Read the case study below and answer ALL the questions that follow. ANGLO ENDS 2021 ON A HIGH WITH A ROSY OUTLOOK FOR THE FUTURE Anglo American expects its strong performance this year will gain momentum in 2022 and beyond as the global mining company expects 35% growth over the next decade. In an update to investors ahead of the year-end, Anglo CEO Mark Cutifani said the company has proved "resilient and agile" and is expected to continue to deliver sector-leading growth into the future. Key to Anglos rosy outlook is its flagship Quellaveco project in Peru, which is on track and on budget despite having lost six months to Covid-19-related disruptions. The group now plans to create additional value having increased it early copper production plans for the project. Among Anglo Americans highlights for the year is a 7% increase in production, bolstered by higher diamond demand as well as a strong performance by its Platinum Group Metals business, Anglo American Platinum. Under the leadership of CEO Natascha Viljoen, Amplats on Friday announced it has approved a R3.9 billion project to extend the life of its Mototolo platinum mine by 30 years. The project, Viljoen said, is an example of the high-quality, low-cost expansion options that the business has in its portfolio of assets that will allow it to continue delivering industry-leading returns to shareholders. Another Anglo subsidiary in South Africa, Kumba Iron Ore, said its production is expected to be 7% higher than that in 2020, demonstrating its "operational resilience and ability to manage through external challenges" such as Covid-19-related supply chain disruptions and rising input costs. Anglo also responded to climate concerns this year by disposing of its South African coal assets while also committing to operate carbon neutral mines by 2040. Climate change, Cutifani said, is "the defining challenge of our time", and Anglo has a crucial role to play in supporting the transition to a low carbon economy by producing many of the metals and minerals that enable decarbonised energy and transport. "Anglo American offers an increasingly differentiated investment proposition centred around sustainable performance and high quality, responsible growth," Cutifani said. "Combined with our integrated approach to technology in pursuit of the safer and more sustainable supply of materials essential to the energy transition and growing consumer demand patterns, we are well positioned to meet the expectations of our full breadth of stakeholders across society." Extracted from: https://www.news24.com/fin24/companies/anglo-ends-2021-on-a-high-with-a-rosy-outlook-for-the-future-20211210 Answer ALL questions in this section. Question 1 1.1 In the context of Anglo American, discuss the components and purposes of financial statements. (20 Marks) 1.2 Anglo CEO Mark Cutifani said the company has proved "resilient and agile" and is expected to continue to deliver sector-leading growth into the future and make significant improvements to its operating cycle. In light of this statement discuss what he means by operating cycle and describe the measures that can be adopted in improving Anglo Americans operating cycle. (20 Marks)