Summarised financial information
Non-GAAP disclosure – summary
SUMMARY
From time to time AngloGold Ashanti Limited may publicly disclose certain “Non-GAAP” financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise.
The group uses certain Non-GAAP performance measures and ratios in managing the business and which may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. The Non- GAAP financial measures are used to adjust for fair value movements on the convertible and mandatory convertible bonds as well as the highly volatile marked-to-market movements on unrealised non-hedge derivatives and other commodity contracts, which can only be measured with certainty on settlement of the contracts. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use. The Non-GAAP metrics are as follows:
2014 | 2013 | 2012 | |||
---|---|---|---|---|---|
1 | Headline (loss) earnings adjusted for unrealised non-hedgederivatives, other commodity contracts and fair value adjustment on the convertible and mandatory convertible bonds (adjusted headline earnings) | $m | (1) | 599 | 988 |
Adjusted headline (loss) earnings per ordinary share | US cps | – | 153 | 255 | |
2 | Gross profit adjusted for unrealised non-hedge derivatives and other commodity contracts (adjusted gross profit) | $m | 1,028 | 1,351 | 2,389 |
3 | Price received | ||||
– Gold sold | 000oz | 4,454 | 4,093 | 3,953 | |
– Revenue price per unit | $/oz | 1,264 | 1,401 | 1,664 | |
4 | Total cash cost and production cost | ||||
– Gold produced | 000oz | 4,432 | 4,105 | 3,944 | |
– Total cash cost per unit | $/oz | 787 | 830 | 829 | |
– Total production cost per unit | $/oz | 1,014 | 1,054 | 1,054 | |
5 | All-in sustaining costs | ||||
– Gold sold | 000oz | 4,454 | 4,093 | 3,953 | |
– All-in sustaining cost per unit (excluding stockpile write-offs) | $/oz | 1,026 | 1,174 | 1,251 | |
6 | Adjusted EBITDA (1) | $m | 1,665 | 1,667 | 2,529 |
(1)Adjusted EBITDA is prepared in terms of the formula set out in the revolving credit agreements | |||||
7 | Interest cover | times | 7 | 7 | 14 |
8 | Equity | ||||
Total equity per statement of financial position | $m | 2,871 | 3,107 | 5,494 | |
Mandatory convertible bonds | – | – | 588 | ||
Equity | 2,871 | 3,107 | 6,082 | ||
Capital expenditure in respect of projects not in production stage | – | (1,346) | (843) | ||
Adjusted equity | $m | 2,871 | 1,761 | 5,239 | |
9 | Net capital employed | ||||
Shareholders’ equity per statement of financial position | $m | 2,845 | 3,079 | 5,473 | |
Adjusted to exclude: | |||||
– Comprehensive income | (98) | (102) | (135) | ||
– Actuarial losses | 40 | 25 | 89 | ||
2,787 | 3,002 | 5,427 | |||
Deferred taxation | 567 | 579 | 1,084 | ||
Adjusted to exclude: | |||||
– Deferred tax on derivatives and other comprehensive income | 1 | – | – | ||
– Deferred tax on actuarial losses | 6 | 13 | 40 | ||
Adjusted equity | 3,361 | 3,594 | 6,551 | ||
Non-controlling interests | 26 | 28 | 21 | ||
Borrowings – long-term portion | 3,498 | 3,633 | 2,724 | ||
Borrowings – short-term portion | 223 | 258 | 859 | ||
Capital employed | 7,108 | 7,513 | 10,155 | ||
Cash and cash equivalents | (468) | (648) | (892) | ||
Net capital employed | 6,640 | 6,865 | 9,263 | ||
Capital expenditure in respect of projects not in production stage | – | (1,346) | (843) | ||
Adjusted net capital employed | $m | 6,640 | 5,519 | 8,420 | |
10 | Net debt | $m | 3,133 | 3,105 | 2,061 |
11 | Net asset value | US cps | 711 | 770 | 1,580 |
12 | Net tangible asset value | US cps | 655 | 704 | 1,498 |
13 | Return on equity | ||||
Adjusted headline (loss) earnings (note 1) | $m | (1) | 599 | 988 | |
Finance costs on the mandatory convertible bonds | – | 26 | 37 | ||
Adjusted headline (loss) earnings excluding finance costs on | |||||
mandatory convertible bonds | $m | (1) | 625 | 1,025 | |
Adjusted equity (note 8) | $m | 2,871 | 1,761 | 5,239 | |
Average equity (1) | $m | 2,316 | 3,500 | 5,465 | |
(1) Equity for 2011 amounted to $5,692m | |||||
Return on equity | % | – | 18 | 19 | |
14 | Return on net capital employed | ||||
Adjusted headline (loss) earnings (note 1) | $m | (1) | 599 | 988 | |
Finance costs | 278 | 296 | 231 | ||
Interest received | (24) | (39) | (43) | ||
Adjusted headline earnings excluding net finance costs | $m | 253 | 856 | 1,176 | |
Net capital employed (note 9) | $m | 6,640 | 5,519 | 8,420 | |
Average net capital employed (1) | $m | 6,080 | 6,971 | 7,932 | |
(1) Net capital employed for 2011 amounted to $7,444m | |||||
Return on net capital employed | % | 4 | 12 | 15 | |
15 | Market capitalisation | ||||
Number of listed ordinary shares in issue at year-end (millions) | 404 | 403 | 383 | ||
Closing share price as quoted on the New York Stock Exchange | 8.70 | 11.72 | 31.37 | ||
Market capitalisation | $m | 3,515 | 4,727 | 12,025 | |
16 | Average number of employees | ||||
South Africa | 29,511 | 32,406 | 34,186 | ||
Continental Africa | 16,070 | 16,625 | 16,621 | ||
Australasia | 832 | 925 | 494 | ||
Americas | 8,588 | 8,374 | 7,896 | ||
Other, including corporate and non-gold producing subsidiaries | 3,056 | 8,104 | 6,625 | ||
58,057 | 66,434 | 65,822 |