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Durban Roodepoort Deep, Limited - Abridged Group Results For The Quarter Ended
30 September 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
Quarter
GROUP HIGHLIGHTS : Quarter June 2002 Quarter
September 2002 Pro-forma* June
2002
Gold Production : 7 100 kg 7 058 kg 7 689kg
228 270 oz 226 913 oz 227 207kg
Cash operating costs : R 82 878/kg R 76 170/kg R76 272/kg
US$ 247/oz US$ 227/oz US$ 227/oz
Cash operating profit : R118.0 million R 83.5 million R 101.9 million
US$ 11.2 million US$ 9.1 million US$ 11.0 million
Headline earnings : R 82.1 million R 38.0 million R 42.8 million
US$ 7.8 million US$ 4.9 million US$ 5.3 million
(*Quarter June 2002 restated to reflect 60% sale of Crown Gold Recoveries (Pty)
Limited (CGR) for comparison purposes only)
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,(which has a forty percent interest in CGR, Hartebeestfontein
Gold Mine (a division of Buffelsfontein Gold Mines Limited), DRD Australasia and
Dome Resources NL.
Quarter
GROUP OPERATING RESULTS Quarter Jun 2002 Quarter
(Unaudited) Sep 2002 Proforma* Jun 2002
-------- -------- ----------
Ore milled - t`000 4 435 4 525 6 156
Yield - g/tonne 1.60 1.56 1.25
Gold produced - kg 7 100 7 058 7 689
Cash cost - R/kg 82 878 76 170 76 272
FINANCIAL RESULTS (R Million)
Gold revenue 700.7 624.2 721.8
Cash operating costs (555.0) (512.1) (586.4)
Eskom linked electricity tariff (27.7) (28.6) (33.5)
-------- -------- --------
Cash operating profit 118.0 83.5 101.9
Other expenses - net (10.1) (28.8) (32.4)
Business development (1.2) (1.0) (1.0)
FINANCIAL RESULTS (R Million)
(continued)
Care and maintenance costs (1.9) (1.5) (1.5)
-------- -------- --------
Cash profit from operations 104.8 52.2 67.0
Retrenchment costs (0.3) (0.5) (0.5)
Investment income 12.6 7.1 7.1
Income from associate 8.0 3.4 -
Interest paid (1.5) (2.9) (3.0)
-------- -------- --------
Net cash operating profit 123.6 59.3 70.6
Non-cash items (19.1) (2.3) (8.7)
-------- -------- --------
Rehabilitation (2.5) 5.3 6.4
Depreciation (18.4) (12.8) (18.5)
Gold in progress 0.7 4.4 2.6
Gain on financial instruments 1.1 0.8 0.8
-------- -------- --------
Profit before taxation 104.5 57.0 61.9
Taxation (5.2) (0.2) (0.3)
Deferred taxation (17.2) (18.8) (18.8)
-------- -------- --------
Profit after taxation 82.1 38.04 42.8
Exceptional items 79.8 (591.7) (593.0)
-------- -------- --------
Net profit/(loss) 161.9 (553.7) (550.2)
======== ======== ========
Headline earnings per share - cents 45.1 22.2 25.0
Basic earnings per share - cents 88.8 (324.1) (322.0)
Calculated on the weighted average
ordinary shares issued of: 182 236 525 170 866 680 170 866 680
RECONCILIATION OF HEADLINE EARNINGS (R million)
Net profit/(loss) per income statement 161.9 (553.7) (550.2)
Less:
Profit on sale investment (82.6) - -
Asset impairment 2.8 14.9 14.9
Hedge buyback and deferred tax effect - 517.8 517.8
Post retirement benefits - 27.5 28.8
Bad debt provision - 31.5 31.5
-------- -------- --------
Headline earnings 82.1 38.0 42.8
======== ======== ========
ABRIDGED BALANCE SHEET Quarter Quarter
(R Million)-(Unaudited) Sep 2002 Jun 2002
--------- --------
Employment of Capital
Mining assets after depreciation 656.2 771.9
Cash and equivalents 259.3 247.3
Other non-current assets 225.4 144.3
Deferred mining and income taxes 221.8 238.3
Current assets 167.0 213.3
-------- -------
1 529.7 1 615.1
======== =======
Capital Employed
Shareholders` equity 674.6 438.0
Borrowings 151.5 248.4
Rehabilitation 174.8 193.4
Deferred mining and income taxes 70.6 70.0
Other non-current liabilities 94.3 99.3
Current liabilities 363.9 566.0
--------- --------
1 529.7 1 615.1
========= ========
ABRIDGED CASH FLOW STATEMENT Quarter Quarter
R Million (Unaudited) Sep 2002 Jun 2002
-------- --------
Cash in/(out)flow from operating activities 165.1 (303.4)
Cash outflow from investing activities (42.3) (6.5)
Cash (out)/in flow from financing activities (91.3) 349.9
Translation adjustment (2.6) 0.4
-------- --------
Increase in cash and cash equivalents 28.9 40.4
-------- --------
Opening cash and cash equivalents 230.4 206.9
-------- --------
Closing cash and cash equivalents 259.3 247.3
======== ========
(*Opening balance restated to exclude cash attributable to CGR)
CHANGES IN SHAREHOLDERS` Quarter Quarter
INTEREST - R Million (Unaudited) Sep 2002 Jun 2002
-------- --------
Shareholder`s interest at the beginning
of the period 438.0 636.0
Share capital issued 74.7 394.2
Movement in retained income 161.9 (592.2)
--------- -------
- profit attributable to shareholders 82.1 42.8
- currency translation adjustment and other - (42.0)
- exceptional items 79.8 (593.0)
-------- --------
Shareholder`s interest at the end of the
period 674.6 438.0
======== ========
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 2002.
For and on behalf of the board
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer 24 October 2002
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, South Africa
PO Box 390, Maraisburg, 1700, South Africa.
Directors : MM Wellesley-Wood (Chairman and Chief Executive Officer)*; IL Murray
(Chief Financial Officer); FH Coetzee(Chief Operations Officer); MP Ncholo; N
Goodwin; RP Hume; GC Campbell*;
DC. Baker**;) MA Eloff (Group Company Secretary) (*British)
(*Australian)
Date: 24/10/2002 12:27:55 PM Produced by the JSE SENS Department
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