Performance review

Five-year summaries: financial

Summarised group financial results – income statement
US dollar million 20142013201220112010
Gold income5,2185,4976,3536,5705,334
Cost of sales(4,190)(4,146)(3,964)(3,892)(3,550)
Gain (loss) on non-hedge derivatives and other commodity contracts1594(35)(1)(702)
Gross profit1,0431,4452,3542,6771,082
Corporate administration, marketing and other expenses(92)(201)(291)(278)(220)
Exploration and evaluation costs(144)(255)(395)(279)(198)
Other operating expenses(28)(19)(47)(31)(20)
Special items(260)(3,410)(402)163(126)
Operating profit (loss)519(2,440)1,2192,252518
Dividends received57
Interest received2439435243
Exchange (loss) gain(7)14823
Finance costs and unwinding of obligations(278)(296)(231)(196)(166)
Fair value adjustments on convertible bonds(17)307245188(56)
Share of equity-accounted investments’ (loss) profit(25)(162)(30)7263
Profit (loss) before taxation216(2,533)1,2612,370405
Taxation(255)333(346)(737)(276)
(Loss) profit for the year(39)(2,200)9151,633129

Allocated as follows:
     
Equity shareholders(58)(2,230)8971,58776
Non-controlling interests1930184653
 (39)(2,200)9151,633129
Summarised group financial results – statement of financial position
US dollar million 20142013201220112010
Assets     
Tangible and intangible assets5,0885,0828,0916,7556,374
Cash and cash equivalents4686488921,112575
Other assets3,5783,9443,7562,8822,583
Total assets9,1349,67412,73910,7499,532
Equity and liabilities     
Total equity2,8713,1075,4945,1204,113
Borrowings3,7213,8913,5832,4882,704
Deferred taxation5675791,0841,148900
Other liabilities1,9752,0972,5781,9931,815
Total equity and liabilities9,1349,67412,73910,7499,532
Summarised group financial results – statement of cash flows
US dollar million 20142013201220112010
Cash flows from operating activities     
Cash generated from operations1,3731,3922,3503,0811,714
Dividends received from equity-accounted investments1872111143
Net taxation paid(153)(164)(453)(379)(188)
Cash utilised for hedge buy-back costs(2,611)
Net cash inflow (outflow) from operating activities1,2201,2461,9692,813(942)
Cash flows from investing activities     
Capital expenditure(1,018)(1,569)(2,004)(1,567)(973)
Net proceeds (payments) from acquisition and disposal of subsidiaries, associates and joint ventures40(464)(684)(117)(44)
Net (payments) proceeds from disposal and acquisition of investments, associate loans, and acquisition and disposal of tangible assets(11)(8)(70)(62)95
Interest received2123363932
Decrease (increase) in cash restricted for use24(20)(3)(19)25
Other1(2)(50)4(6)
Net cash outflow from investing activities(943)(2,040)(2,775)(1,722)(871)
Cash flows from financing activities     
Net proceeds from share issues29778
Net (repayments) proceeds from borrowings(150)8581,215(159)648
Finance costs paid(245)(200)(145)(144)(115)
Dividends paid(17)(62)(236)(169)(117)
Acquisition of non-controlling interest(215)
Other(9)(36)(30)
Net (outflow) inflow from financing activities(421)560591(463)1,194
Net (decrease) increase in cash and cash equivalents(144)(234)(215)628(619)
Translation(16)(30)(5)(102)105
Cash and cash equivalents at beginning of year6288921,1125861,100
Cash and cash equivalents at end of year (1)4686288921,112586
  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. The cash and cash equivalent balance at 31 December 2013 includes a bank overdraft included in the statement of financial position as part of other liabilities of $20m.
Ratios and statistics
 Units20142013201220112010
Earnings      
Adjusted gross profit (loss)$m1,0281,3512,3892,678(1,191)
Adjusted gross margin%20253841(51)
Headline (loss) earnings$m(79)781,2081,519122
Adjusted headline (loss) earnings$m(1)5999881,332(1,758)
Adjusted headline (loss) earnings      
excluding hedge buy-back costs$m(1)5999881,332787
Adjusted EBITDA (1) (2)$m1,6651,6672,5293,1341,897
Adjusted EBITDA margin (1)%3230404838
Interest covertimes77142216
(Loss) earnings per ordinary share      
BasicUS cents(14)(568)23241120
DilutedUS cents(14)(631)17735520
HeadlineUS cents(19)2031239433
Adjusted headlineUS cents0153255345(473)
Dividends per ordinary shareUS cents5354920
Asset and debt management      
Equity$m2,8713,1076,0825,8804,987
Net capital employed$m6,6405,5198,4207,4447,017
Net debt$m3,1333,1052,0616101,288
Net asset value – per shareUS cents7117701,5801,5281,299
Net tangible asset value – per shareUS cents6557041,4981,4731,248
Market capitalisation$m3,5154,72712,02516,22618,767
Return on equity (1)%018192620
Return on net capital employed (1)%412152015
Net debt to equity%104100341026
Gold price      
Closing price at year-end$/oz1,2661,4111,6681,5721,227
Average gold price received$/oz sold1,2641,4011,6641,576561
Other      
Weighted average number of sharesmillion408393387386372
Issued shares at year-endmillion404403385385384
Exchange rates      
Rand/dollar average 10.839.628.207.267.30
Rand/dollar closing 11.5710.458.458.046.57
Australian dollar/dollar average 1.111.030.970.971.09
Australian dollar/dollar closing 1.221.120.960.970.98
Brazilian real/dollar average 2.352.161.951.681.76
Brazilian real/dollar closing 2.662.342.051.871.67
  1. (1) Excludes hedge buy-back costs in 2010.
  2. (2) The adjusted EBITDA calculation is based on the formula included in the revolving credit agreements for compliance with the debt covenant formula as specified in the revolving credit agreements.

Highlights of the year Value-added statement