FoundingFathers
08-01-2003, 10:21 AM
http://www.goldfields.co.za/def_main.asp?PathId=Media/Media_Releases/display.asp&Id2=53
GOLD FIELDS REPORTS A RECORD PRODUCTION YEAR
01 August 2003
YEAR ENDED 30 JUNE 2003
Attributable gold production year on year increases 5 per cent to an all-time high of 4.33 million ounces.
Net earnings of R2.95 billion (US$326 million) achieved.
Capital expenditure increased 46 per cent to R2.3 billion (US$251 million).
Exploration spend up 129 per cent to R212 million (US$23 million).
Final dividend of SA 100 cents declared.
Offshore debt reduced from US$182 million at the beginning of the year to US$42 million at the end of the year.
QUARTER ENDED 30 JUNE 2003
Attributable gold production of 1,041,000 ounces.
Strong Rand reduced operating profit 36 per cent to R717 million (US$100 million)
Profit on the sale of investments R302 million (US$34 million)
Foreign debt of US$95 million repaid during the quarter.
Net earnings of R789 million.
US Dollar earnings increase 5 per cent to US$98 million.
Johannesburg, 1 August 2003: Gold Fields Limited (JSE and NYSE-GFI) today reported net earnings for the quarter of R789 million (167 cents per share) compared to R805 million (171 cents per share) for the previous quarter and R1,180 (251 cents per share) for last year's June 2002 quarter. In U.S. Dollar terms, quarterly earnings rose by 5 per cent from US$93 million (US$0.20 per share) to US$98 million (US$0.21 per share), compared to US$112 million (US$0.24 per share) for the prior year's period. Included in this quarter's earnings are exceptional items of R272 million (US$31 million), which includes a profit on the sale of investments of R302 million (US$34 million) and exceptional health care costs of R27 million (US$3 million).
Earnings, excluding exceptional items after taxation as well as the net gains on financial instruments and foreign debt, amounted to R226 million (US$34 million) compared to R476 million (US$58 million) achieved last quarter.
The average Rand/US Dollar exchange rate strengthened 8 per cent during the quarter from 8.38 in the March 2003 quarter to 7.74 this quarter, affecting revenue significantly. In addition, the US Dollar gold price was lower this quarter at US$349 per ounce compared to US$353 per ounce last quarter. The resultant Rand gold price of R86,751 per kilogram is, therefore, 9 per cent lower than the R95,068 per kilogram achieved in the March quarter. This, together with the lower gold sales of 34,244 kilograms (1,101,000 ounces) as compared to 35,257 kilograms (1,134,000 ounces) last quarter, resulted in a decline in revenue from R3,352 million (US$397 million) to R2,971 million (US$383 million). The lower gold sales can be attributed primarily to lower underground grades at Kloof.
On a more positive note, operating costs were maintained at R2,224 million (US$281 million) for the quarter, compared to R2,172 million (US$256 million). However, total cash costs increased from R60,709 per kilogram last quarter to R63,369 per kilogram this quarter. In US Dollar terms, total cash costs increased from US$225 per ounce to US$255 per ounce, mainly due to the stronger Rand, quarter on quarter.
Ian Cockerill, Chief Executive Officer, said, "Despite the strength of the South African Rand, as well as an excessive number of public holidays during the quarter and grade fluctuations at Kloof, it's a solid set of consistent and credible results for the full financial year and the quarter. Cost control has become an even higher priority, especially at our South African operations, and this is borne out by our operating teams' ability to limit increases in operating costs to only two per cent during the quarter. As it is our policy of maintaining a strong and unencumbered balance sheet, there was a further significant reduction in offshore debt from US$136 million at the beginning of the quarter to US$42 million at the end of the quarter. In addition, Gold Fields enjoyed the best ever yearly safety performance since its inception in 1998."
GOLD FIELDS REPORTS A RECORD PRODUCTION YEAR
01 August 2003
YEAR ENDED 30 JUNE 2003
Attributable gold production year on year increases 5 per cent to an all-time high of 4.33 million ounces.
Net earnings of R2.95 billion (US$326 million) achieved.
Capital expenditure increased 46 per cent to R2.3 billion (US$251 million).
Exploration spend up 129 per cent to R212 million (US$23 million).
Final dividend of SA 100 cents declared.
Offshore debt reduced from US$182 million at the beginning of the year to US$42 million at the end of the year.
QUARTER ENDED 30 JUNE 2003
Attributable gold production of 1,041,000 ounces.
Strong Rand reduced operating profit 36 per cent to R717 million (US$100 million)
Profit on the sale of investments R302 million (US$34 million)
Foreign debt of US$95 million repaid during the quarter.
Net earnings of R789 million.
US Dollar earnings increase 5 per cent to US$98 million.
Johannesburg, 1 August 2003: Gold Fields Limited (JSE and NYSE-GFI) today reported net earnings for the quarter of R789 million (167 cents per share) compared to R805 million (171 cents per share) for the previous quarter and R1,180 (251 cents per share) for last year's June 2002 quarter. In U.S. Dollar terms, quarterly earnings rose by 5 per cent from US$93 million (US$0.20 per share) to US$98 million (US$0.21 per share), compared to US$112 million (US$0.24 per share) for the prior year's period. Included in this quarter's earnings are exceptional items of R272 million (US$31 million), which includes a profit on the sale of investments of R302 million (US$34 million) and exceptional health care costs of R27 million (US$3 million).
Earnings, excluding exceptional items after taxation as well as the net gains on financial instruments and foreign debt, amounted to R226 million (US$34 million) compared to R476 million (US$58 million) achieved last quarter.
The average Rand/US Dollar exchange rate strengthened 8 per cent during the quarter from 8.38 in the March 2003 quarter to 7.74 this quarter, affecting revenue significantly. In addition, the US Dollar gold price was lower this quarter at US$349 per ounce compared to US$353 per ounce last quarter. The resultant Rand gold price of R86,751 per kilogram is, therefore, 9 per cent lower than the R95,068 per kilogram achieved in the March quarter. This, together with the lower gold sales of 34,244 kilograms (1,101,000 ounces) as compared to 35,257 kilograms (1,134,000 ounces) last quarter, resulted in a decline in revenue from R3,352 million (US$397 million) to R2,971 million (US$383 million). The lower gold sales can be attributed primarily to lower underground grades at Kloof.
On a more positive note, operating costs were maintained at R2,224 million (US$281 million) for the quarter, compared to R2,172 million (US$256 million). However, total cash costs increased from R60,709 per kilogram last quarter to R63,369 per kilogram this quarter. In US Dollar terms, total cash costs increased from US$225 per ounce to US$255 per ounce, mainly due to the stronger Rand, quarter on quarter.
Ian Cockerill, Chief Executive Officer, said, "Despite the strength of the South African Rand, as well as an excessive number of public holidays during the quarter and grade fluctuations at Kloof, it's a solid set of consistent and credible results for the full financial year and the quarter. Cost control has become an even higher priority, especially at our South African operations, and this is borne out by our operating teams' ability to limit increases in operating costs to only two per cent during the quarter. As it is our policy of maintaining a strong and unencumbered balance sheet, there was a further significant reduction in offshore debt from US$136 million at the beginning of the quarter to US$42 million at the end of the quarter. In addition, Gold Fields enjoyed the best ever yearly safety performance since its inception in 1998."