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Arrow F2009 Financial Highlights
Arrow Message from the Chairman
Arrow Board of Directors
Arrow Executive Committee
Arrow Message from the Chief Executive Officer
Arrow Gold Fields at a Glance
Arrow South Africa Region
   Arrow Driefontein Gold Mine
   Arrow Kloof Gold Mine
   Arrow Beatrix Gold Mine
   Arrow South Deep Project
Arrow West Africa Region
  Arrow Tarkwa Gold Mine
  Arrow Damang Gold Mine
Arrow Australasia Region
  Arrow St Ives Gold Mine
  Arrow Agnew Gold Mine
Arrow South America Region
  Arrow Cerro Corona Gold Mine
Arrow Exploration and Business Development
Arrow Mineral Resources and Reserves
   
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F2009 FINANCIAL HIGHLIGHTS

F2009 salient features

bullet Record safety improvement;
bullet Attributable gold production of 3.4 million ounces;
bullet Total cash costs of US$516 per ounce;
bullet Notional cash expenditure of US$763 per ounce;
bullet Operating margin of 39 per cent;
bullet Successful completion of critical infrastructure rehabilitation and secondary support backlog at South African operations;
bullet Completed construction of Cerro Corona Mine in Peru and CIL plant expansion at Tarkwa in Ghana;
bullet South Deep remodelled and appropriately resourced to achieve F2010 target of 300,000 ounces of gold;
bullet Commenced construction of Athena, the fourth underground mine at St Ives in Australia; and
bullet Three advanced stage exploration projects underway.

         
Headline earnings per share
South African cents
  Operating profit
Rand million
  Attributable gold production
’000 ounces
Headline earnings per share   Operating profit   Attributable gold production

Operating summary1

  For the year ended 30 June     F2009   F2008   F2007   F2006   F2005  
  Salient features                        
  Gold produced – attributable kg   106,186   113,154   123,534   126,712   131,284  
    ’000oz   3,414   3,638   3,972   4,074   4,219  
  Total cash cost R/kg   149,398   111,315   86,623   67,988   66,041  
    US$/oz   516   476   374   330   331  
  Notional cash expenditure R/kg   221,153   186,088   135,666   89,961   83,569  
    US$/oz   763   796   585   437   419  
  Gold price R/kg   253,459   190,623   147,595   107,918   84,218  
    US$/oz   875   816   638   524   422  
  Operating profit Rm   11,463   9,041   7,740   5,139   2,286  
  Operating margin per cent   39   39   40   35   19  

Financial summary1

  Rand million, unless otherwise stated                        
  Revenue     29,087   23,010   19,434   14,605   11,756  
  Basic earnings – cents per share     229   683   423   313   26  
  Headline earnings – cents per share     431   459   392   303   49  
  Dividends declared – cents per share     110   185   185   150   70  
  Total assets     65,254.6   62,915.5   53,925.0   31,635.2   23,997.4  
  Shareholders’ equity     42,669.4   42,561.2   37,106.3   20,001.5   16,534.1  
  Cash and cash equivalents     2,803.9   2,007.3   2,310.1   1,617.5   3,375.0  
  Cash flows from operating activities2     6,000.8   6,692.1   1,201.4   3,804.8   1,336.4  
  Cash generated/(utilised)     804.1   (478.0)   693.4   (1,781.6)   (919.9)  

Market and ratio analysis

  Debt leverage                      
  Net debt: EBITDA   0.53   0.55   0.59   0.14   (0.84)  
  Other                      
  Net asset value per share (Rand)   60.55   65.16   56.90   40.42   33.59  
  Dividend payout ratio (per cent)   48   27   44   48   2693  
  Exchange rates                      
  Average rate US$1 = R   9.01   7.27   7.20   6.40   6.21  
  Closing rate US$1 = R   8.06   8.00   7.15   7.43   6.70  
  Share price performance                      
  Ordinary shares (Rand)                      
  - high   123.50   135.00   173.80   164.00   101.01  
  - low   54.00   87.01   109.40   68.02   54.50  
  - year end   93.52   99.50   109.40   162.00   76.20  
  Average daily volume of shares traded ('000)   3,047   2,903   2,581   2,073   1,356  
  American Depository Receipts (US$)                      
  - high   13.99   19.60   24.48   26.95   15.25  
  - low   4.64   10.66   15.48   10.59   9.13  
  - year end   12.05   12.65   15.70   22.90   11.35  
  Average daily volume of shares traded ('000)   7,635   6,368   3,141   2,289   1,557  
  Number of shares in issue ('000)   704,750   653,201   652,158   494,825   492,294  
  Market capitalisation at year end (Rm)   65,908   64,993   71,346   80,162   37,513  

1.
Figures are based on last published and audited Annual Financial Statements.
2.
Cash fl ows from operating activities in F2007 impacted by buy-back of Western Areas Limited hedge book.
3.
The 269 per cent dividend payout ratio in 2005 was as a result of earnings per share of R0.26 and a dividend of R0.70.