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Annual report suite 2012

Five-year financial and operating summaries

Summarised group financial results - income statement

US dollar million 2012 2011 2010 2009 2008
Gold income 6,353 6,570 5,334 3,768 3,619
Cost of sales (4,062) (3,946) (3,550) (2,813) (2,728)
Loss on non-hedge derivatives and other commodity contracts (35) (1) (702) (1,533) (297)
Gross profit (loss) 2,256 2,623 1,082 (578) 594
Corporate administration, marketing and other expenses (291) (278) (220) (164) (144)
Exploration and evaluation costs (395) (279) (198) (150) (126)
Other operating expenses (41) (27) (20) (8) (6)
Special items (402) 163 (126) 691 (1,538)
Operating profit (loss) 1,127 2,202 518 (209) (1,220)
Interest received 43 52 43 54 66
Exchange gain 8 2 3 112 4
Dividends received 7
Fair value adjustments on convertible bonds 245 188 (56) (33) 25
Finance costs and unwinding of obligations (231) (196) (166) (139) (114)
Share of equity-accounted investments’ (loss) profit (28) 73 63 94 (138)
Profit (loss) before taxation 1,171 2,321 405 (121) (1,377)
Taxation (322) (723) (276) (147) 197
Profit (loss) after taxation from continuing operations 849 1,598 129 (268) (1,180)
Discontinued operations          
Profit from discontinued operations 25
Profit (loss) for the year 849 1,598 129 (268) (1,155)
Allocated as follows:          
Equity shareholders 830 1,552 76 (320) (1,195)
Non-controlling interests 19 46 53 52 40
  849 1,598 129 (268) (1,155)

Summarised group financial results - statement of financial position

US dollar million 2012 2011 2010 2009 2008
Assets          
Tangible and intangible assets 7,963 6,735 6,374 5,996 4,493
Cash and cash equivalents 892 1,112 575 1,100 575
Other assets 3,840 2,955 2,583 2,691 2,992
Total assets 12,695 10,802 9,532 9,787 8,060
Equity and liabilities          
Total equity 5,469 5,166 4,113 3,030 2,511
Borrowings 3,583 2,488 2,704 1,931 1,933
Deferred taxation 1,068 1,158 900 753 617
Other liabilities 2,575 1,990 1,815 4,073 2,999
Total equity and liabilities 12,695 10,802 9,532 9,787 8,060

Summarised group financial results - statement of cash flows

US dollar million 2012 2011 2010 2009 2008
Cash flows from operating activities          
Cash generated from operations 2,183 2,923 1,714 1,345 632
Cash utilised by discontinued operations (1)
Dividends received from equity-accounted investments 72 111 143 101 78
Net taxation paid (453) (379) (188) (147) (125)
Cash utilised for hedge buy-back costs (2,611) (797) (1,113)
Net cash inflow (outflow) from operating activities 1,802 2,655 (942) 502 (529)
Cash flows from investing activities          
Capital expenditure (1,758) (1,393) (973) (1,019) (1,194)
Net (payments) proceeds from acquisition and          
disposal of subsidiaries, associates and joint ventures (684) (117) (44) (354) 10
Net (payments) proceeds from disposal and          
acquisition of investments, associate loans, and          
acquisition and disposal of tangible assets (70) (62) 95 1,132 82
Interest received 36 39 32 55 67
(Increase) decrease in cash restricted for use (3) (19) 25 (10) (6)
Other (129) (12) (6) 1
Net cash outflow from investing activities (2,608) (1,564) (871) (195) (1,041)
Cash flows from financing activities          
Net proceeds from share issues 2 9 778 295 1,668
Net proceeds (repayments) from borrowings 1,215 (159) 648 43 239
Finance costs paid (145) (144) (115) (111) (93)
Dividends paid (236) (169) (117) (56) (58)
Acquisition of non-controlling interest (215)
Other (30)
Net cash inflow (outflow) from financing activities 591 (463) 1,194 171 1,756
Net (decrease) increase in cash and cash equivalents (215) 628 (619) 478 186
Translation (5) (102) 105 47 (88)
Cash and cash equivalents at beginning of year 1,112 586 1,100 575 477
Cash and cash equivalents at end of year(1) 892 1,112 586 1,100 575
  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.

Ratios and statistics

2012 2011 2010 2009 2008
Earnings            
Adjusted gross profit (loss) (1) $m 2,292 2,624 (1,191) 412 (384)
Adjusted gross margin % 36 40 (51) 13 (16)
Headline earnings (loss) $m 1,145 1,484 122 (852) (30)
Adjusted headline earnings (loss) (1) $m 924 1,297 (1,758) (50) (897)
Adjusted headline earnings excluding            
hedge buy-back costs (1) $m 924 1,297 787 708 19
EBITDA (1) (2) $m 2,397 3,014 1,897 1,663 1,131
EBITDA margin (2) % 38 46 38 41 33
Interest cover (1) times 13 21 16 14 10
Earnings (loss) per ordinary share            
Basic US cents 215 402 20 (89) (377)
Diluted US cents 161 346 20 (89) (377)
Headline US cents 296 384 33 (236) (9)
Adjusted headline (1) US cents 239 336 (473) (14) (283)
Dividends per ordinary share US cents 36 49 20 17 11
Asset and debt management            
Equity (1) $m 6,057 5,926 4,987 3,030 2,511
Net capital employed (1) $m 8,390 7,506 7,017 4,876 4,683
Net debt (1) $m 2,061 610 1,288 868 1,283
Net asset value - per share (1) US cents 1,573 1,540 1,299 828 702
Net tangible asset value - per share (1) US cents 1,492 1,485 1,248 779 661
Market capitalisation (1) $m 12,025 16,226 18,767 14,555 9,795
Return on equity (1) (2) % 18 25 20 26 1
Return on net capital employed (1) (2) % 14 20 15 17 1
Net debt to equity % 34 10 26 29 51
Other            
Weighted average number of shares million 387 386 372 361 317
Issued shares at year-end million 385 385 384 366 357
Exchange rates            
Rand/dollar average   8.20 7.26 7.30 8.39 8.25
Rand/dollar closing   8.45 8.04 6.57 7.44 9.46
Australian dollar/dollar average   0.97 0.97 1.09 1.26 1.17
Australian dollar/dollar closing   0.96 0.97 0.98 1.12 1.44
Brazilian real/dollar average   1.95 1.68 1.76 2.00 1.84
Brazilian real/dollar closing   2.05 1.87 1.67 1.75 2.34
  1. (1) Refer to Non-GAAP disclosure notes.
  2. (2) Excludes hedge buy-back costs in 2008, 2009 and 2010.

Summarised group operating results

2012 2011 2010 2009 2008
Underground operations            
Metric tonnes milled 000 10,356 10,838 11,092 11,944 12,335
Yield g/t 5.80 6.69 6.66 6.41 6.89
Gold produced 000oz 1,931 2,334 2,374 2,461 2,734
Surface and dump reclamation            
Metric tonnes treated 000 18,288 10,736 11,081 12,779 11,870
Yield g/t 0.30 0.49 0.55 0.51 0.42
Gold produced 000oz 175 171 196 208 161
Open-pit operations            
Metric tonnes mined 000 170,789 158,686 159,352 167,000 175,999
Stripping ratio (1)   5.34 5.66 5.02 5.58 5.24
Metric tonnes treated 000 27,429 26,518 26,028 25,582 25,388
Yield g/t 1.73 1.77 1.95 1.96 2.12
Gold produced 000oz 1,526 1,513 1,631 1,609 1,734
Heap-leach operations            
Metric tonnes mined 000 71,524 71,087 67,194 57,456 54,754
Metric tonnes placed (2) 000 23,040 21,725 21,963 19,887 23,462
Stripping ratio (1)   2.31 2.46 2.17 1.94 1.43
Recoverable gold placed (3) kg 10,275 9,585 10,949 12,958 14,496
Yield (4) g/t 0.45 0.44 0.50 0.65 0.62
Gold produced 000oz 312 313 314 321 353
Total gold produced 000oz 3,944 4,331 4,515 4,599 4,982
– South Africa   1,212 1,624 1,785 1,797 2,099
– Continental Africa   1,521 1,570 1,492 1,585 1,631
– Australasia   258 246 396 401 433
– Americas   953 891 842 816 819
Average price received (8) $/oz sold 1,664 1,576 561 751 485
Total cash costs $/oz produced 862 728 638 514 444
Total production costs $/oz produced 1,078 950 816 646 567
Capital expenditure $m 2,154 1,527 1,015 1,027 1,201
Monthly average number of employees   65,822 61,242 62,046 63,364 62,895
Productivity per employee (5) oz/TEC 8.07 9.32 9.15 9.40 9.94
All injury frequency rate (AIFR) (6)   7.72 9.76 11.50 12.88 16.66
Number of fatalities   18 15 15 15 14
Fatal injury frequency rate (FIFR) (7)   0.10 0.09 0.10 0.09 0.09
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.
  5. (5) Total ounces per total employees costed.
  6. (6 The total number of injuries (including fatalities) per million hours worked.
  7. (7) The total number of fatalities per million hours worked.
Comments
  1. (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.