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ANGLOGOLD
A GOLD COMPANY FOR THE NEW MILLENNIUM
ABRIDGED REPORT
FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 1998
APPROPRIATION BASIS
NINE NINE
QUARTER QUARTER MONTHS MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER JUNE SEPTEMBER SEPTEMBER
1998 1998 1998 1997
GOLD
PRODUCED - KGS 53 164 53 176 162 679 156 665
REVENUE - R/KG SOLD 61 071 57 274 57 721 53 026
CASH COSTS -
R/KG PRODUCED 42 009 39 782 40 276 42 497
- $/OZ PRODUCED 211 239 232 287
CAPITAL EXPENDITURE
- MINING DIRECT AND
OTHER - R MILLION 246,5 218,1 683,9 517,4
- RECOUPMENTS - R MILLION (148,8) (208,5) (392,8) (76,2)
NET CAPITAL EXPENDITURE
- R MILLION 97,7 9,6 291,1 441,2
AVAILABLE PROFIT - R MILLION 492,5 418,2 1 246,4 813,2
EARNINGS - CENTS PER SHARE 504 428 1 276 833
CONSOLIDATED INCOME STATEMENT
R MILLION R MILLION R MILLION R MILLION
REVENUE 3 060,4 2 885,2 8 970,1 8 392,7
COST OF SALES 2 163,6 2 170,0 6 720,6 6 851,4
OPERATING PROFIT 896,8 715,2 2 249,5 1 541,3
EXPLORATION COSTS 60,0 46,0 152,1 -
CORPORATE ADMINISTRATION COSTS 61,3 69,9 179,5 209,7
OTHER INCOME - NET 35,4 43,9 110,1 190,4
PROFIT BEFORE TAXATION 810,9 643,2 2 028,0 1 522,0
TAXATION 273,2 222,0 649,2 315,9
PROFIT AFTER TAXATION 537,7 421,2 1 378,8 1 206,1
APPROPRIATION FOR
CAPITAL EXPENDITURE 85,0 9,8 311,6 392,9
EQUITY EARNINGS 39,8 6,8 179,2 -
PROFIT AVAILABLE 492,5 418,2 1 246,4 813,2
CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 1998
R MILLION
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM 4 993,5
NON-DISTRIBUTABLE RESERVES 17 692,8
RETAINED PROFIT 539,8
LONG-TERM BORROWINGS 904,2
24 130,3
EMPLOYMENT OF CAPITAL
MINING ASSETS 21 474,3
INVESTMENTS 1 653,6
LONG-TERM LOANS 612,0
NET CURRENT ASSETS 390,4
CASH 859,2
OTHER CURRENT ASSETS 1 735,6
CURRENT LIABILITIES 2 204,4
24 130,3
CASH FLOW STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 1998
R MILLION
OPERATING ACTIVITIES 1 495,4
CASH FLOW FROM OPERATIONS 1 964,0
INVESTMENT INCOME 90,1
WORKING CAPITAL MOVEMENT (303,5)
TAXATION PAID (255,2)
INVESTING AND FINANCING ACTIVITIES (429,3)
MINING ASSETS ACQUIRED (683,9)
DISPOSAL OF MINING ASSETS 392,8
INVESTMENTS ACQUIRED (24,6)
PURCHASE OF MANAGEMENT CONTRACTS (50,0)
LOAN REPAYMENTS (8,0)
FORMATION AND SHARE ISSUE EXPENSES (55,6)
NET CASH GENERATED 1 066,1
DIVIDENDS PAID (1 377,0)
CASH RESOURCES AT BEGINNING OF YEAR 1 170,1
CASH RESOURCES AT 30 SEPTEMBER 1998 859,2
AMORTISATION BASIS
NINE NINE
QUARTER QUARTER MONTHS MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER JUNE SEPTEMBER SEPTEMBER
1998 1998 1998 1997
GOLD
PRODUCED - OZS (000) 1 709 1 711 5 231 5 036
REVENUE - $/OZ SOLD 306 344 332 358
CASH COSTS - $/OZ PRODUCED 211 239 232 287
TOTAL COSTS - $/OZ PRODUCED 237 281 268 311
CAPITAL EXPENDITURE
- MINING DIRECT
AND OTHER - $ MILLION 39.7 42.0 126.1 110.2
- RECOUPMENTS - $ MILLION (24.0) (40.2) (71.4) (16.9)
NET CAPITAL EXPENDITURE
- $ MILLION 15.7 1.8 54.7 93.3
TOTAL NET EARNINGS
- $ MILLION 38.1 105.2 235.5 104.0
EARNINGS - US CENTS PER SHARE 39 108 241 106
HEADLINE EARNINGS
- US CENTS PER SHARE 60 79 193 96
CONSOLIDATED INCOME STATEMENT
$ MILLION $ MILLION $ MILLION $ MILLION
REVENUE 493.3 557.6 1 662.1 1 817.7
COST OF SALES 386.2 450.9 1 357.9 1 682.5
OPERATING PROFIT 107.1 106.7 304.2 135.2
EXPLORATION COSTS 9.7 8.9 27.9 -
CORPORATE ADMINISTRATION COSTS 9.7 13.7 33.1 45.4
OTHER INCOME - NET (49.9) 46.8 8.3 44.0
PROFIT BEFORE TAXATION 37.8 130.9 251.5 133.8
TAXATION 9.4 30.7 68.6 24.5
PROFIT AFTER TAXATION 28.4 100.2 182.9 109.3
EQUITY EARNINGS 9.7 5.0 52.6 -
TRANSFER TO NON-DISTRIBUTABLE
RESERVES - - - 5.3
NET EARNINGS 38.1 105.2 235.5 104.0
CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 1998
$ MILLION
CAPITAL EMPLOYED
SHAREHOLDERS' EQUITY 1 807.1
DEFERRED TAX 731.0
LONG-TERM BORROWINGS 152.0
OTHER LONG-TERM LIABILITIES 159.7
2 849.8
EMPLOYMENT OF CAPITAL
MINING ASSETS 2 332.5
INVESTMENTS 278.4
LONG-TERM LOANS 103.0
NET CURRENT ASSETS 135.9
CASH 144.6
OTHER CURRENT ASSETS 362.4
CURRENT LIABILITIES 371.1
2 849.8
CASH FLOW STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 1998
$ MILLION
OPERATING ACTIVITIES 276.5
CASH FLOW FROM OPERATIONS 354.6
INVESTMENT INCOME 16.5
WORKING CAPITAL MOVEMENT (51.1)
TAXATION PAID (43.5)
INVESTING AND FINANCING ACTIVITIES (79.6)
MINING ASSETS ACQUIRED (125.4)
DISPOSAL OF MINING ASSETS 72.0
INVESTMENTS ACQUIRED (4.8)
PURCHASE OF MANAGEMENT CONTRACTS (9.7)
LOAN REPAYMENTS (1.5)
FORMATION AND SHARE ISSUE EXPENSES (10.2)
TRANSLATION ADJUSTMENT (46.1)
NET CASH GENERATED 150.8
DIVIDENDS PAID (246.8)
CASH RESOURCES AT BEGINNING OF YEAR 240.6
CASH RESOURCES AT 30 SEPTEMBER 1998 144.6
GENERAL NOTES
1. ALL RESULTS ARE UNAUDITED.
2. ISSUED ORDINARY CAPITAL: 97 842 999 ORDINARY SHARES OF 50 CENTS EACH, OF
WHICH 173 344 ORDINARY SHARES ARE HELD BY WHOLLY OWNED SUBSIDIARY COMPANIES.
3. THE UNABRIDGED REPORT WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT THURSDAY,
22 OCTOBER 1998 AND COPIES ARE AVAILABLE FROM THE ADDRESSES GIVEN BELOW.
4. THE UNABRIDGED REPORT WILL ALSO BE AVAILABLE ON THE INTERNET AT THE
UNDERMENTIONED ADDRESS.
BY ORDER OF THE BOARD
NF OPPENHEIMER, CHAIRMAN
RM GODSELL, CHIEF EXECUTIVE OFFICER
JOHANNESBURG
19 OCTOBER 1998
TRANSFER SECRETARIES REGISTERED OFFICE
CONSOLIDATED SHARE REGISTRARS LIMITED 11 DIAGONAL STREET
FIRST FLOOR, EDURA JOHANNESBURG 2001
41 FOX STREET, JOHANNESBURG 2001 (PO BOX 62117, MARSHALLTOWN
2107) SOUTH AFRICA
(PO BOX 61051, MARSHALLTOWN 2107)
SOUTH AFRICA
UNITED KINGDOM REGISTRAR UNITED KINGDOM
SECRETARIES
COMPUTERSHARE SERVICES PLC ST JAMES'S
PO BOX 82 CORPORATE SERVICES
CAXTON HOUSE LIMITED
REDCLIFFE WAY 6 ST JAMES'S PLACE
BRISTOL BS99 7NH LONDON SW1A 1NP
ENGLAND ENGLAND
AUTHORISED REPRESENTATIVE IN THE UNITED STATES OF AMERICA
PUGLISI & ASSOCIATES
850 LIBRARY AVENUE, SUITE 204
PO BOX 885
NEWARK, DELAWARE 19715
UNITED STATES OF AMERICA
INVESTOR RELATIONS
ANGLOGOLD LIMITED
REGISTRATION NO. 05/17354/06
CORPORATE COMMUNICATIONS DEPARTMENT
PO BOX 62117
MARSHALLTOWN 2107
SOUTH AFRICA
TELEPHONE: +27 11 637 6385
TELEFAX: +27 11 637 6399/6400
E-MAIL: INVESTORS@CORP.ANGLOGOLD.COM
INTERNET ADDRESS: HTTP://WWW.ANGLOGOLD.COM
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