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United States Dollars Quarter
Restated
December September December
2005 2005 2004
Revenue 533.5 463.6 480.2
Operating costs 389.8 376.9 382.2
Gold inventory change (3.2) 1.7 (5.5)
Operating profit 146.9 85.0 103.5
Amortisation and depreciation 57.6 54.2 61.9
Net operating profit 89.3 30.8 41.6
Finance income/(cost) 2.7 - 3.3
- Net interest received 2.6 0.1 2.5
- Gain/(loss) on foreign debt, net of cash 0.1 (0.1) 0.8
(Loss)/gain on financial instruments (2.9) (1.3) 23.9
Other expenses (4.4) (2.9) (5.9)
Exploration (8.3) (10.2) (6.5)
Profit before tax and exceptional items 76.4 16.4 56.4
Exceptional gain/(loss) 0.3 0.4 (17.5)
Profit before taxation 76.7 16.8 38.9
Mining and income taxation 30.7 6.9 21.7
- Normal taxation 18.6 11.3 12.7
- Deferred taxation 12.1 (4.4) 9.0
Net profit 46.0 9.9 17.2
Attributable to:
- Ordinary shareholders 40.2 6.0 11.1
- Minority shareholders 5.8 3.9 6.1
Exceptional items:
Profit on sale of investments - 0.3 6.2
Harmony hostile bid costs - - (13.3)
IAMGold transaction costs - - (10.4)
Other 0.3 0.1 -
Total exceptional items 0.3 0.4 (17.5)
Taxation (0.1) (0.1) (0.6)
Net exceptional items after tax and minorities 0.2 0.3 (18.1)
Net earnings 40.2 6.0 11.1
Net earnings per share (cents) 8 1 2
Diluted earnings per share (cents) 8 1 2
Headline earnings 39.9 5.6 5.5
Headline earnings per share (cents) 8 1 1
Net earnings excluding gains and losses on
financial instruments and foreign debt, 42.1 6.7 14.1
net of cash and exceptional items
Net earnings per share excluding gains and
losses on financial instruments and 9 1 2
foreign debt, net of cash and exceptional items
(cents)
South African rand/United States dollar
conversion rate 6.53 6.52 6.12
South African rand/Australian dollar conversion
rate 4.88 4.96 4.60
Gold sold - managed ozs (000) 1,105 1,060 1,116
Gold price received $/oz 482 437 431
Total cash costs $/oz 341 347 330
United States Dollars Six months to
Restated
December December
2005 2004
Revenue 997.1 905.5
Operating costs 766.7 749.5
Gold inventory change (1.5) (19.2)
Operating profit 231.9 175.2
Amortisation and depreciation 111.8 120.2
Net operating profit 120.1 55.0
Finance income/(cost) 2.7 8.4
- Net interest received 2.7 5.1
- Gain/(loss) on foreign debt, net of cash - 3.3
(Loss)/gain on financial instruments (4.2) 47.8
Other expenses (7.3) (8.8)
Exploration (18.5) (15.1)
Profit before tax and exceptional items 92.8 87.3
Exceptional gain/(loss) 0.7 (17.5)
Profit before taxation 93.5 69.8
Mining and income taxation 37.6 35.3
- Normal taxation 29.9 22.7
- Deferred taxation 7.7 12.6
Net profit 55.9 34.5
Attributable to:
- Ordinary shareholders 46.2 25.0
- Minority shareholders 9.7 9.5
Exceptional items:
Profit on sale of investments 0.3 6.2
Harmony hostile bid costs - (13.3)
IAMGold transaction costs - (10.4)
Other 0.4 -
Total exceptional items 0.7 (17.5)
Taxation (0.2) (0.6)
Net exceptional items after tax and minorities 0.5 (18.1)
Net earnings 46.2 25.0
Net earnings per share (cents) 9 5
Diluted earnings per share (cents) 9 5
Headline earnings 45.5 19.4
Headline earnings per share (cents) 9 4
Net earnings excluding gains and losses on financial
instruments and foreign debt, 48.8 11.0
net of cash and exceptional items
Net earnings per share excluding gains and losses
on financial instruments and 10 2
foreign debt, net of cash and exceptional items (cents)
South African rand/United States dollar conversion rate 6.52 6.24
South African rand/Australian dollar conversion rate 4.92 4.55
Gold sold - managed ozs (000) 2,165 2,179
Gold price received $/oz 460 416
Total cash costs $/oz 344 327
Balance sheet
International Financial Reporting Standards Basis
Figures are in millions otherwise stated
South African Rand United States Dollars
Restated Restated
December June December June
2005 2005 2005 2005
Property, plant and equipment 16,495.3 16,959.5 2,589.5 2,531.3
Non-current assets 409.7 389.0 64.3 58.1
Investments 1,350.1 992.8 211.9 148.2
Current assets 5,226.2 5,656.1 820.4 844.2
- Other current assets 2,289.0 2,281.1 359.3 340.5
- Cash and deposits 2,937.2 3,375.0 461.1 503.7
Total assets 23,481.3 23,997.4 3,686.1 3,581.8
Shareholders" equity 16,299.2 16,534.1 2,558.7 2,467.8
Deferred taxation 3,249.8 3,249.8 510.2 485.0
Long-term loans 1,020.4 1,176.0 160.2 175.5
Environmental rehabilitation
provisions 894.4 905.8 140.4 135.2
Post-retirement health care
provisions 23.2 24.1 3.6 3.6
Current liabilities 1,994.3 2,107.6 313.0 314.7
- Other current liabilities 1,691.2 1,820.1 265.4 271.8
- Current portion of
long-term loans 303.1 287.5 47.6 42.9
Total equity and liabilities 23,481.3 23,997.4 3,686.1 3,581.8
South African rand/US dollar
conversion rate 6.37 6.70
South African rand/Australian
dollar conversion rate 4.36 5.15
Condensed statement of changes in equity
International Financial Reporting Standards Basis
Figures are in millions otherwise stated
South African Rand United States Dollars
Restated Restated
December December December December
2005 2004 2005 2004
Balance as at the beginning
of the financial year 16,534.1 14,949.3 2,467.8 2,372.9
Minority shareholders
interest now reflected in
shareholders equity - 662.9 - 105.2
Restated balance at the
beginning of the financial
year 16,534.1 15,612.2 2,467.8 2,478.1
Currency translation
adjustment and other (607.6) (457.6) 33.1 173.5
Issue of share capital 0.6 0.3 0.1 -
Increase of share premium 5.8 15.0 0.9 2.4
Marked to market valuation of
listed investments and
instruments 234.2 (11.2) 35.9 (1.8)
Dividends (196.8) (196.7) (29.4) (29.4)
Increase in share based
payment reserve 31.2 26.0 4.9 4.2
Net profit attributable to
ordinary shareholders 301.2 156.4 46.2 25.0
Net profit attributable to
minority shareholders 63.1 59.5 9.7 9.5
(Decrease)/increase in
minorities (66.6) 47.8 (10.5) 14.2
Balance as at the end of
December 16,299.2 15,251.7 2,558.7 2,675.7
Reconciliation of headline earnings with net earnings
Figures are in millions otherwise stated
South African Rand
December September December
2005 2005 2004
Net earnings 262.0 39.2 67.3
Profit on sale of investments - (1.8) (38.9)
Taxation effect of profit on sale of
investments - 0.3 4.0
Asset sales and other after tax
adjustments (1.3) (1.5) (0.2)
Headline earnings 260.7 36.2 32.2
Headline earnings per share - cents 53 7 6
Based on headline earnings as given
above divided by
492,600,779 (September 2005 -
491,515,569 and December 2004
- 491,907,010) being the weighted
average number of ordinary
shares in issue
United States Dollars
December September December
2005 2005 2004
Net earnings 40.2 6.0 11.1
Profit on sale of investments - (0.3) (6.4)
Taxation effect of profit on sale of
investments - - 0.8
Asset sales and other after tax
adjustments (0.3) (0.1) -
Headline earnings 39.9 5.6 5.5
Headline earnings per share - cents 8 1 1
Based on headline earnings as given
above divided by
492,600,779 (September 2005 -
491,515,569 and December 2004
- 491,907,010) being the weighted
average number of ordinary
shares in issue
Cash flow statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand
Quarter
Restated
December September December
2005 2005 2004
Cash flow from operating activities 556.5 302.8 233.4
Profit before tax and exceptional items 498.0 107.0 348.8
Exceptional items 1.8 2.7 (109.4)
Amortisation and depreciation 375.6 353.4 379.1
Change in working capital (266.4) (120.4) (162.4)
Taxation paid (57.1) (77.7) (69.3)
Other non-cash items 4.6 37.8 (153.4)
Dividends paid - (196.8) -
Ordinary shareholders - (196.8) -
Minority shareholders in subsidiaries - - -
Cash utilised in investing activities (429.4) (330.6) (425.4)
Capital expenditure - additions (401.6) (325.2) (527.6)
Capital expenditure - proceeds on
disposal 3.6 4.2 37.1
Purchase of investments (26.8) (12.1) (20.7)
Proceeds on the disposal of investments - 8.4 88.4
Environmental and post-retirement
health care payments (4.6) (5.9) (2.6)
Cash flow from financing activities 6.4 (206.6) 24.9
Loans received - - 16.8
Loans repaid - (140.0) -
Minority shareholder"s loan received (66.6) - -
Shares issued 73.0 (66.6) 8.1
Net cash inflow/(outflow) 133.5 (431.2) (167.1)
Translation adjustment 4.1 (144.2) (264.1)
Cash at beginning of period 2,799.6 3,375.0 3,408.7
Cash at end of period 2,937.2 2,799.6 2,977.5
Six months to
Restated
December December
2005 2004
Cash flow from operating activities 859.3 431.0
Profit before tax and exceptional items 605.0 545.7
Exceptional items 4.5 (109.4)
Amortisation and depreciation 729.0 749.8
Change in working capital (386.8) (345.3)
Taxation paid (134.8) (120.7)
Other non-cash items 42.4 (289.1)
Dividends paid (196.8) (261.0)
Ordinary shareholders (196.8) (196.7)
Minority shareholders in subsidiaries - (64.3)
Cash utilised in investing activities (760.0) (1,201.3)
Capital expenditure - additions (726.8) (1,282.3)
Capital expenditure - proceeds on disposal 7.8 40.1
Purchase of investments (38.9) (41.5)
Proceeds on the disposal of investments 8.4 90.6
Environmental and post-retirement health care
payments (10.5) (8.2)
Cash flow from financing activities (200.2) 69.0
Loans received - 16.8
Loans repaid (140.0) (74.0)
Minority shareholder"s loan received (66.6) 110.9
Shares issued 6.4 15.3
Net cash inflow/(outflow) (297.7) (962.3)
Translation adjustment (140.1) (194.7)
Cash at beginning of period 3,375.0 4,134.5
Cash at end of period 2,937.2 2,977.5
United States Dollars
Quarter
Restated
December September December
2005 2005 2004
Cash flow from operating activities 89.8 47.0 40.4
Profit before tax and exceptional items 76.4 16.4 56.4
Exceptional items 0.3 0.4 (17.5)
Amortisation and depreciation 57.6 54.2 61.9
Change in working capital (40.8) (18.5) (26.5)
Taxation paid (4.4) (11.3) (8.9)
Other non-cash items 0.7 5.8 (25.0)
Dividends paid - (29.4) -
Ordinary shareholders - (29.4) -
Minority shareholders in subsidiaries - - -
Cash utilised in investing activities (65.8) (50.8) (70.5)
Capital expenditure - additions (61.6) (49.9) (86.8)
Capital expenditure - proceeds on disposal 0.6 0.6 5.9
Purchase of investments (4.1) (1.9) (3.4)
Proceeds on the disposal of investments - 1.3 14.2
Environmental and post-retirement health care
payments (0.7) (0.9) (0.4)
Cash flow from financing activities 0.7 (31.7) 4.1
Loans received - - 2.7
Loans repaid - (21.5) -
Minority shareholder"s loan received (10.5) - -
Shares issued 11.2 (10.2) 1.4
Net cash inflow/(outflow) 24.7 (64.9) (26.0)
Translation adjustment (5.9) 3.5 24.0
Cash at beginning of period 442.3 503.7 524.4
Cash at end of period 461.1 442.3 522.4
Six months to
Restated
December December
2005 2004
Cash flow from operating activities 136.8 71.0
Profit before tax and exceptional items 92.8 87.3
Exceptional items 0.7 (17.5)
Amortisation and depreciation 111.8 120.2
Change in working capital (59.3) (55.3)
Taxation paid (15.7) (17.5)
Other non-cash items 6.5 (46.2)
Dividends paid (29.4) (39.5)
Ordinary shareholders (29.4) (29.4)
Minority shareholders in subsidiaries - (10.1)
Cash utilised in investing activities (116.6) (192.6)
Capital expenditure - additions (111.5) (205.5)
Capital expenditure - proceeds on disposal 1.2 6.4
Purchase of investments (6.0) (6.7)
Proceeds on the disposal of investments 1.3 14.5
Environmental and post-retirement health care payments (1.6) (1.3)
Cash flow from financing activities (31.0) 10.7
Loans received - 2.7
Loans repaid (21.5) (11.6)
Minority shareholder"s loan received (10.5) 17.1
Shares issued 1.0 2.5
Net cash inflow/(outflow) (40.2) (150.4)
Translation adjustment (2.4) 16.5
Cash at beginning of period 503.7 656.3
Cash at end of period 461.1 522.4
Hedging / Derivatives
Policy
The Group"s policy is to remain unhedged to the gold price. However, hedges are
sometimes undertaken on a project specific basis as follows:
* to protect cash flows at times of significant expenditure,
* for specific debt servicing requirements, and
* to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency financial instruments to
protect underlying cash flows.
Gold Fields has various currency and interest rate financial instruments -
those remaining are described in the schedule. It has been decided not to
account for these instruments under the hedge accounting rules of IAS 39 and
accordingly the positions have been marked to market.
Position at end of December 2005
On 7 January 2004, Gold Fields Australia closed out its Australian
dollar/United States dollar currency financial instruments. The existing
forward purchases of Australian dollars and the put and call options were
closed out by entering into equal and opposite transactions. The close out of
the outstanding open position of US$275 million was at an average spot rate of
0.7670 US$/A$. These transactions locked in gross profit amounting to US$115.7
million and the underlying cash receipts were deferred to match the maturity
dates of the original transactions. An amount of US$102.8 million had already
been accounted for up until the end of December 2003. In addition, in order
that the Group was able to participate in further Australian dollar
appreciation, a strip of quarterly maturing Australian dollar/US dollar call
options were purchased in respect of an amount of US$275 million of which the
value dates and amounts match those of the original structure.
The Australian dollar call options resulted in a premium of US$8.3 million. The
payment of the premium will be effected so as to match the maturity dates of
the original structure. The average strike price of the options is 0.7670
US$/A$.
Subsequent to this, on 7 May 2004, the future US dollar values were fixed in
Australian dollars to take advantage of the weakened Australian dollar against
the US dollar at that time. The original value of the future cash flows was
US$107.4 million or A$140.0 million at 0.7670 US$/A$, the rate at the time of
the original transaction. The value fixed in Australian dollars amounted to
A$147 million, based on the spot rate on 7 May 2004 of 0.7158 US$/A$. The
balance of A$64.7 million not yet realised in cash is detailed below:
Payment value dates Future cash flows - A$ million
30 December 2005 13.6
31 March 2006 13.3
30 June 2006 12.9
29 September 2006 12.6
29 December 2006 12.3
TOTAL 64.7
The balance of the unmatured call options purchased at a total cost of
US$8.3 million, are detailed below:
US Dollars / Australian Dollars call options
Year ended 30 June 2006 2007 TOTAL
Australian dollar call options:
Amount (US dollars) - 000"s 50,000 75,000 125,000
Average strike price - (US$/A$) 0.7670 0.7670 0.7670
The marked to market value of all transactions making up the positions in the
above table was a positive US$0.9 million. This was based on an exchange rate
of A$/US$ 0.7331. The value was based on the prevailing interest rates and
volatilities at the time.
US Dollars / Rand forward purchases
Year ended 30 June 2006 2007 TOTAL
Forward purchases:
Amount (US Dollars) - 000"s 30,000 - 30,000
Average rate - (ZAR/US$) 6.5522 - 6.5522
The marked to market value of all transactions making up the positions in the
above table was a negative R2.7 million (US$0.5 million). The value was based
on an exchange rate of ZAR/US$6.37 and the prevailing interest rates and
volatilities at the time.
Rand forward purchases of US$30 million matured on 1 December 2005 and was
extended to mature on 5 June 2006 resulting in a cash outflow of R14.3 million.
International Petroleum Exchange (IPE) Gasoil call options
Gold Fields Ghana purchased a one year Asian style (average monthly price) call
option at the spot price ruling on that day of US$0.42 per litre (approximately
US$500 per metric ton) in respect of 51.6 million litres of diesel, settled
monthly, to protect against adverse energy price movements. The call option
resulted in a premium of US$1.66 million, paid upfront, at a strike price of
US$0.45 per litre. During the quarter options expired resulting in a cash
inflow of US$0.5 million. The balance of the unexpired options are given below.
Year ended 30 June 2006 2007 TOTAL
Forward purchases:
Amount (litres) - 000"s 25,800 - 25,800
Strike price - US$/litre 0.45 - 0.45
Conversion factor from US dollar per metric ton to US dollar cents per litre =
1,185 i.e. US$/litre 0.45 equates to US$533 per metric ton The marked to market
value of all transactions making up the position above was a positive US$0.7
million. The value was based on an IPE Gasoil price of US$0.4327 per litre
(US$513 per metric ton).
The value was based on the prevailing interest rates and volatilities at the
time.
Total cash costs
Gold Institute Industry Standard
All figures are in Rand millions unless otherwise stated
Total Mine
Operations
Operating costs(1) December 2005 2,541.7
September 2005 2,457.3
Financial year to date 4,999.0
Gold-in-process and December 2005 (14.5)
inventory change* September 2005 11.5
Financial year to date (3.0)
Less:
Rehabilitation costs December 2005 9.7
September 2005 9.8
Financial year to date 19.5
Production taxes December 2005 8.3
September 2005 8.8
Financial year to date 17.1
General and admin December 2005 89.7
September 2005 92.1
Financial year to date 181.8
Cash operating costs December 2005 2,419.5
September 2005 2,358.1
Financial year to date 4,777.6
Plus:
Production taxes December 2005 8.3
September 2005 8.8
Financial year to date 17.1
Royalties December 2005 35.9
September 2005 32.4
Financial year to date 68.3
TOTAL CASH COSTS(2) December 2005 2,463.7
September 2005 2,399.3
Financial year to date 4,863.0
Plus:
Amortisation* December 2005 344.4
September 2005 327.9
Financial year to date 672.3
Rehabilitation December 2005 9.7
September 2005 9.8
Financial year to date 19.5
TOTAL PRODUCTION COSTS(3) December 2005 2,817.8
September 2005 2,737.0
Financial year to date 5,554.8
Gold sold - thousand ounces December 2005 1,105.4
September 2005 1,060.1
Financial year to date 2,165.4
TOTAL CASH COSTS December 2005 341
- US$/oz September 2005 347
Financial year to date 344
TOTAL PRODUCTION COSTS December 2005 390
- US$/oz September 2005 396
Financial year to date 393
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