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Durban Roodepoort Deep Limited - Abridged Group Results For The Quarter
Ended 30 June 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
ABRIDGED GROUP RESULTS FOR THE QUARTER ENDED 30 JUNE 2002.
GROUP HIGHLIGHTS : Quarter Quarter
June 2002 March 2002
Gold Production : 7 689 kg 7 752 kg
247 207 oz 249 232 oz
Cash operating costs : R 76 272/kg R 69 154/kg
US$ 227/oz US$ 186/oz
Cash operating profit : R101.9 million R115.9 million
US$ 11.0 million US$10.0 million
Headline earnings : R 42.8 million R40.4 million
US$ 5.3 million US$ 3.4 million
Gold price received: R 89 517/kg R 84 107/kg
US$ 271/oz US$ 226/oz
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 12 months to
(Unaudited) Jun 2002 Mar 2002 Jun 2002
Ore milled - t`000 6 156 5 986 24 805
Yield - g/tonne 1.25 1.30 1.29
Gold produced - kg 7 689 7 752 31 957
Cash cost - R/kg 76 272 69 154 66 559
FINANCIAL RESULTS (R Million)
Gold revenue 688.3 652.0 2 596.2
Cash operating costs 586.4 536.1 2 127.0
Cash operating profit 101.9 115.9 469.2
Other expenses - net 19.3 14.5 54.0
Business development 1.0 1.4 4.6
Care and maintenance costs 1.5 2.7 9.4
GROUP OPERATING RESULTS Quarter Quarter 12 months to
(Unaudited) Jun 2002 Mar 2002 Jun 2002
Financial Results (continue)
Cash profit from operations 80.1 97.3 401.2
Retrenchment costs 0.5 0.2 3.9
Corporate governance related costs 6.0 0.5 8.7
Interest expense 3.0 2.7 27.0
Profit on sale of investments - (0.1) (17.2)
Net cash operating profit 70.6 94.0 378.8
Non-cash items 8.7 33.7 116.1
Rehabilitation (6.4) 2.1 1.2
Depreciation 18.5 29.8 105.5
Work in progress (2.6) 2.7 3.1
(Gain)/loss on financial instruments (0.8) (0.9) 6.3
Profit before taxation 61.9 60.3 262.7
Taxation 0.3 0.2 0.6
Deferred taxation 18.8 19.7 70.4
Profit after taxation 42.8 40.4 191.7
Abnormal and exceptional items: 593.0 45.2 667.2
Hedge buyback 748.8 64.5 837.0
Deferred tax effect on hedge buyback (231.0) (19.3) (251.0)
Post retirement benefits 28.8 - 28.8
Asset impairment 14.9 - 20.9
Bad debt provision 31.5 - 31.5
Nett (loss) (550.2) (4.8) (475.5)
Headline earnings per share - cents 25.0 24.7 113.2
Basic (loss) per share - cents (322.6) (2.9) (280.8)
Calculated on the weighted average
ordinary shares issued of 170 866 680 163 435 427 169 348
844
Capital expenditure - net outflow 6.5 18.5 53.1
ABRIDGED BALANCE SHEET Quarter Quarter
(R Million)-(Unaudited) Jun 2001 Mar 2001
Employment of Capital
Mining assets after depreciation 800.7 815.4
Cash and equivalents 221.3 206.9
Other non-current assets 310.3 139.0
Current assets 257.8 222.2
1 590.1 1 385.5
ABRIDGED BALANCE SHEET Quarter Quarter
R Million (Unaudited) Jun 2002 Mar 2002
Capital Employed
Shareholders` equity 473.6 636.0
Borrowings 247.2 46.4
Rehabilitation 187.7 194.1
Other non-current liabilities 153.5 207.0
Current liabilities 528.1 300.0
1 590.1 1 383.5
ABRIDGED CASH FLOW STATEMENT Quarter Quarter
R Million (Unaudited) Jun 2002 Mar 2002
Cash flow from operating activities (329.4) 25.4
Cash flow from investing activities (6.5) (18.3)
Cash flow from financing activities 349.9 74.0
Translation adjustment 0.4 0.6
Decrease in cash and equivalents 14.4 81.7
Opening cash and equivalents 206.9 125.2
Closing cash and equivalents 221.3 206.9
CHANGES IN SHAREHOLDERS` INTEREST Quarter Quarter
R Million (Unaudited) Jun 2002 Mar 2002
Shareholder`s interest at the beginning
of the period 636.0 543.1
Share capital issued 394.2 69.4
Movement in retained income (556.6) 23.5
-------- -------
- profit attributable to shareholders 42.8 40.4
- currency translation adjustment (6.4) 28.3
- abnormal and exceptional items (593.0 (45.2)
Shareholder`s interest at the end of the
period 473.6 636.0
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 July 2002
Directors : MM Wellesley-Wood (Chairman and Chief Executive Officer)*;
IL Murray (Chief Financial Officer); F H Coetzee(Chief Operations
Officer); MP Ncholo; N Goodwin; RP Hume; GC Campbell*;
D C. 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.
Date: 25/07/2002 12:15:00 PM Produced by the JSE SENS Department
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