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ANGLOGOLD LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REGISTRATION NUMBER 05/17354/06
ABRIDGED REPORT
FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 1998
CASH COSTS WELL CONTROLLED
PRODUCTIVITY (GRAMS PER EMPLOYEE) UP 5%
OPERATING PROFIT UP 6% (APPROPRIATION BASIS), 18% (INTERNATIONAL ACCOUNTING
STANDARDS BASIS)
BASED ON APPROPRIATION ACCOUNTING
QUARTER QUARTER YEAR YEAR
ENDED ENDED ENDED ENDED
DEC. SEPT. DEC. DEC.
1998 1998 1998 1997
GOLD
PRODUCED - KGS 52 698 53 164 215 377 239 218
REVENUE - R/KG SOLD 61 296 61 071 58 636 53 634
CASH COSTS - R/KG PRODUCED 41 203 41 930 40 439 41 188
- $/OZ PRODUCED 222 210 229 279
CAPITAL
EXPENDITURE - MINING DIRECT AND
OTHER
- R MILLION 263,8 246,5 947,7 1 009,4
- RECOUPMENTS
- R MILLION (10,0) (148,8) (402,8) (103,0)
NET CAPITAL
EXPENDITURE - R MILLION 253,8 97,7 544,9 906,4
AVAILABLE
PROFIT - R MILLION 414,4 492,5 1 660,8 1 385,1
EARNINGS - CENTS PER
SHARE 424 503 1 697 1 416
CONSOLIDATED INCOME STATEMENT
R MILLION R MILLION R MILLION R MILLION
REVENUE 3 312,5 3 060,4 12 282,6 12 174,6
COST OF SALES 2 360,7 2 159,4 9 067,6 9 813,3
OPERATING PROFIT 951,8 901,0 3 215,0 2 361,3
EXPLORATION COSTS 51,4 60,0 203,5 -
RESEARCH AND
DEVELOPMENT 13,4 4,2 27,1 -
CORPORATE ADMINISTRATION
COSTS 88,5 61,3 268,0 326,2
OTHER INCOME - NET 52,8 35,4 162,9 256,0
PROFIT BEFORE
TAXATION 851,3 810,9 2 879,3 2 291,1
TAXATION 220,3 273,2 869,5 410,5
PROFIT AFTER TAXATION 631,0 537,7 2 009,8 1 880,6
APPROPRIATION FOR CAPITAL
EXPENDITURE 242,1 85,0 553,7 599,1
EQUITY EARNINGS 25,5 39,8 204,7 103,6
PROFIT AVAILABLE 414,4 492,5 1 660,8 1 385,1
CONSOLIDATED BALANCE SHEET
31 DECEMBER
1998 1997
R MILLION R MILLION
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM 3 871,1 3 957,8
NON-DISTRIBUTABLE RESERVES 17 636,7 17 380,9
RETAINED PROFIT 170,7 26,0
LONG-TERM LIABILITIES 713,0 691,7
22 391,5 22 056,4
EMPLOYMENT OF CAPITAL
MINING ASSETS 20 851,1 20 704,5
INVESTMENTS 725,6 549,8
LONG-TERM LOANS 745,2 632,3
NET CURRENT ASSETS 69,6 169,8
CASH 1 318,0 1 164,5
OTHER CURRENT ASSETS 1 258,0 1 224,6
CURRENT LIABILITIES 2 506,4 2 219,3
22 391,5 22 056,4
CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER
1998 1997
R MILLION R MILLION
OPERATING ACTIVITIES 2 180,1 1 277,1
CASH FLOW FROM OPERATIONS 2 741,0 2 033,0
INVESTMENT INCOME 164,9 258,9
WORKING CAPITAL MOVEMENT (110,1) (281,7)
TAXATION PAID (615,7) (733,1)
INVESTING AND FINANCING ACTIVITIES (612,3) (941,6)
MINING ASSETS ACQUIRED (947,7) (1 009,4)
DISPOSAL OF MINING ASSETS 574,4 77,5
INVESTMENTS 28,9 (136,0)
PURCHASE OF MANAGEMENT CONTRACTS (62,5) -
LOANS (91,7) 126,3
FORMATION AND SHARE ISSUE EXPENSES (113,7) -
NET CASH GENERATED 1 567,8 335,5
DIVIDENDS PAID (1 414,3) (1 421,1)
CASH RESOURCES AT BEGINNING OF YEAR 1 164,5 2 250,1
CASH RESOURCES AT 31 DECEMBER 1 318,0 1 164,5
BASED ON INTERNATIONAL ACCOUNTING STANDARDS
QUARTER QUARTER YEAR YEAR
ENDED ENDED ENDED ENDED
DEC. SEPT. DEC. DEC.
1998 1998 1998 1997
GOLD
PRODUCED - OZS (000) 1 690 1 709 6 921 7 691
REVENUE - $/OZ SOLD 332 306 247 365
CASH COSTS - $/OZ
PRODUCED 222 210 229 279
TOTAL PRODUCTION
COSTS - $/OZ
PRODUCED 258 237 265 323
CAPITAL
EXPENDITURE - MINING DIRECT AND
OTHER
- $ MILLION 45.8 39.7 171.9 217.5
- RECOUPMENTS
- $ MILLION (1.8) (24.0) (73.2) (22.5)
NET CAPITAL
EXPENDITURE - $ MILLION 44.0 15.7 98.7 195.0
TOTAL NET
EARNINGS - $ MILLION 82.0 38.1 317.5 179.2
EARNINGS - CENTS PER
SHARE 84 39 324 183
HEADLINE
EARNINGS - CENTS PER
SHARE 90 60 283 174
CONSOLIDATED INCOME STATEMENT
$ MILLION $ MILLION $ MILLION $ MILLION
REVENUE 560.9 493.3 2 235.6 2 649.3
COST OF SALES 433.4 385.5 1 801.5 2 514.4
OPERATING
PROFIT 127.5 107.8 434.1 134.9
EXPLORATION
COSTS 8.9 9.7 36.8 -
RESEARCH AND
DEVELOPMENT 2.3 0.7 4.7 -
CORPORATE
ADMINISTRATION
COSTS 15.4 9.7 48.5 69.5
OTHER INCOME -
NET 23.5 (49.9) 31.8 67.7
PROFIT BEFORE
TAXATION 124.4 37.8 375.9 133.1
TAXATION 54.5 9.4 123.1 (22.0)
PROFIT AFTER
TAXATION 69.9 28.4 252.8 155.1
EQUITY EARNINGS 12.1 9.7 64.7 40.0
TRANSFER TO
NON-DISTRIBUTABLE
RESERVES - - - 15.9
TOTAL NET
EARNINGS 82.0 38.1 317.5 179.2
CONSOLIDATED BALANCE SHEET
31 DECEMBER
1998 1997
$ MILLION $ MILLION
CAPITAL EMPLOYED
SHAREHOLDERS' EQUITY 1 159.9 1 346.9
DEFERRED TAX 733.0 925.7
LONG-TERM BORROWINGS 121.2 142.0
OTHER LONG-TERM LIABILITIES 192.8 242.2
2 206.9 2 656.8
EMPLOYMENT OF CAPITAL
MINING ASSETS 1 883.2 2 308.2
INVESTMENTS 136.6 112.8
LONG-TERM LOANS 126.7 129.8
NET CURRENT ASSETS 60.4 106.0
CASH 224.1 239.1
OTHER CURRENT ASSETS 262.9 322.7
CURRENT LIABILITIES 426.6 455.8
2 206.9 2 656.8
CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER
1998 1997
$ MILLION $ MILLION
OPERATING ACTIVITIES 430.5 278.8
CASH FLOW FROM OPERATIONS 520.5 307.3
INVESTMENT INCOME 30.1 56.0
WORKING CAPITAL MOVEMENT (7.8) 74.1
TAXATION PAID (112.3) (158.6)
INVESTING AND FINANCING ACTIVITIES (111.6) (203.7)
MINING ASSETS ACQUIRED (172.9) (218.4)
DISPOSAL OF MINING ASSETS 104.8 16.8
INVESTMENTS 5.3 (29.4)
PURCHASE OF MANAGEMENT CONTRACTS (11.4) -
LOANS (16.7) 27.3
FORMATION AND SHARE ISSUE EXPENSES (20.7) -
TRANSLATION ADJUSTMENT (74.4) (9.1)
NET CASH GENERATED 244.5 66.0
DIVIDENDS PAID (259.5) (307.5)
CASH RESOURCES AT BEGINNING OF YEAR 239.1 480.6
CASH RESOURCES AT 31 DECEMBER 224.1 239.1
GENERAL NOTES
1. ALL RESULTS HAVE BEEN AUDITED.
2. THE ISSUED ORDINARY CAPITAL COMPRISES 97 853 199 ORDINARY SHARES OF 50 CENTS
EACH.
3. EARNINGS PER SHARE HAVE BEEN CALCULATED USING A WEIGHTED AVERAGE NUMBER OF
ORDINARY SHARES IN ISSUE.
4. THE UNABRIDGED REPORT WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT FRIDAY, 5
FEBRUARY 1999 AND COPIES ARE AVAILABLE FROM THE ADDRESSES GIVEN BELOW.
5. THE UNABRIDGED REPORT WILL ALSO BE AVAILABLE ON THE INTERNET AT THE
UNDERMENTIONED ADDRESS.
DIVIDEND
FINAL DIVIDEND NO. 85 OF 800 CENTS (FOR ILLUSTRATIVE PURPOSES EQUIVALENT TO 132
US CENTS AT THE RATE OF EXCHANGE RULING ON 1 FEBRUARY 1999) (1997: 875 CENTS;
180 US CENTS) PER SHARE HAS BEEN DECLARED AS FOLLOWS:
1999
DECLARATION DATE TUESDAY, 2 FEBRUARY
LAST DAY TO REGISTER FOR DIVIDEND
(AND FOR CHANGES OF ADDRESSES OR
DIVIDEND INSTRUCTION) FRIDAY, 19 FEBRUARY
REGISTERS CLOSED FROM SATURDAY, 20 FEBRUARY
TO (INCLUSIVE) SATURDAY, 27 FEBRUARY
EX-DIVIDEND ON JOHANNESBURG, LONDON AND
NEW YORK STOCK EXCHANGES MONDAY, 22 FEBRUARY
CURRENCY CONVERSION DATE FOR STERLING
PAYMENTS TO SHAREHOLDERS PAID FROM LONDON MONDAY, 22 FEBRUARY
DIVIDEND WARRANTS POSTED THURSDAY, 25 MARCH
PAYMENT DATE OF DIVIDEND FRIDAY, 26 MARCH
BY ORDER OF THE BOARD
NF OPPENHEIMER, CHAIRMAN
RM GODSELL, CHIEF EXECUTIVE OFFICER
JOHANNESBURG
2 FEBRUARY 1999
TRANSFER SECRETARIES
CONSOLIDATED SHARE REGISTRARS LIMITED
FIRST FLOOR, EDURA
41 FOX STREET, JOHANNESBURG 2001
(POBOX 61051, MARSHALLTOWN 2107)
SOUTH AFRICA
REGISTERED OFFICE
11 DIAGONAL STREET
JOHANNESBURG 2001
(POBOX 62117, MARSHALLTOWN 2107)
SOUTH AFRICA
UNITED KINGDOM REGISTRAR UNITED KINGDOM SECRETARIES
COMPUTERSHARE SERVICES PLC ST JAMES'S CORPORATE
PO BOX 82 SERVICES LIMITED
CAXTON HOUSE 6 ST JAMES'S PLACE
REDCLIFFE WAY LONDON SW1A 1NP
BRISTOL BS99 7NH ENGLAND
ENGLAND
INVESTOR RELATIONS
SOUTH AFRICA AND THE UNITED KINGDOM
JAMES DUNCAN
ANGLOGOLD
11 DIAGONAL STREET, JOHANNESBURG 2001
TELEPHONE: +27 11 637-6147
FAX: +27 11 637-6399/6400
E-MAIL: JDUNCAN@CORP.ANGLOGOLD.COM
INTERNET ADDRESS: HTTP://WWW.ANGLOGOLD.COM
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