{"id":119,"date":"2023-01-05T13:00:07","date_gmt":"2023-01-05T13:00:07","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/22\/?page_id=119"},"modified":"2023-03-23T15:28:55","modified_gmt":"2023-03-23T15:28:55","slug":"year-at-a-glance","status":"publish","type":"page","link":"https:\/\/reports.anglogoldashanti.com\/22\/ir\/value-created-preserved-eroded\/year-at-a-glance\/","title":{"rendered":"Financial review"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull is-style-mega-page-header has-horizontal-orange-to-naartjie-gradient-background has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignwide is-style-default is-justify-content-stretch is-content-justification-space-between is-layout-flex wp-container-core-group-is-layout-9366075c wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-background-color has-text-color is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/\">Integrated Report<\/a><\/span> \u00bb <span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/value-created-preserved-eroded\/\">Value created, preserved, eroded<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Financial review<\/span><\/span><\/div>\n\n<h1 class=\"wp-block-post-title\">Financial review<\/h1>\n\n\n<p class=\"has-text-align-left has-large-font-size\">Improved operational and financial performance, despite challenges, contributed to a 42% increase in net cash inflow from operating activities and a solid balance sheet at end 2022 (liquidity of approximately $2.5bn in liquidity). This <em>Financial review<\/em> provides a summary of our statements of income, financial position and cash flows.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-style-bubble-block has-background is-alignment-center has-foreground-color has-yellow-background-color has-text-color is-vertical is-layout-flex wp-container-core-group-is-layout-fe9cc265 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-justify-content-stretch is-alignment-center is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-ce155fab wp-block-group-is-layout-flex\">\n<blockquote class=\"wp-block-quote has-large-font-size is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size\">The Company remains committed to maintaining a strong balance sheet with an Adjusted net debt to Adjusted EBITDA target ratio not exceeding 1.0 times through the cycle.<\/p>\n<cite> <\/cite><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-justify-content-stretch is-layout-flex wp-container-core-group-is-layout-0e78bd1e wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Three-year summaries<\/h2>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Summarised group financial results \u2013 income statement<\/h3>\n<\/div>\n\n\n\n<aside class=\"wp-block-group is-vertical is-nowrap is-layout-flex wp-container-core-group-is-layout-3655d5c7 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><\/div>\n<\/aside>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-justify-content-stretch is-layout-flex wp-container-core-group-is-layout-0e78bd1e wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<style>\n.fin-review-table tr td:last-child,\n.fin-review-table tr th:last-child{\n    border-right-width: 20px;\n    border-right-color: transparent;\n    border-right-style: solid;\n\n}\n.fin-review-table tr td.border-right-primary{\nborder-right-color: var(--wp--preset--color--primary);\n}\n.tbl-movements{\nborder-left-color: var(--wp--preset--color--primary);\nborder-left-width: 20px;\nborder-left-style: solid;\n}\n.tbl-recon{\nborder-left-color: var(--wp--preset--color--teal);\nborder-left-width: 20px;\nborder-left-style: solid;\n}\n.fin-review-table tr td.border-right-red{\nborder-right-color: var(--wp--preset--color--vivid-red);\n}\n.fin-review-table tr td.border-right-blue{\nborder-right-color: var(--wp--preset--color--vivid-cyan-blue);\n}\n.fin-review-table tr td.border-right-blue{\nborder-right-color: var(--wp--preset--color--vivid-cyan-blue);\n}\n.fin-review-table tr td.border-right-lilac{\nborder-right-color: var(--wp--preset--color--vivid-purple);\n}\n.fin-review-table tr td.border-right-green{\nborder-right-color: var(--wp--preset--color--green);\n}\n.fin-review-table tr td.border-right-dark-gray{\nborder-right-color: var(--wp--preset--color--dark-gray);\n}\n.fin-review-table tr td.border-right-teal{\nborder-right-color: var(--wp--preset--color--teal)\n}\n.fin-review-table tr td.border-right-yellow{\nborder-right-color: var(--wp--preset--color--luminous-vivid-amber)\n}\n\n.fin-review-table tr td.border-right-cyan{\nborder-right-color: var(--wp--preset--color--pale-cyan-blue)\n}\n.fin-review-table tr td.border-right-naartjie{\nborder-right-color: var(--wp--preset--color--naartjie)\n}\n<\/style>\n\n\n\n<figure class=\"fin-review-table wp-block-table\">\n    <table style=\"width: 100%;\">\n        <col style=\"width: 60%\">\n        <col style=\"width: 100px\" class=\"current\">\n        <col style=\"width: 100px\">\n        <col style=\"width: 100px\">\n        <thead>\n            <tr class=\"rule\">\n                <th class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-left has-white-background-color\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right \" data-align=\"right\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">Restated <sup>(1)<\/sup>\n                <\/th>\n            <\/tr>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\">US dollar millions\n                <\/th>\n                <th class=\"current has-background has-white-text-color has-text-align-right\" data-align=\"right\">2022\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2021\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2020\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <!-- Continuing operations starts -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Continuing operations<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong>\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Revenue from product sales\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>4,501<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">4,029\n                <\/td>\n                <td class=\"has-text-align-right border-right-primary\" data-align=\"right\" >4,595\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Cost of sales\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(3,362)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(2,857)\n                <\/td>\n                <td class=\"has-text-align-right border-right-red\" data-align=\"right\">(2,829)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">Loss on non-hedge derivatives and\n                    other commodity contracts\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(6)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(19)\n                <\/td>\n \n            <\/tr>\n            <!-- Gross profit starts -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Gross profit<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,133<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,172\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,747\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Corporate administration, marketing\n                    and related expenses\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(79)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(73)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(68)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Exploration and evaluation costs\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(205)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(164)\n                <\/td>\n                <td class=\"has-text-align-right border-right-blue\" data-align=\"right\" border-right>(124)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Impairment, derecognition of assets\n                    and profit \/ (loss) on disposa\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(304)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">11\n                <\/td>\n                <td class=\"has-text-align-right border-right-lilac\" data-align=\"right\">(1)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">Other (expenses) income\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(26)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(136)\n                <\/td>\n                <td class=\"has-text-align-right border-right-green\" data-align=\"right\">(57)\n                <\/td>\n            <\/tr>\n            <!-- Operating profit -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Operating profit<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>519<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">810\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,497\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Interest income\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>81<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">58\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">27\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Dividends received\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">2\n                <\/td>\n \n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Foreign exchange and fair value\n                    adjustments\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(128)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(43)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&#8211;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Finance costs and unwinding of\nobligations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(149)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(116)\n                <\/td>\n                <td class=\"has-text-align-right border-right-teal\" data-align=\"right\">(117)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">Share of associates and joint ventures&#8217;\n                    profit\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>166<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">249\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">278\n                <\/td>\n   \n            <\/tr>\n            <!-- Profit before taxation -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Profit before taxation<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>489<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">958\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,627\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">Taxation\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>(173)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(312)\n                <\/td>\n                <td class=\"has-text-align-right border-right-dark-gray\" data-align=\"right\">(625)\n                <\/td>\n \n            <\/tr>\n            <!-- profit for the year from conitnuing operations -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Profit for the year from continuing\n                        operations<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>316<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">646\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,002\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Discontinued operations<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">Profit from discontinued operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">7\n                <\/td>\n            <\/tr>\n            <!-- Profit for the year -->\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Profit for the year<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>316<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">646\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,009\n                <\/td>\n            <\/tr>\n            <!-- Spacing -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n            <\/tr>\n            <!-- Allocations -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">Allocated as follows:\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Equity shareholders<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&#8211; Continuing operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>297<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">622\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">984\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&#8211; Discontinued operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">7\n                <\/td>\n  \n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Non-controlling interests<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">&#8211; Continuing operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>19<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">24\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">18\n                <\/td>\n            <\/tr>\n            <!-- totals -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>316<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">646\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,009\n                <\/td>\n   \n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<ol class=\"is-style-notes wp-block-list\">\n<li><em>Comparative periods have been restated due to the initial application of the amendment to IAS 16 \u201cProperty, Plant and Equipment \u2013 Proceeds before Intended Use\u201d on 1 January 2022.<\/em><\/li>\n<\/ol>\n<\/div>\n\n\n\n<aside class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-fe9cc265 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--primary);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Revenue from product sales<\/strong> increased by 12% over 2021 predominantly as a result of higher ounces sold (234koz) partially offset by lower silver revenue and a marginal decline in the gold price received ($1,793\/oz in 2022 vs. $1,796\/oz in 2021).<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--vivid-red);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Cost of sales<\/strong> increased by 18% largely as a result of higher cash operating costs ($394m) and an increase in amortisation expenses ($156m) commensurate with the higher gold production profile. This was partially alleviated by lower rehabilitation charges ($38m) resultant of the increase in the risk free rate which positively contributed to the rehabilitation change in estimate at majority of the operations. The cash operating cost variance constitutes approximately 80% of the total cost of sales variance, mainly the result of inflationary challenges and pressures on mining contractors, power, labour, fuel, consumable stores and services.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--vivid-cyan-blue);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Exploration and evaluation costs<\/strong> increased by $41m from 2021 primarily due to an increase in pre-feasibility studies at North America. This was slightly offset by lower brownfields and greenfields exploration expenditure across most operations.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--vivid-purple);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Impairments <\/strong>of $304m were processed in 2022 at the C\u00f3rrego do S\u00edtio (CdS) mining complex ($189m), the Cuiab\u00e1 mining complex ($70m) and the Serra Grande mine ($45m) in Brazil.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--green);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Other expenses<\/strong> at $26m reduced by $110m from the $136m in 2021. The reduction in costs year on year is due to higher expenditure incurred in 2021, not recurring in 2022, relating to: care and maintenance expenditure at Obuasi following the voluntary suspension of underground mining operations in May 2021 ($45m), the premium paid on the early bond settlement ($24m), restructuring costs on the implementation of the new Operating Model ($18m) as well as movements relating to tailings and legacy expenditure ($25m).<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--dark-gray);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p>The <strong>taxation expense<\/strong> of $173m in 2022 decreased by 45% ($139m) compared to 2021 The variance is attributable to the impairments in Brazil resulting in a decrease in deferred tax recognised as well as lower current tax on the back of lower earnings and higher inflation at the majority of our<br>operations.<\/p>\n<\/div>\n<\/aside>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-justify-content-stretch is-layout-flex wp-container-core-group-is-layout-0e78bd1e wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Summarised group financial results \u2013 statement of financial position<\/h3>\n\n\n\n<figure class=\"fin-review-table wp-block-table\">\n    <table style=\"width: 100%;\">\n        <col style=\"width: 60%\">\n        <col style=\"width: 100px\" class=\"current\">\n        <col style=\"width: 100px\">\n        <col style=\"width: 100px\">\n        <thead>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\">&nbsp;                    \n                <\/th>\n                <th class=\"has-text-align-left has-white-background-color\" data-align=\"left\">&nbsp;                    \n                <\/th>\n                <th class=\"has-text-align-right \" data-align=\"right\">\n                    Restated\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">\n                    Restated \n                <\/th>\n            <\/tr>\n            <tr style=\"border-top: 1px solid #000;\">\n                <th class=\"has-text-align-left\" data-align=\"left\">\n                    US dollar millions\n                <\/th>\n                <th class=\"current has-text-align-right\" data-align=\"right\">\n                    2022\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">\n                    2021 <sup>(1)<\/sup>\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">\n                    2020 <sup>(1)<\/sup>\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <!-- Assets starts -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Assets<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                \n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Tangible, right of use and intangible\n                    assets\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>4,471<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    3,790\n                <\/td>\n                <td class=\"has-text-align-right border-right-teal\" data-align=\"right\">\n                    3,190\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Investments\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,103<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,764\n                <\/td>\n                <td class=\"has-text-align-right border-right-naartjie\" data-align=\"right\">\n                    1,839\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Inventories\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>778<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    730\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    802\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Cash and cash equivalents\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,108<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,154\n                <\/td>\n                <td class=\"has-text-align-right border-right-cyan\" data-align=\"right\">\n                    1,330\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Other assets\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>612<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    562\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    544\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Total assets<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>8,072<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    8,000\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    7,705\n                <\/td>\n            <\/tr>\n            <!-- Spacing -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp; \n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp; \n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp; \n                     \n                <\/td>\n            <\/tr>\n            <!-- Equity and liability -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Equity and liabilities<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp; \n                    \n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Total equity\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>4,134<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    4,094\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    3,773\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Borrowings and lease liabilities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>2,169<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    2,094\n                <\/td>\n                <td class=\"has-text-align-right border-right-yellow\" data-align=\"right\">\n                    2,084\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Provisions\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>705<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    806\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    814\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Deferred taxation\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>300<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    313\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    246\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Other liabilities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>764<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    693\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    788\n                <\/td>\n            <\/tr>\n            <!-- totals -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Total equity and liabilities<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>8,072<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    8,000\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    7,705\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<ol class=\"is-style-notes wp-block-list\">\n<li><em>Comparative periods have been restated due to the initial application of the amendment to IAS 16 \u201cProperty, Plant and Equipment \u2013 Proceeds before Intended Use\u201d on 1 January 2022.<\/em><\/li>\n<\/ol>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Summarised group financial results \u2013 statement of cash flows<\/h3>\n\n\n\n<figure class=\"fin-review-table wp-block-table\">\n    <table style=\"width: 100%;\">\n        <col style=\"width: 60%\">\n        <col style=\"width: 100px\" class=\"current\">\n        <col style=\"width: 100px\">\n        <col style=\"width: 100px\">\n        <thead>\n            <tr class=\"rule\">\n                <th class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-left has-white-background-color\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right \" data-align=\"right\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">Restated <sup>(1)<\/sup>\n                <\/th>\n            <\/tr>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\">US dollar millions\n                <\/th>\n                <th class=\"current has-background has-white-text-color has-text-align-right\" data-align=\"right\">2022\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2021\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2020\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <!-- Cash flows from operating activities -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Cash flows from operating activities<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Cash generated from operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,244<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,353\n                <\/td>\n                <td class=\"has-text-align-right border-right-primary\" data-align=\"right\">\n                    1,866\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Dividends received from joint ventures\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>694<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    231\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    148\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net taxation paid\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(134)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (316)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (431)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash inflow from operating activities\n                    from continuing operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,804<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,268\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,583\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash inflow from discontinued\n                    operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    &#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    109\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash inflow from operating activities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,804<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,268\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,692\n                <\/td>\n            <\/tr>\n            <!-- Spacing -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                     \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <!-- Cash flows from investing activities -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Cash flows from investing activities<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Capital expenditure\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(1,028)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (1,027)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (739)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net (payments) proceeds from acquisition\n                    and disposal of subsidiaries, associates and\n                    joint ventures\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(517)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    2\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    28\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net (payments) proceeds from disposal and\n                    acquisition of investments, associate loans,\n                    and acquisition and disposal of tangible\n                    assets\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(9)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    5\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    215\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Interest received\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>81<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    58\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    27\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    (Increase) decrease in cash restricted for use\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(4)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    14\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (9)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Other\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>16<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    8\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (8)\n                <\/td>\n            <\/tr>\n            <!--Cash flows from financing activities -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash outflow from financing activities\n                    from continuing operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(1,461)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (940)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (486)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash outflows from discontinued\n                    operations\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    &#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (31)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Cash in subsidiaries sold and transferred to\n                    held for sale\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    &#8211;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    3\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash outflow from investing activities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,461<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (940)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (514)\n                <\/td>\n            <\/tr>\n            <!-- Spacing -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <!-- Cash flows from financing activites p2 -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Cash flows from financing activities<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>&nbsp;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net proceeds (repayments) from borrowings\n                    and lease liabilities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>&#8211;<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                   (61)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (131)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Finance costs and lease finance costs paid\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(120)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (155)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (151)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Dividends paid\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(203)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (240)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (47)\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash outflow from financing activities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(323)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (456)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (329)\n                <\/td>\n            <\/tr>\n            <!-- Spacing -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                  \n                <\/td>\n            <\/tr>\n            <!-- Cash flows from financing activites p2 -->\n            <tr>\n                <td class=\"has-text-align-left border-right-teal\" data-align=\"left\">\n                    Net increase (decrease) in cash and cash\n                    equivalents\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>20<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (128)\n                <\/td>\n                <td class=\"has-text-align-right border-right-teal\" data-align=\"right\">\n                    849\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Translation\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(68)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (48)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    25\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Cash and cash equivalents at beginning of\n                    year\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,154<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,330\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    456\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <strong>Cash and cash equivalents at end of year <sup>(2)<\/sup><\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,106<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,154\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,330\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<ol class=\"is-style-notes wp-block-list\">\n<li><em>Restated for IAS 16 \u201cProperty, Plant and Equipment \u2013 Proceeds before Intended Use\u201d, effective 1 January 2022<\/em><\/li>\n\n\n\n<li><em>Cash and cash equivalents at the end of December 2022 is net of a bank overdraft of $2m.<\/em><\/li>\n<\/ol>\n<\/div>\n\n\n\n<aside class=\"wp-block-group is-vertical is-nowrap is-layout-flex wp-container-core-group-is-layout-3655d5c7 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--teal);border-left-style:solid;border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Tangible, right of use and intangible assets<\/strong> at $4,471m increased by $681m from the $3,790m in 2021. The increase is predominantly attributable to tangible assets additions ($1,028m), the Corvus acquisition of mineral rights ($365m) and Coeur Sterling acquisition ($152m). This was partly offset by amortisation charges stemming from all operations and the collective impact of the Brazil impairments ($304m) on tangible assets, leased assets and intangible assets.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--naartjie);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Investments <\/strong>which include investments in associates, joint ventures and other investments, decreased by $661m from $1,764m in 2021 to $1,103m in 2022 primarily due to the net impact of equity earnings and dividends received of the Kibali JV (decrease of $541m) and the reclassification of the Corvus investment to a subsidiary subsequent to AngloGold Ashanti acquiring the remaining 80.5% interest.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--pale-cyan-blue);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Cash and cash equivalents<\/strong> decreased by 4% compared to 2021. The biggest contributors to this variance was the asset acquisitions of Corvus mineral rights ($365m in cash consideration) and Coeur Sterling ($152m cash consideration) as well as dividends paid in 2022 ($203m). This was partly offset by higher dividends received from the Kibali JV which included the successful release of cash lock-up in the DRC ($549m).<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-left-color:var(--wp--preset--color--luminous-vivid-amber);border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Borrowings and lease liabilities<\/strong> rose by 4% ($75m) to $2,169m compared to the 2021 base. The increase is primarily resultant of higher drawdown on available facilities at AngloGold Ashanti Holdings, AngloGold Australia, Geita and Siguiri which was partially offset by repayments towards borrowing facilities.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-light-silver-gray-background-color has-background is-layout-constrained wp-container-core-group-is-layout-bee3b8ce wp-block-group-is-layout-constrained\" style=\"border-right-color:var(--wp--preset--color--primary);border-right-width:15px;border-left-color:var(--wp--preset--color--primary);border-left-style:solid;border-left-width:15px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20)\">\n<p><strong>Inventory<\/strong> increase is attributable to the build- up of ore stockpiles at Cerro Vanguardia, Iduapriem and Geita as well as the higher gold-in-process at CdS following the temporary suspension of tailings operations as recommended by the National Mining Agency.<\/p>\n\n\n\n<p>The increase in <strong>trade, other receivables and other assets<\/strong> is primarily due to contractor prepayments at Geita and Obuasi as well as higher export duties and VAT payments in Cerro Vanguardia.<\/p>\n\n\n\n<p><strong>Trade, other payables and provisions<\/strong> increased mainly due to higher trade creditors, contractor accruals and timing of payments for the Obuasi Phase 3 Redevelopment project as well as mining contractor and Beposo Tailing Storage Facility construction costs at Iduapriem.<\/p>\n<\/div>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Movements in working capital:<\/h3>\n\n\n\n<style>\n.wp-block-table.squeeze-table table{margin-bottom: 0 !important}\n.squeeze-table th.has-text-align-right, .squeeze-table td.has-text-align-right{\nmin-width: 0; width: 40px}\n<\/style>\n\n\n\n<figure class=\"squeeze-table tbl-movements wp-block-table\">\n    <table style=\"width: 100%;\">\n        <col style=\"width: 60%\">\n        <col style=\"width: 100px\" class=\"current\">\n        <col style=\"width: 100px\">\n        <col style=\"width: 100px\">\n        <thead>\n          \n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\">US dollar millions\n                <\/th>\n                <th class=\"current has-background has-white-text-color has-text-align-right\" data-align=\"right\">2022\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2021\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2020\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    (Increase) decrease in inventories\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(54)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    58\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (83)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Increase in trade, other receivables and other assets\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(149)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (49)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (163)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Increase in trade, other payables and provisions\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>66<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    44\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    8\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                     &nbsp;\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(137)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    53\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (238)\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Free cash flow reconciliation <sup>(1)<\/sup>:<\/h3>\n\n\n\n<figure class=\"squeeze-table tbl-recon wp-block-table\">\n    <table style=\"width: 100%;\">\n        <col style=\"width: 60%\">\n        <col style=\"width: 100px\" class=\"current\">\n        <col style=\"width: 100px\">\n        <col style=\"width: 100px\">\n        <thead>\n            <tr class=\"rule\">\n                <th class=\"has-text-align-left\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-left has-white-background-color\" data-align=\"left\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right \" data-align=\"right\">&nbsp;\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">Restated\n                <\/th>\n            <\/tr>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\">US dollar millions\n                <\/th>\n                <th class=\"current has-background has-white-text-color has-text-align-right\" data-align=\"right\">2022\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2021\n                <\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2020 <sup>(2)<\/sup>\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash inflow from operating activities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>1,804<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,268\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    1,1692\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\" >\n                    Capital expenditure\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(1,028)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\" >\n                    (1,027)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\" >\n                    (739)\n                <\/td>\n            <\/tr>\n            <!-- Net cash from operating activities after capital expenditure -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash from operating activities after capital expenditure\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>776<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    241\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    953\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Repayment of lease liabilities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(82)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (63)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (47)\n                <\/td>\n            <\/tr>\n            <tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\" >\n                    Finance costs accrued and capitalised\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>(132)<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\" >\n                    (159)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\" >\n                    (188)\n                <\/td>\n            <\/tr>\n            <!--Cash flows from financing activities -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Net cash flow after capital expenditure and interest\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>562<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    19\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    718\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Other net cash inflow from investing activities\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>86<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    101\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    42\n                <\/td>\n            <\/tr>\n          <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Other\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>5<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2013 <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2013 <\/td>\n            <\/tr>\n            <!-- Cash flows from financing activites p2 -->\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Add backs:\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                   \n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;\n                    \n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Cash restricted for use\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>4<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (14)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    9\n                <\/td>\n            <\/tr>\n            <tr class=\"rule\">\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Proceeds from disposal of joint venture\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2013 <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (2)\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    (26)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    Free cash flow\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    <strong>657<\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    104\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\n                    743\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<div style=\"height:0px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol class=\"is-style-notes wp-block-list\">\n<li><em>Includes continuing and discontinued operations for 2020<\/em><\/li>\n\n\n\n<li><em>Restated for IAS 16 \u201cProperty, Plant and Equipment \u2013 Proceeds before Intended Use\u201d, effective 1 January 2022<\/em><\/li>\n<\/ol>\n<\/aside>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-cover alignfull\" style=\"min-height:600px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" class=\"wp-block-cover__image-background wp-image-11027\" alt=\"\" src=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-scaled.jpg\" style=\"object-position:71% 36%\" data-object-fit=\"cover\" data-object-position=\"71% 36%\" srcset=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-scaled.jpg 2560w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-480x320.jpg 480w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-768x512.jpg 768w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-1536x1024.jpg 1536w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/SDGM_Anglo-Day-01_123-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size\"><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Improved operational and financial performance, despite challenges, contributed to a 42% increase in net cash inflow from operating activities and a solid balance sheet at end 2022 (liquidity of approximately $2.5bn in liquidity). This Financial review provides a summary of our statements of income, financial position and cash flows. <\/p>\n","protected":false},"author":1,"featured_media":11027,"parent":93,"menu_order":45,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-119","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial review - 2022 | AngloGold Ashanti<\/title>\n<meta name=\"description\" content=\"Improved operational and financial performance, despite challenges, contributed to a 42% increase in net cash inflow from operating activities\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/value-created-preserved-eroded\/year-at-a-glance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial review - 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