Member Info for jange

Kraft projects a 10.7 per cent decline in revenues

Positive Points: Management moved to express confidence in the company's prospects, raising the dividend for the year by 15% compared to the payment in 2011. The results were at the upper end of analyst expectations. The board highlighted a "solid production performance." Production growth and record set at Kumba Iron Ore, export metallurgical coal, export thermal coal, Nickel and Phosphates as new operations ramp-up and productivity measures take effect. Copper enjoyed a 10% increase due to the ramp-up of the Los Bronces expansion despite disappointing performance at Collahuasi and in the Los Bronces mine. The company highlighted that new mining operations and expansions delivered $1.2 billion of underlying operating profit during the year. Accompanying management comments noted that "alongside a continuing recovery in the US, we expect robust growth in the major emerging economies - especially China and India - as they benefit from continuing urbanisation. Rising living standards and an expanding middle class should support demand for our products across our diversified mix." The group's portfolio continues to be adjusted. In August (2012) Anglo completed the acquisition of a 40% shareholding in De Beers from CHL Holdings Limited (representing the Oppenheimer family interests), thereby increasing Anglo American's shareholding in De Beers to 85%. It also completed the sale of a 25.4% shareholding in Anglo American Sur to a Codelco and Mitsui joint venture company controlled by Codelco for a combined total cash consideration of $2.0 billion. Foreign currency fluctuations, particularly in relation to the South African Rand and the US dollar, can work in the group's favour. Speculation regarding a potential takeover has previously been rumoured.

Negative Points: Write-downs or impairments against the value of previous investments made have been taken. A $4 billion post-tax impairment has been taken against its Minas-Rio iron-ore project in Brazil, with expenditure on the project continuing to rise. A $0.6 billion post tax impairment was also taken against platinum projects. Given broad uncertainty over the outlook for the global economy, commodity prices remain volatile, with falling prices impacting group revenues during the year. Industry-wide cost pressures remain a concern. Platinum production at the company experienced illegal industrial strike action at its Rustenburg, Union and Amandelbult mining operations during the year. An 8% decrease in equivalent refined production was reported. Industry-specific risks include government actions, such as controls on imports, exports and prices. Also, new forms or rates of taxation and royalties, and increased government regulation remain a concern. South African miners started paying mining royalties in March 2010, in line with global best practice and market expectations. Skilled labour, electricity and water shortages in South Africa may affect Anglo's production.

Financial Highlights: Group revenue including associates declined by 10% to $32.78 billion Impairments or write-downs totalling $4.6 billion (post-tax) suffered A loss before tax of $1.49 billion reported, down from a profit of $6.169 billion in 2011 Adjusted or underlying earnings declined by 54% to $2.839 billion Total dividend for the year increased by 15% compared to 2011

Full year results: In a similar vein to many rivals, write-downs in the value of investments made near to the commencement of the financial crisis took their toll. A $4.6 billion impairment or write-down in relation to the group's Minas-Rio iron-ore project in Brazil was suffered, dragging the company into loss territory. Largely as a result of this investment, current Chief Executive Cynthia Carroll agreed to step down, handing the job to the current CEO of AngloGold Ashanti Ltd, Mark Cutifani, this coming April. Excluding such write-downs, a profit was generated, although a series of headwinds drove the figure lower. Adjusted or underlying earnings declined by 54% to $2.839 billion, impacted by markedly weaker commodity prices, ongoing cost pressures and industrial action by its employees. Group revenue declined by 10% to $32.78 billion, while platinum equivalent refined production declined by 8% mainly due to illegal industrial action. More positively, against reduced expectations, the results came in at the upper end of analyst forecasts. In addition, management moved to express its confidence in the underlying business and the outlook through the dividend payment, raising the previously rebased payment by 15% compared to the prior year. The share price rose by over 3% in morning trading. In all, with industry headwinds and uncertainties surrounding the health of the global economy battling against economic recovery hopes and expected long term expansion in the Emerging Markets

Energy giant Iberdrola has pledged to plough more than 40 per cent of its total investment until 2014 into its UK operations as its ScottishPower business proved a star turn in resilient annual trading results. The Spanish multi-national's commitment came as ScottishPower Renewables also revealed yesterday that it has won planning permission from the Scottish Government to build a giant 96-turbine windfarm at Kilgallioch, south of Barrhill in south-west Scotland. Iberdrola said �4.4 billion (�3.8bn) would be invested in the UK over the three-year period, the lion's share of it in ScottishPower, but also other operations including those in the north-west of England and Wales. [The Scotsman]

Eurasian Natural Resources Corporation (ENRC), the FTSE 100 miningcompany that has been stung by a succession of corporate governance crises, has secretly sold a subsidiary to the nephew of one of the group's founders and major shareholders. Arif Shadiev, who was formerly part of ENRC's senior management team and whose uncle Patokh Chodiev is one of the group's controversial founding trio, acquired ENRC's railway maintenance business Zhol Zhondeushi for an undisclosed sum in May 2012. The mining company briefly referred to the deal in its first half results released in August, but chose not to disclose the identity of the buyer. [The Guardian]

Tullett Prebon has been drawn into the Libor scandal after an individual at the interdealer broker was implicated in conversations about rigging the yen Libor rate, the Financial Times has learnt. The broker is referred to anonymously in documents published by the Financial Services Authority in connection with rate-rigging settlements with both Royal Bank of Scotland and UBS, people familiar with the Libor probes said. [Financial Times]

Molex Incorporated has settled a lawsuit brought against the electronic components company over alleged unauthorised loans, it said Friday. The company has agreed to pay Mizuho Bank 17bn Japanese yen, ending a litigation which started in the Tokyo District Court in August 2010. Molex expects the settlement costs for the quarter ending March 31st, to reach between $21m to $23m before based on current foreign exchange rates. Mizuho has dismissed district court proceedings and released about $4.6m, based on current foreign exchange rates, that the bank has held since 2010. The banks also released Molex from any future claims relating to unauthorised loans and provisional attachments. "We believe that continuing protracted and costly litigation with an uncertain outcome is not in our best interests," said Martin Slark, Vice Chairman and Chief Executive Officer of Molex. "This settlement, by eliminating that cost and uncertainty, allows us to focus on executing our businessstrategy." At December 31st, Molex had an accrued liability of $170.7m and disclosed a contingent liability of $66.2m with respect to the unauthorized loans, the company added.

"I would like to thank all of our employees, investigators and clinical advisors for their support and hard work, without which development and approval of Aorfix™ would not have been possible." "We look forward to launching Aorfix™ in the U.S. through our own sales force and are confident of securing a meaningful share of this growing market.

Lombard Medical, the AIM-listed medical technology firm focused on innovative vascular products, has announced that its Aorfix product has been approved for commercial sale in the US. Aorfix, the company's flexible stent graft for the endovascular repair of abdominal aortic aneurysms (AAAs) was found by the US Food and Drug Administration (FDA) to treat a larger patient population than competing devices. Lombard said: "Independent market research suggests that the U.S. market for the repair of AAAs is worth over $600m per annum, is forecast to grow at approximately 8.0% per annum." The approval triggers receipt of the £14.1m second tranche of the two-tranche placing and subscription for funds, which will be used to launch Aorfix in the US. It also triggers the company's ability to draw down $2.5m from the $5.0m loan facility granted by its exclusive distribution partner in Japan, Medico's Hirata Inc. "FDA approval of Aorfix™ is a major milestone for the company and sets the stage for the next chapter in the company's growth," said Lombard's Chief Executive Simon Hubbert.

Leyland-based Torotrak, which makes energy conserving vehicle transission systems has acquired the business and assets of Motorsport Components, giving the group high-precision manufacturing capability for components that do not require advanced surface enginereeing. In an interim management statement issued on Friday, the group disclosed that it acquired the assets of the company, which counts Chevron Cars among its customers, for a consideration of 175,000. It stated that the Motorsport Components business was profitable with a modest annualised turnover of 214,000. "We expect this figure to grow as Motorsport Components Limited becomes an important element in our integrated future engineering services business." In addition to this acquisition, the company further stated that it had entered into discussions with Allison Transmission regarding Tototrak's engineering support for their programme and licensing option for Allison to maintain exclusivity after March 15th.

"I am particularly happy to share the recent excellent ratings and audience response to our series Peter Pan, that was launched in the French Language at the end of December 2012 in France, on France 3. Each broadcast has attracted an average of 800,000 viewers, giving a market share ranging between 24.1% and 34.8% for the 4-10 year old audience segment - similar to that of the hugely popular series Garfield."

Despite the jump in revenues, earnings before interest, taxes, depreciation, and amortisation fell 7.0% to $11m and profits after tax dropped 44% to $2.58m. The group blamed the drop on the "financial liquidity squeeze in the global market" which resulted in delays in the recovery of receivables. DQE is working to reduce its debtors and expects to improve its receivables position by year end. Chief Executive Officer and Chairman and Managing Director, Tapaas Chakravarti, said: "A humbling and inspiring validation of our work is the high ratings received by our productions such as The Jungle Book and Peter Pan on various international networks such as TF1- France, France Televisions, ZDF TV Germany, Kika Germany, Noga Israel, ABC Australia, TVO Canada and several others worldwide.

DQE Entertainment posted an 8.5 per cent rise in revenues for the last nine months of 2012 as the company received high ratings for its range of cartoon series. Revenues rose to $25.91m, up from $28.64m the previous year after the group signed licensing deals and expanded its portfolio with the production and distribution of shows including Peter Pan, Charlie Chaplin and Iron Man. A major contributor to revenues was the success of the 3D, CGI animated TV series The Jungle Book Season One, produced by DQE. The show aired in 165 countries across the globe and attracting more than 100 licensees worldwide across publishing, gaming, digital, apparel, accessories, home furnishings, back-to-school and Halloween. Key licensees and promotional partners include Burger King, Wal-Mart, Hachette, Toys R Us and Universal Music.

Cambria Africa said Friday it has sold its stake in ForgetMeNot Africa(FMNA ) mobile phone messaging software. The Zimbabwe investor's interest in the business unit is being bought out by its joint venture partner, the ForgetMeNot Software company, for $250,000. Cambria said its holding in FMNA was a "significant financial drain"' and has already written off all its investment in the business. The group will also sell its interest in Diospyros Investments, a regional IT services company that trades as CES Zimbabwe, once it receives regulatory approval. "The sale of both FMNA and CES is in line with Cambria's continued strategy, to actively streamline its portfolio, as it focuses on value creation within its profitable, core investments," Cambria said in a statement.

Matthew Riley, Chief Executive Officer of Daisy, said: "This appointment provides 2e2 customers with the opportunity to work with a long-term partner with proven expertise in the growing data and hosting market. "Through the additional data centre facilities the Group is in a position to significantly expand its data and hosting footprint, providing stability to existing 2e2 customers and offering further expertise and resource to Daisy customers." Daisy's share price was up 2.29% to 106p at 09:11 on Friday morning. Oakley Capital Private Equity is a mid-market private equity fund with over 280m euros of committed capital.

AIM-listed business communications provider Daisy Group has been appointed to manage the 2e2 Data Centre business by Oakley Capital Private Equity. Oakley acquired, through a special purpose vehicle, Daisy Data Centre Solutions, the business and assets of the 2e2 Data Centre business owned by the 2e2 Group that is in administration. An update issued by Daisy stated that the contract, alongside other investments the group was making into its data centre offering, would enhance Daisy Group's portfolio and would significantly increase exposure to the market.

ITV has commissioned eight 45-minute-long episodes of Catchphrase. The show's comeback is co-produced by STV Productions and DRG. Gary Chippington, Head of Entertainment at STV, said: "It is fantastic to be bringing this iconic game show back to ITV viewers. Catchphrase is a much loved show and it is great that a celebrity special of the rejuvenated format has been commissioned - we fully expect the celebs to enjoy it as much as the viewers."

Media company STV Group has been commissioned by ITV to bring a one-hour celebrity special to the new version of British game show Catchphrase. The show, which ran from 1986 to 2002, is being brought back to screens early this year with new host Stephen Mulhern. STV Group will produce a one-off episode which will feature three celebrities - Whitechapel star Steve Pemberton, Coronation Street actor Kym Lomas and I'm a Celebrity... Get Me Out of Here contestant Rosemary Shrager. They will help raise money for their chosen charities by competing in the show. Contestants identify the familiar phrase represented by a piece of animation accompanied by background music.