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De Beers Operating and Financial Review 2011

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De Beers Operating and Financial Review 2011 Operating and FINANCIAL REVIEW 2011 The Debmar Atlantic, moored kilometres 35 off the Namibiancoastline About this report This report relates to the performance of De Beers sa and is designed to be read alongside our Report to Society 2011, to be released later this year. These reports form part of our annual reporting cycle and together cover the financial and sustainability performance of the De Beers Family of Companies. Both reports adhere to Global Reporting Initiative Sustainability Reporting Guidelines and form part of our Communication on Progress to the United Nations Global Compact. www.debeersgroup.com Contents Our company Introduction from the Chairman CEO statement 02 De Beers produces and sells 04 Executive Chairman of De Beers 05 Philippe Mellier reviews approximately 35% (by value) of since 2000, Nicky Oppenheimer performance across the Group Countries in which De Beers the world’s rough diamond supply looks back on key developments in 2011. conducts exploration, mining, rough diamond sales and downstream from our mining operations in across the Family of Companies value-creating businesses. Botswana, Namibia, South Africa in 2011. and Canada. Group Exploration Production Rough diamond sales 09 In 2011, our Exploration division 10 2011 performance overviews from 15 2011 performance overviews continued to develop programmes our mining operations in Botswana, from our rough diamond sales in Angola, India, Botswana, South Namibia, South Africa and Canada, businesses: the Diamond Trading Africa and Canada. and from Element Six, our global Company and Diamdel. supermaterials business. Brands Financial highlights Governance and risk 17 2011 performance overviews from 19 Full 2011 financial results, including 23 Summary of our governance our diamond marketing and retail our consolidated income systems, including the appointment businesses: Forevermark and De statement, consolidated balance of directors, composition Beers Diamond Jewellers. sheet, summary of cash flows and structure of the board and production statistics. and committees, and our risk management processes. Sustainability The Board and executive 25 De Beers’ approach to working 26 management in a responsible and sustainable Information on the members manner. of De Beers’ board, executive committee and other committees. 01 Operating and Financial Review 2011 Operating and Financial Review 2011 – Our company Our company De Beers was established in 1888. It is the world’s leading diamond company, with unrivalled expertise in the exploration, mining and marketing of diamonds. A global business 1 2 n Countries in which we have mining operations. 3 Countries in which De Beers conducts exploration, mining, 4 rough diamond sales and downstream value-creating businesses. Our mining entities and their operations 1 2 Canada Botswana DE BEERS CANADA DEBSWANA 100% owned. Established 1998. 50/50 joint venture with the C 2011 tonnes treated ’000 3,545 Government of the Republic D of Botswana. Established 1968. 2011 carats recovered ’000 1,660 A E B 2011 tonnes treated ’000 22,889 A Snap Lake 2011 carats recovered ’000 22,890 B Victor C Damtshaa E Letlhakane F D Orapa F Jwaneng 3 4 Namibia South Africa L NAMDEB DE BEERS CONSOLIDATED MINES 50/50 joint venture with the 74/26 (BEE partner Ponahalo N Government of the Republic Holdings). Established 1888. of Namibia. Established 1994. 2011 tonnes treated ’000 15,525 O M G H 2011 tonnes treated ’000 8,288 2011 carats recovered ’000 5,443 2011 carats recovered ’000 1,335 L Venetia O Finsch P G Atlantic 1 I Elizabeth Bay M Kimberley P Namaqualand H Alluvial J Mining Area 1 N Voorspoed I Contractors K Orange River J K 02 Operating and Financial Review 2011 Operating and Financial Review 2011 – Our company Together with our joint venture partners, De Beers mines for diamonds have mining operations, this means carrying out profitable business, while across Botswana, Namibia, South Africa and Canada. As part of the at the same time helping governments achieve their aspirations of turning company’s operating philosophy, the people of De Beers are committed natural resources into shared national wealth. De Beers encourages to Living up to Diamonds by making a lasting contribution to the sustainable working to ensure long-term positive development for Africa, communities in which they live and work. In the countries in which we and returns approximately US$3 billion to the continent every year. De Beers and the global diamond value chain 01 02 03 04 05 Exploration Production Rough diamond sales Cutting, polishing Brands Modern exploration De Beers has both De Beers sorts and sells and manufacturing We are involved in uses highly sophisticated underground and rough diamonds to Cutting and polishing diamond retail through technologies to open-pit kimberlite independent clients of diamonds, and the De Beers Diamond determine the economic mines. We commercially known as ‘Sightholders’ manufacture of diamond Jewellers (DBDJ), an viability of deposits. mine alluvial stones through our rough jewellery take place independently managed De Beers’ exploration using onshore extraction diamond sales around the world and retail joint venture, currently focuses on techniques and specialised operations: DTC, NDTC are concentrated in the and Forevermark, Angola, Botswana, ships. Through Element and DTCB. These clients following major centres: our proprietary Canada, India and Six (E6), our industrial cut and polish diamonds India, China, Tel Aviv, diamond brand. South Africa. diamond supermaterials prior to the manufacture Antwerp, New York, business, we supply of jewellery. We also Botswana, Namibia and tool and application sell rough diamonds South Africa. De Beers manufacturers across through Diamdel, an Diamond Jewellers (DBDJ) a diverse range of online auctioning has its own design and global markets. platform. development capacity. The De Beers Family of Companies Shareholders and corporate structure Anglo American Group 45% Central Holdings Group 40% Government of the Republic of Botswana 15% DB Investments (Lux) 100% De Beers sa (Lux) 100% De Beers UK 100% De Beers Group Services (RSA) 100% The Diamond Pipeline Exploration Production Rough Diamond Sales Brands Diamond mining Supermaterials Global De Beers De Beers Debswana Namdeb Element Six (E6) Diamond Diamdel Forevermark De Beers Exploration1 Canada Consolidated Diamond Holdings Technologies Trading Diamond Mines (DBCM) Company 100% Company (DTC) Jewellers 100% 50% Abrasives 60% Division of 100% 100% (DBDJ) De Beers sa 74% De Beers sa 50% De Beers sa De Beers UK De Beers sa De Beers UK De Beers sa De Beers UK 50% De Beers sa Namdeb DTC South Diamond Africa Corporation Division of De Beers Group Services De Beers DTC Botswana Marine (DTCB) Namibia (Debmarine) 50% De Beers UK Namibia DTC (NDTC) De Beers sa and shareholders 1 Exploration is undertaken through 50% Owned and controlled subsidiaries and divisions a number of wholly owned and joint Joint ventures and independently-managed subsidiaries De Beers UK venture subsidiaries of De Beers sa 03 Operating and Financial Review 2011 Introduction from the Chairman De Beers delivered another year of extraordinary results in uncertain times, and will continue to lead the diamond industry in the year ahead. agreement is based on a platform of mutual benefit and it successfully addresses our commercial, social and economic objectives. The agreement secures the DTC’s long-term access to the largest supply of rough diamonds in the world and significantly boosts Botswana’s ambitions to develop a sustainable downstream diamond economy. The new sales agreement will also see the migration of the DTC’s London-based sales and aggregation functions to Botswana by the end of 2013. This is a historic change that I believe is right for De Beers, Government, our other producer partners and the wider industry. The movement of much of the world’s rough diamond trade to the largest Nicky Oppenheimer, Executive Chairman, De Beers diamond producer in the world (by value) will give real impetus to Botswana’s ambitions to establish itself as a leading downstream As the scale of Europe’s sovereign debt crisis became clearer diamond centre and simultaneously support diamond beneficiation over the course of 2011, expectations of a robust global economic programmes in other southern African diamond producer countries. recovery in established markets gave way to talk of a potential ‘lost decade’ characterised by anaemic growth and enduring volatility. De Beers took a number of other important steps in 2011 to ensure De Beers nevertheless produced strong results over the year, that we have the right leadership in place to lead our company forward. with total sales of US$7.4 billion (2010: US$5.9 billion) and EBITDA In July, we announced the appointment of a new CEO, Philippe Mellier, of US$1.7 billion (2010: US$1.4 billion), reflecting our focus on the first De Beers CEO to be appointed from outside the diamond maximising both the life and value of our diamond resources industry. Philippe has already brought insight and energy to the role, while operating from a lower cost base. and has made significant progress in mapping out a long-term vision for De Beers to capitalise on the opportunities in front of us. In addition, Our total sales for 2011, our second highest since privatisation, were we bolstered our mining expertise within our business units by boosted by exceptional rough diamond price growth fuelled by almost appointing Jim Gowans CEO of Debswana and Tony Guthrie unprecedented consumer demand during the first half of the year. The CEO of De Beers Canada. second half of the year saw a reduction in the rate of growth, as cutting and polishing centres found it increasingly difficult to secure debt On the shareholder front, in November we announced the sale of the financing from banks focused on shoring up their own balance sheets. Oppenheimer family’s shareholding in De Beers to Anglo American Nevertheless, rough diamond price growth for the year as a whole was subject to the approval of a number of conditions.
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