OVERVIEW
|
Summarised group financial results
| Dollar million | 2004 | 2003 | 2002 | 2001 | 2000(1) |
Balance sheet
| | | | | |
| Assets | | | | | |
| Tangible and intangible assets | 6,296 | 3,176 | 2,654 | 2,446 | 3,064 |
| Cash and cash equivalents | 312 | 505 | 413 | 191 | 195 |
| Other assets | 1,582 | 1,176 | 897 | 662 | 566 |
| Total assets | 8,190 | 4,857 | 3,964 | 3,299 | 3,825 |
| Equity and liabilities | | | | | |
| Equity | 3,287 | 1,681 | 1,483 | 1,147 | 1,481 |
| Borrowings | 1,605 | 1,158 | 926 | 987 | 1,156 |
| Deferred taxation | 1,347 | 598 | 402 | 286 | 553 |
| Other liabilities | 1,951 | 1,420 | 1,153 | 879 | 635 |
| Total equity and liabilities | 8,190 | 4,857 | 3,964 | 3,299 | 3,825 |
Other financial data
| | | | | |
| Net capital employed | 6,095 | 3,274 | 2,635 | 2,385 | 2,995 |
| Equity | 4,745 | 2,568 | 2,082 | 1,559 | 2,006 |
| Net debt | 1,293 | 653 | 513 | 796 | 961 |
| Net asset value - US cents per share | 1,223 | 730 | 648 | 519 | 679 |
| Net tangible asset value
- US cents per share | 1,065 | 545 | 480 | 338 | 491 |
Financial ratios
| | | | | |
| Return on net capital | % | 7 | 11 | 17 | 13 | 11 |
| Return on equity | % | 7 | 12 | 21 | 16 | 11 |
| Net debt to net capital employed | % | 21 | 20 | 19 | 33 | 32 |
| Net debt to equity | % | 27 | 25 | 25 | 51 | 48 |
| (1) IAS 39 adopted with effect 1 January 2001. |
| Dollar million | 2004 | 2003 | 2002 | 2001 | 2000 |
Income statement
| | | | | |
| Gold income | 2,396 | 2,029 | 1,761 | 2,041 | 2,208 |
| Cost of sales | (2,022) | (1,526) | (1,203) | (1,519) | (1,740) |
| 374 | 503 | 558 | 522 | 468 |
| Corporate administration and other expenses | (51) | (36) | (25) | (22) | (33) |
| Market development costs | (15) | (19) | (17) | (16) | (12) |
| Exploration costs | (44) | (38) | (28) | (26) | (44) |
| Amortisation of intangible assets | (31) | (29) | (28) | (29) | (20) |
| Impairment of tangible assets | (1) | (44) | - | (1) | (93) |
| Non-hedge derivatives | (142) | 119 | 92 | (5) | - |
| Other operating expenses | (12) | (14) | (5) | - | - |
| Other operating income | 1 | - | - | - | - |
| Abnormal items | - | (19) | (10) | - | - |
| Operating profit | 79 | 423 | 537 | 423 | 266 |
| Interest receivable | 44 | 38 | 36 | 20 | 37 |
| Other net income | 9 | 3 | - | - | 17 |
| Profit (loss) on disposal of assets, investments and subsidiaries | 13 | 10 | (13) | (4) | - |
| Profit on disposal of investments | - | 45 | - | - | - |
| Finance costs and unwinding of decommissioning obligation | (87) | (53) | (48) | (75) | (69) |
| Fair value gains on interest rate swaps | 2 | 6 | - | - | - |
| Profit before taxation | 60 | 472 | 512 | 364 | 251 |
| Taxation | 40 | (142) | (165) | (111) | (73) |
| Profit after taxation | 100 | 330 | 347 | 253 | 178 |
| Allocated as follows | | |
|
| |
| Equity shareholders | 81 | 312 | 332 | 245 | 166 |
| Minority interest | 19 | 18 | 15 | 8 | 12 |
| | 100 | 330 | 347 | 253 | 178 |
Other financial data
| | | | | |
| Adjusted operating profit | 434 | 559 | 638 | 527 | 468 |
| Cash operating profit | 787 | 791 | 883 | 747 | 685 |
| Headline earnings | 102 | 318 | 376 | 281 | 254 |
| Adjusted headline earnings | 263 | 282 | 368 | 286 | 254 |
| Adjusted operating margin | % | 18 | 27 | 35 | 26 | 21 |
| Cash operating margin | % | 32 | 38 | 48 | 37 | 31 |
| EBITDA | | 694 | 659 | 799 | 682 | 608 |
| EBITDA margin | % | 28 | 32 | 43 | 33 | 28 |
| Interest cover | times | 9 | 13 | 18 | 10 | 9 |
| Earnings per ordinary share (cents) | | | | |
|
|
| Basic | US cents | 32 | 140 | 150 | 114 | 78 |
| Diluted | US cents | 32 | 139 | 149 | 114 | 76 |
| Headline | US cents | 41 | 143 | 169 | 131 | 119 |
| Adjusted headline | US cents | 105 | 127 | 166 | 133 | 119 |
| | | | | | | |
| Dividends declared per ordinary share | US cents | 56 | 101 | 146 | 87 | 91 |
| | | | | | | |
| Weighted average number of shares (million) | 251 | 223 | 222 | 214 | 214 |
| Issued shares at year-end (million) | 264 | 223 | 223 | 215 | 214 |
| Dollar million | 2004 | 2003 | 2002 | 2001 | 2000 |
Cash flow statement
| | | | | |
| Cash flows from operating activities | | | | | |
| Cash generated from operations | 585 | 592 | 758 | 673 | 603 |
| Net finance costs and other income | (59) | (37) | (22) | (62) | (46) |
| Mining and normal taxation paid | (34) | (102) | (131) | (111) | (104) |
| Net cash inflow from operating activities | 492 | 453 | 605 | 500 | 453 |
| Cash flows from investing activities | | | | | |
| Capital expenditure | (585) | (363) | (271) | (298) | (304) |
| Net proceeds from acquisition and disposal of | | | | | |
| mines and subsidiaries | (171) | 10 | 51 | 109 | (345) |
| Net proceeds from disposal of investments and other | (10) | 61 | 117 | 2 | 5 |
| Net loans advanced (repaid) | 83 | (15) | 12 | 39 | 11 |
| Utilised in hedge restructure | (123) | - | - | - | - |
| Net cash outflow from investing activities | (806) | (307) | (91) | (148) | (633) |
| Cash flows from financing activities | | | | | |
| Net proceeds from share issues | 3 | 10 | 7 | 7 | (1) |
| Net borrowings proceeds (repaid) | 259 | 197 | (114) | (138) | 261 |
| Dividends paid | (198) | (314) | (260) | (167) | (310) |
| Proceeds from hedge restructure | 40 | - | - | - | - |
| Net cash inflow (outflow) from financing activities | 104 | (107) | (367) | (298) | (50) |
| Net (decrease) increase in cash and cash equivalents | (210) | 39 | 147 | 54 | (230) |
| Translation | 17 | 53 | 75 | (58) | (68) |
| Opening cash and cash equivalents | 505 | 413 | 191 | 195 | 493 |
| Closing cash and cash equivalents | 312 | 505 | 413 | 191 | 195 |
| Other financial data | | | | | |
| Free cash flow | 163 | 305 | 510 | 421 | 308 |
|
Summarised group financial results (PDF - 41KB)