GFI 201603310068A
Abridged consolidated financial statements
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN ZAE 000018123
Abridged consolidated financial statements
Notes to the summary consolidated financial statements
BASIS OF ACCOUNTING
The summary consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for abridged reports and
the requirements of the Companies Act 2008 of South Africa applicable to summary financial statements. The Listings Requirements require abridged reports to be
prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") and
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards
Council and to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting.
The accounting policies applied in the preparation of the consolidated financial statements, from which the summary consolidated financial statements were derived,
are in terms of IFRS and are consistent with those applied in the previously issued consolidated financial statements except for the adoption of applicable amendments
to new standards and interpretations issued by the International Accounting Standards Board.
The Group adopted the annual improvements to IFRSs 2010 - 2012 cycle various standards during 2015 which did not significantly impact the Group's financial
results.
This summarised report is extracted from audited information, but is not itself audited. The annual financial statements were audited by KPMG Inc., who expressed an
unmodified opinion thereon. The audited annual financial statements and the auditor's report thereon are available for inspection at the company's registered office.
The directors take full responsibility for the preparation of the abridged report and the financial information has been correctly extracted from the underlying annual
financial statements.
The information for the quarters ended September 2015, December 2015 and December 2014 as well as the segmental operating results included in these summary
consolidated financial statements have not been audited by KPMG Inc. The auditor's report does not necessarily report on all of the information contained in this
announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of
the auditor's report together with the accompanying financial information from the issuer's registered office.
LITIGATION STATEMENT
In relation to the Litigation statement, there has been no further update since the release of the Integrated Annual Report on 31 March 2015 except for:
South Deep tax dispute
The Group has taken legal advice on the matter and was advised by external Senior Counsel that South African Revenue Services (SARS) should not be allowed to
disallow the claiming of the Additional Capital Allowance. GFIJVH has in the meantime not only formally appealed against the position taken by SARS, but also filed
an application in the High Court and will vigorously defend its position.
Update of the Silicosis class action
The two class action applications were consolidated into one application on 17 October 2014. In terms of the consolidated class action application, the court is asked
to allow the class actions to be certified. The consolidated application was heard during the weeks of 12 and 19 October 2015. Judgment was reserved. If certification
is granted, it will be the first step in a process whereby the applicants will, on behalf of the class or classes, seek to hold Gold Fields and the other mining companies
liable for silicosis and/or tuberculosis and the resultant consequences. Any such claims will be defended.
Mining Charter ownership element declaration application
On 5 June 2015, the Chamber of Mines commenced a court application against the Minister and Director General of the Department of Mineral Resources regarding
the continuing consequences of previous BEE deals in measuring progress on the Mining Charter's ownership element. The parties' legal representatives met with
the Deputy Judge President of the North Gauteng High Court on 11 November 2015, where it was agreed that the application hearing will take place on 15 and 16
March 2016. The court heard the application to consolidate on 15 March 2016 and judgement was reserved to a future date to be confirmed. The Chamber Application
did not commence and was postponed to a future date yet to be determined.
SEC investigation
On 22 June 2015 Gold Fields Limited was informed by the Foreign Corrupt Practices Act Unit of the United States Securities Exchange Commission (the Commission)
that it has concluded its investigation in connection with the Black Economic Empowerment (BEE) transaction related to South Deep and, based on the information
available to them, will not recommend to the Commission that enforcement action be taken against Gold Fields.
ASSET IMPAIRMENTS AND WRITE-OFFS
Asset impairments and write-offs recognised by the Group during 2015 include:
- Impairment of the Group's investment in Far South East (FSE) in the Philippines (US$101 million) to its recoverable amount;
- Impairment of the Group's investment in Hummingbird (US$15 million) to its fair value;
- Write-off of stockpiles at Damang (US$8 million) due to net realisable value adjustments;
- Impairment of Artic Platinum project (APP) (US$39 million) to its fair value less cost of disposal;
- Impairment at Darlot (US$14 million); and
- Impairment at Damang (US$36 million).
TAXATION
The major items causing the Group's income taxation to differ from the maximum South Africa statutory mining tax rate of 34 per cent include:
- Non-deductible share-based payments;
- Non-deductible interest expense;
- Deferred tax asset not recognised on impairments of FSE, APP and Hummingbird;
- Deferred taxation charge on Peruvian Nuevo Sol devaluation against the US Dollar (the functional currency of Cerro Corona is US Dollar, however, the Peruvian
tax base is based on values in Peruvian Nuevo Sol); and
- Deferred tax assets derecognised at Damang and Cerro Corona.
AMENDMENT TO STATEMENT OF FINANCIAL POSITION
At 31 December 2015, Cerro Corona did not meet certain covenants specified in the revolving senior secured credit facility agreement. The lenders have subsequently
waived their rights and entitlements arising from the failure of Cerro Corona to meet the specific covenants. Notwithstanding the waiver received from the lenders and
the fact that there is currently no legal or constructive obligation to settle the debt within the next 12 months, IAS1 Presentation of Financial Statements, requires that
the balance outstanding of US$42 million under the revolving senior secured credit facility be disclosed as a current liability. The above balance was disclosed as long-
term in the preliminary condensed consolidated financial statements for the year ended 31 December 2015.
SUBSEQUENT EVENTS
Restructuring of $1 billion Notes issue (Notes)
Subsequent to year-end, on 19 February 2016, Gold Fields Australasia (Proprietary) Limited ("GFA") announced an offer to purchase $200.0 million of its Notes at
discounts of 17% to the original value. GFA would pay a minimum of $830 for every $1,000 of the securities. Gold Fields announces that it has accepted for purchase
an aggregate principal amount of Notes equal to US$147.6 million at the purchase price of $880 per $1,000 in principal amount of Notes. Gold Fields intends to hold
the notes acquired until their maturity on 7 October 2020. The purchase of the notes amounting to $147.6 million was financed by drawing down under the US$1,510
million term loan and revolving credit facilities.
Accelerated equity raising
Gold Fields successfully completed a US$150.0 million (R2.3 billion) accelerated equity raising by way of a private placement ("the Placing") to institutional investors.
The offer was significantly oversubscribed and a total number of 38,857,913 new Gold Fields shares were placed at a price of R59.50 per share which represents a
discount of 6.0% to the 30-day volume weighted average traded price, for the period ended March 17, 2016 and a 0.7% discount to the 50-day moving average. The
net proceeds from the Placing will be applied to the existing $1,510 term loan and revolving credit facilities that was utilised to purchase the notes amounting to $147.6
million, as described above.
Final dividend
On 16 February 2016, Gold Fields declared a final dividend of R0.21 (US$0.01) per share.
ADDITIONAL NOTES INCLUDE
- Segmental financial results;
- Hedging/derivatives;
- Debt maturity ladder; and
- Reconciliation of headline earnings with net earnings.
The abridged financial statements are presented on a summary consolidated basis
Income statement
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Year ended
December December
2015 2014
(Audited) (Audited)
Revenue 2,545.4 2,868.8
Operating costs, net (1,456.2) (1,677.7)
Operating costs (1,431.3) (1,684.9)
Gold inventory change (24.9) 7.2
Operating profit 1,089.2 1,191.1
Amortisation and depreciation (609.9) (656.7)
Net operating profit 479.3 534.4
Net interest expense (64.9) (76.6)
Share of equity accounted earnings after taxation (5.7) (2.4)
Gain on foreign exchange 9.5 8.4
Loss on financial instruments (4.7) (11.5)
Share-based payments (10.9) (26.0)
Long-term employee benefits (5.3) (8.7)
Other (45.1) (48.8)
Exploration and project costs (53.5) (47.2)
Profit before royalties, taxation and non-recurring items 298.7 321.6
Non-recurring items (218.2) (97.0)
(Loss)/profit before royalties and taxation 80.5 224.6
Royalties (76.0) (86.1)
(Loss)/profit before taxation 4.5 138.5
Mining and income taxation (247.1) (118.1)
Normal taxation (142.9) (134.3)
Deferred taxation (104.2) 16.2
Net (loss)/profit (242.6) 20.4
Attributable to:
Owners of the parent (242.1) 12.8
Non-controlling interest (0.5) 7.6
Non-recurring items:
Profit on sale of investments 0.1 0.5
Profit on sale of Chucapaca - 4.6
(Loss)/profit on sale of assets (0.1) (1.3)
Restructuring costs (9.3) (42.0)
Impairment of stockpiles and consumables (8.0) (1.3)
Impairment of investments and assets (213.1) (25.4)
Other 12.2 (32.1)
Total non-recurring items (218.2) (97.0)
Taxation on items above 20.9 25.7
Non-recurring deferred taxation items (non-cash) (100.4) -
Net non-recurring items after tax (297.7) (71.3)
Net (loss)/earnings (242.1) 12.8
Net (loss)/earnings per share (cents) (31) 2
Diluted (loss)/earnings per share (cents) (31) 2
Headline (loss)/earnings (28.2) 27.3
Headline (loss)/earnings per share (cents) (4) 4
Diluted headline (loss)/earnings per share (cents) (4) 4
Net earnings excluding gains and losses on foreign exchange, financial
instruments and non-recurring items after royalties and taxation 44.7 85.3
Net earnings per share excluding gains and losses on foreign exchange,
financial instruments and non-recurring items after royalties and taxation
(cents) 6 11
US dollar/South African rand conversion rate 12.68 10.82
US dollar/Australian dollar conversion rate 0.75 0.90
Gold equivalent sold managed eq oz (000) 2,233 2,296
Gold equivalent price received US$/eq oz 1,140 1,249
Figures may not add as they are rounded independently.
The summary consolidated financial statements have been prepared by the corporate accounting staff of Gold Fields Limited headed by Mrs Tzvet
Ilarionova, the Group's Financial Controller. This process was supervised by Mr Paul Schmidt, the Group's Chief Financial Officer.
Statement of comprehensive income
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Year ended
December December
2015 2014
(Audited) (Audited)
Net (loss)/profit (242.6) 20.4
Other comprehensive loss, net of tax (636.6) (320.1)
Marked to market valuation of listed investments 0.4 1.0
Currency translation adjustments (637.0) (321.1)
Total comprehensive loss (879.2) (299.7)
Attributable to:
Owners of the parent (878.7) (308.9)
Non-controlling interest (0.5) 9.2
(879.2) (299.7)
Statement of financial position
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Year ended
December December
2015 2014
(Audited) (Audited)
Property, plant and equipment 4,312.4 4,895.7
Goodwill 295.3 385.7
Non-current assets 167.8 163.2
Investments 140.0 257.9
Deferred taxation 54.1 62.4
Current assets 908.1 1,092.8
Other current assets 467.1 594.8
Cash and deposits 440.0 458.0
Assets held for sale 1.0 40.0
Total assets 5,877.7 6,857.7
Shareholders' equity 2,768.0 3,663.3
Deferred taxation 487.3 387.0
Long-term loans 1,761.6 1,765.7
Environmental rehabilitation provisions 275.4 311.2
Long-term employee benefits 12.6 8.3
Other long-term provisions 8.7 9.1
Current liabilities 564.1 713.1
Other current liabilities 505.4 567.9
Current portion of long-term loans 58.7 145.2
Total equity and liabilities 5,877.7 6,857.7
US dollar/South African rand conversion rate 15.10 11.56
US dollar/Australian dollar conversion rate 0.73 0.81
Hedging/Derivatives (Audited)
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.
There were no outstanding contracts at December 2015.
Statement of changes in equity (Audited)
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Share capital Other Retained Non-controlling Total
and premium reserves earnings interest equity
Balance as at 31 December 2014 3,470.8 (1,636.5) 1,704.6 124.5 3,663.3
Total comprehensive (loss)/income - (636.6) (242.1) (0.5) (879.2)
(Loss)/profit for the period - - (242.1) (0.5) (242.6)
Other comprehensive loss - (636.6) - - (636.6)
Dividends declared - - (15.1) (12.1) (27.2)
Share-based payments - 10.9 - - 10.9
Exercise of employee share options 0.2 - - - 0.2
Balance as at 31 December 2015 3,471.0 (2,262.2) 1,447.4 111.9 2,768.0
UNITED STATES DOLLARS
Share capital Other Retained Non-controlling Total
and premium reserves earnings interest equity
Balance as at 31 December 2013 3,470.7 (1,340.8) 1,721.6 193.8 4,045.2
Total comprehensive (loss)/income - (321.7) 12.8 9.2 (299.7)
Profit for the period - - 12.8 7.6 20.4
Other comprehensive (loss)/income - (321.7) - 1.6 (320.1)
Dividends declared - - (29.8) (10.7) (40.5)
Share-based payments - 26.0 - - 26.0
Disposal of non-controlling interest - - - (69.8) (69.8)
Loans received from non-controlling interest - - - 2.0 2.0
Exercise of employee share options 0.1 - - - 0.1
Balance as at 31 December 2014 3,470.8 (1,636.5) 1,704.6 124.5 3,663.3
Debt maturity ladder (Audited)
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
1 Jan 2018 to
31 Dec 2016 31 Dec 2017 31 Dec 2020 Total
Uncommitted loan facilities
US dollar million - - - -
Rand million 1,447.0 - - 1,447.0
Rand debt translated to dollar 95.8 - - 95.8
Total (US$'m) 95.8 - - 95.8
Committed loan facilities
US dollar million - 1,655.0 992.6 2,647.6
Rand million 1,000.0 - 1,500.0 2,500.0
Rand debt translated to dollar 66.2 - 99.3 165.5
Total (US$'m) 66.2 1,655.0 1,091.9 2,813.1
Total (US$'m) Uncommitted and committed loan
facilities 162.0 1,655.0 1,091.9 2,908.9
Utilisation Uncommitted loan facilities
Rand million 252.0 - - 252.0
US dollar million - - - -
Rand debt translated to dollar 16.7 - - 16.7
Total (US$'m) 16.7 - - 16.7
Utilisation Committed loan facilities (including US$ bond)
US dollar million 42.0 769.0 992.6 1,803.6
Rand million - - - -
Rand debt translated to dollar - - - -
Total (US$'m) 42.0 769.0 992.6 1,803.6
Total (US$'m) Utilisation Uncommitted and committed
loan facilities 58.7 769.0 992.6 1,820.3
Exchange rate: US$1 = R15.10 being the closing rate at the end of the December 2015 quarter.
Statement of cash flows
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Year ended
December December
2015 2014
(Audited) (Audited)
Cash flows from operating activities 771.1 848.9
Profit before royalties, tax and non-recurring items 298.7 321.6
Non-recurring items (218.2) (97.0)
Amortisation and depreciation 609.9 656.7
South Deep BEE dividend (1.7) (1.9)
Change in working capital 43.6 83.7
Royalties and taxation paid (195.3) (194.1)
Other non-cash items 234.1 79.9
Dividends paid (27.2) (40.4)
Owners of the parent (15.1) (29.8)
Non-controlling interest holders (12.1) (10.6)
Cash flows from investing activities (651.5) (530.9)
Capital expenditure additions (634.1) (608.9)
Capital expenditure proceeds on disposal 3.1 4.9
Purchase of investments (3.0) (4.4)
Proceeds on disposal of Chucapaca - 81.0
Proceeds on disposal of investments - 6.4
Environmental payments (17.5) (9.9)
Cash flows from financing activities (88.3) (125.9)
Loans received 506.0 463.9
Loans repaid (594.3) (591.8)
Non-controlling interest holders' loans received - 2.0
Net cash (outflow)/inflow 4.1 151.7
Translation adjustment (22.1) (18.7)
Cash at beginning of period 458.0 325.0
Cash at end of period 440.0 458.0
Cash flow from operating activities less net capital expenditure and
environmental payments 122.6 235.0
Reconciliation of headline earnings with net earnings
Figures are in millions unless otherwise stated
UNITED STATES DOLLARS
Year ended
December December
2015 2014
(Audited) (Audited)
Net (loss)/earnings (242.1) 12.8
Profit on sale of investments (0.1) (0.5)
Profit on sale of Chucapaca - (4.6)
(Loss)/profit on sale of assets 0.1 1.3
Taxation effect on sale of assets 0.4 (0.4)
Impairment of investments and assets 243.9 22.4
Taxation on impairment of investments and assets (30.4) (3.7)
Headline (loss)/earnings (28.2) 27.3
Headline (loss)/earnings per share cents (4) 4
Based on headline earnings as given above divided by 776,559,790 (Sept
2015 775,270,967 and December 2014 770,519,087) being the weighted
average number of ordinary shares in issue.
Segmental operating and financial results
South South
Africa West Africa Region America
Region Region
Total Mine
Operations Ghana Peru
South Cerro
UNITED STATES DOLLARS Deep Total Tarkwa Damang Corona
Operating Results (Unaudited)
Ore milled/treated (000 tonnes) Dec 2015 8,386 549 4,361 3,299 1,062 1,727
Sept 2015 8,295 387 4,538 3,415 1,123 1,753
Financial year ended 33,014 1,496 17,815 13,520 4,295 6,710
Yield (grams per tonne) Dec 2015 2.2 3.9 1.3 1.4 1.3 1.2
Sept 2015 2.1 4.4 1.3 1.4 1.2 1.4
Financial year ended 2.1 4.1 1.3 1.3 1.2 1.4
Gold produced (000 managed equivalent ounces) Dec 2015 585.0 68.1 187.6 144.8 42.9 66.2
Sept 2015 576.5 54.9 193.8 149.4 44.4 79.2
Financial year ended 2,235.6 198.0 753.9 586.1 167.8 295.6
Gold sold (000 managed equivalent ounces) Dec 2015 586.3 68.1 187.6 144.8 42.9 67.5
Sept 2015 576.0 54.9 193.8 149.4 44.4 78.6
Financial year ended 2,233.3 198.0 753.9 586.1 167.8 293.3
Gold price received (dollar per equivalent ounce) Dec 2015 1,092 1,153 1,108 1,107 1,110 960
Sept 2015 1,103 1,157 1,126 1,126 1,124 908
Financial year ended 1,140 1,173 1,161 1,161 1,161 996
Operating costs (dollar per tonne) Dec 2015 41 111 28 24 42 21
Sept 2015 45 162 30 25 43 21
Financial year ended 43 158 29 25 43 21
All-in-sustaining costs (dollar per ounce) Dec 2015 920 1,095 925 799 1,361 1,285
Sept 2015 942 1,404 962 872 1,272 747
Financial year ended 1,001 1,490 1,049 970 1,326 718
Total all-in-cost (dollar per ounce) Dec 2015 927 1,156 925 799 1,361 1,285
Sept 2015 945 1,431 962 872 1,272 747
Financial year ended 1,007 1,559 1,049 970 1,326 718
Financial Results ($ million)
Revenue Dec 2015 640.1 78.5 207.9 160.3 47.6 64.8
Sept 2015 635.1 63.6 218.1 168.2 49.9 71.4
Financial year ended# 2,545.4 232.3 875.5 680.7 194.8 292.2
Net operating costs Dec 2015 (342.2) (61.1) (117.8) (72.8) (45.0) (38.5)
Sept 2015 (366.5) (62.8) (133.8) (85.9) (47.8) (35.3)
Financial year ended# (1,457.0) (236.6) (513.3) (326.9) (186.4) (144.8)
Operating costs Dec 2015 (348.0) (61.1) (123.6) (79.5) (44.2) (36.4)
Sept 2015 (369.9) (62.8) (134.7) (86.9) (47.8) (36.7)
Financial year ended# (1,432.1) (236.6) (518.5) (334.2) (184.3) (143.8)
Gold inventory change Dec 2015 5.8 - 5.9 6.7 (0.8) (2.1)
Sept 2015 3.4 - 1.0 1.0 - 1.4
Financial year ended# (24.9) - 5.2 7.3 (2.1) (1.0)
Operating profit/(loss) Dec 2015 297.9 17.4 90.2 87.5 2.6 26.3
Sept 2015 268.6 0.7 84.4 82.2 2.1 36.1
Financial year ended# 1,088.4 (4.3) 362.2 353.8 8.4 147.4
Amortisation of mining assets Dec 2015 (172.0) (19.4) (51.7) (45.1) (6.6) (32.7)
Sept 2015 (154.7) (16.6) (50.1) (42.3) (7.8) (24.0)
Financial year ended# (608.5) (67.9) (188.7) (162.3) (26.4) (100.1)
Net operating profit/(loss) Dec 2015 126.0 (2.0) 38.5 42.4 (3.9) (6.4)
Sept 2015 114.0 (15.9) 34.3 40.0 (5.7) 12.1
Financial year ended# 479.9 (72.2) 173.5 191.5 (18.0) 47.3
Other expenses Dec 2015 (16.8) (0.7) (1.6) (1.0) (0.7) (6.2)
Sept 2015 (19.3) (2.3) (0.4) 0.8 (1.3) (3.7)
Financial year ended# (82.8) (9.5) (11.6) (6.9) (4.7) (17.0)
Profit/(loss) before royalties and taxation Dec 2015 109.2 (2.7) 36.8 41.5 (4.6) (12.7)
Sept 2015 94.7 (18.2) 33.9 40.8 (7.0) 8.4
Financial year ended# 397.1 (81.7) 161.9 184.6 (22.7) 30.2
Royalties, mining and income taxation Dec 2015 (142.0) (1.8) (47.7) (25.4) (22.3) (63.3)
Sept 2015 (48.5) 4.8 (20.9) (20.9) - (6.0)
Financial year ended# (309.8) 20.9 (114.8) (93.3) (21.5) (111.8)
Normal taxation Dec 2015 (85.7) - (16.6) (15.9) (0.7) (2.4)
Sept 2015 (14.8) - (5.0) (5.0) - (9.7)
Financial year ended# (135.0) - (35.4) (34.6) (0.7) (33.0)
Royalties Dec 2015 (17.8) (0.4) (10.4) (8.0) (2.4) (0.2)
Sept 2015 (18.7) (0.3) (10.9) (8.4) (2.5) (0.6)
Financial year ended# (76.0) (1.2) (43.8) (34.0) (9.7) (3.1)
Deferred taxation Dec 2015 (38.6) (1.4) (20.6) (1.5) (19.2) (60.7)
Sept 2015 (15.1) 5.1 (5.1) (7.6) 2.5 4.2
Financial year ended# (98.8) 22.1 (35.7) (24.7) (11.0) (75.7)
Profit/(loss) before non-recurring items Dec 2015 (32.8) (4.6) (10.9) 16.1 (27.0) (76.0)
Sept 2015 46.2 (13.5) 12.9 19.9 (7.0) 2.3
Financial year ended# 87.2 (60.7) 47.0 91.3 (44.3) (81.5)
Non-recurring items Dec 2015 (54.6) 6.2 (42.6) 2.1 (44.7) (11.4)
Sept 2015 (4.7) (0.1) (5.0) (4.9) - (0.5)
Financial year ended# (62.2) 5.5 (48.8) (3.8) (45.0) (11.8)
Net profit/(loss) Dec 2015 (87.4) 1.6 (53.5) 18.2 (71.6) (87.4)
Sept 2015 41.4 (13.5) 7.9 14.9 (7.0) 1.8
Financial year ended# 25.0 (55.2) (1.8) 87.5 (89.3) (93.4)
Net profit/(loss) excluding gains and losses on Dec 2015 48.9 1.9 10.8 16.9 (6.0) (16.7)
foreign exchange, financial instruments and Sept 2015 49.8 (13.5) 11.1 17.5 (6.4) 3.7
non-recurring items Financial year ended# 170.4 (59.1) 67.1 89.8 (22.7) (21.3)
Capital expenditure Dec 2015 (159.3) (17.4) (37.5) (34.6) (2.8) (27.6)
Sept 2015 (141.4) (14.4) (42.7) (36.8) (5.9) (18.5)
Financial year ended# (633.6) (66.9) (221.1) (204.2) (16.9) (64.8)
Average exchange rates were US$1 = R14.08 and US$1 = R12.86 for the December 2015 and September 2015 quarters respectively.
The Australian/US dollar exchange rates were A$1 = US$0.72 and A$1 = US$0.73 for the December 2015 and September 2015 quarters respectively.
# The information for the year ended 31 December 2015 has been audited by KPMG Inc.
The information for the quarters ended December 2015 and September 2015 has not been audited by KPMG Inc.
Figures may not add as they are rounded independently.
Segmental operating and financial results
SOUTH
Australia Region# AUSTRALIAN DOLLARS(1) AFRICAN
RAND(2)
South Africa
Australia Australia Region€ Region
UNITED STATES DOLLARS Agnew/ Granny Agnew/ Granny
Total St Ives Lawlers Darlot Smith Total St Ives Lawlers Darlot Smith South Deep
Operating Results (Unaudited)
Ore milled/treated Dec 2015 1,749 974 298 118 359 1,749 974 298 118 359 549
(000 tonnes) Sept 2015 1,617 837 294 125 361 1,617 837 294 125 361 387
Financial year ended 6,993 3,867 1,218 457 1,451 6,993 3,867 1,218 457 1,451 1,496
Yield Dec 2015 4.7 3.2 6.9 6.5 6.3 4.7 3.2 6.9 6.5 6.3 3.9
(grams per tonne) Sept 2015 4.7 3.0 6.1 6.3 7.1 4.7 3.0 6.1 6.3 7.1 4.4
Financial year ended 4.4 3.0 6.0 5.3 6.5 4.4 3.0 6.0 5.3 6.5 4.1
Gold produced Dec 2015 263.0 100.4 65.7 24.6 72.4 263.0 100.4 65.7 24.6 72.4 2,119
(000 managed Sept 2015 248.6 83.6 57.5 25.4 82.1 248.6 83.6 57.5 25.4 82.1 1,709
equivalent ounces) Financial year ended 988.0 371.9 236.6 78.4 301.1 988.0 371.9 236.6 78.4 301.1 6,160
Gold sold Dec 2015 263.0 100.4 65.7 24.6 72.4 263.0 100.4 65.7 24.6 72.4 2,119
(000 managed Sept 2015 248.6 83.6 57.5 25.4 82.1 248.6 83.6 57.5 25.4 82.1 1,709
equivalent ounces) Financial year ended 988.0 371.9 236.6 78.4 301.1 988.0 371.9 236.6 78.4 301.1 6,160
Gold price received Dec 2015 1,098 1,099 1,102 1,111 1,088 1,531 1,531 1,532 1,533 1,527 503,887
(dollar per Sept 2015 1,133 1,128 1,126 1,172 1,132 1,553 1,561 1,547 1,573 1,547 471,094
equivalent ounce) Financial year ended 1,159 1,161 1,158 1,163 1,157 1,541 1,543 1,539 1,546 1,538 478,263
Operating costs Dec 2015 73 48 113 123 90 102 67 159 172 126 1,567
(dollar per tonne) Sept 2015 84 59 120 128 97 115 81 165 175 133 2,088
Financial year ended 76 50 117 131 94 101 67 156 174 125 2,005
All-in-sustaining costs Dec 2015 819 836 828 817 787 1,146 1,171 1,160 1,142 1,101 495,833
(dollar per ounce) Sept 2015 859 879 1,025 906 699 1,177 1,229 1,401 1,232 957 578,051
Financial year ended 912 969 959 1,057 764 1,211 1,287 1,276 1,403 1,017 607,429
Total all-in-cost Dec 2015 819 836 828 817 787 1,146 1,171 1,160 1,142 1,101 522,642
(dollar per ounce) Sept 2015 859 879 1,025 906 699 1,177 1,229 1,401 1,232 957 589,823
Financial year ended 912 969 959 1,057 764 1,211 1,287 1,276 1,403 1,017 635,622
Financial Results ($ million)
Revenue Dec 2015 288.8 110.4 72.5 27.3 78.7 402.6 153.7 100.7 37.7 110.6 1,067.9
Sept 2015 281.7 94.3 64.7 29.7 93.0 386.5 130.5 89.0 39.9 127.1 805.1
Financial year ended# 1,145.4 431.8 273.9 91.3 348.4 1,522.4 573.9 364.1 121.3 463.1 2,946.1
Net operating Dec 2015 (124.8) (45.6) (31.2) (14.3) (33.7) (175.7) (64.6) (44.0) (20.0) (47.3) (857.3)
costs Sept 2015 (134.6) (45.9) (37.5) (16.9) (34.3) (185.5) (64.2) (51.3) (22.9) (47.1) (803.2)
Financial year ended# (562.3) (220.3) (141.4) (59.2) (141.3) (747.3) (292.8) (188.0) (78.6) (187.9) (3,000.2)
Operating costs Dec 2015 (126.9) (46.5) (33.8) (14.5) (32.1) (177.9) (65.1) (47.4) (20.3) (45.1) (857.3)
Sept 2015 (135.6) (49.2) (35.3) (16.0) (35.1) (185.9) (67.6) (48.4) (21.9) (48.1) (803.2)
Financial year ended# (533.2) (195.0) (142.6) (59.8) (135.9) (708.8) (259.2) (189.5) (79.5) (180.7) (3,000.2)
Gold inventory Dec 2015 2.1 0.8 2.6 0.2 (1.6) 2.1 0.6 3.4 0.3 (2.2) -
Sept 2015 1.0 3.3 (2.3) (0.9) 0.9 0.4 3.4 (2.9) (1.0) 1.0 -
Financial year ended# (29.0) (25.3) 1.1 0.6 (5.4) (38.5) (33.7) 1.5 0.9 (7.2) -
Operating Dec 2015 164.1 64.7 41.3 13.0 45.0 226.9 89.1 56.8 17.7 63.3 210.6
profit/loss Sept 2015 147.1 48.4 27.2 12.8 58.7 201.0 66.4 37.6 16.9 80.0 1.9
Financial year ended# 583.1 211.5 132.5 32.1 207.1 775.0 281.1 176.1 42.6 275.2 (54.1)
Amortisation of Dec 2015 (68.1) (94.5) (268.9)
mining assets Sept 2015 (64.0) (87.2) (213.3)
Financial year ended# (251.8) (334.7) (861.0)
Net operating Dec 2015 95.9 132.3 (58.3)
profit/(loss) Sept 2015 83.1 113.7 (211.4)
Financial year ended# 331.3 440.4 (915.1)
Other expenses Dec 2015 (8.1) (11.6) (13.6)
Sept 2015 (12.8) (17.4) (30.5)
Financial year ended# (44.6) (59.3) (120.7)
Profit/(loss) before Dec 2015 87.8 120.8 (71.9)
royalties and Sept 2015 70.5 96.3 (241.9)
taxation Financial year ended# 286.7 381.0 (1,035.8)
Royalties, mining Dec 2015 (29.2) (40.5) (12.5)
and income Sept 2015 (26.3) (35.8) 63.8
taxation Financial year ended# (104.1) (138.4) 265.5
Normal taxation Dec 2015 (66.6) (88.5) -
Sept 2015 (0.1) (0.1) -
Financial year ended# (66.7) (88.6) -
Royalties Dec 2015 (6.9) (9.6) (5.3)
Sept 2015 (6.9) (9.5) (4.0)
Financial year ended# (28.0) (37.2) (14.7)
Deferred taxation Dec 2015 44.2 57.6 (7.2)
Sept 2015 (19.3) (26.2) 67.8
Financial year ended# (9.5) (12.6) 280.2
Profit/(loss) before Dec 2015 58.6 80.3 (84.4)
non-recurring Sept 2015 44.2 60.5 (178.1)
items Financial year ended# 182.5 242.6 (770.3)
Non-recurring Dec 2015 (6.9) (9.3) 78.4
items Sept 2015 0.7 1.0 (0.9)
Financial year ended# (7.0) (9.3) 69.8
Net profit/(loss) Dec 2015 51.7 71.0 (6.0)
Sept 2015 44.9 61.5 (179.0)
Financial year ended# 175.5 233.3 (700.5)
Net profit/(loss) excluding Dec 2015 56.7 65.9 47.3
gains and losses on foreign
exchange, financial Sept 2015 45.1 52.4 (179.0)
instruments and non- Financial year ended# 183.8 213.6 (651.6)
recurring items
Capital expenditure Dec 2015 (76.9) (32.4) (20.1) (4.9) (19.5) (106.6) (44.8) (27.9) (6.8) (27.0) (243.4)
Sept 2015 (65.9) (22.3) (18.6) (5.0) (19.3) (89.4) (31.0) (25.3) (6.8) (26.3) (186.5)
Financial year ended# (280.8) (114.5) (73.0) (20.0) (72.4) (373.3) (152.2) (97.1) (26.6) (96.3) (848.4)
# As a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the Australian operations are entitled to transfer and then off-set tax losses from
one company to another, it is not meaningful to split the income statement below operating profit.
1 For Australia, all financial numbers are in Australian dollar.
2 For South Africa, all financial numbers are in Rand and Rand per kilogram.
# The information for the year ended 31 December 2015 has been audited by KPMG Inc.
The information for the quarters ended December 2015 and September 2015 has not been audited by KPMG Inc.
Figures may not add as they are rounded independently.
Date: 31/03/2016 03:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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