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HARMONY - REVIEW FOR THE QUARTER ENDED 31 DECEMBER 2004
HARMONY GOLD MINING COMPANY LIMITED
Registration number 1950/038232/06Incorporated in the Republic of South Africa
ISIN: ZAE000015228
Trading Symbols
JSE Securities Exchange South Africa HARNew York Stock Exchange, Inc. HMY
London Stock Exchange plc HRM
Euronext Paris HG
Euronext Brussels HMYBerlin Stock Exchange HAM1
REVIEW FOR THE QUARTER ENDED 31 DECEMBER 2004
Operating and Financial Results (Rand/Metric)
Harmony Gold Mine Co. Ltd Underground production - South Africa Leve-
Quality Growth raged
Ounces Projects Ounces Sub total
Ore milled -t`000 Dec-04 1,815 360 1,426 3,601
Sep-04 1,929 386 1,708 4,023
Gold produced
- kg Dec-04 11,676 2,022 6,956 20,654 Sep-04 12,323 2,015 7,755 22,093
Yield -
g/tonne Dec-04 6.43 5.62 4.88 5.74
Sep-04 6.39 5.22 4.54 5.49Cash
operating
costs - R/kg Dec-04 65,224 93,376 98,600 79,222
Sep-04 66,118 101,121 93,430 78,897Cash operating
costs -
R/tonne Dec-04 420 524 481 454
Sep-04 422 528 424 433Working revenue
(R`000) Dec-04 979,664 169,677 584,249 1,733,590
Sep-04 1,028,768 167,492 642,886 1,839,146
Cash operatingcosts (R`000) Dec-04 761,558 188,806 685,859 1,636,223
Sep-04 814,772 203,759 724,549 1,743,080
Cash operating
profit(R`000) Dec-04 218,106 (19,129) (101,610) 97,367
Sep-04 213,996 (36,267) (81,663) 96,066
Capital
expenditure(R`000) Dec-04 50,790 106,448 13,214 170,452
Sep-04 47,384 92,227 21,566 161,177
Quality Ounces - Evander Shafts, Randfontein Cooke Shafts, Target, Tshepong,
MasimongGrowth Projects - Doorkop shaft and South Reef Project, Elandsrand shaft and
New Mine Project, Phakisa shaft, Tshepong Decline Project
Leveraged Ounces - Bambanani, Joel, Kudu/Sable, West, Nyala, St Helena,
Harmony 2, Merriespruit 1 and 3, Unisel, Brand 3 and 5, Saaiplaas 3, Evander 9,Orkney 2 and 4
OPERATING AND FINANCIAL RESULTS (Rand/metric)
South Africa South Africa Australia Harmony
Surface Total Total TotalOre milled -
t`000 Dec-04 1,334 4,935 981 5,916
Sep-04 1,591 5,614 950 6,564
Gold produced -kg Dec-04 1,454 22,108 2,496 24,604
Sep-04 1,297 23,390 2,432 25,822
Yield - g/tonne Dec-04 1.09 4.48 2.54 4.16
Sep-04 0.82 4.17 2.56 3.93Cash operating Dec-04 80,183 79,284 60,859 77,415
costs - R/kg Sep-04 83,791 79,169 65,494 77,881
Cash operating Dec-04 87 355 155 322
costs - R/tonne Sep-04 68 330 168 306Working Revenue Dec-04 122,780 1,856,370 211,123 2,067,493
(R`000) Sep-04 106,684 1,945,830 198,025 2,143,855
Cash operating Dec-04 116,586 1,752,809 151,904 1,904,713
costs (R`000) Sep-04 108,677 1,851,757 159,282 2,011,039Cash operating Dec-04 6,194 103,561 59,219 162,780
profit (R`000) Sep-04 (1,993) 94,073 38,743 132,816
Capital
expenditure Dec-04 0 170,452 60,060 230,512(R`000) Sep-04 0 161,177 76,800 237,977
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
Quarter ended Quarter ended Quarter ended
31 December 30 September 31 December 2004 2004 2003
Ore milled t`000 5 916 6 564 8 183
Gold produced kg 24 604 25 822 29 294
Gold price received R/kg 84 031 83 023 85 139Cash operating costs R/kg 77 415 77 881 75 888
R million R million R million
Gold sales 2 068 2 144 2 494
Cash operating costs 1 905 2 011 2 223Cash operating profit 163 133 271
Other income - net 11 37 65
Employment termination and
restructuring costs (109) (154) (20)Corporate, marketing and new business
expenditure (41) (38) (43)
Exploration expenditure (20) (24) (35)
Loss from associates - - (34)Profit on sale of Highland and High
River - - 522
Interest paid (104) (100) (107)
Depreciation and amortisation (216) (239) (246)Provision for rehabilitation costs (14) (14) (18)
Gain/(loss) on financial instruments (29) 1 11
Profit on Australian-listed
investments - 4 -Profit/(loss) on foreign exchange 14 (1) (50)
(Loss)/income before tax (345) (395) 316
Current tax - benefit/(expense) 56 (17) (84)
Deferred tax - benefit 12 72 10Net (loss)/income before minority
interests (277) (340) 242
Minority interests - - (6)
Net (loss)/income (277) (340) 236TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
Quarter ended Quarter ended Quarter ended
31 December 30 September 31 December
2004 2004 2003 R million R million R million
(Loss)/earnings per share
(cents)*
- Basic (loss)/earnings (80) (106) 92- Headline loss (88) (110) (66)
- Fully diluted
(loss)/earnings** *** (80) (106) 92
Dividends per share (cents)- Interim - - 40
- Proposed final - - -
Prepared in accordance with International Financial Reporting Standards.
* Calculated on weighted average number of shares in issue at quarter end December 2004: 345.0 million
(September 2004: 320.8 million) (December 2003: 257.9 million).
** Calculated on weighted average number of diluted shares in issue at
quarter end December 2004: 344.7 million (September 2004: 320.9 million) (December 2003: 256.5 million).
*** The effect of the dilution of shares is anti-dilutive.
Reconciliation of headline loss:
Net (loss)/earnings (277) (340) 236Adjustments:
- Profit on sale of assets (25) (10) (3)
- Profit on disposal of Highland
and High River - net of tax - - (444)- Profit on Australian-listed investments - (4) -
- Amortisation of goodwill - - 41
Headline loss (302) (354) (170)
ABRIDGED BALANCE SHEET AT 31 DECEMBER 2004 (Rand) At 31 December At 30 September At 31 December
2004 2004 2003
R million R million R million
(unaudited) (unaudited) (unaudited)ASSETS
Non-current assets
Property, plant and
equipment 22,390 22,489 14,911Intangible assets 2,268 2,268 2,803
Investments 6,364 2,795 1,098
Investments in
associates - - 2,564 31,022 27,552 21,376
Current assets
Inventories 550 518 463
Receivables 383 401 551Cash and cash
equivalents 296 1,013 2,888
1,229 1,932 3,902
Total assets 32,251 29,484 25,278EQUITY AND LIABILITIES
Share capital and
reserves
Issued capital 25,313 20,889 14,673Fair value and other
reserves (2,061) (963) (243)
Retained earnings 364 642 1,821
23,616 20,568 16,251Minority interest - - 155
Non-current
liabilities
Long-term borrowings 2,861 2,801 2,863Net deferred taxation
liabilities 2,549 2,647 2,779
Net deferred
financial liabilities 529 573 432Long-term provisions 825 817 860
6,764 6,838 6,934
Current liabilities
Payables and accruedliabilities 1,834 2,044 1,658
Income and mining
taxes 27 26 272
Shareholders fordividends 10 8 8
1,871 2,078 1,938
Total equity and
liabilities 32,251 29,484 25,278Number of ordinary
shares in issue 392,993,004 320,819,739 258,350,934
Net asset value per
share (cents) 6,009 6,411 6,351Basis of accounting
The unaudited results for the quarter have been prepared on the International
Financial Reporting Standards (IFRS) basis. These consolidated quarterly
statements are prepared in accordance with IFRS 34, Interim FinancialReporting. The accounting policies are consistent with those applied in the
previous financial year.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 Issued Fair value
share and other Retained
capital reserves earnings Total
R million R million R million R million (unaudited) (unaudited)(unaudited)(unaudited)
Balance as at 1 July 2004 20,889 (1,186) 1,078 20,781
Issue of share capital 4,424 4,424
Currency translation adjustment andother (875) (875)
Net loss (617) (617)
Dividends paid (96) (96)
Balance as at 31 December 2004 25,313 (2,061) 365 23,617Balance as at 1 July 2003 6,875 (242) 1,995 8,628
Issue of share capital 7,798 7,798
Currency translation adjustment and
other (1) (1)Net earnings 117 117
Dividends paid (291) (291)
Balance as at 31 December 2003 14,673 (243) 1,821 16,251
Issued Fair value share and other Retained
capital reserves earnings Total
US$ million US$ million US$ million US$ million
(unaudited) (unaudited) (unaudited) (unaudited)Balance as at 1 July 2004 3,711 (211) 192 3,692
Issue of share capital 786 786
Currency translation adjustment and
other (155) (155)Net loss (110) (110)
Dividends paid (17) (17)
Balance as at 31 December 2004 4,497 (366) 65 4,196
Balance as at 1 July 2003 1,026 (36) 298 1,288Issue of share capital 1,164 1,164
Currency translation adjustment and
other - -
Net earnings 17 17Dividends paid (43) (43)
Balance as at 31 December 2003 2,190 (36) 272 2,426
Balances translated at closing rates of: December 2004: US$1 = R5.63
(December 2003: US$1 = R6.70).SUMMARISED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 (unaudited)
Six Six
months months ended ended
31 December 31 December
2003 2004
US$ million US$ millionCash flow from operating activities
Cash generated by operations 73 (62)
Interest and dividends received 14 10
Interest paid (18) (19)Income and mining taxes paid (50) -
Cash (utilised)/generated by operating
activities 19 (71)
Cash flow from investing activitiesCash held by subsidiaries at acquisition 103 -
Net (additions)/proceeds on disposal of listed
investments 140 (9)
Net additions to property, plant and equipment (58) (66)Other investing activities - -
Cash (utilised)/generated by investing
activities 185 (75)
Cash flow from financing activitiesLong-term loans raised/(repaid) (9) 3
Ordinary shares issued - net of expenses 10 (6)
Dividends paid (41) (15)
Cash utilised by financing activities (40) (18)Foreign currency translation adjustments 42 -
Net (decrease)/increase in cash and equivalents 206 (164)
Cash and equivalents - 1 July 225 217
Cash and equivalents - 31 December 431 53 Six Six
months months
ended ended
31 December 31 December 2004 2003
R million R million
Cash flow from operating activities
Cash generated by operations (382) 513Interest and dividends received 63 102
Interest paid (120) (127)
Income and mining taxes paid - (355)
Cash (utilised)/generated by operatingactivities (439) 133
Cash flow from investing activities
Cash held by subsidiaries at acquisition - 729
Net (additions)/proceeds on disposal of listedinvestments (57) 994
Net additions to property, plant and equipment (407) (413)
Other investing activities 1 1
Cash (utilised)/generated by investingactivities (463) 1,311
Cash flow from financing activities
Long-term loans raised/(repaid) 18 (63)
Ordinary shares issued - net of expenses (36) 73Dividends paid (95) (292)
Cash utilised by financing activities (113) (282)
Foreign currency translation adjustments (103) 39
Net (decrease)/increase in cash and equivalents (1,118) 1,201Cash and equivalents - 1 July 1,414 1,687
Cash and equivalents - 31 December 296 2,888
Operating activities translated at average rates of: December 2004:
US$1 = R6.21 (December 2003: US$1 = R7.08).Closing balance translated at closing rates of: December 2004: US$1 = R5.63
(December 2003: US$1 = R6.70).
SUMMARISED CASH FLOW STATEMENT
FOR THE THREE MONTHS ENDED 31 DECEMBER 2004 (unaudited) Three Three
months months
ended ended
30 September 31 December 2004 2004
US$ million US$ million
Cash flow from operating activities
Cash generated by operations (7) (54)Interest and dividends received 6 4
Interest paid (9) (10)
Income and mining taxes paid - -
Cash utilised by operating activities (10) (60)Cash flow from investing activities
Cash held by subsidiaries at acquisition - -
Net additions of listed investments - (9)
Net additions to property, plant and equipment (35) (29)Other investing activities - -
Cash utilised by investing activities (35) (38)
Cash flow from financing activities
Long-term loans raised - 3Ordinary shares issued - net of expenses - (6)
Dividends paid (15) -
Cash utilised by financing activities (15) (3)
Foreign currency translation adjustments (11) (2)Net decrease in cash and equivalents (71) (103)
Cash and equivalents - beginning of quarter 227 156
Cash and equivalents - end of quarter 156 53
Three Three months months
ended ended
31 December 30 September
2004 2004 R million R million
Cash flow from operating activities
Cash generated by operations (338) (44)
Interest and dividends received 27 36Interest paid (64) (56)
Income and mining taxes paid - -
Cash utilised by operating activities (375) (64)
Cash flow from investing activitiesCash held by subsidiaries at acquisition - -
Net additions of listed investments (57) -
Net additions to property, plant and equipment (183) (224)
Other investing activities - -Cash utilised by investing activities (240) (224)
Cash flow from financing activities
Long-term loans raised 18 -
Ordinary shares issued - net of expenses (36) -Dividends paid 1 (96)
Cash utilised by financing activities (17) (96)
Foreign currency translation adjustments (85) (17)
Net decrease in cash and equivalents (717) (401)Cash and equivalents - beginning of quarter 1,013 1,414
Cash and equivalents - end of quarter 296 1,013
Operating activities translated at average rates of: December 2004 quarter:
US$1 = R6.03 (September 2004 quarter: US$1 = R6.38).Closing balance translated at closing rates of: December 2004:
US$1 = R5.63 (September 2004: US$1 = R6.48).
CONTACT DETAILS
Harmony Gold Mining Company LimitedCorporate Office
Suite No. 1
Private Bag X1
Melrose Arch, 2076South Africa
First Floor
4 The High Street
Melrose Arch, 2196Johannesburg
South Africa
Telephone: +27 11 684 0140
Fax: +27 11 684 0188Website: 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, C M L Savage
Investor RelationsFerdi Dippenaar
Marketing Director
Telephone: +27 11 684 0140
Fax: +27 11 684 0188E-mail: fdippenaar@harmony.co.za
Corne Bobbert
Investor Relations Officer
Telephone: +27 11 684 0146Fax: +27 11 684 0188
E-mail: cbobbert@harmony.co.za
Marian van der Walt
Company SecretaryTelephone: +27 11 411 2037
Fax: +27 11 411 2398
E-mail: mvanderwalt@harmony.co.za
South African Share Transfer SecretariesUltra Registrars (Pty) Ltd
PO Box 4844
Johannesburg, 2000
Telephone: +27 11 832 2652Fax: +27 11 834 4398
United Kingdom Registrars
Capita Registrars
The Registry34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: +44 870 162 3100Fax: +44 208 639 2342
ADR Depositary
The Bank of New York
101 Barclay StreetNew York, NY 10286
United States of America
Telephone: +1888-BNY ADRS
Fax: +1 212 571 3050Trading Symbols
JSE Securities Exchange South Africa HAR
New York Stock Exchange, Inc. HMY
London Stock Exchange plc HRMEuronext Paris HG
Euronext Brussels HMY
Berlin Stock Exchange HAM1
Registration number 1950/038232/06Incorporated in the Republic of South Africa
ISIN: ZAE000015228Date: 03/02/2005 11:30:48 AM Produced by the JSE SENS Department
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