Segment report (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of operating segments [abstract]


	South Africa	Ghana				Peru	Chile	Australia						Group including Asanko proportionately consolidated	Group excluding Asanko equity accounted
Figures in millions unless otherwise stated	South Deep1	Tarkwa	Damang	Asanko2	Total Ghana	Cerro Corona	Salares Norte	St Ives	Agnew	Granny Smith	Gruyere	Total Australia	Corporate and other3

INCOME STATEMENT
for the year ended 31 December 2022
Revenue	587.9	953.8	414.8	133.7	1,502.3	434.7	—	670.9	427.9	515.2	281.5	1,895.5	—	4,420.4	4,286.7
Cost of sales	(365.7)	(591.9)	(249.3)	(92.8)	(934.1)	(300.9)	(1.3)	(377.1)	(254.9)	(270.1)	(181.4)	(1,083.5)	(15.1)	(2,700.5)	(2,607.7)
Cost of sales before gold inventory change and amortisation and depreciation	(324.6)	(406.9)	(193.3)	(72.8)	(673.0)	(224.9)	(4.6)	(274.0)	(183.0)	(204.4)	(115.8)	(777.2)	—	(2,004.3)	(1,931.5)
Gold inventory change	10.7	35.6	41.1	(9.4)	67.3	49.6	9.7	6.1	(1.2)	1.3	15.2	21.4	—	158.7	168.1
Amortisation and depreciation	(51.8)	(220.6)	(97.1)	(10.6)	(328.3)	(125.6)	(6.4)	(109.2)	(70.7)	(67.0)	(80.8)	(327.7)	(15.1)	(854.9)	(844.3)
Other costs	(4.0)	8.9	—	(15.3)	(6.4)	(6.6)	0.5	(3.2)	2.9	2.0	(0.4)	1.3	1.4	(13.8)	1.5
Investment income	6.9	2.8	0.2	—	3.0	—	0.5	0.2	0.1	0.2	0.2	0.7	2.2	13.3	13.3
Finance expense	(1.6)	(14.8)	(5.2)	—	(20.0)	(6.9)	(0.1)	(2.1)	(5.0)	(2.0)	(8.7)	(17.8)	(26.1)	(72.5)	(72.5)
Gain on financial instruments	—	9.5	3.9	—	13.4	—	2.1	4.6	2.3	3.0	0.4	10.3	(1.8)	24.0	24.0
Share-based payments	(0.9)	(0.3)	(0.1)	—	(0.4)	(1.1)	(0.1)	(0.1)	(0.2)	(0.3)	(0.1)	(0.7)	(3.7)	(6.9)	(6.9)
Long-term incentive plan	(4.3)	(2.0)	(0.6)	—	(2.6)	(4.2)	(0.8)	(3.9)	(2.3)	(2.9)	(1.3)	(10.4)	(6.7)	(29.0)	(29.0)
Exploration expense	—	(3.0)	(9.2)	—	(12.2)	(2.8)	(32.3)	(14.8)	(9.4)	(7.6)	(1.7)	(33.5)	(0.2)	(81.0)	(81.0)
Restructuring costs	—	(8.7)	(2.6)	—	(11.3)	—	—	—	—	—	—	—	—	(11.3)	(11.3)
Ghana ECL	—	(13.6)	(3.9)	—	(17.5)	—	—	—	—	—	—	—	—	(17.5)	(17.5)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	—	2.2	2.2	2.2
Impairment and reversal of impairment of investments and assets, net	—	(325.2)	—	—	(325.2)	(65.6)	(0.6)	—	—	—	—	—	(113.6)	(505.0)	(505.0)
Yamana break fee	—	—	—	—	—	—	—	—	—	—	—	—	300.0	300.0	300.0
Yamana transaction costs	—	—	—	—	—	—	—	—	—	—	—	—	(33.0)	(33.0)	(33.0)
Profit/(loss) on disposal of assets	0.3	—	—	—	—	—	—	10.2	—	—	—	10.2	(0.1)	10.4	10.4
Royalties	(2.9)	(38.2)	(16.6)	(6.7)	(61.5)	(5.9)	—	—	—	—	—	(46.8)	—	(117.1)	(110.4)
Mining and income tax	(69.0)	(10.1)	(45.7)	—	(55.8)	(12.8)	8.2	—	—	—	—	(219.3)	(93.4)	(442.1)	(442.1)
Current taxation	—	(110.6)	(53.6)	—	(164.2)	(43.4)	(1.1)	—	—	—	—	(182.2)	(84.2)	(475.1)	(475.1)
Deferred taxation	(69.0)	100.5	7.9	—	108.4	30.6	9.3	—	—	—	—	(37.1)	(9.2)	33.0	33.0
Profit for the year	146.7	(32.8)	85.7	18.8	71.7	27.9	(23.9)	—	—	—	—	506.1	12.1	740.4	721.7
Profit attributable to:
– Owners of the parent	141.3	(29.5)	77.1	18.8	66.4	27.9	(23.9)	—	—	—	—	506.1	12.1	729.7	711.0
– Non-controlling interest holders	5.4	(3.3)	8.6	—	5.3	—	—	—	—	—	—	—	—	10.7	10.7

STATEMENT OF FINANCIAL POSITION
at 31 December 2022
Total assets (excluding deferred taxation)	1,083.6	1,342.9	427.6	—	1,770.5	691.2	896.9	791.4	880.0	571.0	579.9	2,822.3	(121.9)	7,142.6	7,142.6
Total liabilities (excluding deferred taxation)	1,080.8	337.2	122.4	—	459.6	282.6	882.9	161.7	147.0	120.9	404.8	834.4	(941.5)	2,598.8	2,598.8
Net deferred taxation (assets)/liabilities	(40.5)	161.3	14.1	—	175.4	19.7	(96.0)	—	—	—	—	182.7	(37.0)	204.3	204.3
Capital expenditure6	118.7	229.0	60.1	7.7	296.8	46.0	296.7	100.7	85.1	97.8	33.0	316.6	2.2	1,077.0	1,069.3

The above is a geographical analysis presented by location of assets.

The Group’s operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa, Damang and Asanko mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere, in Peru, the Cerro Corona mine and in Chile, the Salares Norte Project. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 140.

Figures may not add as they are rounded independently.

1 The income statement and statement of financial position 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 relating to the acquisition of South Deep. South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 28%.

2 For the purpose of the review of the segment by the CODM, Asanko’s income statement is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$72.5 million.

3 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation of South Deep.

4 Other costs “Corporate and other” comprise share of profits of equity-accounted investees, net of taxation of US$10.1 million and the balance of US$8.7 million expenses which consists mainly of corporate related costs.

5 The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.

6 Capital expenditure for the year ended 31 December 2022.

7 Includes revenue from the sale of copper amounting to US$201.6 million.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2022

41.SEGMENT REPORT continued

Financial summary


	South Africa	Ghana				Peru	Chile	Australia
Figures in millions unless otherwise stated	South Deep1	Tarkwa	Damang	Asanko2	Total Ghana	Cerro Corona	Salares Norte	St Ives	Agnew	Granny Smith	Gruyere	Total Australia	Corporate and other3	Group including Asanko	Group excluding Asanko

INCOME STATEMENT
for the year ended 31 December 2021
Revenue	523.8	936.9	457.5	172.1	1,566.5	434.8	—	705.5	402.0	510.4	224.4	1,842.3	—	4,367.3	4,195.2
Cost of sales	(347.9)	(482.4)	(242.7)	(132.7)	(857.9)	(263.9)	—	(358.6)	(237.3)	(265.6)	(158.7)	(1,020.4)	(17.4)	(2,507.5)	(2,374.9)
Cost of sales before gold inventory change and amortisation and depreciation	(312.2)	(339.7)	(222.0)	(115.0)	(676.7)	(190.0)	—	(268.4)	(168.2)	(191.3)	(92.5)	(720.5)	—	(1,899.4)	(1,784.5)
Gold inventory change	7.3	29.6	71.9	4.6	106.0	14.4	—	(5.1)	(4.3)	(2.1)	11.3	(0.3)	—	127.4	122.8
Amortisation and depreciation	(43.0)	(172.3)	(92.6)	(22.3)	(287.2)	(88.3)	—	(85.1)	(64.8)	(72.2)	(77.5)	(299.6)	(17.4)	(735.5)	(713.2)
Other costs	(6.0)	(0.7)	(2.0)	(3.7)	(6.4)	(10.5)	(9.1)	(11.6)	0.7	0.2	(0.3)	(11.0)	(43.7)	(86.8)	(83.1)
Investment income	2.6	6.0	0.8	—	6.8	—	—	—	—	—	—	—	(1.1)	8.3	8.3
Finance expense	(1.9)	(15.5)	(8.0)	—	(23.5)	(5.6)	—	(1.0)	(5.2)	(2.1)	(10.4)	(18.7)	(51.2)	(100.9)	(100.9)
Loss on financial instruments	—	11.6	1.8	—	13.4	(31.8)	(60.0)	(11.0)	(7.4)	(8.0)	(4.3)	(30.7)	8.7	(100.4)	(100.4)
Share-based payments	(0.3)	(2.1)	(0.1)	—	(2.2)	(1.5)	(0.2)	(0.6)	(0.5)	(0.5)	(0.2)	(1.8)	(6.7)	(12.7)	(12.7)
Long-term incentive plan	(1.6)	(5.5)	(1.7)	—	(7.2)	(1.0)	(0.6)	(2.9)	(1.9)	(2.8)	(1.4)	(9.0)	(9.1)	(28.5)	(28.5)
Exploration expense	—	(3.0)	(6.6)	—	(9.6)	(1.6)	(27.2)	(9.7)	(4.5)	(5.6)	(1.5)	(21.3)	(0.9)	(60.6)	(60.6)
Restructuring costs	—	(1.3)	—	—	(1.3)	—	—	—	—	—	—	—	—	(1.3)	(1.3)
Ghana expected credit loss	—	(23.4)	(17.7)	—	(41.1)	—	—	—	—	—	—	—	—	(41.1)	(41.1)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	—	0.7	0.7	0.7
Impairment and reversal of impairment of investments and assets, net	—	—	—	—	—	(1.6)	—	(9.4)	(0.6)	—	—	(10.0)	(30.8)	(42.4)	(42.4)
Profit/(loss) on disposal of assets	0.2	—	—	—	—	—	—	7.4	1.5	(0.2)	(0.4)	8.3	—	8.5	8.5
Royalties	(2.6)	(37.5)	(18.3)	(8.6)	(64.4)	(8.0)	—	—	—	—	—	(46.0)	—	(121.0)	(112.4)
Mining and income tax	(51.8)	(123.3)	(64.3)	—	(187.6)	(54.5)	84.8	—	—	—	—	(206.0)	(9.8)	(424.9)	(424.9)
Current taxation	—	(110.3)	(81.1)	—	(191.4)	(61.2)	(1.9)	—	—	—	—	(166.1)	(28.0)	(448.6)	(448.6)
Deferred taxation	(51.8)	(13.0)	16.8	—	3.8	6.7	86.7	—	—	—	—	(39.9)	18.2	23.7	23.7
Profit/(loss) for the year	114.5	259.8	98.7	27.0	385.4	54.8	(12.3)	—	—	—	—	475.8	(161.3)	856.5	829.5
Profit/(loss) attributable to :															—
– Owners of the parent	110.4	233.8	88.9	27.0	349.6	54.5	(12.3)	—	—	—	—	475.8	(161.3)	816.3	789.3
– Non-controlling interest holders	4.1	26.0	9.8	—	35.8	0.3	—	—	—	—	—	—	—	40.2	40.2

STATEMENT OF FINANCIAL POSITION
at 31 December 2021
Total assets (excluding deferred taxation)	898.3	1,786.3	372.7	—	2,159.0	797.2	589.5	849.3	815.7	431.8	255.8	2,352.6	291.6	7,088.2	7,088.2
Total liabilities (excluding deferred taxation)	1,117.9	359.1	137.3	—	496.4	294.1	662.4	160.9	162.4	132.7	127.8	583.8	(436.8)	2,717.8	2,717.8
Net deferred taxation (assets)/liabilities	(114.2)	261.8	22.0	—	283.8	50.3	(86.7)	—	—	—	—	148.7	(41.6)	240.3	240.3
Capital expenditure6	89.3	209.0	23.4	20.5	252.9	55.7	374.9	103.3	88.2	100.4	43.7	335.6	0.8	1,109.2	1,088.7

The above is a geographical analysis presented by location of assets.

The Group’s operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa, Damang and Asanko mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere and in Peru, the Cerro Corona mine. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 140.

Figures may not add as they are rounded independently.

4 Other costs “Corporate and other” comprise share of losses of equity-accounted investees, net of taxation of US$32.0 million (which include the impairment of mining assets at Asanko Gold Mine of US$52.8 million) and the balance of US$11.7 million consists mainly of corporate related costs.

5 The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.

6 Capital expenditure for the year ended 31 December 2021.

7 Includes revenue from the sale of copper amounting to US$232.3 million.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2022

41.SEGMENT REPORT continued

Financial summary


	South Africa	Ghana				Peru	Chile	Australia
Figures in millions unless otherwise stated	South Deep1	Tarkwa	Damang	Asanko2	Total Ghana	Cerro Corona	Salares Norte	St Ives	Agnew	Granny Smith	Gruyere	Total Australia	Corporate and other3	Group including Asanko	Group excluding Asanko

INCOME STATEMENT
for the year ended 31 December 2020
Revenue	400.1	927.7	400.8	188.2	1,516.7	368.8	—	691.4	411.5	466.4	225.4	1,794.7	—	4,080.3	3,892.1
Cost of sales	(258.1)	(465.1)	(247.5)	(117.0)	(829.6)	(232.0)	—	(347.5)	(228.3)	(228.3)	(131.6)	(935.9)	(11.9)	(2,267.4)	(2,150.4)
Cost of sales before gold inventory change and amortisation and depreciation	(227.2)	(294.5)	(233.1)	(107.1)	(634.7)	(158.3)	—	(240.7)	(157.3)	(170.2)	(73.4)	(641.6)	0.1	(1,661.7)	(1,554.6)
Gold inventory change	(1.8)	(2.4)	61.2	13.0	71.8	3.9	—	6.6	(5.4)	3.1	0.3	4.5	—	78.5	65.5
Amortisation and depreciation	(29.1)	(168.2)	(75.6)	(22.9)	(266.7)	(77.6)	—	(113.4)	(65.6)	(61.2)	(58.5)	(298.8)	(12.0)	(684.2)	(661.3)
Other income/(costs)	(1.5)	(1.7)	(2.7)	(2.3)	(6.7)	(4.8)	21.6	(3.3)	(1.7)	(2.6)	(0.1)	(7.8)	(8.6)	(7.8)	(5.5)
Investment income	1.7	9.6	0.8	—	10.4	—	—	0.2	0.1	0.1	—	0.4	(3.8)	8.7	8.7
Finance expense	(2.0)	(14.7)	(11.7)	—	(26.4)	(5.6)	—	(1.7)	(5.1)	(2.4)	(10.0)	(19.2)	(73.5)	(126.7)	(126.7)
Loss on financial instruments	(84.7)	(67.2)	(26.7)	—	(93.9)	(14.0)	91.2	(80.1)	(48.0)	(51.6)	(25.4)	(205.1)	67.6	(238.9)	(238.9)
Share-based payments	0.6	(2.9)	—	—	(2.9)	(1.5)	—	(0.8)	(0.6)	(0.8)	(0.6)	(2.8)	(7.9)	(14.5)	(14.5)
Long-term incentive plan	(5.0)	(8.1)	(3.1)	—	(11.2)	(5.3)	—	(6.0)	(4.1)	(4.6)	(1.5)	(16.2)	(13.6)	(51.3)	(51.3)
Exploration expense	—	—	—	—	—	(1.4)	(30.1)	(7.5)	(2.0)	(6.2)	(1.2)	(16.9)	(1.3)	(49.7)	(49.7)
Restructuring costs	—	(1.2)	—	—	(1.2)	—	—	(0.8)	—	—	—	(0.8)	—	(2.0)	(2.0)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	—	(0.3)	(0.3)	(0.3)
Tarkwa expected credit loss	—	(29.0)	—	—	(29.0)	—	—	—	—	—	—	—	—	(29.0)	(29.0)
Impairment, net of reversal of impairment of investments and assets	—	—	(9.8)	—	(9.8)	(1.9)	—	—	—	—	—	—	62.3	50.6	50.6
Profit on disposal of assets	0.1	—	—	—	—	—	—	—	0.2	(0.5)	—	(0.3)	—	(0.2)	(0.2)
Royalties	(2.0)	(37.1)	(16.0)	(9.4)	(62.5)	(5.6)	—	—	—	—	—	(44.3)	—	(114.4)	(105.0)
Mining and income tax	(13.9)	(136.8)	(38.9)	—	(175.7)	(42.8)	(7.4)	—	—	—	—	(164.7)	(28.0)	(432.5)	(432.5)
Current taxation	—	(129.6)	—	—	(129.6)	(52.2)	(7.4)	—	—	—	—	(166.0)	(11.3)	(366.5)	(366.5)
Deferred taxation	(13.9)	(7.2)	(38.9)	—	(46.1)	9.4	—	—	—	—	—	1.3	(16.7)	(66.0)	(66.0)
Profit/(loss) for the year	35.3	173.5	45.2	59.5	278.2	53.9	75.3	—	—	—	—	381.1	(19.0)	804.9	745.4
Profit/(loss) attributable to :
– Owners of the parent	35.0	156.2	40.7	59.5	256.4	53.6	75.3	—	—	—	—	381.1	(19.0)	782.5	723.0
– Non-controlling interest holders	0.3	17.3	4.5	—	21.8	0.3	—	—	—	—	—	—	—	22.4	22.4

STATEMENT OF FINANCIAL POSITION
at 31 December 2020
Total assets (excluding deferred taxation)	881.2	2,035.1	534.0	—	2,569.1	771.8	288.8	802.5	755.4	367.6	682.7	2,608.2	113.7	7,232.8	7,232.8
Total liabilities (excluding deferred taxation)	1,287.2	359.7	375.6	—	735.3	318.1	362.7	171.9	173.4	222.4	583.5	1,151.2	(709.8)	3,144.7	3,144.7
Net deferred taxation (assets)/liabilities	(176.0)	248.9	38.8	—	287.7	57.0	—	—	—	—	—	124.1	(32.8)	259.9	259.9
Capital expenditure6	49.1	147.2	19.9	31.2	198.3	49.9	96.8	73.5	51.9	66.4	28.0	219.8	1.0	614.9	583.7

The above is a geographical analysis presented by location of assets.

The Group's continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere Gold project and in Peru, the Cerro Corona mine and in Chile, the Salares Norte project. While the Gruyere Gold project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group's performance in future years as the project is being developed. The Group also has exploration interests which are included in the "Corporate and other" segment. Refer to accounting policies on segment reporting on page 140.

Figures may not add as they are rounded independently.

2 For the purpose of the review of the segment by the CODM, Asanko’s income statement is proportionately consolidated in the Ghana segment. Equity accounted joint venture carried at US$88.9 million.

4 Other costs “Corporate and other” comprise share of profit of equity-accounted investees, net of taxation of US$2.6 million and the balance of US$6.0 million consists mainly of corporate-related costs.

5 The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.

6 Capital expenditure for the year ended 31 December 2020.

7 Includes revenue from the sale of copper amounting to US$144.1 million