Integrated
Annual Report
2018
2018
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for the year ended 31 December 2018
| United States Dollar | ||||||||
| Figures in millions unless otherwise stated | 2018 | 2017 | 2016 | |||||
| CONTINUING OPERATIONS | ||||||||
| Revenue | 2,577.8 | 2,761.8 | 2,666.4 | |||||
| Cost of sales | (2,043.0) | (2,105.1) | (2,001.2) | |||||
| Investment income | 7.8 | 5.6 | 8.3 | |||||
| Finance expense | (88.0) | (81.3) | (78.1) | |||||
| Gain on financial instruments | 21.0 | 34.4 | 14.4 | |||||
| Foreign exchange gain/(loss) | 6.4 | (3.5) | (6.4) | |||||
| Other costs, net | (44.8) | (19.0) | (16.8) | |||||
| Share-based payments | (37.5) | (26.8) | (14.0) | |||||
| Long-term incentive plan | (1.1) | (5.0) | (10.5) | |||||
| Exploration expense | (104.2) | (109.8) | (86.1) | |||||
| Share of results of equity accounted investees, net of taxation | (13.1) | (1.3) | (2.3) | |||||
| Restructuring costs | (113.9) | (9.2) | (11.7) | |||||
| Silicosis settlement costs | 4.5 | (30.2) | – | |||||
| Gain on acquisition of Asanko | 51.8 | – | – | |||||
| Impairment, net of reversal of impairment of investments and assets | (520.3) | (200.2) | (76.5) | |||||
| Profit on disposal of investments | – | – | 2.3 | |||||
| (Loss)/profit on disposal of assets | (51.6) | 4.0 | 48.0 | |||||
| (Loss)/profit before royalties and taxation | (348.2) | 214.4 | 435.8 | |||||
| Royalties | (62.5) | (62.0) | (78.4) | |||||
| (Loss)/profit before taxation | (410.7) | 152.4 | 357.4 | |||||
| Mining and income taxation | 65.9 | (173.2) | (189.5) | |||||
| (Loss)/profit from continuing operations | (344.8) | (20.8) | 167.9 | |||||
| DISCONTINUED OPERATIONS | ||||||||
| Profit from discontinued operations, net of taxation | – | 13.1 | 1.2 | |||||
| (Loss)/profit for the year | (344.8) | (7.7) | 169.1 | |||||
| (Loss)/profit attributable to: | ||||||||
| Owners of the parent | (348.2) | (18.7) | 158.2 | |||||
| – Continuing operations | (348.2) | (31.8) | 157.0 | |||||
| – Discontinued operations | – | 13.1 | 1.2 | |||||
| Non-controlling interests | 3.4 | 11.0 | 10.9 | |||||
| – Continuing operations | 3.4 | 11.0 | 10.9 | |||||
| (344.8) | (7.7) | 169.1 | ||||||
| (Loss)/earnings per share attributable to owners of the parent: | ||||||||
| Basic (loss)/earnings per share from continuing operations – cents | (42) | (4) | 19 | |||||
| Basic earnings per share from discontinued operations – cents | – | 2 | – | |||||
| Diluted basic (loss)/earnings per share from continuing operations – cents | (42) | (4) | 19 | |||||
| Diluted basic earnings per share from discontinued operations – cents | – | 2 | – | |||||
at 31 December 2018
| United States Dollar | |||||
| Figures in millions unless otherwise stated | 2018 | 2017 | |||
| ASSETS | |||||
| Non-current assets | 5,183.2 | 5,505.7 | |||
| Property, plant and equipment | 4,259.2 | 4,892.9 | |||
| Goodwill | – | 76.6 | |||
| Inventories | 133.3 | 132.8 | |||
| Equity accounted investees | 225.1 | 171.3 | |||
| Investments | 235.3 | 104.6 | |||
| Environmental trust funds | 60.8 | 55.5 | |||
| Deferred taxation | 269.5 | 72.0 | |||
| Current assets | 921.1 | 1,114.4 | |||
| Inventories | 368.2 | 393.5 | |||
| Trade and other receivables | 153.2 | 201.9 | |||
| Cash and cash equivalents | 399.7 | 479.0 | |||
| Assets held for sale | – | 40.0 | |||
| Total assets | 6,104.3 | 6,620.1 | |||
| EQUITY AND LIABILITIES | |||||
| Equity attributable to owners of the parent | 2,586.1 | 3,275.8 | |||
| Stated capital | 3,622.5 | 3,622.5 | |||
| Other reserves | (2,110.3) | (1,817.8) | |||
| Retained earnings | 1,073.9 | 1,471.1 | |||
| Non-controlling interests | 120.8 | 127.2 | |||
| Total equity | 2,706.9 | 3,403.0 | |||
| Non-current liabilities | 2,781.9 | 2,363.1 | |||
| Deferred taxation | 454.9 | 453.9 | |||
| Borrowings | 1,925.3 | 1,587.9 | |||
| Provisions | 319.5 | 321.3 | |||
| Finance lease liabilities | 80.1 | – | |||
| Long-term incentive plan | 2.1 | – | |||
| Current liabilities | 615.5 | 854.0 | |||
| Trade and other payables | 503.0 | 548.5 | |||
| Royalties payable | 12.5 | 16.3 | |||
| Taxation payable | 5.2 | 77.5 | |||
| Current portion of borrowings | 86.3 | 193.6 | |||
| Current portion of finance lease liabilities | 8.5 | – | |||
| Current portion of long-term incentive plan | – | 18.1 | |||
| Total liabilities | 3,397.4 | 3,217.1 | |||
| Total equity and liabilities | 6,104.3 | 6,620.1 | |||
for the year ended 31 December 2018
| United States Dollar | ||||||||
| Figures in millions unless otherwise stated | 2018 | 2017 | 2016 | |||||
| Cash flows from operating activities | 557.8 | 762.4 | 917.5 | |||||
|---|---|---|---|---|---|---|---|---|
| Cash generated by operations | 998.0 | 1,286.5 | 1,245.4 | |||||
| Interest received | 6.8 | 5.1 | 7.3 | |||||
| Change in working capital | (16.3) | (69.4) | (2.3) | |||||
| Cash generated by operating activities | 988.5 | 1,222.2 | 1,250.4 | |||||
| Interest paid | (91.0) | (90.4) | (81.7) | |||||
| Royalties paid | (65.5) | (66.0) | (76.4) | |||||
| Taxation paid | (217.2) | (239.5) | (155.6) | |||||
| Net cash from operations | 614.8 | 826.3 | 936.7 | |||||
| Dividends paid/advanced | (57.0) | (70.7) | (40.7) | |||||
| – Owners of the parent | (45.5) | (62.8) | (39.2) | |||||
| – Non-controlling interest holders | (9.8) | (6.4) | (0.2) | |||||
| – South Deep BEE dividend | (1.7) | (1.5) | (1.3) | |||||
| Cash generated by continuing operations | 557.8 | 755.6 | 896.0 | |||||
| Cash generated by discontinued operations | – | 6.8 | 21.5 | |||||
| Cash flows from investing activities | (886.8) | (908.6) | (867.9) | |||||
| Additions to property, plant and equipment | (814.2) | (833.6) | (628.5) | |||||
| Proceeds on disposal of property, plant and equipment | 78.9 | 23.2 | 2.3 | |||||
| Purchase of Gruyere Gold project assets | – | – | (197.1) | |||||
| Purchase of Asanko Gold joint venture investment | (165.0) | – | – | |||||
| Purchase of investments | (19.3) | (80.1) | (12.7) | |||||
| Proceeds on disposal of investments | 0.5 | – | 4.4 | |||||
| Proceeds on disposal of APP | 40.0 | – | – | |||||
| Proceeds on disposal of Darlot | – | 5.4 | – | |||||
| Contributions to environmental trust funds | (7.7) | (16.7) | (14.8) | |||||
| Cash utilised in continuing operations | (886.8) | (901.8) | (846.4) | |||||
| Cash utilised in discontinued operations | – | (6.8) | (21.5) | |||||
| Cash flows from financing activities | 257.3 | 84.2 | 37.0 | |||||
| Shares issued | – | – | 151.5 | |||||
| Loans raised | 691.7 | 779.7 | 1,298.7 | |||||
| Loans repaid | (431.9) | (695.5) | (1,413.2) | |||||
| Payment of finance lease liabilities | (2.5) | – | – | |||||
| Cash generated by continuing operations | 257.3 | 84.2 | 37.0 | |||||
| Cash generated by discontinued operations | – | – | – | |||||
| Net cash (utilised)/generated | (71.7) | (62.0) | 86.6 | |||||
| Effect of exchange rate fluctuation on cash held | (7.6) | 14.3 | 0.1 | |||||
| Cash and cash equivalents at beginning of the year | 479.0 | 526.7 | 440.0 | |||||
| Cash and cash equivalents at end of the year | 399.7 | 479.0 | 526.7 | |||||