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ANGLO AMERICAN PLC AMERICAN ANGLO INTEGRATED ANNUAL REPORT 2018 INTEGRATED ANNUAL REPORT 2018 REPORT ANNUAL INTEGRATED UNLOCKING OUR FULL POTENTIAL DISCIPLINED GROWTH FOR A SUSTAINABLE FUTURE INTRODUCTION AND GROUP PERFORMANCE UNLOCKING OUR FULL POTENTIAL DISCIPLINED GROWTH FOR A SUSTAINABLE FUTURE In 2018, we continued to deliver on our clear commitments. Anglo American today is a fundamentally different business – in terms of enhanced performance, financial resilience and returns – and the unlocking of the Group’s full potential is our ultimate objective. Closely aligned with Anglo American’s Purpose of re-imagining mining to improve people’s lives, and our longstanding reputation as a leader in sustainable mining, our focus is to continue to enhance the quality and cash flow generation of our business through the disciplined allocation of capital, while staying attuned to the demands and expectations of our changing world, so that we grow our business safely, sustainably and responsibly, for the benefit of all. GROUP PERFORMANCE REVENUE UNDERLYING EBITDA◊ OPERATING PROFIT $27.6 bn $9.2 bn $6.1 bn 2018 $27.6 bn 2018 $9.2 bn 2018 $6.1bn 2017 $26.2 bn 2017 $8.8 bn 2017 $5.5 bn UNDERLYING EARNINGS PROFIT ATTRIBUTABLE TO NET DEBT◊ PER SHARE◊ EQUITY SHAREHOLDERS $2.55 $3.5 bn $2.8 bn 2018 $2.55 2018 $3.5 bn 2018 $2.8 bn 2017 $2.57 2017 $3.2 bn 2017 $4.5 bn TOTAL DIVIDENDS ATTRIBUTABLE FREE GROUP ATTRIBUTABLE ROCE◊ PER SHARE CASH FLOW◊ $1.00 $3.2 bn 19% 2018 $1.00 2018 $3.2 bn 2018 19% 2017 $1.02 2017 $4.9 bn 2017 19% NUMBER OF TOTAL RECORDABLE CASE SIGNIFICANT ENVIRONMENTAL FATALITIES FREQUENCY RATE (TRCFR) INCIDENTS 5 2.66 6 2018 5 2018 2.66 2018 6 2017 9 2017 3.17 2017 2 Alternative Performance Measures Words with this symbol ◊ are defined in the Alternative Performance Measures section of the Integrated Annual Report on pages 208-211. BASIS OF REPORTING CONTENTS BASIS OF REPORTING The Anglo American plc Integrated Annual Report for the year ended Strategic report Financial statements 31 December 2018 is produced in compliance with UK regulations. Additionally, 02 At a glance 128 Independent auditor’s report we have compiled this report using the Guiding Principles and Content Elements 04 Chairman’s statement 134 Primary statements set out in the International Integrated Reporting Council’s <IR> Framework. 06 Chief Executive’s statement 138 Notes to the financial 08 Our business model statements Integrated Reporting aims to demonstrate how companies create value sustainably 10 The Purpose to reward journey 194 Financial statements of over time, for a range of stakeholders – consistent with Anglo American’s Purpose, the Parent Company business approach and strategy. This report, therefore, includes a comprehensive 12 Marketplace review 197 Summary by operation overview of our material matters, in the eyes of our stakeholders, and the impact 16 Our material matters 18 Strategic element: Portfolio 199 Key financial data these matters have on the value we create. More detailed information on our reportStrategic sustainability performance is provided in our Sustainability Report. 24 Strategic element: Innovation 200 Exchange rates and 34 Strategic element: People commodity prices Measuring performance 40 Capital allocation Ore Reserves and Throughout the Strategic Report we use a range of financial and non-financial 42 Managing risk effectively Mineral Resources measures to assess our performance. A number of the financial measures are not 202 Estimated Ore Reserves defined under IFRS so they are termed ‘Alternative Performance Measures’ (APMs). 48 Key performance indicators 50 Group financial review 204 Estimated Mineral Resources We have defined and explained the purpose of each of these measures on pages 54 De Beers Other information 208 to 211, where we provide more detail, including reconciliations to the closest 57 Copper 206 Glossary of terms equivalent measure under IFRS. 60 Platinum Group Metals (PGMs) 208 Alternative Performance These APMs should be considered in addition to, and not as a substitute for, or as 63 Iron Ore Measures superior to, measures of financial performance, financial position or cash flows 66 Coal 212 Production statistics reported in accordance with IFRS. 69 Nickel and Manganese 215 Quarterly production statistics 71 Corporate and other 216 Non-financial data Units ‘Tonnes’ are metric tons, ‘Mt’ denotes million tonnes, ‘kt’ denotes thousand tonnes, Governance 217 Directors’ report ‘Mct’ denotes million carats and ‘koz’ denotes thousand ounces; ‘$’ and ‘dollars’ denote 72 Chairman’s introduction 220 Shareholder information US dollars and ‘cents’ denotes US cents. 74 Directors IBC Other Anglo American 78 Executive management publications and forward- Forward-looking statements 80 The Board in 2018 looking statements This document includes forward-looking statements. For information regarding forward-looking statements please refer to the inside back cover (IBC) of this document. 90 Sustainability Committee 91 Nomination Committee 92 Audit Committee NON-FINANCIAL INFORMATION STATEMENT 96 Audit Committee report 100 Directors’ remuneration report We aim to comply with the Non-Financial Reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006. The table below is intended to guide 100 Remuneration Committee stakeholders to where the relevant non-financial information is included within our 102 Directors’ remuneration policy Strategic Report. Further information on the basis of preparation of our non-financial 112 Annual report on directors’ information can be found in our Sustainability Report 2018. remuneration 126 Statement of directors’ responsibilities 126 Responsibility statement Page Reporting requirement Policies and standards Outcomes and additional information reference Environmental matters Safety, Health and Environment (SHE) Policy and Way Managing our environmental impacts 30 Climate Change Policy Disclosures related to the recommendations of the TCFD 31 Energy and GHG Emissions Standard Climate change 30-32 Water Policy and Water Management Standard Water 30 Mineral Residue Technical Management Standard Tailings storage facilities 30 Employees Code of Conduct Building a Purpose-led culture 39 SHE Policy and Way Safety 36 Safety Golden Rules and Fatal Risk Standards Safety 36 HIV/AIDS Policy Health 36 and 38 Human rights Human Rights Policy Human rights 33 Social matters Social Way Social performance 32-33 Responsible Sourcing Standard for Suppliers Supply chain 29 Supply Chain Local Procurement Policy Supply chain and Socio-economic development 29 and 33 Anti-corruption Code of Conduct and Business Integrity Policy Building a Purpose-led culture 39 and anti-bribery Principal risks Our business model 08-09 and impact of Our material matters 16-17 business activity Managing risk effectively 42-47 Non-financial KPIs Key performance indicators 48-49 Other sources of information You can find this report and others, including the Sustainability Report and the Ore Reserves and Mineral Resources Report, on our corporate website. For more information, visit www.angloamerican.com/reporting Anglo American plc Integrated Annual Report 2018 01 STRATEGIC REPORT AT A GLANCE OUR BUSINESS AT A GLANCE Anglo American is a leading global mining DIAMONDS COPPER company with a world class portfolio of DE BEERS COPPER mining and processing operations and $1,245 million $1,856 million undeveloped resources. We provide the Underlying EBITDA◊ Underlying EBITDA◊ metals and minerals to meet the growing 14% 20% consumer driven demands of the world’s Group underlying EBITDA◊ Group underlying EBITDA◊ 35.3 Mct 2 developed and maturing economies. And Production (100% basis)(1) Greenfield projects Peru (Quellaveco) we do so in a way that not only generates For more information Finland (Sakatti) See page 54 sustainable returns for our shareholders, 668.3 kt but that also strives to make a real and Production For more information lasting positive contribution to society. See page 57 GLOBAL FOOTPRINT(2) 2 FINLAND CANADA UNITED KINGDOM SHANGHAI 1 COLOMBIA SINGAPORE BOTSWANA ZIMBABWE PERU BRAZIL 1 1 2 1 1 2 5 3 NAMIBIA CHILE 1 2 5 6 1 AUSTRALIA 2 SOUTH AFRICA (1) With the exception of Gahcho Kué, which is on an attributable 51% basis. (2) Number of operating mining assets/major projects under development per business unit. More detailed maps can be found in the business unit reviews on pages 54 to 71. 02 Anglo American plc Integrated Annual Report 2018 Strategic reportStrategic PGMs BULK COMMODITIES AND OTHER MINERALS CORPORATE AND OTHER PLATINUM GROUP IRON ORE COAL NICKEL AND METALS MANGANESE $1,062 million $1,177 million $3,196 million $844 million $(219) million Underlying EBITDA◊ Underlying EBITDA◊ Underlying EBITDA◊ Underlying EBITDA◊ Underlying EBITDA◊ 11% 13% 35% 9% (2)% Group underlying EBITDA◊ Group underlying EBITDA◊ Group underlying EBITDA◊ Group underlying EBITDA◊ Group underlying EBITDA◊ 2,485 koz 43.1 Mt 21.8 Mt 42.3 kt United Kingdom Production platinum Production Production Production nickel (Headquarters iron ore – Kumba metallurgical – export and Marketing), 1,611 koz 3.6 Mt Australia, Brazil, Production palladium 3.4 Mt (wet basis) 28.6 Mt Production manganese ore Production Production Chile, China, For more information iron ore – Minas-Rio thermal – export For more information See page 60 See page 69 Peru, Singapore (Marketing hub), For more information For more information See page 63 See page 66 South Africa Corporate office locations For more information See page 71 GEOGRAPHIC OVERVIEW NUMBER OF EMPLOYEES(3) WAGES AND BENEFITS PAID(4) Thousand $m Brazil 3 Brazil 166 Chile 4 Chile 391 Other South America 1 Other South America 27 North America 1 North America 103 South Africa 47 South Africa 1,786 Other Africa 4 Other Africa 211 Australia/Asia 2 Australia/Asia 423 Europe 2 Europe 383 64 3,490 TAXES BORNE(5) LOCAL PROCUREMENT SPEND(6) $m $m Brazil 91 Brazil 101 (3) Average number of employees, excluding contractors and Chile 513 Chile 34 associates’ and joint ventures’ Other South America 4 Other South America 35 employees, and including a proportionate share of employees North America 38 North America 80 within joint operations.
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