANGUARD GROUP INC 14'199'373 1'122'571 26'865'213'716 1.02% 01.11.2012 REG UNITED STATES

CORONATION ASSET MAN 11'914'195 1'346'501 22'541'656'940 0.86% 31.12.2012 MF-AGG SOUTH AFRICA

GOVT OF SINGAPORE IN 10'535'767 1'922'748 19'933'671'164 0.76% 01.11.2012 ULT-AGG SINGAPORE

AVIVA INVESTORS 10'437'360 -639'640 19'747'485'120 0.75% 01.11.2012 REG BRITAIN

STATE STREET 9'759'820 391'188 18'465'579'440 0.70% 14.03.2013 ULT-AGG UNITED STATES

Northern Cross Inter 9'024'700 95'026 17'074'732'400 0.65% 01.11.2012 REG UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

O'ROURKE RAYMOND GABRIE 76'965 145'617'780 0.01% 16.02.2012 Co File

CARROLL CYNTHIA BLUM 65'341 123'625'172 0.01% 16.02.2012 Co File

MEDORI RENE 54'471 103'059'132 0.00% 16.02.2012 Co File

PARKER JOHN 26'909 50'911'828 0.00% 16.02.2012 Co File

WOICKE PETER L 17'677 33'444'884 0.00% 16.02.2012 Co File

Company Analysis - Ownership

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TOP 20 ALL


Anglo American PLC

Financial information is in GBp (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 1'009'266 1'140'770 1'433'897 1'619'921 1'356'813 1'273'474 1'436'105 1'336'927 1'810'577 1'907'333 1'814'898 2'282'007 2'377'847 2'503'621

- Cost of Goods Sold 678'464 841'270 1'027'168 1'101'539 766'333 704'736 848'804 979'396 1'032'793 1'081'716

Gross Income 330'802 299'500 406'729 518'381 590'481 568'738 587'302 357'531 777'784 825'617 678'897 703'843 768'612

- Selling, General & Admin Expenses 174'197 184'487 209'560 230'655 141'268 119'648 124'611 79'352 234'999 206'763 1'472'439

(Research & Dev Costs) 6'198 7'651 2'456 2'201 2'009 2'050 1'965 2'179 1'878 2'370 5'048

Operating Income 159'137 116'115 197'169 287'727 449'213 449'091 462'691 175'625 542'785 618'854 342'459 486'762 545'664 580'699

- Interest Expense 20'525 28'218 53'168 50'963 36'321 41'049 46'395 49'995 51'870 43'348 50'356

- Foreign Exchange Losses (Gains) 5'131 4'285 -1'583 -6'384 -2'117 200 27'346 -12'499 -8'030 15'967 -757

- Net Non-Operating Losses (Gains) -57'910 -80'001 -119'928 -43'478 -43'379 -33'199 -78'871 -120'117 -208'709 -112'956 307'941

Pretax Income 191'391 163'614 265'512 286'626 458'388 441'041 467'822 258'245 707'653 672'494 -15'082 454'745 511'257 554'186

- Income Tax Expense 52'046 45'051 50'384 70'171 136'707 134'647 133'780 71'596 181'900 178'384 23'664

Income Before XO Items 139'345 118'564 215'128 216'455 321'681 306'394 334'041 186'649 525'754 494'110 -38'745

- Extraordinary Loss Net of Tax 0 0 0 0 -54'129 -102'198 0 0 0 0 0

- Minority Interests 35'186 21'117 24'018 22'675 39'959 43'399 49'397 31'215 101'991 109'338 55'467

Diluted EPS Before XO Items

Net Income Adjusted* 105'491 91'693 114'306 215'575 297'032 287'974 294'306 164'664 322'226 381'716 179'149 199'347 244'290 284'365

EPS Adjusted 82.17 71.23 103.99 163.71 222.36 220.00 244.85 136.97 267.18 315.48 142.86 157.67 190.10 223.21

Dividends Per Share 37.35 36.32 41.99 54.43 64.43 62.00 48.03 0.00 42.09 46.16 53.64 55.41 60.01 70.40

Payout Ratio % 46.1 48.1 28.8 38.2 48.0 99.2 9.9 0.0 12.0 14.5 0.35 0.32 0.32

Total Shares Outstanding 1'337 1'343 1'359 1'359 1'361 1'322 1'316 1'316 1'320 1'323 1'391

Diluted Shares Outstanding 1'298 1'345 1'365 1'377 1'369 1'327 1'215 1'253 1'281 1'282 1'254

EBITDA 232'508 205'666 312'184 422'069 525'982 518'989 545'055 286'191 667'051 741'540 486'901 659'050 719'083 771'961

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets 442471.282 503252.215 630963.566 754407.401 665289.47 532657.487 658593.482 670361.655 920851.773 1216390.48 1305073.27

+ Cash & Near Cash Items 66'439 61'344 154'244 199'569 155'141 157'815 190'120 202'440 410'557 756'464 559'906

+ Short Term Investments 70'972 57'867 104 931 0 0 11'870 186 0 0 0

+ Accounts & Notes Receivable 138'590 171'638 201'117 235'178 224'190 151'309 135'094 154'570 191'906 185'183

+ Inventories 112'636 153'863 185'249 207'657 153'592 118'223 185'386 198'910 231'159 226'772 308'152

+ Other Current Assets 53'834 58'540 90'250 111'072 132'366 105'311 136'123 114'256 87'230 47'972 437'015

Total Long-Term Assets 1'642'658 1'913'760 2'159'046 2'264'735 1'735'320 1'724'971 2'753'962 2'816'634 3'354'435 3'454'575 3'581'579

+ Long Term Investments 71'282 49'008 56'739 52'947 102'825 242'598 217'633 177'793 217'946 197'563 140'254

Gross Fixed Assets 1'344'241 1'806'549 2'405'001 2'565'835 1'857'357 1'673'123 2'646'792 3'003'468 3'501'700 3'594'429

Accumulated Depreciation 317'790 439'554 673'505 774'015 643'805 486'155 619'691 823'755 948'304 979'883

+ Net Fixed Assets 1'026'451 1'366'996 1'731'496 1'791'819 1'213'552 1'186'967 2'027'101 2'179'713 2'553'396 2'614'546 2'776'074

+ Other Long Term Assets 544'924 497'757 370'811 419'969 418'943 295'405 509'228 459'128 583'093 642'466 665'251

Total Current Liabilities 387'892 522'485 500'157 554'547 454'423 579'008 957'942 417'699 505'548 527'307 541'990

+ Accounts Payable 95'685 141'752 151'634 182'580 168'517 128'411 218'388 182'004 176'256 193'501

+ Short Term Borrowings 119'093 229'562 176'584 120'789 104'736 297'322 465'455 92'829 98'454 65'639 160'325

+ Other Short Term Liabilities 173'114 151'172 171'939 251'178 181'170 153'276 274'099 142'866 230'838 268'167 381'665

Total Long Term Liabilities 544'489 595'436 843'303 860'010 545'215 451'506 961'921 1'331'063 1'334'295 1'358'888 1'648'750

+ Long Term Borrowings 362'620 373'724 408'028 370'222 217'941 121'249 494'751 793'659 763'517 764'395 932'767

+ Other Long Term Borrowings 181'869 221'711 435'275 489'789 327'274 330'257 467'170 537'404 570'778 594'494 715'983

Total Liabilities 932'381 1'117'921 1'343'460 1'414'558 999'638 1'030'514 1'919'863 1'748'761 1'839'843 1'886'195 2'190'740

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0

+ Minority Interest 143'061 190'423 239'482 230'232 147'498 94'265 105'317 120'634 239'369 264'169 377'417

+ Share Capital & APIC 121'143 113'379 124'230 138'709 179'931 174'056 236'775 213'711 221'346 222'580 315'786

+ Retained Earnings & Other Equity 888'544 995'290 1'082'837 1'235'643 1'073'542 958'794 1'150'600 1'403'889 1'974'729 2'298'021 2'002'709

Total Shareholders Equity 1'152'748 1'299'092 1'446'550 1'604'585 1'400'971 1'227'115 1'492'693 1'738'234 2'435'444 2'784'770 2'695'912

Total Liabilities & Equity 2'085'129 2'417'012 2'790'009 3'019'142 2'400'609 2'257'628 3'412'556 3'486'995 4'275'287 4'670'965 4'886'652

Book Value Per Share 755.23 825.25 887.95 1'010.99 920.73 856.84 1'053.85 1'228.72 1'663.63 1'904.60 1'666.84 2'198.31 2'290.36 2'353.56

Tangible Book Value Per Share 647.94 730.63 786.42 900.91 839.78 797.48 897.19 1'098.14 1'551.10 1'791.47 1'464.51

Company Analysis - Financials II/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income 159'137 116'115 191'110 193'781 335'851 365'193 284'645 155'434 423'763 384'772 -94'212 204'866 241'966 257'771

+ Depreciation & Amortization 73'371 89'550 115'015 134'342 76'769 69'899 82'364 110'567 124'267 122'686 144'442

+ Other Non-Cash Adjustments -17'060 -28'524 -11'845 54'816 54'238 -50'249 49'888 22'434 -62'036 57'881 302'704

+ Changes in Non-Cash Capital -133 -12'242 -33'298 -28'288 -21'174 -34'399 -1'255 -58'328 -24'607 -9'917 -33'255

Cash From Operating Activities 215'314 164'900 260'981 354'650 445'684 350'443 415'641 230'107 461'386 555'422 319'679

+ Disposal of Fixed Assets 20'858 7'162 8'243 17'997 5'429 5'550 1'637 2'948 4'144 4'803 4'165

+ Capital Expenditures -142'543 -185'160 -172'823 -181'948 -157'936 -196'546 -280'879 -295'293 -341'912 -386'893 -353'817 -418'807 -392'380 -300'847

+ Increase in Investments 0 0 -5'895 -11'172 -2'172 -2'350 -40'445 -17'242 -8'677 -998 -1'010

+ Decrease in Investments 0 0 14'356 13'484 3'909 30'049 46'449 130'821 453 0 0

+ Other Investing Activities -179'662 -32'564 -47'928 -3'082 42'294 38'849 -383'984 20'639 170'826 58'567 -286'676

Cash From Investing Activities -301'347 -210'562 -204'047 -164'722 -108'476 -124'447 -657'221 -158'126 -175'165 -324'521 -637'338

+ Dividends Paid -48'781 -45'357 -45'144 -62'576 -156'796 -76'898 -84'602 0 -19'556 -51'020 -61'210

+ Change in Short Term Borrowings -34'253 53'559 -99'895 -74'628 22'857 138'997 78'161 -401'437 -151'399 -78'651 -47'138

+ Increase in Long Term Borrowings 195'389 32'503 54'041 0 14'496 17'050 282'953 377'657 77'319 60'127 355'458

+ Decrease in Long Term Borrowings 0 0 -32'752 -34'783 -869 0 0 0 0 0 0

+ Increase in Capital Stocks 2'732 23'015 2'511 13'209 0 6'700 2'183 1'859 0 0 0

+ Decrease in Capital Stocks 0 0 0 0 -212'934 -310'844 -38'753 -4'807 -6'864 -22'890 -15'965

+ Other Financing Activities -25'057 -21'179 -3'876 -20'198 -5'266 3'700 -16'375 -8'397 17'678 190'359 -66'195

Cash From Financing Activities 90'031 42'541 -125'114 -178'976 -338'511 -221'295 223'568 -35'125 -82'823 97'924 164'951

Net Changes in Cash 3'998 -3'122 -68'179 10'952 -1'303 4'700 -18'012 36'856 203'399 328'825 -152'709

Free Cash Flow (CFO-CAPEX) 72'771 -20'261 88'158 172'702 287'748 153'897 134'763 -65'186 119'475 168'529 -34'139 46'847 104'949 227'127

Free Cash Flow To Firm 87'715 188 131'237 211'189 313'237 182'414 167'890 -29'052 158'011 200'379

Free Cash Flow To Equity 254'765 72'962 315'494 497'514 -86'018 49'538 154'807 278'346

Free Cash Flow per Share 56.67 -15.73 67.56 131.16 215.40 117.57 112.12 -54.23 99.07 139.28 -27.22

Company Analysis - Financials III/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 13.4x 19.0x 9.7x 14.0x 13.9x 15.1x 5.2x 21.7x 9.6x 7.2x 12.1x 10.0x 8.5x

EV to EBIT 12.4x 23.1x 13.3x 11.4x 9.6x 9.8x 5.0x 25.8x 9.5x 5.4x 10.6x

EV to EBITDA 8.5x 13.0x 8.4x 7.8x 8.2x 8.5x 4.2x 15.8x 7.7x 4.5x 7.5x 5.5x 5.0x 4.7x

Price to Sales 1.4x 1.6x 1.3x 1.7x 2.9x 3.1x 1.0x 2.5x 2.2x 1.5x 1.3x 1.2x 1.1x 1.1x

Price to Book 1.3x 1.6x 1.5x 2.2x 3.0x 3.6x 1.5x 2.2x 2.0x 1.2x 1.1x 0.9x 0.8x 0.8x

Dividend Yield 3.4% 2.5% 3.0% 2.6% 2.2% 2.0% 3.9% 0.0% 1.2% 2.0% 2.8% 2.9% 3.2% 3.7%

Profitability Ratios

Gross Margin 32.8% 26.3% 28.4% 32.0% 43.5% 44.7% 40.9% 26.7% 43.0% 43.3% 29.8% 29.6% 30.7%

EBITDA Margin 23.0% 18.0% 21.8% 26.1% 38.8% 40.8% 38.0% 21.4% 36.8% 38.9% 26.8% 28.9% 30.2% 30.8%

Operating Margin 15.8% 10.2% 13.8% 17.8% 33.1% 35.3% 32.2% 13.1% 30.0% 32.4% 18.9% 21.3% 22.9% 23.2%

Profit Margin 10.3% 8.5% 13.3% 12.0% 24.8% 28.7% 19.8% 11.6% 23.4% 20.2% -5.2% 8.7% 10.3% 11.4%

Return on Assets 5.3% 4.2% 7.3% 6.7% 12.6% 16.0% 11.0% 4.6% 10.6% 8.9% -2.0% 3.6% 4.5% 5.7%

Return on Equity 10.7% 8.8% 16.3% 15.1% 25.8% 31.3% 24.4% 10.5% 21.7% 16.8% -3.9% 7.5% 8.5% 9.3%

Leverage & Coverage Ratios

Current Ratio 1.14 0.96 1.26 1.36 1.46 0.92 0.69 1.60 1.82 2.31 2.41

Quick Ratio 0.71 0.56 0.71 0.79 0.83 0.53 0.35 0.86 1.19 1.79 1.03

Interest Coverage Ratio (EBIT/I) 7.02 3.78 3.71 5.65 12.37 10.94 7.96 2.67 7.93 9.55 6.80

Tot Debt/Capital 0.29 0.32 0.29 0.23 0.19 0.25 0.39 0.34 0.26 0.23 0.29

Tot Debt/Equity 0.42 0.46 0.40 0.31 0.23 0.34 0.64 0.51 0.35 0.30 0.41

Others

Asset Turnover 0.51 0.49 0.54 0.56 0.51 0.56 0.56 0.39 0.45 0.44 0.38

Accounts Receivable Turnover 7.41 7.04 7.60 7.46 5.96 6.94 10.59 9.34 10.19 10.43

Accounts Payable Turnover 7.02 7.21 7.22 6.63 4.22 4.64 5.55 5.16 5.75 6.00

Inventory Turnover 6.37 6.03 5.98 5.62 4.31 5.30 6.16 5.17 4.68 4.87

Effective Tax Rate 27.2% 27.5% 19.0% 24.5% 29.8% 30.5% 28.6% 27.7% 25.7% 26.5%

Company Analysis - Financials IV/IV


ANGLO AMER PLC XSTRATA PLC BHP BILLITON LTD VALE SA-PFVEDANTA

RESOURCEGLENCORE INT PLC

FREEPORT-

MCMORAN

IMPALA

PLATINUM

TECK RESOURCES-

BRIO TINTO LTD NORILSK NICKEL

INDUSTRIAS

PENOL

ANTOFAGASTA

PLC

KUMBA IRON ORE

L

EXXARO

RESOURCES

12/2012 12/2012 06/2012 12/2012 03/2012 12/2012 12/2012 06/2012 12/2012 12/2012 12/2011 12/2012 12/2012 12/2012 12/2012

2'629.00 1'201.00 39.34 43.21 1'426.00 439.95 43.65 17'600.00 39.90 72.30 6'848.00 694.50 1'392.00 61'955.00 21'495.00

19.03.2012 01.02.2013 20.02.2013 13.04.2012 16.03.2012 27.04.2012 14.09.2012 15.01.2013 10.01.2013 14.02.2013 09.04.2012 18.10.2012 02.01.2013 04.02.2013 03.05.2012

1'662.50 760.47 30.09 31.73 821.00 289.35 30.54 12'347.00 26.02 48.37 4'502.00 504.05 972.00 45'675.00 14'505.00

16.11.2012 27.06.2012 12.07.2012 04.09.2012 26.07.2012 27.06.2012 06.12.2012 05.09.2012 05.09.2012 30.08.2012 14.11.2012 15.06.2012 01.06.2012 06.09.2012 05.09.2012

2'183'513 2'777'402 14'670'764 26'036'800 181'810 7'136'362 10'966'430 861'037 3'887'404 4'694'974 145'700 386'761 770'184 191'856 450'879

1'892.00 1'158.00 35.55 33.63 1'167.00 385.35 33.16 13'764.00 30.10 61.30 5'388.00 553.13 1'088.00 51'492.00 16'615.00

-28.0% -3.6% -9.6% -22.2% -18.2% -12.4% -24.0% -21.8% -24.6% -15.2% -21.3% -20.4% -21.8% -16.9% -22.7%

13.8% 52.3% 18.1% 6.0% 42.1% 33.2% 8.6% 11.5% 15.7% 26.7% 19.7% 9.7% 11.9% 12.7% 14.5%

1'391.0 3'002.7 5'297.6 5'153.4 296.9 7'099.5 949.0 615.8 582.3 1'847.0 190.6 397.5 985.9 321.0 358.0

26'363.5 34'771.2 178'481.8 184'896.9 3'109.2 27'357.8 31'486.4 87'018.0 17'541.3 95'694.4 1'027'102.3 219'855.8 10'726.1 165'834.4 59'446.4

17'754.0 17'067.0 28'330.0 61'855.9 16'955.4 35'526.0 3'527.0 3'609.0 7'195.0 26'819.0 5'155.0 9'961.5 1'889.2 5'869.0 2'876.0

- - - - - - - - - - - - - - -

6'130.0 2'339.0 1'215.0 3'245.0 13'768.9 3'034.0 3'768.0 2'307.0 176.0 11'156.0 120.0 12'356.3 1'694.2 4'345.0 12.0

9'094.0 1'983.0 4'781.0 11'918.2 6'885.3 2'820.0 3'705.0 1'193.0 3'267.0 7'615.0 1'627.0 11'562.4 4'296.5 1'527.0 553.0

54'759.7 70'143.1 216'754.4 238'079.5 28'801.3 77'219.8 35'076.4 91'936.0 21'645.3 129'609.5 36'760.3 230'611.1 15'549.8 174'521.4 61'781.4

LFY 28'761.0 31'618.0 72'226.0 93'511.5 14'005.3 214'436.0 18'010.0 27'593.0 10'343.0 50'967.0 14'122.0 97'771.3 6'740.1 45'446.0 12'229.0

LTM 28'761.0 31'618.0 66'950.0 93'511.5 14'904.6 214'436.0 18'010.0 27'342.0 10'343.0 50'967.0 12'716.0 97'771.3 6'740.1 45'446.0 12'229.0

CY+1 34'428.6 34'061.8 68'346.5 96'380.6 14'789.9 218'279.7 22'595.9 32'140.5 10'095.0 58'619.0 11'965.4 101'455.0 6'619.0 52'423.0 13'898.8

CY+2 35'874.6 36'336.9 75'485.7 104'705.4 17'355.1 229'604.8 23'661.4 37'705.7 10'926.5 62'382.0 12'536.2 105'161.0 6'488.5 52'558.3 16'791.7

LFY 2.0x 2.2x 3.3x 2.9x 2.0x 0.4x 2.0x 3.9x 2.4x 3.1x 2.5x 2.8x 3.0x 4.2x 5.1x

LTM 2.0x 2.2x 3.5x 2.9x 1.9x 0.4x 2.0x 3.9x 2.4x 3.1x 2.7x 2.8x 3.0x 4.2x 5.1x

CY+1 1.6x 2.0x 3.1x 2.5x 1.9x 0.3x 1.9x 2.9x 2.2x 2.2x 3.1x 2.3x 2.4x 3.3x 4.6x


LFY 7'716.0 8'122.0 33'421.0 34'366.5 4'465.0 4'601.0 6'934.0 7'300.0 3'736.0 15'902.0 7'240.0 25'553.7 3'854.4 24'653.0 (1'799.0)

LTM 7'716.0 8'122.0 22'246.0 34'366.5 5'316.1 4'601.0 6'934.0 5'736.0 3'656.0 15'486.0 5'979.0 25'826.7 3'854.4 24'653.0 (1'799.0)

CY+1 9'943.1 9'720.4 29'048.7 43'884.2 4'960.4 7'326.0 10'319.7 6'757.0 3'443.5 22'096.8 5'060.7 27'889.0 3'416.9 28'162.4 3'073.3

CY+2 10'848.8 11'062.1 34'597.2 43'757.0 5'903.6 9'157.2 10'912.7 9'084.1 4'043.3 24'237.6 5'464.8 29'938.7 3'316.3 25'603.2 4'253.9

LFY 7.5x 8.5x 7.1x 7.9x 6.4x 16.6x 5.2x 14.6x 6.7x 9.9x 4.8x 10.5x 5.3x 7.8x -34.9x

LTM 7.5x 8.5x 10.6x 7.9x 5.4x 16.6x 5.2x 18.6x 6.9x 10.1x 5.8x 10.4x 5.3x 7.8x 17.7x



LFY 2.59 1.26 3.61 1.91 1.04 0.18 3.27 6.85 2.59 6.45 - - 1.45 37.90 2.45

LTM -1.19 0.40 1.83 1.89 0.75 0.14 3.18 2.40 2.71 -1.63 20.18 24.80 1.05 37.97 14.01

CY+1 2.38 1.25 2.57 4.67 1.50 0.60 4.34 5.27 2.37 6.11 18.15 27.72 1.32 44.82 15.88

CY+2 2.87 1.58 3.05 4.57 2.52 0.74 4.52 8.64 2.94 6.87 19.96 32.27 1.25 42.43 18.73

LFY - 43.9x 20.2x 17.8x 23.7x 40.5x 10.4x 57.4x 11.1x - 8.7x 22.3x 15.8x 13.6x 11.9x

LTM 11.1x 14.0x 13.2x 17.8x 14.1x 32.6x 10.4x 57.3x 11.1x - - - 11.4x 13.6x 67.8x



1 Year (5.9%) (6.7%) 0.7% (8.3%) 22.6% 15.2% (13.7%) (16.7%) (10.2%) (15.8%) 10.5% 0.9% 10.9% (6.4%) (1.9%)

5 Year 13.5% 3.5% 6.8% 25.1% 17.5% 17.1% 15.3% 0.9% 13.2% 11.2% 2.0% 15.9% 23.9% 35.7% 6.7%

1 Year (35.1%) (30.3%) (12.1%) (39.8%) 27.9% 4.0% (31.8%) (36.9%) (30.4%) (39.5%) (1.8%) (19.0%) 9.5% (27.6%) -

5 Year (5.8%) (5.7%) 8.0% 2.8% 10.6% (3.6%) (2.4%) (13.0%) 5.7% 8.7% (1.7%) 26.6% 6.7% 31.8% 50.4%

LTM 26.8% 25.7% 33.2% 36.8% 35.7% 2.1% 38.5% 21.0% 35.3% 30.4% 47.0% 26.4% 57.2% 54.2% (14.7%)

CY+1 28.9% 28.5% 42.5% 45.5% 33.5% 3.4% 45.7% 21.0% 34.1% 37.7% 42.3% 27.5% 51.6% 53.7% 22.1%

CY+2 30.2% 30.4% 45.8% 41.8% 34.0% 4.0% 46.1% 24.1% 37.0% 38.9% 43.6% 28.5% 51.1% 48.7% 25.3%

Total Debt / Equity % 47.1% 38.4% 43.0% 40.6% 364.6% 113.6% 20.1% 7.2% 40.4% 57.2% 46.4% 24.0% 26.6% 39.2% 10.0%

Total Debt / Capital % 28.8% 26.7% 29.7% 28.4% 47.9% 50.9% 14.2% 6.4% 28.6% 31.6% 31.5% 15.6% 17.7% 23.3% 9.1%

Total Debt / EBITDA 2.301x 2.101x 1.595x 1.800x 3.199x 7.721x 0.509x 0.720x 1.968x 1.732x 0.694x 0.386x 0.490x 0.238x 0.830x

Net Debt / EBITDA 1.122x 1.857x 1.366x 1.453x 1.852x 7.108x -0.026x 0.447x 1.074x 1.240x 0.527x -0.062x -0.625x 0.176x 0.522x

EBITDA / Int. Expense 9.669x 20.458x 44.266x 14.114x 3.815x 3.356x 25.970x 21.283x 6.475x 22.980x 68.952x 68.654x 33.371x 60.872x -5.535x

S&P LT Credit Rating BBB+ BBB+ *- A+ A- - BBB BBB - BBB A- BBB- BBB - - -

S&P LT Credit Rating Date 18.04.2011 29.11.2012 15.11.2010 23.11.2011 - 29.11.2012 29.07.2011 - 16.04.2010 18.04.2011 26.09.2011 02.06.2011 - - -

Moody's LT Credit Rating Baa1 - (P)A1 Baa2 Ba3 - Baa3 - Baa2 - - Baa2 - - -

Moody's LT Credit Rating Date 23.02.2009 - 15.11.2010 29.08.2008 12.01.2012 - 13.10.2010 - 17.11.2010 - - 12.08.2010 - - -

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (3/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


financial analysis - anglo american plc is a global mining company

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