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Restatement of Results for the Second Quarter and Six Months Ended 30 June 2008 - Reduction in Headline Loss
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| Acrobat Version |
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| Tuesday, September 30, 2008 |
The unaudited results for the quarter and six months ended 30 June 2008 were released on SENS on 31 July 2008. Following the publication of these results, AngloGold Ashanti has reassessed the accounting estimate for income taxes, for the effects and impact of the accelerated non-hedge derivative settlements in accordance with IAS34 - Interim Financial Reporting. Following this reassessment, the income tax expense has been reduced by R641 million (US$81m) for the period. This is as a result of IAS34 requiring that the income tax expense for interim reporting purposes to be calculated by applying to an interim period's pre-tax income, the estimated average annual effective income tax rate that would be applicable to the expected total annual earnings. It should be noted that the overprovision would have been reversed by financial year-end and therefore would not have had any effect on the full year's income tax expense and earnings. Nevertheless, in compliance with IAS34, AngloGold Ashanti has decided to revise its results for the quarter and six months ended 30 June 2008.
The effect of the reassessment is as follows:
Group Income Statement
Six months ended June 2008
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As Published |
Adjustment |
Restated
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R m |
$ m |
R m |
$ m |
R m |
$ m |
| Taxation expense |
1,183 |
156 |
(641) |
(81) |
542 |
75 |
| Net loss attributable to ordinary shareholders |
4,630 |
310 |
(641) |
(81) |
3,989 |
229 |
Group Balance Sheet
at end June 2008
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As Published |
Adjustment |
Restated
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R m |
$ m |
R m |
$ m |
R m |
$ m |
| Taxation payable |
1,313 |
168 |
(248) |
(31) |
1,065 |
137 |
| Deferred taxation |
8,366 |
1,068 |
(393) |
(50) |
7,973 |
1,018 |
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For completeness, those pages of the report as published which are affected by the above revision are available in this PDF document.
| Queries |
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Tel: |
Mobile |
E-mail: |
| South Africa |
| Himesh Persotam (Investor Relations) |
+27 (0) 11 637 6647 |
+27 (0) 82 339 3890 |
hpersotam@AngloGoldAshanti.com |
| Alan Fine (Media) |
+27 (0) 11 637 6383 |
+27 (0) 83 250 0757 |
afine@AngloGoldAshanti.com |
| Joanne Jones (Media) |
+27 (0) 11 637 6813 |
+27 (0) 82 896 0306 |
jjones@AngloGoldAshanti.com |
Disclaimer
Certain statements made during this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and the outlook of AngloGold Ashanti's operations including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2007, which was distributed to shareholders on 31 March 2008. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. | |
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