Five-year summaries

For the year ended 31 December

Summarised group financial results – income statement

US Dollar million   2010 2009 2008 2007 2006
Gold income   5,334 3,768 3,619 3,002 2,646
Cost of sales   (3,550) (2,813) (2,728) (2,458) (2,138)
Loss on non-hedge derivatives and other commodity contracts (1)   (702) (1,533) (297) (792) (231)
Gross profit (loss)   1,082 (578) 594 (248) 277
Corporate administration, marketing and other expenses   (220) (164) (144) (144) (100)
Exploration costs   (198) (150) (126) (117) (58)
Other operating expenses   (20) (8) (6) (20) (20)
Special items   (126) 691 (1,538) (13) (7)
Operating profit (loss)   518 (209) (1,220) (542) 92
Dividend received from other investments   – – – 2 –
Interest received   43 54 66 43 31
Exchange gain (loss)   3 112 4 (1) (5)
Fair value adjustment on option component of convertible bonds   (1) (33) 25 47 16
Fair value loss on mandatory convertible bonds   (55) – – – –
Finance costs and unwinding of obligations   (166) (139) (114) (120) (116)
Share of equity accounted investments’ profit (loss)   63 94 (138) 35 115
Profit (loss) before taxation   405 (121) (1,377) (536) 133
Taxation   (276) (147) 197 (101) (146)
Profit (loss) after taxation from continuing operations   129 (268) (1,180) (637) (13)
Profit (loss) from discontinued operations   – – 25 1 (2)
Profit (loss) for the year   129 (268) (1,155) (636) (15)
Allocated as follows            
Equity shareholders   76 (320) (1,195) (668) (45)
Non-controlling interests   53 52 40 32 30
    129 (268) (1,155) (636) (15)
Other financial data            
Adjusted gross (loss) profit (1) $m (1,191) 412 (384) 835 884
Adjusted gross margin % (51) 13 (16) 25 29
Headline earnings (loss) $m 122 (852) (30) (648) (82)
Adjusted headline (loss) earnings (1) $m (1,758) (50) (897) 278 411
Adjusted headline earnings excluding hedge buy-back costs (1) $m 787 708 19 278 411
EBITDA excluding hedge buy-back costs (1) $m 1,897 1,663 1,131 1,224 1,409
EBITDA margin excluding hedge buy-back costs % 38 41 33 37 47
Interest cover (1) times 16 14 10 11 13
Profit (loss) per ordinary share            
Basic US cents 20 (89) (377) (237) (16)
Diluted US cents 20 (89) (377) (237) (16)
Headline US cents 33 (236) (9) (230) (30)
Adjusted headline (loss) earnings per ordinary share (1) US cents (473) (14) (283) 99 151
Dividends per ordinary share US cents 20 17 11 19 62
Weighted average number of shares million 372 361 317 281 273
Issued shares at year-end million 384 366 357 282 280

(1) Refer to Non-GAAP disclosure notes.

Summarised group financial results – statement of financial position

US Dollar million   2010 2009 2008 2007 2006
Assets            
Tangible and intangible assets   6,374 5,996 4,493 7,041 6,329
Cash and cash equivalents   575 1,100 575 477 471
Other assets   2,583 2,691 2,992 2,190 2,022
Total assets   9,532 9,787 8,060 9,708 8,822
Equity and liabilities            
Total equity   4,113 3,030 2,511 2,442 3,047
Borrowings   2,704 1,931 1,933 1,848 1,448
Deferred taxation   900 753 617 1,042 1,093
Other liabilities   1,815 4,073 2,999 4,376 3,234
Total equity and liabilities   9,532 9,787 8,060 9,708 8,822
Non-GAAP financial data            
Equity (1)   4,987 3,030 2,511 2,442 3,047
Net debt (1)   1,288 868 1,283 1,318 1,015
Net asset value – per share (1) US cents 1,299 828 702 867 1,087
Net tangible asset value – per share (1) US cents 1,248 779 661 718 946
Market capitalisation (1)   18,767 14,555 9,795 11,878 13,008
Financial ratios            
Return on equity excluding hedge buy-back costs (1) % 20 26 1 10 14
Net debt to equity % 26 29 51 54 33
Exchange rates            
Rand/dollar average exchange rate   7.30 8.39 8.25 7.03 6.77
Rand/dollar closing exchange rate   6.57 7.44 9.46 6.81 7.00
Australian dollar/dollar average exchange rate   1.09 1.26 1.17 1.19 1.33
Australian dollar/dollar closing exchange rate   0.98 1.12 1.44 1.14 1.27
Brazilian real/dollar average exchange rate   1.76 2.00 1.84 1.95 2.18
Brazilian real/dollar closing exchange rate   1.67 1.75 2.34 1.78 2.14

(1) Refer to Non-GAAP disclosure notes.

Summarised group financial results – statement of cash flows

US Dollar million   2010 2009 2008 2007 2006
Cash flows from operating activities            
Cash generated from operations   1,714 1,345 632 983 1,132
Cash utilised by discontinued operations   – – (1) (2) (1)
Dividends received from equity accounted investments   143 101 78 65 85
Taxation paid   (188) (147) (125) (180) (110)
Cash utilised for hedge buy-back costs   (2,611) (797) (1,113) – –
Net cash (outflow) inflow from operating activities   (942) 502 (529) 866 1,106
Cash flows from investing activities            
Capital expenditure   (973) (1,019) (1,194) (1,015) (811)
Net (payments) proceeds from acquisition and disposal of mines, subsidiaries, associates and joint ventures   (44) (354) 10 1 9
Net proceeds (payments) from disposal and acquisition of investments, associate loans, and acquisition and disposal of tangible assets   95 1,132 82 (13) 46
Interest received   32 55 67 35 24
Net loans (advanced) repaid   (6) 1 – – 5
Decrease (increase) in cash restricted for use   25 (10) (6) (25) (3)
Other investing activities   – – – 2 1
Net cash outflow from investing activities   (871) (195) (1,041) (1,015) (729)
Cash flows from financing activities          
Net proceeds from share issues   778 295 1,668 34 507
Net borrowings proceeds (repaid)   648 43 239 323 (394)
Finance costs paid   (115) (111) (93) (72) (82)
Dividends paid   (117) (56) (58) (144) (132)
Net cash inflow (outflow) from financing activities   1,194 171 1,756 141 (101)
Net (decrease) increase in cash and cash equivalents   (619) 478 186 (8) 276
Translation   105 47 (88) 14 (2)
Cash and cash equivalents at beginning of year   1,100 575 477 471 197
Cash and cash equivalents at end of year (1)   586 1,100 575 477 471
Other financial data            
Operating cash flow (2) (3)   (1,665) (104) (1,069) 336 633
Cash generated to cash invested (2) times 1.2 2.3 0.6 0.7 1.6
  1. (1) The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included in the statement of financial position as part of non-current assets held for sale of $11m.
  2. (2) Refer to Non-GAAP disclosure notes.
  3. (3) Includes hedge buy-back costs (2008 to 2010).

Summarised group operating results

    2010 2009 2008 2007 2006
Underground operations            
Metric tonnes milled 000 11,092 11,944 12,335 13,112 13,489
Yield g/t 6.66 6.41 6.89 6.99 7.20
Gold produced 000 oz 2,374 2,461 2,734 2,948 3,123
Surface and dump reclamation            
Metric tonnes treated 000 11,081 12,779 11,870 12,429 12,414
Yield g/t 0.55 0.51 0.42 0.49 0.50
Gold produced 000 oz 196 208 161 197 201
Open-pit operations            
Metric tonnes mined 000 159,352 167,000 175,999 172,487 173,178
Stripping ratio (1)   5.02 5.58 5.24 4.48 4.82
Metric tonnes treated 000 26,028 25,582 25,388 25,312 26,739
Yield g/t 1.95 1.96 2.12 2.34 2.14
Gold produced 000 oz 1,631 1,609 1,734 1,904 1,843
Heap-leach operations            
Metric tonnes mined 000 67,194 57,456 54,754 59,720 63,519
Metric tonnes placed (2) 000 21,963 19,887 23,462 22,341 23,329
Stripping ratio (1)   2.17 1.94 1.43 1.77 1.83
Recoverable gold placed (3) kg 10,949 12,958 14,496 16,242 18,162
Yield (4) g/t 0.50 0.65 0.62 0.73 0.78
Gold produced 000 oz 314 321 353 428 468
Total gold produced 000 oz 4,515 4,599 4,982 5,477 5,635
– South Africa   1,785 1,797 2,099 2,328 2,554
– Continental Africa   1,492 1,585 1,631 1,655 1,779
– Australasia   396 401 433 600 465
– Americas   842 816 819 894 837
Average price received (5) $/oz sold 561 751 485 629 577
Total cash costs $/oz produced 638 514 444 357 308
Total production costs $/oz produced 816 646 567 476 414
Capital expenditure $m 1,015 1,027 1,201 1,059 817
Monthly average number of employees   62,046 63,364 62,895 61,522 61,453
AIFR   11.50 12.88 16.66 20.95 22.83
FIFR   0.10 0.09 0.09 0.21 0.22

Definitions

  1. (1) Stripping ratio = (total tonnes mined – ore tonnes mined)/ore tonnes mined.
  2. (2) Tonnes placed onto leach pad.
  3. (3) Recoverable gold placed onto leach pad inventory.
  4. (4) Recoverable gold placed/tonnes placed.

Comments

  1. (5) Average gold price received negatively impacted by the reduction of the hedge book in the three years from 2008 to 2010.
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