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Arrow Statement of Responsibility
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Arrow Corporate Secretary’s Confirmation
Arrow Management’s Discussion and Analysis of the Financial Statements
Arrow Directors’ Report
Arrow Accounting Policies
Arrow Consolidated Income Statement
Arrow Consolidated Balance Sheet
Arrow Consolidated Statement of Changes in Equity
Arrow Consolidated Cash Flow Statement
Arrow Notes to the Consolidated Financial Statements
Arrow Company Income Statement
Arrow Company Balance Sheet
Arrow Company Statement of Changes in Shareholders’ Equity
Arrow Company Cash Flow Statement
Arrow Notes to the Company Annual Financial Statements
Arrow Major Group Investments – Direct and Indirect
Arrow Segment Report
Arrow Shareholders’ Information
Arrow Operating and Financial Information by Mine
Arrow Notice of Annual General Meeting
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SEGMENT REPORT

Financial summary – Rand million

    Continuing operations
  INCOME STATEMENT South Africa Ghana Peru   Australia   Corporate   Group  
  for the year ended             South           Cerro   St Ives/   and   consoli-  
  30 June 2009 Driefontein   Kloof   Beatrix   Deep1   Tarkwa   Damang   Corona   Agnew   other2   dation  
  Revenue 6,545.9   5,066.3   3,055.2   1,398.1   4,840.3   1,582.7   1,656.4   4,942.0     29,086.9  
  Operating costs 3,530.5   3,083.8   2,037.6   1,188.0   3,046.5   1,193.3   778.7   2,975.5     17,833.9  
  Gold inventory change         (162.5)   (20.8)   (37.0)   10.0     (210.3)  
  Operating profit 3,015.4   1,982.5   1,017.6   210.1   1,956.3   410.2   914.7   1,956.5     11,463.3  
  Amortisation and                                        
  depreciation 624.9   692.7   435.2   283.2   495.3   169.4   350.7   945.3   145.6   4,142.3  
  Net operating profit 2,390.5   1,289.8   582.4   (73.1)   1,461.0   240.8   564.0   1,011.2   (145.6)   7,321.0  
  Other income/(expenditure) (189.6)   (153.3)   (63.5)   55.0   (128.6)   (87.2)   (160.1)   3.5   (2,389.6)   (3,113.4)  
  Current taxation 603.2   254.0   0.9     145.2   74.7   145.4   189.3   145.7   1,558.4  
  Deferred taxation 176.4   109.7   196.2   (7.2)   286.5   (2.5)   29.5   196.5   (190.0)   795.1  
  Profit/(loss) for the year 1,421.3   772.8   321.8   (10.9)   900.7   81.4   229.0   628.9   (2,490.9)   1,854.1  
  Profit attributable to :                                        
  – Ordinary shareholders 1,421.3   772.8   321.8   (10.9)   640.4   57.9   184.8   628.9   (2,481.4)   1,535.6  
  – Minority shareholders         260.3   23.5   44.2     (9.5)   318.5  
                                           
  BALANCE SHEET                                     Group  
  as at 30 June 2009                                     total  
  Total assets 7,801.8   5,847.1   2,113.4   1,183.0   7,570.6   1,230.0   6,616.7   7,034.1   25,857.9   65,254.6  
  Total liabilities (excluding                                        
  deferred taxation) 2,614.6   1,812.9   559.0   674.8   1,329.6   232.1   2,213.7   1,027.0   5,992.7   16,456.4  
  Deferred taxation 1,794.2   1,676.7   672.9     1,173.5   142.1   51.0   770.1   (151.7)   6,128.8  
  Capital expenditure 1,034.4   958.6   629.4   1,020.5   1,812.0   152.1   1,052.2   897.3   92.7   7,649.2  

    Continuing operations      
  INCOME STATEMENT South Africa   Ghana   Peru   Australia   Corporate   Total     Dis-  
  for the year ended             South           Cerro   St Ives/   and   continuing     continued  
  30 June 2008 Driefontein   Kloof   Beatrix   Deep1   Tarkwa   Damang   Corona   Agnew   other2   operations     operations  
  Revenue 5,501.9   4,804.8   2,615.2   1,342.1   3,863.7   1,166.4     3,715.4     23,009.5     299.6  
  Operating costs 2,932.5   2,690.0   1,724.7   1,263.7   2,058.7   858.6     2,355.0     13,883.2     191.3  
  Gold inventory change         (35.8)   (77.0)     198.3     85.5     8.6  
  Operating profit 2,569.4   2,114.8   890.5   78.4   1,840.8   384.8     1,162.1     9,040.8     99.7  
  Amortisation and depreciation 548.3   591.4   292.6   231.8   331.8   101.1     775.5   153.1   3,025.6     14.8  
  Net operating profit 2,021.1   1,523.4   597.9   (153.4)   1,509.0   283.7     386.6   (153.1)   6,015.2     84.9  
  Other income/(expenditure) (101.9)   (75.5)   (59.2)   (85.1)   1.1   (1.6)     69.2   882.1   629.1     (41.1)  
  Current taxation 500.8   323.7   1.3     331.3   54.3     92.4   109.3   1,413.1     5.9  
  Deferred taxation 185.1   176.3   205.0   (95.4)   104.2   40.4     95.1   (186.1)   524.6     0.9  
  Income from discontinued                                              
  operations3                                           37.0  
  Profit on sale of                                              
  Venezuelan assets3                                           74.2  
  Profit/(loss) for the year 1,233.3   947.9   332.4   (143.1)   1,074.6   187.4     268.3   805.8   4,706.6     111.2  
  Profit attributable to:                                              
  – Ordinary shareholders 1,233.3   947.9   332.4   (143.1)   764.0   133.2     268.3   812.2   4,348.2     109.3  
  – Minority shareholders         310.6   54.2       (6.4)   358.4     1.9  
                                                 
                                              Dis-  
  BALANCE SHEET                                     Group     continued  
  as at 30 June 2008                                     total     operations  
  Total assets 7,480.0   5,983.4   2,734.9   1,110.4   5,967.4   1,116.7   6,467.7   7,700.8   24,354.2   62,915.5      
  Total liabilities (excluding                                              
  deferred taxation) 1,764.9   1,399.6   626.6   596.6   1,005.3   202.9   3,089.3   1,086.7   5,160.5   14,932.4      
  Deferred taxation 1,617.7   1,567.0   476.6     910.3   143.2   24.3   691.7   (8.9)   5,421.9      
  Capital expenditure4 1,016.4   897.7   576.6   784.7   1,541.0   204.2   1,025.5   1,025.5   434.8   9,013.9     70.0  

Financial summary – US dollar million

    Continuing operations
  INCOME STATEMENT South Africa Ghana Peru   Australia   Corporate   Group  
  for the year ended             South           Cerro   St Ives/   and   consoli-  
  30 June 2009 Driefontein   Kloof   Beatrix   Deep1   Tarkwa   Damang   Corona   Agnew   other2   dation  
  Revenue 726.5   562.3   339.1   155.2   537.2   175.7   183.8   548.5     3,228.3  
  Operating costs 391.8   342.3   226.1   131.9   338.1   132.4   86.4   330.3     1,979.3  
  Gold inventory change         (18.0)   (2.3)   (4.1)   1.1     (23.3)  
  Operating profit 334.7   220.0   112.9   23.3   217.1   45.5   101.5   217.1     1,272.3  
  Amortisation and                                        
  depreciation 69.4   76.9   48.3   31.4   55.0   18.8   38.9   104.9   16.2   459.7  
  Net operating profit 265.3   143.2   64.6   (8.1)   162.2   26.7   62.6   112.2   (16.2)   812.6  
  Other income/(expenditure) (21.0)   (17.0)   (7.0)   6.1   (14.3)   (9.6)   (17.8)   0.4   (265.2)   (345.4)  
  Current taxation 66.9   28.2   0.1     16.1   8.3   16.1   21.0   16.2   173.0  
  Deferred taxation 19.6   12.2   21.8   (0.8)   31.8   (0.3)   3.3   21.8   (21.1)   88.2  
  Profit/(loss) for the year 157.7   85.8   35.7   (1.2)   100.0   9.1   25.4   69.8   (276.5)   205.8  
  Profit attributable to :                                        
  – Ordinary shareholders 157.7   85.8   35.7   (1.2)   71.1   6.5   20.5   69.8   (275.4)   170.5  
  – Minority shareholders         28.9   2.6   4.9     (1.1)   35.3  
                                           
  BALANCE SHEET                                        
  as at 30 June 2009                                        
  Total assets 968.0   725.4   262.2   146.9   939.3   152.6   820.9   872.7   3,208.2   8,096.2  
  Total liabilities (excluding                                        
  deferred taxation) 324.4   224.9   69.4   83.7   165.0   28.8   274.7   127.4   743.5   2,041.7  
  Deferred taxation 222.6   208.0   83.5     145.6   17.6   6.3   95.5   (18.8)   760.4  
  Capital expenditure 114.8   106.4   69.9   113.3   201.1   16.9   116.8   99.6   10.3   849.0  

    Continuing operations      
  INCOME STATEMENT South Africa   Ghana   Peru   Australia   Corporate   Total     Dis-  
  for the year ended             South           Cerro   St Ives/   and   continuing     continued  
  30 June 2008 Driefontein   Kloof   Beatrix   Deep1   Tarkwa   Damang   Corona   Agnew   other2   operations     operations  
  Revenue 756.8   660.9   359.7   184.6   531.5   160.4     511.1     3,165.0     41.2  
  Operating costs 403.4   370.0   237.2   173.8   283.2   118.1     323.9     1,909.7     26.3  
  Gold inventory change         (4.9)   (10.6)     27.3     11.8     1.2  
  Operating profit 353.4   290.9   122.5   10.8   253.2   52.9     159.8     1,243.5     13.7  
  Amortisation and depreciation 75.4   81.3   40.2   31.9   45.6   13.9     106.7   21.2   416.2     2.0  
  Net operating profit 278.0   209.6   82.2   (21.1)   207.6   39.0     53.1   (21.2)   827.3     11.7  
  Other income/(expenditure) (14.0)   (10.4)   (8.2)   (11.7)   0.2   (0.1)     9.5   121.4   86.6     (5.7)  
  Current taxation 68.9   44.5   0.2     45.6   7.5     12.7   15.0   194.4     0.8  
  Deferred taxation 25.5   24.3   28.2   (13.1)   14.3   5.6     13.1   (25.6)   72.2     0.1  
  Income from discontinued                                              
  operations3                                           5.1  
  Profit on sale of                                              
  Venezuelan assets3                                           10.2  
  Profit/(loss) for the year 169.6   130.4   45.7   (19.7)   147.8   25.9     36.8   110.8   647.3     15.3  
  Profit attributable to:                                              
  – Ordinary shareholders 169.6   130.4   45.7   (19.7)   105.1   18.4     36.8   111.6   598.0     15.0  
  – Minority shareholders         42.7   7.5       (0.9)   49.3     0.3  
                                                 
                                              Dis-  
  BALANCE SHEET                                     Group     continued  
  as at 30 June 2008                                     total     operations  
  Total assets 935.0   747.9   341.9   138.9   745.9   139.6   808.5   962.6   3,044.3   7,864.5      
  Total liabilities (excluding                                            
  deferred taxation) 220.6   175.0   78.3   74.6   125.7   25.4   386.2   135.8   645.1   1,866.6      
  Deferred taxation 202.2   195.9   59.6     113.8   17.9   3.0   86.5   (1.2)   677.7        
  Capital expenditure4 139.8   123.5   79.3   107.9   212.0   28.1   348.4   141.0   59.9   1,239.9     9.6  
The above is a geographical analysis presented by location of assets.
US dollar figures may not add as they are rounded independently.
Year end exchange rates ZAR/US$8.06 and ZAR/US$8.00 for F2009 and F2008 respectively.
Average exchange rates ZAR/US$9.01 and ZAR/US$7.27 for F2009 and F2008 respectively.
1 The income statement and balance sheet of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation. South Deep Gold Mine, being an incorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding company at a rate of 40 per cent.
2 Included in Corporate and Other is goodwill relating to the acquisition of South Deep.
3 The Venezuelan assets (including Choco 10) were sold during F2008 and as such are classed as discontinued operations for accounting purposes.
4 Included in capital expenditure “Corporate and other” is capital expenditure invested in discontinued operations.