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HARMONY GOLD MINING COMPANY LIMITED - NOTICE OF FINAL DIVIDEND
HARMONY GOLD MINING COMPANY LIMITED
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE Securities Exchange South Africa HAR
New York Stock Exchange, Inc. HMY
London Stock Exchange plc HRM
Euronext Paris HG
Euronext Brussels HMY
Berlin Stock Exchange HAM1
NOTICE OF FINAL DIVIDEND
A dividend No. 79 of 30 cents per ordinary share being the final dividend for
the financial year ending 30 June 2004, has been declared payable on
6 September 2004 to those shareholders recorded in register in the books of the
company at the close of business on 3 September 2004.
The dividend is declared in the currency of the Republic of South Africa.
Dividend cheques will be posted and electronic funds transferred on or about
6 September 2004.
Any change in address or dividend instruction to apply to this dividend must be
received by the company`s transfer secretaries or registrar not later than
27 August 2004.
This announcement will be mailed to all registered holders on or about 9 August
2004.
SALIENT DATES
Last day to trade ordinary shares cum dividend 27 August
Ordinary shares trade ex dividend from 30 August
Record date 3 September
Payment due 6 September
Share certificates may not be dematerialised or rematerialised between Monday,
30 August 2004 and Friday,3 September 2004, both days inclusive.
By order of the Board
M P van der Walt
Company Secretary
Virginia
2 August 2004
OPERATING AND FINANCIAL RESULTS (Rand/metric)
Underground production - South Africa
FS FS Rand-
Growth Marginal Evander fontein
Ore milled - t`000 Jun-04 1 341 1 132 478 615
Mar-04 1 091 989 482 623
Gold produced - kg Jun-04 8 148 4 460 2 959 2 797
Mar-04 6 780 4 065 2 448 2 828
Yield - g/tonne Jun-04 6,08 3,94 6,19 4,55
Mar-04 6,21 4,11 5,08 4,54
Cash operating Jun-04 73 194 95 393 80 859 78 156
costs - R/kg Mar-04 71 029 92 668 89 919 82 825
Cash operating Jun-04 445 376 501 355
costs - R/tonne Mar-04 441 381 457 376
Working revenue Jun-04 663 484 361 238 239 843 222 388
(R`000) Mar-04 599 082 359 090 215 705 247 220
Cash operating Jun-04 596 387 425 452 239 263 218 602
costs (R`000) Mar-04 481 579 376 694 220 122 234 229
Cash operating Jun-04 67 097 (64 213) 580 3 786
profit (R`000) Mar-04 117 503 (17 604) (4 416) 12 990
Underground production - South Africa
Elands- Orkney/ Sub-
rand Welkom total
Ore milled - t`000 Jun-04 268 236 4 070
Mar-04 317 266 3 768
Gold produced - kg Jun-04 1 867 1 264 21 495
Mar-04 1 938 1 612 19 671
Yield - g/tonne Jun-04 6,97 5,36 5,28
Mar-04 6,11 6,06 5,22
Cash operating Jun-04 96 103 82 460 82 036
costs - R/kg Mar-04 86 706 69 708 80 984
Cash operating Jun-04 669 442 433
costs - R/tonne Mar-04 530 422 423
Working revenue Jun-04 154 083 104 431 1 745 467
(R`000) Mar-04 169 987 143 904 1 734 988
Cash operating Jun-04 179 423 104 229 1 763 356
costs (R`000) Mar-04 168 037 112 369 1 593 030
Cash operating Jun-04 (25 341) 202 (17 889)
profit (R`000) Mar-04 1 950 31 535 141 959
* The restructured shafts consist of the Deelkraal operations, Eland shaft
(part of Freegold operations), Orkney 3 and 6 shafts and Welkom 1 shaft.
OPERATING AND FINANCIAL RESULTS (Rand/metric)
Surface production -
South Africa
Free Rand- Sub-
State fontein total
Ore milled - t`000 Jun-04 1 549 569 2 118
Mar-04 1 741 557 2 298
Gold produced - kg Jun-04 678 159 837
Mar-04 795 150 945
Yield - g/tonne Jun-04 0,44 0,28 0,40
Mar-04 0,46 0,27 0,41
Cash operating Jun-04 90 449 77 748 88 037
costs R/kg Mar-04 76 825 82 847 77 781
Cash operating Jun-04 40 22 35
costs - R/tonne Mar-04 35 22 32
Working revenue Jun-04 55 966 12 964 68 930
(R`000) Mar-04 70 633 13 113 83 746
Cash operating Jun-04 61 325 12 362 73 687
costs (R`000) Mar-04 61 076 12 427 73 503
Cash operating Jun-04 (5 359) 602 (4 757)
profit (R`000) Mar-04 9 557 686 10 243
South Aus-
Opencast Africa tralia
Kalgold Total Total
Ore milled - t`000 Jun-04 379 6 567 1 137
Mar-04 315 6 381 1 061
Gold produced - kg Jun-04 664 22 996 2 216
Mar-04 488 21 104 2 295
Yield - g/tonne Jun-04 1,75 3,50 1,95
Mar-04 1,55 3,31 2,17
Cash operating Jun-04 75 693 82 071 68 948
costs R/kg Mar-04 95 777 81 182 77 280
Cash operating Jun-04 133 287 134
costs - R/tonne Mar-04 148 268 167
Working revenue Jun-04 52 762 1 867 159 187 700
(R`000) Mar-04 42 835 1 861 569 203 879
Cash operating Jun-04 50 260 1 887 303 152 790
costs (R`000) Mar-04 46 739 1 713 272 177 387
Cash operating Jun-04 2 502 (20 144) 34 910
profit (R`000) Mar-04 (3 904) 148 298 26 491
Harmony
including * Harmony
Restruct Restruct Total
Ore milled - t`000 Jun-04 268
Mar-04 329
Gold produced - kg Jun-04 25 212 1 161 26 373
Mar-04 23 399 1 336 24 735
Yield - g/tonne Jun-04 4,33
Mar-04 4,06
Cash operating Jun-04 80 918 132 146 83 173
costs R/kg Mar-04 80 801 118 760 82 851
Cash operating Jun-04 265 572 275
costs - R/tonne Mar-04 254 482 264
Working revenue Jun-04 2 054 859 95 677 2 150 536
(R`000) Mar-04 2 065 448 118 071 2 183 519
Cash operating Jun-04 2 040 093 153 421 2 193 514
costs (R`000) Mar-04 1 890 659 158 664 2 049 323
Cash operating Jun-04 14 766 (57 744) (42 978)
profit (R`000) Mar-04 174 789 (40 592) 134 197
* The restructured shafts consist of the Deelkraal operations, Eland shaft
(part of Freegold operations), Orkney 3 and 6 shafts and Welkom 1 shaft.
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
Quarter ended Quarter ended Quarter ended
30 June 31 March 30 June
2004 2004 2003
Ore milled - t`000 7 972 7 770 7 228
Gold produced - kg 26 373 24 735 21 992
Gold price received -
R/kg 81 543 88 277 83 770
Cash operating costs -
R/kg 83 173 82 852 75 433
R million R million R million
Gold sales 2 151 2 183 1 842
Cash operating costs 2 194 2 049 1 659
Cash operating
(loss)/profit (43) 134 183
Other income - net 40 62 61
Employment termination
and restructuring
costs (184) (14) (11)
Corporate, marketing,
new business
expenditure (32) (34) (38)
Exploration expenditure (21) (14) (24)
Income from associates 46 33 33
Loss on dilution of
ARM Limited (124) - -
Interest paid (99) (97) (86)
Depreciation and amor-
tisation (280) (251) (140)
Reversal/(provision)
for rehabilitation
costs 58 (12) 30
(Loss)/gain on
financial instruments (110) 48 220
Profit/(loss) on
foreign exchange 14 (11) (133)
Impairment of
investments and assets (75) - (598)
Loss before tax (810) (156) (503)
Current tax -
benefit/(expense) 30 11 (28)
Deferred tax - benefit 203 67 53
Net loss before
minority interests (577) (78) (478)
Minority interests 18 (3) -
Net loss (559) (81) (478)
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS
(Rand/metric) (unaudited) (continued)
Quarter ended Quarter ended Quarter ended
30 June 31 March 30 June
2004 2004 2003
R million R million R million
(Loss)/earnings per
share - cents *
- Basic loss (191) (31) (259)
- Basic
(loss)/earnings before
impairment (165) (31) 65
- Headline
(loss)/earnings (131) (16) 44
- Fully diluted loss ** (191) (31) (259)
Dividends per share -
(cents)
- Interim - 40 -
- Proposed final 30 - 150
Prepared in accordance with Inter national Financial Reporting Standards.
* Calculated on weighted number of shares in issue at quarter end
June 2004: 292.9 million (March 2004: 258.4 million) (June 2003:
184.3 million).
** Calculated on weighted average number of diluted shares in issue at
quarter end June 2004: 293.2 million (March 2004: 257.0 million)
(June 2003: 184.3 million).
Reconciliation of headline (loss)/earnings:
Net loss (559) (81) (478)
Adjustments:
- Profit on sale of assets (44) (2) (38)
- Profit on disposal of Kalplats (39) - -
- Profit on disposal of Bissett (1) - -
- Loss on dilution of ARM Limited 163 - -
- Amortisation of goodwill 21 42 -
- Impairment of mining assets - - 598
- Impairment of Bendigo 75 - -
Headline (loss)/earnings (384) (41) 82
TOTAL OPERATIONS - ANNUAL FINANCIAL RESULTS (Rand/metric)
Year ended Year ended Year ended
30 June 30 June 30 June
2004 2003 2004
Pro forma
including ARMgold
in September
2003 Quarter
Ore milled - t`000 30 781 28 238 32 519
Gold produced - kg 103 127 93 054 110 547
Gold price received - R/kg 85 219 96 663 85 317
Cash operating costs - R/kg 79 599 71 146 79 029
R million R million R million
(reviewed) (audited) (unaudited)
Gold sales 8 788 8 995 9 432
Cash operating costs 8 208 6 621 8 736
Cash operating profit 580 2 374 695
Other income - net 231 287 283
Employment termination and
restructuring costs (230) (47) (238)
Corporate, marketing, new
business expenditure (160) (144) (172)
Exploration expenditure (83) (75) (83)
Income from associates 54 57 50
Profit/(loss) on sale and
dilution of listed
investments 398 (54) 398
Interest paid (389) (321) (418)
Depreciation and amor-
tisation (919) (582) (943)
Reversal/(provision) for
rehabilitation costs 18 (5) 11
(Loss)/gain on financial
instruments (223) 440 (223)
Loss on listed investments - (9) -
Loss on foreign exchange (2) (192) (2)
Impairment of investments
and assets (88) (812) (88)
(Loss)/income before tax (813) 917 (729)
Current tax - expense (60) (294) (78)
Deferred tax - benefit 354 20 345
Net (loss)/income before
minority interests (519) 643 (461)
Minority interests (4) (4) (4)
Net (loss)/income (523) 639 (466)
TOTAL OPERATIONS - ANNUAL FINANCIAL RESULTS (Rand/metric) (continued)
Year ended Year ended Year ended
30 June 30 June 30 June
2004 2003 2004
Pro forma
including ARMgold
in September
2003 Quarter
R million R million R million
(reviewed) (audited) (unaudited)
(Loss)/earnings per share -
cents *
- Basic (loss)/earnings (206) 359 (193)
- Basic (loss)/earnings
before impairment (172) 815 (157)
- Headline (loss)/earnings (287) 781 (319)
- Fully diluted
(loss)/earnings ** (205) 359 (192)
Dividends per share -
(cents)
- Interim 40 125 40
- Proposed final 30 150 30
Prepared in accordance with Inter national Financial Reporting Standards.
* Calculated on weighted number of shares in issue at year ended
June 2004: 253.6 million (June 2003: 178.0 million).
** Calculated on weighted average number of diluted shares
in issue year ended June 2004: 254.9 million (June 2003:
178.3 million).
Reconciliation of headline
(loss)/earnings:
Net (loss)/earnings (523) 639 (466)
Adjustments:
- Profit on sale of assets (58) (61) (60)
- Profit on disposal of
Highland and High
River-net of tax (464) - (464)
- Profit on disposal of Kalplats (39) - (39)
- Profit on disposal of Bissett (1) - (1)
- Loss on dilution of ARM Limited 163 - 163
- Amortisation of goodwill 105 - 105
- Impairment of mining assets - 598 -
- Impairment of Bendigo and
other investments 88 - 88
Headline (loss)/earnings (729) 1 176 (673)
ABRIDGED BALANCE SHEET AT 30 JUNE 2004 (Rand)
At 30 June 2004 At 31 March 2004 At 30 June 2003
R million R million R million
(reviewed) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant
and equipment 22 244 14 821 9 969
Investments 2 612 1 130 868
Investments in
associates 124 2 604 1 398
Intangible assets 2 267 2 761 -
27 247 21 316 12 235
Current assets
Inventories 531 455 454
Receivables 860 452 771
Cash and cash
equivalents 1 413 2 337 1 687
2 804 3 244 2 912
Total assets 30 051 24 560 15 147
EQUITY AND
LIABILITIES
Share capital and
reserves
Issued capital 21 166 14 678 6 874
Fair value and
other reserves (1 462) (376) (242)
Retained earnings 1 078 1 636 1 996
20 782 15 938 8 628
Minority interest - 147 120
Non-current
liabilities
Long-term
borrowings* 2 846 2 795 2 415
Net deferred
taxation
liabilities 2 660 2 706 1 534
Net deferred
financial
liabilities 570 299 283
Long-term
provisions 798 852 633
6 874 6 652 4 865
Current liabilities 2 395 1 823 1 534
Total equity and
liabilities 30 051 24 560 15 147
Number of ordinary
shares in issue 320 741 577 258 469 684 184 854 115
Net asset value
per share (cents) 6,479 6,223 4,732
Basis of accounting
The unaudited results for the quarter and the year have been prepared on the
International Financial Reporting Standards (`IFRS`) basis. These consolidated
statements are prepared in accordance with IFRS 34, Interim Financial Repor-
ting. The accounting policies are consistent with those applied in the previous
financial year.
Audit review
The year end results have been reviewed in terms of Rule 3.23 of the Listing
Requirements of the JSE Securities Exchange South Africa by the company`s
auditors, PricewaterhouseCoopers Inc. The unqualified review opinion is
available on request from the Company Secretary.
* The issue of the convertible bonds was offset by the payment of outstanding
long-term loans.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE 12 MONTHS ENDED 30 JUNE 2004
Issued Fair value
share and other
capital reserves
R million R million
(Reviewed)
Balance as 1 July 2003 6 874 (242)
Issue of share capital 14 292 -
Currency translation adjustment and other - (1 220)
Net earnings - -
Dividends paid - -
Balance at 30 June 2004 21 166 (1 462)
(Audited)
Balance at 1 July 2002 5 547 88
Issue of share capital 1 327 -
Currency translation adjustment and other - (330)
Net earnings - -
Dividends paid - -
Balance at 30 June 2003 6 874 (242)
Retained
earnings Total
R million R million
(Reviewed)
Balance as 1 July 2003 1 996 8 628
Issue of share capital - 14 292
Currency translation adjustment and other - (1 220)
Net earnings (523) (524)
Dividends paid (395) (395)
Balance at 30 June 2004 1 078 20 782
(Audited)
Balance at 1 July 2002 2 328 7 963
Issue of share capital - 1 327
Currency translation adjustment and other - (330)
Net earnings 639 639
Dividends paid (971) (971)
Balance at 30 June 2003 1 996 8 628
Issued Fair value
share and other
capital reserves
US$ million US$ million
(Unaudited)
Balance at 1 July 2003 1 104 (39)
Issue of share capital 2 295 -
Currency translation adjustment and other - (196)
Net earnings - -
Dividends paid - -
Balance at 30 June 2004 3 399 (235)
(Unaudited)
Balance at 1 July 2002 739 12
Issue of share capital 176 -
Currency translation adjustment and other - (44)
Net earnings - -
Dividends paid - -
Balance at 30 June 2003 915 (32)
Retained
earnings Total
US$ million US$ million
(Unaudited)
Balance at 1 July 2003 321 1 386
Issue of share capital - 2 295
Currency translation adjustment and other - (196)
Net earnings (85) (85)
Dividends paid (63) (63)
Balance at 30 June 2004 173 3 337
(Unaudited)
Balance at 1 July 2002 310 1 061
Issue of share capital - 176
Currency translation adjustment and other - (44)
Net earnings 85 85
Dividends paid (129) (129)
Balance at 30 June 2003 266 1 149
Balances translated at closing rates of: June 2004: US$1 = R6.23 (June 2003:
R7.51).
SUMMARISED CASH FLOW STATEMENT
FOR THE THREE MONTHS ENDED 30 JUNE 2004
Three Three
months months
ended ended
31 March 30 June
2004 2004
US$ million US$ million
(unaudited) (unaudited)
Cash flow from operating activities (10) (82)
Cash flow from investing activities
Cash held by subsidiaries at acquisition - -
Net proceeds on disposal of listed investments 2
Net additions to property, plant and equipment (33) (10)
Other investing activities - (87)
Cash utilised by investing activities (33) (95)
Cash flow from financing activities
Long-term loans - net (13) 72
Ordinary shares issued - net of expenses 1 (11)
Dividends paid (15) -
Cash generated/(utilised) by financing
activities (27) 61
Foreign currency translation adjustments 9 (27)
Net decrease in cash and equivalents (61) (143)
Cash and equivalents - beginning of quarter 431 370
Cash and equivalents - end of quarter 370 227
Three Three
months months
ended ended
30 June 31 March
2004 2004
R million R million
(unaudited) (unaudited)
Cash flow from operating activities (564) (68)
Cash flow from investing activities
Cash held by subsidiaries at acquisition 1 -
Net proceeds on disposal of listed investments 14 -
Net additions to property, plant and equipment (71) (228)
Other investing activities (600) -
Cash utilised by investing activities (656) (228)
Cash flow from financing activities
Long-term loans - net 498 (92)
Ordinary shares issued - net of expenses (76) 5
Dividends paid - (103)
Cash generated/(utilised) by financing
activities 422 (190)
Foreign currency translation adjustments (126) (65)
Net decrease in cash and equivalents (924) (551)
Cash and equivalents - beginning of quarter 2 337 2 888
Cash and equivalents - end of quarter 1 413 2 337
Operating activities translated at average rates of: June 2004 quarter: US$1 =
R6.60 (March 2004 quarter: R6.77).
Closing balance translated at closing rates of: June 2004: US$1 = R6.23
(December 2003: R6.32).
SUMMARISED CASH FLOW STATEMENT
FOR THE 12 MONTHS ENDED 30 JUNE 2004
12 12
months months
ended ended
30 June 30 June
2003 2004
US$ million US$ million
(unaudited) (unaudited)
Cash flow from operating activities 144 (72)
Cash flow from investing activities
Cash held by subsidiaries at acquisition 9 106
Net proceeds on disposal of listed investments 96 146
Net additions to property, plant and equipment (102) (97)
Other investing activities (112) (87)
Cash generated/(utilised) by investing
activities (109) 68
Cash flow from financing activities
Long-term loans - net (52) 50
Ordinary shares issued - net of expenses 140 -
Dividends paid (106) (57)
Cash utilised by financing activities (18) (7)
Foreign currency translation adjustments 69 13
Net (decrease)/increase in cash and equivalents 86 2
Cash and equivalents - 1 July 139 225
Cash and equivalents - 30 June 225 227
12 12
months months
ended ended
30 June 30 June
2004 2003
R million R million
(reviewed) (unaudited)
Cash flow from operating activities (498) 1 317
Cash flow from investing activities
Cash held by subsidiaries at acquisition 730 79
Net proceeds on disposal of listed investments 1 008 876
Net additions to property, plant and equipment (669) (935)
Other investing activities (600) (1 025)
Cash generated/(utilised) by investing activities 469 (1 005)
Cash flow from financing activities
Long-term loans - net 343 (477)
Ordinary shares issued - net of expenses 2 1 275
Dividends paid (395) (968)
Cash utilised by financing activities (50) (170)
Foreign currency translation adjustments (195) 104
Net (decrease)/increase in cash and equivalents (274) 246
Cash and equivalents - 1 July 1 687 1 441
Cash and equivalents - 30 June 1 413 1 687
Operating activities translated at average rates of: June 2004: US$1 = R6,89
(June 2003: R9,13).
Closing balance translated at closing rates of: June 2004: US$1 = R6,23 (June
2003: R7,51).
CONTACT DETAILS
Harmony Gold Mining Company Limited
Corporate Office
Suite No. 1
Private Bag X1
Melrose Arch, 2076
South Africa
First Floor
4 The High Street
Melrose Arch, 2196
Johannesburg
South Africa
Telephone: +27 11 684 0140
Fax: +27 11 684 0188
Website: http://www.harmony.co.za
Directors
P T Motsepe (Chairman)
Z B Swanepoel (Chief Executive)
F Abbott, F Dippenaar, V N Fakude, T S A Grobicki
W M Gule, D S Lushaba, R P Menell, M Motloba, Dr M Z Nkosi
M F Pleming, N Qangule, Lord Renwick of Clifton KCMG*
C M L Savage
*British
Investor Relations
Ferdi Dippenaar
Marketing Director
Telephone: +27 11 684 0140
Fax: +27 11 684 0188
E-mail: fdippenaar@harmony.co.za
Corne Bobbert
Investor Relations Officer
Telephone: +27 11 684 0146
Fax: +27 11 684 0188
E-mail: cbobbert@harmony.co.za
Marian van der Walt
Company Secretary
Telephone: +27 11 411 2037
Fax: +27 11 411 2398
E-mail: mvanderwalt@harmony.co.za
South African Share Transfer Secretaries
Ultra Registrars (Pty) Ltd
PO Box 4844
Johannesburg, 2000
Telephone: +27 11 832 2652
Fax: +27 11 834 4398
United Kingdom Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: +44 870 162 3100
Fax: +44 208 639 2342
ADR Depositary
The Bank of New York
101 Barclay Street
New York, NY 10286
United States of America
Telephone: +1888-BNY ADRS
Fax: +1 212 571 3050
Trading Symbols
JSE Securities Exchange South Africa HAR
New York Stock Exchange, Inc. HMY
London Stock Exchange plc HRM
Euronext Paris HG
Euronext Brussels HMY
Berlin Stock Exchange HAM1
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
Date: 02/08/2004 08:00:28 AM
Produced by the JSE SENS Department
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