2014 Financial Highlights
n A 15% reduction in Total Average Cash Costs per ounce ("TCC/oz") to US$865/oz (2013: US$1,016/oz)
n The Group is disclosing All-In Sustaining Costs ("AISC") and All-In Costs ("AIC") for the first time. In 2014, the Group achieved a 22% reduction in AISC (US$970/oz for 2014 vs. US$1,248/oz for 2013) and a 24% reduction in AIC (US$1,088/oz in 2014 vs. US$1,439/oz in 2013)
n Positive contribution from hedging activities of US$66/oz (2013: US$146/oz) to the average realised gold price of US$1,331/oz (2013: US$1,519/oz)
n A further 17% reduction in central administration costs to US$38.2 million (2013: US$45.8 million)
n A c.60% reduction in total capital expenditure for gold division to US$97 million (US$237 million) in line with guidance
n Underlying EBITDA of US$252 million (2013: US$325 million)
n Adjusted net profit from continuing operations of US$4.4 million, compared with US$(1.5) million loss in 2013
n Reduced net loss of US$348m (2013: US$713m) mainly due to the improvement in operating costs and significant decrease in impairment charges. The loss is substantially attributable to non-cash items such as foreign exchange losses, related deferred tax and losses from discontinued operations (IRC)
n A further decrease in working capital of US$60 million as a result of continued optimisation mainly due to decrease in ore stockpiles and in stores and spares
n Net cash flow from operating activities from continuing operations of US$169 million (2013: US$292 million)
n Net debt as of 31 December 2014 of US$930 million
n Forward contracts to sell 50,000oz of gold at an average price of US$1,310/oz outstanding as at 31 December 2014. In October 2014 the Group acquired 150,000 oz of gold put options with a strike price of US$1,150/oz acquired as part of a downside protection strategy and maturing in the first half of 2015
