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Harmony - Reviewed results for the quarter ended 30 June 2005
Harmony Gold Mining Company Limited
Trading Symbols
JSE Securities Limited 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
Reviewed results for the quarter ended 30 June 2005
OPERATING AND FINANCIAL RESULTS (Rand/metric) (unaudited)
Underground production - South Africa
Leve-
Quality Growth raged
Ounces Projects Ounces Sub total
Ore milled
- t`000 Jun-05 1 508 331 1 095 2 934
Mar-05 1 570 323 1 062 2 955
Gold produced
- kg Jun-05 9 073 1 933 5 181 16 187
Mar-05 9 819 2 119 5 481 17 419
Yield
- g/tonne Jun-05 6.02 5.84 4.73 5.52
Mar-05 6.25 6.56 5.16 5.89
Cash operating
costs
- R/kg Jun-05 78 462 99 609 111 162 91 455
Mar-05 76 518 91 828 107 805 88 225
Cash operating
costs
- R/tonne Jun-05 472 582 526 505
Mar-05 479 602 556 520
Working revenue
(R`000) Jun-05 816 768 172 999 468 577 1 458 344
Mar-05 818 078 176 389 459 366 1 453 833
Cash operating
costs (R`000) Jun-05 711 887 192 544 575 931 1 480 362
Mar-05 751 329 194 583 590 878 1 536 790
Cash operating
profit (R`000) Jun-05 104 881 (19 545) (107 354) (22 018)
Mar-05 66 749 (18 194) (131 512) (82 957)
Capital
expenditure
(R`000) Jun-05 37 237 95 065 4 706 137 008
Mar-05 34 933 74 870 1 809 111 612
Quality Ounces - Evander Shafts, Randfontein Cooke Shafts, Target, Tshepong,
Masimong Growth Projects - Doornkop shaft and South Reef Project, Elandsrand
shaft and New Mine Project, Phakisa shaft, Tshepong Decline Project
Leveraged Ounces - Deelkraal, Bambanani, Joel, Eland, 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, Welkom 1
OPERATING AND FINANCIAL RESULTS (Rand/metric) (unaudited)
South Africa South Africa Australia Harmony
Surface Total Total Total
Ore milled
- t`000 Jun-05 1 415 4 349 849 5 198
Mar-05 1 533 4 488 975 5 463
Gold produced
- kg Jun-05 1 536 17 723 2 163 19 886
Mar-05 1 564 18 983 2 143 21 126
Yield
- g/tonne Jun-05 1.09 4.08 2.55 3.83
Mar-05 1.02 4.23 2.20 3.87
Cash
operating Jun-05 70 815 89 665 69 398 87 461
costs
- R/kg Mar-05 76 187 87 233 73 729 85 863
Cash
operating Jun-05 77 365 177 335
costs
- R/tonne Mar-05 78 369 162 332
Working
revenue Jun-05 135 789 1 594 133 190 463 1 784 596
(R`000) Mar-05 128 104 1 581 937 177 293 1 759 230
Cash
operating Jun-05 108 772 1 589 134 150 108 1 739 242
costs
(R`000) Mar-05 119 157 1 655 947 158 002 1 813 949
Cash
operating Jun-05 27 017 4 999 40 355 45 354
profit
(R`000) Mar-05 8 947 (74 010) 19 291 (54 719)
Capital
expenditure Jun-05 0 137 008 65 514 202 522
(R`000) Mar-05 0 111 612 44 590 156 202
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
Quarter ended Quarter ended Quarter ended
30 June 31 March 30 June
2005 2005 2004
Ore milled t`000 5 198 5 463 7 972
Gold produced kg 19 886 21 126 26 373
Gold price received R/kg 89 711 83 273 81 543
Cash operating costs R/kg 87 461 85 863 83 173
R million R million R million
Gold sales 1 784 1 759 2 151
Cash operating costs 1 739 1 814 2 194
Cash operating profit/(loss) 45 (55) (43)
Other income - net 54 9 40
Employment termination and
restructuring costs (217) (171) (184)
Corporate, marketing, new business
expenditure (81) (46) (32)
Exploration expenditure (16) (13) (21)
Income from associates - - 46
Loss on sale of listed investments
and subsidiaries (73) (111) 39
Dilution of investment in ARM Limited - - (163)
Loss on sale of investment in
Goldfields (372) - -
Mark-to-market of listed investments 13 - -
Interest paid (134) (96) (99)
Depreciation and amortisation (177) (197) (280)
Provision for rehabilitation costs (6) (14) 58
Gain/(loss) on financial instruments (7) 51 (110)
Gain/(loss) on foreign exchange (18) 21 14
Diminution in carrying value of ARM
investment (337) - -
Impairment of assets - (1 513) -
Impairment of investments - - (75)
Provision for post-retirement benefits (57) - -
Loss before tax (1 383) (2 135) (810)
Current tax - (expense)/benefit (110) (5) 30
Deferred tax - benefit 352 443 203
Net loss before minority interests (1 141) (1 697) (577)
Minority interests - - 18
Net loss (1 141) (1 697) (559)
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)
Quarter ended Quarter ended Quarter ended
30 June 31 March 30 June
2005 2005 2004
Loss per share - cents *
- Basic loss (291) (432) (191)
- Basic loss before impairment (291) (131) (165)
- Headline loss (102) (107) (131)
- Fully diluted loss ** *** (291) (432) (191)
Dividends per share - (cents)
- Interim - - -
- Proposed final - - 30
* Calculated on weighted average number of shares in issue at quarter end
June 2005: 392.2 million (March 2005: 393.2 million)
(June 2004: 292.9 million).
** Calculated on weighted average number of diluted shares in issue at
quarter end June 2005: 392.2 million (March 2005: 392.9 million)
(June 2004: 293.2 million).
*** The effect of the share options is anti-dilutive.
Reconciliation of headline loss:
Net loss (1 141) (1 697) (559)
Adjustments:
- Profit on sale of assets (26) (18) (44)
- Mark-to-market of listed investments 4 - -
- Profit on disposal of Kalplats - - (39)
- Profit on disposal of Bissett - - (1)
- Loss on sale and dilution of investment
in ARM Limited 103 111 163
- Profit on disposal of investment in
Bendigo NL (30) - -
- Loss on disposal of investment in
Goldfields 372 - -
- Loss on disposal of subsidiaries 1 - -
- Amortisation of goodwill - - 21
- Impairment of fixed assets - net of tax (19) 1 182 -
- Impairment of Bendigo - - 75
- Diminution in carrying value of listed
investments 337 - -
Headline loss (399) (422) (384)
ABRIDGED BALANCE SHEET AT 30 JUNE 2005 (Rand)
At 30 June At 31 March At 30 June
2005 2005 2004
R million R million R million
(reviewed) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 21 177 21 058 22 244
Intangible assets 2 268 2 268 2 267
Investments 4 154 6 531 2 612
Investments in associates - - 124
27 599 29 857 27 247
Current assets
Inventories 578 571 531
Receivables 632 614 859
Cash and cash equivalents 1 830 (233) 1 414
3 040 952 2 804
Total assets 30 639 30 809 30 051
EQUITY AND LIABILITIES
Share capital and reserves
Issued capital 25 289 25 325 20 889
Fair value and other reserves (671) (1 501) (1 186)
Retained (loss)/earnings (2 473) (1 333) 1 078
22 145 22 491 20 781
Non-current liabilities
Long-term borrowings 2 422 2 944 2 790
Net deferred taxation
liabilities 1 918 2 141 2 659
Net deferred financial
liabilities 386 452 570
Long-term provisions 940 847 798
5 666 6 384 6 817
Current liabilities
Payables and accrued liabilities 1 514 1 336 1 806
Short-term portion of
long-term borrowings 1 333 607 579
Income and mining taxes (27) (18) 60
Shareholders for dividends 8 9 8
2 828 1 934 2 453
Total equity and liabilities 30 639 30 809 30 051
Number of ordinary shares in
issue 393 341 194 393 231 894 320 741 577
Net asset value per share
(cents) 5 625 5 720 6 479
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
quarterly statements are prepared in accordance with IAS 34, Interim Financial
Reporting. The accounting policies are consistent with those applied in the
previous financial year.
The primary reporting segment for the group is by business segment. As there
is only one business segment, being mining, extraction and production of gold,
the relevant disclosures have been given in the abridged balance sheet and
condensed income statement.
Audit review
The year end results have been reviewed in terms of Rule 3.23 of the Listings
Requirements of JSE Limited by the company`s auditors, PricewaterhouseCoopers
Inc. The unqualified review opinion is available on request from the Company
Secretary.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2005
Issued Fair value
share and other Retained
capital reserves earnings Total
(Reviewed) R million R million R million R million
Balance at 1 July 2004 20 889 (1 186) 1 078 20 781
Issue of share capital
- net of expenses 4 400 - - 4 400
Currency translation adjustment
and other - 515 - 511
Net earnings - - (3 455) (3 455)
Dividends paid - - (96) (96)
Balance at 30 June 2005 25 289 (671) (2 473) 22 145
Balance at 1 July 2003 6 874 (242) 1 996 8 628
Issue of share capital 14 015 - - 14 015
Currency translation adjustment
and other - (944) - (944)
Net earnings - - (523) (523)
Dividends paid - - (395) (395)
Balance at 30 June 2004 20 889 (1 186) 1 078 20 781
Issued Fair value
share and other Retained
capital reserves earnings Total
(Unaudited) US$ million US$ million US$ million US$ million
Balance at 1 July 2004 3,133 (178) 162 3,117
Issue of share capital
- net of expenses 660 - - 660
Currency translation adjustment
and other - 77 - 77
Net earnings - - (519) (519)
Dividends paid - - (14) (14)
Balance at 30 June 2005 3,793 (101) (371) 3,321
Balance at 1 July 2003 1,104 (39) 321 1,386
Issue of share capital 2,250 - - 2,250
Currency translation adjustment
and other - (151) - (151)
Net earnings - - (85) (85)
Dividends paid - - (63) (63)
Balance at 30 June 2004 3,354 (190) 173 3,337
Balances translated at closing rates of: June 2005:
US$1 = R6.67 (June 2004: US$1 = R6.23).
SUMMARISED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2005 (unaudited)
12 months 12 months
ended ended
30 June 30 June
2004 2005
US$ million US$ million
Cash flow from operating activities
Cash (utilised in)/generated by operations 25 (186)
Interest and dividends received 30 24
Interest paid (46) (44)
Income and mining taxes paid (84) (9)
Cash utilised in operating activities (75) (215)
Cash flow from investing activities
Cash held by subsidiaries at acquisition 106 1
Net additions of listed investments 148 397
Net additions to property, plant and equipment (99) (109)
Other investing activities (94) (2)
Cash generated by investing activities 61 287
Cash flow from financing activities
Long-term loans raised/(repaid) 56 31
Ordinary shares issued - net of expenses 8 (10)
Dividends paid (57) (16)
Cash (utilised in)/generated by financing
activities 7 5
Foreign currency translation adjustments 9 (19)
Net increase/(decrease) in cash and equivalents 2 58
Cash and equivalents - 1 July 225 217
Cash and equivalents - 30 June 227 275
12 months 12 months
ended ended
30 June 30 June
2005 2004
R million R million
Cash flow from operating activities
Cash (utilised in)/generated by operations (1 151) 172
Interest and dividends received 149 207
Interest paid (269) (319)
Income and mining taxes paid (55) (578)
Cash utilised in operating activities (1 326) (518)
Cash flow from investing activities
Cash held by subsidiaries at acquisition 5 730
Net additions of listed investments 2 454 1 022
Net additions to property, plant and equipment (672) (680)
Other investing activities (12) (651)
Cash generated by investing activities 1 775 421
Cash flow from financing activities
Long-term loans raised/(repaid) 191 388
Ordinary shares issued - net of expenses (60) 53
Dividends paid (97) (395)
Cash (utilised in)/generated by financing
activities 34 46
Foreign currency translation adjustments (67) (222)
Net increase/(decrease) in cash and equivalents 416 (273)
Cash and equivalents - 1 July 1 414 1 687
Cash and equivalents - 30 June 1 830 1 414
Operating activities translated at average rates of: June 2005:
US$1 = R6.18 (June 2004: US$1 = R6.89).
Closing balance translated at closing rates of: June 2005:
US$1 = R6.67 (June 2004: US$1 = R6.23).
SUMMARISED CASH FLOW STATEMENT
FOR THE THREE MONTHS ENDED 30 JUNE 2005 (unaudited)
Three Three
months months
ended ended
31 March 30 June
2005 2005
US$ million US$ million
Cash flow from operating activities
Cash utilised in operations (87) (38)
Interest and dividends received 7 7
Interest paid (12) (12)
Income and mining taxes paid (8) (1)
Cash utilised in operating activities (100) (44)
Cash flow from investing activities
Cash held by subsidiary at acquisition - 1
Net proceeds on disposal of listed investments 24 382
Net additions to property, plant and equipment (21) (22)
Other investing activities - (2)
Cash generated by investing activities 3 359
Cash flow from financing activities
Long-term loans raised/(repaid) 10 18
Ordinary shares issued - net of expenses - (4)
Dividends paid - -
Cash generated by/(utilised in) financing
activities 10 14
Foreign currency translation adjustments (4) (16)
Net increase/(decrease) in cash and equivalents (91) 313
Cash and equivalents - beginning of quarter 53 (38)
Cash and equivalents - end of quarter (38) 275
Three Three
months months
ended ended
30 June 31 March
2005 2005
R million R million
Cash flow from operating activities
Cash utilised in operations (237) (532)
Interest and dividends received 45 41
Interest paid (77) (72)
Income and mining taxes paid (4) (51)
Cash utilised in operating activities (273) (614)
Cash flow from investing activities
Cash held by subsidiary at acquisition 5 -
Net proceeds on disposal of listed investments 2 362 149
Net additions to property, plant and equipment (136) (129)
Other investing activities (13) -
Cash generated by investing activities 2 218 20
Cash flow from financing activities
Long-term loans raised/(repaid) 110 63
Ordinary shares issued - net of expenses (24) -
Dividends paid (2) -
Cash generated by/(utilised in) financing
activities 84 63
Foreign currency translation adjustments 34 2
Net increase/(decrease) in cash and equivalents 2 063 (529)
Cash and equivalents - beginning of quarter (233) 296
Cash and equivalents - end of quarter 1 830 (233)
Operating activities translated at average rates of: June 2005 quarter:
US$1 = R6.41 (March 2005 quarter: US$1 = R6.00).
Closing balance translated at closing rates of: June 2005:
US$1 = R6.67 (March 2005: US$1 = R6.22).
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*, J A Chissano*,F Dippenaar, V N Fakude*, T S A Grobicki
Dr D S Lushaba*, R P Menell*, M Motloba*, N V Qangule, C M L Savage*
(*non-executive) (Mozambique)
Investor Relations
Brenton Saunders
Executive - Investor Relations
Telephone: +27 11 684 0146
Fax: +27 11 684 0188
Cell: +27 (0) 83 607 4060
E-mail: brenton.saunders@harmony.co.za
Vusi Magadana
Investor Relations Officer
Telephone: +27 11 684 0149
Fax: +27 11 684 0188
Cell: +27 (0) 72 157 5986
E-mail: vusi.magadana@harmony.co.za
Marian van der Walt
Company Secretary
Telephone: +27 11 411 2037
Fax: +27 11 411 2398
Cell: +27 (0) 82 888 1242
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 Limited 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: 08/08/2005 08:00:21 AM
Produced by the JSE SENS Department
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