Five year summaries
for the year ended 31 December
| US Dollar million | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Gold income | 6,570 | 5,334 | 3,768 | 3,619 | 3,002 |
| Cost of sales | (3,946) | (3,550) | (2,813) | (2,728) | (2,458) |
| Loss on non-hedge derivatives and other commodity contracts | (1) | (702) | (1,533) | (297) | (792) |
| Gross profit (loss) | 2,623 | 1,082 | (578) | 594 | (248) |
| Corporate administration, marketing and other expenses | (278) | (220) | (164) | (144) | (144) |
| Exploration costs | (279) | (198) | (150) | (126) | (117) |
| Other operating expenses | (27) | (20) | (8) | (6) | (20) |
| Special items | 163 | (126) | 691 | (1,538) | (13) |
| Operating profit (loss) | 2,202 | 518 | (209) | (1,220) | (542) |
| Interest received | 52 | 43 | 54 | 66 | 43 |
| Exchange gain (loss) | 2 | 3 | 112 | 4 | (1) |
| Dividend received from other investments | – | – | – | – | 2 |
| Fair value adjustment on convertible bonds | 188 | (56) | (33) | 25 | 47 |
| Finance costs and unwinding of obligations | (196) | (166) | (139) | (114) | (120) |
| Share of equity accounted investments’ profit (loss) | 73 | 63 | 94 | (138) | 35 |
| Profit (loss) before taxation | 2,321 | 405 | (121) | (1,377) | (536) |
| Taxation | (723) | (276) | (147) | 197 | (101) |
| Profit (loss) after taxation from continuing operations | 1,598 | 129 | (268) | (1,180) | (637) |
| Discontinued operations | |||||
| Profit from discontinued operations | – | – | – | 25 | 1 |
| Profit (loss) for the year | 1,598 | 129 | (268) | (1,155) | (636) |
| Allocated as follows: | |||||
| Equity shareholders | 1,552 | 76 | (320) | (1,195) | (668) |
| Non-controlling interests | 46 | 53 | 52 | 40 | 32 |
| 1,598 | 129 | (268) | (1,155) | (636) |
| US dollar million | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Assets | |||||
| Tangible and intangible assets | 6,735 | 6,374 | 5,996 | 4,493 | 7,041 |
| Cash and cash equivalents (1) | 1,112 | 575 | 1,100 | 575 | 477 |
| Other assets | 2,955 | 2,583 | 2,691 | 2,992 | 2,190 |
| Total assets | 10,802 | 9,532 | 9,787 | 8,060 | 9,708 |
| Equity and liabilities | |||||
| Total equity | 5,166 | 4,113 | 3,030 | 2,511 | 2,442 |
| Borrowings | 2,488 | 2,704 | 1,931 | 1,933 | 1,848 |
| Deferred taxation | 1,158 | 900 | 753 | 617 | 1,042 |
| Other liabilities | 1,990 | 1,815 | 4,073 | 2,999 | 4,376 |
| Total equity and liabilities | 10,802 | 9,532 | 9,787 | 8,060 | 9,708 |
| US Dollar million | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Cash generated from operations | 2,923 | 1,714 | 1,345 | 632 | 983 |
| Cash utilised by discontinued operations | – | – | – | (1) | (2) |
| Dividends received from equity accounted investments | 111 | 143 | 101 | 78 | 65 |
| Net taxation paid | (379) | (188) | (147) | (125) | (180) |
| Cash utilised for hedge buy-back costs | – | (2,611) | (797) | (1,113) | – |
| Net cash inflow (outflow) from operating activities | 2,655 | (942) | 502 | (529) | 866 |
| Cash flows from investing activities | |||||
| Capital expenditure | (1,393) | (973) | (1,019) | (1,194) | (1,015) |
| Net (payments) proceeds from acquisition and disposal of subsidiaries, associates and joint ventures | (117) | (44) | (354) | 10 | 1 |
| Net (payments) proceeds from disposal and acquisition of investments, associate loans, and acquisition and disposal of tangible assets | (62) | 95 | 1,132 | 82 | (13) |
| Interest received | 39 | 32 | 55 | 67 | 35 |
| (Increase) decrease in cash restricted for use | (19) | 25 | (10) | (6) | (25) |
| Other | (12) | (6) | 1 | – | 2 |
| Net cash outflow from investing activities | (1,564) | (871) | (195) | (1,041) | (1,015) |
| Cash flows from financing activities | |||||
| Net proceeds from share issues | 9 | 778 | 295 | 1,668 | 34 |
| Net (repayments) proceeds from borrowings | (159) | 648 | 43 | 239 | 323 |
| Finance costs paid | (144) | (115) | (111) | (93) | (72) |
| Dividends paid | (169) | (117) | (56) | (58) | (144) |
| Net cash (outflow) inflow from financing activities | (463) | 1,194 | 171 | 1,756 | 141 |
| Net increase (decrease) in cash and cash equivalents | 628 | (619) | 478 | 186 | (8) |
| Translation | (102) | 105 | 47 | (88) | 14 |
| Cash and cash equivalents at beginning of year | 586 | 1,100 | 575 | 477 | 471 |
| Cash and cash equivalents at end of year(1) | 1,112 | 586 | 1,100 | 575 | 477 |
- (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.
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
|---|---|---|---|---|---|---|
| Earnings | ||||||
| Adjusted gross profit (loss)(1) | $m | 2,624 | (1,191) | 412 | (384) | 835 |
| Adjusted gross margin | % | 40 | (51) | 13 | (16) | 25 |
| Headline earnings (loss) | $m | 1,484 | 122 | (852) | (30) | (648) |
| Adjusted headline earnings (loss)(1) | $m | 1,297 | (1,758) | (50) | (897) | 278 |
| Adjusted headline earnings excluding hedge | ||||||
| buy-back costs(1) | $m | 1,297 | 787 | 708 | 19 | 278 |
| EBITDA excluding hedge buy-back costs(1) | $m | 3,014 | 1,897 | 1,663 | 1,131 | 1,224 |
| EBITDA margin excluding hedge buy-back costs | % | 46 | 38 | 41 | 33 | 37 |
| Interest cover(1) | times | 21 | 16 | 14 | 10 | 11 |
| Earnings (loss) per ordinary share | ||||||
| Basic | US cents | 402 | 20 | (89) | (377) | (237) |
| Diluted | US cents | 346 | 20 | (89) | (377) | (237) |
| Headline | US cents | 384 | 33 | (236) | (9) | (230) |
| Adjusted headline(1) | US cents | 336 | (473) | (14) | (283) | 99 |
| Dividends per ordinary share | US cents | 49 | 20 | 17 | 11 | 19 |
| Asset and debt management | ||||||
| Equity(1) | $m | 5,926 | 4,987 | 3,030 | 2,511 | 2,442 |
| Net capital employed(1) | $m | 7,506 | 7,017 | 4,876 | 4,683 | 5,360 |
| Net debt(1) | $m | 610 | 1,288 | 868 | 1,283 | 1,318 |
| Net asset value – per share(1) | US cents | 1,540 | 1,299 | 828 | 702 | 867 |
| Net tangible asset value – per share(1) | US cents | 1,485 | 1,248 | 779 | 661 | 718 |
| Market capitalisation(1) | 16,226 | 18,767 | 14,555 | 9,795 | 11,878 | |
| Return on equity excluding hedge buy-back costs(1) | % | 25 | 20 | 26 | 1 | 10 |
| Return on net capital employed excluding hedge buy-back costs(1) | % | 20 | 15 | 17 | 1 | 6 |
| Net debt to equity | % | 10 | 26 | 29 | 51 | 54 |
| Other | ||||||
| Weighted average number of shares | million | 386 | 372 | 361 | 317 | 281 |
| Issued shares at year-end | million | 385 | 384 | 366 | 357 | 282 |
| Exchange rates | ||||||
| Rand/dollar average exchange rate | 7.26 | 7.30 | 8.39 | 8.25 | 7.03 | |
| Rand/dollar closing exchange rate | 8.04 | 6.57 | 7.44 | 9.46 | 6.81 | |
| Australian dollar/dollar average exchange rate | 0.97 | 1.09 | 1.26 | 1.17 | 1.19 | |
| Australian dollar/dollar closing exchange rate | 0.97 | 0.98 | 1.12 | 1.44 | 1.14 | |
| Brazilian real/dollar average exchange rate | 1.68 | 1.76 | 2.00 | 1.84 | 1.95 | |
| Brazilian real/dollar closing exchange rate | 1.87 | 1.67 | 1.75 | 2.34 | 1.78 |
- (1) Refer to Non-GAAP disclosure notes.
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
|---|---|---|---|---|---|---|
| Underground operations | ||||||
| Metric tonnes milled | 000 | 10,838 | 11,092 | 11,944 | 12,335 | 13,112 |
| Yield | g/t | 6.69 | 6.66 | 6.41 | 6.89 | 6.99 |
| Gold produced | 000 oz | 2,334 | 2,374 | 2,461 | 2,734 | 2,948 |
| Surface and dump reclamation | ||||||
| Metric tonnes treated | 000 | 10,736 | 11,081 | 12,779 | 11,870 | 12,429 |
| Yield | g/t | 0.49 | 0.55 | 0.51 | 0.42 | 0.49 |
| Gold produced | 000 oz | 171 | 196 | 208 | 161 | 197 |
| Open-pit operations | ||||||
| Metric tonnes mined | 000 | 158,686 | 159,352 | 167,000 | 175,999 | 172,487 |
| Stripping ratio (1) | 5.66 | 5.02 | 5.58 | 5.24 | 4.48 | |
| Metric tonnes treated | 000 | 26,518 | 26,028 | 25,582 | 25,388 | 25,312 |
| Yield | g/t | 1.77 | 1.95 | 1.96 | 2.12 | 2.34 |
| Gold produced | 000 oz | 1,513 | 1,631 | 1,609 | 1,734 | 1,904 |
| Heap-leach operations | ||||||
| Metric tonnes mined | 000 | 71,087 | 67,194 | 57,456 | 54,754 | 59,720 |
| Metric tonnes placed (2) | 000 | 21,725 | 21,963 | 19,887 | 23,462 | 22,341 |
| Stripping ratio (1) | 2.46 | 2.17 | 1.94 | 1.43 | 1.77 | |
| Recoverable gold placed (3) | kg | 9,585 | 10,949 | 12,958 | 14,496 | 16,242 |
| Yield (4) | g/t | 0.44 | 0.50 | 0.65 | 0.62 | 0.73 |
| Gold produced | 000 oz | 313 | 314 | 321 | 353 | 428 |
| Total gold produced | 000 oz | 4,331 | 4,515 | 4,599 | 4,982 | 5,477 |
| – South Africa | 1,624 | 1,785 | 1,797 | 2,099 | 2,328 | |
| – Continental Africa | 1,570 | 1,492 | 1,585 | 1,631 | 1,655 | |
| – Australasia | 246 | 396 | 401 | 433 | 600 | |
| – Americas | 891 | 842 | 816 | 819 | 894 | |
| Average price received (8) | $/oz sold | 1,576 | 561 | 751 | 485 | 629 |
| Total cash costs | $/oz produced | 728 | 638 | 514 | 444 | 357 |
| Total production costs | $/oz produced | 950 | 816 | 646 | 567 | 476 |
| Capital expenditure | $m | 1,527 | 1,015 | 1,027 | 1,201 | 1,059 |
| Monthly average number of employees | 61,242 | 62,046 | 63,364 | 62,895 | 61,522 | |
| Productivity per employee (5) | oz/TEC | 9.32 | 9.15 | 9.40 | 9.94 | 11.23 |
| All injury frequency rate (AIFR) (6) | 9.76 | 11.50 | 12.88 | 16.66 | 20.95 | |
| Number of fatalities | 15 | 15 | 15 | 14 | 34 | |
| Fatality injury frequency rate (FIFR) (7) | 0.09 | 0.10 | 0.09 | 0.09 | 0.21 |
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.
- (5)Total ounces per total employees costed.
- (6)The total number of injuries (including fatalities) per million hours worked.
- (7)The total number of fatalities per million hours worked.
Comments
- (8)Average gold price received was negatively impacted by the hedge book during the three years from 2008 to 2010, during which period the process of eliminating the hedge book was completed.