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ANGLOGOLD LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/17354/06)
ABRIDGED REPORT
FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 1998 AND
DIVIDEND DECLARATION APPROPRIATION BASIS
QUARTER QUARTER SIX MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED
JUNE MARCH JUNE JUNE
1998 1998 1998 1997
GOLD
PRODUCED - KGS 50 867 53 877 104 744 100 641
REVENUE - R/KG SOLD 57 478 55 205 56 292 52 976
CASH COSTS
- R/KG PRODUCED 40 477 39 725 40 090 41 998
CONSOLIDATED INCOME STATEMENT
R MILLION R MILLION R MILLION R MILLION
REVENUE 2 885,2 3 024,5 5 909,7 5 407,3
COST OF SALES 2 170,0 2 387,0 4 557,0 4 375,3
OPERATING PROFIT 715,2 637,5 1 352,7 1 032,0
EXPLORATION COSTS 46,0 46,1 92,1 -
CORPORATE ADMINISTRATION
COSTS 69,9 48,3 118,2 185,9
OTHER INCOME - NET 43,9 30,8 74,7 147,8
PROFIT BEFORE
TAXATION 643,2 573,9 1 217,1 993,9
TAXATION 222,0 154,0 376,0 195,4
PROFIT AFTER
TAXATION 421,2 419,9 841,1 798,5
APPROPRIATION FOR
CAPITAL EXPENDITURE 9,6 128,1 137,7 284,0
EQUITY EARNINGS 6,8 20,7 27,5 -
PROFIT AVAILABLE 418,4 312,5 730,9 514,5
CONSOLIDATED BALANCE SHEET
30 JUNE 1998
R MILLION
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM 5 016,0
NON-DISTRIBUTABLE RESERVES 17 471,7
RETAINED PROFIT 27,3
LONG-TERM LIABILITIES 1 343,6
23 858,6
EMPLOYMENT OF CAPITAL
MINING ASSETS 21 328,5
INVESTMENTS 1 653,6
LONG-TERM LOANS 793,2
NET CURRENT ASSETS 83,3
CASH 1 011,7
OTHER CURRENT ASSETS 1 793,5
CURRENT LIABILITIES 2 721,9
23 858,6
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED JUNE 1998
R MILLION
OPERATING ACTIVITIES 988,2
CASH FLOW FROM OPERATIONS 1 139,5
INVESTMENT INCOME 77,6
WORKING CAPITAL MOVEMENT 26,3
TAXATION PAID (255,2)
INVESTING AND FINANCING ACTIVITIES (508,8)
MINING ASSETS ACQUIRED (437,4)
PROCEEDS FROM THE DISPOSAL OF MINING ASSETS 21,9
INVESTMENTS ACQUIRED (24,6)
PURCHASE OF MANAGEMENT CONTRACTS (50,0)
LOAN REPAYMENTS (2,1)
FORMATION COSTS (16,6)
NET CASH GENERATED 479,4
DIVIDENDS PAID (637,8)
CASH RESOURCES AT BEGINNING OF YEAR 1 170,1
CASH RESOURCES AT 30 JUNE 1998 1 011,7
AMORTISATION BASIS
QUARTER QUARTER SIX MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED
JUNE MARCH JUNE JUNE
1998 1998 1998 1997
GOLD
PRODUCED - OZS (000) 1 636 1 732 3 368 3 236
REVENUE - $/OZ SOLD 358 360 359 370
CASH COSTS
- $/OZ PRODUCED 243 250 247 292
CONSOLIDATED INCOME STATEMENT
$ MILLION $ MILLION $ MILLION $ MILLION
REVENUE 549.5 602.6 1 152.1 1 208.4
COST OF SALES 442.8 512.2 955.0 1 086.0
OPERATING PROFIT 106.7 90.4 197.1 122.4
EXPLORATION COSTS 8.9 9.3 18.2 -
CORPORATE
ADMINISTRATION COSTS 13.7 9.7 23.4 45.7
OTHER INCOME - NET 46.8 11.4 58.2 33.3
PROFIT BEFORE
TAXATION 130.9 82.8 213.7 110.0
TAXATION 30.7 28.5 59.2 11.8
PROFIT AFTER
TAXATION 100.2 54.3 154.5 98.2
EQUITY EARNINGS 3.2 5.8 9.0 -
TRANSFER TO NON-DISTRIBUTABLE
RESERVES - - - 8.4
NET EARNINGS 103.4 60.1 163.5 89.8
CONSOLIDATED BALANCE SHEET
30 JUNE 1998
$ MILLION
CAPITAL EMPLOYED
SHAREHOLDERS' EQUITY 1 762.6
DEFERRED TAX 776.6
LONG-TERM BORROWINGS 228.9
OTHER LONG-TERM LIABILITIES 204.4
2 972.5
EMPLOYMENT OF CAPITAL
MINING ASSETS 2 455.3
INVESTMENTS 281.7
LONG-TERM LOANS 135.1
NET CURRENT ASSETS 100.4
CASH 172.4
OTHER CURRENT ASSETS 360.9
CURRENT LIABILITIES 432.9
2 972.5
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED JUNE 1998
$ MILLION
OPERATING ACTIVITIES 175.3
CASH FLOW FROM OPERATIONS 198.6
INVESTMENT INCOME 15.1
WORKING CAPITAL MOVEMENT 5.1
TAXATION PAID (43.5)
INVESTING AND FINANCING ACTIVITIES (99.1)
MINING ASSETS ACQUIRED (85.3)
PROCEEDS FROM THE DISPOSAL OF MINING ASSETS 4.3
INVESTMENTS ACQUIRED (4.8)
PURCHASE OF MANAGEMENT CONTRACTS (9.7)
LOAN REPAYMENTS (0.4)
FORMATION COSTS (3.2)
TRANSLATION ADJUSTMENT (17.7)
NET CASH GENERATED 58.5
DIVIDENDS PAID (126.7)
CASH RESOURCES AT BEGINNING OF YEAR 240.6
CASH RESOURCES AT 30 JUNE 1998 172.4
INTERIM DIVIDEND
ON FRIDAY, 17 JULY 1998, THE DIRECTORS OF THE COMPANY DECLARED INTERIM DIVIDEND
NO. 84 AS FOLLOWS:
AMOUNT - SOUTH AFRICAN CURRENCY 750 CENTS PER SHARE
- UNITED STATES CURRENCY 128 CENTS PER SHARE
1998
LAST DAY TO REGISTER FOR DIVIDEND FRIDAY, 7 AUGUST
(AND FOR CHANGES OF ADDRESS OR DIVIDEND INSTRUCTION)
REGISTERS CLOSED FROM SATURDAY, 8 AUGUST
TO (INCLUSIVE) SATURDAY, 15 AUGUST
EX-DIVIDEND ON
- LONDON STOCK EXCHANGE MONDAY, 10 AUGUST
- JOHANNESBURG STOCK EXCHANGE TUESDAY, 11 AUGUST
CURRENCY CONVERSION DATE FOR STERLING PAYMENTS TO
SHAREHOLDERS PAID FROM LONDON TUESDAY, 11 AUGUST
DIVIDEND WARRANTS POSTED THURSDAY, 17 SEPTEMBER
PAYMENT DATE OF DIVIDEND FRIDAY, 18 SEPTEMBER
GENERAL NOTES
1. ALL RESULTS ARE UNAUDITED.
2. ISSUED ORDINARY CAPITAL: 97 839 399 ORDINARY SHARES OF 50 CENTS EACH, OF
WHICH 578 143 SHARES ARE HELD BY A WHOLLY OWNED SUBSIDIARY.
3. THE UNABRIDGED REPORT WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT MONDAY, 27
JULY 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
17 JULY 1998
TRANSFER SECRETARIES REGISTERED OFFICE
CONSOLIDATED SHARE REGISTRARS LIMITED 55 MARSHALL STREET
FIRST FLOOR, EDURA JOHANNESBURG 2001
41 FOX STREET, JOHANNESBURG 2001 (PO BOX 62117
(PO BOX 61051 MARSHALLTOWN 2107)
MARSHALLTOWN 2107) SOUTH AFRICA
SOUTH AFRICA
UNITED KINGDOM REGISTRAR UNITED KINGDOM SECRETARIES
COMPUTERSHARE SERVICES PLC ST JAMES'S CORPORATE SERVICES LIMITED
PO BOX 82 6 ST JAMES'S PLACE
CAXTON HOUSE LONDON SW1A 1NP
REDCLIFFE WAY ENGLAND
BRISTOL BS99 7NH
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
INTERNET ADDRESS: HTTP://WWW.ANGLOGOLD.CO.ZA
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