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ABRIDGED GROUP RESULTS FOR THE QUARTER ENDED 31 DECEMBER 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: USM
NASDAQ trading symbol : DROOY
GROUP HIGHLIGHTS
Quarter Quarter 6 months to
December 2002 September 2002 December 2002
Gold production : 7 006 kg 7 100 kg 14 106kg
225 241 oz 228 270 oz 453 511oz
Cash operating costs : R 85 642/kg R 82 878/kg R 84 243/kg
US$ 276/oz US$ 247/oz US$ 262/oz
Cash operating profit : R 39.1 million R 118.0 million R 157.1 million
US$ 4.1 million US$ 11.2 million US$ 15.3 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(which has a forty percent interest in Crown Gold Recoveries
(Pty)Ltd, 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 2002 Sep 2002 Dec 2002
Attributable ore milled - t`000 3 735 4 435 8 170
Attributable yield - g/tonne 1.88 1.60 1.73
Attributable Gold produced - kg 7 006 7 100 14 106
Cash cost - R/kg 85 642 82 878 84 243
FINANCIAL RESULTS (R Million)
Gold revenue 637.0 700.7 1 337.7
Cash operating costs (549.2) (555.0) (1 104.2)
Eskom linked electricity tariff (48.7) (27.7) (76.4)
Cash operating profit 39.1 118.0 157.1
Other expenses - net (18.5) (10.1) (28.6)
Business development (0.9) (1.2) (2.1)
Care and maintenance costs (1.9) (1.9) (3.8)
Financial (cont.) Quarter Quarter 6 months to
Dec 2002 Sep 2002 Dec 2002
Cash profit from operations 17.8 104.8 122.6
Retrenchment costs - (0.3) (0.3)
Investment income 21.3 12.6 33.9
Income from associate (2.5) 8.0 5.5
Interest paid (9.0) (1.5) (10.5)
Net cash operating profit 27.6 123.6 151.2
Non-cash items (30.4) (19.1) (49.5)
Rehabilitation (2.6) (2.5) (5.1)
Depreciation (25.0) (18.4) (43.4)
Gold in progress (4.1) 0.7 (3.4)
Gain on financial instruments 1.3 1.1 2.4
(Loss)/profit before taxation (2.8) 104.5 101.7
Taxation 5.0 (5.2) (0.2)
Deferred taxation (4.1) (17.2) (21.3)
(Loss)/profit after taxation (1.9) 82.1 80.2
Exceptional items 5.1 79.8 84.9
Net profit 3.2 161.9 165.1
Headline (loss)/earnings per
share - cents (1.2) 45.1 43.9
Basic earnings per share - cents 1.8 88.8 90.6
Calculated on the weighted average
ordinary shares issued of:
183 177 297 182 236 525 182 706 911
Diluted earnings per share-cents 1.7 86.9 87.0
RECONCILIATION OF HEADLINE EARNINGS (R million)
Net profit per income statement 3.2 161.9 165.1
Less:
Profit on sale investment (2.3) (82.6) (84.9)
Asset impairment (2.8) 2.8 -
Headline (loss)/earnings (1.9) 82.1 80.2
ABRIDGED BALANCE SHEET Quarter Quarter
(R Million)(Unaudited) Dec 2002 Sep 2002
Employment of Capital
Net mining assets 653.8 656.2
Cash and cash equivalents 753.0 259.3
Other non-current assets 227.4 225.4
Deferred mining and income taxes 214.7 221.8
Current assets 254.4 167.0
2 103.3 1 529.7
Capital employed
Shareholders` equity 855.4 674.6
Borrowings 500.3 151.5
Rehabilitation 176.1 174.8
Deferred mining and income taxes 68.2 70.6
Other non-current liabilities 88.5 94.3
Current liabilities 414.8 363.9
2 103.3 1 529.7
ABRIDGED CASH FLOW STATEMENT Quarter Quarter
R Million (Unaudited) Dec 2002 Sep 2002
Cash(out)/in flow from operating activities (53.2) 165.1
Cash outflow from investing activities (23.7) (42.3)
Cash in/(out) flow from financing activities 619.5 (91.3)
Increase in cash and equivalents 542.6 31.5
Translation adjustment (48.9) (2.6)
Opening cash and cash equivalents 259.3 230.4
Closing cash and cash equivalents 753.0 259.3
CHANGES IN SHAREHOLDERS` Quarter Quarter
INTEREST - R Million (Unaudited) Dec 2002 Sep 2002
Shareholder`s interest at the beginning
of the period 674.6 438.0
Share capital issued 162.6 74.7
Movement in retained income 18.2 161.9
- (loss)/profit attributable to shareholders (1.9) 82.1
- currency translation adjustment and other 15.0 -
- exceptional items 5.1 79.8
Shareholder`s interest at the end of the period 855.4 674.6
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 30 January 2003
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 ;
RP Hume ; GC Campbell*; DC Baker**; MA Eloff (Group Company Secretary)
(*British)(**Australian).
Date: 30/01/2003 12:00:00 PM Produced by the JSE SENS Department
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