ANGLOGOLD ASHANTI LTD (AU) [Rocket]

In millions, except per share items	Dec-31-11	Dec-31-10	Dec-31-09
	20-F	20-F	20-F
Revenues:
Continental Africa	2,529	1,043	1,243
Australasia	389	208	308
Other Areas	17	37	129
South Africa	2,596	899	1,395
Other	1,111	3,215	879
Total revenues	6,642	5,402	3,954
Revenue growth [+]	23.0%	36.6%
Continental Africa	142.5%	-16.1%
Australasia	87.0%	-32.5%
Other Areas	-54.1%	-71.3%
South Africa	188.8%	-35.6%
Americas	161.6%	-17.1%
Cost of goods sold	2,629	3,258	3,437
Gross profit	4,013	2,144	517
Gross margin	60.4%	39.7%	13.1%
Selling, general and administrative [+]	296	242	168
Sales and marketing	9	14	10
General and administrative	287	228	158
Equity in earnings	-59	-40	-88
Other operating expenses	984	52	-647
EBITDA [+]	3,463	2,530	1,523
EBITDA growth	36.9%	66.1%
EBITDA margin	52.1%	46.8%	38.5%
Depreciation and amortization	789	720	615
EBIT [+]	2,674	1,810	908
EBIT growth	47.7%	99.3%
EBIT margin	40.3%	33.5%	23.0%
Non-recurring items [+]	9	72	-5
Asset impairment	17	91	8
Interest expense, net [+]	126	108	69
Interest expense	178	151	123
Interest income	52	43	54
Other income (expense), net [+]	20	25	116
Gain (loss) on derivative instruments	-196	786	1,452
Other	72	68	170
Pre-tax income	2,559	1,655	960
Income taxes	-705	-255	33
Tax rate			3.4%
Minority interest	-50	-54	-48
Net income	1,294	45	-870
Net margin	19.5%	0.8%	-22.0%




EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.