Final Results

Anglo American PLC 13 March 2002 News Release 13 March 2002 Anglo American plc ("Anglo American") reports a robust performance for 2001 despite challenging market conditions • Net earnings for 2001 up by 62% to $3,176 million reflecting exceptional gains arising from the De Beers transaction and the continuing disposal of non core assets; • After adjusting for disposals and structural changes and despite weaker prices for most of our products, headline earnings from continuing businesses increased by 4%, following the successful integration of recent acquisitions and reflecting strong performances by Platinum, Coal, Gold, Industrial Minerals and Forest Products; • Headline earnings per share declined 6% reflecting further disposals in Industries and Financial Services, elimination of the De Beers cross-holding and cancellation of 10% of the company's shares in issue; • Final dividend of 34 US cents, giving an increased total dividend for 2001 of 49 US cents per ordinary share, an increase of 3% on 2000; • Continued focus on restructuring - elimination of the cross-holding between Anglo American and De Beers and the increase in Anglo American's interest in De Beers to 45%; • Operating profit margin before exceptional items increases to 17.1% - record operating profit in five major businesses; • Further progress on cost savings and efficiency initiatives across the Group realises $275 million in 2001, containing cost increases to $56 million (0.4%). HIGHLIGHTS FOR YEAR ENDED 31 DECEMBER 2001 (1) $ million except per share amounts 2001 2000 Change Group turnover & share of turnover of joint ventures & associates 19,282 20,570 (6) % Total operating profit before operating exceptional items 3,300 3,480 (5) % Operating profit before exceptional items : turnover 17.1% 16.9% - Total operating profit 2,787 3,214 (13) % Net earnings for the financial year 3,176 1,957 62 % Headline earnings for the financial year * 1,770 2,000 (12) % Headline earnings - continuing businesses (2) 1,728 1,664 4 % Total earnings per share ($) 2.15 1.25 72 % Headline earnings per share ($) 1.20 1.28 (6) % Dividend per share (US cents) 49 47.5 3% Weighted number of shares in issue (million) 1,474 1,567 - 1. includes 12 months of De Beers cross-holding and equity earnings from FirstRand 2. Headline earnings adjusted for structural changes (De Beers) and major disposals in Industries and Financial Services * see note 6 for basis of calculation of headline earnings Tony Trahar, Chief Executive, said "The past year was one of substantial progress for Anglo American. We continued to deliver against our strategy on a number of fronts with the achievement of enhanced shareholder value as our key objective. The major milestone was the successful removal of the Anglo American/De Beers cross holding and the resultant cancellation of 10% of our shares in issue. In a year characterised by difficult economic conditions and substantially weaker prices for most commodities, after adjusting for disposals and restructuring, the Group recorded a 4% increase in headline earnings from its continuing businesses reflecting strong performances from Platinum, Coal, Gold, Industrial Minerals and Forest Products. It is pleasing that the operating profit margin increased: this robust performance demonstrates the strength of Anglo American's diverse earnings base and the quality of our assets. We made substantial progress in further driving down costs and improving efficiencies across the entire Group. Major initiatives on cost control and efficiencies yielded significant savings of $275 million and will continue to be a focus going forward. We have also delivered an impressive performance in integrating acquisitions into our core businesses. While there are some signs of economic recovery, at this stage they seem more encouraging in the United States than in Europe and Japan. The trading environment for most of our products is likely to remain challenging. The Group will benefit from its diverse and competitive operations, particularly in low cost areas of production, and the significant capital projects that are presently in progress. We will continue to pursue further opportunities for expansion and growth." Review of 2001 Despite difficult economic conditions, 2001 was another year of significant and continued progress in focusing and growing Anglo American's core businesses. The elimination of the cross-holding between Anglo American and De Beers in the first half of the year was a key element to the restructuring process and has brought substantial benefits to Anglo American. The major acquisitions made in 2000 in Coal, Industrial Minerals and Forest Products have been successfully integrated over the last year and are now making significant earnings contributions. • Tough trading environment during 2001: Lower prices were experienced in most major commodities as the global economic slowdown affected many key markets. Base metals were severely affected, with average annual copper, nickel and zinc prices declining 13%, 31% and 21% respectively. Platinum Group Metal (PGM) prices also experienced a decline from the very high levels of 2000 with platinum falling 3% over the year. The effect of lower commodity prices was offset by weaker currencies, mainly the South African rand and the Australian dollar, which lowered local operating costs in US dollar terms by $454 million. • Strong contributions from major acquisitions made in 2000: • Coal reported on the first full year contribution from the Australian coal assets and the interest in Cerrejon Zona Norte in Colombia which helped the division to record a 180% increase in headline earnings; • Industrial Minerals' 11% increase in headline earnings was due to substantial synergy benefits following the integration of Tarmac and the continuing programme of cost cutting and price improvements; • in Forest Products, improved productivity and further cost reductions reflected the successful integration of the European paper and packaging assets acquired in 2000. Operating profit increased to a record $522 million, although headline earnings were affected by increased debt levels. • Internal growth: • five major gold projects costing $700 million are scheduled to come into production over the next 3 years; • the $2 billion platinum expansion to 3.5 million ounces per annum by 2006 is on schedule and two new mines will be commissioned in 2002; • in Colombia, the $500 million expansion project to raise coal production at Carbones del Cerrejon to 10 million tonnes a year should commence soon; • expansions and new projects currently underway in Base Metals total $890 million. • Transactions: Since listing in May 1999, $4.1 billion has been realised from the disposal of assets. Disposals made in 2001 realised $1.9 billion and include: • interests in FirstRand, SA Breweries, Stanbic, AECI and Shaft Sinkers; • a 12.3% interest in Aracruz for $370 million; • a 7.1% stake in Billiton, acquired as a result of disposing of most of the Group's interest in FirstRand, for $754 million. Since May 1999, $7.4 billion has been invested in new businesses. Recent acquisitions include: • an increase in Anglo American's stake in Anglo Platinum from 50.1% at 2 March 2001 to 59.6% at 1 March 2002; • the outstanding 50% stake in Cerrejon Zona Norte, the largest producer and exporter of steam coal in Colombia, as part of a consortium. The initial 50% stake was acquired by the consortium from Carbocol in December 2000; • Danisco Pack UK's paper and packaging assets, making Mondi Packaging UK the third largest corrugated packaging company in the UK; • Durox, consolidating Tarmac's leadership of the UK concrete block market; • a 9.6% stake in Kumba Resources with the right to acquire a further 10.5%, and a 34.9% stake in Avmin for a total of $365 million. The acquisitions, announced on 12 March 2002, are part of Anglo American's strategic objective of securing a meaningful interest in the iron ore sector. • Increased focus on cost control including corporate centre: Increased focus on cost savings and efficiencies across the Group has realised $275 million this year. Further savings from the restructuring of corporate offices at the end of 2001 will accrue during 2002. • De Beers deal: The elimination of the cross-holding with De Beers had been a key strategic priority since listing in May 1999. The benefits to Anglo American were: • the simplification of its structure and improved transparency; • an increase in Anglo American's interest in De Beers' diamond business to 45%; • a net cash inflow of $998 million plus $701 million preference shares in DB Investments; • ordinary and preference dividends due of $71 million for first seven months of the new structure; • an increase in the free float of Anglo American shares from 53% to 91% and the retention of a full FTSE weighting. Review of financial results: Anglo Platinum recorded the largest contribution to headline earnings of $522 million (29% of Anglo American's total headline earnings) up from US$500 million in 2000. The increase resulted from an improved operational performance which led to higher production and sales volumes. Although PGM prices declined significantly from their historic highs of 2000, the lower prices were largely offset by the depreciation of the South African rand. Coal's contribution to headline earnings increased significantly by 180% to $387 million (22% of Anglo American's total) following the first full year contribution from the Australian assets and Cerrejon Zona Norte in Colombia. The improved performance also reflected higher export prices and some benefit from the weaker Australian dollar and South African rand. Although Forest Products reported record operating profits of $522 million, headline earnings declined by 13% to $267 million (15% of Anglo American's total) due to substantially higher tax and interest payments and lower prices. In Europe, improved productivity, further cost reductions and a steady underlying performance following the successful integration of the paper and packaging assets acquired last year, offset lower sack paper, pulp and corrugated packaging prices. De Beers contributed $234 million to headline earnings (13% of Anglo American's total) down from $321 million in the previous period, due to the widely expected fall in demand for rough diamonds following the record sales achieved in 2000. However, Christmas retail sales figures for 2001 were stronger than expected. Industrial Minerals reported an 11% increase in headline earnings to $176 million (10% of Anglo American's total). The improvement was due to substantial synergy benefits arising from the acquisition of Tarmac and a continuing programme of cost cutting and price improvements across the division. This was offset by higher tax charges and lower earnings from Cleveland Potash which, subject to certain conditions, has been sold. The second half of the year in particular saw a strong performance as the benefits of increased infrastructure spending in the UK began to emerge. AngloGold's contribution to headline earnings of $173 million (10% of Anglo American's total) was 14% lower than the previous year as a result of increased finance and tax charges. Total cash costs declined by 16% to $178 per ounce. AngloGold's production declined by 4% to 7 million ounces as a result of the sale of the Elandsrand and Deelkraal mines in South Africa. The Ferrous Metals division recorded a 44% decline in headline earnings to $48 million (3% of Anglo American's total). This was principally a result of the continued oversupply situation in the world steel industry and declining prices. Base Metals reported a headline loss of $2 million. Declining prices and generally poor markets for base metals were major factors that contributed to the division's poor performance. Exceptional charges of $488 million were recorded against certain assets, including a $353 million exceptional charge attributed to the Konkola Copper Mine operations in Zambia. The Industries division reported a 55% decline in headline earnings to $45 million, with increased operating profits from Boart offset by lower profits from Tongaat-Hulett, an operating loss from Terra and further disposals. Exceptional items Non-operational exceptional gains amounted to $2,148 million, mainly comprising the De Beers transaction and the swap of most of the Group's interest in FirstRand Limited for interests in Billiton Plc and Gold Fields Limited, the subsequent sale of the interest in Billiton and the sale of other non-core assets. Operating exceptional charges amounted to $513 million. These represented impairments or write downs to the value of $488 million in respect of Base Metals operations, including ZCI/KCM, the Anaconda nickel operation, Lisheen zinc mine, Hudson Bay's Ruttan zinc/copper mine and the expensing of Quellaveco's feasibility costs for the copper project. In addition, a $25 million exceptional charge was recorded in Corporate Activities relating to the investment in Ivernia West plc. Taxation The effective rate of taxation before goodwill amortisation and exceptional items was 31%. This was an increase over the effective rate of 26% in 2000 and principally reflects higher effective tax rates in Gold and Forest Products, higher profit contributions from Platinum and Coal and lower contributions from Industries, Base Metals and Financial Services. Dividends The directors recommend a final dividend of 34 US cents per share to be paid on 15 May 2002. Dividends for the year will amount to 49 US cents per share, a 3% increase on last year's total dividend. Whether or not this increase will be reflected in the next interim dividend declaration will depend on the results and outlook at the time. Outlook While there are some signs of economic recovery, at this stage they seem more encouraging in the United States than in Europe and Japan. The trading environment for most of our products is likely to remain challenging. The Group will benefit from its diverse and competitive operations, particularly in low cost areas of production, and the significant capital projects that are presently in progress. We will continue to pursue further opportunities for expansion and growth. For further information, please contact: Anglo American - London Investor Relations Nick von Schirnding Tel: +44 (0)20 7698 8540 Media Relations Kate Aindow Tel: +44 (0)20 7698 8619 Anglo American - Johannesburg Investor Relations Anne Dunn Tel: +27 11 638 4730 Media Relations Marion Dixon Tel: +27 11 638 3001 Anglo American plc website: www.angloamerican.co.uk Anglo American plc is a global leader in the mining and natural resource sectors. It has significant and focused interests in gold, platinum, diamonds, coal, base and ferrous metals, industrial minerals and forest products, as well as financial and technical strength. The Group is geographically diverse, with operations in Africa, Europe, South and North America and Australia. Anglo American represents a powerful world of resources. Operational review Platinum $ million 2001 2000 Total operating profit 1,345 1,336 Headline earnings 522 500 Net operating assets 1,847 1,327 Capital expenditure 391 272 Share of headline earnings (%) 29 25 Share of group net operating assets (%) 13 8 Anglo Platinum's contribution to headline earnings of $522 million was 4% higher than in 2000, following higher sales volumes and lower dollar costs. World supplies of platinum rose by an estimated 5% to 5.58 million ounces as expansions in South Africa came on stream. Demand for platinum also rose by some 5% and the market was in deficit for the third consecutive year. Jewellery demand dipped by 11%, with record demand in China not quite compensating for declines in Japan and the United States. Net demand for platinum from the autocatalyst sector increased 25%. High prices for palladium at the beginning of 2001, coupled with irregular Russian supplies, triggered a move to platinum by auto manufacturers to reduce their reliance on palladium. Anglo Platinum's planned expansion to 3.5 million annual ounces of refined platinum by the end of 2006 is on track. Two new mines will be commissioned in 2002 - the Waterval mine at Rustenburg, and the Maandagshoek mine, a joint venture with a black empowerment consortium. After the considerable reduction in Platinum Group Metal market prices in the second half of last year, platinum and palladium have established more stable trading ranges. The profitability of Anglo Platinum's individual operations remains closely hinged to the South African rand/dollar exchange rate. Gold $ million 2001 2000 Total operating profit before exceptional items 443 410 Headline earnings 173 201 Net operating assets 2,086 2,667 Capital expenditure 243 240 Share of headline earnings (%) 10 10 Share of group net operating assets (%) 14 17 In 2001, AngloGold's contribution to headline earnings was $173 million, 14% lower than the year before as a result of higher finance and tax charges. Attributable production declined by 4% to 7 million ounces as a result of the sale of Elandsrand and Deelkraal in South Africa. This was partially offset by a 137% increase in production from the rest of Africa region, with Geita and Morila included for the full year and Yatela producing its first gold. Despite the overall fall in production, improvements in cost control and productivity, assisted by the depreciation of the South African rand, resulted in total cash costs reducing by 16% to $178 per ounce. The gold price received was 7% lower at $286 per ounce. In November, AngloGold announced that it would sell its Free State assets to black-empowerment group African Rainbow Minerals and Harmony Gold Mining for $183 million plus recoupment tax, thereby reducing its South African operations to seven. The sale will lower total cash costs for the company's worldwide assets by 4%. In 2002, AngloGold expects to produce approximately 5.8 million ounces of gold at an average cash cost of $154 per ounce. The company has five major capital projects in development that are coming into production over the next three years at a cost of $700 million. Diamonds $ million 2001 2000 Total operating profit 373 491 Headline earnings 234 321 Share of headline earnings (%) 13 16 De Beers' contribution to headline earnings amounted to $234 million for the year. In 2001, sales of rough diamonds by De Beers' marketing arm, the Diamond Trading Company (DTC), at $4.4 billion, were 21.5% lower than the record $5.6 billion achieved in 2000. The economic uncertainty surrounding a weakening economy and excess stocks of polished diamonds was aggravated by the 11 September terrorist attacks. However, Christmas season retail sales of diamond jewellery were above expectations, and global diamond retail sales in 2001 were around 5% down. The DTC is making progress with its 'Supplier of Choice' strategy, for which final approval of the DTC's distribution system is awaited from the European Commission. In December, De Beers and the Russian diamond producer Alrosa signed a new five year $4 billion trade agreement (which awaits clearance by the European Commission). Although stocks of rough diamonds in the cutting centres and polished diamonds in the pipeline have reduced, the DTC's 2002 sales prospects will depend on the timing and extent of any recovery in the world economy and the level of polished stocks that the trade pipeline will be confident to carry. Rough diamond demand at the first two sights in 2002 has been encouraging. Forest products $ million 2001 2000 Total operating profit 522 458 Europe 330 221 South Africa 185 202 Brazil 7 35 Headline earnings 267 308 Net operating assets 2,700 3,054 Capital expenditure 283 126 Share of headline earnings (%) 15 15 Share of group net operating assets (%) 18 19 Forest Products total headline earnings for 2001 were $267 million, a 13% decrease on 2000. Mondi Europe's operating profit was 49% higher at $330 million, partly attributable to the incorporation of the Assi Sack and SCP Ruzomberok businesses acquired in 2000. Mondi South Africa's operating profit declined by 8% to $185 million in a subdued market. The graphic paper sector reported healthy growth in operating profit. In the white paper business, SCP Ruzomberok strengthened the 100% owned Neusiedler group's European market position. Newsprint enjoyed a significant improvement in operating margins. Frantschach (70% held) achieved significant cost reductions to compensate for volume and margin pressure in Industrial Packaging. A recovery in the corrugated packaging sector took place during the first six months. In September, Danisco Pack UK's corrugated assets were acquired, providing significant synergy benefits. In South Africa, 2001 was a tough year for pulp as production declined and prices remained under pressure. However, the Paper and Cartonboard Divisions achieved profit growth, while the Forests Division and Mondipak contained costs to hold profits under difficult trading conditions. In October, Mondi Brazil disposed of its interest in Aracruz Celulose for $370 million, realising a profit of $114 million on the sale. 2002 is expected to be a challenging year. In Europe, where the corrugated packaging industry is still relatively fragmented, Mondi has several projects and plans under consideration. In January 2002 Mondi announced a Euro 367 million bid for La Rochette the outcome of which is still pending. In March 2002, the go-ahead was given for a $210 million rebuild and expansion project at Ruzomberok and Mondi Europe announced the acquisition of a further 68.5% stake (taking its shareholding to 88%) in Syktyvkar, the low cost Russian paper producer, for $252 million. Coal $ million 2001 2000 Total operating profit/(loss) 493 169 South Africa 271 136 Australia 173 35 South America 49 (2) Headline earnings 387 138 Net operating assets 1,373 1,580 Capital expenditure 93 45 Share of headline earnings (%) 22 7 Share of group net operating assets (%) 9 10 In 2001, headline earnings for Coal were $387 million, a 180% increase on the previous period. Total coal sales rose by 12.6 million tonnes to 77.4 million tonnes. At the South African operations, despite lower sales, operating profit doubled to $271 million, assisted by the depreciating South African rand. The Australian operations increased operating profit fivefold to $173 million, 2001 marking their first full year under Anglo Coal management. Results were improved by the acquisition of minority interests to secure full ownership of Capcoal (previously German Creek) and increased equity in Dartbrook. Attributable operating profit from the South American operations was $49 million compared with a loss of $2 million in the previous year. In an important move to consolidate the Carbones del Cerrejon (CdelC) and Cerrejon Zona Norte (CZN) operations in Colombia, the Anglo Coal/BHP Billiton/Glencore consortium has acquired 100% ownership of CZN. The $500 million expansion project to raise output at CdelC to 10 million tonnes a year should commence soon. The metallurgical coal market, particularly hard coking coal, remained firm throughout the year. Thermal coal demand and prices were bolstered during the first half by the US energy crisis. However, a dramatic increase in coal exports from China contributed to second-half price softening. Although Chinese export volume growth is expected to slow in 2002, China will remain a material influence on thermal export price levels. Despite the steel industry's difficulties worldwide, the outlook for coking coal is reasonably robust. Industrial minerals $ million 2001 2000 Total operating profit 201 150 UK 156 107 Europe 23 21 Brazil 22 22 Headline earnings 176 159 Net operating assets 3,246 3,196 Capital expenditure 205 186 Share of headline earnings (%) 10 8 Share of group net operating assets (%) 22 20 Headline earnings for Industrial Minerals increased 11% to $176 million in 2001. The improvement was attributable to synergy benefits arising from the acquisition of the Tarmac Group, price improvements and a cost cutting programme. In the United Kingdom, benefits from increased infrastructure spending were felt towards the year end and the aggregates, asphalt and ready-mixed concrete product businesses improved significantly after a poor start to the year. The Spanish operations nearly doubled operating profit, but the other continental European operations encountered weak markets. In Brazil, Copebras improved earnings slightly. The new fertiliser plant is scheduled for completion before the end of the year. Several acquisitions were made in Poland and France, particularly in concrete products. In January 2002, Tarmac consolidated its leadership of the UK concrete block market through the acquisition of aircrete-blocks supplier Durox. An agreement was announced in November for the sale of Cleveland Potash, subject to various conditions. Tarmac expects growth and increased profitability in 2002 in the UK on the back of further infrastructure investment, although the introduction of the aggregates levy may result in some distortion to demand. In continental Europe, benefits will flow from recent acquisitions, but the outlook remains mixed. Ferrous metals $ million 2001 2000 Total operating profit/(loss) 77 127 Highveld Steel 6 22 Scaw Metals 31 30 Samancor Group 19 57 Catalao 22 15 Other (1) 3 Headline earnings 48 86 Net operating assets 220 390 Capital expenditure 28 32 Share of headline earnings (%) 3 4 Share of group net operating assets (%) 1 2 In 2001, headline earnings for the Ferrous Metals division were $48 million compared with $86 million in 2000. World steel consumption remained at low levels in line with prior years, with weak prices for carbon and stainless steel, vanadium and chrome. Sales were buoyant in South Africa, though exports were weak, with volumes and dollar prices of carbon steel and vanadium below prior year levels. At Columbus, decreased prices for stainless steel led to a lower operating profit of $2 million. Highveld Steel reported lower operating profit of $6 million. Scaw Metals' operating profit was 3% higher than the prior year at $31 million, despite slightly lower volumes. In 40% held Samancor, ferromanganese profits were steady, with volumes and prices being maintained despite reduced global steel production. Reduced stainless steel demand, however, led to losses in the ferrochrome division. At Catalao in Brazil, volumes increased and operating profit rose from $15 million to $22 million. With effect from 1 January 2002, management of the Catalao business was transferred to the Base Metals division. It is likely that 2002 will be a difficult year. Although the steel market appears to have bottomed out, prices are expected to remain at low levels, with some relief towards year end. On 12 March 2002, Anglo American announced the acquisition of a 9.6% stake in Kumba Resources with the right to acquire a further 10.5%, and a 34.9% stake in Avmin for a total of $365 million as part of its strategic objective of securing a meaningful interest in the iron ore sector. Anglo American intends working with Kumba, Avmin, the South African Government and appropriate black economic empowerment groupings to realise the full growth potential of the Kalahari iron ore resource as well as to help unlock the significant synergies that exist and facilitate meaningful black economic empowerment. Base metals $ million 2001 2000 Total operating (loss)/profit before exceptional items (22) 196 Copper 2 173 Zinc (57) (5) Nickel 19 40 Namakwa Sands/other 14 (12) Exceptional Items (488) (237) Total operating loss after exceptional items (510) (41) Headline (loss)/ earnings (2) 132 Net operating assets 1,977 2,102 Capital expenditure 446 410 Share of headline earnings (%) - 7 Share of group net operating assets (%) 13 13 Reflecting very depressed metals prices, Base Metals recorded a headline loss of $2 million for 2001. Demand weakened as the world economy turned downward, while meaningful price-induced cutbacks and mine closures only materialised towards year end. Copper, nickel and zinc's annual average prices declined by 13%, 31% and 21% respectively. The division recorded an operating loss, before exceptional charges, of $22 million. Attributable copper production rose 12% to 534,000 tonnes, with increases at Hudson Bay, Mantos Blancos and Collahuasi. Attributable nickel production increased by 91% to 27,000 tonnes, as Loma de Niquel started to ramp up production and with higher output at Bindura Nickel. Anaconda saw continued poor production performance. Attributable zinc production was 17% higher at 166,000 tonnes. Hudson Bay enjoyed a much improved second half, while the Lisheen mine ramped up to full production by year end. Namakwa Sands experienced production improvements and reported higher profits. In October 2001, Konkola Copper Mines (KCM), in which Anglo American has an indirect 33% interest, announced that, given the weaker outlook for copper and cobalt prices and its inability to raise the required project finance, it was unable to proceed with the Konkola Deep Mining Project (KDMP). In January 2002, Anglo American announced that in the absence of KDMP project finance further investment in KCM could not be justified beyond the amount committed at the time of vesting. A Shareholders Steering Committee is currently evaluating future options for KCM. The immediate focus of Base Metals is improving performance at under-performing operations and the development of a world-class suite of assets. Industries $ million 2001 2000 Total operating profit/(loss) 114 272 AECI - 60 Tongaat-Hulett 112 126 Boart 30 28 Terra (23) 27 Other (5) 31 Headline earnings 45 99 Net operating assets 884 1,317 Capital expenditure 65 163 Share of headline earnings (%) 3 5 Share of group net operating assets (%) 6 8 In Industries, headline earnings of $45 million were down from $99 million in 2000. This reduction was primarily due to the programme of disposals in 2000 and to a lesser extent this year. Further progress was made in 2001. The majority of the remaining interests in AECI and SA Breweries were sold for $179 million, resulting in a profit of $108 million. The Group's interest in Shaft Sinkers was sold with effect from 1 January 2002. Tongaat-Hulett's operating profits were lower at $112 million. During the year the Corobrick and Textiles divisions were sold. The sugar division's performance was similar to the prior year. Boart Longyear's operating profit increased to $30 million from $28 million in the prior year. Sales volumes were marginally lower, mainly due to the disposal of non-core businesses. Costs were well contained as a result of previous restructuring initiatives. Demand in South Africa was boosted by development work in the platinum mines. The Group's 49% share of Terra's operating loss incurred was $23 million compared with a profit of $27 million in 2000. Weak fertilizer demand and high natural gas prices adversely affected operating costs. Balance sheet Total shareholders' funds were US$13,426 million compared with US$15,544 million at 31 December 2000. The decrease was primarily due to the fall in the value of the South African rand and the effect of the De Beers transaction. Net debt was US$2,018 million, a decrease of US$1,572 million from 2000. The decrease was due to the proceeds from the De Beers transaction, the sale of the Group's interest in Billiton and the sale of other non-core investments. Net debt to total capital at 31 December 2001 was 11.6% compared with 16.5% in 2000. Cash flow Cash inflow from operations was US$3,539 million compared with US$2,959 million in 2000. This inflow was after a US$138 million increase in working capital. Depreciation and amortisation, which increased by US$118 million, are analysed below. Analysis of depreciation by business segment US$ million 2001 2000 Platinum 77 60 Gold 157 186 Forest products 193 111 Coal 108 59 Industrial minerals 136 113 Ferrous metals 25 26 Base metals 130 122 Industries 46 95 Other 9 10 881 782 Analysis of goodwill amortisation by business segment US$ million 2001 2000 Platinum 16 17 Gold 30 27 Diamonds 34 6 Forest products 11 19 Coal 8 6 Industrial minerals 42 44 Ferrous metals 1 - Base metals 1 (3) Industries 1 7 Other 21 23 165 146 Capital expenditure of US$1,787 million was US$276 million higher than for 2000. An analysis is set out below. Analysis of capital expenditure by business segment US$ million 2001 2000 Platinum 391 272 Gold 243 240 Forest products 283 126 Coal 93 45 Industrial minerals 205 186 Ferrous metals 28 32 Base metals 446 410 Industries 65 163 Other 33 37 1,787 1,511 Sale of other financial assets and associates generated US$2,701 million, which included the proceeds from the De Beers' transaction and the sale of Billiton shares. This was partially offset by the acquisition of Anglo Platinum shares, increasing the Group's ownership from 50.2% at the 2000 year end to 57.9% at 31 December 2001. Exchange rates against the US dollar Average 2001 2000 South African rand 8.62 6.91 Pound sterling 0.69 0.66 Euro 1.12 1.08 Australian dollar 1.93 1.72 Year end South African rand 11.96 7.58 Pound sterling 0.69 0.67 Euro 1.12 1.06 Australian dollar 1.96 1.80 Consolidated profit and loss account for the year ended 31 December 2001 Before Exceptional Before Exceptional exceptional items exceptional items items (note 7) items (note 7) US$ million Note 2001 2001 2001 2000 2000 2000 Group and share of turnover of joint 2 19,282 - 19,282 20,570 - 20,570 ventures and associates Less: Joint ventures' turnover 2 (1,109) - (1,109) (1,590) - (1,590) 2 (3,387) - (3,387) (4,156) - (4,156) Associates' turnover Group turnover - subsidiaries 2 14,786 - 14,786 14,824 - 14,824 Operating costs (12,138) (498) (12,636) (12,456) (33) (12,489) Group operating profit - subsidiaries 2 2,648 (498) 2,150 2,368 (33) 2,335 Share of operating profit of joint ventures 2 193 (15) 178 282 (123) 159 Share of operating profit of associates 2 459 - 459 830 (110) 720 Total operating profit 2 3,300 (513) 2,787 3,480 (266) 3,214 Profit on disposal of fixed assets 7 - 2,148 2,148 - 402 402 Costs of fundamental reorganisation 7 - - - - (79) (79) Profit on ordinary activities before 3 3,300 1,635 4,935 3,480 57 3,537 interest Investment income 799 - 799 1,057 - 1,057 Interest payable (669) - (669) (749) - (749) Profit on ordinary activities before 3,430 1,635 5,065 3,788 57 3,845 taxation Tax on profit on ordinary activities 5 (1,102) (147) (1,249) (1,005) - (1,005) Profit on ordinary activities after taxation 2,328 1,488 3,816 2,783 57 2,840 Equity minority interests (704) 64 (640) (917) 34 (883) Profit for the financial year 3 1,624 1,552 3,176 1,866 91 1,957 Equity dividends to shareholders - paid and (690) - (690) (742) - (742) proposed Retained profit for the financial year 934 1,552 2,486 1,124 91 1,215 Headline earnings for the financial year 6 1,770 2,000 Basic earnings per share (US$)(1) : Profit for the financial year 6 2.15 1.25 Headline earnings for the financial year 6 1.20 1.28 Diluted earnings per share (US$)(1): Profit for the financial year 2.13 1.23 Headline earnings for the financial year 1.19 1.26 Dividend per share (US cents)(1) : 49 47.5 Basic number of shares outstanding(2) 1,474 1,567 (million) Diluted number of shares outstanding(2) 1,491 1,588 (million) (1) The comparative figures for 2000 for earnings and dividend per share statistics, and numbers of shares outstanding, have been restated to reflect the three-for-one bonus issue in May 2001. (2) Basic and diluted number of shares outstanding represent the weighted average for the year. All amounts included above relate to continuing operations. Consolidated balance sheet as at 31 December 2001 US$ million 2001 2000 Fixed assets Intangible assets 2,068 2,462 Tangible assets 10,770 11,819 Investments in joint ventures: 1,580 1,483 2,977 2,891 Share of gross assets (1,397) (1,408) Share of gross liabilities Investments in associates 2,438 4,856 Other financial assets 1,527 1,621 18,383 22,241 Current assets Stocks 1,383 1,748 Debtors 2,817 3,222 Current asset investments 2,003 2,344 Cash at bank and in hand 915 1,061 7,118 8,375 Short term borrowings (2,301) (3,398) Other current liabilities (3,936) (4,027) Net current assets 881 950 Total assets less current liabilities 19,264 23,191 Long term liabilities (2,635) (3,597) Provisions for liabilities and charges (1,261) (1,404) Equity minority interests (1,942) (2,646) Net assets 13,426 15,544 Capital and reserves Called up share capital 734 204 Share premium account 1,203 1,815 Merger reserve 636 2,424 Other reserves 716 927 Profit and loss account 10,137 10,174 Total shareholders' funds (equity) 13,426 15,544 Consolidated cash flow statement for the year ended 31 December 2001 US$ million Note 2001 2000 Net cash inflow from operating activities 8 3,539 2,959 Expenditure relating to fundamental reorganisation (23) (44) Dividends from joint ventures and associates 258 258 Returns on investments and servicing of finance Interest received and other financial income 419 348 Interest paid (430) (501) Dividends received from fixed asset investments 74 68 Dividends paid to minority shareholders (454) (357) Net cash outflow from returns on investments and servicing of finance (391) (442) Taxation UK corporation tax 7 (25) Overseas tax (644) (304) Taxes paid (637) (329) Capital expenditure and financial investment Payments for tangible fixed assets (1,787) (1,511) Proceeds from the sale of tangible fixed assets 263 177 Payments for other financial assets(1) (96) (104) Proceeds from the sale of other financial assets(1) 1,174 535 Net cash outflow for capital expenditure and financial investment (446) (903) Acquisitions and disposals Acquisition of subsidiaries(2) (718) (2,705) Disposal of subsidiaries 135 226 Investment in associates(3) (223) (257) Sale of interests in associates(3) 1,527 517 Investment in proportionally consolidated joint arrangements (51) (42) Investment in joint ventures (76) (367) Net cash inflow/(outflow) from acquisitions and disposals 594 (2,628) Equity dividends paid to Anglo American shareholders (714) (657) Cash inflow/(outflow) before use of liquid resources and financing 2,180 (1,786) Management of liquid resources(4) (287) (358) Financing 8 (1,667) 1,935 Increase/(decrease) in cash in the year 226 (209) (1) Disposal and acquisition of other financial assets included in fixed assets. (2) 2000 figure is stated net of assets resold of US$709 million in respect of the acquisition of Tarmac plc. (3) Include the cash flows resulting from the De Beers transaction. (4) Cash flows in respect of current asset investments. Consolidated statement of total recognised gains and losses for the year ended 31 December 2001 US$ million Note 2001 2000 Profit for the financial year 3 3,176 1,957 Currency translation differences on foreign currency net investments (3,225) (1,725) Net asset value movements in associates - (120) Total recognised (losses)/gains for the financial year (49) 112 1. Basis of preparation The financial statements have been prepared according to the historical cost convention, and in accordance with accounting standards applicable in the United Kingdom. The financial statements have been prepared using the accounting policies that are consistent with those used in the prior year. The Group has adopted the transitional arrangements of FRS 17, "Retirement Benefits", and made the additional disclosures required for accounting periods ending on or after 22 June 2001. Full implementation of FRS 17 is required in 2003. FRS 19, "Deferred Tax", will be implemented in the Group's 2002 financial statements. 2. Segmental information Turnover Operating profit Net operating assets(1) Before Exceptional exceptional items items (note 7) US$ million 2001 2000 2001 2001 2001 2000 2001 2000 By business segment Group subsidiaries Platinum 2,180 2,318 1,325 - 1,325 1,314 1,847 1,327 Gold 1,768 2,082 363 - 363 324 2,086 2,667 Diamonds - - (2) - (2) (6) - 101 Forest Products 3,853 2,529 483 - 483 327 2,700 3,054 Coal 1,394 889 445 - 445 170 1,373 1,580 Industrial minerals 2,432 2,310 185 - 185 138 3,246 3,196 Ferrous metals 702 796 55 - 55 55 220 390 Base metals 1,077 1,015 (99) (473) (572) 41 1,977 2,102 Industries 1,380 2,885 139 - 139 225 884 1,317 Financial services - - 2 - 2 4 - - Exploration - - (101) - (101) (116) - - Corporate activities - - (147) (25) (172) (141) 379 406 14,786 14,824 2,648 (498) 2,150 2,335 14,712 16,140 Joint ventures Gold 260 129 79 - 79 53 Forest Products 243 773 34 - 34 96 Coal - 20 - - - 2 Industrial minerals 70 65 12 - 12 11 Ferrous metals 142 205 1 - 1 8 Base metals 388 398 67 (15) 52 (11) Industries 6 - - - - - 1,109 1,590 193 (15) 178 159 Associates Platinum 38 50 20 - 20 22 Gold - - 1 - 1 4 Diamonds 2,055 2,034 375 - 375 497 Forest Products 73 86 5 - 5 35 Coal 178 58 48 - 48 (3) Industrial minerals 25 19 4 - 4 1 Ferrous metals 441 509 21 - 21 64 Base metals 65 90 10 - 10 (71) Industries 512 1,310 (25) - (25) 47 Financial services - - - - - 124 3,387 4,156 459 - 459 720 19,282 20,570 3,300 (513) 2,787 3,214 (1) Net operating assets consist of tangible and intangible assets (excluding investments in joint ventures and associates), stocks and operating debtors less non-interest bearing current liabilities. 2. Segmental information (continued) Turnover Operating profit Net operating assets(1) Before Exceptional exceptional items items (note 7) US$ million 2001 2000 2001 2001 2001 2000 2001 2000 By geographical segment (by origin) Group subsidiaries South Africa 6,811 8,512 2,111 - 2,111 2,101 5,393 6,062 Rest of Africa 410 390 (79) (353) (432) (41) 225 433 Europe 5,284 3,953 382 (25) 357 194 5,569 5,989 North America 611 695 (17) (14) (31) (28) 796 727 South America 643 693 82 (43) 39 101 1,362 1,392 Australia and Asia 1,027 581 169 (63) 106 8 1,367 1,537 Joint ventures South Africa 143 242 1 - 1 19 Rest of Africa 264 86 78 - 78 41 Europe 361 851 32 (15) 17 (1) South America 341 408 81 - 81 99 Australia and Asia - 3 1 - 1 1 Associates South Africa 1,186 1,169 157 - 157 300 Rest of Africa 1,285 1,253 233 - 233 315 Europe 128 141 (1) - (1) 17 North America 456 425 (9) - (9) 28 South America 239 152 57 - 57 27 Australia and Asia 93 1,016 22 - 22 33 19,282 20,570 3,300 (513) 2,787 3,214 14,712 16,140 By geographical segment (by destination) Group subsidiaries South Africa 2,317 3,619 Rest of Africa 269 375 Europe 7,471 6,665 North America 1,922 1,648 South America 387 411 Australia and Asia 2,420 2,106 Joint ventures South Africa 65 83 Rest of Africa 42 25 Europe 744 1,109 North America 93 169 South America 34 35 Australia and Asia 131 169 Associates South Africa 184 569 Rest of Africa 1 37 Europe 670 683 North America 1,631 1,702 South America 27 119 Australia and Asia 874 1,046 19,282 20,570 (1) Net operating assets consist of tangible and intangible assets (excluding investments in joint ventures and associates), stocks and operating debtors less non-interest bearing current liabilities. 3. Profit for the financial year The table below analyses the contribution of each division to the Group's headline earnings. Profit Net Equity Profit for the before interest investment minority financial year US$ million 2001 income Tax interests 2001 By business segment Platinum 1,361 37 (407) (469) 522 Gold 473 (47) (96) (157) 173 Diamonds 407 (35) (136) (2) 234 Forest products 533 (78) (128) (60) 267 Coal 501 53 (167) - 387 Industrial minerals 243 - (53) (14) 176 Ferrous metals 78 (9) (21) - 48 Base metals (21) (19) (23) 61 (2) Industries 115 (25) 11 (56) 45 Financial services 2 1 (3) - - De Beers investments(1) - 159 (51) (43) 65 Exploration (see note 4) (101) (1) - 17 (85) Corporate activities (126) 94 (28) - (60) Headline earnings for the financial year (see note 3,465 130 (1,102) (723) 1,770 6) Headline earnings adjustment (see note 6) 1,470 - (147) 83 1,406 Profit for the financial year 4,935 130 (1,249) (640) 3,176 Profit Net Equity Profit for the before interest investment minority financial year 2000 income Tax interests 2000 By business segment Platinum 1,353 38 (394) (497) 500 Gold 437 (15) (69) (152) 201 Diamonds 497 30 (200) (6) 321 Forest products 477 (46) (78) (45) 308 Coal 175 27 (64) - 138 Industrial minerals 194 (5) (16) (14) 159 Ferrous metals 127 (15) (19) (7) 86 Base metals 193 (45) (25) 9 132 Industries 279 (15) (36) (129) 99 Financial services 128 9 (30) (7) 100 De Beers investments(1) - 428 (120) (105) 203 Exploration (see note 4) (116) - - 24 (92) Corporate activities (118) (83) 46 - (155) Headline earnings for the financial year (see note 3,626 308 (1,005) (929) 2,000 6) Headline earnings adjustment (see note 6) (89) - - 46 (43) Profit for the financial year 3,537 308 (1,005) (883) 1,957 (1) Represents De Beers' share of Anglo American plc earnings for the 5 months to 31 May 2001 (2000 : 12 months to 31 December). 4. Exploration expenditure US$ million 2001 2000 Business segment Platinum 13 9 Gold 25 43 Base metals 59 60 Other 4 4 101 116 5. Tax on profit on ordinary activities US$ million 2001 2000 United Kingdom corporation tax at 30% 4 1 South Africa corporation tax at 30% 665 468 Other overseas taxation 230 165 Share of joint ventures' taxation 12 25 Share of associates' taxation 211 376 Deferred taxation (20) (30) Tax on exceptional items 147 - 1,249 1,005 6. Headline earnings 2001 2000 Basic Basic earnings earnings Earnings per share Earnings per share US$ US$ US$ million (unless otherwise stated) Restated Profit for the financial year 3,176 2.15 1,957 1.25 Operating exceptional items 513 0.35 266 0.17 Non-operating exceptional items (2,148) (1.45) (323) (0.21) Amortisation of goodwill 165 0.11 146 0.10 Related tax and minority interests 64 0.04 (46) (0.03) Headline earnings for the financial year 1,770 1.20 2,000 1.28 Headline earnings per share is calculated in accordance with the definition in the Institute of Investment Management and Research ("IIMR") statement of Investment Practice No 1, "The Definition of IIMR Headline Earnings", which the directors believe to be a useful additional measure of the Group's performance. 7. Exceptional items Operating exceptional items US$ million 2001 2000 Base metals Write off in respect of ZCI/KCM copper mine in Zambia (353) - Other impairments or write downs of assets and feasibility study costs (160) (237) Gold Impairment provision in respect of Ergo and other gold assets - (29) Total operating exceptional items (513) (266) Minority interests 11 12 (502) (254) Non-operating exceptional items US$ million 2001 2000 Gain arising from the exchange of the 32.2% interest in the De Beers Group for the 45% interest in DB Investments 1,089 - Gain arising from the exchange of the 15.3% interest in FirstRand Limited for interests in Gold Fields Limited (11.3%) and Billiton Plc (7.1%) 637 - Partial disposal of interests in South African Breweries plc 95 - Further disposal of interests in FirstRand Limited 68 - Partial disposal of interest in Standard Bank Investment Corporation 44 - Disposal of interest in Billiton Plc 36 - Disposal of Columbus Stainless (120) - Disposal of Elandsrand and Deelkraal gold mines (8) (36) Disposal of interests in Aracruz Celulose SA 114 - Disposal of other non-core interests (36) 19 Partial disposal of interests in Li & Fung Limited 4 211 AECI Limited share buyback - (50) Disposal of interest in Johnnies Industrial Corporation Limited - 191 Disposal of LTA Limited - 90 Sale of mineral rights combined with partial disposal of Northam Platinum Limited - 49 Partial disposal of interest in Gold Fields Limited - 36 Anticipated disposal of Terra Industries Inc - (167) Share of associates' exceptional items 225 59 Profit on disposal of fixed assets 2,148 402 Cost of fundamental reorganisation - (79) Total non-operating exceptional items 2,148 323 Taxation (147) - Minority interests 53 22 2,054 345 Total exceptional items (net of tax and minority interest) 1,552 91 8. Consolidated cash flow statement analysis a. Reconciliation of group operating profit to net cash inflow from operating activities US$ million 2001 2000 Group operating profit - subsidiaries 2,150 2,335 Depreciation and amortisation charges 1,008 928 Decrease/(increase) in stocks 1 (230) Increase in debtors (274) (534) Increase in creditors 135 278 Provisions and impairments 553 - Other items (34) 182 Net cash inflow from operating activities 3,539 2,959 a. Financing US$ million 2001 2000 (Decrease)/increase in short term borrowings (1,332) 1,920 (Decrease)/increase in long term borrowings (218) 948 Repayment of debt acquired - (966) Net movement in minorities shares and loans 3 - Exercise of share options 8 33 Repurchase of shares in subsidiary (128) - Financing (1,667) 1,935 c) Reconciliation of net cash flow to movement in net (debt)/ funds US$ million 2001 2000 Increase/(decrease) in cash in the year 226 (209) Cash outflow/(inflow) from debt financing 1,550 (1,902) Cash outflow from management of liquid resources 287 358 Change in net debt resulting from cash flows 2,063 (1,753) Loans and current asset investments acquired with subsidiaries (52) (2,278) Loans and current asset investments disposed with subsidiaries 11 241 Currency translation differences and other non-cash movements (450) 119 Movement in net funds/(debt) 1,572 (3,671) Net (debt)/funds at start of year (3,590) 81 Net debt at end of year (2,018) (3,590) 9. Movement in net debt Acquisitions Disposals excluding excluding Other cash and cash and non-cash Exchange US$ million 2000 Cash flow overdrafts overdrafts movements adjustments 2001 Cash at bank and in hand(1) 963 226 - - - (332) 857 Debt due after one year (3,597) 218 (46) - 395 395 (2,635) Debt due within one year (3,300) 1,332 (6) 11 (395) 115 (2,243) (6,897) 1,550 (52) 11 - 510 (4,878) Current asset investments 2,344 287 - - - (628) 2,003 Total (3,590) 2,063 (52) 11 - (450) (2,018) (1) Net of bank overdrafts. 10. Status of financial information The financial information set out herein does not constitute the Company's statutory accounts for the year ended 31 December 2001, but is derived from those accounts which were approved by the board of directors on 12 March 2002. Statutory accounts for the year ended 31 December 2000 have been delivered to the Registrar of Companies, and those for 2001 will be delivered following the Company's annual general meeting convened for 15 May 2002. The auditors have reported on these accounts; their reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. Production statistics 2001 2000 Anglo Platinum (troy ounces) Platinum 2,145,900 1,915,300 Palladium 1,075,900 967,000 Rhodium 204,100 168,700 Nickel (tonnes) 19,500 19,200 AngloGold (gold in troy ounces) South Africa 4,669,700 5,418,000 North and South America 937,000 935,000 Australia and Asia 508,600 524,000 Rest of the world 867,800 366,000 6,983,100 7,243,000 Anglo Forest products (tonnes) South Africa Pulp 290,400 343,000 Graphic papers 509,800 415,000 Packaging papers 527,600 523,000 Corrugated board (000 m2) 275,000 166,000 Lumber (m3) 137,000 358,000 Wood chips (m3) 1,284,300 1,103,000 Mining timber 131,800 125,000 Europe Pulp 187,800 110,000 Graphic papers 1,142,800 863,000 Packaging papers 1,202,000 765,000 Corrugated board (000 m2) 780,200 625,000 Paper sacks (000 units) 2,620,100 1,489,000 Brazil Pulp 110,000 154,000 Anglo Coal (tonnes) South Africa: Eskom 28,250,000 36,100,000 Trade 19,182,000 19,100,000 Australia 24,282,000 8,200,000 Colombia 5,829,000 1,400,000 77,543,000 64,800,000 The figures above include the entire output of consolidated entities and the Group's share of joint ventures and associates where applicable. Production statistics (continued) 2001 2000 Anglo Industrial minerals (tonnes) Aggregates 64,112,000 67,815,000 Lime products 926,000 928,000 Concrete (m3) 6,627,400 6,329,000 Potash 882,000 966,000 Sodium tripolyphosphate 91,500 86,000 Phosphates 820,500 775,000 Anglo Ferrous metals (tonnes) Chrome ore 1,012,000 1,476,000 Stainless steel 156,000 169,000 Vanadium slag 73,700 70,000 Chrome alloys 289,000 428,000 Manganese ore (mtu m) 62,000 67,000 Manganese alloys 154,200 287,000 Steel 935,800 1,375,000 Ferro-Alloys 54,200 213,000 Niobium 3,400 2,700 Anglo Base metals Copper (tonnes) Collahuasi 199,200 191,900 Mantos Blancos 156,800 155,300 Hudson Bay 79,600 53,200 Konkola 196,800 125,400 Other 33,100 33,500 665,500 559,300 Nickel (tonnes) Codemin 5,800 6,300 Tati 3,500 3,700 Other 18,300 4,700 27,600 14,700 Zinc (tonnes) Hudson Bay 88,400 98,900 Black Mountain 24,300 27,100 Lisheen 52,900 16,000 165,600 142,000 Lead (tonnes) Black Mountain 45,800 68,100 Lisheen 8,500 10,700 54,300 78,800 Namakwa Sands (tonnes) Chloride slag 104,600 112,700 Sulphate slag 28,200 27,200 Pig iron 84,400 71,600 Zircon 114,100 106,800 Rutile 27,100 23,200 The figures above include the entire output of consolidated entities and the Group's share of joint ventures and associates where applicable. Reconciliation of subsidiaries profits to those included in the consolidated financial statements For the year to 31 December 2001 Note only key reported lines are reconciled Anglogold Limited 2001 US$ million IAS Headline earnings (published) 286 Deferred tax 14 Exploration 25 Termination of retirement benefits (5) Other 7 Minority interest (154) UK GAAP contribution to headline earnings 173 Anglo American Platinum Corporation Limited 2001 US$ million IAS Headline earnings (published) 931 Deferred tax 75 Exploration 13 Excess depreciation on assets revalued on acquisition (14) Minority interest (467) Other (16) UK GAAP contribution to headline earnings 522 ANGLO AMERICAN plc (Incorporated in England and Wales - Registered number 3564138) ("the Company") Notice of Recommended Final Dividend Notice is hereby given that a final dividend on the Company's ordinary share capital in respect of the year to 31 December 2001 will, subject to approval by shareholders at the Annual General Meeting to be held on 10 May 2002, be payable as follows: Amount (United States currency) 34 cents per ordinary share (see notes) Currency conversion date Friday, 8 March 2002 Last day to trade on the JSE Securities Exchange, South Africa ("JSE") to qualify for the dividend Thursday, 14 March 2002 Ex-dividend on the JSE from the commencement of trading on Friday, 15 March 2002 Ex-dividend on the London Stock Exchange from the commencement of trading on Wednesday, 20 March 2002 Record date (applicable to both the principal register and South Friday, 22 March 2002 African branch register) Dividend warrants posted Tuesday, 14 May 2002 Payment date of dividend Wednesday, 15 May 2002 Notes: 1. Shareholders on the United Kingdom register of members with an address in the United Kingdom will be paid in pounds sterling and, those with an address in a country in the European Union which has adopted the euro, will be paid in euros, unless they elect for payment in US dollars, and those shareholders with an address elsewhere will be paid in US dollars, unless they elect for payment in pounds sterling or euros, provided all such elections are received by the UK Registrar by Friday, 22 March 2002. The equivalent of the dividend in sterling will be 23.8714 pence per ordinary share based on an exchange rate of US$1 = £0.7021. The equivalent of the dividend in euros will be 38.6886 euro cents per ordinary share based on an exchange rate of US$1 = -1.1379. 2. Shareholders on the South African branch register will be paid in South African Rand at R4.0702per ordinary share based on an exchange rate of US$1 = R11.9712. By order of the Board N Jordan Secretary 13 March 2002 Registered office UK Registrar Registrar's Agent (South Africa) 20 Carlton House Terrace Computershare Investor Services Computershare Services Limited PLC London 2nd Floor, Edura P O Box 82 SW1Y 5AN 41 Fox Street The Pavilions England Johannesburg 2001 Bridgwater Road South Africa Bristol BS99 7NH England This information is provided by RNS The company news service from the London Stock Exchange

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