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Durban Roodepoort Deep Limited - Abridged Group results for the Quarter ending
31 March 2003
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
REPORT TO SHAREHOLDERS FOR THE 3rd QUARTER ENDED 31 MARCH 2003
Group Results
Highlights
Cash Unit cost well contained in rand terms (+3%)
Blyvoor production steady at 63 000 ounces
Healthy balance sheet for future acquisitions (Cash of US$ 63 million)
Increased shareholding in Emperor Gold Mines to 19.81%
Quarter Quarter 9 Months
Mar 2003 Dec 2002 Mar 2003
--------- ----------- -----------
Gold Production(attributable) oz 208 999 225 241 662 510
kg 6 501 7 006 20 607
Cash operating costs US$/oz 329 276 282
R/kg 88 409 85 642 85 534
Earnings (US GAAP) US$m 3.2 22.5 40.3
R m 24.3 224.4 398.6
Gold price received US$/oz 348 321 327
R/kg 93 734 99 587 99 876
Capital expenditure US$ m 2.0 2.7 8.2
R m 17.7 26.4 79.7
STOCK
ISSUED CAPITAL STOCK TRADED JSE NASDAQ FRANKFURT
184 078 834 ordinary no Ave. volume for the
par value shares quarter per day (000) 224 2 776 112
5 000 000 cumulative % of issued stock
preference shares traded(annualised) 32% 394% 16%
Price - High R38.50 USD 4.38 Euro 4.02
- Low R17.00 USD 2.11 Euro 2.05
- Close R20.50 USD 2.55 Euro 2.43
ADDRESS DETAILS
REGISTERED OFFICE: SHARE TRANSFER UNITED KINGDOM DEPOSITORY
SECRETARIES REGISTRARS : BANK :
45 Empire Road, Ultra Registrars St. James"Corporate American
Parktown, (Pty) Ltd, Services Ltd, Depository
South Africa PO Box 4844, 6 St. James" Place, Receipts,
PO Box 390, Johannesburg, London The Bank
Maraisburg 1700, 2000, SW IA INP of New York
South Africa South Africa Shareholders
Relations
Department,
101 Barclay
Street,
New York,
NY 10296
LETTER TO SHAREHOLDERS
Dear shareholder
Due to a combination of the strength of the Rand against the US Dollar and a 7%
decrease in gold production, net operating income declined by US$ 18 million
(R201.8 million) this quarter. In addition, Crown Gold Recoveries (Pty) Limited
(in which DRD has a 40% interest) recorded a loss due to the underground fire at
ERPM. DRD"s share of the after tax loss from this associate was US$ 2.3 million
(R 18.6 million).
While the US Dollar gold price increased by 8% to US$ 348 per ounce, the
strength in the Rand caused a 6% reduction in the Rand gold price received. In
spite of the lower gold production, cash unit cost was well contained,
increasing by 3% in Rand terms. Translating to US Dollar terms, however, cash
unit cost was US$ 329 per ounce, which is around the current spot gold price
level.
Overall performance
North West Operations (the Harties and Buffels mines) reported a cash operating
loss of US$ 2.4 million (R 20 million) for the quarter. An Eskom power failure
caused an 11 day interruption to production at Buffels" Pioneer Shaft with a
consequent loss of 2 890 ounces (90 kilograms) of gold at a cost of US$ 1.5
million (R13 million). Due to depletion of reserves, the open-cast production at
Harties will cease in the current quarter. Harties has consistently failed to
meet its targets and now, due to the lower gold price, it has been necessary to
take further corrective action to "right size" costs with production across the
entire North West Operations. Management has given notice to the National Union
of Mineworkers of its intention to retrench some 1 000 employees. In addition,
in order to reduce overheads, we have rationalised services between North West
and Blyvoor. Both operations will now report to Mr Deon van der Mescht (formerly
General Manager Blyvoor) and services will be shared between the operations
wherever possible. Work on bringing all ore feed to a single, upgraded
metallurgical plant at Harties is underway, and will reduce cost by some US$ 3
per ton (R 28 per ton).
Gold production at Blyvoor was consistent with the previous quarter and
underground cash unit costs declined by 1% in Rand terms. The new slimes dam
project has begun and it is expected to be completed by December 2003 at a
capital cost of US$ 8 million (R 60 million).
Tolukuma had a much-improved quarter, recording a cash operating profit of US$
1.6 million (R 13.7 million). Gold production in March reached 7 312 ounces (219
kilograms) due to the high grade Tinabar vein coming on stream. Cash unit cost
reduced to US$ 265 per ounce. These results now appear to be sustainable for the
foreseeable future.
Associates and Investments
As previously reported, the results of Crown Gold Recoveries (Pty) Limited were
adversely affected by the underground fire at ERPM, which resulted in the loss
of 4 180 ounces (130 kilograms) of gold production at a cost of US$ 1.8 million
(R 15 million). Production is now returning to normal levels. While ERPM"s costs
are clearly unacceptable in the short term, efficiencies are improving with a
doubling of output per total employee costed to 18 tons being achieved. The
Cason Dump project has been deferred due to cash constraints.
DRD increased its shareholding in Emperor Gold Mines to 19.81%. The total cost
of this investment now stands at AUD 16.8 million, which has been accounted for
at fair value. Emperor"s results for the March quarter showed an increase in
gold production of 14% over the previous quarter to 30 206 ounces at a reduced
loss of US$ 0.8 million (AUD 1.4 million).
Financial
Gold revenue was marginally lower than the previous quarter. However, an
increase in cash operating costs in US$ terms due to the strengthening of the
Rand, together with a 36% decrease in the profit on financial instruments,
resulted in a 60% reduction in net operating income to US$ 12.0 million for the
quarter. Net profit attributable to shareholders decreased to US$ 3.2 million
from US$ 22.5 million the previous quarter. Cash and cash equivalents were US$
63.1 million at the end of the period with the current ratio at 132% compared to
200% the previous quarter. Borrowings, excluding the convertible bond, reduced
to US$ 5.5 million from US$ 10.2 million. Fully diluted earnings per share were
1.7 US cents per share.
Outlook
While we remain optimistic about the prognosis for the US$ gold price, in the
short term the influence of the Rand/Dollar exchange rate will be critical. The
surprising appreciation of the Rand has been caused partly by Dollar weakness,
but has been exacerbated by the tight monetary discipline imposed by the SA
Reserve Bank. This has attracted short term money into the Rand at a time when
policy should have been more benign. Such a policy would appear to be at odds
with the nation"s reliance on export growth, the attainment of full employment
and social redistribution. Far from bringing money into the country, it is more
likely to deter real fixed investment in wealth-creating activities such as gold
mining.
The Government has announced the future imposition of a royalty of 3% on the
revenue of gold producers. This will be an additional cost and will serve to
sterilize gold reserves, reduce the attraction of investing in gold mining and
result in lost jobs. DRD intends to voice its opposition to this additional tax
burden to Government through its membership of the South African Mining
Development Association (SAMDA).
I would like to draw shareholders attention to a separate Letter from your Board
dealing with corporate governance matters and the actions we have taken to
recover funds due to shareholders through legal processes. This is available on
the company"s website : http://www.durbans.com. It will not have escaped the
attention of shareholders that the many comments recently aired in the media
have come from the very past directors, employees, consultants or their
immediate families who have been affected by these various actions. The company
will seek justice in the appropriate courts, and not by entering into biased
debate in public.
Staff changes
After a long association with Durban Deep, Frik Coetzee will retire as
Operations Director due to ill health. We wish him well for the future. Neil
Pretorius will join the company shortly, from private practice, as its in-house
legal adviser.
These appointments, together with the operational changes highlighted above,
mean we have the correct balance of skills at Board level and a young and
enthusiastic management team prepared to deliver results into the future.
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer 29 April 2003
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, Hartebeestfontein Gold Mine
(a division of Buffelsfontein Gold Mines Limited),DRD Australasia and Dome
Resources NL on a consolidated basis.
The results of Crown Gold Recoveries (Pty) Ltd which include the East Rand
Proprietary Mines Limited are accounted for on the Equity basis.
The financial statements below are prepared on the historical cost basis and in
accordance with South African Statements of Generally Accepted Accounting
Practice (SA GAAP). The accounting policies are, in all material respects,
consistent with the annual financial statements for the year ended 30 June 2002
except for the adoption of AC133 - Financial instruments : Recognition and
Measurement.
* Pro Forma figures for December 2002 quarter are given to show the
effects of the Eskom gold-linked electricity tariff agreement under
AC133
GROUP INCOME STATEMENTS
(R m) (R m)
FINANCIAL RESULTS Quarter Quarter Quarter 9 months to
(Unaudited) Mar 2003 Dec 2002 Dec 2002 Mar 2003
*Pro forma
Gold Revenue 550.0 637.0 637.0 1 887.7
Cash operating costs (517.5) (549.2) 549.2 (1 621.7)
Eskom linked electricity
Tariff - - (48.7) -
-------- --------- --------- --------
Cash operating profit 32.5 87.8 39.1 266.0
Other expenses - net (36.7) (18.5) (18.5) (65.2)
Business development (1.6) (0.9) (0.9) (3.7)
Care and maintenance costs (2.2) (1.9) (1.9) (6.0)
--------- --------- ---------- ---------
Cash(loss)/profit from
operations (8.0) 66.5 17.8 191.1
Retrenchment costs (1.7) - - (2.0)
Investment income 27.3 21.3 21.3 61.2
Interest paid (13.4) (9.0) (9.0) (23.9)
--------- --------- ---------- ---------
Net cash operating profit 4.2 78.8 30.1 226.4
Rehabilitation (2.5) (2.6) (2.6) (7.6)
Depreciation (18.8) (25.0) (25.0) (62.2)
Gain on financial
instruments 115.0 255.3 1.3 336.7
Gold in process (0.2) (4.1) (4.1) (3.6)
--------- --------- ----------- --------
Profit before taxation 97.7 302.4 (0.3) 489.7
Income from associate (18.6) (2.5) (2.5) (13.1)
Taxation 0.1 5.0 5.0 (0.1)
Deferred taxation (68.7) (94.9) (4.1) (178.7)
-------- --------- -------- --------
Profit after taxation 10.5 210.0 (1.9) 297.8
Exceptional items - 5.1 5.1 84.9
-------- --------- --------- --------
Net profit 10.5 215.1 3.2 382.7
-------- --------- --------- --------
Headline earnings per
share - cents 5.7 114.7 (1.2) 162.7
Basic earnings per share
- cents 5.7 117.4 1.8 209.1
Calculated on the weighted average
ordinary shares issued 183708812 183177297 183177297 183040049
Diluted headline earnings
per share - cents 5.6 110.1 - 156.2
Diluted basic earnings per
share - cents 5.6 112.6 1.7 198.7
CHANGES IN SHAREHOLDERS" INTEREST
(Unaudited) (R m) (R m)
Quarter Quarter Quarter 9 months to
Mar 2003 Dec 2002 Dec 2002 Mar 2003
* Pro Forma
Shareholders" interest
at the beginning of
the period 480.4 87.8 674.7 (144.0)
Share capital issued (2.4) 162.6 162.6 234.9
------- --------- --------- --------
- for cash - - - 68.0
for share options
exercised 4.8 5.8 5.8 17.3
for equity portion
of convertible note (7.2) 156.8 156.8 149.6
-------- --------- --------- ---------
Movement in retained
income 10.5 215.1 3.2 382.7
Currency adjustments
and other 5.0 14.9 14.9 19.9
-------- -------- --------- ---------
Shareholders" interest
at the end of the
period 493.5 480.4 855.4 493.5
-------- --------- --------- ---------
(R m)
GROUP BALANCE SHEETS Quarter Quarter Quarter
(Unaudited) Mar 2003 Dec 2002 Dec 2002
*Pro Forma
Employment of Capital
Net mining assets 652.3 653.8 653.8
Investments 138.4 97.3 97.3
Environmental Trust funds 131.6 130.1 130.1
Deferred mining and income taxes 238.6 307.3 146.5
Current assets 750.6 1 007.4 1 007.4
-------- --------- ---------
Inventories 73.9 72.0 72.0
Trade and other receivables 171.1 182.4 182.4
Cash and equivalents 505.6 753.0 753.0
-------- -------- ---------
1 911.5 2 195.9 2 035.1
Capital employed
Shareholders" equity 493.5 480.4 855.4
Borrowings 417.1 500.3 500.3
Deferred financial liability 268.3 535.8 -
Rehabilitation 178.6 176.1 176.1
Other non-current liabilities 88.0 88.5 88.5
Current liabilities 466.0 414.8 414.8
-------- --------- --------
Trade and other payables 310.3 281.5 281.5
Current portion of borrowings 152.5 130.0 130.0
Taxation 3.2 3.3 3.3
-------- --------- --------
1 911.5 2 195.9 2 035.1
-------- --------- ---------
GROUP CASH FLOW STATEMENTS
(R m)
ABRIDGED Quarter Quarter
(Unaudited) Mar 2003 Dec 2002
Net cash out flow from operating
activities (93.4) (53.2)
Net cash out flow from investing
activities (75.8) (23.7)
Net cash (out)/in flow from
financing activities (61.6) 619.5
--------- -----------
(Decrease)/increase in cash &
equivalents (230.8) 542.6
Translation adjustment (16.6) (48.9)
Opening cash and equivalents 753.0 259.3
---------- -----------
Closing cash and equivalents 505.6 753.0
---------- -----------
INVESTOR RELATIONS
For further information, contact Ilja Graulich at:
Tel: (+27-11) 381-7800, Fax: (+27-11)482-4641,
e-mail: graulich@drd.co.za,
web site: http://www.durbans.com
45 Empire Road,
Parktown, South Africa.
PO Box 390,
Maraisburg 1700,
South Africa.
DIRECTORS - (*British) (**Australian)
Executives :
M M Wellesley-Wood (Chairman and Chief Executive Officer)*
I L Murray (Deputy Chief Executive Officer)
J H Dissel (Chief Financial Officer)
Non-executives :
M P Ncholo ; R P Hume ; G C Campbell* ; D C Baker **
Group Company Secretary : J H Dissel (Acting)
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, Hartebeestfontein Gold Mine
(a division of Buffelsfontein Gold Mines Limited),DRD Australasia and Dome
Resources NL on a consolidated basis.
The results of Crown Gold Recoveries (Pty) Ltd which include the East Rand
Proprietary Mines Limited are accounted for on the Equity basis.
The financial statements below are converted to Generally Accepted Accounting
Principles in the United States of America (US GAAP). The accounting policies
are, in all material respects, consistent with the annual financial statements
for the year ended 30 June 2002.
GROUP INCOME STATEMENTS
FINANCIAL RESULTS (US$ m) (US$ m)
(Unaudited) Quarter Quarter 9 months to
Mar 2003 Dec 2002 Mar 2003
Revenues
Product sales (Gold revenue) 65.7 65.9 198.8
Cost and expenses (64.3) (58.5) (177.0)
-------- -------- --------
Cash operating costs (62.0) (56.8) (172.1)
Other cash expenses (2.0) (0.9) (3.7)
Movement in gold in process - (0.5) (0.4)
Movement in rehabilitation
provision (0.3) (0.3) (0.8)
-------- -------- --------
Other operating expenses
Depreciation and amortization (2.3) (2.5) (6.8)
Employment termination costs (0.2) - (0.2)
Management and consulting fees (0.8) (0.5) (1.8)
Profit on financial instruments 17.8 27.6 42.4
Profit on sale of investments - 0.2 8.3
Administration and general
charges (3.9) (2.2) (7.6)
------- -------- --------
Stock based compensation costs (1.2) (1.0) (3.1)
Administration and general
Charges (2.7) (1.2) (4.5)
------- -------- --------
Net operating income 12.0 30.0 56.1
Investment income 3.3 2.3 6.7
Other income 0.3 0.5 1.4
Finance cost
Interest expense (1.6) (1.0) (2.7)
------- ------- -------
Profit before taxation 14.0 31.8 61.5
Income from associate (2.3) (0.3) (1.8)
Income and mining tax benefit - 0.5 -
Deferred income and mining
Tax charge (8.5) (9.5) (19.4)
-------- -------- --------
Net profit applicable to
stockholders 3.2 22.5 40.3
-------- --------- ---------
Basic earnings per share (cents) 1.8 12.3 22.0
Diluted earnings per share (cents) 1.7 11.8 21.0
-------- --------- ---------
CHANGES IN SHAREHOLDERS" EQUITY
(Unaudited) (US$ m) (US$ m)
Quarter Quarter 9 months to
Mar 2003 Dec 2002 Mar 2003
Shareholder"s equity at the
beginning of the period 42.9 11.1 (11.2)
Share capital issued 1.8 1.6 11.7
-------- --------- ---------
- for cash - - 6.7
- for share options exercised 0.6 0.6 1.9
- for stock based compensation 1.2 1.0 3.1
-------- --------- ---------
Movement in retained income 4.2 30.2 48.4
profit applicable to
shareholders 3.2 22.5 40.3
- mark-to-market on investments (2.0) - (1.9)
- currency adjustment and other 3.0 7.7 10.0
-------- -------- --------
Shareholders" Equity at the end
of the period 48.9 42.9 48.9
-------- -------- --------
GROUP CASH FLOW STATEMENTS
(US$ m)
ABRIDGED Quarter Quarter
(Unaudited) Mar 2003 Dec 2002
Net cash out flow from operating
activities (11.2) (5.5)
Net cash out flow from investing
activities (9.1) (2.4)
Net cash (out)/in flow from
financing activities (7.4) 64.0
-------- --------
Net (decrease)/increase in
cash & equivalents (27.7) 56.1
Effect of exchange rate changes
on cash 3.8 6.3
Cash and equivalents at beginning
of period 87.0 24.6
-------- ---------
Cash and equivalent at end of
period 63.1 87.0
-------- ---------
GROUP BALANCE SHEETS
(US$ m)
ABRIDGED Quarter Quarter
(Unaudited) Mar 2003 Dec 2002
ASSETS
Current assets 93.6 116.4
-------- ---------
Cash and equivalents 63.1 87.0
Receivables 21.3 21.1
Inventories 9.2 8.3
-------- ---------
Mining assets 85.0 78.7
--------- ---------
Cost 361.3 332.4
Accumulated depreciation &
amortization (276.3) (253.7)
--------- ---------
(US$ m)
ABRIDGED Quarter Quarter
(Unaudited) Mar 2003 Dec 2002
Other assets 63.0 61.7
--------- ---------
Deferred income and mining taxes 29.3 35.4
Non-current assets 33.7 26.3
--------- ---------
Total assets 241.6 256.8
--------- --------
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 70.7 58.1
--------- ---------
Bank overdraft 1.6 -
Accounts payable and accrued
liabilities 48.1 42.7
Short term portion of long term
loans 20.6 15.0
Income and mining taxes 0.4 0.4
--------- ---------
Long term loans 5.5 10.2
Convertible loan note 60.7 63.4
Deferred financial liability 33.5 61.9
Provision-environmental
rehabilitation 22.3 20.3
Stockholders"equity 48.9 42.9
Authorised
300 000 000 ordinary no par value
shares
5 000 000 cumulative preference
shares
Issued
184 078 834 ordinary no par value
shares
5 000 000 cumulative preference
shares
Stated capital 360.2 359.6
Additional paid in capital 36.5 35.3
Cumulative preference shares 0.1 0.1
Accumulated loss (301.7) (304.9)
Other comprehensive income (46.2) (47.2)
-------- ---------
Total liabilities & stockholders"
equity 241.6 256.8
-------- ---------
CONVERSION FACTORS
CURRENCY
Balance Sheet: 31-Mar-03 US$1 = R 8.0145
Income Statement: Jan-03 US$1 = R 8.6925
Feb-03 US$1 = R 8.3246
Mar-03 US$1 = R 8.0796
SHARE OPTION SCHEME
The following summary provides information in respect of the Durban Roodepoort
Deep (1996) Option Scheme as at 31 March 2003:
Number of options in issue: 4 489 721
Number of options currently vested 850 329
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, Hartebeestfontein Gold Mine
(a division of Buffelsfontein Gold Mines Limited), DRD Australasia and Dome
Resources NL on a consolidated basis.
The results of Crown Gold Recoveries (Pty) Ltd which include the East Rand
Proprietary Mines Limited are accounted for on the Equity basis.
The financial statements below are converted to Generally Accepted Accounting
Principles in the United States of America (US GAAP). The accounting policies
are, in all material respects, consistent with the annual financial statements
for the year ended 30 June 2002.
GROUP INCOME STATEMENTS
FINANCIAL RESULTS (R m) (R m)
(Unaudited) Quarter Quarter 9 months to
Mar 2003 Dec 2002 Mar 2003
Revenues
Product sales (Gold revenue) 550.0 637.0 1 887.7
Cost and expenses (540.8) (565.4) (1 671.0)
-------- -------- --------
Cash operating costs (517.5) (549.2) (1 621.7)
Other cash expenses (20.6) (9.5) (38.1)
Movement in gold in process (0.2) (4.1) (3.6)
Movement in rehabilitation
provision (2.5) (2.6) (7.6)
Other operating expenses
Depreciation and amortization (19.1) (22.5) (63.2)
Employment termination costs (1.7) - (2.0)
Management and consulting fees (6.7) (4.9) (16.4)
Profit on financial instruments 148.9 274.9 389.1
Profit on sale of investments - 2.3 88.7
Administration and general
charges (32.5) (21.5) (69.6)
------- -------- --------
Stock based compensation costs (9.7) (9.7) (29.0)
Administration and general
charges (22.8) (11.8) (40.6)
-------- -------- ---------
Net operating income 98.1 299.9 543.3
Investment income 27.3 21.3 61.2
Other income 2.3 4.7 12.6
Finance cost
Interest expense (13.1) (9.2) (23.8)
------- ------- --------
Profit before taxation 114.6 316.7 593.3
Income from associate (18.6) (2.5) (13.1)
Income and mining tax benefit
/(charge) 0.1 5.0 (0.1)
Deferred income and mining
tax charge (71.8) (94.8) (181.5)
-------- -------- --------
Net profit applicable to
stockholders 24.3 224.4 398.6
-------- --------- ---------
Basic earnings per share (cents) 13.2 122.5 217.8
Diluted earnings per share
(cents) 13.1 117.4 206.6
CHANGES IN SHAREHOLDER"S EQUITY
(Unaudited) (R m) (R m)
Quarter Quarter 9 Months to
Mar 2003 Dec 2002 Mar 2003
Shareholders" equity at the
beginning of the period 371.8 116.8 (118.1)
Share capital issued 14.5 15.5 114.3
-------- --------- ---------
- for cash - - 68.0
- for share options exercised 4.8 5.8 17.3
- for stock based compensation 9.7 9.7 29.0
-------- --------- --------
Movement in retained income 5.9 239.5 396.0
profit applicable to
shareholders 24.3 224.4 398.6
- mark-to-market on investments (16.7) 0.2 (15.9)
- currency adjustment and other (1.7) 14.9 13.3
-------- -------- --------
Shareholders" equity at end of
period 392.2 371.8 392.2
-------- -------- --------
GROUP CASH FLOW STATEMENTS
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Mar 2003 Dec 2002
Net cash out flow from operating
activities (93.4) (53.2)
Net cash out flow from investing
activities (75.8) (23.7)
Net cash (out)/in flow from
financing activities (61.6) 619.5
-------- --------
Net (decrease)/increase in
cash & equivalents (230.8) 542.6
Effect of exchange rate changes
on cash (16.6) (48.9)
Cash and equivalents at beginning
of period 753.0 259.3
-------- ---------
Cash and equivalents at end of
period 505.6 753.0
-------- ---------
ASSETS
Current assets 750.6 1 007.4
-------- ---------
Cash and equivalents 505.6 753.0
Receivables 171.1 182.4
Inventories 73.9 72.0
Mining assets 681.4 683.2
--------- ---------
Cost 2 896.0 2 878.6
Accumulated depreciation &
amortization (2 214.6) (2 195.4)
--------- ---------
Other assets 504.7 533.9
--------- ---------
Deferred income and mining
taxes 234.7 306.5
Non-current assets 270.0 227.4
--------- ---------
Total assets 1 936.7 2 224.5
--------- ---------
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 554.0 503.4
--------- ---------
Bank overdraft 12.6 -
Accounts payable and accrued
liabilities 385.7 369.9
Short term portion of long term
loans 152.5 130.2
Income and mining taxes 3.2 3.3
Long term loans 44.2 88.2
Convertible loan note 499.4 549.2
Deferred financial liability 268.3 535.8
Provision-environmental
rehabilitation 178.6 176.1
Stockholders"equity 392.2 371.8
Authorised
300 000 000 ordinary no par value
shares
5 000 000 cumulative preference
shares
Issued
184 078 834 ordinary no par value
shares
5 000 000 cumulative preference
shares
Stated capital 2 199.5 2 194.7
Additional paid in capital 76.7 67.0
Cumulative preference shares 0.5 0.5
Accumulated loss (1 913.4) (1 937.7)
Other comprehensive income 28.9 47.3
-------- ---------
Total liabilities & stockholders"
equity 1 936.7 2 224.5
-------- ---------
US/SA GAAP RECONCILIATION
(R m)
Reconciliation of net profit to SA GAAP Quarter Quarter
Mar 2003 Dec 2002
Net profit determined under US GAAP 24.3 224.4
Adjusted for:
Financial instruments (10.1) (19.6)
Accounting for business combinations 0.3 0.3
Stock based compensation costs 9.7 9.7
Fair value adjustments on investments (16.7) 0.4
Deferred taxation on adjustments 3.0 (0.1)
---------- ----------
Effect of US GAAP adjustments (13.8) (9.3)
---------- ----------
Net profit determined under SA GAAP 10.5 215.1
---------- ---------
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