Review of the year
|
Summarised group financial results
| Dollar million |
|
2005 |
2004(1) |
2003 |
2002 |
2001 |
Income statement |
|
| |
| | |
| Gold income |
|
2,629 | 2,309 |
2,029 | 1,761 | 2,041 |
| Cost of sales |
|
(2,311) |
(1,924) | (1,526) | (1,203) |
(1,519) |
| Non-hedge derivative (loss) gain (2) |
|
(135) |
(142) | 119 |
92 | (5) |
| Gross profit |
|
183 | 243 |
622 | 650 | 517 |
| Corporate administration and other expenses |
|
(64) | (51) |
(36) | (25) | (22) |
| Market development costs |
|
(13) | (15) |
(19) | (17) | (16) |
| Exploration costs |
|
(45) | (44) |
(38) | (28) | (26) |
| Amortisation of intangible assets |
|
– |
(31) | (29) | (28) |
(29) |
| Other net operating expenses |
|
(20) | (12) |
(14) | (8) | (10) |
| Operating special items |
|
(77) |
12 | (8) |
(23) | 1 |
| Operating (loss) profit |
|
(36) | 102 |
478 | 521 | 415 |
| Interest received |
|
25 | 49 |
42 | 39 | 25 |
| Exchange (loss) gain |
|
(5) | 4 |
(3) | (4) | (2) |
| Fair value adjustment on option component of convertible bond |
|
(32) | 27 |
– | – | – |
| Finance costs and unwinding of decommissioning and |
|
| |
| | |
| restoration obligations |
|
(108) | (87) |
(53) | (48) | (75) |
| Fair value (loss) gain on interest rate swaps |
|
(1) | 2 |
6 | – | – |
| Share of associates (loss) profit |
|
(3) |
– | 2 |
4 | 1 |
| (Loss) profit before taxation |
|
(160) | 97 |
472 | 512 | 364 |
| Taxation |
|
36 |
41 | (142) |
(165) | (111) |
| (Loss) profit after taxation from continuing operations |
|
(124) | 138 |
330 | 347 | 253 |
| Discontinued operations |
|
| |
| | |
| Loss for the year from discontinued operations |
|
(36) |
(11) | – |
– | – |
| (Loss) profit for the year |
|
(160) |
127 | 330 |
347 |
253 |
| Allocated as follows |
|
| |
| | |
| Equity shareholders of the parent |
|
(183) | 108 |
312 | 332 | 245 |
| Minority interest |
|
23 |
19 | 18 |
15 | 8 |
| | |
(160) |
127 |
330 | 347 |
253 |
Other financial data
| |
| |
| | |
| Adjusted gross profit (3) |
$m |
469 | 441 |
559 | 638 | 527 |
| Cash gross profit (4) |
$m |
954 | 793 |
791 | 883 | 747 |
| Headline (loss) earnings |
$m |
(98) | 141 |
318 | 376 | 281 |
| Adjusted headline earnings |
$m |
200 | 271 |
282 | 368 | 286 |
| Adjusted gross margin |
% |
17 | 19 |
27 | 35 | 26 |
| Cash gross margin |
% |
34 | 34 |
38 | 48 | 37 |
| EBITDA (5) |
$m |
818 | 700 |
667 | 802 | 684 |
| EBITDA margin |
% |
29 | 30 |
32 | 44 | 33 |
| Interest cover (6) |
times |
7 |
7 | 13 |
17 |
9 |
| (Loss) earnings per ordinary share (cents) |
|
| |
| | |
| Basic |
US cents |
(69) | 43 |
140 | 150 | 114 |
| Diluted |
US cents |
(69) | 43 |
139 | 149 | 114 |
| Headline |
US cents |
(37) | 56 |
143 | 169 | 131 |
| | |
| | | | |
| Headline earnings adjusted for the effect | |
| | | | |
| of unrealised non-hedge derivatives, fair | |
| | | | |
| value gain (loss) on convertible bond | |
| | | | |
| and interest rate swap |
US cents |
76 | 108 |
127 | 166 | 133 |
| |
|
| |
| | |
| Dividends declared per ordinary share |
US cents |
36 | 56 |
101 | 146 | 87 |
| Weighted average number of shares (million) |
|
265 | 251 |
223 | 222 | 214 |
| Issued shares at year-end (million) |
|
265 |
264 | 223 |
223 | 215 |
| (1) 2004 comparatives restated to comply with current year disclosures. |
| (2) Refer to Non-GAAP disclosure note 3 on page 17. |
| (3) Refer to Non-GAAP disclosure note 2 on page 17. |
| (4) Refer to Non-GAAP disclosure note 6 on page 18. |
| (5) Refer to Non-GAAP disclosure note 7 on page 19. |
| (6) Refer to Non-GAAP disclosure note 8 on page 19. |
| Dollar million |
2005 |
2004(1) |
2003 |
2002 |
2001 |
Balance Sheet |
| | |
| | |
| Assets | | | | | | |
| Tangible and intangible assets | |
6,304 | 6,323 | 3,176 | 2,654 | 2,446 |
| Cash and cash equivalents | |
209 | 289 | 505 | 413 | 191 |
| Other assets |
|
1,781 |
1,590 | 1,176 |
897 | 662 |
| Total assets |
|
8,294 |
8,202 | 4,857 |
3,964 | 3,299 |
| Equity and liabilities | |
| | | | |
| Shareholders equity and minority interests | |
2,673 | 3,209 | 1,681 | 1,483 | 1,147 |
| Borrowings | |
1,894 | 1,605 | 1,158 | 926 | 987 |
| Deferred taxation | |
1,159 | 1,356 | 598 | 402 | 286 |
| Other liabilities |
|
2,568 |
2,032 | 1,420 |
1,153 | 879 |
| Total equity and liabilities |
|
8,294 |
8,202 | 4,857 |
3,964 | 3,299 |
Other financial data
| |
| | | | |
| Equity (2) | |
4,252 | 4,708 | 2,568 | 2,082 | 1,559 |
| Net capital employed (2) |
|
5,996 |
6,082 | 3,274 |
2,635 | 2,385 |
| Net debt (3) |
|
1,685 |
1,316 | 653 |
513 | 796 |
| Net asset value – US cents per share (4) | |
1,009 | 1,214 | 754 | 665 | 533 |
| Net tangible asset value – US cents per share (5) |
| 858 |
1,049 | 569 |
497 | 352 |
Financial ratios
| | | | | | |
| Return on equity (6) | % |
4 | 7 | 12 | 21 | 16 |
| Return on net capital (7) | % |
5 | 8 | 11 | 17 | 13 |
| Net debt to net capital employed | % |
28 | 22 | 20 | 19 | 33 |
| Net debt to equity |
% |
40 |
28 | 25 | 25 |
51 |
| (1) 2004 comparatives restated to comply with current year disclosures. |
| (2) Refer to Non-GAAP disclosure note 9 on page 19. |
| (3) Refer to Non-GAAP disclosure note 10 on page 19. |
| (4) Refer to Non-GAAP disclosure note 11 on page 20. |
| (5) Refer to Non-GAAP disclosure note 12 on page 20. |
| (6) Refer to Non-GAAP disclosure note 13 on page 20. |
| (7) Refer to Non-GAAP disclosure note 14 on page 20. |
| Dollar million | 2005 | 2004(1) | 2003 | 2002 | 2001 |
Cash flow statement | | | | | |
| Cash flows from operating activities |
| | | | |
| Cash generated from operations |
699 | 588 | 592 | 758 | 673 |
| Cash utilised by discontinued operations |
(31) | (2) | – | – | – |
| Environmental, rehabilitation and other net expenditure |
(26) | (18) | (30) | (14) | (10) |
| Taxation paid |
(30) |
(34) | (102) |
(131) | (111) |
| Net cash inflow from operating activities |
612 |
534 | 460 |
613 | 552 |
| Cash flows from investing activities |
| | | | |
| Capital expenditure |
(722) | (585) | (363) | (271) | (298) |
| Net proceeds from acquisition and disposal of |
| | | | |
| mines and subsidiaries |
4 | (171) | 10 | 51 | 109 |
| Net proceeds from acquisition and disposal of investments |
| | | | |
| and other | (18) | (20) | 61 | 117 | 2 |
| Interest received | 18 | 37 | 33 | 32 | 20 |
| Net loans (repaid) advanced |
(1) | 83 | (15) | 12 | 39 |
| Cash restricted for use (2) |
17 | (6) | – | – | – |
| Utilised in hedge restructure |
(69) |
(123) | – |
– | – |
| Net cash outflow from investing activities |
(771) |
(785) | (274) |
(59) | (128) |
| Cash flows from financing activities |
| | | | |
| Net proceeds from share issues |
9 | 3 | 10 | 7 | 7 |
| Net borrowings proceeds (repaid) |
316 | 259 | 197 | (114) | (138) |
| Finance costs | (74) | (72) | (40) | (40) | (72) |
| Dividends paid | (169) | (198) | (314) | (260) | (167) |
| Proceeds from hedge restructure |
– | 40 |
– | – |
– |
| Net cash inflow (outflow) from financing activities |
82 |
32 | (147) |
(407) | (370) |
| Net (decrease) increase in cash and cash equivalents |
(77) | (219) | 39 | 147 | 54 |
| Translation | (3) | 13 | 53 | 75 | (58) |
| Opening cash and cash equivalents |
289 |
495 | 413 |
191 | 195 |
| Closing cash and cash equivalents |
209 |
289 | 505 |
413 | 191 |
Other financial data
| | | | | |
| Free cash flow (3) |
160 |
205 | 311 | 518 |
473 |
| (1) 2004 comparatives restated to comply with current year disclosures. |
| (2) Cash which is subject to legal or contractual restrictions on use. |
| (3) Refer to Non-GAAP disclosure note 15 on page 20. |
|
Summarised group financial results
(PDF - 46 KB)