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ANG
ANANO
ANG - AngloGold Ashanti - Restatement Of Results For The Second Quarter
And Six Months Ended 30 June 2008
AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
(Reg. No.1944/017354/06)
ISIN Number: ZAE000043485
NYSE symbol: AU
JSE share code: ANG
Corporate Affairs Department: 3rd Floor 76 Jeppe Street
Johannesburg 2001 South Africa
Tel +27 (0)11 637 6317
Fax +27 (0)11 637 6399/6400
www.AngloGoldAshanti.com
news release
RESTATEMENT OF RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 30 JUNE 2008
- REDUCTION IN HEADLINE LOSS
The unaudited results for the quarter and six months ended 30 June 2008 were
released on SENS on 31 July 2008. Following the publication of these results
, AngloGold Ashanti has reassessed the accounting estimate for income taxes,
for the effects and impact of the accelerated non-hedge derivative settlements
in accordance with IAS34 - Interim Financial Reporting. Following this
reassessment, the in come tax expense has been reduced by R641 million (US$81m)
for the period. This is as a result of IAS34 requiring that the income tax
expense for interim reporting purposes to be calculated by applying to an
interim period`s pre - tax income, the estimated average annual effective
income tax rate that would be applicable to the expected total annual earnings.
It should be noted that the overprovision would have been reversed by financial
year-end and therefore would not have had any effect on the full year`s income
tax expense and earnings. Nevertheless, in compliance with IAS34, AngloGold
Ashanti has decided to revise its results for the quarter and six months
ended 30 June 2008.
The effect of the reassessment is as follows:
Group Income Statement
Six months ended June 2008
As Published Adjustment Restated
Rm $m Rm $m Rm $m
Taxation expense 1,183 156 (641) (81) 542 75
Net loss attributable to
ordinary
shareholders 4,630 310 (641) (81) 3,989 229
Group Balance Sheet
at end June 2008
As Published Adjustment Restated
Rm $m Rm $m Rm $m
Taxation payable 1,313 168 (248) (31) 1,065 137
Deferred taxation 8,366 1,068 (393) (50) 7,973 1,018
For completeness, those pages of the report as published which are affected by
the above re vision have been corrected and are attached.
Restated documents attached:
- Summary of operating and financial review
- Group Income Statement
- Group Balance Sheet
- Statement of recognised income and expense
Notes:
1 Taxation
2 Retained earnings and other reserves
3 Headline (loss) earnings
Queries
South Africa Tel: Mobile:
Himesh Persotam (Investors) +27 (0) 11 637 6647 +27(0)823393890
Alan Fine (Media) +27 (0) 11 637 6383 +27(0)833500757
Joanne Jones (Media) +27 (0) 11 637 6813 +27(0)828960306
South Africa E - mail:
Himesh Persotam (Investors) hpersotam@AngloGoldAshanti.com
Alan Fine (Media) afine@AngloGoldAshanti.com
Joanne Jones (Media) jjones@AngloGoldAshanti.com
Certain statements made during this communication, including, without
limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, cash costs and other operating
results, growth prospects and the outlook of AngloGold Ashanti`s operations
including the completion and commencement of commercial operations of certain
of AngloGold Ashanti`s exploration and production projects, and its liquidity
and capital resources and expenditure, contain certain forward-looking
statements regarding AngloGold Ashanti`s operations, economic performance and
financial condition. Although AngloGold Ashanti 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 of such factors, refer to AngloGold Ashanti`s annual report for the
year ended 31 December 2007 , which was distributed to shareholders on 31 March
2008. AngloGold Ashanti undertakes no obligation to update publicly or release
any revisions to these forward - looking statements to reflect events or
circumstances after today`s date or to reflect the occurrence of unanticipated
events.
Report
Restated for the quarter and six months ended 30 June 2008
Quarter Six months
ended ended
Jun Jun
2008 2008
Restated Restated
SA rand / Metric
Operating review
Gold
Produced - kg / oz (000) 38,984 76,194
Price received - R/kg / $/oz (44,303) 67,390
Price received normalised for accelerated
settlement of non-hedge derivatives
- R/kg / $/oz 178,796 181,303
Total cash costs - R/kg / $/oz 108,195 106,429
Total production costs - R/kg / $/oz 138,115 137,238
Financial review
Gross profit (loss) - Rm / $m 787 (2,573)
Gross loss adjusted for the gain (loss)
on unrealised non-hedge derivatives and
other
commodity contracts - Rm / $m (6,909) (4,814)
Adjusted gross profit normalised for
accelerated
settlement of non-hedge derivatives - Rm / $m 1,726 3,821
Loss attributable to equity
shareholders - Rm / $m (176) (3,989)
Headline loss 1 - Rm / $m (713) (4,593)
Headline loss adjusted for the gain (loss) on
unrealised non-hedge derivatives, other
commodity
contracts and fair value adjustments on
convertible
bond - Rm / $m (6,877) (6, 064)
Capital expenditure - Rm / $m 2,357 4,287
Loss per ordinary share - cents /share
Basic (62) (1, 412)
Diluted (62) (1, 412)
Headline 1 (252) (1, 626)
Headline loss adjusted for the gain (loss) on
unrealised non-hedge derivatives, other
commodity
contracts and fair value adjustments on
convertible
bond - cents/share (2,434) (2,147)
Quarter Six months
ended ended
Jun Jun
2008 2008
Restated Restated
US dollar / Imperial
Operating review
Gold
Produced - kg / oz (000) 1,253 2,450
Price received - R/kg / $/oz (157) 289
Price received normalised for accelerated
settlement of non-hedge derivatives - R/kg / $/oz 717 736
Total cash costs - R/kg / $/oz 434 433
Total production costs - R/kg / $/oz 554 558
Financial review
Gross profit (loss) - Rm / $m 36 (41)
Gross loss adjusted for the gain (loss)
on unrealised non-hedge derivatives and other
commodity contracts - Rm / $m (866) (592)
Adjusted gross profit normalised for accelerated
settlement of non-hedge derivatives - Rm / $m 223 497
Loss attributable to equity
shareholders - Rm / $m (87) (229)
Headline loss 1 - Rm / $m (156) (3 07)
Headline loss adjusted for the gain (loss) on
unrealised non-hedge derivatives, other commodity
contracts and fair value adjustments on
convertible bond - Rm / $m (865) (761)
Capital expenditure - Rm / $m 304 561
Loss per ordinary share - cents/share
Basic (30) (81)
Diluted (30) (81)
Headline 1 (55) (108)
Headline loss adjusted for the gain (loss) on
unrealised non-hedge derivatives, other
commodity
contracts and fair value adjustments on
convertible
bond - cents/share (3 06) (2 69)
Notes: 1. Refer to note 3 "Notes" for the definition.
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
Group income statement
Quarter Six months
ended ended
June June
2008 2008
Restated Restated
SA Rand million Note Unaudited Unaudited
Revenue 7,720 15,191
Gold income 7,508 14,753
Cost of sales (5,406) (10,398)
Loss on non-hedge derivatives and other
commodity contracts (1,316) (6,928)
Gross profit (loss) 787 (2,573)
Corporate administration and other
expenses (252) (467)
Market development costs (24) (48)
Exploration costs (269) (542)
Other operating expenses (48) (16)
Operating special items 273 355
Operating profit (loss) 467 (3,291)
Interest received 102 184
Exchange loss (28) (27)
Fair value adjustment on option component
of convertible bond 12 183
Finance costs and unwinding of obligations (216) (481)
Share of associates` profit 10 10
Profit (loss) before taxation 348 (3,423)
Taxation 1 (594) (542)
Loss after taxation from continuing
operations (246) (3,966)
Discontinued operations
Profit for the period from discontinued
operations 191 188
Loss for the period (56) (3,778)
Allocated as follows:
Equity shareholders (176) (3,989)
Minority interest 121 211
(56) (3,778)
Basic loss per ordinary share (cents) 1
Loss from continuing operations (130) (1,479)
Profit from discontinued operations 68 67
Loss (62) (1,412)
Diluted loss per ordinary share (cents) 2
Loss from continuing operations 3 (130) (1,479)
Profit from discontinued operations 3 68 67
Loss 3 (62) (1,412)
Dividends 4
- Rm 148
- cents per Ordinary share 53
- cents per E Ordinary share 26
1 Calculated on the basic weighted average number of ordinary shares.
2 The impact of the diluted earnings per share is anti-dilutive and therefore
equal to the basic earnings per share.
3 Calculated on the diluted weighted average number of ordinary shares.
4 Represents the dividend declared and paid during the period.
Rounding of figures may result in computational discrepancies.
Group income statement
Quarter Six months
ended ended
June June
2008 2008
Restated Restated
US Dollar million Note Unaudited Unaudited
Revenue 996 1,983
Gold income 968 1,926
Cost of sales (698) (1,359)
Loss on non-hedge derivatives and other
commodity contracts (235) (608)
Gross profit (loss) 36 (41)
Corporate administration and other
expenses (33) (61)
Market development costs (3) (6)
Exploration costs (34) (71)
Other operating expenses (6) (2)
Operating special items 36 47
Operating loss (4) (134)
Interest received 13 24
Exchange loss (4) (4)
Fair value adjustment on option component
of convertible bond 2 24
Finance costs and unwinding of obligations (28) (63)
Share of associates` profit 1 1
Loss before taxation (20) (151)
Taxation 1 (76) (75)
Loss after taxation from continuing
operations (95) (226)
Discontinued operations
Profit for the period from discontinued
operations 24 24
Loss for the period (71) (202)
Allocated as follows:
Equity shareholders (87) (229)
Minority interest 16 27
(71) (202)
Basic loss per ordinary share (cents) 1
Loss from continuing operations (39) (89)
Profit from discontinued operations 9 8
Loss (30) (81)
Diluted loss per ordinary share (cents) 2
Loss from continuing operations 3 (39) (89)
Profit from discontinued operations 3 9 8
Loss 3 (30) (81)
Dividends 4
- $m 18
- cents per Ordinary share 7
- cents per E Ordinary share 3
1 Calculated on the basic weighted average number of ordinary shares.
2 The impact of the diluted earnings per share is anti-dilutive and therefore
equal to the basic earnings per share.
3 Calculated on the diluted weighted average number of ordinary shares.
4 Represents the dividend declared and paid during the period.
Rounding of figures may result in computational discrepancies.
Group balance sheet
As at
June
2008
Restated
SA Rand million Note Unaudited
ASSETS
Non-current assets
Tangible assets 53,752
Intangible assets 3,649
Investments in associates 396
Other investments 633
Inventories 3,030
Trade and other receivables 864
Deferred taxation 655
Other non-current assets 281
Current assets 63,259
Inventories 5,778
Trade and other receivables 1,905
Derivatives 4,810
Current portion of other non-current assets 2
Cash restricted for use 547
Cash and cash equivalents 3,914
16,955
Non-current assets held for sale 10
16,965
TOTAL ASSETS 80,224
EQUITY AND LIABILITIES
Share capital and premium 22,495
Retained earnings and other reserves 2 (5,932)
Shareholders` equity 16,562
Minority interests 637
Total equity 17,199
Non-current liabilities
Borrowings 7,387
Environmental rehabilitation and other provisions 4,049
Provision for pension and post-retirement benefits 1,247
Trade, other payables and deferred income 68
Derivatives 350
Deferred taxation 7,973
Current liabilities 21,074
Current portion of borrowings 10,103
Trade, other payables and deferred income 12,658
Derivatives 18,126
Taxation 1,065
41,952
Total liabilities 63,025
TOTAL EQUITY AND LIABILITIES 80,224
Net asset value - cents per share 6,100
Rounding of figures may result in computational discrepancies.
Group balance sheet
As at
June
2008
Restated
US Dollar million Note Unaudited
ASSETS
Non-current assets
Tangible assets 6,862
Intangible assets 466
Investments in associates 51
Other investments 81
Inventories 387
Trade and other receivables 110
Deferred taxation 84
Other non-current assets 36
Current assets 8,076
Inventories 738
Trade and other receivables 243
Derivatives 614
Cash restricted for use 70
Cash and cash equivalents 500
2,164
Non-current assets held for sale 1
2,165
TOTAL ASSETS 10,241
EQUITY AND LIABILITIES
Share capital and premium 2,872
Retained earnings and other reserves 2 (758)
Shareholders` equity 2,114
Minority interests 81
Total equity 2,195
Non-current liabilities
Borrowings 943
Environmental rehabilitation and other provisions 517
Provision for pension and post-retirement benefits 159
Trade, other payables and deferred income 9
Derivatives 45
Deferred taxation 1,018
Current liabilities 2,690
Current portion of borrowings 1,290
Trade, other payables and deferred income 1,616
Derivatives 2,314
Taxation
137
5,356
Total liabilities 8,046
TOTAL EQUITY AND LIABILITIES 10,241
Net asset value - cents per share 779
Rounding of figures may result in computational discrepancies.
Statement of recognised income and expense
Six months Six months
ended ended
June June
2008 2008
Restated Restated
Unaudited Unaudited
SA Rand million US Dollar million
Net loss on cash flow hedges removed
from equity and reported in gold sales 1,017 134
Net loss on cash flow hedges (763) (100)
Hedge effectiveness (2) -
Loss on available-for-sale financial assets (67) (9)
Deferred taxation on items above (51) (6)
Translation 4,108 351
Net income recognised directly in equity 4,242 370
Loss for the period (3,778) (202)
Total recognised income for the period 464 168
Attributable to:
Equity shareholders 203 143
Minority interest 261 25
464 168
Rounding of figures may result in computational discrepancies.
Notes
for the second quarter and six months ended 3 0 June 2008
1. Taxation
Quarter ended Six months
ended
Jun Jun
2008 2008
Restated Restated
Unaudited Unaudited
SA Rand million
Current tax
Normal taxation (22) (599)
Disposal of tangible
assets (note 3) (3) (5)
Under provision prior year (28) (14)
(53) (618)
Deferred taxation
Temporary differences 997 845
Unrealised non-hedge
derivatives and other
commodity contracts (1, 545) (954)
Disposal of tangible
assets (note 3) 7 (4)
Change in statutory tax rate - 189
(541) 76
Total taxation (594) (542)
Quarter ended Six months ended
Jun Jun
2008 2008
Restated Restated
Unaudited Unaudited
US Dollar million
Current tax
Normal taxation (5) (80)
Disposal of tangible
assets (note 3) - (1)
Under provision prior year (4) (2)
(9) (83)
Deferred taxation
Temporary differences 126 105
Unrealised non-hedge
derivatives and other
commodity contracts (194) (122)
Disposal of tangible
assets (note 3) 1 -
Change in statutory tax rate - 25
(67) 8
Total taxation (76) (75)
Rounding of figures may result in computational discrepancies.
2. Retained earnings and other reserves
Foreign
Non - currency
Retained distributable translation
earnings reserves reserve
SA Rand million - Restated
Balance at December 2007 (5,524) 138 338
Deferred taxation rate change
Loss attributable to equity
shareholders (3,989)
Dividends (148)
Transfers to foreign currency
translation reserve (12) 12
Disposal of subsidiary
Net loss on cash flow hedges
removed from equity
and reported in gold sales
Net loss on cash flow hedges
Hedge ineffectiveness
Deferred taxation on cash flow
hedges and hedge
effectiveness
Loss on available-for-sale
financial assets
Deferred taxation on
available-for-sale financial assets
Share-based payment for share
awards and BEE
transaction
Translation 4, 175
Balance at June 2008 (9,673) 138 4, 525
Other
comprehen -
Actuarial sive
(losses) gains income Total
SA Rand million - Restated
Balance at December 2007 (108) (1,011) (6,167)
Deferred taxation rate change (3) (3)
Los s attributable to equity
shareholders (3,989)
Dividends (148)
Transfers to foreign currency
translation reserve -
Disposal of subsidiary (6) (6)
Net loss on cash flow hedges
removed from equity
and reported in gold sales 1,005 1,005
Net loss on cash flow hedges (758) (758)
Hedge ineffectiveness (2) (2)
Deferred taxation on cash flow
hedges and hedge
effectiveness (64) (64)
Loss on available-for-sale
financial assets (67) (67)
Deferred taxation on
available-for-sale financial assets 16 16
Share-based payment for share
awards and BEE
transaction 186 186
Translation 2 (112) 4, 065
Balance at June 2008 (109) (813) (5,932)
Foreign
Non - currency
Retained distributable translation
earnings reserves reserve
US Dollar million - Restated
Balance at December 2007 (1,020) 20 258
Deferred taxation rate change
Loss attributable to equity
shareholders (229)
Dividends (18)
Transfers to foreign currency
translation reserve (2) 2
Disposal of subsidiary
Net loss on cash flow hedges
removed from equity and
reported in gold sales
Net loss on cash flow hedges
Hedge ineffectiveness
Deferred taxation on cash flow
hedges and hedge
effectiveness
Loss on available-for-sale
financial assets
Defer red taxation on
available-for-sale financial
assets
Share-based payment for share
awards and BEE
transaction
Translation (2) 351
Balance at June 2008 (1, 269) 18 611
Other
comprehen -
Actuarial sive
(losses) gains income Total
US Dollar million - Restated
Balance at December 2007 (16) (148) (906)
Deferred taxation rate change -
Loss attributable to equity
shareholders (229)
Dividends (18)
Transfers to foreign currency
translation reserve -
Disposal of subsidiary (1) (1)
Net loss on cash flow hedges
removed from equity and
reported in gold sales 132 132
Net loss on cash flow hedges (99) (99)
Hedge ineffectiveness - -
Deferred taxation on cash flow
hedges and hedge
effectiveness (8) (8)
Loss on available-for-sale
financial assets (9) (9)
Defer red taxation on
available-for-sale financial assets 2 2
Share-based payment for share
awards and BEE
transaction 24 24
Translation 2 3 354
Balance at June 2008 (14) (104) (758)
Rounding of figures may result in computational discrepancies.
3. Headline loss
Quarter ended Six months
ended
Jun Jun
2008 2008
Restated Restated
Unaudited Unaudited
SA Rand million
The loss attributable to
equity shareholders has been
adjusted by the following to arrive
at headline loss:
Loss attributable to
equity shareholders (176) (3,989)
Impairment of tangible assets 1 4
Profit on disposal and abandonment of assets (272) (357)
Profit on disposal of investment in subsidiary (29) (29)
Profit on disposal of discontinued assets (217) (217)
Impairment of investment in associate 13 14
Profit on disposal of assets in
associate (23) (23)
Taxation on items above -
current portion (note 1) 3 5
Taxation on items above -
deferred portion (note 1) (7) 4
Discontinued operation - Taxation
on item above (6) (6)
Headline loss (713) (4,593)
Cents per share (1)
Headline loss (252) (1, 626)
Quarter ended Six months ended
Jun Jun
2008 2008
Restated Restated
Unaudited Unaudited
US Dollar million
The loss attributable to
equity shareholders has been
adjusted by the following to arrive
at headline loss:
Loss attributable to
equity shareholders (87) (229)
Impairment of tangible assets - -
Profit on disposal and abandonment of assets (35) (46)
Profit on disposal of investment in subsidiary (4) (4)
Profit on disposal of discontinued assets (27) (27)
Impairment of investment in associate 2 2
Profit on disposal of assets in associate (3) (3)
Taxation on items above -
current portion (note 1) - 1
Taxation on items above -
deferred portion (note 1) (1) -
Discontinued operation - Taxation
on item above (1) (1)
Headline loss (156) (307)
Cents per share (1)
Headline loss (55) (108)
(1) Calculated on the basic weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
Date: 30/09/2008 13:56:08 Produced by the JSE SENS Department.
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