Wrap Text
Anglogold - Quarterly Report
AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
ISIN: ZAE000043485
JSE share code: ANG
Report to shareholders for the quarter and year ended 31 December 2003
Group results for the quarter ...
- Adjusted headline earnings 1 increased by 12% to $75m
- Adjusted operating profit 2 increased by 1% to $137m
- Total cash costs increased by 5% to $249/oz impacted by strong
local currencies
- Gold production steady at 1.39Moz
- Received gold price3 of $392/oz
... and for the year
- Adjusted headline earnings 1 decreased by 23% to $282m
- Adjusted operating profit 2 decreased by 12% to $559m
- Total cash costs increased by 42% to $229/oz impacted by strong
local currencies
- Gold production down by 5% to 5.62Moz
- Average dollar gold spot price 17% higher at $363/oz, but 16% lower in
rand terms at R88,058/kg
- Final dividend declared at R3.35 or 48 US cents per share resulting in
a total dividend for 2003 of R7.10 or 99 US cents per share
Quarter ended Nine months ended
Dec Sept Dec Dec
2003 2003 2003 2002
Unaudited Unaudited Reviewed Audited
Rand / Metric
Operating review
Gold
Produced
- kg / oz (000) 43,210 43,240 174,668 184,711
Price received3
- R/kg / $/oz 84,705 86,619 87,826 101,817
Total cash costs
- R/kg / $/oz 53,846 56,311 55,442 54,037
Total production costs
- R/kg / $/oz 65,128 65,502 65,703 68,241
Financial review
Operating profit
- R / $ million 1,060 1,304 4,667 6,784
Adjusted operating profit2
- R / $ million 926 1,004 4,229 6,683
Net profit
- R / $ million 611 729 2,331 3,444
Headline earnings
- R / $ million 585 674 2,379 3,920
Adjusted headline earnings1
- R / $ million 506 497 2,133 3,854
Capital expenditure
- R / $ million 1,057 661 2,744 2,842
Earnings per ordinary share
Basic
- cents per share 274 327 1,046 1,552
Diluted
- cents per share 273 326 1,042 1,545
Headline
- cents per share 263 303 1,068 1,767
Adjusted headline earnings1
- cents per share 227 223 957 1,737
Dividends
- cents per share 710 1,350
Quarter ended Nine months ended
Dec Sept Dec Dec
2003 2003 2003 2002
Unaudited Unaudited Reviewed Audited
Dollar / Imperial
Operating review
Gold
Produced
- kg / oz (000) 1,389 1,390 5,616 5,939
Price received3
- R/kg / $/oz 392 364 363 303
Total cash costs
- R/kg / $/oz 249 237 229 161
Total production costs
- R/kg / $/oz 301 275 272 203
Financial review
Operating profit
- R / $ million 159 176 622 650
Adjusted operating profit2
- R / $ million 137 136 559 638
Net profit
- R / $ million 93 97 312 332
Headline earnings
- R / $ million 89 90 318 376
Adjusted headline earnings1
- R / $ million 75 67 282 368
Capital expenditure
- R / $ million 148 88 363 271
Earnings per ordinary share
Basic
- cents per share 42 44 140 150
Diluted
- cents per share 42 43 139 149
Headline
- cents per share 40 40 143 169
Adjusted headline earnings1
- cents per share 34 30 127 166
Dividends
- cents per share 99 146
Note:
1. Headline earnings before unrealized non- hedge derivatives and marked-
to-market of debt financial instruments.
2. Operating profit excluding unrealised non- hedge derivatives.
3. Price received includes realized non- hedge derivatives.
$ represents US dollar, unless otherwise stated
Letter from Chairman and CEO
Dear Shareholder
Steady performance for the December Quarter AngloGold reports a steady
performance for the final quarter of 2003, after the solid results of the
previous quarter, at a time when the strong rand is negatively impacting the
profits of South African export- oriented producers.
Although total cash costs across the company increased by 5% to $249/oz, the
cash costs of the South African operations, measured in local currency terms,
were 1% lower at R60,784/kg, due to improved grades, cost containment and lower
inflation. Similarly, unit costs in Australian dollar terms at Sunrise Dam were
some 13% lower.
Gold production was virtually unchanged for the quarter at 1.39Moz. We are
pleased that the steps taken to overcome technical difficulties at Cripple
Creek & Victor in Colorado and Cerro Vanguardia in Argentina are beginning to
yield results. There were improved production performances at both of those
operations, as well as at Geita, although these were offset by the continuing
grade decline at Morila and a drop off in performance at Kopanang and Mponeng.
Operating profit, adjusted to exclude non- hedge derivatives, was marginally
higher this quarter, at $137m. Similarly adjusted headline earnings, including
a favourable $7m in abnormal items, were 12% higher at $75m, or 34 cents
per share.
For the year ended 31 December 2003, AngloGold"s performance was affected by a
combination of stronger currencies in most of the company"s operating regions
as well as lower ore grade in several of these regions. Unit cash costs were
$68/oz higher, at $229/oz, for the same reasons. Adjusted headline earnings in
2003 were 23% lower than those for the previous year, at $282m, or
127 cents per share.
The gold price reflected the 20% decline in the value of the US dollar against
the euro during 2003 the average spot price for 2003, at $363/oz, was 17%
higher than the average for 2002. Against this background, AngloGold"s net
delta hedge position w as again marginally lower over the fourth quarter, at
8.59Moz, illustrating the company"s continued faith in the strength of the
gold price.
Our mine safety performance for the year 2003 in South Africa was
disappointing, after a 16% improvement in the ost time injury frequency rate
(LTIFR) during the previous year. The LTIFR for 2003 is virtually unchanged
from the 2002 figure, and the fatality frequency rate improved by only 6%.
Fatalities in the South Africa region improved by 40% during the second half of
2003 compared to the first half. If we can continue this trend, a step change
in our safety performance seems possible.
We also announce that AngloGold proposes to pay a final dividend for the year
of R3.35 per share. This gives a total dividend for the year of R7.10, and
continues AngloGold"s practice of paying to shareholders a high proportion of
the company"s earnings, once we have provided for our organic growth
objectives.
Looking ahead: the making of the African global gold company
There has been substantial progress made in the merger of AngloGold and
Ashanti, and we are well on track to create what will be the leading African
gold company and one which will effectively compete with its peers globally.
On 12 December 2003, we announced that AngloGold had entered into a support
agreement with the Government of Ghana in its role as holder of 16.9% of the
share capital of Ashanti Goldfields Company and that it had agreed the terms of
a stability agreement concerning certain fiscal and regulatory undertakings, in
the Government"s role as regulator of Ashanti.
AngloGold has also received confirmation from the US Securities and Exchange
Commission (SEC) of the availability of an exemption under Section 3(a)(10) of
the US Securities Act of 1933 that will enable the company to issue AngloGold
shares relating to the merger of AngloGold and Ashanti without registration in
the United States.
Once the required approvals of the Parliament and Government of Ghana have been
received, the scheme documents will be finalised and distributed to Ashanti
shareholders and we expect the transaction to close during April 2004.
Looking ahead to the rest of 2004 and following the completion of this deal
during April, we are anticipating that gold production will increase from
5.6Moz to approximately 6.6Moz. Assuming an exchange rate of R7.00 to the US
dollar, we are expecting unit cash costs to rise to $238/oz and capital
expenditure to increase to $589m.
Russell Edey Bobby Godsell
Chairman Chief Executive Officer
29 January 2004
Review of the gold market
The final quarter of 2003 saw a strong finish to a good year for the
gold price.
The spot price for the metal reached over $417/oz during December and touched
$430/oz in early 2004, although the market has since retraced to around
$410/oz. The average gold price for 2003 of $363/oz was $53 or 17% above the
average price for 2002. The gold price again mirrored moves in the currency
markets, particularly the US dollar exchange rate against the euro, which fell
steadily during the fourth quarter to reach an all -time low of $1.27 to the
euro in December. This reflects a loss in value of almost 20% during 2003. The
rand proved as volatile and the currency moved in a range of almost 20%,
between R6.07 and R7.28 to the US dollar.
GOLD PRICE DRIVERS
The primary mover in gold continues to be strong speculator and investor
interest in the metal, driven by a number of fundamental economic
circumstances. Amongst these circumstances is most certainly the anticipated
further decline in the value of the US dollar. These same influences have
pushed up prices of base metals and other commodities, although the extent of
investor interest in precious metals is relatively high compared with the rest
of the metals sector. The quarter again saw higher levels of open positions on
the New York Commodity Exchange (Comex), reaching an all-time high of 19Moz, or
almost 600t, net long in futures and options contracts combined.
During the final quarter of 2003, the spot gold price tracked the dollar/euro
exchange rate particularly closely. This exchange rate is valuable as an
indicator rather than a determinant of gold price direction, at least in part,
because many of the same economic fundamental issues affect the dollar as they
do the gold market.
INVESTMENT
Investor and speculator interest in gold remained on the rise throughout most
of 2003, reflected particularly in the recorded statistics of Comex. Overall
open interest and the net open position on that exchange are both at all-time
high levels since the exchange commenced trading gold over 20 years ago.
Of particular interest during the final quarter was the launch by the World
Gold Council of the Gold Bullion Securities (GBS) product on the London Stock
Exchange. The GBS is a gold-backed fund enabling institutional and private
investors to invest directly in gold through a traded instrument. This product
followed the launch of a similar fund in Australia earlier in 2003, and the
World Gold Council continues to work on similar prod ucts to offer to investors
in other important financial markets elsewhere. This new product very quickly
took in purchases amounting to 25t of bullion, and has since established
two-way liquidity in the London market.
PHYSICAL
Physical demand for gold continued to suffer in the face of a rising
gold price.
Whilst gold offtake in jewellery for 2003 was off by 7% year-on-year, in the
second half of 2003 alone, demand fell by over 11% compared with 2002. As
usual, India responded immediately to higher prices, and much of the expected
seasonal demand in that region was negated by the Indian trade"s unwillingness
to buy gold in a rising market. With the spot price retracement in mid
-January, some recovery in seasonal buying might still occur in that market.
However, many other gold jewellery markets have also declined in this period.
Lower levels of producer de- hedging added to the reduced demand. After six
quarters of material levels of de -hedging, the second half of 2003 saw
significantly less activity in this area, notwithstanding the announcement late
in 2003 by Barrick Gold Corporation of its intention to cease new hedges, and
to reduce its hedge book. Only a substantial increase in implied net investment
demand helped to balance the physical market.
On the supply side, mine production for 2003 was just slightly more than that
in 2002. However, scrap sales increased again, and at a little less than 1,000t
for 2003, now make up almost a quarter of the supply of gold to the current
market. Central bank sales of 591t in 2003 reached their highest level in a
decade, but there was little negative response in the markets to this level of
selling.
The physical market remains important as it provides a floor of support when
investment interest weakens and prices soften. Whilst making every effort to
encourage investor demand for gold in the current market, attention should also
be paid to the health of the wider physical market in the medium and longer
term.
OFFICIAL SECTOR
The Washington Agreement on sales of gold by European central banks comes to an
end in less than nine months" time. Public statements by a number of senior
European central bank officials at the Dubai meetings of the International
Monetary Fund in 2003 indicate that there is littl e doubt that the agreement
will be renewed, and good reason to expect that the behaviour of the
signatories to this agreement will follow the precedent of the orderly and
responsible behaviour of these banks over the past four years.
CURRENCY
Currency markets were again active. The euro gained 11% against the US dollar
within the quarter, continuing the trend for this year in which the US dollar
has lost 22% against the European currency. Whilst all the evidence points to a
strong recovery in the US economy running well into 2004, any benefit that this
might have for the US currency is negated by the record levels of budget and
current account deficits currently prevailing in the United States, and market
commentators and analysts expect the US currency to weaken in the year ahead up
to a range of $1.35 - $1.40 to the euro. The one element that might temper
further dollar weakness would be real resistance from European monetary
authorities to further strengthening of the euro. This occurred to a degree in
mid -January, leading swiftly to a correction in the exchange rate and the
weakening in the euro from $1.29 back to $1.25. However, there are no signs yet
of any change to the weaker trend for the US currency.
The rand has seen as much movement as the European currency, but greater
volatility. Whilst the first three quarters of 2003 saw a continuation of the
rand strengthening against the US dollar, this strength reversed in the final
quarter of the year. During this fourth quarter, the South African currency
lost more than 20% against the US dollar between its strongest point of R6.07,
to its weakest point of R7.28 to the US dollar.
In just over two years, we have seen the rand first lose almost 40% in value
against the US dollar, and thereafter recover all of that and more to
strengthen by almost 60% against its end -2001 exchange rate.
The rand has strengthened materially more against the US dollar than have
either the euro or the Australian dollar, and this occurred particularly during
the period in which South African interest rates were either rising sharply, or
were at their highs between October 2002 and June 2003. The recent reversal in
the direction of the rand value could reflect the end of the impact of high
interest rates, as 2003 has seen the South African Reserve Bank cut the local
repo rate by 5.5%, from a peak of 13.5% to 8.0%, mostly during the latter
months of 2003.
HEDGING
As at 31 December 2003, the net delta hedge position of the company was 8.59Moz
or 267t at a spot price of $416/oz. The marked-to -market value of this
position as at 31 December 2003 was negative $664m. The relatively small
reduction in the level of hedging compared with the level at 30 September 2003
is a result of a higher delta volume consequent on a sharply higher spot price
of gold at this quarter-end ($416/oz vs $383 at 30 September 2003). The company
continues to manage its hedge positions actively, and to reduce overall levels
of forward pricing on gold.
Hedge position
As at 31 December 2003, the group had outstanding, the following
forward-pricing commitments against future production. The total net delta
tonnage of the hedge on this date was 8.59Moz or 267.1t (at 30 September 2003:
8.67Moz or 269.5t).
The marked -to -market value of all hedge transactions making up the hedge
positions was a negative $663.7m (negative R4.4bn) as at 31 December 2003 (as
at 30 September 2003: negative $445m negative R3.1bn). These values were based
on a gold price of $415.75/oz, exchange rates of R/$6.6376 and A$/$0.7525 and
the prevailing market interest rates and volatilities at the time.
As at 28 January 2004, the marked-to -market value of the hedge book was a
negative $577.7m (negative R4.07bn), based on a gold price of $409.25/oz and
exchange rates of R/$7.04 and A$/$0.7781 and the prevailing market interest
rates and volatilities at the time.
These marked -to -market valuations are in no way predictive of the future
value of the hedge position or of future impact on the revenue of the company.
The valuation represents the cost of buying all hedge contracts at the time of
valuation, at market prices and rates available at the time.
Year 2004 2005 2006 2007
DOLLAR GOLD
Forward
contracts Amount (kg) 18,374 26,576 19,862 18,974
$ per oz $315 $324 $333 $337
Put options
purchased Amount (kg) 5,772 2,624 4,918 728
$ per oz $382 $363 $363 $292
*Delta (kg) 1,703 637 1,102 49
Put options
sold Amount (kg) 13,997 2,799 4,354
$ per oz $362 $345 $339
*Delta (kg) 2,800 441 681
Call options
purchased Amount (kg) 7,112
$ per oz $330
*Delta (kg) 6,990
Call options
sold Amount (kg) 14,413 18,227 16,547 14,308
$ per oz $376 $338 $346 $336
*Delta (kg) 10,973 15,419 13,564 12,201
RAND GOLD
Forward
contracts Amount (kg) 6,249 8,145 4,500 2,830
Rand per kg R73,930 R119,409 R96,436 R118,197
Put options
purchased Amount (kg) 933 2,808 2,808
Rand per kg R99,346 R95,511 R95,511
*Delta (kg) 614 964 721
Put options
sold Amount (kg) 2,333 1,400 1,400
Rand per kg R89,250 R88,414 R88,414
*Delta (kg) 1,061 364 280
Call options
purchased Amount (kg)
Rand per kg
*Delta (kg)
Call options
sold Amount (kg) 4,679 5,620 5,621 1,493
Rand per kg R118,661 R130,321 R131,389 R173,119
*Delta (kg) 384 1,694 2,188 294
Year 2008 2009 -2013 Total
DOLLAR GOLD
Forward
contracts Amount (kg) 15,801 10,078 109,665
$ per oz $352 $360 $334
Put options
purchased Amount (kg) 14,042
$ per oz $367
*Delta (kg) 3,491
Put options
sold Amount (kg) 21,150
$ per oz $355
*Delta (kg) 3,922
Call options
purchased Amount (kg) 7,112
$ per oz $330
*Delta (kg) 6,990
Call options
sold Amount (kg) 14,183 40,061 117,739
$ per oz $347 $369 $355
*Delta (kg) 11,911 33,244 97,312
RAND GOLD
Forward
contracts Amount (kg) 2,799 9 33 25,456
Rand per kg R120,662 R116,335 R104,074
Put options
purchased Amount (kg) 6,549
Rand per kg R96,057
*Delta (kg) 2,299
Put options
sold Amount (kg) 5,133
Rand per kg R88,794
*Delta (kg) 1,705
Call options
purchased Amount (kg)
Rand per kg
*Delta (kg)
Call options
sold Amount (kg) 2,986 8,958 29,357
Rand per kg R187,586 R216,522 R162,971
*Delta (kg) 615 2,396 7,571
Year 2004 2005 2006 2007
A DOLLAR GOLD
Forward
contracts Amount (kg) 8,279 6,221 9,331 8,398
A$ per oz A$533 A$680 A$661 A$633
Put options
purchased Amount (kg)
A$ per oz
*Delta (kg)
Put options sold
Amount (kg)
A$ per oz
*Delta (kg)
Call options
purchased Amount (kg) 3,110 6,221 3,732
A$ per oz A$724 A$673 A$668
*Delta (kg) 714 2,985 2,013
Call options sold
Amount (kg) 933
A$ per oz A$506
*Delta (kg) 9 33
Delta (kg) 36,658 58,137 47,322 40,733
Total net gold:
Delta (oz) 1,178,572 1,869,146 1,521,446 1,309,585
Year 2008 2009 -2013 Total
A DOLLAR GOLD
Forward
contracts Amount (kg) 3,110 10,233 45,572
A$ per oz A$647 A$651 A$632
Put options
purchased Amount (kg)
A$ per oz
*Delta (kg)
Put options sold
Amount (kg)
A$ per oz
*Delta (kg)
Call options
purchased Amount (kg) 3,110 8,087 24,260
A$ per oz A$680 A$710 A$692
*Delta (kg) 1,843 4,996 12,551
Call options sold
Amount (kg) 933
A$ per oz A$506
*Delta (kg) 933
Delta (kg) 32,393 51,888 267,131
Total net gold:
Delta (oz) 1,041,466 1,668,226 8,588,441
The following table indicates the group"s currency hedge position at
31 December 2003
Year 2004 2005 2006 2007
RAND DOLLAR (000)
Forward
contracts Amount ($)
Rand per $
Put options
purchased Amount ($) 35,000
Rand per $ R7.20
*Delta ($) 27,689
Pu t options
sold Amount ($) 35,000
Rand per $ R6.74
*Delta ($) 17,417
Call options
purchased Amount ($)
Rand per $
*Delta ($)
Call options
sold Amount ($) 50,000
Rand per $ R7.21
*Delta ($) 14,318
A DOLLAR (000)
Forward
contracts Amount ($) 29,275 29,267
A$ per $ A$0.59 A$0.55
Put options
purchased Amount ($) 10,000
A$ per $ A$0.63
*Delta ($) 9 ,269
Put options sold
Amount ($) 10,000
A$ per $ A$0.68
*Delta ($) 7,491
Call options
purchased Amount ($)
A$ per $
*Delta ($)
Call options
sold Amount ($) 20,000
A $ per $ A$0.60
*Delta ($) 582
Year 2008 2009 -2013 Total
RAND DOLLAR (000)
Forward
contracts Amount ($)
Rand per $
Put options
purchased Amount ($) 35,000
Rand per $ R7.20
*Delta ($) 27,689
Put options
sold Amount ($) 35,000
Rand per $ R6.74
*Delta ($) 17,417
Call options
purchased Amount ($)
Rand per $
*Delta ($)
Call options
sold Amount ($) 50,000
Rand per $ R7.21
*Delta ($) 14,318
A DOLLAR (000)
Forward
contracts Amount ($) 58,542
A$ per $ A$0.57
Put options
purchased Amount ($) 10,000
A$ per $ A$0.63
*Delta ($) 9,269
Put options sold
Amount ($) 10,000
A$ per $ A$0.68
*Delta ($) 7,491
Call options
purchased Amount ($)
A$ per $
*Delta ($)
Call options
sold Amount ($) 20,000
A $ per $ A$0.60
*Delta ($) 582
* The Delta position indicated above reflects the nominal amount of the option
multiplied by the mathematical probability of the option being exercised. This
is calculated using the Black- Scholes option formula with the ruling market
prices, interest rates and volatilities as at 31 December 2003.
GROUP INCOME STATEMENT
Quarter ended Year ended
December September December December
2003 2003 2003 2002
SA Rand million Notes Unaudited Unaudited Reviewed Audited
Gold income 3,685 3,735 15,264 18,372
Cost of sales 2 (2,821) (2,821) (11,458) (12,550)
864 914 3,806 5,822
Non-hedge derivatives 196 390 861 962
Operating profit (1) 1,060 1,304 4,667 6,784
Corporate administration
and other expenses (60) (46) (273) (258)
Market development costs (46) (29) (139) (179)
Exploration costs (68) (68) (283) (296)
Interest receivable 94 56 285 373
Other net income
(expense) 7 (31) (123) (91)
Finance costs (145) (77) (362) (464)
Marked-to-market of
debt financial
instruments 32 7 38 -
Abnormal items (122) - (122) (102)
Profit before
exceptional items 752 1,116 3,688 5,767
Amortisation of goodwill (52) (54) (221) (293)
Impairment of mining
assets 20 (252) (327) -
Profit (loss) on
disposal
of assets and
subsidiaries 19 - 75 (145)
Profit on disposal
of investments 51 280 331 -
Termination of
retirement
benefit plans - - - 2
Profit on ordinary
activities
before taxation 790 1,090 3,546 5,331
Taxation 3 (142) (334) (1,080) (1,730)
Profit on ordinary
activities
after taxation 648 756 2,466 3,601
Minority interest (32) (27) (130) (157)
Minority interest in
abnormal items (5) - (5) -
Net profit 611 729 2,331 3,444
(1) Adjusted operating
profit
The operating profit
has been
adjusted by the
following to
arrive at adjusted
operating profit:
Operating profit 1,060 1,304 4,667 6,784
Unrealised non-hedge
derivatives (134) (300) (438) (101)
Adjusted operating
profit 926 1,004 4,229 6,683
Headline earnings
The net profit has been
adjusted by the
following
to arrive at
headline earnings:
Net profit 611 729 2,331 3,444
Amortisation of goodwill 52 54 221 293
Impairment of mining
assets (20) 252 327 -
(Profit) loss on
disposal
of assets and
subsidiaries (19) - (75) 145
Profit on disposal
of investments (51) (280) (331) -
Termination of
retirement
benefit plans - - - (2)
Taxation on
exceptional items 3 12 (81) (94) 40
Headline earnings 585 674 2,379 3,920
Unrealised non-hedge
derivatives and
marked-to-market of
debt financial
instruments (166) (307) (476) (101)
Deferred tax on
unrealised
non-hedge derivatives 3 87 130 230 35
Adjusted headline
earnings 506 497 2,133 3,854
Earnings per ordinary
share (cents)
- Basic 274 327 1,046 1,552
- Diluted 273 326 1,042 1,545
- Headline 263 303 1,068 1,767
- Adjusted headline 227 223 957 1,737
Dividends
- Rm 1,584 3,005
- cents per share 710 1,350
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
GROUP INCOME STATEMENT
Quarter ended Year ended
December September December December
2003 2003 2003 2002
US Dollar million Notes Unaudited Unaudited Reviewed Audited
Gold income 547 505 2,029 1,761
Cost of sales 2 (419) (381) (1,526) (1,203)
128 124 503 558
Non-hedge derivatives 31 52 119 92
Operating profit (1) 159 176 622 650
Corporate administration
and other expenses (9) (6) (36) (25)
Market development costs (7) (4) (19) (17)
Exploration costs (10) (9) (38) (28)
Interest receivable 14 8 38 36
Other net income (expense) 1 (4) (15) (9)
Finance costs (21) (11) (49) (44)
Marked-to-market of debt
financial instruments 5 1 6 -
Abnormal items (19) - (19) (10)
Profit before
exceptional items 113 151 490 553
Amortisation of goodwill (8) (7) (29) (28)
Impairment of mining assets 2 (35) (44) -
Profit (loss) on disposal
of assets and subsidiaries 3 - 10 (13)
Profit on disposal
of investments 8 38 45 -
Termination of retirement
benefit plans - - - -
Profit on ordinary
activities before taxation 118 147 472 512
Taxation 3 (20) (46) (142) (165)
Profit on ordinary
activities after taxation 98 101 330 347
Minority interest (4) (4) (17) (15)
Minority interest
in abnormal items (1) - (1) -
Net profit 93 97 312 332
(1) Adjusted operating profit
The operating profit has been
adjusted by the following to
arrive at adjusted
operating profit:
Operating profit 159 176 622 650
Unrealised non-hedge
derivatives (22) (40) (63) (12)
Adjusted operating profit 137 136 559 638
Headline earnings
The net profit has been
adjusted by the following
to arrive at
headline earnings:
Net profit 93 97 312 332
Amortisation of goodwill 8 7 29 28
Impairment of mining assets (2) 35 44 -
(Profit) loss on disposal
of assets and subsidiaries (3) - (10) 13
Profit on disposal
of investments (8) (38) (45) -
Termination of
retirement benefit plans - - - -
Taxation on exceptional items 3 1 (11) (12) 3
Headline earnings 89 90 318 376
Unrealised non-hedge
derivatives and
marked-to-market of
debt financial instruments (27) (41) (69) (12)
Deferred tax on unrealised
non-hedge derivatives 3 13 18 33 4
Adjusted headline earnings 75 67 282 368
Earnings per
ordinary share (cents)
- Basic 42 44 140 150
- Diluted 42 43 139 149
- Headline 40 40 143 169
- Adjusted headline 34 30 127 166
Dividends
- $m 220 325
- cents per share 99 146
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
Dividends are translated at actual rates on date of payment. The current
year is an indicative rate only.
GROUP BALANCE SHEET
As at As at As at
December September December
2003 2003 2002
SA Rand million Reviewed Unaudited Audited
ASSETS
Non-current assets
Mining assets 18,427 17,711 19,555
Goodwill 2,749 2,735 3,210
Investments in associates 47 151 165
Other investments 62 174 197
AngloGold Environmental Rehabilitation
Trust 352 297 275
Other non-current assets 667 551 466
Derivatives 630 563 549
22,934 22,182 24,417
Current assets
Inventories 2,050 1,781 1,848
Trade and other receivables 1,461 1,316 2,190
Cash and cash equivalents 3,367 3,765 3,544
Current portion of other non-current
assets 59 62 3
Derivatives 2,515 2,762 1,996
9,452 9,686 9,581
TOTAL ASSETS 32,386 31,868 33,998
EQUITY AND LIABILITIES
Equity
Shareholders" equity 10,852 10,784 12,375
Minority interests 354 257 347
11,206 11,041 12,722
Non-current liabilities
Borrowings 5,383 5,758 7,219
Provisions 1,832 1,744 2,008
Deferred taxation 3,986 4,011 3,445
Derivatives 2,194 1,647 2,028
13,395 13,160 14,700
Current liabilities
Current portion of borrowings 2,340 2,264 719
Trade and other payables 2,339 2,049 2,145
Taxation 164 267 1,124
Derivatives 2,942 3,087 2,588
7,785 7,667 6,576
TOTAL EQUITY AND LIABILITIES 32,386 31,868 33,998
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
GROUP BALANCE SHEET
As at As at As at
December September December
2003 2003 2002
US Dollar million Reviewed Unaudited Audited
ASSETS
Non-current assets
Mining assets 2,764 2,552 2,280
Goodwill 412 394 374
Investments in associates 7 22 19
Other investments 9 25 23
AngloGold Environmental Rehabilitation
Trust 53 43 32
Other non-current assets 101 79 55
Derivatives 94 81 64
3,440 3,196 2,847
Current assets
Inventories 307 257 216
Trade and other receivables 219 190 255
Cash and cash equivalents 505 542 413
Current portion of other non-current
assets 9 9 -
Derivatives 377 398 233
1,417 1,396 1,117
TOTAL ASSETS 4,857 4,592 3,964
EQUITY AND LIABILITIES
Equity
Shareholders" equity 1,628 1,555 1,443
Minority interests 53 37 40
1,681 1,592 1,483
Non-current liabilities
Borrowings 807 830 842
Provisions 275 251 234
Deferred taxation 598 578 402
Derivatives 329 237 236
2,009 1,896 1,714
Current liabilities
Current portion of borrowings 351 326 84
Trade and other payables 350 295 250
Taxation 25 38 131
Derivatives 441 445 302
1,167 1,104 767
TOTAL EQUITY AND LIABILITIES 4,857 4,592 3,964
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
GROUP CASH FLOW STATEMENT
Quarter ended Year ended
December September December December
2003 2003 2003 2002
SA Rand million Unaudited Unaudited Reviewed Audited
Cash flows from operating
activities
Cash generated from
operations 901 1,043 4,527 8,255
Interest received 84 46 245 331
Environmental and other
expenditure (108) (41) (232) (169)
Dividends received from
associates - - 9 19
Finance costs (80) (67) (291) (410)
Recoupment tax received:
Free State assets - - 681 -
Recoupment tax paid: Free
State assets - - (681) -
Taxation paid (101) (51) (780) (1,376)
Net cash inflow from
operating activities 696 930 3,478 6,650
Cash flows from investing
activities
Capital expenditure (1,057) (661) (2,744) (2,842)
Proceeds from disposal of
mining assets 19 5 38 11
Net proceeds from
disposal of mines - - - 1,544
Proceeds - - - 1,813
Contractual obligations - - - (269)
Investments acquired (5) - (8) (355)
Proceeds from disposal of
investments 72 351 423 1,829
Acquisition of subsidiary - - - (979)
Disposal of subsidiary - - 8 -
Loans advanced (122) (2) (133) (51)
Repayment of loans
advanced 7 14 29 175
Net cash outflow from
investing activities (1,086) (293) (2,387) (668)
Cash flows from financing
activities
Proceeds from issue of
share capital 22 21 63 156
Share issue expenses - (1) (2) (116)
Proceeds from borrowings 347 2,182 2,678 8,599
Repayment of borrowings (460) (366) (1,241) (9,789)
Dividends paid (35) (882) (2,476) (2,821)
Net cash (outflow) inflow
from financing activities (126) 954 (978) (3,971)
Net (decrease) increase
in cash and cash
equivalents (516) 1,591 113 2,011
Cash in the subsidiary
acquired 58 - 58 -
Translation 60 (156) (348) (751)
Opening cash and cash
equivalents 3,765 2,330 3,544 2,284
Closing cash and cash
equivalents 3,367 3,765 3,367 3,544
Cash generated from
operations
Profit on ordinary
activities before
taxation 790 1,090 3,546 5,331
Adjusted for:
Non-cash movements (63) (97) (252) (187)
Movement on non-hedge
derivatives (98) (337) (449) (132)
Amortisation of mining
assets 455 391 1,739 2,566
Interest receivable (94) (56) (285) (373)
Other net income (expense) (1) (3) 85 (6)
Finance costs 145 77 363 464
Abnormal items 122 - 122 -
Amortisation of goodwill 52 54 221 293
Impairment of mining
assets (20) 252 327 -
Profit on disposal of
investments (51) (280) (331) -
(Profit) loss on disposal
of assets and
subsidiaries (19) - (75) 92
Termination of retirement
benefit plans - - - (2)
Movement in working
capital (317) (48) (484) 209
901 1,043 4,527 8,255
Movement in working
capital:
(Increase) decrease in
trade and other
receivables (135) 207 57 488
(Increase) decrease in
inventories (219) (1) (165) 85
Increase (decrease) in
trade and other payables 37 (254) (376) (364)
(317) (48) (484) 209
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
GROUP CASH FLOW STATEMENT
Quarter ended Year ended
December September December December
2003 2003 2003 2002
US Dollar million Unaudited Unaudited Reviewed Audited
Cash flows from operating
activities
Cash generated from
operations 136 145 592 758
Interest received 13 6 33 32
Environmental and other
expenditure (15) (5) (31) (16)
Dividends received from
associates - - 1 2
Finance costs (13) (9) (40) (40)
Recoupment tax received:
Free State assets - - 91 -
Recoupment tax paid: Free
State assets - - (91) -
Taxation paid (20) (11) (102) (131)
Net cash inflow from
operating activities 101 126 453 605
Cash flows from investing
activities
Capital expenditure (148) (88) (363) (271)
Proceeds from disposal of
mining assets 3 1 6 1
Net proceeds from
disposal of mines - - - 140
Proceeds - - - 164
Contractual obligations - - - (24)
Investments acquired (1) - (1) (34)
Proceeds from disposal of
investments 11 45 56 158
Acquisition of subsidiary - - - (97)
Disposal of subsidiary - - 1 -
Loans advanced (16) - (19) (5)
Repayment of loans
advanced 1 1 4 17
Net cash outflow from
investing activities (150) (41) (316) (91)
Cash flows from financing
activities
Proceeds from issue of
share capital 4 3 10 18
Share issue expenses - - - (11)
Proceeds from borrowings 48 296 362 798
Repayment of borrowings (65) (48) (165) (912)
Dividends paid (5) (119) (314) (260)
Net cash (outflow) inflow
from financing activities (18) 132 (107) (367)
Net (decrease) increased
in cash and cash
equivalents (67) 217 30 147
Cash in the subsidiary
acquired 9 - 9 -
Translation 21 14 53 75
Opening cash and cash
equivalents 542 311 413 191
Closing cash and cash
equivalents 505 542 505 413
Cash generated from
operations
Profit on ordinary
activities before
taxation 118 147 472 512
Adjusted for:
Non-cash movements (9) (13) (34) (17)
Movement on non-hedge
derivatives (17) (45) (65) (16)
Amortisation of mining
assets 68 53 232 245
Interest receivable (14) (8) (38) (36)
Other net income (expense) - (2) 10 (1)
Finance costs 21 11 49 44
Abnormal items 19 - 19 -
Amortisation of goodwill 8 7 29 28
Impairment of mining
assets (2) 35 44 -
Profit on disposal of
investments (8) (38) (45) -
(Profit) loss on disposal
of assets and
subsidiaries (3) - (10) 8
Termination of retirement
benefit plans - - - -
Movement in working
capital (45) (2) (71) (9)
136 145 592 758
Movement in working
capital:
(Increase) decrease in
trade and other
receivables (28) 14 (53) (5)
(Increase) decrease in
inventories (44) (19) (87) (54)
Decrease in trade and
other payables 27 3 69 50
(45) (2) (71) (9)
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
Non-
Ordinary share distri- Foreign
capital and butable currency
premium reserves translation
SA Rand million
Balance at December 2001 8,140 143 2,999
Movements on other comprehensive income
Net profit
Dividends paid
Ordinary shares issued 1,467
Transfer from non-distributable reserves (5)
Translation (2,640)
Balance at December 2002 9,607 138 359
Movements on other comprehensive income
Net profit
Dividends paid
Ordinary shares issued 61
Transfer from non-distributable reserves -
Translation (1,115)
Balance at December 2003 9,668 138 (755)
US Dollar million
Balance at December 2001 681 12 250
Movements on other comprehensive income
Net profit
Dividends paid
Ordinary shares issued 140
Transfer from non-distributable reserves (1)
Translation 299 5 (207)
Balance at December 2002 1,120 16 43
Movements on other comprehensive income
Net profit
Dividends paid
Ordinary shares issued 10
Transfer from non-distributable reserves -
Translation 320 5 (156)
Balance at December 2003 1,450 21 (113)
Other
comprehensive Retained
income earnings Total
SA Rand million
Balance at December 2001 (1,057) 3,132 13,357
Movements on other comprehensive
income (728) (728)
Net profit 3,444 3,444
Dividends paid (2,728) (2,728)
Ordinary shares issued 1,467
Transfer from non-distributable
reserves 5 -
Translation 202 - (2,438)
Balance at December 2002 (1,583) 3,853 12,375
Movements on other comprehensive
income (678) (678)
Net profit 2,331 2,331
Dividends paid (2,337) (2,337)
Ordinary shares issued 61
Transfer from non-distributable
reserves - -
Translation 214 1 (900)
Balance at December 2003 (2,047) 3,848 10,852
US Dollar million
Balance at December 2001 (88) 262 1,117
Movements on other comprehensive
income (74) - (74)
Net profit 332 332
Dividends paid (251) (251)
Ordinary shares issued 140
Transfer from non-distributable
reserves 1 -
Translation (23) 105 179
Balance at December 2002 (185) 449 1,443
Movements on other comprehensive
income (95) (95)
Net profit 312 312
Dividends paid (296) (296)
Ordinary shares issued 10
Transfer from non-distributable
reserves - -
Translation (27) 112 254
Balance at December 2003 (307) 577 1,628
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS).
NOTES
1. Basis of preparation
The financial statements have been prepared in accordance with the historic
cost convention, except for certain financial instruments, which have been
stated at fair value. The group"s accounting policies used in the preparation
of these financial statements are consistent with those used in the annual
financial statements for the year ended 31 December 2002.
The summarised group financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and South African Generally
Accepted Accounting Practices (SA GAAP), in compliance with the Listings
Requirements of the JSE Securities Exchange South Africa (JSE) and in the
manner required by the South African Companies Act, 1973 for the preparation of
interim financial information. Accordingly, the financial statements do not
include all the information and disclosures required by IFRS, SA GAAP and in
the manner required by the South African Companies Act, 1973 for annual
consolidated financial statements.
2. Cost of sales
SA Rand million
Quarter ended Year ended
Unaudited Unaudited Reviewed Audited
Cash operating costs 2,271 2,395 9,473 9,812
Other cash costs 61 60 255 291
Total cash costs 2,332 2,455 9,728 10,103
Retrenchment costs 15 7 27 30
Rehabilitation and other
non-
cash costs 33 17 97 119
Production costs 2,380 2,479 9,852 10,252
Amortisation of mining
assets 455 391 1,739 2,566
Total production costs 2,835 2,870 11,591 12,818
Inventory change (14) (49) (133) (268)
2,821 2,821 11,458 12,550
Dec Sept Dec Dec
2003 2003 2003 2002
US Dollar million
Quarter ended Year ended
Dec Sept Dec Dec
2003 2003 2003 2002
Unaudited Unaudited Reviewed Audited
Cash operating costs 337 324 1,260 939
Other cash costs 9 8 34 28
Total cash costs 346 332 1,294 967
Retrenchment costs 2 1 4 3
Rehabilitation and other
non-
cash costs 5 2 13 12
Production costs 353 335 1,311 982
Amortisation of mining
assets 68 53 232 245
Total production costs 421 388 1,543 1,227
Inventory change (2) (7) (17) (24)
419 381 1,526 1,203
3. Taxation
SA Rand million
Quarter ended Year ended
Dec Sept Dec Dec
2003 2003 2003 2002
Unaudited Unaudited Reviewed Audited
Normal taxation 55 93 545 1,315
Deferred taxation 167 192 578 293
Deferred tax on unrealised
non-hedge derivatives 87 130 230 35
Taxation on abnormal item (179) (179) 47
Taxation on exceptional
items 12 (81) (94) 40
142 334 1,080 1,730
US Dollar million
Quarter ended Year ended
Dec Sept Dec Dec
2003 2003 2003 2002
Unaudited Unaudited Reviewed Audited
Normal taxation 8 13 69 124
Deferred taxation 25 26 79 39
Deferred tax on unrealised
non-hedge derivatives 13 18 33 4
Taxation on abnormal item (27) (27) (5)
Taxation on exceptional
items 1 (11) (12) 3
20 46 142 165
4. Shares
31 December 30 September 31 December
2003 2003 2002
Shares in issue:
Ordinary shares 223,136,342 222,946,842 222,622,022
A redeemable preference shares 2,000,000 2,000,000 2,000,000
B redeemable preference shares 778,896 778,896 778,896
Weighted average number of
ordinary shares for the year:
Basic 222,836,574 222,772,159 221,883,567
Diluted 223,717,575 223,817,499 222,899,926
During the quarter, 189,500 ordinary shares were allotted in terms of the
AngloGold Share Incentive Scheme and the Acacia Employee Option Plan. All the
preference shares are held by a wholly-owned subsidiary company.
5. Capital commitments
Orders placed and outstanding on capital contracts at the prevailing
rate of exchange:
US Dollar
SA Rand million million
31 December 30 September 31 December 31 December 30 September 31 December
2003 2003 2002 2003 2003 2002
650 864 918 98 118 107
6. Exchange rates
31 December 2003 30 September 31 December 2002
2003
Rand/US dollar
average for the year 7.55 7.82 10.48
Rand/US dollar
average for the
quarter 6.74 7.40 9.62
Rand/US dollar
closing 6.67 6.94 8.58
Rand/Australian
dollar average for
the year 4.90 4.94 5.70
Rand/Australian
dollar average for
the quarter 4.82 4.88 5.37
Rand/Australian
dollar closing 5.02 4.73 4.80
7. Attributable interest
Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining
Company Limited, it is currently entitled to receive 100% of the cash flow from
the operation until the loan, extended to the joint venture by AngloGold North
America Inc., is repaid.
8. Announcements: Since the previous quarterly report, AngloGold has made the
following announcements:
8.1 Further to the announcements regarding the proposed merger of AngloGold and
Ashanti Goldfields Company Limited made by AngloGold on 16 May, 13 June, 4
August, 22 September, 23 September, 15 October, 29 October and 30 October,
AngloGold announced on 12 December 2003, the terms and conditions of the
Support Deed entered into with the Government of Ghana, whereby the Government
agreed to vote its shares in Ashanti in favour of the merger, as well as the
definitive terms of a Stability Agreement to be entered into with the
Government concerning certain fiscal and regulatory undertakings in its role as
regulator of Ashanti. At this time, the previous cautionary announcement was
withdrawn.
8.2 On 14 November 2003, AngloGold announced that it had entered into an
agreement with Greater Pacific Gold Limited, for the sale of its Union Reefs
Gold Mine at Pine Creek, which closed in October 2003, together with the
associated assets and tenements. The agreed staged purchase consideration for
these assets is A$6.2m.
8.3 On 24 November 2003, AngloGold announced the terms and conditions for the
sale of the Western Tanami Project to Tanami Gold NL for a staged payment of
A$9m, the receipt of 25mTanami Gold NL shares and the payment of a royalty,
based on production. The effective date of sale has not yet been finalised.
Copies of the detailed announcements are available on the AngloGold
website: www.anglogold.com.
9. Dividend
The directors have declared a Final Dividend No. 95 of 335 (Final Dividend No.
93: 675) South African cents per ordinary share for the year ended 31 December
2003. In compliance with the requirements of STRATE, the salient dates for
payment of the dividend are as follows:
To holders of ordinary shares and to holders of CHESS Depositary Interests
(CDIs) Each CDI represents one-fifth of an ordinary share.
2004
Currency conversion date for UK pounds and
Australian dollars Thursday, 5 February
Last date to trade ordinary shares cum dividend Friday, 13 February
Last date to register transfers of certificated
securities cum dividend Friday, 13 February
Ordinary shares trade ex dividend Monday, 16 February
Record date Friday, 20 February
Payment date Friday, 27 February
On the payment date, dividends due to holders of certificated securities on the
South African share register will either be electronically transferred to
shareholders" bank accounts or, in the absence of suitable mandates, dividend
cheques will be posted to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to
shareholders" accounts with the relevant CSDP or broker.
To comply with the further requirements of STRATE, between Monday, 16 February
2004 and Friday, 20 February 2004, both days inclusive, no transfers between
the South African, United Kingdom and Australian share registers will be
permitted and no ordinary shares pertaining to the South African share register
may be dematerialised or rematerialised.
To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.
2004
Ex dividend on New York Stock Exchange Wednesday, 18 February
Record date Friday, 20 February
Approximate date for currency conversion Friday, 27 February
Approximate payment date of dividend Tuesday, 9 March
Assuming an exchange rate of R7.04/$1, the dividend payable on an ADS is
equivalent to 48 US cents. This compares with the final dividend of 82.12 US
cents per ADS paid on 10 March 2003. However, the actual rate of payment will
depend on the exchange rate on the date for currency conversion.
10. The group financial statements for the quarter and year ended 31 December
2003 were authorised for issue in accordance with a resolution of the directors
passed on 28 January 2004. AngloGold is a limited liability company
incorporated in the Republic of South Africa.
11. The results have been reviewed by AngloGold"s auditors, Ernst & Young
Registered Accountants and Auditors, Chartered Accountants (SA), and their
unmodified review opinion is available for inspection at AngloGold"s registered
office in South Africa.
12. 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 report.
By order of the board
R P EDEY R M GODSELL
Chairman Chief Executive Officer
29 January 2004
Operations at a glance
for the quarter ended 31 December 2003
Total
Price received 1 Production cash
% Var- % Var- costs
$/oz iance4 oz(000) iance4 $/oz
Great Noligwa 414 8 218 - 232
TauTona 407 14 164 (4) 208
Geita 5 340 2 117 33 136
Sunrise Dam 425 19 93 9 230
Cerro Vanguardia 5 359 12 58 41 138
Kopanang 415 8 124 (6) 297
Mponeng 404 13 119 (8) 293
Morro Velho 341 (4) 61 3 144
Cripple Creek & Victor J.V. 328 (10) 76 15 203
Morila 5 367 5 48 (40) 182
Sadiola 5 395 6 50 19 223
Tau Lekoa 413 7 80 1 342
Serra Grande 5 340 (4) 23 (4) 131
Yatela 5 395 10 17 (15) 322
Navachab 393 9 16 (11) 349
Union Reefs 335 (7) 5 (78) 179
Ergo 395 9 51 13 365
Savuka 405 13 42 (5) 544
Other 27 (68)
AngloGold Group 392 8 1,389 - 249
Total
cash Cash operating Adjusted operating
costs profit 2 profit 3
% Var- % Var- % Var-
iance4 $m iance4 $m iance4
Great Noligwa 6 37 - 34 (3)
TauTona 5 31 15 28 12
Geita 5 (28) 23 92 19 111
Sunrise Dam (5) 19 138 12 300
Cerro Vanguardia 5 (20) 14 100 7 250
Kopanang 14 13 (19) 11 (21)
Mponeng 18 13 (13) 8 (20)
Morro Velho (1) 12 - 9 -
Cripple Creek & Victor J.V. (6) 10 (17) 1 (67)
Morila 5 67 9 (53) 4 (71)
Sadiola 5 14 8 - 5 -
Tau Lekoa 8 6 20 (1) (125)
Serra Grande 5 20 6 20 5 25
Yatela 5 29 1 (67) (2) (300)
Navachab 15 1 100 1 100
Union Reefs (25) - (100) - (100)
Ergo (11) - 100 - 100
Savuka 12 (9) (13) (9) (13)
Other 11 (57) 5 40
AngloGold Group 5 205 8 137 1
1 Price received includes realised non-hedge derivatives.
2 Adjusted operating profit plus amortisation of mining assets.
3 Operating profit excluding unrealised non-hedge derivatives.
4 Variance December 2003 quarter on September 2003 quarter
- Increase (Decrease).
5 Attributable
Administrative information
AngloGold Limited Directors
Registration No. 1944/017354/06 Executive
Incorporated in the Republic R M Godsell
of South Africa (Chief Executive Officer)
ISIN: ZAE000043485 J G Best
Share codes: D L Hodgson
JSE: ANG K H Williams
LSE: 79 LK
NYSE: AU Non-Executive
ASX: AGG R P Edey* (Chairman)
Euronext Paris: VA Dr T J Motlatsi (Deputy Chairman)
Euronext Brussels: ANG BB F B Arisman#
Mrs E le R Bradley
JSE Sponsor: UBS C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
Auditors: Ernst & Young W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate: D D Barber)
N F Oppenheimer
Contacts A J Trahar
South Africa * British # American
Steve Lenahan
Telephone: +27 11 637 6248 Offices
Fax: +27 11 637 6400 Registered and Corporate
E-mail: slenahan@anglogold.com Managing Secretary
Ms Y Z Simelane
Peta Baldwin
Telephone: +27 11 637 6647 Company Secretary
Fax: +27 11 637 6399 C R Bull
E-mail: pbaldwin@anglogold.com
11 Diagonal Street
Europe / Asia Johannesburg 2001
Tomasz Nadrowski (PO Box 62117, Marshalltown 2107)
Telephone: +1 212 750 7999 South Africa
Fax: +1 212 750 5626 Telephone: +27 11 637 6000
E-mail: tnadrowski@anglogold.com Fax: +27 11 637 6624
United States of America Australia
Charles Carter Level 13, St Martins Tower
Telephone: (800) 417 9255 (toll free 44 St George"s Terrace
in USA and Canada) or +1 212 750 7999 Perth, WA 6000
Fax: +1 212 750 5626 (PO Box Z5046, Perth WA 6831)
E-mail: cecarter@anglogold.com Australia
Telephone: +61 8 9425 4604
Australia Fax: +61 8 9425 4662
Andrea Maxey
Telephone: +61 8 9425 4604 United Kingdom Secretaries
Fax: +61 8 9425 4662 St James"s Corporate Services Limited
E-mail: amaxey@anglogold.com.au 6 St James"s Place
London SW1A 1NP
General E-mail enquiries England
investors@anglogold.com Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
AngloGold website
http://www.anglogold.com
Share Registrars
South Africa
Computershare Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 7700
Fax: +27 11 688 7722
United Kingdom
Computershare Investor Services PLC
P O Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0001
Fax: +44 870 703 6119
Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George"s Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in Australia)
Fax: +61 8 9323 2033
ADR Depositary
The Bank of New York
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052
Global BuyDIRECTSM
The Bank of New York maintains a direct
share purchase and dividend reinvestment
plan for AngloGold. For additional
information, please visit The Bank of New
York"s website at www.globalbuydirect.com
or call Shareholder Relations Department at
1-888-BNY-ADRS or write to:
The Bank of New York
Church Street Station, PO Box 11258
New York, NY 10286-1258
United States of America
Fax: +1 302 738 7210
Certain statements contained in this document, including, without limitation,
those concerning the letter from the Chairman and CEO, the economic outlook for
the gold mining industry, expectations regarding gold prices and production,
the completion and commencement of commercial operations of certain of
AngloGold"s exploration and production projects, and its liquidity and capital
resources and expenditure, contain certain forward-looking statements regarding
AngloGold"s operations, economic performance and financial condition. Although
AngloGold believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations
will prove to have been correct. Accordingly, results could differ materially
from those set out in the forward-looking statements as a result of, among
other factors, changes in economic and market conditions, success of business
and operating initiatives, changes in the regulatory environment and other
government actions, fluctuations in gold prices and exchange rates, and
business and operational risk management. For a discussion on such risk
factors, refer to the annual report on Form 20-F for the year ended 31 December
2002, which was filed with the Securities and Exchange Commission on 7 April
2003.
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