|
DRD -
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 4 th QUARTER AND YEAR ENDED 30 JUNE 2003
Group Results
Highlights
Record production (21 219 ounces) and profits at Tolukuma
Cash costs down 1.2% in Rand unit terms
Rationalisation of North West Operations
Inclusion into XAU Index
Quarter Quarter 12 months
June 2003 Mar 2003 Jun 2003
---------- ---------- ---------
Gold production(attributable) oz 207 725 208 999 870 235
kg 6 461 6 501 27 067
Cash operating costs US$/oz 352 329 299
R/kg 87 368 88 409 85 960
Net earnings (US GAAP) US$m 0.7 3.2 41.0
R m 9.9 24.3 408.5
Gold price received US$/oz 348 348 332
R/kg 86 348 93 734 96 714
Capital expenditure US$m 3.3 2.0 11.5
R m 24.9 17.7 104.6
STOCK
ISSUED CAPITAL STOCK TRADED JSE NASDAQ FRANKFURT
184 222 073 ordinary Ave. volume for the
no par value shares quarter per day (000) 181 2 160 96
5 000 000 cumulative % of issued stock
preference shares traded (annualised) 26% 306% 14%
Price - High R23.75 USD 2.93 Euro 2.56
- Low R15.60 USD 2.18 Euro 1.94
- Close R19.30 USD 2.52 Euro 2.24
Address Details
REGISTERED OFFICE: SHARE TRANSFER SECRETARIES:
45 Empire Road, Parktown, Ultra Registrars (Pty) Ltd,
South Africa PO Box 4844,
PO Box 390, Johannesburg 2000,
Maraisburg 1700, South Africa
South Africa
UNITED KINGDOM REGISTRARS: DEPOSITORY BANK:
St. James" Corporate Services Ltd, American Depository Receipts,
6 St. James" Place, The Bank of New York,
London Shareholders Relations Department,
SW 1A 1NP 101 Barclay Street,
New York, NY 10296
FORWARD LOOKING STATEMENTS
Some of the information in this voluntary announcement, contain projections or
other forward looking statements regarding future events or other future
performance. We wish to caution you that these statements are only projections
and those actual events or results may differ materially due to such risks as
difficulties in being a marginal producer of gold, changes and reliability of
ore reserve estimates, gold price volatility, currency fluctuations and mining
risks. We undertake no obligation to publicly release results of any of these
forward looking statements, which may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unexpected results.
LETTER TO SHAREHOLDERS
Dear shareholder
While the US Dollar gold price remained constant during the quarter, the South
African Rand strengthened by 7%, to an average R7.73 to the US Dollar, leading
to a corresponding 8% drop in the Rand gold price received. Consequently,
revenue of slightly more than R42 million was forsaken. Gold production from
operations was virtually unchanged, the slight fall recorded arising from poorer
surface grades. Cash costs in absolute terms were reduced by R12.2 million and
in unit terms by 1.2%, but the strength of the Rand took the cost per ounce in
US Dollar terms to US$352 per ounce, which is above the current gold price.
This situation is unacceptable and, as a result, we have issued a 60-day notice
- as required under the Labour Relations Act - to all unions and associations
representing the 13 000 employees, including contractors, at our North West
Operations (Hartebeestfontein and Buffelsfontein mines) that the future of these
operations is under review.
Overall Performance
Production at Blyvooruitzicht was affected by a blocked ore pass in the 1A Sub
Shaft and poorer grades from the operation"s surface sources. While
approximately 20 000 tonnes of ore are locked up underground due to the ore pass
problem, it is expected that the contained gold will be recovered this quarter.
Lower surface grades are likely to continue to December 2003, at which time feed
from the higher grade Slimes Dam Project will replace current sources.
Our North West Operations have been the subject of considerable management
attention over the past three months. Measures taken have included: a synergy
exercise with Blyvoor in respect of sharing services; a reduction in overhead; a
re-evaluation of the plant configuration; the removal of some 3 000 contract
workers; a renewed focus on grade control; and opening up new blocks of ground.
However, surface sources have been rendered uneconomical by the current Rand
gold price and plans to upgrade the South Shaft plant to treat all feedstock
have been shelved, pending the outcome of the 60-day review referred to above.
Tolukuma has now established itself as a consistent gold producer, with ore
production now derived from at least six vein sources. Grades continue to
improve due to mining of the high grade Tinnabar vein (100 000 ounces in
reserves and resources) and the discovery of the Zine vein on surface. The
latter, as well as the Miliahamba Deeps, will be drilled for strike extension
this quarter. Recent studies, including those conducted by government agencies,
have established that the mine meets and exceeds all government compliance
requirements. A number of community programmes have also been initiated.
DRD has a 40% stake in the Crown Gold Recoveries JV with Khumo Bathong Holdings
(Pty) Ltd and manages the ERPM mine and Crown surface retreatment operation on
behalf of the JV. ERPM has recovered from the fire in February 2003 and the
production build-up is on track. Crown has secured funding of US$22 million
(R170 million) from the Industrial Development Corporation, which will be
applied to reducing ERPM"s pumping costs and retreating the Cason Dump. The
latter is expected to yield 30 000 ounces of gold production annually over 7
years.
Group capital expenditure for the quarter was a record US$5.2 million (R40.6
million) excluding recoupments, but all capex programmes are now under review
due to the low Rand gold price.
Ore Reserves
At the year end, DRD had audited proven and probable ore reserves of 129.4
million tonnes at an average grade of 3.81 grams per tonne, containing 15.8
million ounces of gold. The life of our North West Operations is 16 years and
of Blyvoor, 21 years. Work on the Argonaut project involved expenditure of R0.3
million in the quarter but spending on this programme has been curtailed in view
of the Rand"s strength.
Financial
Earnings for the quarter decreased from US$3.2 million the previous quarter to
US$0.7 million. The net operating loss was US$12.2 million after allowing for
increased depreciation and a US$12.5 million write down on assets and
investments. Shareholders" equity increased to US$53.2 million. Cash and
equivalents stood at US$45.7 million, largely representing the unexpended
balance of the convertible note proceeds.
Shareholder Value Recovery Programme
The company is pursuing litigation against various parties, including certain
former directors and officers, for recovery of lost shareholder value. During
the quarter, we successfully overturned an ex-parte Anton Pillar order against
the company and our claim for our lost Continental Goldfields investment was
upheld in the West Australian Courts. Meanwhile, we have completed our actions
with the issue of our claims for loss from the defunct Rawas mine in Indonesia.
Our total programme now covers claims of approximately US$22 million (R160
million) relative to, but not comparable with, the
US$80 million (R590 million) written off in the 2000 financial year.
Outlook
The immediate future will depend on the trend in the Rand/Dollar exchange rate,
with the Rand having been exceptionally strong over the past six months and the
outcome of the review of the North West Operations. While I know that
management will do its utmost to preserve an economic future for these assets,
equally DRD will not permit persistent losses at any of its operations.
On a positive note, we are pleased to report that the company will be included
as a constituent of the Philadelphia Gold and Silver Index with effect from 18
August 2003.
Building on our success at Tolukuma, we are engaged in a number of initiatives
to implement our Australasian growth strategy.
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer 24 July 2003
Incorporating the results of all Durban Roodepoort Deep, Limited subsidiaries,
including Blyvooruitzicht Gold Mining Company Limited, Buffelsfontein Gold Mines
Limited, West Witwatersrand Gold Holdings Limited, Hartebeestfontein Gold Mine
(a division of Buffelsfontein Gold Mines Limited), DRD Australasia and Dome
Resources NL on a consolidated basis. The results of Crown Gold Recoveries
(Pty) Ltd which include the East Rand Proprietary Mines Limited are accounted
for on the Equity basis.
The financial statements below are prepared in accordance to Generally Accepted
Accounting Principles in the United States of America (US GAAP). The accounting
policies are, in all material respects, consistent with the annual financial
statements for the year ended
30 June 2002.
GROUP INCOME STATEMENTS
FINANCIAL RESULTS (US$ m) (US$ m)
(Unaudited) Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Revenues
Product sales (Gold revenue) 64.4 65.7 263.2
Cost and expenses (67.6) (64.3) (244.6)
--------- -------- ----------
Production costs (66.4) (64.0) (242.2)
Movement in gold in process (0.5) - (0.9)
Movement in rehabilitation
provision (0.7) (0.3) (1.5)
-------- -------- ---------
Other operating expenses
Depreciation and amortization (5.1) (2.3) (11.9)
Impairment of assets (12.5) - (12.5)
Employment termination costs (1.5) (0.2) (1.7)
Management and consulting fees (0.7) (0.8) (2.5)
Profit on financial instruments 10.4 17.8 52.8
Profit on sale of investments 2.7 - 11.0
Administration and general charges (2.3) (3.9) (9.9)
------- --------- -----------
Stock based compensation costs (1.2) (1.2) (4.3)
Administration and general charges(1.1) (2.7) (5.6)
-------- -------- ---------
Net operating (loss)/income (12.2) 12.0 43.9
Investment income 2.4 3.3 9.1
Other income 1.1 0.3 2.5
Finance cost
Interest expense (2.6) (1.6) (5.3)
-------- -------- ---------
(Loss)/profit before taxation (11.3) 14.0 50.2
Loss from associate (3.6) (2.3) (5.4)
Income and mining tax benefit 0.1 - 0.1
Deferred taxation benefit/
(charge) 15.5 (8.5) (3.9)
-------- -------- ---------
Net profit applicable to
shareholders 0.7 3.2 41.0
-------- -------- ---------
Basic earnings per share (cents) - 1.8 22.4
Diluted earnings per share (cents) - 1.7 22.1
CHANGES IN SHAREHOLDERS" EQUITY
(US$ m) (US$ m)
(Unaudited) Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Shareholders" equity at the
beginning of the period 48.9 42.9 (11.2)
Share capital issued 1.4 1.8 13.1
- for cash - - 6.7
- for share options exercised 0.2 0.6 2.1
- for stock based compensation 1.2 1.2 4.3
-------- -------- ---------
Movement in retained income 2.9 4.2 51.3
-------- -------- ---------
- profit applicable to
shareholders 0.7 3.2 41.0
- mark-to-market on investments 0.1 (2.0) (1.8)
- currency adjustments and other 2.1 3.0 12.1
-------- -------- ---------
Shareholders" equity at the end
of the period 53.2 48.9 53.2
======== ======== ==========
GROUP CASH FLOW STATEMENTS (US$ m)
ABRIDGED Quarter Quarter
(Unaudited) Jun 2003 Mar 2003
Net cash out flow from operating
activities (14.6) (11.2)
Net cash in (out) flow from
investing activities 0.4 (9.1)
Net cash out flow from financing
activities (13.4) (7.4)
-------- --------
Net decrease in cash &
equivalents (27.6) (27.7)
Effect of exchange rate changes
on cash 10.2 3.8
Cash and equivalents at beginning
of period 63.1 87.0
-------- --------
Cash and equivalents at end of
period 45.7 63.1
======== ========
GROUP BALANCE SHEETS
(US$ m)
ABRIDGED Quarter Quarter
(Unaudited) Jun 2003 Mar 2003
ASSETS
Current assets 75.4 93.6
-------- --------
Cash and equivalents 45.7 63.1
Receivables 21.5 21.3
Inventories 8.2 9.2
-------- --------
Mining assets 87.7 85.0
-------- --------
Cost 391.0 361.3
Accumulated depreciation &
amortization (303.3) (276.3)
-------- --------
Other assets 76.2 63.0
-------- --------
Deferred income and mining taxes 47.5 29.3
Non-current assets 28.7 33.7
-------- --------
Total assets 239.3 241.6
======== ========
LIABILITIES & SHAREHOLDERS" EQUITY
Current liabilities 70.0 70.7
-------- --------
Bank overdraft 3.6 1.6
Accounts payable and accrued
liabilities 49.9 48.1
Short term portion of long term
loans 16.4 20.6
Income and mining taxes 0.1 0.4
-------- --------
Long term loans 5.6 5.5
Convertible loan note 61.5 60.7
Deferred financial liability 24.3 33.5
Provision-environmental
rehabilitation 24.7 22.3
Shareholders" equity 53.2 48.9
AUTHORISED
300 000 000 ordinary no par value
shares
5 000 000 cumulative preference
shares
ISSUED
184 222 073 ordinary no par value
shares
5 000 000 cumulative preference
shares -------- --------
Stated capital 360.4 360.2
Additional paid in capital 37.7 36.5
Cumulative preference shares 0.1 0.1
Accumulated loss (301.0) (301.7)
Other comprehensive income (44.0) (46.2)
-------- --------
Total liabilities & shareholders"
equity 239.3 241.6
======== ========
CONVERSION FACTORS
CURRENCY
Balance Sheet: 30-Jun-03 US$ 1 = R7.4700
Income Statement: Apr-03 US$ 1 = R7.6734
May-03 US$ 1 = R7.6391
Jun-03 US$ 1 = R7.8821
SHARE OPTION SCHEME
The following summary provides information in respect of the Durban
Roodepoort Deep (1996) Option Scheme as at 30 June 2003:
Number of options in issue: 6 276 682
Number of options currently vested: 1 342 839
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 in accordance 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 12 months to
Jun 2003 Mar 2003 Jun 2003
Revenues
Product sales (Gold revenue) 497.7 550.0 2 385.4
Cost and expenses (518.0) (540.8) (2 189.0)
-------- -------- ---------
Production costs (509.1) (538.1) (2 168.9)
Movement in gold in process (3.4) (0.2) (7.0)
Movement in rehabilitation
provision (5.5) (2.5) (13.1)
-------- -------- ---------
Other operating expenses
Depreciation and amortization (39.2) (19.1) (102.4)
Impairment of assets (98.2) - (98.2)
Employment termination costs (11.6) (1.7) (13.6)
Management and consulting fees (5.7) (6.7) (22.1)
Profit on financial instruments 84.8 148.9 473.9
Profit on sale of investments 17.8 - 106.5
Administration and general charges (17.5) (32.5) (87.1)
-------- -------- ---------
Stock based compensation costs (10.0) (9.7) (39.0)
Administration and general
charges (7.5) (22.8) (48.1)
-------- -------- ---------
Net operating (loss)/income (89.9) 98.1 453.4
Investment income 18.8 27.3 80.0
Other income 8.5 2.3 21.1
Finance Cost
Interest expense (20.7) (13.1) (44.5)
--------- --------- ----------
(Loss)/profit before taxation (83.3) 114.6 510.0
Loss from associate (27.8) (18.6) (40.9)
Income and mining tax benefit 0.9 0.1 0.8
Deferred taxation benefit/
(charge) 120.1 (71.8) (61.4)
--------- --------- ----------
Net profit applicable to
shareholders 9.9 24.3 408.5
========= ========= ==========
Basic earnings per share
(cents) 5.4 13.2 222.9
Diluted earnings per
share (cents) 5.3 13.1 216.8
CHANGES IN SHAREHOLDERS" EQUITY
(R m) (R m)
(Unaudited) Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Shareholders" equity at the
beginning of the period 392.2 371.8 (118.1)
Share capital issued 11.4 14.5 125.7
--------- --------- ----------
- for cash - - 68.0
- for share options exercised 1.4 4.8 18.7
- for stock based compensation 10.0 9.7 39.0
--------- --------- ----------
Movement in retained income (7.0) 5.9 389.0
--------- --------- ----------
profit applicable to
shareholders 9.9 24.3 408.5
mark-to-market on
investments 1.4 (16.7) (14.5)
currency adjustments and
other (18.3) (1.7) (5.0)
--------- --------- ----------
Shareholders" equity at the end
of period 396.6 392.2 396.6
========= ========= ==========
GROUP CASH FLOW STATEMENTS
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Jun 2003 Mar 2003
Net cash out flow from operating
activities (112.8) (93.4)
Net cash in (out) flow from
investing activities 3.3 (75.8)
Net cash out flow from financing
activities (103.9) (61.6)
--------- ---------
Net decrease in cash &
equivalents (213.4) (230.8)
Effect of exchange rate changes
on cash 49.1 (16.6)
Cash and equivalents at beginning
of period 505.6 753.0
--------- ---------
Cash and equivalents at end of
period 341.3 505.6
========= =========
GROUP BALANCE SHEETS
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Jun 2003 Mar 2003
ASSETS
Current assets 563.0 750.6
-------- ---------
Cash and equivalents 341.3 505.6
Receivables 160.8 171.1
Inventories 60.9 73.9
-------- ---------
Mining assets 655.2 681.4
-------- ---------
Cost 2 920.9 2 896.0
Accumulated depreciation
& amortization (2 265.7) (2 214.6)
Other assets 569.0 504.7
--------- ---------
Deferred income and mining
taxes 354.9 234.7
Non-current assets 214.1 270.0
--------- ---------
TOTAL ASSETS 1 787.2 1 936.7
========= =========
LIABILITIES & SHAREHOLDERS" EQUITY
Current liabilities 518.6 554.0
--------- ---------
Bank overdraft 26.8 12.6
Accounts payable and accrued
liabilities 372.8 385.7
Short term portion of long
term loans 117.9 152.5
Income and mining taxes 1.1 3.2
--------- ---------
Long term loans 41.9 44.2
Convertible loan note 464.1 499.4
Deferred financial liability 181.8 268.3
Provision-environmental
rehabilitation 184.2 178.6
Shareholders" equity 396.6 392.2
AUTHORISED
300 000 000 ordinary no par
value shares
5 000 000 cumulative preference
shares
ISSUED
184 222 073 ordinary no par
value shares
5 000 000 cumulative preference
shares --------- ---------
Stated capital 2 200.9 2 199.5
Additional paid in capital 86.7 76.7
Cumulative preference shares 0.5 0.5
Accumulated loss (1 903.5) (1 913.4)
Other comprehensive income 12.0 28.9
----------- ---------
Total liabilities &
shareholders" equity 1 787.2 1 936.7
=========== =========
US/SA GAAP RECONCILIATION
(R m)
Reconciliation of net profit Quarter Quarter
to SA GAAP Jun 2003 Mar 2003
Net profit determined under
US GAAP 9.9 24.3
Adjusted for:
Financial instruments (31.9) (10.1)
Accounting for business
combinations 0.4 0.3
Stock based compensation costs 10.0 9.7
Fair value adjustments on
investments 1.4 (16.7)
Deferred taxation on adjustments (3.2) 3.0
--------- ---------
Effect of US GAAP adjustments (23.3) (13.8)
--------- ---------
Net (loss)/profit determined under
SA GAAP (13.4) 10.5
========= =========
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.
KPMG"s unmodified review report on the condensed SA GAAP financial statements
contained in this voluntary announcement of annual results is available for
inspection at the company"s registered office.
GROUP INCOME STATEMENTS
FINANCIAL RESULTS (R m) (R m)
(Reviewed) Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Gold revenue 497.7 550.0 2 385.4
Cash operating costs (505.3) (517.5) (2 127.0)
-------- --------- ------------
Cash operating (loss)/profit (7.6) 32.5 258.4
Other expenses - net (7.2) (36.7) (72.4)
Business development (4.2) (1.6) (7.9)
Care and maintenance costs (3.3) (2.2) (9.3)
-------- --------- ------------
Cash(loss)/profit from operations (22.3) (8.0) 168.8
Retrenchment costs (11.6) (1.7) (13.6)
Investment income 18.8 27.3 80.0
Interest paid (20.5) (13.4) (44.4)
-------- --------- ------------
Net cash operating (loss)/profit (35.6) 4.2 190.8
Rehabilitation (5.5) (2.5) (13.1)
Depreciation (38.7) (18.8) (100.9)
Gain on financial instruments 60.2 115.0 396.9
Gold in process (3.4) (0.2) (7.0)
-------- --------- ------------
(Loss)/profit before taxation (23.0) 97.7 466.7
Loss from associate (27.8) (18.6) (40.9)
Taxation 0.9 0.1 0.8
Deferred taxation benefit/
(charge) 116.9 (68.7) (61.8)
-------- --------- ----------
Profit after taxation 67.0 10.5 364.8
Exceptional items (80.4) - 4.5
-------- --------- ----------
Net (loss)/profit (13.4) 10.5 369.3
======== ========= ==========
Headline earnings per share
(cents) 36.4 5.7 199.0
Basic (loss)/earnings per share
(cents) (7.3) 5.7 201.5
Calculated on the weighted
average ordinary shares
issued 184 091 468 183 708 812 183 300 665
Diluted headline
earnings per share (cents) 36.2 5.6 192.5
Diluted basic (loss)/earnings
per share (cents) (7.3) 5.6 194.7
RECONCILIATION OF HEADLINE EARNINGS
(R m) (R m)
Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Net (loss)/profit per income
statement (13.4) 10.5 369.3
Less: Profit of sale of
Investment (17.8) - (102.7)
Asset and investment
Impairment 98.2 - 98.2
------ ----- ------
Headline earnings 67.0 10.5 364.8
====== ====== ======
CHANGES IN SHAREHOLDERS" INTEREST
ABRIDGED (R m) (R m)
(Reviewed) Quarter Quarter 12 months to
Jun 2003 Mar 2003 Jun 2003
Shareholders" interest at the
beginning of the period 493.5 480.4 (144.0)
Share capital issued 6.8 (2.4) 241.7
--------- --------- ----------
- for cash - - 68.0
- for share options exercised 1.4 4.8 18.7
- for equity portion of
convertible note 5.4 (7.2) 155.0
--------- --------- ----------
Movement in retained income (13.4) 10.5 369.3
Currency adjustments and other (24.5) 5.0 (4.6)
--------- --------- ----------
Shareholders" interest at the
end of the period 462.4 493.5 462.4
========= ========= ==========
GROUP BALANCE SHEETS
ABRIDGED (R m)
(Reviewed) Quarter Quarter
Jun 2003 Mar 2003
Employment of Capital
Net mining assets 626.5 652.3
Investments 80.4 138.4
Environmental Trust funds 133.7 131.6
Deferred mining and income taxes 355.4 238.6
Current assets 563.0 750.6
--------- ---------
Inventories 60.9 73.9
Trade and other receivables 160.8 171.1
Cash and equivalents 341.3 505.6
--------- ---------
1 759.0 1 911.5
========= =========
Capital Employed
Shareholders" equity 462.4 493.5
Borrowings 412.0 417.1
Deferred financial liability 181.8 268.3
Rehabilitation 184.2 178.6
Other non-current liabilities 74.1 88.0
Current liabilities 444.5 466.0
--------- ---------
Trade and other payables 325.5 310.3
Current portion of borrowings 117.9 152.5
Taxation 1.1 3.2
--------- ---------
1 759.0 1 911.5
========= =========
GROUP CASH FLOW STATEMENTS
ABRIDGED (R m)
(Reviewed) Quarter Quarter
Jun 2003 Mar 2003
Net cash out flow from operating
activities (112.8) (93.4)
Net cash in (out) flow from
investing activities 3.3 (75.8)
Net cash out flow from financing
activities (103.9) (61.6)
Decrease in cash & equivalents (213.4) (230.8)
Translation adjustment 49.1 (16.6)
Opening cash and equivalents 505.6 753.0
--------- ---------
Closing cash and equivalents 341.3 505.6
========= =========
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:
MM Wellesley-Wood (Chairman and Chief Executive Officer)*
IL Murray (Chief Financial Officer and Deputy Chief Executive Officer)
Non-Executives:
MP Ncholo ; RP Hume ; GC Campbell* ; DC Baker**
Alternates:
A Lubbe ; D van der Mescht
Group Company Secretary: JH Dissel (Acting)
Date: 24/07/2003 08:00:52 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
