View as 5 year performance graphs
KEY FEATURES OF THE YEAR
Safety:
AIFR(1) of 7.72 per million hours worked.
(1) All injury frequency rate
Capital expenditure:
$2,154m spent, including equity-accounted
investments
Gold production:
3,944,000oz* of gold produced.
Total cash costs:
862 $/oz*.
EBITDA:
$2,397m, excludes hedge buy-back costs in years 2008 to 2010
- * Gold production, total cash costs and return on equity were
adversely impacted in 2012, primarily due to the unprotected strike
in South Africa.
Return on equity:
18%*, excludes hedge buy-back costs in years 2008
to 2010
Cash flow:
$1,802m net cash inflow from operating activities,
excludes hedge buy-back costs in years 2008 to 2010
Adjusted headline earnings:
$924m, excludes hedge buy-back costs in years 2008 to 2010
SCOPE OF THIS REPORT
As part of a comprehensive suite of annual
reports to shareholders, this report addresses
our statutory reporting requirements.
AngloGold Ashanti Limited (AngloGold Ashanti) has
compiled a suite of reports covering the financial year ended
31 December 2012 to illustrate the fundamental link between
the risks and opportunities that face the business in the short,
medium and long term, and how the group’s strategy has
developed to ensure that it responds appropriately to these
risks and opportunities while creating and sustaining value for
all stakeholders.
The full suite of 2012 reports comprises:
- Annual Integrated Report, the primary report;
- Annual Financial Statements;
- Sustainability Report;
- Online Sustainability Report;
- Mineral Resource and Ore Reserve Report;
- Operational and Project Profiles; and
- Notice of Meeting (includes various shareholder voting forms).
In addition, supplementary information which includes the
document entitled “Risk factors related to AngloGold Ashanti’s
suite of 2012 reports” is available in this online report.
This report, the Annual Financial Statements 2012, is a
fundamental component of this suite of reports and addresses
the financial and governance requirements of the company
in line with its primary listing on the Johannesburg Stock
Exchange (JSE). In particular, it provides details on AngloGold
Ashanti’s approach to corporate governance and both the
group and company financial statements for the 2012 financial
year. These financial statements have been prepared in
accordance with: International Financial Reporting Standards
(IFRS) and interpretations of those standards, as adopted
by the International Accounting Standards Board (IASB); the
South African Companies Act, 71 of 2008; and the Listings
Requirements of the JSE.
This report, together with the Notice of Meeting 2012 and the
relevant shareholder voting forms, is submitted to the JSE in
South Africa, as well as the New York, London, Ghana and
Australian stock exchanges on which AngloGold Ashanti is
listed. The full suite of annual reports will be furnished to the
United States Securities and Exchange Commission (SEC) on
Form 6-K.
Each operation and project has its own separate profile that
reports comprehensively on developments, progress and
challenges of the past financial year.
Previously this information was available in the Annual
Financial Statements but is now reported more holistically
in these profiles which will be made available under Operational profiles. For
ease of use, a detailed guide to the full suite of reports
including the Notice
of Meeting may be found below.
The 2012 suite of reports covers all operations and entities in
which the group has a controlling interest and which are under
the management of AngloGold Ashanti or where the company
has interests or joint ventures in the management structure.
Information relating to joint ventures and other interests is
provided for context.
Our priority
Stakeholder groups
For the purposes of our reporting, we have
identified our major stakeholder groups.
Assurance and approvals
AngloGold Ashanti’s suite of 2012 annual reports have been
reviewed and assured as follows:
- The Annual Financial Statements 2012 for the year ended
31 December 2012 were approved by the Board of Directors
on 19 March 2013. In accordance with Section 29(1)(e)(ii)
of the Companies Act, No 71 of 2008 (as amended), the Annual Financial
Statements for AngloGold Ashanti Limited for the year
ended 31 December 2012 were audited by Ernst & Young
Inc., the company’s independent external auditors, whose
unqualified audit report may be found in the
Annual Financial Statements. These financial statements
were prepared by the corporate reporting staff of AngloGold
Ashanti Limited, headed by John Edwin Staples, the group’s
Chief Accounting Officer. This process was supervised by
Srinivasan Venkatakrishnan, the group’s Chief Financial
Officer and Mark Cutifani, the group’s Chief Executive Officer.
- Following its recommendation by the Audit and Corporate
Governance Committee, this Annual Integrated Report 2012
was approved by the board of directors on 19 March 2013.
- The Sustainability Report 2012 and Online Sustainability
Report 2012 were approved by the board of directors on
19 March 2013. AngloGold Ashanti has declared an A+
application in line with the Global Reporting Initiative’s
(GRI’s) G3.0 guidelines and the Mining and Metals Sector
Supplement. Ernst & Young Inc. have assured certain
sustainability information in these reports, the
assurance statement for which
may be found in the Online Sustainability
Report.
- The Mineral Resource and Ore Reserve Report 2012 was
approved by the board of directors on 19 March 2013. The
chairman of the Mineral Resource and Ore Reserve Steering
Committee assumes responsibility for the Mineral Resource
and Ore Reserve Report 2012.
Progression towards integrated
reporting and combined assurance
AngloGold Ashanti is committed to the progressive
implementation of integrated reporting at all levels of our
business. This reporting should, and does, reflect a holistic
account of our business – both financial and non-financial
objectives and our performance against them, and our
vision for the future. Under the guidance of the Audit and
Corporate Governance Committee, a combined assurance
model has been adopted with the aim of providing a coordinated
approach to all assurance activities. We believe
that this will enable the board and management to assess
whether the significant risks facing the group are completely
and adequately mitigated. The combined assurance model
facilitates a group wide integration and leveraging of the
various control, governance and assurance processes and its
introduction has brought a new dimension to assurance within
the group through the value being derived from integrated
assurance teams.
During 2012, all significant operations within AngloGold
Ashanti were subjected to risk based, integrated, technical
or commercial combined assurance reviews. The outcome
of these reviews provided reasonable assurance to allow the
board, on recommendation from the Audit and Corporate
Governance Committee, to conclude on the effectiveness of
the group’s system of internal controls.
While we endeavour to move towards a fully integrated online
platform for reporting, we note that many stakeholders will
not have access to our website, and that some stakeholders
prefer printed copies of our reports. This report is accessible
both online and as a printed report, available on request
from companysecretary@anglogoldashanti.com or PO Box
62117, Marshalltown, Johannesburg 2107. To further facilitate
communication, where relevant, several of these reports have
been translated into French, Spanish and Portuguese.
For noting
The following key parameters should also be noted in respect
of our reports:
- Production is expressed on an attributable basis unless
otherwise indicated.
- The average number of employees is reported for AngloGold
Ashanti subsidiaries and joint ventures. Employee numbers
for joint ventures represents the group’s attributable share.
- There were no restatements during the year for the group
annual financial statements.
- Unless otherwise stated, $ or dollar refers to US dollars
throughout this suite of reports.
- Locations on maps are for indication purposes only.
- Group and company are used interchangeably except in the
summarised financial information.
- Statement of financial position and balance sheet are used
interchangeably.
For terminology used refer to the Glossary of Terms and
Non-Gaap Disclosure.