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050304Anglogoldar FINAL.Q4

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050304Anglogoldar FINAL.Q4 Key features – 2003 Key features – 2003 • Gold production down by 5% to 5.62Moz, as anticipated • Average Dollar gold spot price 17% higher at $363/oz, but 16% lower in Rand terms at R88,058/kg • Total cash costs rise 42% to $229/oz with strengthening local currencies • Adjusted headline earnings down by 23% to $282 million • Total dividend for the year of R7.10 per share, or $1.01 per ADS • Ore Reserves down 15% to 63Moz and Mineral Resources 26% lower at 213Moz at the end of December 2003, due to production depletion and changes to mine planning parameters. Throughout this document, $ refers to US Dollars, unless otherwise stated. For other abbreviations see glossary of terms on page 149. 2003 2002 Average for year Closing rate Average for year Closing rate R/$ 7.5516 6.6679 10.4835 8.5775 A$/$ 1.5406 1.3275 1.8383 1.7873 Certain forward-looking statements Certain statements contained in this document including, without limitation, those concerning 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 action, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to the annual report on Form 20-F for the year ended 31 December 2003, which was filed with the Securities and Exchange Commission on or about 15 March 2004. 1 2 Corporate profile In 2003, AngloGold produced 5.62Moz of gold from its 19 operations in eight countries. AngloGold is listed on securities exchanges in Johannesburg (ANG), New York (AU) and Australia (AGG), as well as on the London Stock Exchange (AGD), Euronext Paris (VA) and Euronext Brussels (ANG BB). In the event that the merger with Ashanti Goldfields is approved, the transaction is likely to be completed during April 2004. In this event, the enlarged company will combine Ashanti’s exceptional orebodies, operating experience and world- class management with the deep-level underground experience and financial strength of AngloGold. The result will be AngloGold Ashanti – a world-class, global gold company with its origins and a substantial portion of its asset base and future growth potential in Africa. USA Cripple Creek & Victor Morila Yatela Sadiola Siguiri Guinea Mali Ghana Brazil Tanzania Obuasi Geita Iduapriem/Terebie Bibiani Zimbabwe Australia Argentina Morro Velho Namibia Serra Grande Navachab Freda Rebecca Boddington Cerro Vanguardia SA operations South Africa Sunrise Dam AngloGold Ashanti Goldfields AngloGold Limited – Annual financial statements 2003 Contents Contents 4 Letter from the Chairman and Chief Executive 37 Directors and executive management 6 One-year forecast – 2004 40 Directors’ approval 7 Group value-added statement 40 Secretary’s certificate 8 Review of the gold market 41 Report of the independent auditors 10 Financial review 42 Corporate governance 14 Summarised group financial and operating 62 Remuneration report results 67 Directors’ report 18 Review of operations 76 Group financial statements 18 Introduction 122 Company financial statements 20 South Africa 141 US GAAP condensed consolidated financial 24 East and West Africa statements 26 South America 148 Investment in principal subsidiaries and joint venture interests 28 Australia 149 Glossary of terms 29 North America 152 Shareholders’ information 30 Summary review of operations 156 Directorate and administration 31 Exploration Inside back cover – Contact information 34 Mineral Resources and Ore Reserves “In 2003, AngloGold produced 5.62Moz of gold from its 19 operations in eight countries”. 3 Letter from the Chairman and 4 Chief Executive Dear Shareholder received the full spot price for the year on its gold sales. Against this background, AngloGold’s net delta hedge The planned merger of AngloGold with Ghana’s Ashanti position of 8.59Moz was 16% lower at the end of 2003 Goldfields, which is expected to be concluded during than it had been a year previously, illustrating the April 2004, has been the most significant recent strategic company’s continued faith in the strength of the event for AngloGold. The merger will bring together gold price. AngloGold’s technical and financial strength and Ashanti’s substantial ore reserves, making possible the Mine safety performance in South Africa for the year development of the Obuasi Deeps project – one of the 2003 was disappointing, after a 14% improvement in most prospective gold orebodies in the world – and the lost time injury frequency rate (LTIFR) during extending Obuasi’s life by some 20 years. the previous year. The LTIFR for 2003 for the South African operations increased by 4% and the fatal injury In 2003, AngloGold’s performance was affected frequency rate (FIFR) was unchanged. However, FIFR in by a combination of stronger local currencies in most the second half of 2003 improved by 40% compared of the company’s operating regions, as well as lower with the first half of the year. If we can continue ore grades in several operations. As anticipated, gold this trend, a step change in our safety performance production declined by 5% to 5.62Moz, as a result of the seems possible. lower grades at Morila, following the extraordinary but unsustainable production levels of 2002, and at Great On the subject of expansion, the company has a number Noligwa. In addition AngloGold sold its stake in Jerritt of major, well advanced capital projects in South Africa: Canyon in Nevada. at Mponeng, Moab Khotsong and two at TauTona, which will yield some 12Moz of gold over their lives, while Total cash costs across the company were $68/oz future capital projects could add a further 7.5Moz. higher, at $229/oz, mainly as a result of translating local Potential growth projects elsewhere include the Cuiabá currency costs to US Dollars at a significantly lower Dollar Expansion in Brazil, and the Sunrise Dam underground exchange rate. Adjusted headline earnings in 2003 were project and Boddington mine in Australia, which 23% lower than those for the previous year, at together could add a further 7Moz of attributable gold $282 million, or 127 US cents per share. production. “The combination of AngloGold and Ashanti will form a company which is likely to cement Africa’s leading position in the global gold industry.” Russell Edey, Chairman Bobby Godsell, Chief Executive Officer In January we announced that AngloGold would pay a In February this year, AngloGold successfully launched a final dividend for the year of $0.50 per ADS, giving a total convertible bond, raising $1 billion. The five-year bond, dividend for the year of $1.01 per ADS, thus continuing which carries a 2.375% coupon, has a conversion AngloGold’s practice of paying to shareholders a high premium of 60% on the current share price. The proportion of the company’s earnings after providing for proceeds of the offering will be used to replace existing long-term growth. debt of the greater group, including Ashanti (assuming that the merger is completed). This was one of the most The average spot price for gold in 2003, at $363/oz, was successful public offerings ever by a South African 17% higher than the average for 2002 and AngloGold company and illustrates AngloGold’s capacity to raise AngloGold Limited – Annual financial statements 2003 Letter from Chairman and Chief Executive Dividend declared per ordinary share (US cents) Gold produced (000oz) 200 8,000 150 6,000 100 4,000 50 2,000 0 0 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 money at very competitive rates, effectively reducing its We expect the gold price to continue to be supported by cost of capital and ensuring that the growth projects, positive investment sentiment and by the weak Dollar, which the cash will be used to fund, will bring enhanced but we are concerned about the negative trend evident in value to shareholders. the last few years in the fall in demand for gold in jewellery. In the light of this, we intend to continue and, On AngloGold’s South African mines, progress continues indeed to expand our efforts to re-invigorate all aspects of to be made with the company’s campaign to effectively the gold jewellery value chain. manage HIV and AIDS. More than 3,000 voluntary counselling and testing (VCT) sessions were conducted Finally, we must note that Julian Ogilvie Thompson and by trained counsellors during 2003, almost double the Nicky Oppenheimer, both founding members of the number recorded in 2002 and some 3,000 employees Board, have indicated that they will not be standing for re- registered with the AngloGold Wellness programme election to the Board at the forthcoming AGM. We during 2003. The full-scale roll-out of the company’s anti- take this opportunity to record our sincere appreciation retroviral therapy (ART) programme began in 2003, and to both of them for their immense contribution to by the end of the year, some 530 employees had begun AngloGold since its formation. the treatment. Most patients receiving ART have returned to work. Looking forward to the rest of 2004, and assuming the Russell Edey Bobby Godsell conclusion of the merger with Ashanti in April, production Chairman Chief Executive Officer from the enlarged group is expected to be around 6.47Moz.
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