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DURBAN ROODEPOORT DEEP, LIMITED - REPORT TO SHAREHOLDERS
FOR THE 3rd QUARTER ENDED 31 MARCH 2004 OF THE 2004
FINANCIAL YEAR
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
2004 OF THE 2004 FINANCIAL YEAR
Group Results
(Unaudited)
Highlights
Cash operating profit up 35% (38% in Rand terms)
DRD delivers on growth despite flat Rand gold price
Healthy balance sheet ratios
North West Operation returns to profit
Australasian cash operating costs at US$208 per ounce
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Gold production
(attributable) oz 240 758 237 307 676 558
kg 7 488 7 381 21 043
Cash operating
costs US$/oz 318 330 340
R/kg 69 329 71 766 76 268
Gold price
received US$/oz 406 396 390
R/kg 88 577 86 032 87 118
Net profit/
(loss) -
US Gaap US$ m 9.7 (1.4) (13.5)
R m 64.7 (7.1) (104.5)
Capital
expenditure US$ m 5.9 8.1 18.7
R m 39.9 55.4 130.3
Stock
ISSUED CAPITAL
231 998 228 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed:
256 507 828
STOCK TRADED JSE ASX NASDAQ FRANKFURT
Avg. volume for the
quarter per day
(000) 119 6 4 869 143
% of issued stock
traded (annualised) 13% 1% 548% 16%
Price - High R 28.00 A$ 5.20 USD 4.10 Euro 3.16
- Low R 20.00 A$ 4.00 USD 2.98 Euro 2.46
- Close R 21.62 A$ 4.39 USD 3.51 Euro 2.81
Address details
REGISTERED OFFICE : 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 American Depository Receipts,
Services Ltd, The Bank of New York,
6 St. James" Place, Shareholders Relations Department,
London 101 Barclay Street,
SW IA INP New York, NY 10296
FORWARD LOOKING STATEMENTS
Some of the information in this release may contain
projections or other forward looking statements regarding
future events or other future financial performance,
including statements regarding the Blyvoor operation
reaching full capacity, the success of DRD"s takeover bid
of Emperor Mines Limited and its strategy, if its bid is
successful, to grow Emperor"s operations and for DRD"s
operations to experience continued growth. We wish to
caution you that these forward-looking statements are not
guarantees or predictions of future performance, and
involve known or unknown risks, uncertainties and other
factors, many of which are beyond our control and which
may cause actual events or results to differ materially
from those expressed in the statements contained in this
release. Factors that could cause or contribute to such
differences are discussed in the sections entitled `Risk
Factors" included in our annual report on Form 20-F for
the fiscal year ended 30 June 2003, which we filed with
the United States Securities and Exchange Commission on
30 December 2003 and is available on the SEC"s website at
www.sec.gov. We undertake no obligation to publicly
update or release results of any of these projections or
forward looking statements to reflect events or
circumstances after the date hereof or to reflect the
occurrence of unexpected results.
LETTER TO SHAREHOLDERS
Dear shareholder
Gold reached another high during the quarter under
review, touching US$432.75 per ounce on 22 March 2004, on
the back of the continued economic and geopolitical
uncertainty that we highlighted in our previous quarterly
report. Our belief in the gold price is underpinned by
these events, with the current erratic behaviour of the
metal symptomatic of these global pressures. Quarter on
quarter, the average Dollar gold price received was 2.5%
higher at US$406 per ounce and the Rand gold price was 3%
higher at R88 577 per kilogram. Gold production for the
quarter was steady at 240 758 ounces (previous quarter:
237 307 ounces). The Australasian operations delivered 73
014 ounces, representing an increase of 7.5% quarter on
quarter. Overall, the South African operations continued
to deliver, with the turnaround at the North West
Operations demonstrating sustainability.
Cash operating profit increased by a respectable 35% (38%
in Rand terms) to US$19.1 million (R130.4 million) from
US$14.1 million (R94.7 million) in the previous quarter.
At the South African operations, cash operating profit
doubled to US$4.6 million (R32.0 million) and at the
Australasian operations increased by 23% to US$14.5
million (R98.4 million) quarter on quarter.
Unit cash operating costs continued to improve quarter on
quarter reducing by 3.6% to US$318 per ounce and 3.4% to
R69 329 per kilogram.
South African operations
The North West Operations returned to profitability
during the quarter for the first time since the December
2002 quarter. Cash operating profit was US$4.3 million
(R28.9 million) compared to a cash operating loss in the
previous quarter of US$0.5 million (R3.9 million). Gold
production has been over 900 kilograms (28 900 ounces)
per month and average cash operating costs were US$357
per ounce (R77 859 per kilogram) for the quarter. This
result reflects the sustainability of the turnaround
since completing the 60-day review and subsequent
restructuring in September 2003.
The Blyvoor operation reported a decline in profit due to
a reduction in grade and a slow start up during the
commissioning phase of the slimes dam project. The grade
profile has been corrected through the implementation of
various operational initiatives, including a ground
breaking incentive scheme reached with rock drill
operators. The re-balancing of the slimes dam project has
been completed with gold output expected to reach full
capacity by the end of the current quarter. Average cash
operating costs for the quarter were US$398 per ounce
(R86 855 per kilogram).
Overall, the South African operations produced 144 775
ounces (previous quarter: 145 677 ounces). Average cash
operating costs were US$373 per ounce or R81 398 per
kilogram compared to the previous quarter of US$376 per
ounce or R81 697 per kilogram. This generated a cash
operating profit of US$4.6 million (R32.0 million)
compared to the previous quarter"s US$2.3 million (R15.4
million).
Australasian operations
Tolukuma continues to deliver outstanding results, with
production in excess of 7 000 ounces per month for
thirteen consecutive months. Cash operating costs for the
quarter were US$254 per ounce (R55 348 per kilogram).
Production for the quarter was marginally lower at 21 509
ounces compared to 21 767 in the previous quarter,
however there has been a dramatic increase in exploration
activity. A further outcrop of the Zine vein has been
identified containing a resource of nearly 50 000 ounces.
Capital expenditure of US$1.2 million was spent on mobile
plant and equipment, the Milaihamba project and
exploration.
The Porgera Joint Venture continued to deliver strong
results with a 12% increase in gold produced to 51 505
ounces from 46 136 ounces in the previous quarter.
Porgera was DRD"s lowest-cost producer for the quarter,
with unit cash operating costs down by 15% to US$189 per
ounce (R41 245 per kilogram). The offer to sell 25% of
DRD"s 20% stake in the Porgera Joint Venture to the
community-based Mineral Resources Enga (MRE), the local
landowners, will not proceed, after a number of
conditions precedent for the transaction were not
fulfilled.
The Australasian operations (excluding the 19.78% share
of Emperor Mines Limited) accounted for 73 014 ounces of
quarterly production or just under one third of DRD"s
production. Average cash operating costs were US$208 per
ounce (US$232 per ounce in the previous quarter) or R45
400 per kilogram (R50 460 per kilogram in the previous
quarter). Cash operating profit increased by 23% to
US$14.5 million (R98.4 million) for the quarter. During
the quarter, DRD launched a takeover bid for the
remaining 80.22% of Emperor Mines Limited. The offer is
valued at AUS$105 million and has been priced at a ratio
of one DRD share for five Emperor shares. The implied
premium on the day of the announcement was 32% over the
closing Emperor share price of the previous business day.
The offer closes (unless extended) on 14 May 2004 (7 pm
Sydney time). This acquisition is in line with our stated
strategy is to initially grow the Australasian operations
to 100 000 ounces of quarterly production at an average
cash operating cost below US$250 per ounce.
Crown/ERPM Joint Venture
DRD has a 40% interest in these entities, and manages and
operates them on behalf of the shareholders. Attributable
production decreased marginally to 22 969 ounces
(previous quarter: 23 727 ounces) at an average cash
operating cost of US$385 per ounce (R83 994 per
kilogram). Capital expenditure for the quarter of US$4.9
million (R33.4 million) - primarily funded by a loan from
the Industrial Development Corporation - was directed
towards ERPM"s Cason Dump reclamation project and the new
pumping facility at the Far East Vertical shaft. On 23
April, Crown Gold Recoveries, the holding company of
Crown and ERPM, announced that it was reassessing the
viability of ERPM"s underground operations, primarily as
a result of the impact of the strong Rand.
Capital raising
During the quarter, Investec Bank (Mauritius) Limited
exercised an option to acquire 10.2 million new DRD
ordinary shares at a 4.5% discount to the 10-day weighted
average share price. A total of R217.4 million (US$32.4
million) was raised. Part of the proceeds were used to
close out 180 000 ounces or 57% of the remaining 315 000
ounces under the Eskom "gold for electricity" contract.
The balance of 135 000 ounces covers the period January
2005 to September 2005.
An amount of US$2.0 million was invested to acquire the
controlling stake in one of the Internet-based gold
marketing company GoldMoney.com"s group of companies,
which translates into an indirect 14% stake in
GoldMoney.com.
Financial
Profit before taxation has increased from breakeven in
the previous quarter to US$10.7 million. Basic profit per
share rose to 4.2 US cents per share. Stockholder"s
equity has increased to US$135.7 million (R861.6 million)
from US$85.6 million (R570.5 million) in the previous
quarter. With the current ratio at 1.09 and the interest-
bearing debt (including the convertible bond) to
stockholders" equity down from 82% the previous quarter
to 52% this quarter, the balance sheet continues to
improve.
Cash and cash equivalents doubled from US$21.9 million
(R145.4 million) to US$47.9 million (R304.4 million),
quarter on quarter. Net cash inflow from operating
activities after changes in working capital was US$21.8
million (R147.9 million) in the current quarter compared
to US$1.5 million (R10.1 million) in the previous
quarter.
Outlook
Every operation in the DRD stable has now been the
subject of a successful turnaround. By recording
continued growth in the face of a flat gold price and a
strong Rand, our management has shown that, when this is
combined with a focussed acquisition strategy, there is
scope for adding further value to a mature asset
portfolio. We believe that we will continue to find
opportunities to drive this growth further.
Our balance of margin on current ounces of production and
leverage on increasing reserve life has now been
established. A weakening of the South African Rand would
be helpful for the margin, but we believe that it is no
longer a pre-requisite to sustaining our gold production.
MARK WELLESLEY-WOOD IAN MURRAY
Executive Chairman Chief Executive Officer and
Chief Financial Officer
28 April 2004
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), Tolukuma Gold Mines Limited, 20% of
the Porgera Joint Venture, and DRD Australasia 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 2003.
GROUP INCOME STATEMENTS - SA GAAP
FINANCIAL RESULTS (R m)
(Unaudited) Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Gold revenue 600.0 571.5 1 639.0
Cash operating
costs ( 469.6) ( 476.8) (1 434.9)
Cash operating
profit 130.4 94.7 204.1
Other expenses -
net ( 31.6) ( 23.5) ( 76.0)
Business
development ( 1.9) ( 1.1) ( 4.5)
Care and
maintenance costs ( 1.6) ( 2.2) ( 6.3)
Cash profit
from operations 95.3 67.9 117.3
Retrenchment costs ( 10.7) ( 5.3) ( 55.5)
Investment income 8.1 11.4 31.2
Interest paid ( 12.5) ( 13.0) ( 39.1)
Net cash operating
profit 80.2 61.0 53.9
Rehabilitation ( 3.7) ( 2.9) ( 9.3)
Depreciation ( 50.5) ( 41.5) ( 119.0)
Loss on derivative
instruments 16.8 ( 1.9) 10.3
Gold in process 20.6 ( 6.6) 5.1
Profit/(loss)before
taxation 63.4 8.1 ( 59.0)
Taxation ( 15.4) ( 4.6) ( 20.0)
Deferred taxation
benefit ( 9.4) 5.0 79.6
Profit after
taxation 38.6 8.5 0.6
Exceptional items 14.9 - 15.6
Net profit 53.5 8.5 16.2
Headline earnings
per share-cents 17.0 3.9 0.2
Basic earnings
per share-cents 23.5 4.0 7.6
Calculated on
the weighted average
ordinary shares
issued of : 227 024 097 216 388 899 211 481 242
Diluted headline
earnings/(loss)
per share-cents 11.7 ( 0.4) ( 6.5)
Diluted basic
earnings/(loss)
per share-cents 17.7 ( 0.4) 0.3
RECONCILIATION OF HEADLINE EARNINGS (R million)
Net profit per
income statement 53.5 8.5 16.2
Add: Asset and
investment
impairment 20.6 - 20.6
Less: Reversal
of asset impairment ( 35.5) - ( 36.2)
Headline earnings 38.6 8.5 0.6
GROUP BALANCE SHEETS - SA GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Mar 2004 Dec 2003
Employment of Capital
Net mining assets 1 041.1 1048.5
Investments 167.4 154.7
Environmental Trust funds 138.7 137.6
Deferred mining and income
taxes 368.0 372.0
Other non-current assets 204.2 191.4
Current assets 526.9 384.6
Inventories 107.0 111.8
Trade and other receivables 115.5 127.4
Cash and equivalents 304.4 145.4
2 446.3 2 288.8
Capital employed
Shareholders" equity 1 331.8 1 092.6
Borrowings 319.9 331.6
Derivative instruments (Eskom) 95.4 230.1
Rehabilitation 215.9 214.1
Other non-current liabilities 88.0 71.5
Current liabilities 395.3 348.9
Trade and other payables 352.6 305.8
Current portion of borrowings 42.7 43.1
2 446.3 2 288.8
CHANGES IN SHAREHOLDERS" INTEREST - SA GAAP
(Unaudited) (R m)
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Shareholders"
interest at the
beginning of
the period 1 092.6 891.2 456.1
Share capital
issued 220.2 161.0 864.6
- for acquisition
finance and cash 217.4 162.1 862.4
- for share
options exercised
and costs 2.8 ( 0.3) 3.2
- for equity
portion of
convertible
note - ( 0.8) ( 1.0)
Movement in
retained income 53.5 8.5 16.2
Currency
adjustments
and other ( 34.5) 31.9 ( 5.1)
Shareholders"
interest at the end
of the period 1 331.8 1 092.6 1 331.8
GROUP CASH FLOW STATEMENTS - SA GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Net cash in flow from operating
activities before working
capital changes 52.2 44.9 8.6
Working capital
changes 95. ( 34.8) 101.5
Net cash out flow from
investing
activities ( 53.7) ( 565.7) ( 608.9)
Net cash in flow
from financing
activities 69.4 104.2 500.8
Increase/(decrease)
in cash &
equivalents 163.6 ( 451.4) 2.0
Translation
adjustment ( 4.6) ( 14.8) ( 29.4)
Opening cash
and equivalents 145.4 611.6 331.8
Closing cash and
equivalents 304.4 145.4 304.4
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), Tolukuma Gold Mines Limited, 20% of
the Porgera Joint Venture, and DRD Australasia 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 2003.
GROUP INCOME STATEMENTS - US GAAP
FINANCIAL RESULTS (R m)
(Unaudited) Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Revenues
Product sales
(Gold revenue) 600.0 571.5 1 639.0
Cost and expenses ( 470.7) ( 502.9) (1 482.7)
Production
costs ( 487.6) ( 493.4) (1 478.5)
Movement in
gold in process 20.6 ( 6.6) 5.1
Movement in rehabilitation
provision ( 3.7) ( 2.9) ( 9.3)
Other operating expenses
Depreciation
and amortization ( 24.9) ( 39.0) ( 136.6)
Impairment
of assets (8.3) - ( 7.6)
Employment
termination costs ( 10.7) ( 5.3) ( 55.5)
Management and
consulting fees ( 3.1) ( 3.4) ( 9.9)
Profit/(loss)
on derivative
instruments 19.2 10.2 ( 0.3)
Administration
and general
charges ( 21.9) ( 23.2) ( 59.9)
Stock based
compensation
costs ( 4.2) ( 4.0) ( 11.8)
Administration
and general
charges ( 17.7) ( 19.2) ( 48.1)
Net operating
income/(loss) 79.6 7.9 ( 113.5)
Non-operating income
Interest and
dividends 8.1 11.4 31.2
Other income 3.1 3.4 12.7
Finance cost
Interest
expense ( 19.0) ( 22.1) ( 58.3)
Profit/(loss)
before taxation
and other items 71.8 0.6 ( 127.9)
Income and
mining tax expense ( 15.4) ( 4.6) ( 20.0)
Deferred taxation
benefit/
(expense) 8.3 ( 3.1) 43.4
Net profit/(loss)
applicable to
stockholders 64.7 ( 7.1) ( 104.5)
Basic profit/
(loss)per share
(cents) 28.5 ( 3.3) ( 49.4)
Diluted profit/
(loss) per share
(cents) 22.3 ( 3.3) ( 50.8)
US/SA GAAP RECONCILIATION
(R m)
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Net profit/(loss)
determined under
US GAAP 64.7 ( 7.1) ( 104.5)
Adjusted for:
Financial
instruments ( 0.5) 4.9 ( 0.8)
Depreciation
of mineral
rights and
assets ( 2.8) ( 2.8) 39.7
Accounting for
business
combinations 0.3 0.3 1.0
Stock based compensation
costs 4.2 4.0 11.8
Fair value
adjustment
on investments 5.3 1.1 32.8
Deferred taxation on
adjustments ( 17.7) 8.1 36.2
Effect of US GAAP
adjustments ( 11.2) 15.6 120.7
Net profit
determined under
SA GAAP 53.5 8.5 16.2
GROUP BALANCE SHEETS - US GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Mar 2004 Dec 2003
ASSETS
Current assets 526.9 384.6
Cash and cash equivalents 304.4 145.4
Receivables 115.5 127.4
Inventories 107.0 111.8
Mining assets 1 067.0 1 048.7
Cost 3 050.8 3 064.0
Accumulated depreciation &
amortization (1 983.8) (2 015.3)
Other assets 510.3 483.8
Deferred income and mining tax - -
Non-current assets 510.3 483.8
Total assets 2 104.2 1 917.1
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 483.3 420.4
Bank overdraft 36.2 22.3
Accounts payable and accrued
liabilities 404.4 355.0
Short-term portion of
long-term loans 42.7 43.1
Long-term loans 20.0 23.4
Convertible loan note 383.9 400.3
Derivative instruments (Eskom) 95.4 230.1
Deferred income and mining tax 44.1 58.3
Provision-environmental
rehabilitation 215.9 214.1
Stockholders" equity 861.6 570.5
Authorised
300 000 000 ordinary no par
value shares
5 000 000 cumulative preference
shares
Issued
231 998 228 ordinary no
par value shares
5 000 000 cumulative preference
shares
Stated capital and share
premium 3 066.5 2 846.3
Additional paid in capital 98.5 94.3
Cumulative preference shares 0.5 0.5
Accumulated loss (2 359.4) (2 424.1)
Other comprehensive income 55.5 53.5
Total liabilities & stockholders"
equity 2 104.2 1 917.1
CHANGES IN STOCKHOLDERS" EQUITY - US GAAP
(Unaudited) (R m)
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Stockholders"
equity at the
beginning of the
period 570.5 376.9 39.1
Share capital issued 224.4 165.8 877.4
- for acquisition
finance and
cash 217.4 162.1 862.4
- for share
options exercised
& issue expenses 2.8 ( 0.3) 3.2
- for stock based
compensation 4.2 4.0 11.8
Movement in retained
income 66.7 27.8 ( 54.9)
- profit/(loss)
applicable to
stockholders 64.7 ( 7.1) ( 104.5)
- mark-to-market
on investments 1.7 ( 4.3) 20.6
- foreign currency
adjustments
and other 0.3 39.2 29.0
Stockholders" equity
at the
end of the period 861.6 570.5 861.6
GROUP INCOME STATEMENTS - US GAAP
FINANCIAL RESULTS (US$ m)
(Unaudited) Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Revenues
Product sales
(Gold revenue) 88.4 84.7 235.9
Cost and expenses ( 69.4) ( 74.5) ( 212.3)
Production costs ( 71.9) ( 73.0) ( 211.7)
Movement in gold
in process 3.0 ( 1.1) 0.7
Movement in
rehabilitation
provision ( 0.5) ( 0.4) ( 1.3)
Other operating expenses
Depreciation
and amortization ( 3.6) ( 5.7) ( 19.0)
Impairment of
assets ( 1.2) - ( 1.1)
Employment
termination costs ( 1.6) ( 0.8) ( 7.8)
Management and
consulting fees ( 0.4) ( 0.5) ( 1.4)
Profit/(loss) on derivative
instruments 2.9 ( 0.2) ( 0.1)
Administration and
general charges ( 3.3) ( 2.3) ( 8.7)
Stock based
compensation costs ( 0.6) ( 0.6) ( 1.7)
Administration
and general
charges ( 2.7) ( 1.7) ( 7.0)
Net operating
income/(loss) 11.8 0.7 ( 14.5)
Non-operating income
Interest and
dividends 1.2 1.7 4.5
Other income 0.5 0.5 1.8
Finance cost
Interest expense ( 2.8) ( 3.3) ( 8.4)
Profit/(loss) before
taxation and
other items 10.7 ( 0.4) ( 16.6)
Income and mining
tax expense ( 2.2) ( 0.7) ( 2.9)
Deferred taxation
benefit/(expense) 1.2 ( 0.3) 6.0
Net loss applicable to
stockholders 9.7 ( 1.4) ( 13.5)
Basic profit/(loss)
per share
(cents) 4.2 ( 0.7) ( 6.4)
Diluted profit/(loss)
per share
(cents) 3.2 ( 0.7) ( 6.7)
GROUP CASH FLOW STATEMENTS
ABRIDGED (US$ m)
(Unaudited) Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Net cash generated
from operating
activities 7.7 6.6 2.4
Working capital
changes 14.1 ( 5.1) 14.5
Net cash used in
investing
activities ( 7.9) ( 83.6) ( 90.1)
Net cash generated
from financing
activities 10.2 15.4 69.6
Net increase/(decrease) in
cash & equivalents 24.1 ( 66.7) ( 3.6)
Effect of exchange rate
changes on cash 1.9 3.1 7.1
Cash and equivalents at
beginning of
period 21.9 85.5 44.4
Cash and equivalents at end
of period 47.9 21.9 47.9
GROUP BALANCE SHEETS - US GAAP
ABRIDGED (US$ m)
(Unaudited) Quarter Quarter
Mar 2004 Dec 2003
ASSETS
Current assets 82.9 57.9
Cash and cash equivalents 47.9 21.9
Receivables 18.2 19.2
Inventories 16.8 16.8
Mining assets 168.0 157.6
Cost 480.3 460.6
Accumulated depreciation &
amortization (312.3) ( 303.0)
Other assets 80.3 72.7
Deferred income and
mining tax - -
Non-current assets 80.3 72.7
Total assets 331.2 288.2
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 76.1 63.3
Bank overdraft 5.7 3.4
Accounts payable and accrued
liabilities 63.7 53.4
Short-term portion of
long-term loans 6.7 6.5
Long-term loans 3.1 3.5
Convertible loan note 60.4 60.2
Derivative instruments
(Eskom) 15.0 34.6
Deferred income and mining
tax 6.9 8.8
Provision-environmental
rehabilitation 34.0 32.2
Stockholders" equity 135.7 85.6
Authorised
300 000 000 ordinary no par
value shares
5 000 000 cumulative
preference shares
Issued
231 998 228 ordinary no par
value shares
5 000 000 cumulative
preference shares
Stated capital and share
premium 481.0 448.3
Additional paid in capital 39.4 38.8
Cumulative preference shares 0.1 0.1
Accumulated loss ( 353.9) ( 363.6)
Other comprehensive (loss)/
income ( 30.9) ( 38.0)
Total liabilities &
stockholders" equity 331.2 288.2
CHANGES IN STOCKHOLDERS" EQUITY - US GAAP
(Unaudited) (US$ m)
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Stockholders" equity
at the
beginning of the
period 85.6 53.8 5.2
Share capital issued 33.3 24.6 122.4
- for acquisition
finance
and cash 32.4 24.0 120.2
- for share options
exercised &
issue expenses 0.3 - 0.5
- for stock
based compensation 0.6 0.6 1.7
Movement in retained
income 16.8 7.2 8.1
- profit/(loss)
applicable to
stockholders 9.7 ( 1.4) ( 13.5)
- mark-to-market on
investments 0.3 ( 0.7) 3.2
- foreign currency
adjustments
and other 6.8 9.3 18.4
Stockholders" equity
at the end
of the period 135.7 85.6 135.7
NON-US GAAP FINANCIAL DATA
Quarter Quarter 9 months to
Mar 2004 Dec 2003 Mar 2004
Cash cost per ounce 318 330 340
Total cost per ounce 357 398 417
Total Costs and Cash Costs
Total costs is a non-U.S. GAAP measurement that
represents the full amount of costs incurred and
represents the difference between revenues from gold
bullion and related by-products delivered to refineries
and profits or losses before taxation and includes the
effects of any changes in accounting policy. Total costs
per ounce are calculated by dividing total costs by
ounces of gold produced.
Cash costs are costs incurred directly in the production
of gold and include labor costs, contractor and other
related costs, inventory costs and electricity costs.
Although described as "cash" costs, this measure is
computed under the accrual method of accounting required
under U.S. GAAP, but excludes certain non-cash amounts,
such as depletion, depreciation and amortization, which
are required to be included in measures compute
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