With its shares in the trough and the dividend scrapped until at least 2017, many investors may have already abandoned Anglo American (AAL). But next week's full-year results should still provide a fascinating insight into the ways the recently announced restructuring is reshaping the balance sheet.
We know from last month's fourth-quarter trading statement that there are nuggets of encouragement in the copper and nickel divisions. In other signs of operational ship-steering, diamond subsidiary De Beers has managed concerns of oversupply by upping its overall realised prices by 5 per cent.
Prior to the restructuring, HSBC downgraded its EPS forecasts to 70¢ (48p) for 2015, against $1.73¢ in FY2014. The bank also expects a pre-tax loss of $1.83bn, against a loss of $259m in the previous period.