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DURBAN ROODEPOORT DEEP, LIMITED - ABRIDGED REPORT AND NOTICE OF ANNUAL
GENERAL MEETING
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
("DRD")
ABRIDGED REPORT AND NOTICE OF ANNUAL GENERAL MEETING
1. ABRIDGED REPORT TO SHAREHOLDERS FOR THE YEAR ENDED 30 JUNE 2003
Further to the reviewed preliminary results published on 24 July 2003
relating to the financial year ended 30 June 2003, shareholders are
advised that the annual report will be posted to shareholders on or
about 30 September 2003 and contains no modifications to such abridged
results in this report.
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 audit report on the annual SA GAAP financial
statements contained in this announcement of annual results is
available for inspection at the company"s registered office.
GROUP INCOME STATEMENTS
INCOME STATEMENTS
FOR THE YEAR ENDING: JUNE 2003 JUNE 2002
(Audited) (R 000) (R 000)
Revenue 2 408 598 2 638 994
Cost of sales (2 316 688) (2 360 853)
----------- -----------
Operating profit 91 910 278 141
Profit/(loss)on financial
instruments 370 199 ( 836 996)
Profit on sale of subsidiary 89 333 -
Asset impairment and diminution
in investments ( 133 001) ( 21 996)
Administration and general costs ( 61 087) ( 142 833)
----------- -----------
Profit/(loss)from operations 357 354 ( 723 684)
Investment income 99 998 55 664
Finance costs ( 39 498) ( 24 209)
Loss from associate ( 43 674) -
----------- -----------
Profit/(loss)before taxation 374 180 ( 692 229)
Taxation (charge)/benefit ( 3 275) 181 695
----------- -----------
Profit/(loss) after taxation 370 905 ( 510 534)
=========== ===========
Basic profit/(loss)per ordinary
share (cents) 202 (316)
Headline profit/(loss)per
ordinary share (cents) 217 (315)
Calculated on the weighted average
ordinary shares in issue 183 300 665 167 307 436
Diluted basic profit/(loss)per
ordinary share (cents) 198 (305)
Diluted headline profit/(loss)per
ordinary share (cents) 211 (304)
Calculated on the weighted
average diluted ordinary shares
in issue 201 071 734 167 307 436
RECONCILIATION OF HEADLINE PROFIT/(LOSS)
Profit/(loss)per income statement 370 905 ( 510 534)
Less: Profit of sale of
subsidiary ( 89 333) -
Profit on sale of
investments ( 1 376) ( 17 448)
Profit on sale of mining
assets ( 15 663) ( 3 360)
Add: Impairment of assets and
investments 133 001 21 996
----------- -----------
Headline profit/(loss) 397 534 ( 509 346)
=========== ===========
CHANGES IN SHAREHOLDERS" INTEREST
ABRIDGED
(Audited)
Shareholders" interest at the
beginning of the year 438 022 439 361
Change in accounting policy
- adoption of AC 133 ( 581 979) -
Share capital issued:
- for cash 68 027 445 558
- for staff options exercised
and expenses 18 690 57 012
- for equity portion of
convertible note and expenses 155 023 -
Movement in retained income 370 905 ( 510 534)
Translation differences ( 12 622) 6 625
----------- -----------
Shareholders" interest at the
end of the year 456 066 438 022
=========== ===========
RECONCILIATION BETWEEN ABRIDGED FINANCIAL RESULTS
AND PRELIMINARY RESULTS PUBLISHED 24 JULY 2003.
Profit after taxation per preliminary results 369 282
Adjusted for:
- Impairment of assets ( 35 503)
- Deferred tax adjustments 58 096
- Depreciation adjustment ( 2 712)
- Fair value adjustment on financial
derivatives ( 13 581)
- Foreign currency movements ( 2 054)
- Loss from associate ( 2 623)
-----------
Profit after taxation per abridged results 370 905
===========
Basic profit per ordinary share per
preliminary results 202
Impact of adjustments on profit -
Basic profit per ordinary share per
abridged results 202
Headline profit per ordinary share per
preliminary results 199
Impact of adjustments on headline profit 18
Headline profit per ordinary share per
abridged results 217
GROUP BALANCE SHEETS AS AT: JUNE 2003 JUNE 2002
(Audited) (R 000) (R 000)
Employment of Capital
Mining assets 578 528 771 885
Non-current investments and other
assets 205 838 144 318
Non-current receivable 5 277 -
Deferred mining and income taxes 414 295 238 258
Derivative financial assets 49 025 -
Current assets 563 748 460 637
---------- ----------
Inventories 59 100 86 661
Trade and other receivables 172 551 126 644
Taxation 277 -
Cash and equivalents 331 820 247 332
---------- ----------
Total assets 1 816 711 1 615 098
========== ==========
Capital Employed
Shareholders" equity 456 066 438 022
Borrowings 387 478 263 071
Deferred mining and income taxes - 69 964
Derivative financial liability 244 423 -
Provision for environmental
rehabilitation 183 965 193 376
Current liabilities 544 779 650 665
---------- ----------
Trade and other payables 373 234 475 586
Current portion of borrowings 142 435 165 561
Taxation - 4 002
Bank overdraft 29 110 5 516
---------- ----------
Total equity and liabilities 1 816 711 1 615 098
========== ==========
Note: The change in borrowings compared the preliminary results dated
24 July 2003 is due to re-classification of long and short-term
portion of borrowings.
GROUP CASH FLOW STATEMENTS
FOR THE YEAR ENDING: JUNE 2003 JUNE 2003
(Audited) (R 000) (R 000)
Net cash outflow
from operating activities ( 391 378) ( 612 180)
Net cash (outflow)/inflow
from investing activities ( 78 051) 46 173
Net cash inflow
from financing activities 530 323 694 371
---------- -----------
Net increase in cash & equivalents 60 894 128 364
Opening cash and equivalents 241 816 113 452
---------- -----------
Closing cash and equivalents 302 710 241 816
========== ===========
2. NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of DRD
shareholders will be held at 45 Empire Road, Parktown, Johannesburg
on 28 November 2003 at 09:00 to transact business as set out in the
notice of annual general meeting forming part of the annual report.
30 September 2003
Johannesburg
Sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Date: 30/09/2003 08:00:09 AM Produced by the JSE SENS Department
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