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Ended 31 December 2001.
DURBAN ROODEPOORT DEEP, LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 1895/000926/06
ARBN 086 277616
JSE trading symbol : DUR
ISIN Code : ZAE 000015079
ISSUER CODE : DUSM
NASDAQ trading symbol : DROOY
GROUP HIGHLIGHTS : Quarter Quarter
December 2001 September 2001
Gold Production : 8 369 kg 8 147 kg
269 069 oz 261 932 oz
Cash operating costs : R 60 617/kg R 61 027/kg
US$ 186/oz US$ 227/oz
Cash operating profit : R170.1 million R 81.3 million
US$ 16.2 million US$ 9.6 million
Headline earnings : R 62.4 million R23.1 million
US$ 5.9 million US$ 2.7 million
Incorporating the results of all Durban Roodepoort Deep subsidiaries,
including Blyvooruitzicht Gold Mining Company Limited, Buffelsfontein Gold
Mines Limited, West Witwatersrand Gold Holdings Limited, Crown Consolidated
Gold Recoveries Limited, Hartebeestfontein Gold Mine (a division of
Buffelsfontein Gold Mines Limited), DRD Australasia and Dome Resources NL.
GROUP OPERATING RESULTS Quarter Quarter 6 months to
(Unaudited) Dec 2001 Sep 2001 Dec 2001
Ore milled - t'000 6 424 6 239 12 663
Yield - g/tonne 1.30 1.31 1.30
Gold produced - kg 8 369 8 147 16 516
Cash cost - R/kg 60 617 61 027 60 819
FINANCIAL RESULTS (R Million)
Gold revenue 677.4 578.5 1 255.9
Cash operating costs 507.3 497.2 1 004.5
Cash operating profit 170.1 81.3 251.4
Other expenses 13.2 9.2 22.4
Business development 1.30 0.9 2.2
Care and maintenance costs 1.6 3.6 5.2
GROUP OPERATING RESULTS Quarter Quarter 6 months to
(Unaudited) Dec 2001 Sep 2001 Dec 2001
Financial Results (continue)
Cash profit from operations 154.0 67.6 221.6
Retrenchment costs 0.9 2.3 3.2
Hedge restructuring costs 22.7 1.0 23.7
Interest expense 12.1 9.2 21.3
Profit on sale of investments (17.1) - (17.1)
Net cash operating profit 135.4 55.1 190.5
Non-cash items 51.8 21.9 73.7
Rehabilitation 2.7 2.8 5.5
Depreciation 29.1 28.1 57.2
Work in progress 5.1 (2.1) 3.0
Loss/(gain)on financial instruments 14.9 (6.9) 8.0
Profit before taxation 83.6 33.2 116.8
Taxation - 0.1 0.1
Deferred taxation 21.2 10.0 31.2
Profit after taxation 62.4 23.1 85.5
Exceptional items 6.0 - 6.0
Net profit 56.4 23.1 79.5
Headline earnings per share - cents 39 15 54
Basic earnings per share -
cents 36 15 51
Calculated on the weighted
average ordinary shares
issued of 157 674 125 154 809 059 157 270 279
Capital expenditure - net outflow 16.1 12.0 28.1
Net cash generated 119.3 43.1 162.4
ABRIDGED BALANCE SHEET Quarter Quarter
(R Million)-(Unaudited) Dec 2001 Sep 2001
Employment of Capital
Mining assets after depreciation 807.8 826.8
Cash and equivalents 125.2 134.8
Other non-current assets 136.6 134.1
Current assets 226.6 268.5
1 296.2 1 364.2
ABRIDGED BALANCE SHEET Quarter Quarter
R Million (Unaudited) Dec 2001 Sep 2001
Capital Employed
Shareholders' equity 43.1 464.5
Borrowings 42.7 49.1
Rehabilitation 192.0 189.3
Deferred taxation 45.9 24.6
Other non-current liabilities 162.0 213.4
Current liabilities 310.5 423.3
1 296.2 1 364.2
ABRIDGED CASH FLOW STATEMENT Quarter Quarter
R Million (Unaudited) Dec 2001 Sep 2001
Cash flow from operating activities 18.1 37.9
Cash flow from investing activities 101.0 (12.0)
Cash flow from financing activities (135.2) (5.9)
Translation adjustment 6.5 1.0
Decrease in cash and equivalents (9.6) 21.0
Opening cash and equivalents 134.8 113.8
Closing cash and equivalents 125.2 134.8
CHANGES IN SHAREHOLDERS' INTEREST Quarter Quarter
R Million (Unaudited) Dec 2001 Sep 2001
Shareholder's interest at the beginning
of the period 464.5 439.4
Share capital issued 32.0 6.7
Movement in retained income 46.6 18.4
- profit attributable to shareholders 62.4 23.1
- currency translation adjustment (9.8) (4.7)
- exceptional items (6.0) -
Shareholder's interest at the end of the
period 543.1 464.5
ACCOUNTING POLICIES
The financial statements are prepared on the historical cost basis and in
accordance with South African Statements of Generally Accepted Accounting
Practice. The accounting policies are, in all material respects, consistent
with the annual financial statements for the year ended 30 June 2001.
For and on behalf of the board
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer 24 January 2002
Directors : MM Wellesley-Wood (Chairman and Chief Executive Officer)*; RAR
Kebble (Deputy Chairman); IL Murray (Chief Financial Officer); F. Weideman ;
G Fischer ; N Goodwin ; LG Njenje; RP Hume ; D C.Baker*; F H Coetzee
(*British)
MA Eloff (Group Company Secretary)
For further information, contact Maryna Eloff
(Group Company Secretary) at:
Tel : (+27-11) 381-7800
Fax : (+27-11) 482-4641
E-mail : eloffm@drd.co.za ,
Web site : http:/www.durbans.com
45 Empire Road, Parktown, PO Box 390,
Maraisburg, 1700, South Africa.
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