Wrap Text
FY 2023 Earnings Release for the six months and for the year ended 31 December 2023
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
("AngloGold Ashanti", "AGA" or the "Company")
FY 2023 Earnings Release
for the six months and for the year ended 31 December 2023
AngloGold Ashanti releases preliminary unaudited condensed consolidated financial statements as of
and for the six months and the year ended 31 December 2023, and announces annual general meeting
date and restatement of previously issued financial statements
London, Denver, Johannesburg, 19 March 2024 – 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"). The full text of the FY 2023 Earnings Release has been submitted to the US
Securities and Exchange Commission on Form 6-K (the "Full Announcement") today.
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 of the Full
Announcement.
GROUP - Key statistics
Six months Six months Six months Year Year
ended ended ended ended ended
Dec Jun Dec Dec Dec
2023 2023 2022 2023 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 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 of the Full Announcement.
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
This short form announcement (the "JSE Announcement") is the responsibility of the board of directors of the Company, who certify that, to
the best of their knowledge and belief, there are no facts that have been omitted which would make the information false, misleading or
inaccurate, and that all reasonable enquiries to ascertain such facts have been made.
The details contained in this JSE Announcement are only a summary of the information contained in the Full Announcement which contains
a preliminary financial update for the period under review. Investors and/or shareholders should base any investment decisions on
consideration of the Full Announcement and are therefore directed to the Full Announcement available for viewing via the JSE SENS link,
provided below, and available on the Company's website at www.anglogoldashanti.com. The Full Announcement may be requested by email
to CompanySecretary@Anglogoldashanti.com or by contacting Yatish Chowthee on +27 11 637 6273.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2024/jse/isse/ange/ERDEC23.pdf
Johannesburg, South Africa
19 March 2024
JSE Sponsor: The Standard Bank of South Africa Limited
CONTACTS
Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
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.
Website: www.anglogoldashanti.com
December 2023 Published : 19 March 2024
Date: 19-03-2024 12:48:00
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