Condensed consolidated financial statements (PDF - 158KB)
Condensed consolidated financial statements prepared in accordance with US GAAP
It is to be noted that the condensed consolidated financial statements prepared in accordance with US GAAP, and included in the 2004 annual report on pages 172 to 177, which were published on 30 March 2005, have been revised and replaced to take cognisance of a change in accounting for joint venture operations. No attempt has been made to modify or update other disclosures presented in the report, except as described in the preceding sentence. The condensed consolidated financial statements were not included within the audit opinion on the annual financial statements of AngloGold Ashanti prepared in accordance with IFRS.
AngloGold Ashanti provides as part of this Annual Report 2004, to all shareholders, condensed consolidated financial statements derived from and presented in the manner detailed below.
Basis of presentation
The condensed consolidated financial statements have been derived from the groups consolidated financial statements as prepared in accordance with accounting principles generally accepted in the United States (US GAAP). US GAAP differs in certain material respects from International Financial Reporting Standards (IFRS). The condensed consolidated financial statements do not include notes in support of the financial information presented therein. The groups audited consolidated financial statements prepared in accordance with US GAAP from which the condensed consolidated financial statements have been derived, contain detailed notes prepared in accordance with US GAAP. The audited consolidated financial statements prepared in accordance with US GAAP, together with related notes, are included under Item 18 in AngloGold Ashantis annual report on Form 20-F filed with the United States Securities and Exchange Commission on 14 July 2005. The AngloGold Ashanti annual report on Form 20-F for the year ended 31 December 2004 as filed with the United States Securities and Exchange Commission on 14 July 2005 is available free of charge on EDGAR at www.sec.gov.
The company has restated previously issued financial statements for the two fiscal years ended 31 December 2002 and 31 December 2003 to correct the companys historical accounting practices for certain joint venture arrangements. Historically, interests in certain incorporated mining joint ventures in which the company has joint control were reported using the proportionate consolidation method. This accounting treatment represents a departure from US GAAP which requires the equity method of accounting for such joint venture arrangements. These joint venture arrangements consist of operating entities situated in Mali (the Sadiola, Yatela and Morila Joint Ventures) and Tanzania (the Geita Joint Venture), of which the significant financial operating policies are, by contractual arrangement, jointly controlled.
As a result, the company has restated the consolidated balance sheet as of 31 December 2003, and the consolidated statements of income and consolidated statements of cash flows for the years ended 31 December 2003 and 2002 presented herein. The restatement corrects the companys historical accounting for interests in mining joint ventures and has no impact on net income or total stockholders equity as reported under US GAAP.
The condensed consolidated financial statements set forth below for each of the three years in the period ended 31 December 2004, and as at 31 December 2004 and 2003, have been derived from, and should be read in conjunction with the US GAAP financial statements included under Item 18 in AngloGold Ashantis annual report on Form 20-F as filed with the United States Securities and Exchange Commission on 14 July 2005.
Throughout the condensed consolidated financial statements presented herein, the number of AngloGold Ashanti ordinary shares and the calculation of basic and diluted earnings (loss) per share information for AngloGold Ashanti have been adjusted retroactively to reflect AngloGolds two-for-one stock split and the issuance of a total of 278,196 AngloGold ordinary shares under AngloGolds odd lot offer as approved at the general meeting of AngloGolds shareholders held on 5 December 2002.
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