Five-year summaries

For the year ended 31 December

Summarised group financial results – income statement

US Dollar million 20092008200720062005
Gold income 3,7683,6193,0022,6462,393
Cost of sales (2,813)(2,728)(2,458)(2,138)(2,149)
Loss on non-hedge derivatives and other commodity contracts (1) (1,533)(297)(792)(231)(135)
Gross (loss) profit (578)594(248)277109
Corporate administration and other expenses (154)(131)(128)(84)(64)
Market development costs (10)(13)(16)(16)(13)
Exploration costs (150)(126)(117)(58)(44)
Other net operating expenses (8)(6)(20)(20)(24)
Operating special items 691(1,538)(13)(7)(67)
Operating (loss) profit (209)(1,220)(542)92(103)
Dividend received from other investments 2
Interest received 5466433124
Exchange gain (loss) 1124(1)(5)2
Fair value adjustment on option component of convertible bond (33)254716(32)
Finance costs and unwinding of obligations (139)(114)(120)(116)(102)
Fair value loss on interest rate swaps (1)
Share of equity accounted investments’ profit (loss) 94(138)3511543
(Loss) profit before taxation (121)(1,377)(536)133(169)
Taxation (147)197(101)(146)46
Loss after taxation from continuing operations (268)(1,180)(637)(13)(123)
Discontinued operations      
Profit (loss) from discontinued operations 257(2)(36)
Loss for the year (268)(1,155)(636)(15)(159)
Allocated as follows:      
Equity shareholders (320)(1,195)(668)(45)(182)
Non-controlling interests 5240323023
  (268)(1,155)(636)(15)(159)
Other financial data      
Adjusted gross profit (loss) (1)$m412(384)835884395
Headline loss$m(852)(30)(648)(82)(145)
Adjusted headline (loss) earnings (1)$m(50)(897)278411153
Adjusted headline earnings excluding hedge buy-back costs$m70819278411153
Adjusted gross margin excluding hedge buy-back costs%13(16)252916
EBITDA(1)$m1,6631,1311,2241,409772
EBITDA margin%5248374730
Interest cover (1)times1189117
Loss per ordinary share (cents)      
BasicUS cents(89)(377)(237)(16)(69)
DilutedUS cents(89)(377)(237)(16)(69)
HeadlineUS cents(236)(9)(230)(30)(55)
Adjusted headline (loss) earnings (1)US cents(14)(283)9915158
Dividends paid per ordinary shareUS cents1711196236
Weighted average number of sharesmillion361317281273265
Issued shares at year-endmillion366357282280265

(1) Refer to Non-GAAP disclosure notes.

As at 31 December

Summarised group financial results – statement of financial position

US Dollar million 20092008200720062005
Assets      
Tangible and intangible assets 5,9964,4937,0416,3296,139
Cash and cash equivalents 1,100575477471197
Other assets 2,6912,9922,1902,0221,859
Total assets 9,7878,0609,7088,8228,195
Equity and liabilities      
Total equity 3,0302,5112,4423,0472,661
Borrowings 1,9311,9331,8481,4481,856
Deferred taxation 7536171,0421,0931,136
Other liabilities 4,0732,9994,3763,2342,542
Total equity and liabilities 9,7878,0609,7088,8228,195
Other financial data      
Equity 3,9153,2423,9264,5294,217
Net capital employed (1) 4,8764,6835,3605,5685,935
Net debt (1) 8681,2831,3181,0151,726
Net asset value – per share (1)US cents8287028671,0871,004
Net tangible asset value – per share (1)US cents779661718946862
Market capitalisation (1) 14,5559,79511,87813,00813,069
Financial ratios      
Return on net capital employed excluding      
hedge buy-back costs%183794
Net debt to net capital employed%1827251829
Net debt to equity%2240342241
Exchange rates      
Rand/dollar average exchange rate 8.398.257.036.776.37
Rand/dollar closing exchange rate 7.449.466.817.006.35
Australian dollar/dollar average exchange rate 1.261.171.191.331.31
Australian dollar/dollar closing exchange rate 1.121.441.141.271.36
Brazilian real/dollar average exchange rate 2.001.841.952.182.44
Brazilian real/dollar closing exchange rate 1.752.341.782.142.35

(1) Refer to Non-GAAP disclosure notes.

For the year ended 31 December

Summarised group financial results – statement of cash flows

US Dollar million 20092008200720062005
Cash flows from operating activities      
Cash generated from operations 1,3456329831,132619
Cash utilised by discontinued operations (1)(2)(1)(31)
Dividends received from equity accounted investments 10178658551
Taxation paid (147)(125)(180)(110)(22)
Cash utilised for hedge buy-back costs (797)(1,113)
Net cash inflow (outflow) from operating activities 502(529)8661,106617
Cash flows from investing activities      
Capital expenditure (1,019)(1,194)(1,015)(811)(711)
Net (payments) proceeds from acquisition and disposal of mines, subsidiaries, associates and joint ventures (354)10194
Net proceeds from disposal and acquisition of investments, associate loans, and acquisition and disposal of tangible assets 1,13282(13)46(16)
Dividend received from other investments 2
Interest received 5567352418
Net loans repaid (advanced) 15(1)
(Increase) decrease in cash restricted for use (10)(6)(25)(3)17
Utilised in hedge restructure (69)
Other investing activities 1(2)
Net cash outflow from investing activities (195)(1,041)(1,015)(729)(760)
Cash flows from financing activities      
Net proceeds from share issues 2951,668345079
Net borrowings proceeds (repaid) 43239323(394)305
Finance costs paid (111)(93)(72)(82)(73)
Dividends paid (56)(58)(144)(132)(169)
Net cash inflow (outflow) from financing activities 1711,756141(101)72
Net increase (decrease) in cash and cash equivalents 478186(8)276(71)
Translation 47(88)14(2)(8)
Cash and cash equivalents at beginning of year 575477471197276
Cash and cash equivalents at end of year 1,100575477471197
Other financial data      
Free cash flow (1) (104)(1,069)336633160
Cash generated to cash invested (1)times2.30.60.71.60.8

(1) Refer to Non-GAAP disclosure notes.

For the year ended 31 December

Summarised group operating results – operating results

  20092008200720062005
Underground operations      
Metric tonnes milled00011,94412,33513,11213,48913,806
Yieldg/t6.416.896.997.207.31
Gold produced000 oz2,4612,7342,9483,1233,243
Surface and dump reclamation      
Metric tonnes treated00012,77911,87012,42912,4148,061
Yieldg/t0.510.420.490.500.52
Gold produced000 oz208161197201136
Open-pit operations      
Metric tonnes mined000167,000175,999172,487173,178168,904
Stripping ratio (1) 5.585.244.484.825.02
Metric tonnes treated00025,58225,38825,31226,73925,541
Yieldg/t1.962.122.342.142.74
Gold produced000 oz1,6091,7341,9041,8432,246
Heap-leach operations      
Metric tonnes mined00057,45654,75459,72063,51961,091
Metric tonnes placed (2)00019,88723,46222,34123,32922,227
Stripping ratio (1) 1.941.431.771.831.97
Recoverable gold placed (3)kg12,95814,49616,24218,16218,500
Yield (4)g/t0.650.620.730.780.83
Gold produced000 oz321353428468541
Total gold produced000 oz4,5994,9825,4775,6356,166
– Southern Africa 1,8622,1672,4082,6402,757
– Continental Africa 1,5201,5621,5751,6932,067
– Australasia 401433600465455
– North America 218258282283330
– South America 598562612554557
Average price received (5)$/oz sold751485629577439
Total cash costs (6)$/oz produced514444357308281
Total production costs (6)$/oz produced646567476414374
Capital expenditure$m1,0271,2011,059817722
Monthly average number of employees 63,36462,89561,52261,45363,993
LTIFR 6.577.328.247.706.77
FIFR 0.100.090.210.220.14
Definitions

(1) Stripping ratio = (total tonnes mined – ore tonnes mined)/ore tonnes mined.

(2) Tonnes placed onto leach pad.

(3) Recoverable gold placed onto leach pad inventory.

(4) Recoverable gold placed/tonnes placed.

Comments

(5) Average gold price received negatively impacted by the reduction of the hedge book in 2008 and 2009.

(6) Unit cost increases have been driven primarily by lower production and input cost inflation.

ANGLOGOLD ASHANTI Annual Financial Statements 2009