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DRD - Abridged Report And Notice Of Annual General Meeting
Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
Share code: DUR
ISIN: ZAE000015079
(ARBN number 086 277 616)
(NASDAQ Trading Symbol: DROOY)
(`DRD` or `the company)
ABRIDGED REPORT AND NOTICE OF ANNUAL GENERAL MEETING
ABRIDGED REPORT TO SHAREHOLDERS FOR THE YEAR ENDED 30 JUNE 2004
Further to the reviewed preliminary results published on 10 August 2003 relating
to the financial year ended 30 June 2004, shareholders are advised that the
annual report will be posted to shareholders on 30 September 2003.
The financial statements below are prepared on the historical cost basis as
modified by the revaluation of certain financial instruments 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 except for the
adoption of IFRS3 (AC140) - Business Combinations which was applied to business
combinations for which the agreement date was on or after 31 March 2004.
KPMG`s unmodified audit report on the abridged 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 2004 JUNE 2003
(Audited) (R 000) (R 000)
Revenue 2 192 142 2 408 598
Cost of sales (2 221 597) (2 316 688)
----------- -----------
Operating profit (29 455) 91 910
(Loss)/profit on financial
instruments (22 289) 370 199
Profit on sale of subsidiary - 89 333
Impairments (108 770) (133 001)
Administration and general costs (170 472) (61 087)
----------- -----------
(Loss)/profit from operations (330 986) 357 354
Investment income 130 849 99 998
Finance costs (41 935) ( 39 498)
Loss from associate - ( 43 674)
----------- -----------
(Loss)/profit before taxation (242 072) 374 180
Taxation charge (474 312) (3 275)
----------- -----------
(Loss)/profit after taxation (716 384) 370 905
Minority interest 46 -
----------- -----------
(Loss)/profit for the year
attributable to ordinary
shareholders ( 716 430) 370 905
=========== ===========
Basic (loss)/profit per ordinary
share (cents) (331) 202
Headline (loss)/profit per
ordinary share (cents) (328) 171
Calculated on the weighted average
ordinary shares 216 509 843 183 300 665
Diluted basic (loss)/profit per
ordinary share (cents) (331) 198
Diluted headline (loss)/profit per
ordinary share (cents) (328) 170
Calculated on the weighted
average ordinary shares 234 731 556 201 071 734
RECONCILIATION OF HEADLINE (LOSS)/PROFIT
Net (loss)/profit per
income statement ( 716 430) 370 905
Less: Profit of sale of
subsidiary - (89 333)
Loss/(profit) on sale of mining
assets 382 ( 15 663)
Add: Impairment of mining assets
and goodwill 5 253 48 029
----------- -----------
Headline (loss)/profit ( 710 795) 313 938
=========== ===========
RESTATEMENT OF HEADLINE EARNINGS PER SHARE AND DILUTED HEADLINE EARNINGS PER
SHARE
JUNE 2004 JUNE 2003
(Cents) (Cents)
Headline (loss)/profit per ordinary
share as previously reported (284) 217
Adjustment for impairment of loans
in associates to comply with
Circular 07/02 issued by SAICA (44) (46)
Headline (loss)/profit per ordinary
share as restated (328) 171
Diluted headline (loss)/profit per
ordinary share as previously reported (284) 211
Adjustment for impairment of loans
in associates to comply with
Circular 07/02 issued by SAICA (44) (41)
Diluted headline (loss)/profit per
ordinary share as restated (328) 170
CHANGES IN SHAREHOLDERS` INTEREST ABRIDGED
(Audited)
Shareholders` interest at the
beginning of the year 456 066 438 022
Change in accounting policy
- adoption of AC 133 - (581 979)
Share capital issued:
- for cash 775 653 68 027
- for staff options exercised
and expenses 2 197 18 690
- for acquisitions 106 768 -
- for equity portion of
convertible note ( 1 019) 155 023
Movement in retained income ( 716 430) 370 905
Currency adjustments ( 59 178) (12 622)
----------- -----------
Shareholders` interest at the
end of the year 564 057 456 066
=========== ===========
GROUP BALANCE SHEETS AS AT JUNE 2004 JUNE 2003
(Audited) (R 000) (R 000)
Employment of Capital
Mining assets 956 051 578 528
Non-current investments 235 723 205 838
Non-current inventories 200 836 -
Non-current accounts receivable - 5 277
Deferred mining and income taxes - 414 295
Derivative instruments 51 569 49 025
Current assets 358 999 563 748
---------- ----------
Inventories 103 493 59 100
Trade and other receivables 114 612 172 551
Taxation - 277
Cash and equivalents 140 894 331 820
---------- ----------
Total assets 1 803 178 1 816 711
========== ==========
Capital Employed
Shareholders` equity 564 057 456 066
Minority shareholders` interest 5 833 -
Long-term liabilities 308 992 387 478
Deferred mining and income taxes 132 455 -
Derivative instruments 83 406 244 423
Provision for environmental
rehabilitation 245 392 183 965
Current liabilities 463 043 544 779
---------- ----------
Trade and other payables 300 867 300 002
Short-term liabilities 58 450 142 435
Provision 82 869 73 232
Taxation 9 384 -
Bank overdraft 11 473 29 110
---------- ----------
Total equity and liabilities 1 803 178 1 816 711
========== ==========
GROUP CASH FLOW STATEMENTS
FOR THE YEAR ENDING JUNE 2004 JUNE 2003
(Audited) (R 000) (R 000)
Net cash out flow
from operating activities ( 172 157) ( 391 378)
Net cash outflow from investing
activities ( 661 919) ( 78 051)
Net cash in flow
from financing activities 660 705 530 323
---------- -----------
Net (decrease)/increase in cash
and cash equivalents ( 173 371) 60 894
Opening cash and equivalents 302 710 241 816
Foreign exchange movements 82 -
---------- -----------
Closing cash and cash equivalents 129 421 302 710
========== ===========
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of DRD shareholders will
be held at 09:00 (South African time) on Friday, 26 November 2004 at 45 Empire
Road, Parktown, Johannesburg to transact such business as is set out in the
notice of annual general meeting that has been issued together with the annual
report for the year ended 30 June 2004.
30 September 2004
Johannesburg
Sponsor
Standard Bank
Date: 30/09/2004 02:38:13 PM
Produced by the JSE SENS Department
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