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ABRIDGED GROUP RESULTS FOR THE QUARTER ENDED 31 MARCH 2002
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
March 2002 December 2001
Gold production : 7 752 kg 8 369 kg
249 232 oz 269 069 oz
Cash operating costs : R 69 154/kg R 60 617/kg
US$ 186/oz US$ 186/oz
Cash operating profit : R 115.9 million R 170.1 million
US$ 10.0 million US$ 16.2 million
Incorporating the results of all Durban Roodepoort Deep, Limited
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 9 months to
(Unaudited) Mar 2002 Dec 2001 Mar 2002
Ore milled - t'000 5 986 6 424 18 649
Yield - g/tonne 1.30 1.30 1.30
Gold produced - kg 7 752 8 369 24 268
Cash cost - R/kg 69 154 60 617 63 482
FINANCIAL RESULTS (R Million)
Gold revenue 652.0 677.4 1 907.9
Cash operating costs 536.1 507.3 1 540.6
Cash operating profit 115.9 170.1 367.3
Other expenses - net 15.0 13.2 37.4
Business development 1.4 1.3 3.6
Care and maintenance costs 2.7 1.6 7.9
GROUP OPERATING RESULTS Quarter Quarter 9 months to
(Unaudited) Mar 2002 Dec 2001 Mar 2002
Financial Results (continued)
Cash profit from operations 96.8 154.0 318.4
Retrenchment costs 0.2 0.9 3.4
Hedge buyback restructuring cost 64.5 22.7 88.2
Interest expense 2.7 12.1 24.0
Profit on sale of investments (0.1) (17.1) (17.2)
Net cash operating profit 29.5 135.4 220.0
Non-cash items 33.7 51.8 107.4
Rehabilitation 2.1 2.7 7.6
Depreciation 29.8 29.1 87.0
Work in progress 2.7 5.1 5.7
(Gain)/loss on financial instruments (0.9) 14.9 7.1
(Loss)/profit before taxation (4.2) 83.6 112.6
Taxation 0.2 - 0.3
Deferred taxation 0.4 21.2 31.6
(Loss)/profit after taxation (4.8) 62.4 80.7
Exceptional items - 6.0 6.0
Net (loss)/profit (4.8) 56.4 74.7
Headline (loss)/earnings per
share - cents (2.9) 39.5 49.7
Basic (loss)/earnings per share -
cents (2.9) 35.7 46.0
Calculated on the weighted
average ordinary shares
issued of: 163 435 427 157 674 125 162 351 951
Capital expenditure - net outflow 18.5 16.1 46.6
Net cash generated 11.0 119.3 173.4
ABRIDGED BALANCE SHEET Quarter Quarter
R Million -(Unaudited) Mar 2002 Dec 2001
Employment of Capital
Mining assets after depreciation 815.4 807.8
Cash and equivalents 206.9 125.2
Other non-current assets 139.0 136.6
Current assets 222.2 226.6
1 383.5 1 296.2
ABRIDGED BALANCE SHEET Quarter Quarter
R Million -(Unaudited)(continued) Mar 2002 Dec 2001
Capital Employed
Shareholders' equity 636.0 543.1
Borrowings 46.4 42.7
Rehabilitation 194.1 192.0
Deferred taxation 46.3 45.9
Other non-current liabilities 160.7 162.0
Current liabilities 300.0 310.5
1 383.5 1 296.2
ABRIDGED CASH FLOW STATEMENT Quarter Quarter
R Million -(Unaudited) Mar 2002 Dec 2001
Cash flow from operating activities 25.4 18.1
Cash flow from investing activities (18.3) 101.0
Cash flow from financing activities 74.0 (135.2)
Translation adjustment 0.6 6.5
Increase/(decrease)in cash and equivalents 81.7 (9.6)
Opening cash and equivalents 125.2 134.8
Closing cash and equivalents 206.9 125.2
CHANGES IN SHAREHOLDERS' INTEREST Quarter Quarter
R Million -(Unaudited) Mar 2002 Dec 2001
Shareholders' interest at the beginning
of the period 543.1 464.5
Share capital issued 69.4 32.0
Movement in retained income 23.5 46.6
- (loss)/profit attributable to Shareholders' (4.8) 62.4
- currency translation adjustment 28.3) (9.8)
- exceptional items - (6.0)
Shareholders' interest at the end of the
period 636.0 543.1
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 25 April 2002
Directors : MM Wellesley-Wood (Chairman and Chief Executive Officer)* ; RAR
Kebble (Deputy Chairman) ; IL Murray (Chief Financial Officer); MP Ncholo ;
N Goodwin ; LG Njenje ; RP Hume ;
FH Coetzee ; GC Campbell ; DC.Baker** ; CL Valkin (Alternate)
MA Eloff (Group Company Secretary) (*British)(**Australian)
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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