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Summarised group financial and operating results
 
US Dollar millions 2003 2002 2001 2000(1) 1999(1)
Balance sheet          
Assets          
Mining assets and goodwill 3,176 2,654 2,446 3,064 3,123
Cash and cash equivalents 505 413 191 195 493
Other assets 1,176 897 662 566 555
Total assets 4,857 3,964 3,299 3,825 4,171
           
Equity and liabilities          
Shareholders? equity and minority interests 1,681 1,483 1,147 1,481 1,892
Borrowings 1,158 926 987 1,156 828
Deferred taxation 598 402 286 553 711
Other liabilities 1,420 1,153 879 635 740
Total equity and liabilities 4,857 3,964 3,299 3,825 4,171
           
Other financial data          
Net capital employed 3,274 2,635 2,385 2,995 2,938
Equity 2,568 2,082 1,559 2,006 2,576
           
Debt 1,158 926 987 1,156 828
Cash 505 413 191 195 493
Net debt 653 513 796 961 335
Net asset value ? US cents per share 730 648 519 679 875
Net tangible asset value ? US cents per share 545 480 338 491 771
           
Financial ratios          
Return on net capital %
11 17 13 11 17
Return on equity %
12 21 16 11 16
Net debt to net capital employed %
20 19 33 32 11
Net debt to equity %
25 25 51 48 13
           
Income statement          
Gold income 2,029  1,761  2,041  2,208  2,205 
Cost of sales (1,526) (1,203) (1,519) (1,740) (1,700)
  503  558  522  468  505 
Non-hedge derivatives 119  92  (5) ?  ? 
Operating profit 622  650  517  468  505 
Corporate administration and other expenses (36) (25) (22) (33) (36)
Market development costs (19) (17) (16) (12) (15)
Exploration costs (38) (28) (26) (44) (47)
Interest receivable 38  36  20  37  72 
Other net (expenses) income (15) (9) (1) 18  16 
Finance costs (49) (44) (72) (69) (53)
Marked-to-market of debt financial instruments 6  ?  ?  ?  ? 
Abnormal items (19) (10) ?  ?  ? 
Profit before exceptional items 490  553  400  365  442 
Exceptional items (18) (41) (36) (114) 34 
Profit on ordinary activities before taxation 472  512  364  251  476 
Taxation (142) (165) (111) (73) (37)
Profit on ordinary activities after taxation 330  347  253  178  439 
Minority interest (18) (15) (8) (12) (5)
Net profit 312  332  245  166  434 
           
Other financial data          
Adjusted operating profit 559  638  527  468  505 
Cash operating profit 791  883  747  685  701 
Headline earnings 318  376  281  254  325 
Adjusted headline earnings 282  368  286  254  325 
Adjusted operating margin %
27  35  26  21  23 
Cash operating margin %
38  48  37  31  32 
EBITDA 659  799  682  608  617 
EBITDA margin %
32  43  33  28  28 
Interest cover times
13  18  10  9  12 
Earnings per ordinary share (cents)          
  Basic US cents
140  150  114  78  221 
  Diluted US cents
139  149  114  76  201 
  Headline US cents
143  169  131  119  164 
  Adjusted headline US cents
127  166  133  119  164 
Dividends declared per ordinary share US cents
101  146  87  91  158 
Weighted average number of shares (million) 223  222  214  214  197 
Issued shares at year-end (million) 223  223  215  214  213 
(1) IAS 39 adopted with effect 1 January 2001.
 
US Dollar millions 2003 2002 2001 2000 1999
Cash flow statement          
Cash flows from operating activities          
Cash generated from operations 592  758  673  603  588 
Net finance costs and other income (37) (22) (62) (46) 20 
Mining and normal taxation paid (102) (131) (111) (104) (101)
Net cash inflow from operating activities 453  605 500  453  507 
Cash flows from investing activities          
Net capital expenditure (363) (271) (298) (304) (218)
Net proceeds (acquisition) of mines and subsidiaries 1  43  109  (348) (517)
Net proceeds from disposal of investments and other 61  117  2  5  221 
Net loans (repaid) advanced (15) 12  39  11  15 
Net cash outflow from investing activities (316) (99) (148) (636) (499)
Cash flows from financing activities          
Net proceeds from share issues 10  7  7  (1) (3)
Net borrowings proceeds (repaid) 197  (114) (138) 261  475 
Dividends paid (314) (260) (167) (310) (279)
Net cash (outflow) inflow from financing activities (107) (367) (298) (50) 193 
Net increase (decrease) in cash and cash equivalents 30  139  54  (233) 201 
Cash in the subsidiary acquired 9  8  ?  3  49 
Translation 53  75  (58) (68) (11)
Opening cash and cash equivalents 413  191  195  493  254 
Closing cash and cash equivalents 505  413  191  195  493 
           
Other financial data          
Free cash flow 305  510  421  308  419 
 
 
    2003 2002 2001 2000 1999
Operating results            
Underground operations            
Tonnes milled 000 13,047 13,426 17,954 21,293 21,704
Yield g/t 8.03 8.27 8.20 7.96 8.09
Produced oz 000 3,367 3,569 4,734 5,451 5,643
Productivity            
g/employee target 236 247 219 209 222
  actual 228 238 214 193 186
Surface and dump reclamation            
Tonnes treated 000 36,822 38,366 50,355 50,289 54,354
Yield g/t 0.27 0.30 0.32 0.32 0.30
Produced oz 000 320 365 514 510 520
Open-pit operations            
Tonnes mined 000 125,529 97,030 51,667 22,867 20,832
Stripping ratio(1)   8.95 6.18 6.93 5.22 6.51
Tonnes treated 000 26,884 22,225 15,294 13,332 3,411
Yield g/t 1.78 2.34 2.99 2.41 4.17
Produced oz 000 1,542 1,673 1,469 1,034 524
Heap leach operations            
Tonnes mined 000 59,507 51,192 34,123 26,253 27,048
Tonnes placed(2) 000 18,265 13,504 11,748 10,269 10,219
Stripping ratio(1)   2.60 2.63 1.73 1.59 1.70
Gold placed(3) kg 14,782 14,228 10,668 8,002 8,016
Yield(4) g/t 0.81 1.05 0.91 0.78 0.78
Produced oz 000 387 332 266 248 231
Total gold produced oz 000 5,616 5,939 6,983 7,243 6,918
? South Africa oz 000 3,281 3,412 4,670 5,418 5,746
? East and West Africa oz 000 981 1,085 868 366 262
? South America oz 000 532 478 441 439 425
? Australia oz 000 432 502 508 524 ?
? North America oz 000 390 462 496 496 485
Price received(5) $/oz sold 363 303 287 308 315
Total cash costs $/oz produced 229 161 178 213 213
Total production costs $/oz produced 272 203 213 245 244
Monthly average number of employees   55,439 54,042 70,380 84,036 86,120
LTIFR   8.83 8.86 10.55 11.58 13.91
FIFR   0.29 0.31 0.25 0.22 0.33
Rand/US Dollar average exchange rate   7.55 10.48 8.62 6.78 6.11
Rand/US Dollar closing exchange rate   6.67 8.58 11.96 7.58 6.15
Australian Dollar/US Dollar average exchange rate   1.54 1.84 1.93 1.70 1.54
Australian Dollar/US Dollar closing exchange rate   1.33 1.79 1.96 1.80 1.52
(1) Stripping ratio = (tonnes mined total – tonnes mined ore)/tonnes mined ore.
(2) Tonnes placed onto leach pad.
(3) Gold placed into leach pad inventory.
(4) Gold placed/tonnes placed.
(5) Price received includes realised non-hedge derivatives.
 
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