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HAR
HAPS
HAR - Harmony Gold Mining Company Limited - Revised announcement - Harmony
financial review for the fourth quarter and year-ended 30 June 2007
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
Trading Symbols
JSE Limited HAR
New York Stock Exchange, Inc. HMY
NASDAQ HMY
London Stock Exchange plc HRM
Euronext Paris HG
Euronext Brussels HMY
Berlin Stock Exchange HAM1
Issuer code HAPS
REVISED ANNOUNCEMENT
Your attention is drawn to the changes in note 14 of the condensed financial
statements
HARMONY FINANCIAL REVIEW FOR THE FOURTH QUARTER AND YEAR-ENDED 30 JUNE 2007
ANNUAL HIGHLIGHTS
* Headline earnings of 43 SA cents per share
* Cash earnings per share up by 73%
* First net profit in three years
* Development up by 35%
FINANCIAL SUMMARY FOR THE QUARTER AND YEAR ENDED 30 JUNE 2007
Quarter Quarter Q-on-Q
March 2007 June 2007 % variance
Gold produced - kg 18 010 16 396 (9.0)
- oz 579 032 527 141 (9.0)
Cash costs - R/kg 103 608 149 180 (44.0)
- $/oz 445 655 (47.2)
Cash operating profit - Rm 869 39 (95.5)
- US$m 120 6 (95.0)
Cash earnings - SA c/s 218 10 (95.4)
- US c/s 30 1 (96.7)
Basic profit/(loss) - SA c/s 62 (163) (362.9)
- US c/s 9 (23) (355.6)
Headline profit/(loss) - SA c/s 58 (133) (329.3)
- US c/s 8 (19) (337.5)
Fully diluted earnings/(loss) - SA c/s 61 (163) (367.2)
- US c/s 8 (23) (387.5)
Quarter Financial year
June 2006 2006 2007
Gold produced - kg 17 243 74 242 72 602
- oz 554 373 2 386 925 2 334 198
Cash costs - R/kg 93 968 88 629 112 407
- $/oz 452 433 486
Cash operating profit - Rm 645 1 459 2 554
- US$m 100 229 353
Cash earnings - SA c/s 163 371 642
- US c/s 25 58 89
Basic profit/(loss) - SA c/s (11) (133) 86
- US c/s (2) (21) 12
Headline profit/(loss) - SA c/s (52) (269) 43
- US c/s (8) (42) 6
Fully diluted earnings/(loss) - SA c/s (11) (133) 85
- US c/s (2) (21) 12
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
For the quarter ended
30 June 2007 31 March 2007
Ore milled - t`000 5 308 5 114
Gold produced - kg 16 396 18 010
Gold price received - R/kg 151 552 151 833
Cash operating costs - R/kg 149 180 103 608
R million R million
Revenue 2 485 2 735
Cash operating costs (2 446) (1 866)
Cash operating profit 39 869
Amortisation and depreciation of mining
properties,
mine development costs and mine plant
facilities (208) (308)
Corporate expenditure (87) (50)
Reversal of provision/(provision) for
rehabilitation costs 14 (3)
Operating (loss)/profit (242) 508
Amortisation and depreciation other than
mining properties,
mine development costs and mine plant
facilities (11) (17)
Care and maintenance costs of restructured
shafts (14) (13)
Share based compensation (4) (14)
Exploration expenditure (70) (68)
Impairment of assets (268) -
Loss from associates (1) -
Gain/(loss) on financial instruments 29 (24)
Profit on sale of property, plant and
equipment 93 4
Other (expenses)/income - net (42) 15
Provision for former employees` post
retirement benefits 13 -
Mark-to-market of listed investments 31 29
(Loss)/profit on sale of listed investment (37) 10
Investment income 87 36
Finance cost (236) (106)
(Loss)/profit before taxation (672) 360
Taxation 19 (113)
Net (loss)/profit (653) 247
(Loss)/earnings per share (cents) *
- Basic (loss)/earnings (163) 62
- Headline (loss)/earnings (133) 58
- Fully diluted (loss)/earnings ** *** (163) 61
Dividends per share (cents)
- Interim - -
- Proposed final - -
Prepared in accordance with International Financial Reporting Standards
* Calculated on weighted average number of shares in issue at quarter
end 30 June 2007: 398.6 million (31 March 2007: 398.4 million).
** Calculated on weighted average number of diluted shares in issue at
quarter end 30 June 2007: 403.1 million (31 March 2007: 403.3 million).
*** The effect of the share options is anti-dilutive.
Reconciliation of headline (loss)/profit:
Net (loss)/profit (653) 247
Adjustments:
- Profit on sale of assets (66) (4)
- Profit on sale of GBS investment - (9)
- Profit/(Loss) on disposal of investment in
Goldfields 31 (1)
- Impairment of fixed assets - net of tax 157
Headline (loss)/profit (531) 233
CONDENSED CONSOLIDATED INCOME STATEMENT
For the year ended
30 June 2007 30 June 2006
(restated)*
Notes R million R million
Continuing operations
Revenue 9 148 6 823
Production cost (exclusive of
amortisation and depreciation of
mining properties, mine development costs
and mine plant facilities) 3 (6 866) (5 582)
Amortisation and depreciation of mining
properties,
mine development costs and mine plant
facilities (802) (893)
Amortisation and depreciation other than
mining properties,
mine development costs and mine plant
facilities (61) (57)
Corporate expenditure (249) (174)
Exploration expenditure (194) (71)
Employment termination and restructuring
costs - 72
Care and maintenance costs of
restructured shafts (52) (118)
Share-based compensation (40) (95)
Reversal of provision for rehabilitation
costs 16 20
Profit on sale of property, plant and
equipment 182 40
Reversal of impairment of assets 123 216
Gain/(loss) on financial instruments 4 41 (516)
Other expenses - net (38) (137)
Operating profit/(loss) 1 208 (472)
Loss from associates 5 (19) (105)
(Loss)/profit on sale of listed investment 6 (35) 306
Profit on sale of investment in
subsidiaries - 14
Profit on sale of investment in associate 5 236 -
Provision for former employees` post
retirement benefits 13 (7)
Mark-to-market of listed investments 111 87
Investment income 197 201
Finance cost (515) (436)
Profit/(loss) before tax 1 196 (412)
Taxation (249) (138)
Net profit/(loss) from continuing
operations 947 (550)
Discontinued operations:
(Loss)/profit from discontinued operations 7 (332) 25
Loss from measurement to fair value less
cost to sell 7 (274) -
Net profit/(loss) 341 (525)
Attributable to:
Equity holders of the Company 340 (525)
Minority interest 1 -
341 (525)
Earnings/(loss) per share for profit from
continued operations attributable
to the equity holders of the Company
during the year (cents) 7
- Basic earnings/(loss) 238 (139)
- Fully diluted earnings/(loss) 235 (139)
Earnings/(loss) per share for profit from
discontinued operations attributable
to the equity holders of the Company
during the year (cents) 7
- Basic (loss)/earnings (152) 6
- Fully diluted (loss)/earnings (151) 6
Dividends per share (cents)
- Interim - -
- Proposed final - -
* The comparative figures for 2006 were adjusted to exclude the
discontinued operations.
CONDENSED CONSOLIDATED BALANCE SHEET
At 30 June At 31 March At 30 June
2007 2007 2006
Notes R million R million R million
(unaudited) (audited)
ASSETS
Non-current assets
Property, plant
and equipment 24 398 24 472 23 318
Intangible assets 2 307 2 270 2 270
Restricted cash 279 509 255
Investment financial assets 3 912 4 430 2 255
Investments in associates 5 6 - 1 909
Deferred income tax 2 321 1 548 1 975
Trade and other receivables 69 42 107
33 292 33 271 32 089
Current assets
Inventories 742 722 666
Trade and other receivables 801 1 180 721
Income and mining taxes 16 25 27
Cash and cash equivalents 711 476 651
2 270 2 403 2 065
Non-current assets
classified as held
for sale 7 1 267 - -
3 537 2 403 2 065
Total assets 36 829 35 674 34 154
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 25 636 25 590 25 489
Other reserves (370) (79) (271)
Accumulated loss (1 681) (1 023) (2 015)
23 585 24 488 23 203
Non-current liabilities
Borrowings 9 2 794 3 494 2 591
Deferred income tax 5 000 4 211 4 275
Derivative financial
instruments 10 - 448 631
Provisions for other
liabilities and charges 1 250 1 001 983
9 044 9 154 8 480
Current liabilities
Trade and other payables 1 091 1 038 1 199
Accrued liabilities 547 586 259
Borrowings 1 804 401 1 006
Cash and cash equivalents 220 - -
Shareholders for dividends 7 7 7
3 669 2 032 2 471
Liabilities directly
associated with non-current
assets classified as
held for sale 7 530 - -
Total liabilities 4 199 2 032 2 471
Total equity and liabilities 36 829 35 674 34 154
Number of ordinary shares in
issue 399 608 384 398 736 629 394 369 190
Net asset value per share
(cents) 5 902 6 141 5 771
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
30 JUNE 2007 (Rand)
Issued share Other Retained
capital reserves earnings Total
R million R million R million R million
Balance as at 1 July
2006 25 489 (271) (2 015) 23 203
Issue of share capital 147 - - 147
Currency translation
adjustment and other - (99) - (99)
Net earnings - - 341 341
Dividends paid - - (7) (7)
Balance as at 30 June
2007 25 636 (370) (1 681) 23 585
Balance as at 1 July
2005 25 289 (586) (1 490) 23 219
Issue of share capital 200 - - 200
Currency translation
adjustment and other - 315 - 315
Net loss - - (525) (531)
Balance as at 30 June
2006 25 489 (271) (2 015) 23 203
SUMMARISED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 (Rand)
Year Year Quarter Quarter
ended ended ended ended
30 June 30 June 30 June 31 March
2007 2006 2007 2007
R million R million R million R million
(audited) (unaudited) (unaudited)
Cash flow from operating activities
Cash generated/(utilised) by
operations 1 221 346 (248) 511
Interest and dividends received 204 224 87 36
Interest paid (226) (201) (83) (48)
Income and mining taxes paid (14) (12) (11) 3
Cash generated/(utilised) by
operating activities 1 185 357 (255) 502
Cash flow from investing activities
Decrease/(Increase) in restricted
cash (29) (203) 225 (215)
Net proceeds on disposal of listed
investments 395 2 462 166 199
Acquisition of investment in
associate - (2 012) - -
Net additions to property, plant
and equipment (2 549) (1 667) (784) (706)
Other investing activities (47) - (10) (52)
Cash utilised by investing
activities (2 230) (1 420) (401) (774)
Cash flow from financing activities
Long-term loans raised/(repaid) 802 (393) 651 152
Ordinary shares issued - net of
expenses 138 183 37 2
Dividends paid (7) (7) (7) -
Cash generated/(utilised) by
financing activities 933 (217) 681 154
Foreign currency translation
adjustments (45) 153 (7) (15)
Net (decrease)/increase in cash and
equivalents (157) (1 127) 18 (133)
Cash and equivalents - beginning of
period 651 1 778 476 609
Cash and equivalents - end of period 494 651 494 476
RECONCILIATION BETWEEN CASH OPERATING PROFIT AND CASH GENERATED/(UTILISED)
BY OPERATIONS FOR THE YEAR ENDED 30 JUNE 2007 (Rand)(unaudited)
Year Year Quarter Quarter
ended ended ended ended
30 June 30 June 30 June 31 March
2007 2006 2007 2007
R million R million R million R million
Cash operating profit 2 554 1 459 39 869
Other cash items per income statement:
Other income (Including interest
received and profit
on sale of mining assets) 340 203 138 56
Employment termination, restructuring
and care
and maintenance costs (66) (96) (14) (13)
Corporate, administration and other
expenditure (259) (185) (87) (50)
Exploration expenditure (239) (106) (70) (68)
Provision for rehabilitation costs (3) (6) (1) (1)
Cash flow statement adjustments:
Cost of close out of hedges (576) (344) (367) (70)
Profit on sale of mining assets (182) (65) (93) (4)
Interest and dividends received (204) (224) (87) (36)
Other non-cash items (103) (87) (9) (25)
Effect of changes in operating working
capital items:
Receivables (212) (54) 241 (246)
Inventories (198) (82) (143) 21
Accounts payable 162 (30) 244 (208)
Accrued liabilities 207 (37) (39) 286
Cash generated/(utilised) by operations 1 221 346 (248) 511
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2007
1. Basis of accounting
The condensed consolidated financial statements for the year ended 30 June 2007
have been prepared using accounting policies that comply with International
Financial Reporting Standards (IFRS), which are consistent with the accounting
policies used in the audited annual financial statements for the year ended 30
June 2006. These condensed consolidated financial statements are prepared in
accordance with IAS 34, Interim Financial Reporting and should be read in
conjuction with the financial statements as at and for the year ended 30 June
2006.
2. New accounting standards and IFRIC interpretations
Certain new accounting standards and IFRIC interpretations have been published
that are mandatory for accounting periods beginning on or after 1 January 2007.
These new standards and interpretations have not been early adopted by the
Group and a reliable estimate of the impact of the adoption thereof for the
Group cannot yet be determined for all of them, as management are still in the
process of determining the impact thereof on future financial statements.
At the date of finalising these financial statements, the following Standards
and Interpretations were in issue but not yet effective:
Title Effective date
New Statement
IFRS 7 - Financial instruments: # Financial year commencing
Disclosures, and a complementary on or after 1 January 2007
Amendment to IAS 1, Presentation
of Financial Statements
- capital Disclosures
IFRS 8 - Operating segments # Financial year commencing on
or after 1 January 2009
Amendments
IFRS 3 - Implementation guidance # Financial year commencing on
or after 1 January 2007
IAS 23 - (Revised) Borrowings Costs # Financial year commencing on
(Revised March 2007) or after 1 January 2009
New Interpretation
IFRIC Interpretation 10 # Financial year commencing on
- Interim financial reporting or after 1 November 2006
and impairment
IFRIC 11 - IFRS 2 - Group and Treasury # Financial year commencing on
Share Transactions or after 1 March 2007
IFRIC 12 - Service Concession # Financial year commencing on
Arrangements or after 1 January 2008
# Not yet assessed
3. Cash operating profit
The income statement is now presented `by nature` as per the requirements of
IAS1 - Presentation of financial statements.
The major differences are that `cash operating costs` and `cash operating
profit` are not reflected on the face of the income statement. If no change was
effected, the cash operating profit would have been as follows:
30 June 30 June
2007 2006
R million R million
Revenue 9 148 6 823
Cash operating costs (6 866) (5 582)
Cash operating profit 2 282 1 241
4. Gain/(loss) on financial instruments
A decrease in the volatility of the gold price resulted in a decrease in the
mark-to-market adjustment on the Australian gold hedge book.
5. Investment in associate
The Group accounted for its 29.2% stake in Western Areas Limited through its
subsidiary, ARMgold/Harmony Joint Investment Company Pty Ltd, on the equity
basis for accounting until 1 December 2006. On this date the Group accepted
GoldFields Limited`s (GFI) offer of 35 GFI shares for every 100 Western Area
Limited shares held. This conversion resulted in a profit of R236 million. This
investment in GFI is now classified as available for sale and included in
investments in financial assets on the balance sheet. The GFI shares were sold
subsequent to year-end (refer to note 10).
30 June 30 June
2007 2006
R million R million
6. (Loss)/Profit on sale of listed investments
Loss on sale of investment in San Gold Corporation - (1)
(Loss)/Profit on sale of investment in GoldFields
Limited (35) 307
(35) 306
7. Non-current assets held for sale and discontinued operations
The assets and liabilities related to Mt Magnet and South Kal (operations in
Australia), ARMgold Welkom and Orkney operations (operations in the Free State
and Northwest areas), and Kudu and Sable (operations in the Free State area),
which have been presented as held for sale following the approval by the
Group`s management and the Board of Directors on 20 April 2007.
30 June 30 June
2007 2006
R million R million
Operating cash flows (370) (100)
Investing cash flows 48 339
Financing cash flows - (159)
Foreign exchange translation adjustment 23 18
Total cash flows (299) 99
(a) Non-current assets classified as held for sale
Property, plant and equipment 876 -
Restricted cash 5 -
Investment in financial assets 64 -
Deferred income tax 103 -
Inventories 121 -
Trade and other receivables 84 -
Income and mining taxes 12 -
Cash and cash equivalents 3 -
1 267 -
(b) Liabilities directly associated with
non-current assets classified as held for sale
Borrowings 1 -
Deferred income tax 82 -
Provisions for other liabilities and charges 257 -
Trade and other payables 136 -
Accrued liabilities 54 -
530 -
(c) Analysis of the results of discontinued
operations, and the results recognised
on the remeasurement of assets or disposal group
Revenue 1 567 1 216
Expenses (1 703) (1 190)
(Loss)/Profit from discontinued operations before
tax (136) 26
Taxation (196) (1)
(Loss)/Profit from discontinued operations after tax (332) 25
Pre-tax loss recognised on the remeasurement to
fair value less cost to sell (391) -
Tax 117 -
(Loss)/Profit for the year from discontinued
operations (606) 25
8. Earnings/(Loss) per share
Earnings/(Loss) per share is calculated on weighted average number of shares in
issue for the year ended 30 June 2007: 397.9 million (30 June 2006:
392.7 million)
The fully diluted earnings/(loss) per share is calculated on weighted average
number of diluted shares in issue for the year ended 30 June 2007: 402.4
million (30 June 2006: 392.7 million). The effect of the share options is
anti-dilutive.
30 June 30 June
2007 2006
Total earnings/(loss) per share (cents):
- Basic earnings/(loss) 86 (133)
- Headline earnings/(loss) 43 (269)
- Fully diluted earnings/(loss) 85 (133)
R million R million
Reconciliation of headline earnings/(loss)
Continued operations
Net profit/(loss) 947 (550)
Adjusted for:
Profit on sale of property, plant and equipment (129) (65)
Loss/(Profit) on sale of listed investment 30 (306)
Profit on sale of investment in associate (220) -
Profit on sale of subsidiary - (14)
Reversal of impairment of assets (116) (151)
Headline profit/(loss) 512 (1 086)
Discontinued operations
Net (loss)/profit (606) 25
Adjusted for:
Profit on sale of property, plant and equipment - -
Profit on sale of listed investment (7) -
Impairment of assets 273 -
Headline (loss)/profit (340) 25
Total headline profit/(loss) 172 (1 033)
30 June 30 June
2007 2006
R million R million
9. Borrowings
Unsecured long-term borrowings
Convertible unsecured fixed rate bonds 1 541 1 463
Rand Merchant Bank term loan facility - 1 000
Africa Vanguard Resources (Proprietary) Limited 32 32
1 573 2 495
Less: Short term portion - (1 000)
Total unsecured long-term borrowings 1 573 1 495
Secured long-term borrowings
GoldFields Limited - 5
Westpac Bank Limited 2 -
Africa Vanguard Resources (Nedbank Limited) 170 154
ARM Empowerment Trust 1 (Nedbank Limited) 450 402
ARM Empowerment Trust 2 (Nedbank Limited) 601 540
Auriel Alloys - 1
Performance Equity Swap (Rand Merchant Bank) 752 -
Bridging finance (Rand Merchant Bank) 500 -
Redeemable preference shares (Rand Merchant Bank) 550 -
3 025 1 102
Less: Short term portion (1 804) (6)
Total secured long-term borrowings 1 221 1 096
Total long-term borrowings 2 794 2 591
Subsequent to year end the Performance Equity Swap and the Redeemable
preference shares were settled (refer to note 10).
10. Derivative financial instruments
Hedge book
During May 2007, Harmony closed out the remainder of the Australian hedge book
inherited with the acquisition of the Hill 50 mine in Western Australia. 220
000 ounces were closed out at an average spot rate of AUD808.887 per ounce, for
a total cost of AUD72.8 million (R418.4 million).
On year-end partial settlement was effected with available cash resources,
leaving AUD14.12 million (R84.7 million) to be settled during July 2007.
The mark-to-market movement for the year was a positive R35.4 million. The
mark-to-market value of the hedge book as at 29 June 2007 was a negative
AUD14.12 million (R84.7 million) (at 30 June 2006: R631 million) and represents
the residual cash settlement cost associated with the unwinding of the book.
Forward exchange commitment
Abele an indirect subsidiary, had entered into a contract in November 2006 for
the purchase of the mining fleet to be used on the Hidden Valley project. The
contract is in four different currencies and the estimated value is R241.7
million. The delivery date for the equipment has been split into two phases
with the first phase received in April 2007 and the second phase being expected
in November 2007.
The underlying cash flows that will be required by the contract will therefore
be modified in accordance with movements in the foreign exchange rates to which
the contract is linked. The embedded derivative relating to the exchange rates
were calculated based on the adjusted price at 30 June 2007 and Price Retail
Index (PRI) movements since September 2005.
The mark-to-market movement for the embedded derivative was a positive
R5.4 million.
30 June 30 June
2007 2006
R million R million
11. Commitments and Contingencies
Capital expenditure commitments
Contracts for capital expenditure 352 153
Authorised by the directors but not contracted for 1 881 2 678
2 233 2 831
This expenditure will be financed from existing
resources and where appropriate, borrowings.
Contingent liabilities
Guarantees and suretyships 18 18
Environmental guarantees 129 129
147 147
12. Subsequent events
(a) On 24 August 2007 the Group entered into an agreement with RMB Morgan
Stanley (Pty) Ltd (RMB) to sell 7 348 079 of its GFI ordinary shares at R100
per ordinary share, resulting in a loss of R35.02 per share. The proceeds were
used to settle the Randfontein redeemable preference shares issued to RMB on 5
April 2007.
(b) On 24 August 2007 the Group also settled the Performance Equity Swap with
RMB linked to the balance of its GFI shares (5 747 000 shares) at R100 per
ordinary share, resulting in a loss of R35.02 per share.
13. Audit review
The condensed consolidated financial statements for the year ended 30 June 2007
have been reviewed in terms of Rule 3.23 of the Listings Requirements of the
JSE Limited by the company`s auditors, PricewaterhouseCoopers Inc. Their
unqualified review opinion is available for inspection at the company`s
registered office. The results for quarter 3 and 4 and the convenience
translation of the 2007 financial year presented in this document have not been
reviewed.
14. GEOGRAPHICAL AND SEGMENT INFORMATION YEAR ENDING 30 JUNE 2007 SOUTH AFRICA
(rand/metric)
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Freestate operations
Quality ounces
Masimong 681 596 85 109
Leveraged ounces
Harmony 2 215 215 - 35
Merriespruit 1 234 191 43 25
Merriespruit 3 201 180 21 25
Unisel 368 252 116 39
Brand 3 210 200 10 11
Brand 5 4 11 (7) -
Saaiplaas 3 - - - -
Surface 98 47 51 34
Other - - - -
Total Freestate 2 011 1 692 319 278
Evander operations
Quality ounces
Evander 5 257 208 49 39
Evander 7 283 278 5 86
Evander 8 548 330 218 79
Evander 9 - - - -
Surface - - - 5
Other - - - -
Total Evander 1 088 816 272 209
Randfontein
operations
Quality ounces
Cooke 1 348 236 112 14
Cooke 2 261 251 10 27
Cooke 3 417 317 100 98
Growth projects
Doornkop 263 181 82 270
Surface 88 42 46 52
Other - - - -
Total Randfontein 1 377 1 027 350 461
Elandsrand
operations
Growth projects
Elandsrand 895 738 157 238
Surface - - - 6
Other - - - -
Total Elandsrand 895 738 157 244
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Freestate operations
Quality ounces
Masimong 4 602 974 4.72 129 565
Leveraged ounces
Harmony 2 1 439 468 3.07 149 475
Merriespruit 1 1 574 432 3.64 121 206
Merriespruit 3 1 354 403 3.36 133 066
Unisel 2 488 557 4.47 101 299
Brand 3 1 419 403 3.52 140 913
Brand 5 29 11 2.64 384 477
Saaiplaas 3 - - - -
Surface 664 2 148 0.31 70 381
Other - - - -
Total Freestate 13 569 5 396 2.51 124 702
Evander operations
Quality ounces
Evander 5 1 731 342 5.07 120 298
Evander 7 1 899 405 4.69 146 469
Evander 8 3 692 764 4.83 89 287
Evander 9 - - - -
Surface - - - -
Other - - - -
Total Evander 7 322 1 511 4.85 111 433
Randfontein operations
Quality ounces
Cooke 1 2 354 386 6.10 100 439
Cooke 2 1 780 349 5.10 141 089
Cooke 3 2 841 564 5.04 111 701
Growth projects
Doornkop 1 784 541 3.30 101 708
Surface 590 811 0.73 70 631
Other - - - -
Total Randfontein 9 349 2 651 3.53 109 852
Elandsrand operations
Growth projects
Elandsrand 6 056 1 013 5.98 121 872
Surface - - - -
Other - - - -
Total Elandsrand 6 056 1 013 5.98 121 872
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Freegold operations
Quality operations
Tshepong 1 460 807 653 188
Growth projects
Phakisa - - - 227
Leveraged ounces
Bambanani 869 774 95 120
Joel 366 241 125 28
Eland 11 - 11 1
Kudu/Sable 4 1 3 -
West shaft 33 57 (24) 5
Nyala - - - -
St Helena 98 129 (31) 10
Surface 20 2 18 7
Other - - - -
Total Freegold 2 861 2 011 850 586
ARMgold operations
Leveraged ounces
Orkney 2 238 190 48 31
Orkney 3 - - - -
Orkney 4 208 189 19 37
Orkney 6 95 86 9 42
Surface 1 - 1 -
Other - - - -
Total ARMgold 542 465 77 110
Avgold operations
Quality ounces
Target 657 380 277 121
Surface 6 7 (1) 12
Other - - - -
Total Avgold 663 387 276 133
Kalgold operations
Surface 257 196 61 3
Other - - - -
Total Kalgold 257 196 61 3
Other entities - - - -
Total South Africa 9 694 7 331 2 362 2 024
Australia
Mt Magent 617 508 110 145
South Kal 404 321 83 48
Papua New Guinea - - - 526
Other entities - - - -
Total Australia 1 021 829 193 719
Total Harmony 10 715 7 332 2 361 2 743
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Freegold operations
Quality operations
Tshepong 9 919 1 654 6.00 81 315
Growth projects
Phakisa - - - -
Leveraged ounces
Bambanani 5 900 1 080 5.46 131 209
Joel 2 486 457 5.44 96 750
Eland 75 10 7.86 -
Kudu/Sable 26 14 1.82 -
West shaft 229 84 2.73 248 764
Nyala - - - -
St Helena 663 218 3.04 194 413
Surface 94 272 0.35 33 974
Other - - - -
Total Freegold 19 392 3 789 5.12 103 722
ARMgold operations
Leveraged ounces
Orkney 2 1 626 282 5.76 116 621
Orkney 3 - - - -
Orkney 4 1 432 360 3.98 132 286
Orkney 6 643 217 2.96 133 723
Surface 4 1 7.36 4 920
Other - - - -
Total ARMgold 3 705 860 4.31 125 526
Avgold operations
Quality ounces
Target 4 430 820 5.41 85 678
Surface 41 133 0.31 180 769
Other - - - -
Total Avgold 4 471 953 4.69 86 549
Kalgold operations
Surface 1 746 1 578 1.11 112 227
Other - - - -
Total Kalgold 1 746 1 578 1.11 112 227
Other entities - - - -
Total South Africa 65 610 17 751 3.70 111 742
Australia
Mt Magent 4 243 1 700 2.50 119 877
South Kal 2 749 1 261 2.18 116 715
Papua New Guinea - - - -
Other entities - - - -
Total Australia 6 992 2 961 2.36 118 777
Total Harmony 72 602 20 712 3.52 111 757
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Included in the
above
are the following
discontinued
operations:
South Africa
Orkney 2 238 190 48 31
Orkney 3 - - - -
Orkney 4 208 189 19 37
Orkney 6 95 86 9 42
ARM surface 1 - 1 -
Kudu/Sable 4 1 3 -
Total SA 546 466 79 109
Australia
Mt Magent 617 508 110 145
South Kal 404 321 83 48
Total Australia 1 021 829 193 193
Total Harmony
- discontinued
operations 1 567 1 295 272 302
Total Harmony
- continuing
operations 9 148 6 866 2 282 2 441
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Included in the above
are the following
discontinued
operations:
South Africa
Orkney 2 1 626 282 5.76 116 621
Orkney 3 - - - -
Orkney 4 1 432 360 3.98 132 286
Orkney 6 643 217 2.96 133 723
ARM surface 4 1 7.36 4 920
Kudu/Sable 26 14 1.82 -
Total SA 3 731 874 4.27 124 910
Australia
Mt Magent 4 243 1 700 2.50 119 877
South Kal 2 749 1 261 2.18 116 715
Total Australia 6 992 2 961 2.36 118 634
Total Harmony
- discontinued
operations 10 723 3 836 2.80 120 724
Total Harmony
- continuing
operations 61 879 16 876 3.67 110 964
Geographical and Segment Information Year ending 30 June 2006 South Africa
(rand/metric)
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Freestate operations
Quality ounces
Masimong 464 424 40 92
Leveraged ounces
Harmony 2 234 213 21 25
Merriespruit 1 163 153 10 16
Merriespruit 3 147 154 (7) 11
Unisel 243 183 60 25
Brand 3 141 148 (7) 6
Brand 5 2 6 (4) -
Saaiplaas 3 - - - -
Surface 54 41 13 25
Other - - - -
Total Freestate 1,448 1,322 126 200
Evander operations
Quality ounces
Evander 5 205 210 (5) 41
Evander 7 270 208 62 64
Evander 8 428 286 142 62
Evander 9 - - - -
Surface - - - 6
Other - - - -
Total Evander 903 704 199 173
Randfontein
operations
Quality ounces
Cooke 1 273 205 68 24
Cooke 2 204 147 57 24
Cooke 3 356 263 93 52
Growth projects
Doornkop 148 155 (7) 166
Surface 39 32 7 55
Other - - - -
Total Randfontein 1,020 802 218 321
Elandsrand
operations
Growth projects
Elandsrand 573 569 4 194
Surface - - - -
Other - - - -
Total Elandsrand 573 569 4 194
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Freestate operations
Quality ounces
Masimong 4,235 925 4.58 100,018
Leveraged ounces
Harmony 2 2,160 542 3.98 98,768
Merriespruit 1 1,495 372 4.02 102,404
Merriespruit 3 1,359 410 3.32 113,261
Unisel 2,269 454 5.00 80,723
Brand 3 1,295 367 3.53 114,320
Brand 5 15 3 5.80 424,814
Saaiplaas 3 - - - -
Surface 494 813 0.61 82,734
Other - - - -
Total Freestate 13,322 3,886 3.43 99,260
Evander operations
Quality ounces
Evander 5 1,940 408 4.76 108,437
Evander 7 2,588 394 6.56 80,277
Evander 8 4,008 739 5.43 71,482
Evander 9 - - - -
Surface - - - -
Other - - - -
Total Evander 8,536 1,541 5.54 82,448
Randfontein operations
Quality ounces
Cooke 1 2,504 445 5.63 82,027
Cooke 2 1,861 320 5.82 78,920
Cooke 3 3,258 591 5.51 80,712
Growth projects
Doornkop 1,356 467 2.90 114,145
Surface 362 489 0.74 88,182
Other - - - -
Total Randfontein 9,341 2,312 4.04 85,850
Elandsrand operations
Growth projects
Elandsrand 5,315 895 5.94 106,981
Surface - - - -
Other - - - -
Total Elandsrand 5,315 895 5.94 106,981
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Freegold operations
Quality operations
Tshepong 1,143 709 434 150
Growth projects
Phakisa - - - 147
Leveraged ounces
Bambanani 592 554 38 85
Joel 199 186 13 23
Eland 13 7 6 -
Kudu/Sable 6 6 - -
West shaft 83 87 (4) 6
Nyala 1 1 - -
St Helena 44 69 (25) 3
Surface 34 34 - 2
Other - - - -
Total Freegold 2,115 1,653 462 416
ARMgold operations
Leveraged ounces
Orkney 2 233 189 44 15
Orkney 3 - - - -
Orkney 4 198 186 12 30
Orkney 6 - - - -
Surface - - - -
Other - - - -
Total ARMgold 431 375 56 45
Avgold operations
Quality ounces
Target 517 330 187 61
Surface 2 6 (4) -
Other - - - -
Total Avgold 519 336 183 61
Kalgold operations
Surface 250 202 48 2
Other - - - -
Total Kalgold 250 202 48 2
Other entities - - - -
Total South Africa 7,259 5,963 1,296 1,412
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Freegold operations
Quality operations
Tshepong 10,429 1,620 6.44 68,011
Growth projects
Phakisa - - - -
Leveraged ounces
Bambanani 5,450 1,084 5.03 101,658
Joel 1,823 395 4.61 101,846
Eland 126 19 6.48 53,747
Kudu/Sable 63 12 5.41 90,423
West shaft 794 186 4.26 109,403
Nyala 6 2 3.50 251,576
St Helena 398 115 3.45 172,762
Surface 343 304 1.13 99,994
Other - - - -
Total Freegold 19,432 3,737 5.20 85,047
ARMgold operations
Leveraged ounces
Orkney 2 2,173 315 6.90 87,001
Orkney 3 - - - -
Orkney 4 1,832 368 4.98 101,680
Orkney 6 - - - -
Surface - - - -
Other - - - -
Total ARMgold 4,005 683 5.86 93,715
Avgold operations
Quality ounces
Target 4,672 737 6.34 70,699
Surface 23 185 0.13 265,538
Other - - - -
Total Avgold 4,695 922 5.09 71,662
Kalgold operations
Surface 2,397 1,821 1.32 84,252
Other - - - -
Total Kalgold 2,397 1,821 1.32 84,252
Other entities - - - -
Total South Africa 67,043 15,797 4.24 88,942
Cash Cash
operating operating Capital
Revenue cost profit/(loss) expenditure
Rm Rm Rm Rm
Australia
Mt Magent 510 378 132 155
South Kal 270 239 31 25
Papua New Guinea - - - 95
Other entities - - - 1
Total Australia 780 617 163 276
Total Harmony 8,039 6,580 1,459 1,688
Included in
the above
are the following
discontinued
operations:
South Africa
Orkney 2 233 189 44 15
Orkney 3 - - - -
Orkney 4 198 186 12 30
Orkney 6 - - - -
ARM surface - - - -
Kudu/Sable 6 6 - -
Total SA 437 381 56 45
Australia
Mt Magent 510 378 132 155
South Kal 270 239 31 25
Total Australia 779 617 164 180
Total Harmony
- discontinued
operations 1,217 998 220 225
Total Harmony
- continuing
operations 6,822 5,582 1,239 1,462
Kilograms Tons Operating
gold milled Grade Cost
T`000 R/kg
Australia
Mt Magent 4,629 1,739 2.66 81,695
South Kal 2,570 1,343 1.91 92,895
Papua New Guinea - - - -
Other entities - - - -
Total Australia 7,199 3,082 2.34 85,694
Total Harmony 74,242 18,879 3.93 88,629
Included in
the above
are the following
discontinued
operations:
South Africa
Orkney 2 2,173 315 6.90 87,001
Orkney 3 - - - -
Orkney 4 1,832 368 4.98 101,680
Orkney 6 - - - -
ARM surface - - - -
Kudu/Sable 63 12 5.41 90,423
Total SA 4,068 695 5.86 93,664
Australia
Mt Magent 4,629 1,739 2.66 81,695
South Kal 2,570 1,343 1.91 92,895
Total Australia 7,199 3,082 2.34 85,694
Total Harmony
- discontinued
operations 11,268 3,776 2.98 88,572
Total Harmony
- continuing
operations 62,974 15,102 4.17 88,639
Date: 27/08/2007 17:22:02 Produced by the JSE SENS Department.
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