{"id":2530,"date":"2026-03-08T12:47:00","date_gmt":"2026-03-08T12:47:00","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2530"},"modified":"2026-03-09T13:20:17","modified_gmt":"2026-03-09T13:20:17","slug":"anglo-american-ztrata-37-miliardy-usd-a-posila-firmu-smerem-k-medi","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/03\/08\/anglo-american-ztrata-37-miliardy-usd-a-posila-firmu-smerem-k-medi\/","title":{"rendered":"Anglo American: ztr\u00e1ta 3,7 miliardy USD a pos\u00edl\u00e1 firmu sm\u011brem k m\u011bdi"},"content":{"rendered":"\n<p><strong>Anglo American 20. \u00fanora 2026 odepsal hodnotu De Beers o 2,3 miliardy USD a posunul \u00fa\u010detn\u00ed hodnotu diamantov\u00e9 divize na 2,3 miliardy USD. Skupina z\u00e1rove\u0148 vyk\u00e1zala \u010distou ztr\u00e1tu 3,7 miliardy USD, ale provozn\u00ed zisk EBITDA o\u010di\u0161t\u011bn\u00fd o jednor\u00e1zov\u00e9 polo\u017eky udr\u017eela na \u00farovni 6,4 miliardy USD a potvrdila dal\u0161\u00ed postup p\u0159i separaci De Beers, co\u017e trh \u010dte jako urychlen\u00ed p\u0159esunu kapit\u00e1lu sm\u011brem k m\u011bdi.<\/strong><\/p>\n\n\n\n<p><strong>O spole\u010dnosti<\/strong><\/p>\n\n\n\n<p>Anglo American plc je britsk\u00e1 nadn\u00e1rodn\u00ed t\u011b\u017eebn\u00ed skupina se s\u00eddlem v Lond\u00fdn\u011b. Spole\u010dnost byla zalo\u017eena v roce 1917 v Ji\u017en\u00ed Africe Sirem Ernestem Oppenheimerem a je k\u00f3tov\u00e1na na lond\u00fdnsk\u00e9 a johannesbursk\u00e9 burze. Provozuje t\u011b\u017eebn\u00ed aktiva a projekty nap\u0159\u00ed\u010d Evropou, ji\u017en\u00ed Afrikou, Severn\u00ed Amerikou, Ji\u017en\u00ed Amerikou a Austr\u00e1li\u00ed. V portfoliu m\u00e1 zejm\u00e9na m\u011b\u010f, pr\u00e9miovou \u017eeleznou rudu a zem\u011bd\u011blsk\u00e9 \u017eiviny, z\u00e1rove\u0148 historicky p\u016fsob\u00ed i v diamantov\u00e9m segmentu, p\u0159i\u010dem\u017e v De Beers dr\u017e\u00ed 85 %-n\u00ed pod\u00edl. Podle jej\u00ed v\u00fdro\u010dn\u00ed zpr\u00e1vy za rok 2024 zam\u011bstn\u00e1v\u00e1 p\u0159ibli\u017en\u011b 55-tis\u00edc lid\u00ed celosv\u011btov\u011b.<\/p>\n\n\n\n<p><strong>Odpis 2,3 miliardy USD p\u0159episuje hodnotu De Beers<\/strong><\/p>\n\n\n\n<p>Anglo American v reportu za rok 2025 vyk\u00e1zal ztr\u00e1tu 3,7 miliardy USD pot\u00e9, co za\u00fa\u010dtoval dal\u0161\u00ed odpis De Beers ve v\u00fd\u0161i 2,3 miliardy USD. \u00da\u010detn\u00ed hodnota diamantov\u00e9 divize t\u00edm klesla na 2,3 miliardy USD, co\u017e je pro trh p\u0159\u00edm\u00fd d\u016fkaz, \u017ee p\u0159\u00edrodn\u00ed diamanty p\u0159estaly b\u00fdt stabiln\u00edm aktivem i pro nejv\u011bt\u0161\u00ed hr\u00e1\u010de. Firma sou\u010dasn\u011b uk\u00e1zala, \u017ee j\u00e1dro byznysu z\u016fst\u00e1v\u00e1 v\u00fdkonn\u00e9, jeliko\u017e EBITDA o\u010di\u0161t\u011bn\u00e1 o jednor\u00e1zov\u00e9 polo\u017eky dos\u00e1hla 6,4 miliardy USD, ale pr\u00e1v\u011b kontrast mezi siln\u00fdm j\u00e1drem a slab\u00fdm De Beers d\u011bl\u00e1 z t\u00e9to zpr\u00e1vy z\u00e1sadn\u00ed sign\u00e1l pro akcion\u00e1\u0159e, kte\u0159\u00ed o\u010dek\u00e1vaj\u00ed zrychlen\u00ed portfoliov\u00e9 zm\u011bny.<\/p>\n\n\n\n<p><strong>Diamantov\u00fd trh dus\u00ed z\u00e1soby a tlak syntetiky<\/strong><\/p>\n\n\n\n<p>Za odpisem nen\u00ed jednor\u00e1zov\u00e1 chyba v odhadu, ale del\u0161\u00ed cyklus slab\u00e9 popt\u00e1vky a p\u0159ebytku nab\u00eddky. De Beers \u010del\u00ed klesaj\u00edc\u00ed produkci u\u017e t\u0159et\u00ed rok po sob\u011b a trh s neopracovan\u00fdmi diamanty se podle managementu zaplnil z\u00e1sobami, co\u017e nejv\u00edce zas\u00e1hlo men\u0161\u00ed a ni\u017e\u0161\u00ed kvalitn\u00ed kameny. De Beers z\u00e1rove\u0148 prohloubil ztr\u00e1tu na 511 milion\u016f USD a prost\u0159ed\u00ed zhor\u0161uje r\u016fst syntetick\u00fdch diamant\u016f, kter\u00fd tla\u010d\u00ed ceny \u0161perk\u016f dol\u016f a m\u011bn\u00ed n\u00e1kupn\u00ed chov\u00e1n\u00ed spot\u0159ebitel\u016f. I proto se odpis za rok 2025 p\u0159id\u00e1v\u00e1 k s\u00e9rii p\u0159edchoz\u00edch z\u00e1sah\u016f do hodnoty a investo\u0159i \u010d\u00edm d\u00e1l v\u00edce berou diamanty jako aktivum s klesaj\u00edc\u00ed n\u00e1vratnost\u00ed.<\/p>\n\n\n\n<p><strong>Africk\u00e9 st\u00e1ty cht\u011bj\u00ed pod\u00edl v De Beers, prodej se m\u011bn\u00ed na strategickou ot\u00e1zku<\/strong><\/p>\n\n\n\n<p>Anglo American vlastn\u00ed v De Beers 85 % a otev\u0159en\u011b postupuje k odd\u011blen\u00ed aktiva, p\u0159i\u010dem\u017e z\u00e1jem u\u017e nevych\u00e1z\u00ed jen od finan\u010dn\u00edch investor\u016f. Reuters uv\u00e1d\u00ed, \u017ee o De Beers se zaj\u00edmaj\u00ed konsorcia v\u010detn\u011b Botswany a Angoly a Angola z\u00e1rove\u0148 pracuje s ambic\u00ed z\u00edskat 20 a\u017e 30 %-n\u00ed pod\u00edl, aby se kl\u00ed\u010dov\u00e9 rozhodov\u00e1n\u00ed nep\u0159esunulo mimo region. Tento geopolitick\u00fd rozm\u011br je pro trh d\u016fle\u017eit\u00fd, proto\u017ee m\u016f\u017ee ovlivnit cenu i podm\u00ednky transakce, zejm\u00e9na kdy\u017e diamanty z\u016fst\u00e1vaj\u00ed pro Botswanu a Angolu strategick\u00fdm zdrojem p\u0159\u00edjm\u016f. Sign\u00e1l pro akcion\u00e1\u0159e je jasn\u00fd, De Beers se bude prod\u00e1vat v prost\u0159ed\u00ed slab\u00e9ho trhu a z\u00e1rove\u0148 pod politick\u00fdm tlakem, co\u017e zvy\u0161uje pravd\u011bpodobnost n\u00e1ro\u010dn\u00fdch jedn\u00e1n\u00ed.[1]<sup>3<\/sup><\/p>\n\n\n\n<p><strong>M\u011b\u010f je nov\u00fd st\u0159ed strategie<\/strong><\/p>\n\n\n\n<p>Zat\u00edmco diamanty se z portfolia vytr\u00e1cej\u00ed, Anglo American tla\u010d\u00ed p\u0159\u00edb\u011bh kritick\u00fdch miner\u00e1l\u016f a j\u00e1drem m\u00e1 b\u00fdt m\u011b\u010f. Firma pokra\u010duje v p\u0159\u00edprav\u00e1ch na f\u00fazi s Teck Resources v hodnot\u011b 53 miliard USD, kter\u00e1 m\u00e1 vytvo\u0159it p\u00e1tou nejv\u011bt\u0161\u00ed m\u011bd\u011bnou spole\u010dnost na sv\u011bt\u011b, p\u0159i\u010dem\u017e z\u016fst\u00e1vaj\u00ed zejm\u00e9na regula\u010dn\u00ed schv\u00e1len\u00ed v\u010detn\u011b \u010c\u00edny a Ji\u017en\u00ed Koreje. Teck z\u00e1rove\u0148 reportoval, \u017ee v posledn\u00edm kvart\u00e1lu 2025 vyt\u011b\u017eil 134-tis\u00edc tun m\u011bdi a potvrdil v\u00fdhled na rok 2026 v rozmez\u00ed 455-tis\u00edc a\u017e 530-tis\u00edc tun, co\u017e podporuje investor\u016fm \u010diteln\u00fd narativ o \u0161k\u00e1lov\u00e1n\u00ed produkce pr\u00e1v\u011b v komodit\u011b, kter\u00e1 stoj\u00ed na elektrifikaci a s\u00edt\u00edch. Pro Anglo American je to cesta, jak nahradit volatiln\u00ed diamantov\u00fd segment aktivem, kter\u00e9 trh oce\u0148uje vy\u0161\u0161\u00ed strategickou pr\u00e9mi\u00ed.<\/p>\n\n\n\n<p><strong>\u00daspory 1,8 miliardy USD, dluh 8,6 miliardy USD a ni\u017e\u0161\u00ed dividenda<\/strong><\/p>\n\n\n\n<p>Anglo American vedle odpisu uk\u00e1zal, \u017ee p\u0159echod financuje discipl\u00ednou v n\u00e1kladech a hotovosti. Za rok 2025 dos\u00e1hla spole\u010dnost \u00faspor n\u00e1klad\u016f v tempu 1,8 miliardy USD ro\u010dn\u011b, prom\u011bnila 107 % provozn\u00edho zisku EBITDA na hotovost a sn\u00ed\u017eila \u010dist\u00fd dluh na 8,6 miliardy USD, co\u017e d\u00e1v\u00e1 managementu prostor dokon\u010dit pl\u00e1novan\u00e9 prodeje aktiv a p\u0159ipravit se na velk\u00fd m\u011bd\u011bn\u00fd krok. Z\u00e1rove\u0148 v\u0161ak sn\u00ed\u017eil celkovou dividendu na 0,23 USD na akcii, co\u017e potvrzuje, \u017ee prioritou je bilan\u010dn\u00ed stabilita a financov\u00e1n\u00ed transformace. Do budoucna do p\u0159\u00edb\u011bhu zapad\u00e1 i projekt Woodsmith ve Spojen\u00e9m kr\u00e1lovstv\u00ed, kde Anglo vstoupil do spolupr\u00e1ce s Mitsubishi na p\u0159\u00edpravn\u00e9 studii a projekt m\u00e1 podle Mitsubishi potenci\u00e1l provozu del\u0161\u00edho ne\u017e 60 let, co\u017e posiluje snahu firmy budovat nov\u00e9 zdroje hodnoty mimo diamanty.<sup>1<\/sup><\/p>\n\n\n\n<p><strong>Z\u00e1v\u011br<\/strong><\/p>\n\n\n\n<p>Anglo American se v roce 2025 dostal do bodu, kdy diamanty p\u0159est\u00e1vaj\u00ed b\u00fdt stabiln\u00edm pil\u00ed\u0159em hodnoty a st\u00e1vaj\u00ed se b\u0159emenem, kter\u00e9 tla\u010d\u00ed v\u00fdsledky do ztr\u00e1ty. Odpis De Beers ve v\u00fd\u0161i 2,3 miliardy USD a celkov\u00e1 ztr\u00e1ta 3,7 miliardy USD posiluj\u00ed o\u010dek\u00e1v\u00e1n\u00ed, \u017ee odd\u011blen\u00ed diamantov\u00e9 divize se urychl\u00ed a firma bude pokra\u010dovat v p\u0159esunu kapit\u00e1lu do m\u011bdi. Z\u00e1rove\u0148 v\u0161ak \u010d\u00edsla ukazuj\u00ed, \u017ee j\u00e1dro skupiny z\u016fst\u00e1v\u00e1 schopn\u00e9 generovat hotovost, sni\u017eovat dluh a financovat transformaci, co\u017e je pro akcion\u00e1\u0159e rozhoduj\u00edc\u00ed. Nejbli\u017e\u0161\u00ed m\u011bs\u00edce budou o tom, za jak\u00fdch podm\u00ednek se De Beers poda\u0159\u00ed separovat a zda se strategie kolem m\u011bdi p\u0159etav\u00ed do r\u016fstu produkce a vy\u0161\u0161\u00ed dlouhodob\u00e9 n\u00e1vratnosti.[2]<\/p>\n\n\n\n<p><strong>Adam Austera, analytik <\/strong><a href=\"https:\/\/ozios.com\/cs\/\"><strong>Ozios<\/strong><\/a><\/p>\n\n\n\n<p>[1,2] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed vych\u00e1zej\u00ed z p\u0159edpoklad\u016f a aktu\u00e1ln\u00edch o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 mohou b\u00fdt nep\u0159esn\u00e1, nebo z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Takov\u00e1 prohl\u00e1\u0161en\u00ed nejsou z\u00e1rukou budouc\u00ed v\u00fdkonnosti. Zahrnuj\u00ed rizika a dal\u0161\u00ed nejistoty, kter\u00e9 se daj\u00ed t\u011b\u017eko p\u0159edv\u00eddat. V\u00fdsledky se mohou podstatn\u011b li\u0161it od v\u00fdsledk\u016f vyj\u00e1d\u0159en\u00fdch nebo implikovan\u00fdch v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anglo American 20. \u00fanora 2026 odepsal hodnotu De Beers o 2,3 miliardy USD a posunul \u00fa\u010detn\u00ed hodnotu diamantov\u00e9 divize na<\/p>\n","protected":false},"author":1,"featured_media":2139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[1],"tags":[585,586,265],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2530"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2530"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2530\/revisions"}],"predecessor-version":[{"id":2531,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2530\/revisions\/2531"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2139"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}