Review of the year

Summarised group financial results (PDF – 56KB)

Summarised group financial results

For the year ended 31 December

US Dollar million		2007	2006	2005	2004	2003
Income statement
Gold income		3,280	2,964	2,629	2,309	2,029
Cost of sales		(2,636)	(2,282)	(2,309)	(1,924)	(1,526)
(Loss) gain on non-hedge derivatives and other commodity contracts ⁽¹⁾		(780)	(239)	(135)	(142)	119
Gross (loss) profit		(136)	443	185	243	622
Corporate administration and other expenses		(126)	(84)	(64)	(51)	(36)
Market development costs		(16)	(16)	(13)	(15)	(19)
Exploration costs		(120)	(61)	(45)	(44)	(38)
Amortisation of intangible assets		–	–	–	(31)	(29)
Other net operating expenses		(20)	(18)	(20)	(12)	(14)
Operating special items		(21)	(18)	(77)	12	(8)
Operating (loss) profit		(439)	246	(34)	102	478
Dividend received from other investments		2	–	–	–	–
Interest received		45	32	25	49	42
Exchange gain (loss)		1	(2)	(5)	4	(3)
Fair value adjustment on option component of convertible bond		47	16	(32)	27	–
Finance costs and unwinding of obligations		(125)	(123)	(108)	(87)	(53)
Fair value (loss) gain on interest rate swaps		–	–	(1)	2	6
Share of associates’ (loss) profit		(23)	(1)	(3)	–	2
(Loss) profit before taxation		(492)	168	(158)	97	472
Taxation		(145)	(180)	35	41	(142)
(Loss) profit after taxation from continuing operations		(637)	(12)	(123)	138	330
Discontinued operations
Profit (loss) from discontinued operations		1	(2)	(36)	(11)	–
(Loss) profit for the year		(636)	(14)	(159)	127	330
Allocated as follows
Equity shareholders		(668)	(44)	(182)	108	312
Minority interest		32	30	23	19	18
		(636)	(14)	(159)	127	330
Other financial data
Adjusted gross profit ⁽²⁾	$m	935	1,058	470	441	559
Cash gross profit ⁽³⁾	$m	1,527	1,652	955	793	791
Headline (loss) earnings	$m	(648)	(82)	(145)	129	318
Adjusted headline earnings ⁽⁴⁾	$m	278	411	153	259	282
Adjusted gross margin	%	26	32	17	19	27
Cash gross margin	%	43	49	34	34	38
EBITDA ⁽⁵⁾	$m	1,224	1,409	772	690	667
EBITDA margin	%	34	41	28	29	32
Interest cover ⁽⁶⁾	times	9	11	6	7	13
(Loss) earnings per ordinary share (cents)
Basic	US cents	(237)	(16)	(69)	43	140
Diluted	US cents	(237)	(16)	(69)	43	139
Headline	US cents	(230)	(30)	(55)	51	143
Adjusted headline earnings ⁽⁴⁾	US cents	99	151	58	103	127

Dividends declared per ordinary share	US cents	20	62	36	56	101

Weighted average number of shares	million	281	273	265	251	223
Issued shares at year-end	million	282	280	265	264	223

(1) Refer to Non-GAAP disclosure note 3

(2) Refer to Non-GAAP disclosure note 2

(3) Refer to Non-GAAP disclosure note 6

(4) Refer to Non-GAAP disclosure note 1

(5) Refer to Non-GAAP disclosure note 7

(6) Refer to Non-GAAP disclosure note 8

US Dollar million		2007	2006	2005	2004	2003
Balance sheet
Assets
Tangible and intangible assets		7,162	6,469	6,307	6,323	3,176
Cash and cash equivalents		496	495	209	289	505
Other assets		2,162	1,979	1,777	1,590	1,176
Total assets		9,820	8,943	8,293	8,202	4,857
Equity and liabilities
Total equity		2,442	3,047	2,662	3,209	1,681
Borrowings		1,872	1,482	1,894	1,605	1,158
Deferred taxation		1,051	1,103	1,154	1,356	598
Other liabilities		4,455	3,311	2,583	2,032	1,420
Total equity and liabilities		9,820	8,943	8,293	8,202	4,857
Other financial data
Equity ⁽¹⁾		3,923	4,539	4,236	4,708	2,568
Net capital employed ⁽¹⁾		5,362	5,588	5,980	6,082	3,274
Net debt ⁽²⁾		1,376	987	1,685	1,316	653
Net asset value – US cents per share ⁽³⁾		867	1,087	1,005	1,214	754
Net tangible asset value – US cents per share ⁽⁴⁾		711	939	854	1,049	569
Market capitalisation ⁽⁵⁾		11,878	13,008	13,069	9,614	10,420
Financial ratios
Return on equity ⁽⁶⁾	%	7	9	4	7	12
Return on net capital employed ⁽⁷⁾	%	7	9	5	8	11
Net debt to net capital employed	%	26	18	28	22	20
Net debt to equity	%	35	22	40	28	25
Exchange rates
Rand/dollar average exchange rate		7.03	6.77	6.37	6.44	7.55
Rand/dollar closing exchange rate		6.81	7.00	6.35	5.65	6.67
Australian dollar/dollar average exchange rate		1.19	1.33	1.31	1.36	1.54
Australian dollar/dollar closing exchange rate		1.14	1.27	1.36	1.28	1.33
Brazilian real/dollar average exchange rate		1.95	2.18	2.44	2.93	3.07
Brazilian real/dollar closing exchange rate		1.78	2.14	2.35	2.65	2.89

(1) Refer to Non-GAAP disclosure note 9

(2) Refer to Non-GAAP disclosure note 10

(3) Refer to Non-GAAP disclosure note 11

(4) Refer to Non-GAAP disclosure note 12

(5) Refer to Non-GAAP disclosure note 16

(6) Refer to Non-GAAP disclosure note 13

(7) Refer to Non-GAAP disclosure note 14

US Dollar million	2007	2006	2005	2004	2003
Cash flow statement
Cash flows from operating activities
Cash generated from operations	1,121	1,281	673	570	562
Cash utilised by discontinued operations	(2)	(1)	(31)	(2)	–
Taxation paid	(237)	(143)	(30)	(34)	(102)
Net cash inflow from operating activities	882	1,137	612	534	460
Cash flows from investing activities
Capital expenditure	(1,024)	(817)	(722)	(585)	(363)
Net proceeds from disposal and acquisition of mines and subsidiaries	1	9	4	(171)	10
Net proceeds from disposal and acquisition of investments, associate
loans and acquisitions and disposal of tangible assets	(13)	43	(18)	(20)	61
Dividends received from other investments	2	–	–	–	–
Interest received	37	25	18	37	33
Net loans repaid (advanced)	–	5	(1)	83	(15)
(Increase) decrease in cash restricted for use	(25)	(3)	17	(6)	–
Utilised in hedge restructure	–	–	(69)	(123)	–
Net cash outflow from investing activities	(1,022)	(738)	(771)	(785)	(274)
Cash flows from financing activities
Net proceeds from share issues	34	507	9	3	10
Net borrowings proceeds (repaid)	310	(397)	316	259	197
Finance costs paid	(73)	(88)	(74)	(72)	(40)
Dividends paid	(144)	(132)	(169)	(198)	(314)
Proceeds from hedge restructure	–	–	–	40	–
Net cash inflow (outflow) from financing activities	127	(110)	82	32	(147)
Net (decrease) increase in cash and cash equivalents	(13)	289	(77)	(219)	39
Translation	14	(3)	(3)	13	53
Cash and cash equivalents at beginning of year	495	209	289	495	413
Cash and cash equivalents at end of year	496	495	209	289	505
Other financial data
Free cash flow ⁽¹⁾	347	633	160	205	311

(1) Refer to Non-GAAP disclosure note 15

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