Group financial statements

for the year ended 31 December 2004
2003	2004		Figures in million	Notes		2004	2003
SA Rands						US Dollars
15,922	16,150		Revenue	3		2,521	2,116
15,264	15,348		Gold income	2, 3		2,396	2,029
(11,458)	(12,933)		Cost of sales	4		(2,022)	(1,526)
3,806	2,415					374	503
(273)	(331)		Corporate administration and other expenses			(51)	(36)
(139)	(100)		Market development costs			(15)	(19)
(283)	(283)		Exploration costs	5		(44)	(38)
(221)	(200)		Amortisation of intangible assets	19, 20		(31)	(29)
(327)	(8)		Impairment of tangible assets	18		(1)	(44)
861	(786)		Non-hedge derivative (loss) gain			(142)	119
(122)	(78)		Other operating expenses	6		(12)	(14)
-	9		Other operating income	7		1	-
(122)	-		Abnormal items	8		-	(19)
3,180	638		Operating profit			79	423
285	285		Interest receivable			44	38
21	59		Other net income	9		9	3
75	88		Profit on disposal of assets and subsidiaries	10		13	10
331	-		Profit on disposal of investments	11		-	45
(384)	(563)		Finance costs and unwinding of decommissioning obligation	12		(87)	(53)
38	10		Fair value gains on interest rate swaps			2	6
3,546	517		Profit before taxation	13		60	472
(1,080)	174		Taxation	15		40	(142)
2,466	691		Profit after taxation			100	330
			Allocated as follows
2,331	567		Equity Shareholders			81	312
130	124		Minority interest			19	17
5	-		Minority interest in abnormal items	8		-	1
2,466	691					100	330
			Adjustments to operating profit
			The operating profit has been adjusted by the following to arrive at adjusted operating profit:
3,180	638		Operating profit			79	423
273	331		Add: Corporate administration and other expenses			51	36
139	100		Add: Market development costs			15	19
283	283		Add: Exploration costs			44	38
221	200		Add: Amortisation of intangible assets			31	29
327	8		Add: Impairment of tangible assets			1	44
(438)	1,173		Less: Unrealised non-hedge derivatives			202	(63)
122	78		Add: Other operating expenses			12	14
-	(9)		Less: Other operating income			(1)	-
122	-		Add: Abnormal items			-	19
4,229	2,802		Adjusted operating profit			434	559
			The profit attributable to equity shareholders has been adjusted by the following to arrive at headline earnings and adjusted headline earnings:
2,331	567		Profit attributable to equity shareholders			81	312
221	200		Amortisation of intangible assets	19, 20		31	29
327	8		Impairment of tangible assets	18		1	44
(75)	(88)		Profit on disposal of assets and subsidiaries	10		(13)	(10)
(331)	-		Profit on disposal of investments	11		-	(45)
(94)	16		Taxation on items above	15		2	(12)
2,379	703		Headline earnings			102	318
(476)	1,163		Unrealised non-hedge derivatives and fair value gains on interest rate swaps			200	(69)
230	(222)		Deferred tax on unrealised non-hedge derivatives	15		(39)	33
2,133	1,644		Adjusted headline earnings			263	282
			Earnings per ordinary share (cents)	16
1,046	226		Basic			32	140
1,042	225		Diluted			32	139
1,068	280		Headline			41	143
957	654		Adjusted headline			105	127
710	350		Dividends declared per ordinary share (cents)	17		56	101
1.3	1.9		Dividend cover based on adjusted headline earnings			1.9	1.3