AU - AngloGold Ashanti plc (AU) Q4 2023 Earnings Call Transcript
2024-02-23 15:29:05 ET
AngloGold Ashanti plc (AU)
Q4 2023 Earnings Conference Call
February 23, 2024 08:30 a.m. ET
Company Participants
Alberto Calderon - Chief Executive Officer, Executive Director
Gillian Doran - Chief Financial Officer, Executive Director
Stewart Bailey - Chief Sustainability & Corporate Affairs Officer
Conference Call Participants
Raj Ray - BMO Capital Markets
Josh Wilson - RBC
Leroy Mnguni - HSBC
Adrian Hammond - SPG Securities
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the AngloGold Ashanti Full Year Market Call. All participants will be in listen-only mode. There will be an opportunity for you to ask questions later during the call. [Operator Instructions]. Please note that this event is being recorded.
I will now hand the conference over to Stewart Bailey. Please go ahead sir.
Stewart Bailey
Thanks very much Chris. Good afternoon, everyone, and to those of you joining us from the Americas, good morning, and welcome to our 2023 market call. You have Alberto and the full expert team here to help run you through our performance. But before we start, let me call your attention to the fact that we'll be making forward-looking statements and we will reference certain non-GAAP financial information during the course of the remarks. Slide two is our Safe Harbor Statement. It's important and I would ask you please to refer to it.
I'd also just like to apologize for the delay in releasing the report today. We had a glitch on our side that was a little tricky to overcome. So thanks for your forbearance on this and we hope this call will be fulsome enough to talk you through the detail in a way that's helpful.
Over to you, Alberto.
Alberto Calderon
Thank you, Stewart. Good day and welcome to our results call. Before we get into the details of what has been a very good year for us, I'd like to address an issue you may have picked up in our release today. During our year-end audit AGA, AngloGold Ashanti, found a potential error in the calculation of a deferred tax asset at Obuasi in 2022. This potential error that could impact our earnings by up to $146 million between 2022 and the first half of 2023. The error is non-cash and has no impact on production, cost, cash flow, value of the asset or anything related.
Let me be clear, the facts and the numbers are very clear. For all practical purposes, this is an impairment of $146 million. However, there is still an on-going discussion with our previous auditor about whether and how much of this error should be accounted for in our eventually reinstated 2022 accounts.
Any potential restatement is a time-consuming complex process, made so more by the fact that we're working with two sets of auditors. All parties must agree on the nature and quantum of any adjustments before we are able to issue our 2022 results, which we will do as soon as possible. That's that.
Now, let's move to what really matters. A strong set of results we are all very proud of. The [inaudible] is a joint AGA in late 2021 was simple. Close the value gap with our peers. To do it, we've worked to address several interlocking initiatives that together will substantially improve our business. ...
AngloGold Ashanti plc (AU) Q4 2023 Earnings Call Transcript