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AngloGold Limited
Incorporated in the Republic of South Africa
Registration number 1944/017354/06
Results and further cautionary
Increased production and operating profit with steady earnings
Group results for the quarter
- Gold production up 2% while operating profit increases by 9%.
- Headline earnings increased by 1% to R430 million despite increased interest,
exploration and operating costs.
- Net loss is R131.5 million, as a result of asset impairments and for the year
- Gold production rises 5% to 7.24 million ounces.
- Operating profit increases by 6% to R3.27 billion.
- Headline earnings decrease by 11% to R1.77 billion.
- Final dividend of R6,50 per share declared, giving R14,00 for the year and a
6,4% yield.
Regional operating results for the quarter
SOUTH AFRICA
- Operating profit is up 3% despite a 4% decrease in gold production due to
reduced shifts in December.
- There is strong production from most operations, led by Great Noligwa,
Kopanang, Tau Lekoa and Savuka.
- Performances from Bambanani, Joel and Mponeng continue to disappoint.
- Rand cash costs are up 4% to R50,785 per kilogram, but dollar costs are down
4% to $208 per ounce.
- Completion of the sale of Elandsrand and Deelkraal to Harmony is expected
soon.
AFRICA
- Morila comes into production with 57,000 attributable ounces at $88 per ounce
- Production at Sadiola decreases as planned.
- Navachab costs and production both improved.
- The Yatela project is on target and the Geita transaction completed.
NORTH AMERICA
- Gold production increases by 23% with the introduction of Cortez ore at
Jerritt Canyon.
- Production costs are up owing to diesel fuel increases and the cost of Cortez
ore.
- Cripple Creek & Victor J.V. production is marginally down and fuel price
increases push costs up by 2%.
SOUTH AMERICA
- Gold production is 14% higher at 122,000 ounces.
- Cash costs are up 11% due to wage increases, Serra Grande maintenance and
increased tonnage at Cerro Vanguardia.
AUSTRALASIA
- Production levels are maintained at 142,000 ounces.
- Sunrise Dam production up 2% but cash costs increase by 2%.
- Brocks Creek operation closes while Pine Creek production improves and costs
reduced by 20%.
- Boddington production is steady, but mining of marginal ore and stockpiles in
the end-of-life ore-body increases costs.
- Australasian office will move from Melbourne to Perth in March.
contacts
In South Africa:
Steve Lenahan (Media/Investor Relations)
11 Diagonal Street, Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
Telephone: +27 11 637 6248, Fax: +27 11 637 6107
E-mail: slenahan@anglogold.com
In Europe:
Tomasz Nadrowski
67, rue du Rhone
4th Floor, 1207 Geneva
Switzerland
Telephone: +41 22 718 3312, Fax: +41 22 718 3334
E-mail: tnadrowski@anglogold.com
In the United Kingdom:
Alex Buck
2nd Floor, 100 Pall Mall, St James's
London SW1Y 5HP, England
Telephone: +44 20 7664 8712, Fax: +44 20 7664 8711
E-mail: abuck@anglogold.com
In the United States of America:
Charles Carter
509 Madison Avenue, Suite 1914
New York, NY 10022
Telephone: (800) 417 9255, (toll-free in North America) or
+1 212 750 7999, Fax: +1 212 750 5626
E-mail: ccarter@anglogold.com
In Australia:
Andrea Maxey
Mobile : +61 438 001 393
Fax: +61 3 9684 4951
E-mail: amaxey@anglogold.com.au
General e-mail enquiries should be directed to: investors@anglogold.com
Internet address: http://www.anglogold.com
summary of group results
for the quarter and year ended 31 December 2000
Prepared in accordance with International Accounting Standards
Quarter Year Quarter Year
ended ended ended ended
Dec Sept Dec Dec Dec Sept Dec Dec
2000 2000 2000 1999 2000 2000 2000 1999
Rand/Metric Dollar/Imperial
Gold
Produced -
kg/oz (000) 57,906 56,924 225,295 215,166 1,862 1,830 7,243 6,918
Revenue -
R/kg/$/oz
sold 70,819 67,460 67,158 61,830 289 300 308 315
Total cash
costs -
R/kg/$/oz
produced 48,255 46,914 46,404 41,979 197 209 213 213
Total production
costs -
R/kg/$/oz
produced 55,454 53,967 53,334 47,842 226 240 245 244
Operating
profit
- R/$m 889 814 3,272 3,088 116 115 469 505
Net capital
expenditure
- R/$m 938 438 2,009 1,330 138 63 297 218
Net (loss)
/profit
- R/$m (132) 394 1,116 2,654 (18) 55 166 434
Net (loss)
/earnings
- cents
per share (123) 369 1,043 2,695 (16) 52 155 441
Headline
(loss)/earnings
- cents per
share 402 399 1,658 2,485 52 56 237 407
Headline
earnings
before
deferred
taxation rate
change -
cents per
share 402 399 1,658 2,018 52 56 237 328
Dividends -
cents
per share 1,400 2,000 196 328
abridged balance sheet
At At At At At At
31 Dec 30 Sept 31 Dec 31 Dec 30 Sept 31 Dec
2000 2000 1999 2000 2000 1999
Rm Rm Rm $m $m $m
Mining assets
and goodwill 23,215 20,850 19,222 3,065 2,882 3,123
Cash and cash
equivalents 1,477 1,154 3,031 195 160 493
Other net assets 3,661 4,024 3,236 484 556 525
28,353 26,028 25,489 3,744 3,598 4,141
Shareholders'
equity 11,004 10,829 11,477 1,453 1,497 1,865
Borrowings 8,761 6,316 5,097 1,157 873 828
Deferred taxation 4,187 4,350 4,376 553 601 711
Other long-term
liabilities 4,401 4,533 4,539 581 627 737
28,353 26,028 25,489 3,744 3,598 4,141
Note: $ refers to US dollars, unless otherwise stated.
Notes
1. The results included herein for the quarter and twelve months ended 31
December 2000, which are audited, have been prepared using accounting policies
which are in accordance with the standards issued by the International
Accounting Standards Committee and the South African Institute of Chartered
Accountants. Where appropriate, comparative figures have been restated.
2. During the quarter 3,600 ordinary shares were allotted in terms of the Share
Incentive Scheme, thereby increasing the number of ordinary shares in issue at
31 December 2000 to 107,021,087.
3. It was previously reported that AngloGold had entered into a non-binding
heads of agreement for the acquisition of a 50% joint venture interest in the
Geita project in Tanzania from Ashanti Goldfields Company Limited (Ashanti). On
26 June 2000 it was announced that the formal agreement had been signed with
Ashanti. The transaction, which was subject to regulatory and governmental
approvals as well as Ashanti shareholders and bank creditor ratifications, was
finalised on 15 December 2000.
4. Orders placed and outstanding on capital contracts as at 31 December 2000
totalled R 447.4 million (30 September 2000:
R746.5 million), equivalent to $59.1 million (30 September 2000: $103.2
million) at the rate of exchange ruling on that date.
5. On 27 November 2000, AngloGold issued a Cautionary Notice advising
shareholders to exercise caution when dealing in AngloGold shares. On 19
December 2000 it was announced that AngloGold had entered into an agreement
with Harmony Gold Mining Company Limited, whereby Harmony had agreed, in
principle, to purchase Anglogold's Elandsrand and Deelkraal mines, for the sum
of R1 billion. At the same time, AngloGold issued a further Cautionary Notice,
advising shareholders to continue to exercise caution in dealing in AngloGold
shares, as AngloGold is continuing discussions with various parties regarding
certain of its assets in the Free State.
6. Further cautionary announcement
Further to the cautionary announcements dated 27 November and 19 December 2000,
shareholders are advised that AngloGold is continuing to consider its position
regarding certain of its assets in the Free State and discussions are
continuing with various parties. Accordingly, shareholders are advised to
continue to exercise caution when dealing in AngloGold shares.
7. Dividend
The directors have today declared Final Dividend No. 89 of 650 (1999:1,100)
South African cents per ordinary share for the twelve months ended 31 December
2000. Payment details are as follows:
To registered holders of ordinary shares
South African, United Kingdom and Australian
Share Registers
2001
Ex-dividend date Monday, 19 February*
Last day to register for dividend and
for change of address or dividend
instruction Friday, 23 February*
Record date Friday, 23 February*
Registers closed from Saturday, 24 February*
to (inclusive) Saturday, 3 March*
Currency conversion date for UK pounds
and Australia dollars Monday, 26 February*
Dividend cheques posted Thursday, 29 March*
Payment date of dividend
(includes Electronic Funds Transfers) Friday, 30 March*
*Not applicable for the Australian Share Register
Registered members with addresses within the Rand Monetary Area who have not
yet completed mandate forms authorising the payment of dividends by Electronic
Funds Transfer should contact Computershare Services in Johannesburg. Members
are reminded to notify the Share Registrars of changes of address or personal
details.
To holders of American Depositary Shares
(Each American Depositary Share (ADS) represents one-half of an ordinary share.
At 31 December 2000, 32,600,630 ADSs were in issue, representing 16,300,315
shares).
2001
Ex-dividend on New York Stock Exchange Wednesday, 21 February
Record date Friday, 23 February
Approximate date for currency conversion
into US dollars Friday, 30 March
Approximate payment date of dividend Monday, 9 April
For illustrative purposes, the dividend payable on an ADS was equivalent to
41.28 US cents at the rate of exchange ruling on Monday, 29 January 2001. This
compares with the interim dividend of 51.06 US cents per ADS paid on 11 October
2000.
8. This report contains a summary of the results of Anglogold's operations. A
detailed report appears on the Internet and is obtainable in printed format
from the investor relations contacts, whose details, along with the website
address, appear at the end of this document. Additional information to be
disclosed to the Australian Stock Exchange in terms of the requirements of that
Exchange, will, in due course, also be accessible on the Internet and available
in printed format from the investor relations contacts.
By order of the Board
R M Godsell, Chairman and Chief Executive Officer
R P Edey, Deputy Chairman
30 January 2001
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