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AngloGold Ashanti Releases Preliminary Unaudited Condensed Consolidated Financial Statements as of and for the Six Months and the Year Ended 31 December 2023

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AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) is pleased to provide its preliminary unaudited condensed consolidated financial statements as of and for the six months and the year ended 31 December 2023 (the “FY 2023 Earnings Release”).

FY 2023 Financial and Operating Update

The FY 2023 Earnings Release should be read together with AngloGold Ashanti’s preliminary financial update for the six months and the year ended 31 December 2023, which was published by the Company on 23 February 2024 (the “FY 2023 Preliminary Financial Update”). No changes have been made in the FY 2023 Earnings Release with respect to the production, cost or cash flow information included in the FY 2023 Preliminary Financial Update. The FY 2023 Preliminary Financial Update combined with the FY 2023 Earnings Release provide the Company’s financial and operating update for the six months and the year ended 31 December 2023.

Announcement of Annual General Meeting Date

The 2024 Annual General Meeting of AngloGold Ashanti (“AGM”) will be held on Tuesday, 28 May 2024 in Denver, Colorado, USA. Shareholders are encouraged to participate in the AGM virtually and further details on how to participate and vote in the AGM will be set out in the AGM Notice to be published by AngloGold Ashanti in due course. The record date for the AGM is Tuesday, 2 April 2024.

Non-Reliance on and Restatement of Previously Issued Financial Statements

As previously reported in the FY 2023 Preliminary Financial Update, during the FY 2023 year-end audit process, AngloGold Ashanti found a potential error in the calculation of a deferred tax asset with respect to the Obuasi mine, which impacts its audited consolidated financial statements as of and for the year ended 31 December 2022 and its unaudited condensed consolidated interim financial statements as of and for the six-month period ended 30 June 2023. Following further discussions regarding this matter with its previous auditor, Ernst & Young Inc., and its current auditor, PricewaterhouseCoopers Inc., AngloGold Ashanti has concluded that the affected financial statements contained errors and has determined that it will restate the affected financial statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The error related to the reported amount of the deferred tax asset with regard to the Obuasi mine is non-cash in nature and has no impact on production, costs or cash flow. For further information, refer to “Non-Reliance on and Restatement of Previously Issued Financial Statements” on pages 2 to 6 below.

GROUP - Key statistics

   

Six months
ended
Dec 2023

 

Six months
ended
Jun 2023

 

Six months
ended
Dec 2022

 

Year ended
Dec 2023

 

Year ended
Dec 2022

       Restated(2)  

Restated(2)

   

Restated(2)

 

     

 

 

US Dollar / Imperial

 

 

 

 

Financial review

     

 

     

 

 

 

 

 

(Loss) profit before taxation

   - $m  

(13

)

 

76

 

62

 

 

63

 

 

472

Adjusted EBITDA*

  - $m  

744

 

 

676

 

923

 

 

1,420

 

 

1,792

(Loss) profit attributable to equity shareholders

  - $m  

(196

)

 

(39

)

 

(69

)

 

(235

)

 

233

 

  - US cents/share  

(47

)

 

(9

)

 

(16

)

 

(56

)

 

55

Headline (loss) earnings(1)

  - $m  

(107

)

 

61

 

185

 

 

(46

)

 

489

  - US cents/share  

(25

)

 

14

 

44

 

 

(11

)

 

116

Total borrowings

  - $m  

2,410

 

 

2,091

 

2,169

 

 

2,410

 

 

2,169

Adjusted net debt*

  - $m  

1,268

 

 

1,194

 

878

 

 

1,268

 

 

878

Total borrowings to profit (loss) before taxation

  - times  

38.25

 

 

15.15

 

 

4.60

 

 

38.25

 

 

4.60

Adjusted net debt* to Adjusted EBITDA*

  - times  

0.89

 

 

0.75

 

0.49

 

 

0.89

 

 

0.49

(1) The financial measures “headline (loss) earnings” and “headline (loss) earnings per share” are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
(2) For further information, refer to “Non-Reliance on and Restatement of Previously Issued Financial Statements” on pages 2 to 6 below.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

FINANCIAL REVIEW

Full year review

Earnings

The basic loss (loss attributable to equity shareholders) for the year ended 31 December 2023 was $235m, or 56 US cents per share, compared with basic earnings (profit attributable to equity shareholders) of $233m, or 55 US cents per share, for the year ended 31 December 2022. Basic earnings were down year-on-year mainly due to lower gold sold (54 US cents per share), higher costs related to the corporate restructuring (taxes and fees) (75 US cents per share), higher environmental provisions for legacy tailings storage facilities (“TSFs”) (16 US cents per share), higher care and maintenance and retrenchment costs associated with the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023 (15 US cents per share), higher operating and exploration costs (40 US cents per share), higher foreign exchange losses (7 US cents per share), and higher tax expense (15 US cents per share). These effects were partially offset by higher equity-accounted joint venture income (11 US cents per share), higher finance income (11 US cents per share), lower impairments and derecognitions recognised in Brazil (26 US cents per share), and a higher average gold price received per ounce* (76 US cents per share).

Headline loss for the year ended 31 December 2023 was $46m, or 11 US cents per share, compared with headline earnings of $489m, or 116 US cents per share, for the year ended 31 December 2022. Headline earnings were down year-on-year mainly due to lower gold sold (54 US cents per share), higher costs related to the corporate restructuring (taxes and fees) (75 US cents per share), higher environmental provisions for legacy TSFs (16 US cents per share), higher care and maintenance and retrenchment costs associated with CdS (15 US cents per share), higher operating and exploration costs (40 US cents per share), higher foreign exchange losses (7 US cents per share), and higher tax expense (9 US cents per share). These effects were partially offset by higher equity-accounted joint venture income (11 US cents per share), higher finance income (11 US cents per share), and a higher average gold price received per ounce* (76 US cents per share).

Adjusted EBITDA*

Adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA”)* for the year ended 31 December 2023 was $1,420m, compared with $1,792m for the year ended 31 December 2022. Adjusted EBITDA* was lower year-on-year mainly due to higher total operating costs, higher exploration and evaluation costs, higher environmental provisions for legacy TSFs as a result of new legislation in Brazil relating to emergency response and safety management for TSFs, costs related to the corporate restructuring and lower gold sold. This decrease was partially offset by higher equity-accounted joint venture income and the higher average gold price received per ounce*.

Balance Sheet

Adjusted net debt* increased to $1,268m at 31 December 2023 from $878m at 31 December 2022. This year-on-year increase is mainly due to lower cash generation from operating activities, lower dividends received from the Kibali joint venture and the once-off costs associated with the corporate restructuring. The ratio of Adjusted net debt* to Adjusted EBITDA* was 0.89 times at 31 December 2023 from 0.49 times at 31 December 2022. The Company remains committed to maintaining a strong balance sheet with an Adjusted net debt* to Adjusted EBITDA* target ratio of 1.0 times through the cycle. The balance sheet remained strong at year-end. At 31 December 2023, the Company had cash and cash equivalents of approximately $955m (net of bank overdraft).

Second half year review

Earnings

The basic loss (loss attributable to equity shareholders) for the second half of 2023 was $196m, or 47 US cents per share, compared to a basic loss of $69m, or 16 US cents per share, for the second half of 2022.

Headline loss for the second half of 2023 was $107m, or 25 US cents per share, compared to headline earnings of $185m, or 44 US cents per share, for the second half of 2022.

Adjusted EBITDA*

Adjusted EBITDA* was $744m during the second half of 2023, compared to $923m during the second half of 2022.

The financial measures “headline (loss) earnings” and “headline (loss) earnings per share” are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.

NON-RELIANCE ON AND RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As previously announced in the FY 2023 Preliminary Financial Update, on 21 February 2024, the Audit and Risk Committee of the board of directors (the “Audit Committee”) of the Company, as successor issuer to AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd) (“AGA Limited”), based on the recommendation of, and after consultation with, management, concluded that (i) AGA Limited’s previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022, included in the annual report on Form 20-F for the year ended 31 December 2022 filed by AGA Limited with the United States Securities and Exchange Commission (“SEC”) on 17 March 2023 (the “2022 Form 20-F”) (the “Original Full-Year 2022 Financial Statements”) and (ii) AGA Limited’s previously issued unaudited condensed consolidated interim financial statements as of and for the six-month period ended 30 June 2023, included in a report on Form 6-K filed by AGA Limited with the SEC on 4 August 2023 (the “Half-Year 2023 Form 6-K”) (the “Original Half- Year 2023 Financial Statements” and together with the Original Full-Year 2022 Financial Statements, the “Affected Financials”), should no longer be relied upon.

The Company has concluded that the Affected Financials contained an error related to the reported amount of the deferred tax asset with regard to the Obuasi mine. The Company believes the error relates to an incorrect interpretation of Ghanaian tax law with respect to the Obuasi mine, combined with the use of incorrect underlying data in the deferred tax model and the potential misapplication of the requirements of International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), specifically, of IAS 12 – Income Taxes, in both cases with respect to the Obuasi mine. The Affected Financials will accordingly be restated in accordance with IFRS as issued by the IASB. Additionally, as part of preparing the restatements of the Affected Financials, the Company will also correct other immaterial errors which it identified in those Affected Financials.

Following further discussions regarding this matter with Ernst & Young Inc., AGA Limited’s independent registered public accounting firm for the financial year ended 31 December 2022, and PricewaterhouseCoopers Inc., the Company’s independent registered public accounting firm for the financial year ended 31 December 2023, the Company has determined that it needs to restate the Affected Financials resulting in a reduction in profit for the year ended 31 December 2022 by $49m and a reduction in profit for the half year ended 30 June 2023 by $79m due to the error related to the reported amount of the deferred tax asset with regard to the Obuasi mine as mentioned above. The Company will also correct other immaterial errors previously identified in the Affected Financials, which will further reduce profit for the year ended 31 December 2022 by $16m and further reduce profit for the half year ended 30 June 2023 by $1m. For further information on the preliminary estimated restated amounts, refer to “—Schedules of Affected Items” below. The Company notes that such errors have an aggregate negative impact of $65m on profit for the year ended 31 December 2022 (compared to up to approximately $113m as previously disclosed in its FY 2023 Preliminary Financial Update) and an aggregate negative impact of $80m on profit for the half year ended 30 June 2023 (compared to up to approximately $50m as previously disclosed in its FY 2023 Preliminary Financial Update).

The Audit Committee has discussed the matters described herein with management, with Ernst & Young Inc. and with PricewaterhouseCoopers Inc.

As previously announced in the FY 2023 Preliminary Financial Update, similarly, any press releases, earnings releases, and investor communications describing the Company’s financial performance for the above-referenced periods should no longer be relied upon.

Schedules of Affected Items

The following tables summarise the previously reported amounts affected by the errors identified, as well as the preliminary estimated adjustments and the preliminary estimated restated amounts.

GROUP – INCOME STATEMENT

US Dollar million

Year ended Dec 2022

 

 

 

Previously reported

 

Adjustment Unaudited

 

Restated Unaudited

Cost of sales

 

(3,362

)

 

(4

)

 

(3,366

)

Gross profit

 

1,133

 

 

(4

)

 

1,129

 

Impairment, derecognition of assets and profit (loss) on disposal

 

(304

)

 

(11

)

 

(315

)

Foreign exchange and fair value adjustments

 

(128

)

 

3

 

 

(125

)

Share of associates and joint ventures' profit

 

166

 

 

(5

)

 

161

 

Profit before taxation

 

489

 

 

(17

)

 

472

 

Taxation

 

(173

)

 

(48

)

 

(221

)

Profit for the year

 

316

 

 

(65

)

 

251

 

Earnings attributable to equity shareholders

 

297

 

 

(64

)

 

233

 

Earnings attributable to non-controlling interests

 

19

 

 

(1

)

 

18

 

Earnings per share

 

 

 

 

 

 

Basic earnings per ordinary share (US cents)

 

71

 

 

(16

)

 

55

 

Diluted earnings per ordinary share (US cents)

 

71

 

 

(16

)

 

55

 

Headline earnings (1)

 

544

 

 

(55

)

 

489

 

Headline earnings per share (1)
Headline earnings per ordinary share (US cents) (1) (2)

 

129

 

 

(13

)

 

116

 

Diluted headline earnings per ordinary share (US cents) (1) (3)

 

129

 

 

(13

)

 

116

 

Basic weighted average number of shares

 

420,197,062

 

 

 

 

420,197,062

 

Diluted weighted average number of shares

 

420,869,866

 

 

 

 

420,869,866

 

(1) The financial measures “headline earnings” and “headline earnings per share” are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.

GROUP – INCOME STATEMENT

US Dollar million

 

Six months ended June 2023

       

 

 

Previously reported

 

Adjustment Unaudited

 

Restated Unaudited

Restructuring, care & maintenance and other (expenses) income

(58

)

(10

)

 

(68

)

Share of associates and joint ventures' profit

 

75

 

 

9

 

 

84

 

Profit before taxation

 

77

 

 

(1

)

 

76

 

Taxation

 

(32

)

 

(79

)

 

(111

)

Profit (loss) for the year

 

45

 

 

(80

)

 

(35

)

Earnings (loss) attributable to equity shareholders

 

40

 

 

(79

)

 

(39

)

Earnings attributable to non-controlling interests

 

5

 

 

(1

)

 

4

 

Earnings per share

 

 

 

 

 

 

Basic earnings (loss) per ordinary share (US cents)

 

10

 

 

(19

)

 

(9

)

Diluted earnings (loss) per ordinary share (US cents)

 

10

 

 

(19

)

 

(9

)

Headline earnings (1)

 

140

 

 

(79

)

 

61

 

Headline earnings per share (1)
Headline earnings per ordinary share (US cents) (1) (2)

 

33

 

(19

)

 

14

 

Diluted headline earnings per ordinary share (US cents) (1) (3)

 

33

 

 

(19

)

 

14

 

Basic weighted average number of shares

 

420,818,545

 

 

 

 

420,818,545

 

Diluted weighted average number of shares

 

421,077,248

 

 

(258,703

)

 

420,818,545

 

(1) The financial measures “headline earnings” and “headline earnings per share” are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.

GROUP – STATEMENT OF FINANCIAL POSITION

US Dollar million

 

 

 

As at Dec 2022

 

 

 

Previously reported

 

Adjustment

 

Restated

 

 

 

 

Unaudited

 

Unaudited

 

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Tangible assets

 

4,209

 

(1

)

 

4,208

Investments in associates and joint ventures

 

1,100

 

(9

)

 

1,091

Deferred taxation

 

72

 

(49

)

 

23

Equity and liabilities

 

 

 

 

 

 

Shareholders' equity

 

4,100

 

(60

)

 

4,040

Non-controlling interests

 

34

 

1

 

 

35

Non-current liabilities

 

 

 

 

 

 

Lease liabilities

 

102

 

13

 

 

115

Environmental rehabilitation and other provisions

 

634

 

(38

)

 

596

Current liabilities

 

 

 

 

 

 

Lease liabilities

 

84

 

(13

)

 

71

Environmental rehabilitation and other provisions

 

42

 

39

 

 

81

 

 

 

 

 

 

 

US Dollar million

 

 

 

As at June 2023

 

 

 

 

Previously reported

 

Adjustment

 

Restated

 

 

 

 

Unaudited

 

Unaudited

 

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Tangible assets

 

4,277

 

(11

)

 

4,266

Deferred taxation

 

146

 

(105

)

 

41

Equity and liabilities

 

 

 

 

 

 

Shareholders' equity

 

4,048

 

(139

)

 

3,909

Non-current liabilities

 

 

 

 

 

 

Deferred taxation

 

318

 

23

 

 

341

The restated amounts shown herein are preliminary, unaudited and unreviewed and may be subject to change as the Company completes its procedures and prepares the restatements of the Affected Financials, and the independent registered public accounting firms, PricewaterhouseCoopers Inc. and Ernst & Young Inc., complete their procedures.

Controls and Procedures

As previously disclosed in the FY 2023 Preliminary Financial Update, as a result of the errors described above and the related restatements, management has identified one or more material weaknesses in the Company’s internal control over financial reporting. Management has accordingly concluded that the Company’s internal control over financial reporting was not effective as of 31 December 2022 and its disclosure controls and procedures were similarly not effective as of 31 December 2022. In addition, given that the conclusion to restate the Affected Financials was reached subsequent to 31 December 2023 and related remediation actions were not implemented as of 31 December 2023, the Company will report in its annual report on Form 20-F for the year ended 31 December 2023 (the “2023 Form 20-F”) that its internal control over financial reporting and its disclosure controls and procedures were not effective as of 31 December 2023.

Neither management nor PricewaterhouseCoopers Inc. has completed its evaluation of the effectiveness of internal control over financial reporting as of 31 December 2023.

Other Information

The Company believes that in light of its intention to file the 2023 Form 20-F in the next few weeks, it is preferable to present any restated Original Full-Year 2022 Financial Statements together with the Company’s audited consolidated financial statements as of and for the year ended 31 December 2023 in that 2023 Form 20-F. The Company believes this will allow readers to review more easily all pertinent data in a single document and therefore does not plan to amend the 2022 Form 20-F. In addition, the Company plans to present the restated Original Half-Year 2023 Financial Statements either in an amendment to the Half-Year 2023 Form 6-K or in the 2023 Form 20-F.

CORPORATE UPDATE

Tropicana Rainfall Event

Gold production at the Tropicana gold mine in Western Australia was impacted by heavy rains and flooding during the month of March. Tropicana is a joint operation between AngloGold Ashanti (70 percent and the operator), and AFB Resources Pty Limited (30 percent), a subsidiary of Regis Resources Limited. Tropicana is located 200km east of Laverton and 330km east-northeast of Kalgoorlie in Western Australia.

The area in which the Tropicana gold mine is located received more than 350mm of rain in a 72-hour period from 9 March, almost 50% higher than its average annual rainfall. The subsequent flooding interrupted power supply to the processing plant and required mining operations to be temporarily suspended. Power has been restored to the site and access to the underground mine has resumed. However, mining from the open pits remains restricted until surface water is cleared through pumping and evaporation. There have been no safety incidents during this period and the mine infrastructure remains sound. The supply road to the Tropicana gold mine is flooded in parts and the processing plant is treating stockpiled ore at a reduced throughput rate. Processing may have to be suspended if consumable stocks at the site are exhausted before the road reopens.

While AngloGold Ashanti anticipates that there may be some impact on gold production at Tropicana in the first half of 2024, any decrease is expected to be largely recovered in the second half of 2024. Consequently, the Company does not believe that this event will have an impact on its gold production and cost guidance provided in February 2024, which guidance is therefore maintained.

By order of the Board

 

 

 

 

M RAMOS

 

A CALDERON

 

G DORAN

Chairperson

 

Chief Executive Officer

 

Chief Financial Officer

19 March 2024

   

GROUP – INCOME STATEMENT

 

 

 

 

Six months

 

Six months

 

Six months

 

Year

 

Year

 

 

ended

 

ended

 

ended

 

ended

 

ended

 

 

Dec

 

Jun

 

Dec

 

Dec

 

Dec

 

 

2023

 

2023

 

2022

 

2023

 

2022

 

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

US Dollar million

 

 

 

Restated

 

Restated

 

 

 

Restated

Revenue from product sales

 

2,396

 

 

2,186

 

 

2,346

 

 

4,582

 

 

4,501

 

Cost of sales

 

(1,792

)

 

(1,749

)

 

(1,771

)

 

(3,541

)

 

(3,366

)

Loss on non-hedge derivatives and other commodity contracts

 

(12

)

 

(2

)

 

(6

)

 

(14

)

 

(6

)

Gross profit

 

592

 

 

435

 

 

569

 

 

1,027

 

 

1,129

 

Corporate administration, marketing and related expenses

 

(50

)

 

(44

)

 

(37

)

 

(94

)

 

(79

)

Exploration and evaluation costs

 

(142

)

 

(112

)

 

(121

)

 

(254

)

 

(205

)

Impairment, derecognition of assets and profit (loss) on disposal

 

(95

)

 

(126

)

 

(313

)

 

(221

)

 

(315

)

Restructuring, care & maintenance and other (expenses) income (1)

 

(350

)

 

(68

)

 

(13

)

 

(418

)

 

(26

)

Finance income

 

70

 

 

57

 

 

50

 

 

127

 

 

81

 

Foreign exchange and fair value adjustments

 

(79

)

 

(75

)

 

(72

)

 

(154

)

 

(125

)

Finance costs and unwinding of obligations

 

(82

)

 

(75

)

 

(84

)

 

(157

)

 

(149

)

Share of associates and joint ventures’ profit

 

123

 

 

84

 

 

83

 

 

207

 

 

161

 

(Loss) profit before taxation

 

(13

)

 

76

 

 

62

 

 

63

 

 

472

 

Taxation

 

(174

)

 

(111

)

 

(127

)

 

(285

)

 

(221

)

(Loss) profit for the period

 

(187

)

 

(35

)

 

(65

)

 

(222

)

 

251

 

Allocated as follows:

 

 

 

 

 

 

 

 

 

 

Equity shareholders

 

(196

)

 

(39

)

 

(69

)

 

(235

)

 

233

 

Non-controlling interests

 

9

 

 

4

 

 

4

 

 

13

 

 

18

 

 

 

(187

)

 

(35

)

 

(65

)

 

(222

)

 

251

 

 Basic (loss) earnings per ordinary share (US cents) (2)

 

(47

)

 

(9

)

(16

)

(56

)

55

Diluted (loss) earnings per ordinary share (US cents) (3)

 

(47

)

 

(9

)

 

(16

)

 

(56

)

 

55

 

(1) Restructuring, care & maintenance and other (expenses) income for the second half of 2023 was $337m higher compared to the second half of 2022. This was mainly due to an increase in the corporate restructuring and project cost of $286m (mainly as a result of the cost associated with the AngloGold Ashanti corporate restructuring and related taxes), care and maintenance of $50m (mainly relating to the Córrego do Sítio (CdS) and Cuiabá mines) and an increase in retrenchment and related cost of $14m (mainly in Brazil), partially offset by other movements of $13m.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.
The operating profit (loss) sub-total which was previously included in the presentation of the income statement has been removed as it is not an IFRS measure and not considered relevant to users of the annual financial statements.

GROUP – STATEMENT OF FINANCIAL POSITION

   

At Dec

 

At Jun

 

At Dec

 

2023

 

2023

 

2022

US Dollar million

 

Unaudited

 

Unaudited

 

Unaudited

 

 

 

 

Restated

 

Restated

ASSETS

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Tangible assets

 

4,419

 

4,266

 

4,208

Right of use assets

 

142

 

152

 

156

Intangible assets

 

107

 

104

 

106

Investments in associates and joint ventures

 

599

 

1,129

 

1,091

Other investments

 

1

 

1

 

3

Loans receivable

 

358

 

 

Inventories

 

2

 

4

 

5

Trade, other receivables and other assets

 

254

 

222

 

231

Reimbursive right for post-retirement benefits

 

35

 

12

 

12

Deferred taxation

 

50

 

41

 

23

Cash restricted for use

 

34

 

34

 

33

 

 

6,001

 

5,965

 

5,868

Current assets

 

 

 

 

 

 

Loans receivable

 

148

 

 

Inventories

 

829

 

800

 

773

Trade, other receivables and other assets

 

199

 

317

 

237

Cash restricted for use

 

34

 

25

 

27

Cash and cash equivalents

 

964

 

722

 

1,108

 

 

2,174

 

1,864

 

2,145

 

 

 

 

 

 

 

Total assets

 

8,175

 

7,829

 

8,013

EQUITY AND LIABILITIES

 

 

 

 

 

 

Share capital and premium

 

420

 

 

Accumulated profits and other reserves

 

3,291

 

3,909

 

4,040

Shareholders’ equity

 

3,711

 

3,909

 

4,040

Non-controlling interests

 

29

 

33

 

35

Total equity

 

3,740

 

3,942

 

4,075

Non-current liabilities

 

 

 

 

 

 

Borrowings

 

2,032

 

1,896

 

1,965

Lease liabilities

 

98

 

106

 

115

Environmental rehabilitation and other provisions

 

636

 

611

 

596

Provision for pension and post-retirement benefits

 

64

 

68

 

71

Trade and other payables

 

5

 

8

 

7

Deferred taxation

 

395

 

341

 

300

 

 

3,230

 

3,030

 

3,054

Current liabilities

 

 

 

 

 

 

Borrowings

 

207

 

17

 

18

Lease liabilities

 

73

 

72

 

71

Environmental rehabilitation and other provisions

 

80

 

103

 

81

Trade and other payables

 

772

 

641

 

667

Taxation

 

64

 

19

 

45

Bank overdraft

 

9

 

5

 

2

 

 

1,205

 

857

 

884

 

 

 

 

 

 

 

Total liabilities

 

4,435

 

3,887

 

3,938

 

 

 

 

 

 

 

Total equity and liabilities

 

8,175

 

7,829

 

8,013

GROUP – STATEMENT OF CASH FLOWS

 

Six months ended Dec

 

Six months ended Jun

 

Six months ended Dec

 

Year ended Dec

 

Year ended Dec

US Dollar million

 

2023 Unaudited

 

2023 Unaudited

 

2022 Unaudited

 

2023 Unaudited

 

2022 Unaudited

Cash flows from operating activities
Cash generated from operations

 

555

 

316

 

714

 

871

 

1,244

Dividends received from joint ventures

 

143

 

 

37

 

 

145

 

 

180

 

 

694

 

Taxation refund

 

36

 

 

 

 

32

 

 

36

 

 

32

 

Taxation paid

 

(56

)

 

(60

)

 

(79

)

 

(116

)

 

(166

)

Net cash inflow from operating activities

 

678

 

 

293

 

 

812

 

 

971

 

 

1,804

 

Cash flows from investing activities
Capital expenditure on tangible and intangible assets

 

(589

)

(453

)

 

(594

)

 

(1,042

)

(1,028

)

Interest capitalised and paid

 

 

 

 

 

(1

)

 

 

 

(2

)

Acquisition of assets

 

 

 

 

 

(152

)

 

 

 

(517

)

Dividends from associates and other investments

 

6

 

 

6

 

 

10

 

 

12

 

 

18

 

Proceeds from disposal of tangible assets

 

8

 

 

6

 

 

8

 

 

14

 

 

8

 

Other investments and assets acquired

 

 

 

 

 

 

 

 

 

(16

)

Proceeds from disposal of other investments

 

20

 

 

 

 

 

 

20

 

 

 

Loans advanced

 

 

 

(1

)

 

(1

)

 

(1

)

 

(1

)

(Increase) decrease in cash restricted for use

 

(8

)

 

(1

)

 

6

 

 

(9

)

 

(4

)

Interest received

 

60

 

 

49

 

 

49

 

 

109

 

 

81

 

Net cash outflow from investing activities

 

(503

)

 

(394

)

 

(675

)

 

(897

)

 

(1,461

)

Cash flows from financing activities
Share issue expenses

 

(19

)

 

 

 

(19

)

 

Proceeds from borrowings

 

335

 

 

8

 

 

64

 

 

343

 

 

266

 

Repayment of borrowings

 

(13

)

 

(74

)

 

(88

)

 

(87

)

 

(184

)

Repayment of lease liabilities

 

(50

)

 

(44

)

 

(42

)

 

(94

)

 

(82

)

Finance costs - borrowings

 

(55

)

 

(56

)

 

(50

)

 

(111

)

 

(99

)

Finance costs - leases

 

(6

)

 

(5

)

 

(5

)

 

(11

)

 

(10

)

Other borrowing costs

 

 

 

(1

)

 

 

 

(1

)

 

(11

)

Dividends paid

 

(31

)

 

(76

)

 

(134

)

 

(107

)

 

(203

)

Net cash inflow (outflow) from financing activities

 

161

 

 

(248

)

 

(255

)

 

(87

)

 

(323

)

Net increase (decrease) in cash and cash equivalents

 

336

 

(349

)

 

(118

)

 

(13

)

 

20

Translation

 

(98

)

 

(40

)

 

(42

)

 

(138

)

 

(68

)

Cash and cash equivalents at beginning of period

 

717

 

 

1,106

 

 

1,266

 

 

1,106

 

 

1,154

 

Cash and cash equivalents at end of period

 

955

 

 

717

 

 

1,106

 

 

955

 

 

1,106

Headline (loss) earnings (1)          
           
 

Six months

 

Six months

 

Six months

 

Year ended

 

Year ended

 

ended Dec

 

ended Jun

 

ended Dec

 

Dec

 

Dec

 

2023

 

2023

 

2022

 

2023

 

2022

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

US Dollar million

 

 

 

Restated

 

Restated

 

 

 

Restated

 

 

 

 

 

 

 

 

 

 

 

The (loss) profit attributable to equity shareholders has been adjusted by the following to arrive at headline (loss) earnings:

(Loss) profit attributable to equity shareholders

 

(196

)

 

(39

)

 

(69

)

 

(235

)

 

233

 

Net impairment on tangible assets and right of use assets

 

100

 

 

92

 

 

315

 

 

192

 

 

315

 

Taxation on net impairment of tangible assets and right of use assets

 

(7

)

 

(21

)

 

(60

)

 

(28

)

 

(60

)

(Profit) loss on derecognition of assets

 

(3

)

 

38

 

 

2

 

 

35

 

 

4

 

Taxation on derecognition of assets

 

1

 

 

(6

)

 

 

 

(5

)

 

 

Profit on disposal of tangible assets

 

(2

)

 

(4

)

 

(4

)

 

(6

)

 

(4

)

Net impairment on investments

 

 

 

1

 

 

1

 

 

1

 

 

1

 

Headline (loss) earnings

 

(107

)

 

61

 

 

185

 

 

(46

)

 

489

 

Headline (loss) earnings per ordinary share (US cents) (2)

 

(25

)

 

14

 

 

44

 

 

(11

)

 

116

 

Diluted headline (loss) earnings per ordinary share (US cents) (3)

 

(25

)

 

14

 

 

44

 

 

(11

)

 

116

 

Number of shares

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

420,971,227

 

 

420,818,545

 

 

420,074,065

 

 

421,105,111

 

 

420,197,062

 

Dilutive potential of share options

 

 

 

 

 

 

 

 

 

672,804

 

Dilutive weighted average number of ordinary shares

 

420,971,227

 

 

420,818,545

 

 

420,074,065

 

 

421,105,111

 

 

420,869,866

 

(1) The financial measures “headline (loss) earnings” and “headline (loss) earnings per share” are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.

Non-GAAP disclosure

From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise.

In this document, AngloGold Ashanti presents the financial items “Adjusted EBITDA”, “Adjusted net debt” and “average gold price received per ounce” which are not measures under IFRS. An investor should not consider these items in isolation or as alternatives to profit (loss) before taxation, total borrowings, gold income or any other measure of financial performance presented in accordance with IFRS or as an indicator of the AngloGold Ashanti group’s performance. The AngloGold Ashanti group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use.

Adjusted EBITDA

“Adjusted EBITDA” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes profit (loss) before taxation, amortisation of tangible, intangible and right of use assets, retrenchment costs at the operations, interest and dividend income, other gains (losses), care and maintenance costs, finance costs and unwinding of obligations, impairment and derecognition of assets, impairment of investments, profit (loss) on disposal of assets and investments, gain (loss) on unrealised non-hedge derivatives and other commodity contracts, fair value adjustments, repurchase premium and costs on settlement of issued bonds and the share of associates’ EBITDA. The Adjusted EBITDA calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula.

Adjusted net debt

“Adjusted net debt” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes total borrowings adjusted for the unamortised portion of borrowing costs and IFRS 16 lease adjustments; less cash restricted for use and cash and cash equivalents (net of bank overdraft). The Adjusted net debt calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula.

Average gold price received per ounce

“Average gold price received per ounce” is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the market spot gold price. This metric is calculated by dividing attributable gold income (“price received”) by attributable ounces of gold sold.

Reconciliations

A reconciliation of profit (loss) before taxation as included in AngloGold Ashanti’s preliminary unaudited condensed consolidated financial statements as of and for the six months and the year ended 31 December 2023 to “Adjusted EBITDA” for each of the six-month periods ended 31 December 2023, 30 June 2023 and 31 December 2022 and the years ended 31 December 2023 and 2022 is presented on a total (group) and segment basis in Note A.

A reconciliation of total borrowings as included in AngloGold Ashanti’s preliminary unaudited condensed consolidated financial statements as of and for the six months and the year ended 31 December 2023 to “Adjusted net debt” at 31 December 2023, 30 June 2023 and 31 December 2022 is presented on a total (group) basis in Note B.

A reconciliation of gold income as included in AngloGold Ashanti’s preliminary unaudited condensed consolidated financial statements as of and for the six months and the year ended 31 December 2023 to “average gold price received per ounce” for each of the six-month periods ended 31 December 2023, 30 June 2023 and 31 December 2022 and the years ended 31 December 2023 and 2022 is presented on a total (subsidiaries/joint ventures) basis in Note C.

A Adjusted EBITDA

For the six months ended 31 December 2023
(in US Dollar million, except as otherwise noted)

 

 

AFRICA

AUSTRALIA

AMERICAS

 

 

 

 

 

Corporate and other

Kibali

Iduapriem

Obuasi

Siguiri

Geita

Africa other

Africa

Sunrise Dam

Tropicana

Australia other

Australia

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

Americas other

Americas

Projects

Sub-total

Less equity accounted investments

Group

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) before taxation

(359)

150

86

39

13

199

19

506

45

85

(42)

88

143

8

(107)

(112)

(68)

(126)

41

(54)

(13)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs and unwinding of obligations

45

(2)

1

4

5

13

21

1

4

5

2

5

1

8

1

80

2

82

Finance income

(12)

(1)

(4)

(7)

(12)

(2)

(2)

(43)

(1)

(44)

(1)

(71)

1

(70)

Amortisation of tangible, right of use and intangible assets

2

54

63

31

24

50

222

32

65

1

98

20

46

24

90

412

(54)

 

358

Other amortisation

1

10

(1)

9

1

11

11

Associates and joint ventures share of amortisation, interest, taxation and other

1

1

119

 

120

EBITDA

(322)

201

150

74

38

255

19

737

77

151

(39)

189

122

68

(83)

(112)

(5)

(125)

474

14

488

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange and fair value adjustments

(12)

14

1

2

6

23

(29)

(1)

1

111

82

93

(14)

79

Care and maintenance costs

49

49

2

51

51

Retrenchment and related costs

16

16

1

17

17

Impairment, derecognition of assets and profit (loss) on disposal

(5)

(5)

(32)

108

(1)

75

25

95

 

95

Unrealised non-hedge derivative loss

11

11

11

Joint ventures share of costs

1

1

1

1

Realised other commodity contracts

2

2

2

Intergroup interest, royalty, dividend and management fees

(15)

22

4

(22)

4

5

5

6

 

Adjusted EBITDA

(336)

237

154

75

35

261

(2)

760

77

151

(34)

194

93

100

26

(2)

217

(91)

744

744

(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.

For the six months ended 30 June 2023
(in US Dollar million, except as otherwise noted)

 

 

AFRICA

AUSTRALIA

AMERICAS

 

 

 

 

 

Corporate and other

Kibali

Iduapriem

Obuasi

Siguiri

Geita

Africa other

Africa

Sunrise Dam

Tropicana

Australia other

Australia

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

Americas other

Americas

Projects

Sub-total

Less equity accounted investments

Group

 

 

Restated 

 

 

Restated

 

 

Restated

 

 

 

 

 

 

 

 

 

 

Restated

Restated

Restated

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) before taxation

(73)

84

38

77

19

126

21

365

54

63

(39)

78

57

(179)

(26)

(34)

(182)

(82)

106

(30)

76

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs and unwinding of obligations

42

4

1

3

4

12

24

1

3

4

2

6

1

9

79

(4)

75

Finance income

(12)

(7)

(2)

1

(9)

(17)

(1)

(1)

(32)

(1)

(1)

(34)

(64)

7

(57)

Amortisation of tangible, right of use and intangible assets

2

45

66

30

15

41

197

25

40

1

66

19

42

19

80

345

(45)

300

Other amortisation

(8)

(8)

1

(7)

(7)

Associates and joint ventures share of amortisation, interest, taxation and other

2

2

79

81

EBITDA

(39)

126

105

108

39

170

21

569

79

104

(36)

147

46

(140)

(6)

(35)

(135)

(81)

461

7

468

 Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange and fair value adjustments

3

7

4

5

2

9

1

28

(2)

(2)

11

4

3

37

55

(2)

82

(7)

75

Care and maintenance costs

2

2

2

Retrenchment and related costs

1

1

2

2

2

Impairment, derecognition of assets and profit (loss) on disposal

121

9

(4)

126

126

126

Unrealised non-hedge derivative loss

(2)

(2)

(2)

Realised other commodity contracts

5

5

5

Intergroup interest, royalty, dividend and management fees

(17)

23

1

(23)

1

8

8

(1)

(1)

9

Adjusted EBITDA

(50)

156

110

113

41

179

(1)

598

 79

 104

(30)

153

58

(15)

6

(2)

47

(72)

676

676

(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.

For the six months ended 31 December 2022
(in US Dollar million, except as otherwise noted)

 

 

AFRICA

AUSTRALIA

AMERICAS

 

 

 

 

 

Corporate and other

Kibali

Iduapriem

Obuasi

Siguiri

Geita

Africa other

Africa

Sunrise Dam

Tropicana

Australia other

Australia

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

Americas other

Americas

Projects

Sub-total

Less equity accounted investments

Group

 

Restated 

Restated

 

 

 

 

 

Restated

 

 

 

 

 

 

 

 

 

 

Restated

Restated

Restated

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) before taxation

(87)

100

52

120

179

24

475

6

97

(48)

55

76

(224)

(59)

(53)

(260)

(76)

107

(45)

62

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs and unwinding of obligations

41

(2)

1

4

9

16

28

1

5

6

2

4

1

7

82

2

84

Finance income

(11)

(3)

(1)

(4)

(36)

(1)

(1)

(38)

(53)

3

(50)

Amortisation of tangible, right of use and intangible assets

2

50

49

24

28

56

207

28

66

1

95

23

54

20

97

401

(50)

351

Other amortisation

(4)

(1)

(5)

1

(4)

(4)

Associates and joint ventures share of amortisation, interest, taxation and other

1

1

84

85

EBITDA

(54)

145

102

147

37

251

24

706

34

164

(42)

156

61

(168)

(38)

(54)

(199)

(75)

534

(6)

528

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange and fair value adjustments

8

(6)

1

2

(1)

(4)

1

1

(1)

4

57

60

1

66

6

72

Retrenchment and related costs

1

1

1

2

3

3

Impairment, derecognition of assets and profit (loss) on disposal

2

2

259

56

(4)

311

313

313

Unrealised non-hedge derivative loss

6

6

6

Joint ventures share of costs

1

1

1

1

Intergroup interest, royalty, dividend and management fees

(9)

26

1

(26)

1

1

4

5

(2)

(2)

5

Adjusted EBITDA

(48)

165

104

151

37

250

(1)

706

34

165

(37)

162

60

94

19

(1)

172

(69)

923

923

(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.

For the year ended 31 December 2023
(in US Dollar million, except as otherwise noted)

 

 

AFRICA

 

AUSTRALIA

 

AMERICAS

 

 

 

 

 

 

Corporate and other

Kibali

Iduapriem

Obuasi

Siguiri

Geita

Africa other

Africa

Sunrise Dam

Tropicana

Australia other

Australia

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

Americas other

Americas

Projects

Sub-total

Less equity accounted investments

Group

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) before taxation

(432)

233

124

116

32

325

41

871

99

149

(82)

166

201

(170)

(134)

(146)

(249)

(209)

147

(84)

63

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs and unwinding of obligations

87

3

2

7

8

25

45

2

8

10

4

9

3

1

17

1

160

(3)

157

Finance income

(25)

(8)

(2)

(2)

(16)

(28)

(3)

(3)

(75)

(1)

(1)

(1)

(78)

(1)

(135)

8

(127)

Amortisation of tangible, right of use and intangible assets

5

99

129

61

39

91

 419

58

104

1

163

39

88

43

170

757

(99)

658

Other amortisation

(1)

1

3

3

3

Associates and joint ventures share of amortisation, interest, taxation and other

3

3

199

202

EBITDA

(362)

327

255

182

77

425

41

1,307

157

255

(76)

336

168

(73)

(89)

(146)

(140)

(206)

935

21

956

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange and fair value adjustments

(8)

21

4

7

3

15

50

(1)

(2)

(3)

(18)

5

3

147

137

(1)

175

(21)

154

Care and maintenance costs

49

49

3

52

52

Retrenchment and related costs

1

16

1

18

1

19

19

Impairment, derecognition of assets and profit (loss) on disposal

(1)

(4)

(5)

90

116

(5)

201

25

221

221

Unrealised non-hedge derivative loss

9

9

9

Joint ventures share of costs

2

2

2

2

Realised other commodity contracts

7

7

7

Intergroup interest, royalty, dividend and management fees

(31)

45

5

(45)

5

13

13

(1)

(1)

14

Adjusted EBITDA

(385)

393

264

188

76

440

(2)

1,359

157

254

(65)

346

151

86

31

(4)

264

(164)

1,420

1,420

(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.

For the year ended 31 December 2022
(in US Dollar million, except as otherwise noted)

 

 

AFRICA

AUSTRALIA

AMERICAS

 

 

 

 

 

Corporate and other

Kibali

Iduapriem

Obuasi

Siguiri

Geita

Africa other

Africa

Sunrise Dam

Tropicana

Australia other

Australia

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

Americas other

Americas

Projects

Sub-total

Less equity accounted investments

Group

 

Restated

Restated

 

 

 

 

 

Restated

 

 

 

 

 

 

 

 

 

 

Restated

Restated

Restated

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) before taxation

(160)

175

118

178

73

293

45

882

39

175

(100)

114

157

(184)

(65)

(76)

(168)

(126)

542

(70)

472

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs and unwinding of obligations

84

6

2

5

11

23

47

1

2

8

11

3

8

1

1

13

155

(6)

149

Finance income

(15)

(8)

(1)

(1)

(10)

(60)

(2)

(2)

(64)

(89)

8

(81)

Amortisation of tangible, right of use and intangible assets

4

95

80

40

54

102

371

54

117

1

172

39

106

40

185

732

(95)

637

Other amortisation

(4)

(1)

(5)

2

(3)

(3)

Associates and joint ventures share of amortisation, interest, taxation and other

2

2

163

165

EBITDA

(85)

268

200

222

138

417

45

1,290

94

294

(91)

297

135

(73)

(24)

(77)

(39)

(124)

1,339

1,339

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange and fair value adjustments

14

2

2

(1)

(2)

1

6

6

12

10

2

79

103

1

125

125

Retrenchment and related costs

2

3

1

(1)

5

1

6

6

Impairment, derecognition of assets and profit (loss) on disposal

2

1

3

259

56

(3)

312

315

315

Unrealised non-hedge derivative loss

6

6

6

Joint ventures share of costs

1

1

1

1

Intergroup interest, royalty, dividend and management fees

(19)

63

2

1

(63)

3

13

13

(4)

(4)

7

 

Adjusted EBITDA

(84)

331

204

226

138

416

(17)

1,298

94

294

(72)

316

149

195

35

(2)

377

(115)

1,792

1,792

(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.

B Adjusted net debt (1)

 

 

At Dec

 

At Jun

 

At Dec

US Dollar million

 

2023 Unaudited

 

2023 Unaudited Restated

 

2022 Unaudited Restated

Borrowings - non-current portion

 

2,032

 

 

1,896

 

 

1,965

 

Borrowings - current portion

 

207

 

 

17

 

 

18

 

Borrowings - total

 

2,239

 

 

1,913

 

 

1,983

 

Lease liabilities - non-current portion

 

98

 

 

106

 

 

115

 

Lease liabilities - current portion

 

73

 

 

72

 

 

71

 

Lease liabilities - total

 

171

 

 

178

 

 

186

 

Total borrowings

 

2,410

 

 

2,091

 

 

2,169

 

Less cash and cash equivalents (net of bank overdraft)

 

(955

)

 

(717

)

 

(1,106

)

Net debt

 

1,455

 

 

1,374

 

 

1,063

 

Adjustments:
IFRS16 lease adjustments

 

 

(149

 

)

 

 

(153

 

)

 

 

(158

 

)

Unamortised portion of borrowing costs

 

30

 

 

32

 

 

33

 

Cash restricted for use

 

(68

)

 

(59

)

 

(60

)

Adjusted net debt

 

1,268

 

 

1,194

 

 

878

 

Adjusted net debt to Adjusted EBITDA

 

0.89:1

 

0.75:1

 

0.49:1

Total borrowings to profit (loss) before taxation

 

38.25:1

 

15.15:1

 

4.60:1

(1) Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.

C Average gold price received per ounce

 

 

Six months

 

Six months

 

Six months

 

Year

 

Year

 

 

ended

 

ended

 

ended

 

ended

 

ended

 

 

Dec

 

Jun

 

Dec

 

Dec

 

Dec

 

 

2023

 

2023

 

2022

 

2023

 

2022

US Dollar million Unaudited

 

 

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Subsidiaries

 

Joint Ventures

 

Subsidiaries

 

Joint Ventures

 

Subsidiaries

 

Joint Ventures

 

Subsidiaries

 

Joint Ventures

 

Subsidiaries

 

Joint Ventures

Gold income

 

2,335

 

 

370

 

2,144

 

 

298

 

2,298

 

 

315

 

4,480

 

 

668

 

4,388

 

 

596

Realised gain on non-hedge derivatives

 

1

 

 

 

1

 

 

 

 

 

 

2

 

 

 

 

 

Adjusted for non-controlling interests

 

(49

)

 

 

(50

)

 

 

(51

)

 

 

(99

)

 

 

(112

)

 

Attributable gold income including realised non-hedge derivatives

 

2,287

370

 

2,095

 

298

 

2,247

 

315

 

4,383

 

668

 

4,276

 

596

Attributable gold sold - oz (000) (1)

 

1,180

 

 

189

 

1,092

 

 

154

 

1,302

 

 

182

 

2,273

 

 

343

 

2,385

 

 

332

Average gold price received per ounce - $/oz

 

1,939

 

 

1,953

 

1,917

 

 

1,941

 

1,725

 

 

1,732

 

1,928

 

 

1,948

 

1,793

 

 

1,795

(1) Includes gold sold from CdS. Rounding of figures may result in computational discrepancies.

Administration and corporate information

AngloGold Ashanti plc
Incorporated in England & Wales
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96

Share codes:
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE: AU
JSE: ANG
A2X: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD

JSE Sponsor:
The Standard Bank of South Africa Limited

Auditors: PricewaterhouseCoopers Inc.

Offices
Registered and Corporate
4th Floor, Communications House
South Street
Staines-upon-Thames
Surrey TW18 4PR
United Kingdom
Telephone: +44 (0) 203 968 3320
Fax: +44 (0) 203 968 3325

Australia
Level 10, AMP Building,
140 St George’s Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road (PO Box 2665)
Accra Ghana
Telephone: +233 303 773400
Fax: +233 303 778155

Directors
Executive
A Calderon (Chief Executive Officer)
GA Doran (Chief Financial Officer)

Non-Executive
MDC Ramos^ (Chairman)
KOF Busia
AM Ferguson*
AH Garner#
R Gasant^
SP Lawson#J Magie§
MC Richter#~
DL Sands#
JE Tilk§

* British § Canadian #American Australian
~Panamanian ^South African Ghanaian

Officers
HC Grantham
Interim Company Secretary

Company secretarial e-mail
Companysecretary@anglogoldashanti.com

Investor Relations contacts
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail: yrchowthee@anglogoldashanti.com

Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
E-mail: amaxey@anglogoldashanti.com

AngloGold Ashanti website
www.anglogoldashanti.com

AngloGold Ashanti posts information that may be important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated periodically. AngloGold Ashanti intends to use its website as a means of disclosing material non-public information to the public in a broad, non-exclusionary manner and for complying with its disclosure obligations. Accordingly, investors should visit this website regularly to obtain important information about AngloGold Ashanti, in addition to following its press releases, documents it files with, or furnishes to, the United States Securities and Exchange Commission (SEC) and public conference calls and webcasts. No material on the AngloGold Ashanti website forms any part of, or is incorporated by reference into, this document. References herein to the AngloGold Ashanti website shall not be deemed to cause such incorporation.

PUBLISHED BY ANGLOGOLD ASHANTI

Share Registrars
United States
Computershare Trust Company, N.A.
150 Royall Street
Suite 101
Canton, MA 02021
United States of America
Telephone US: 866-644-4127
Telephone non-US: +1-781-575-2000
Shareholder Online Inquiries:
https://www-us.computershare.com/Investor/#Contact
Website: www.computershare.com/investor

South Africa
Computershare Investor Services (Pty) Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank, 2196
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail: queries@computershare.co.za
Website: www.computershare.com

Ghana
Central Securities Depository (GH) LTD
4th Floor, Cedi House
PMB CT 465, Cantonments
Accra, Ghana
Telephone: +233 302 689313
Fax: +233 302 689315

Ghana depositary
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975

Forward-looking statements

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic, the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, the preparation and impacts of AngloGold Ashanti’s pending restatements and the continuing assessment of the effectiveness of the Company’s internal control over financial reporting by both management and PricewaterhouseCoopers Inc., are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not limited to historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti Limited’s annual report on Form 20-F for the year ended 31 December 2022 filed with the United States Securities and Exchange Commission (SEC) and AngloGold Ashanti’s registration statement on Form F-4 initially filed with the SEC on 23 June 2023. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

Non-GAAP financial measures

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

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Contact information

Investor Relations contacts
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail: yrchowthee@anglogoldashanti.com

Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
E-mail: amaxey@anglogoldashanti.com

AngloGold Ashanti website
www.anglogoldashanti.com

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