| Tue 30 Aug 2011, 7:16 | | GDO - Gold One International Limited - Interim Financial Report - six months |
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GDO
GDO
GDO - Gold One International Limited - Interim Financial Report - six months
ended 30 June 2011
Gold One International Limited
Registered in Western Australia under the Corporations Act, 2001 (Cth)
Registration number ACN: 094 265 746
Registered as an external company in the Republic of South Africa
Registration number: 2009/000032/10
Share code on the ASX/JSE: GDO
OTCQX International: GLDZY
ISIN: AU000000GDO5
("Gold One" or the "company")
Interim Financial Report - Six Months Ended 30 June 2011
- Gross profit increases by 126% to A$ 38.1 million (ZAR 270.5 million)
- Operating profit increases to A$ 26.2 million (ZAR 186.5 million) from a
loss of A$ 3.1 million (ZAR 12.8 million)
- A$ 37.8 million (ZAR 268.4 million) of cash generated from operations
- Earnings per share swung from a loss of A$ 0.01 (ZAR 0.03) to a profit of
A$ 0.01 (ZAR 0.09) per share
Gold One is pleased to announce the company`s financial statements for the six
months ended 30 June, 2011.
The results for the period under review reflect the company`s continued quarter-
on-quarter production growth for the year so far; detailed in the quarterly
production report released on 26 July, 2011.
Revenue for the six months ended June 2011 amounted to A$ 75 million (ZAR 533
million), compared to A$ 32.5 million (ZAR 219.7 million) for the six months
ended June 2010. The higher revenue was the result of an increase in production,
from 25,495 ounces for the six months to 30 June 2010 to 54,699 ounces for the
six months to 30 June 2011, and a higher average gold price received of US$
1,446/oz, compared to US$ 1,155/oz during the previous year`s
corresponding period. Gross profit for the period was A$ 38.1 million (ZAR 270.5
million), which amounts to a 126% increase when compared to the gross profit at
the same time last year.
The company reported a profit of A$ 10.6 million (ZAR 75.5 million) for the six
months ended June 2011, compared to a loss of A$ 3.9 million (ZAR 26.3 million)
for the six months ended June 2010. In line with this, the earnings per share
have swung from a loss of A$ 0.01 (ZAR 0.03) per share to a profit of A$ 0.01
(ZAR 0.09) per share.
The profit was positively impacted by higher revenue from gold sales, reduced
general and administrative expenses, lower finance costs and a positive fair
value adjustment on the convertible bonds and partially offset by higher
exploration and pre-feasibility expenses.
Net cash flow from operating activities more than tripled to A$ 35.6 million
(ZAR 252.7 million) for the period under review, compared to A$ 11 million (ZAR
74.3 million) for the six months ended June 2010. The company spent A$ 17.6
million (ZAR 127.7 million) on purchases of property, plant and equipment during
the six months ended 30 June 2011 and A$ 16 million (ZAR 105.2 million) for the
corresponding period in 2010. The end of June 2011 cash balance increased by
136% to A$ 16.6 million (ZAR 120.1 million) compared to the end of June 2010
cash balance of A$ 7 million (ZAR 46 million).
Gold One President and CEO Neal Froneman comments: "These results reflect the
quality of our underlying assets at Modder East and show that the company has
successfully matured into a solid commercial enterprise with strong cash flows.
With the recent rapid increase in the dollar gold price and a slight weakening
of the South African rand, the outlook for Gold One for the rest of 2011 is most
positive."
ENDS
Parktown, Johannesburg
30 August 2011
JSE Sponsor
MACQUARIE FIRST SOUTH CAPITAL (PTY) LIMITED
Issued by Gold One International Limited
www.gold1.co.za
For further information contact:
On behalf of Gold One:
Neal Froneman
President and CEO
+27 11 726 1047 (office)
+27 83 628 0226 (mobile)
neal.froneman@gold1.co.za
Ilja Graulich
Investor Relations
+27 11 726 1047 (office)
+27 83 604 0820 (mobile)
ilja.graulich@gold1.co.za
Carol Smith
Investor Relations
+27 11 726 1047 (office)
+27 82 338 2228 (mobile)
carol.smith@gold1.co.za
Derek Besier
Farrington National Sydney
+61 2 9332 4448 (office)
+61 421 768 224 (mobile)
derek.besier@farrington.com.au
About Gold One
Gold One is a gold producer listed on the financial markets operated by the ASX
Limited and the JSE Limited, issuer code GDO. Its flagship operation is the
newly built shallow Modder East mine on the East Rand, some 30 kilometres from
Johannesburg. Modder East is the first new mine to be built in the region in 28
years and distinguishes itself from most of the other gold mines in South Africa
owing to its shallow nature (300 metres to 500 metres below surface). To date
Modder East has provided direct employment opportunities for over 1,500 people.
Gold One also owns the nearby existing Sub Nigel mine, which is used primarily
as
a training centre in the build-up of Modder East to full production. Gold One`s
other projects and targets include Ventersburg in the Free State Goldfields, the
Tulo concession in Mozambique and the Etendeka greenfield project in Namibia.
Gold One has an issued share capital of 808,992,972 shares.
This news release does not constitute investment advice. Neither this news
release nor the information contained in it constitutes an offer, invitation,
solicitation or recommendation in relation to the purchase or sale of securities
in any jurisdiction.
Date: 30/08/2011 07:16:23 Produced by the JSE SENS Department.
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