Wrap Text
RESULTS FOR THE FOURTH QUARTER AND YEAR
ENDED 30 JUNE 2012
Harmony Gold Mining Company Limited
("Harmony" or "Company")
Incorporated in the Republic of South Africa
Registration number 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
ISIN: ZAE000015228
RESULTS FOR THE FOURTH QUARTER AND YEAR
ENDED 30 JUNE 2012
KEY FEATURES
Year on year*
- Operating profit (1) increased by 80% at R5.9bn (US$759m)
- Headline earnings per share more than doubled at 551 SA cents
(US$71 cents)
- Gold production slightly down by 2% at 39 642 kg (1 274 520oz)
- Cash operating costs increased to R270 918/kg (US$1 085/oz)
- Various safety achievements and awards
- Final dividend declared of 50 SA cents
- total dividends declared for FY12 90 SA cents
Quarter on quarter*
- Operating profit (1) increased by 24% at R1.4bn (US$171m)
- Gold production increased by 14% at 9 964kg (320 351oz)
- Cash operating costs decreased to R279 719/kg (US$1 071/oz)
- Basic earnings per share decreased to 11 SA cents (US$1 cent)
- Headline loss per share of 20 SA cents (US$2 cents)
- increase in deferred tax rate due to improved life of mine plans
- increased exploration expenditure
* Including discontinued operations
(1) 'Operating profit' is comparable to the term 'production profit' in the segment report in the financial statements and not to the
operating profit line in the income statement.
FINANCIAL SUMMARY FOR THE FOURTH QUARTER ENDED 30 JUNE 2012
*Year *Year
*Quarter *Quarter Q on Q ended ended Y-on-Y
June March variance June June Variance
2012 2012 % 2012 2011 %
Gold produced kg 9 964 8 753 14 39 642 40 535 (2)
oz 320 351 281 415 14 1 274 520 1 303 228 (2)
Cash operating costs R/kg 279 719 293 842 5 270 918 226 667 (20)
US$/oz 1 071 1 182 9 1 085 1 009 (8)
Gold sold kg 10 038 8 559 17 39 545 41 043 (4)
oz 322 728 275 177 17 1 271 399 1 319 563 (4)
Gold price received R/kg 421 672 419 649 419 492 307 875 36
US$/oz 1 615 1 688 (4) 1 680 1 370 23
Operating profit (1) R million 1 390 1 123 24 5 896 3 275 80
US$ million 171 145 18 759 468 62
Basic earnings SAc/s 11 235 (95) 600 144 >100
per share USc/s 1 30 (97) 77 20 >100
Headline earnings Rm (87) 1 007 <(100) 2 372 957 >100
US$m (11) 130 <(100) 305 135 >100
Headline earnings SAc/s (20) 234 <(100) 551 223 >100
per share USc/s (2) 30 <(100) 71 31 >100
Exchange rate R/US$ 8.12 7.73 5 7.77 6.99 11
* Including discontinued operations
(1) 'Operating profit' is comparable to the term 'production profit' in the segment report in the financial statements and not to the
operating profit line in the income statement.
Shareholder information
Issued ordinary share capital at 30 June 2012 431 564 236
Issued ordinary share capital at 31 March 2012 431 471 444
Issued ordinary share capital at 30 June 2011 430 084 628
Market capitalisation
At 30 June 2012 (ZARm) 33 015
At 30 June 2012 (US$m) 4 037
At 31 March 2012 (ZARm) 35 980
At 31 March 2012 (US$m) 4 688
At 30 June 2011 (ZARm) 38 686
At 30 June 2011 (US$m) 5 724
Harmony ordinary share and ADR prices
12 month high (1 July 2011
30 June 2012) for ordinary shares R115.75
12 month low (1 July 2011
30 June 2012) for ordinary shares R72.84
12 month high (1 July 2011
30 June 2012) for ADRs US$14.87
12 month low (1 July 2011
30 June 2012) for ADRs US$8.70
Free float 100%
ADR ratio 1:1
JSE Limited HAR
Range for quarter
(1 April 30 June 2012 closing prices) R72.84 R89.00
Average daily volume for the quarter
(1 April 30 June 2012) 1 491 325 shares
Range for quarter
(1 April 30 June 2011 closing prices) R83.29 R103.25
Average daily volume for the quarter
(1 April 30 June 2011) 1 543 143 shares
Range for the year
(1 July 2011 30 June 2012 closing prices) R72.84 R115.75
Average daily volume for the year
(1 July 2011 30 June 2012) 1 518 116 shares
Range for the year
(1 July 2010 30 June 2011 closing prices) R71.90 R103.25
Average daily volume for the year
(1 July 2010 30 June 2011) 1 568 140 shares
New York Stock Exchange, Inc including
other US trading platforms HMY
Range for quarter
(1 April 30 June 2012 closing prices) US$8.70 US$11.04
Average daily volume for the quarter
(1 April 30 June 2012) 2 069 561 shares
Range for quarter US$12.34
(1 April 30 June 2011 closing prices) US$15.57
Average daily volume for the quarter
(1 April 30 June 2011) 2 771 880 shares
Range for the year
(1 July 2011 30 June 2012 closing prices) US$8.70 US$14.87
Average daily volume for the year
(1 July 2011 30 June 2012) 2 321 783 shares
Range for the year
(1 July 2010 30 June 2011 closing prices) US$9.72 US$15.57
Average daily volume for the year
(1 July 2010 30 June 2011) 2 558 248 shares
Investors' calendar 2012
Investor day 29 August
Release Annual Report FY12 25 October
Release Quarter 1 of FY13 results 7 November
Annual general meeting 27 November
Harmony's Integrated Annual Report,
Notice of Annual General Meeting, its
Sustainable Development Report and its
Annual Report filed on a Form 20F with
the United States' Securities and Exchange
Commission for the year ended
30 June 2011 are available on our
website: www.harmony.co.za
Forward-looking statements
This quarterly report contains forward-looking statements within
the meaning of the United States Private Securities Litigation Reform
Act of 1995 with respect to Harmony's financial condition, results of
operations, business strategies, operating efficiencies, competitive
positions, growth opportunities for existing services, plans and objectives
of management, markets for stock and other matters. Statements in this
quarter that are not historical facts are "forward-looking statements"
for the purpose of the safe harbour provided by Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and Section 27A
of the U.S. Securities Act of 1933, as amended. Forward-looking
statements are statements that are not historical facts.
These statements include financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and services,
and statements regarding future performance. Forward-looking
statements are generally identified by the words "expect", "anticipates",
"believes", "intends", "estimates" and similar expressions. These
statements are only predictions. All forward-looking statements involve
a number of risks, uncertainties and other factors and we cannot assure
you that such statements will prove to be correct. Risks, uncertainties
and other factors could cause actual events or results to differ from
those expressed or implied by the forward-looking statements.
These forward-looking statements, including, among others, those
relating to the future business prospects, revenues and income of
Harmony, wherever they may occur in this quarterly report and the
exhibits to this quarterly report, are necessarily estimates reflecting the
best judgment of the senior management of Harmony and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth
in this quarterly report.
Important factors that could cause actual results to differ materially
from estimates or projections contained in the forward-looking
statements include, without limitation: overall economic and business
conditions in the countries in which we operate; the ability to achieve
anticipated efficiencies and other cost savings in connection with past
and future acquisitions; increases or decreases in the market price of
gold; the occurrence of hazards associated with underground and
surface gold mining; the occurrence of labour disruptions; availability,
terms and deployment of capital; changes in government regulations,
particularly mining rights and environmental regulations; fluctuations
in exchange rates; currency devaluations and other macro-economic
monetary policies; and socio-economic instability in the countries in
which we operate.
Competent person's declaration
Harmony reports in terms of the South African Code for the Reporting
of Exploration results, Mineral Resources and Ore Reserves (SAMREC).
Harmony employs an ore reserve manager at each of its operations who
takes responsibility for reporting mineral resources and mineral reserves
at his operation.
The mineral resources and mineral reserves in this report are based on
information compiled by the following competent persons:
Reserves and resources South Africa:
Jaco Boshoff, Pri Sci Nat, who has 16 years' relevant experience and
is registered with the South African Council for Natural Scientific
Professions (SACNASP).
Reserves and resources PNG:
Stuart Hayward for the Wafi-Golpu mineral resources, Gregory Job
for the Golpu mineral reserve, James Francis for the Hidden Valley
mineral resources and Anton Kruger for the Hidden Valley mineral
reserve. Messers Job, Francis and Kruger are corporate members of
the Australian Institute of Mining and Metallurgy and Mr Hayward is a
member of the Australian Institute of Geoscientists. All have relevant
experience in the type and style of mineralisation for which they are
reporting, and are competent persons as defined by the code.
These competent persons consent to the inclusion in the report of
the matters based on the information in the form and context in
which it appears. Mr Boshoff and Mr Job are full-time employees of
Harmony Gold Mining Company Limited and Mr Hayward is a full-time
employee of Wafi-Golpu Services Limited. Mr Francis and Mr Kruger are
full-time employees of Newcrest Mining Limited (Newcrest). Newcrest is
Harmony's joint venture partner in the Morobe Mining Joint Venture on
the Hidden Valley mine and Wafi-Golpu project.
The Mineral Resources and Reserve information as at 30 June 2012
will be released on 29 August 2012.
Chief executive officer's review
As a team, we have had extensive engagement with our shareholders,
members of the media and other stakeholders during the past quarter.
It has struck me on more than one occasion how surprised many of our
visitors have been at the range of our operations, at the capital we
have invested, at the depth and breadth of the skills and experience
base that we have developed. What has struck home for many of
them and for me personally is that the Harmony of today is a very
different one to that of yesteryear. We have, I believe, established a
platform of excellence and leadership in many areas, strategic planning
and determined effort.
Everything we do at Harmony is based on our values safety, honesty,
achievement, accountability and connectedness. This means we do what
is right for our people, our assets, our business and our stakeholders.
We understand that our credibility depends on delivery, so we
plan carefully before we commit. We have seen some significant
improvements during financial year 2012 in safety and production at
some of our mines at others we acknowledge that more needs to
be done. We have introduced short interval controls at each shaft and
monitor and assess our performance on a daily basis. The company has
continued to build its strong financial position, as well as its relationships
with various stakeholders in the areas that we mine in.
Safety and values
It is with deep regret that I report that Narciso Jose Matusse, an
engineering assistant at Evander, died in a work-related incident
during the quarter. We extend our deepest sympathy to his family and
colleagues.
Safety at Harmony encompasses two elements: systems/standards
on the one hand and culture on the other. Implementing world-class
safety systems/standards at our shafts is a straight-forward, though
painstaking task in which we are making good progress. We are closing
the gaps, where required.
Changing a culture though is much more difficult. During the year we
conducted a cultural alignment survey and asked employees which
values support their activities at Harmony on a day to day basis. The
feedback from the cultural alignment process was used to prepare a
cultural change programme. Our people are our gold and the cultural
alignment programme aims to reinforce that.
The values shared by our workforce are:
1. Safety is our main priority no matter what the circumstances are
2. We acknowledge that we are accountable for delivering on our
commitments
3. Achievement is core to our success
4. We are connected with all our stakeholders as a team.
5. In all our business dealings we uphold honesty and communicate
openly with stakeholders.
Safety therefore starts with me, and likewise with each of our
employees. Our value stipulates that we behave safely in everything
we do 'zero harm, zero accidents, zero fatalities'. Although we are
making progress, as can be seen in the improvement in the safety
indicators on page 5, our aim remains to have no fatalities at all. I am
confident that we can do so.
Gold market
Quarter on quarter the gold price in US dollar terms was 4% lower. The
weakening of the R/$ exchange rate from R7.73 to R8.12 in the same
period, resulted in the R/kg gold price received being 0.5% higher at
R421 672/kg.
Year-on-year, the US dollar gold price received increased by 23%
from an average of US$1370/oz for the previous financial year to
US$1680/oz during the past year. During the same period the Rand
weakened by 11% against the US dollar, resulting in an increase in
the gold price of 36% in R/kg terms from R307 875/kg in the previous
financial year to R419 492/kg in the past year leaving the company
with strong margins.
We remain bullish on the gold price and believe that it will resume its
upward trend in FY13 as uncertain economic times prevail.
Operational and financial results
The quarter compared well to the first and second quarter with respect
to tonnage production and proved that the operations can do better
through focused planning and execution of the plan. Gold production
for the June 2012 quarter was 14% higher than the previous quarter,
driven by higher tonnage and improved grade. Operating profit
increased by 24% to R1.4 billion when compared to the March 2012
quarter. Cash operating cost per unit improved by 5% quarter on
quarter, at R279 719/kg. Total operating costs were higher, mainly due
to an increase in electricity tariffs and consumables.
Year on year, the group increased its operating profit by 80% to
R5.9 billion, compared to the R3.3 billion operating profit generated
in the 2011 financial year. Gold production decreased marginally from
40 535kg to 39 642kg. Cash operating cost per kilogram of gold
produced increased by 20% to R270 918/kg, while cash operating costs
in US$/oz terms only increased by 8% as a function of the weakening
of the R/US$ exchange rate by 11% to R/US$7.77.
A net profit of R2.6 billion was generated for the year this represents
a four-fold increase on the R617 million profit recorded in 2011. Net
profit for the quarter decreased to R47 million, mainly due to year-end
deferred tax adjustments.
Headline earnings and headline earnings per share (HEPS) more than
doubled year on year, from R957 million to R2.4 billion and 223 SA cents
to 551 SA cents respectively. Due to an increase in the deferred tax
rates as a result of improved life of mine plans, increased exploration
expenditure, an increase in depreciation and amortisation as well as
a change in estimate of gold in lock-up (primarily at St Helena plant,
Steyn plant and Kalgold), a headline loss of R87 million and headline
loss per share of 20 SA cents were recorded for the June 2012 quarter.
Wafi-Golpu
Results from the resource definition programme have been extremely
encouraging with the resource potential at Wafi-Golpu continuing to
improve with on-going drilling.
At Golpu four holes targeting the upper levels of the resource model
in the lift 1 area intersected broad zones of strongly mineralised
hornblende porphyry containing up to 5% chalcopyrite, which are:
WR433: 440m @ 1.22%Cu, 0.53 g/t Au from 346m
including: 190m @ 2.57% Cu and 1.15 g/t Au from 594m
This particular intercept has extended the high grade mineralised
hornblende porphyry 80m north of the previous drilling and it remains
open through the grid to the north. The result from WR433, together
with intercepts from WR432, and WR434 also indicate better continuity
of high-grade mineralised porphyry than currently modelled. Increased
volumes of high-grade porphyry mineralisation in the upper levels of
the deposit are now being realised.
The resource drilling has also confirmed a new zone of gold mineralisation
located immediately west of the Golpu copper-gold orebody. WR426
intersected 157m @ 1.0g/t Au from 269m. This intercept is along strike
from previous intercepts reported in WR392 (85m @ 3.2g/t Au from
302m), and WR397 (10m @ 9.1g/t Au from 389m). The continuous
zone of gold mineralisation has now been developed over a 200m
strike, and remains open in all directions. The emergence of this new
gold zone highlights the complexity and untapped potential of the
Wafi-Golpu system and follow up drilling is planned.
The results of the Golpu pre-feasibility study will be shared with the
market on 29 August 2012 at Harmony's Investor Day.
Transformation
The number of historically disadvantaged South Africans (HDSAs)
at a management level has increased significantly during the course
of financial year 2012 and is now at 43.1%, exceeding the Mining
Charter's 2014 target of 40%. The higher percentage is due to an
increase of 7.7% at top management level and an increase of 4.1%
at senior management level. This once again illustrates Harmony's
commitment to transformation.
Environmental management
Harmony received a directive in November 2005 to contribute a third
share in the costs of pumping and treatment of the fissure water in
the Klerksdorp, Orkney, Stilfontein and Hartbeesfontein (KOSH) Basin.
On 25 March 2009, Harmony advised the Department of Water Affairs
(DWAF) in writing that it was of the opinion that the directive was no
longer valid as it had concluded the sale of these assets, which includes
the transfer of land to Pamodzi Gold (which is now in liquidation).
Harmony further gave notice that it would cease to contribute to these
pumping costs as from October 2010.
On 28 August 2009, Harmony requested that DWAF withdraw
the directive, which was refused. On this basis Harmony lodged an
application with the High Court to have the November 2005 directive
set aside. The matter was heard on 24 October 2011 and judgement
was handed down on 29 June 2012. The judge dismissed Harmony's
application to have the directive set aside. On review of the judgement
and guided by Harmony's legal counsel, we filed an application for
leave to appeal the judgement on 20 July 2012. We remain confident
that Harmony has a compelling legal argument with regards to the
legality of the directive issued against it especially as it ceased to be the
owner, occupier or user of the land.
Evander transaction
Harmony entered into an agreement with Pan African Resources plc
(Pan African Resources) on 30 May 2012 to dispose of its 100% interest
in Evander Gold Mines Limited (Evander) for a total consideration of
R1.5 billion.
The main conditions precedent are expected to be fulfilled before
31 December 2012.
The approval of the transaction by the Competition Authorities of the
Republic of South Africa was obtained on 26 July 2012.
Other main conditions outstanding include:
Pan African Resources obtaining the relevant shareholder approval
for the transaction;
Consent of the Minister of Mineral Resources to the transfer of the
entire issued share capital of Evander to Pan African Resources.
Awards and recognition
Various third parties have acknowledged Harmony for its achievements
in the past year. We received the following acknowledgements:
- Govan Mbeki Human Settlement Awards 2012
- SAMREC¹ for the best reporting of Resources and Reserves by a
mining or exploration company listed on the JSE Ltd
- Harmony wins 6 out of 7 safety awards at the MineSAFE 2012
Industry Awards
- 4th in Nedbank Carbon disclosure
- Qualified for the Nedbank BGreen Fund
- Included in JSE Socially Responsible Investment Index for
6th consecutive year
- Department of Mineral Resources Millionaire's Award for Safety
Doornkop 1 000 000 fatality free shifts
- International recognition of the significance of the Wafi-Golpu
Cu-Au resource expansion through invitation at various international
forums
- Harmony's International Mining Insurance Underwriters rating
above global industry average
* SAMREC: South African Code for the Reporting of Exploration results, Mineral Resources
and Ore Reserves
Succession
My employment at Harmony would have come to an end during next
year in line with Harmony's retirement policy. The Board has, however,
requested that I extend my contract by four years. I have agreed and
am pleased to be part of Harmony's future for a little while longer.
To ensure proper succession planning and organisational efficiency,
changes have been made to our management structure. Harmony now
only has one chief operating officer in South Africa, Tom Smith and one
in PNG, Johannes van Heerden. Both these individuals are supported by
very well experienced operational teams.
Dividend
In line with our strategy of generating cash to fund dividends and
growth, the Board has agreed to declare a final dividend of 50 SA cents.
Conclusion
Our commitment to our company is measured by sustainable earnings
that deliver dividends and growth we have achieved just that. Harmony
has built a reputation for itself as a leading gold mining company in
both South Africa and PNG.
We believe that we will measure up to the targets we have set, as
we have already demonstrated our ability to take ownership of our
responsibility. Our management teams are tenacious, driven, decisive
and assertive. There is no reason at all that we should not carry
through and achieve our goals. No matter how tough it gets we will
not compromise on our values though, even if this does temporarily
influence production.
We measure, we measure up and we deliver. Harmony is a global gold
mining and exploration company growing gold production, reserves
and profits. This is who Harmony is today.
Graham Briggs
Chief executive officer
Safety and Health
Safety
Safety is Harmony's first priority and has also been identified as one of
the company's key values. Harmony remains committed to achieving
its production safely and therefore we dedicate our time and resources
to ensuring that potential hazards are identified and safety-related
accidents are prevented.
During the past quarter, the IRCA Global gap safety audits were
completed and IRCA Global work teams are currently assisting the
operations to implement systems to bridge shortcomings identified
during the audit process. IRCA Global is an internationally recognised
company with expertise in the field of safety, health, environmental and
quality management.
The high-level audit team has concluded the audit on the management
of fatal risks at three operations during the quarter. Tragically, one
fatality occurred at Evander during the June 2012 quarter, bringing the
total number of fatalities for the group in the 2012 financial year to 15.
Major improvements in all safety parameters and in particular with
regard to fatalities were achieved during the June 2012 quarter. The
fatality injury frequency rate (FIFR) for the South African operations
improved by 82% quarter on quarter and 6% year-on-year, with
Kalgold, Phakisa, Target 1, Target 3, Masimong and Joel each recording
a fatality free year.
The lost time injury frequency rates (LTIFR) for the South African
operations improved for the third consecutive quarter and recorded
a 7% improvement during the June 2012 quarter. The Kalgold and
Joel operations recorded an LTIFR-free quarter. Most of Harmony's
operations reported year-on-year improvements in the LTIFR and an
overall improvement of 12% was recorded for Harmony's South African
operations, when compared to the previous year. The reportable injury
frequency rate (RIFR) for the South African operations improved by 15%
quarter on quarter and 10% year-on-year.
It is evident that the increased focus, review, communication and
remedial action resulted in an improved safety environment.
Safety achievements for the quarter included:
- Phakisa 1 500 000 fatality free shifts
- Free State metallurgical 1 250 000 fatality free shifts
operations
The following shafts also achieved more than 1 million fall-of-ground
(FOG) fatality-free shifts during the quarter:
- Doornkop 5 169 165 FOG fatality free shifts
- Masimong 2 446 802 FOG fatality free shifts
- Bambanani and Steyn 2 1 591 079 FOG fatality free shifts
- Phakisa 1 558 702 FOG fatality free shifts
- Evander 1 411 592 FOG fatality free shifts
- Unisel 1 298 173 FOG fatality free shifts
- Target 1 1 122 030 FOG fatality free shifts
We are committed to maintaining these safety improvements. Safety
continues to be a key priority at all Harmony's operations to ensure the
prevention of and reduction in the number of fatal incidents.
Health
Harmony values the safety and health of its employees, since those who
are healthy are more likely to be engaged, committed and productive.
We are committed to pro-actively enhancing the health and wellness of
our employees and to minimising time lost and reduced performance
owing to illness. Given the changing health and well-being needs of
our workforce, we regularly adapt and revise our wellness programmes.
Our wellness programmes offer a broad framework for pro-active
investment in health improvement and prevention to encourage real,
long-term behavioural and lifestyle changes. Harmony supports and
manages all aspects of employee health and safety through training,
risk management and compliance. We empower our staff to take joint
responsibility for their health by creating awareness about the causes of
illness and providing access to health information.
For more details, see our 2011 Sustainable Development Report on our
website at www.harmony.co.za.
Financial overview
QUARTER ON QUARTER
Net profit
The net profit for the June 2012 quarter was R47 million, 95%
lower than the previous quarter, mainly due to a deferred tax debit
of R270 million compared to deferred tax credit of R652 million in
the previous quarter. The reason for the large deferred tax debit is the
increase in deferred tax rates following the annual re-assessment of
deferred tax rates.
Impairment of investments
During the June 2012 quarter, the reduction in the fair market value
of our investment in Witwatersrand Consolidated Gold Resources
Limited previously recorded in reserves was transferred to the income
statement.
Taxation
The deferred tax debit of R270 million in June 2012 quarter is due to
an increase in the life-of-mine deferred tax rates as a result of increase
in profitability of life-of-mine plans.
Discontinued operations and assets and liabilities of disposal
group classified as held for sale
Evander Gold Mines Limited has been classified as a disposal group held
for sale following the signing of a sales agreement on 30 January 2012.
On 30 May 2012, Harmony announced the signing of a new sales
agreement with Pan African Resources plc.
Sale of Evander 6 and Twistdraai
On 10 September 2010, Harmony concluded a sale agreement with
Taung Gold Limited to sell Evander 6, its related infrastructure and
Twistdraai areas. The sale was completed in May 2012 and resulted in a
post-tax profit of R159 million being recorded in the June 2012 quarter
under discontinued operations.
Earnings per share
Total basic earnings per share decreased in the June 2012 quarter from
235 SA cents to 11 SA cents per share. Total headline earnings per
share decreased from earnings of 234 SA cents to a loss of 20 SA
cents per share. These decreases are due to the effect of deferred tax,
exploration expenditure, depreciation and amortisation as well as a
change in estimate of gold in lock-up.
Capital expenditure
Total capital expenditure for the June 2012 quarter was R976 million,
a R209 million increase in comparison to the March 2012 quarter of
R767 million. Total capital expenditure for South African operations
increased by R127 million. Total capital spent in Papua New Guinea
(PNG) increased by R82 million.
Borrowings
The long term portion of borrowings increased from R1 277 million to
R1 503 million in the June 2012 quarter, mainly due to a drawdown
of US$40 million on the US dollar syndicated revolving credit facility.
YEAR ON YEAR
Net profit
The net profit for the year ended 30 June 2012 was R2 585 million
compared to R617 million for the previous year. This was as a result of
the significant higher gold price received for the period of R419 492/kg
versus R307 875/kg the previous year.
Earnings per share
Total basic earnings per share for the year ended 30 June 2012 increased
from 144 SA cents to 600 SA cents per share. Total headline earnings
per share increased from 223 SA cents to 551 SA cents per share.
Exploration expenditure
Exploration expenditure for the year ended 30 June 2012 increased
to R500 million compared to R324 million of the previous year. This
is mainly as a result of exploration and feasibility studies on the PNG
projects, notably Wafi-Golpu.
Deferred tax liabilities
The net deferred tax liabilities for the year ended 30 June 2012
decreased to R2 774 million compared to R3 067 million of the
previous year. With the repeal of Secondary Tax on Companies and
the introduction of the Dividend Tax in March 2012 quarter, the higher
gold mining tax rate formula was repealed. The change in the mining
tax rate affected the calculation of deferred tax, resulting in lower
deferred tax balances.
Cash flow
The strong cash generated by operating activities for the year ended
30 June 2012 of R4.2 billion paid for capital expenditure of R3.2 billion
and reduced the net debt significantly.
NOTICE OF CASH DIVIDEND
Declaration of Ordinary Dividend No. 84
The board has approved and declared a final dividend of
50 SA cents per ordinary share (gross) in respect of the year ended
30 June 2012.
The dividend will be subject to the new Dividends Tax that was
introduced with effect from 1 April 2012. In accordance with
paragraphs 11.17 (a) (i) to (x) and 11.17(c) of the JSE Listings
Requirements the following additional information is disclosed:
The dividend has been declared out of income reserves;
The local Dividends Tax rate is 15% (fifteen per centum);
There are Secondary Tax on Companies (STC) credits utilised
to the amount of R151 453 252 or 35.09402 SA cents. No
STC credits remain after this dividend;
The gross local dividend amount is 50 SA cents per ordinary
share for shareholders exempt from the Dividends Tax;
The net local dividend amount is 47.76410 SA cents per
ordinary share for shareholders liable to pay the Dividends Tax;
Harmony currently has 431 564 236 ordinary shares in issue
(which includes 47 382 treasury shares); and
Harmony Gold Mining Company Limited's income tax
reference number is 9240/012/60/0.
A dividend No. 84 of 50 SA cents per ordinary share, being the
dividend for the year ended 30 June 2012, has been declared
payable on Monday, 17 September 2012 to those shareholders
recorded in the books of the company at the close of business
on Friday, 14 September 2012. The dividend is declared in the
currency of the Republic of South Africa. Any change in address
or dividend instruction to apply to this dividend must be received
by the company's transfer secretaries or registrar not later than
Friday, 7 September 2012.
Last date to trade ordinary shares Friday,
cum dividend 7 September 2012
Ordinary shares trade ex-dividend Monday,
10 September 2012
Currency conversion date in respect Monday,
of the UK own name shareholders 10 September 2012
Record date Friday, 14 September 2012
Payment date Monday, 17 September 2012
No dematerialisation or rematerialisation of share certificates
may occur between Monday, 10 September 2012 and Friday,
14 September 2012, both dates inclusive, nor may any transfers
between registers take place during this period.
CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)
Quarter ended Year ended
30 June 31 March 30 June(1) 30 June 30 June(1)
2012 2012 2011 2012 2011
Figures in million Note (Unaudited) (Unaudited) (Unaudited) (Audited)
Continuing operations
Revenue 3 934 3 222 3 153 15 169 11 596
Cost of sales 2 (3 325) (2 721) (3 226) (12 137) (10 699)
Production costs (2 639) (2 273) (2 360) (9 911) (8 504)
Amortisation and depreciation (548) (431) (438) (1 921) (1 609)
Reversal of impairment/(impairment) of assets 60 (264) 60 (264)
Employment termination and restructuring costs (11) (19) (81) (136)
Other items (187) 2 (164) (284) (186)
Gross profit/(loss) 609 501 (73) 3 032 897
Corporate, administration and other expenditure (91) (96) (65) (352) (322)
Social investment expenditure (22) (22) (15) (72) (82)
Exploration expenditure (161) (143) (99) (500) (324)
Profit on sale of property, plant and equipment 34 5 63 27
Other (expenses)/income net (74) (5) 35 (50) (21)
Operating profit/(loss) 295 235 (212) 2 121 175
Loss from associates (51)
Reversal of impairment/(impairment) of investment
in associate 6 18 56 (142)
Impairment of investments 3 (144) (144)
Net gain on financial instruments 12 36 21 86 129
Gain on farm-in option 273
Investment income 33 25 23 97 133
Finance cost (69) (65) (85) (286) (271)
Profit/(loss) before taxation 127 237 (235) 1 930 246
Taxation (260) 636 137 63 387
Normal taxation 10 (16) (1) (105) (27)
Deferred taxation 5 (270) 652 138 168 414
Net (loss)/profit from continuing operations (133) 873 (98) 1 993 633
Discontinued operations
Profit/(loss) from discontinued operations 4 180 141 56 592 (16)
Net profit/(loss) for the period 47 1 014 (42) 2 585 617
Attributable to:
Owners of the parent 47 1 014 (42) 2 585 617
Earnings/(loss) per ordinary share (cents) 6
(Loss)/earnings from continuing operations (31) 202 (23) 463 148
Earnings/(loss) from discontinued operations 42 33 13 137 (4)
Total earnings/(loss) 11 235 (10) 600 144
Diluted earnings/(loss) per ordinary share (cents) 6
(Loss)/earnings from continuing operations (31) 202 (22) 462 148
Earnings/(loss) from discontinued operations 42 32 12 136 (4)
Total diluted earnings/(loss) 11 234 (10) 598 144
(1) The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 4 in this regard.
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)
Quarter ended Year ended
30 June 31 March 30 June 30 June 30 June
2012 2012 2011 2012 2011
Figures in million Note (Unaudited) (Unaudited) (Unaudited) (Audited)
Net profit/(loss) for the period 47 1 014 (42) 2 585 617
Other comprehensive income/(loss) for the period,
net of income tax 606 (153) 418 1 587 368
Foreign exchange translation 506 (157) 473 1 485 470
(Loss)/gain on fair value movement of
available-for-sale investments (44) 4 (55) (42) (102)
Impairment of available-for-sale investments
recognised in profit or loss 3 144 144
Total comprehensive income for the period 653 861 376 4 172 985
Attributable to:
Owners of the parent 653 861 376 4 172 985
Non-controlling interest
The accompanying notes are an integral part of these condensed consolidated financial statements.
The reviewed condensed consolidated financial statements for the year ended 30 June 2012 have been prepared by
Harmony Gold Mining Company Limited's corporate reporting team headed by Mr Herman Perry. This process was supervised
by the financial director, Mr Frank Abbott. These financial statements were reviewed by the group's external auditors,
PricewaterhouseCoopers Incorporated (see note 12) and approved by the Board of Harmony Gold Mining Company Limited.
CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)
At At At
30 June 31 March 30 June
2012 2012 2011
Figures in million Note (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 32 853 31 949 31 221
Intangible assets 2 196 2 194 2 170
Restricted cash 36 30 31
Restricted investments 1 842 1 808 1 883
Deferred tax assets 486 1 042 1 149
Investments in financial assets 146 187 185
Inventories 58 165 172
Trade and other receivables 28 35 23
Total non-current assets 37 645 37 410 36 834
Current assets
Inventories 996 1 086 837
Trade and other receivables 1 245 1 259 1 073
Income and mining taxes 211 142 139
Cash and cash equivalents 1 773 1 427 693
4 225 3 914 2 742
Assets of disposal groups classified as held for sale 4 1 423 1 326 268
Total current assets 5 648 5 240 3 010
Total assets 43 293 42 650 39 844
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 331 28 329 28 305
Other reserves 2 444 1 815 762
Retained earnings 3 247 3 200 1 093
Total equity 34 022 33 344 30 160
Non-current liabilities
Deferred tax liabilities 3 260 3 568 4 216
Provision for environmental rehabilitation 1 865 1 905 1 971
Retirement benefit obligation and other provisions 206 181 174
Borrowings 7 1 503 1 277 1 229
Total non-current liabilities 6 834 6 931 7 590
Current liabilities
Borrowings 7 313 318 330
Income and mining taxes 1 7 2
Trade and other payables 1 747 1 543 1 746
2 061 1 868 2 078
Liabilities of disposal groups classified as held for sale 4 376 507 16
Total current liabilities 2 437 2 375 2 094
Total equity and liabilities 43 293 42 650 39 844
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)
for the year ended 30 June 2012
Share Other Retained
Figures in million capital reserves earnings Total
Balance 30 June 2011 28 305 762 1 093 30 160
Issue of shares 26 26
Share-based payments 95 95
Net profit for the period 2 585 2 585
Other comprehensive income for the period 1 587 1 587
Dividends paid (431) (431)
Balance 30 June 2012 28 331 2 444 3 247 34 022
Balance 30 June 2010 28 261 258 690 29 209
Issue of shares 44 44
Share-based payments 136 136
Net profit for the period 617 617
Other comprehensive income for the period 368 368
Dividends paid (214) (214)
Balance 30 June 2011 28 305 762 1 093 30 160
The statement of changes in equity for the year ended 30 June 2011 has been audited.
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)
Quarter ended Year ended
30 June 31 March 30 June 30 June 30 June
2012 2012 2011 2012 2011
Figures in million (Unaudited) (Unaudited) (Unaudited) (Audited)
Cash flow from operating activities
Cash generated by operations 1 211 682 1 052 4 551 2 418
Interest and dividends received 20 32 24 80 140
Interest paid (38) (26) (35) (141) (134)
Income and mining taxes (paid)/refunded (163) 35 (19) (277) (45)
Cash generated by operating activities 1 030 723 1 022 4 213 2 379
Cash flow from investing activities
(Increase)/decrease in restricted cash (4) 116
Proceeds on disposal of investment in subsidiary 229
Proceeds on disposal of investment in associate 29 193 222
Payment for Evander 6 and Twistdraai transaction 125 100 125 100
Other investing activities (56) (33) (10) (86) 11
Net additions to property, plant and equipment (952) (740) (829) (3 139) (3 110)
Cash utilised by investing activities (854) (580) (743) (2 878) (2 654)
Cash flow from financing activities
Borrowings raised 342 302 150 1 443 925
Borrowings repaid (161) (17) (415) (1 248) (546)
Ordinary shares issued - net of expenses 3 3 15 26 44
Dividends paid (173) (431) (214)
Cash generated/(utilised) by financing activities 184 115 (250) (210) 209
Foreign currency translation adjustments (14) (36) 8 (45) (11)
Net increase/(decrease) in cash and cash equivalents 346 222 37 1 080 (77)
Cash and cash equivalents - beginning of period 1 427 1 205 656 693 770
Cash and cash equivalents - end of period 1 773 1 427 693 1 773 693
The accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the period ended 30 June 2012 (Rand)
1. Accounting policies
Basis of accounting
The condensed consolidated financial statements for the year ended 30 June 2012 have been prepared in accordance with IAS 34, Interim
Financial Reporting, JSE Listings Requirements and in the manner required by the Companies Act of South Africa. They should be read in
conjunction with the annual financial statements for the year ended 30 June 2011, which have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The accounting policies are consistent
with those described in the annual financial statements, except for the adoption of applicable revised and/or new standards issued by the
International Accounting Standards Board.
2. Cost of sales
Quarter ended Year ended
30 June 31 March 30 June(1) 30 June 30 June(1)
2012 2012 2011 2012 2011
Figures in million (Unaudited) (Unaudited) (Unaudited) (Audited)
Production costs excluding royalty 2 623 2 244 2 349 9 791 8 412
Royalty expense 16 29 11 120 92
Amortisation and depreciation 548 431 438 1 921 1 609
(Reversal of impairment)/impairment of assets(2) (60) 264 (60) 264
Rehabilitation expenditure(3) 20 (43) 30 (17) 43
Care and maintenance cost of restructured shafts 19 20 35 88 117
Employment termination and restructuring costs(4) 11 19 81 136
Share-based payments 21 21 43 87 125
Other(5) 127 56 126 (99)
Total cost of sales 3 325 2 721 3 226 12 137 10 699
(1) The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 4 in this regard.
(2) The net reversal in the June 2012 quarter consists mainly of a reversal of R194 million for Target 1 and an impairment of R126 million on Steyn 2.
(3) The credit in the March 2012 quarter relates to a change in estimate on areas where rehabilitation work has been performed.
(4) The amounts for the 2012 financial year relate to restructuring at the Bambanani shaft.
(5) Included in the total for the June 2012 quarter are amounts relating to the change in estimate of gold in lock-up.
3. Impairment of investments
The impairment relates to the reclassification of cumulative fair value losses on the investment in Witswatersrand Consolidated Gold Resources
Limited (Wits Gold) from other reserves.
4. Disposal groups classified as held for sale and discontinued operations
Evander Gold Mines Limited
The assets and liabilities of Evander Gold Mines Limited the (Evander), a wholly-owned subsidiary of Harmony Gold Mining Company Limited
(Harmony), have been classified as held for sale following signing of a sale of shares and claims agreement on 30 January 2012. On 30 May
2012, Harmony announced the signing of a new sale of shares and claims agreement with Pan African Resources plc (Pan African).The disposal
will be for an aggregate purchase consideration of R1.5 billion, excluding the proceeds of the Taung Gold Limited transaction and less certain
distributions made by Evander to Harmony between 1 April 2012 and the close of the transaction.
The transaction is subject to, among others, the following conditions precedent:
- Pan African obtaining the requisite shareholder approval for the acquisition; and
- obtaining all relevant regulatory approvals.
The operation also meets the requirements to be classified as a discontinued operation. The comparative figures in the income statement have
been re-presented as a result.
Evander 6 and Twistdraai
The conditions precedent for the sale of Evander 6 and Twistdraai were fulfilled and the transaction became effective on 30 May 2012. A total
purchase consideration of R225 million net of VAT was received from Taung Gold Limited, including the deposit of R100 million received
in April 2011. The group recognised a total profit of R230 million in the June 2012 quarter within discontinued operations.
5. Deferred taxation
The deferred taxation debit of R270 million in the income statement in the June 2012 quarter is due to the annual re-assessment of the
Life-of-Mine deferred tax rates.
The deferred tax for the March 2012 quarter includes a tax credit of R605 million, relating to a change in the gold mining tax rate formula in
South Africa. With the introduction of Dividend Tax, the higher gold mining tax rate formula was repealed resulting in lower income tax and
deferred tax rates.
6. Earnings and net asset value per share
Quarter ended Year ended
30 June 31 March 30 June(1) 30 June 30 June(1)
2012 2012 2011 2012 2011
(Unaudited) (Unaudited) (Unaudited) (Audited)
Weighted average number of shares (million) 431.4 431.3 430.0 430.8 429.3
Weighted average number of diluted shares (million) 432.3 432.8 431.4 432.0 430.4
Total earnings per share (cents):
Basic earnings/(loss) 11 235 (10) 600 144
Diluted earnings/(loss) 11 234 (10) 598 144
Headline (loss)/earnings (20) 234 30 551 223
from continuing operations (25) 201 17 451 232
from discontinued operations 5 33 13 100 (9)
Diluted headline (loss)/earnings (20) 233 30 549 223
from continuing operations (25) 200 17 449 232
from discontinued operations 5 33 13 100 (9)
Figures in million
Reconciliation of headline earnings:
Continuing operations
Net (loss)/profit (133) 873 (98) 1 993 633
Adjusted for:
(Reversal of impairment)/impairment of investment in
associate* (6) (18) (56) 142
Impairment of investments* 144 144
Foreign exchange loss reclassified from other
comprehensive income* 47
(Reversal of impairment)/impairment of assets (60) 264 (60) 264
Taxation effect on impairment of assets (34) (66) (34) (66)
Other adjustments (34) (11) (63) (34)
Taxation effect on other adjustments 9 (1) 3 16 8
Headline (loss)/earnings (108) 866 74 1 940 994
Discontinued operations
Net profit/(loss) 180 141 56 592 (16)
Adjusted for:
Profit on sale of investment in subsidiary (54)
Taxation effect of profit on sale of investment in
subsidiary 34
Profit on sale of property, plant and equipment (230) (232) (2)
Taxation effect of profit on sale of property, plant and
equipment 71 72 1
Headline earnings/(loss) 21 141 56 432 (37)
Total headline (loss)/earnings (87) 1 007 130 2 372 957
(1) The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 4 in this regard.
* There is no taxation effect on these items.
Net asset value per share
At At At
30 June 31 March 30 June
2012 2012 2011
(Unaudited) (Audited)
Number of shares in issue 431 564 236 431 471 444 430 084 628
Net asset value per share (cents) 7 884 7 728 7 013
7. Borrowings
The Nedbank revolving credit facility was repaid in full during the December 2011 quarter and the full R850 million facility is available until
December 2013.
The balance on the Nedbank term facilities at 30 June 2012 is R762 million, following a repayment of R153 million on 29 June 2012.
US$40 million of the US$300 million syndicated revolving credit facility was drawn during the June 2012 quarter, taking the drawn down level
to US$130 million. The facility is repayable by August 2015 and attracts interest at LIBOR plus 260 basis points, which is payable quarterly.
8. Commitments and contingencies
At At At
30 June 31 March 30 June
2012 2012 2011
Figures in million (Unaudited) (Audited)
Capital expenditure commitments:
Contracts for capital expenditure 519 391 194
Authorised by the directors but not contracted for 2 257 3 032 1 504
2 776 3 423 1 698
This expenditure will be financed from existing resources and, where appropriate, borrowings.
Contingent liability
For a detailed disclosure on contingent liabilities refer to Harmony's annual report for the financial year ended 30 June 2011, available on the
group's website (www.harmony.co.za). There were no significant changes in contingencies since 30 June 2011, except as discussed below.
Harmony reached a mutually acceptable settlement with the plaintiff class and this settlement was found to be fair and reasonable and
was approved by the United States District Court in November 2011. A single class member has filed an appeal of the District Court's order
approving the settlement. That appeal is currently pending in the United States Court of Appeals for the Second Circuit. The settlement amount
has been paid into escrow by the company's insurers and will be distributed to the plaintiffs once the appeal has been finalised.
9. Subsequent events
On 13 August 2012, the board approved a final dividend for the 2012 financial year of 50 SA cents.
10. Segment report
The segment report follows after note 12.
11. Reconciliation of segment information to consolidated income statements
Year ended
30 June 30 June(1)
2012 2011
Figures in million (Audited)
The "Reconciliation of segment information to consolidated income statements" line item in the segment
report is broken down in the following elements, to give a better understanding of the differences between
the income statement and segment report:
Reconciliation of production profit to gross profit
Total segment revenue 16 574 12 445
Total segment production costs (10 678) (9 170)
Production profit per segment report 5 896 3 275
Discontinued operations (638) (183)
Production profit from continuing operations 5 258 3 092
Cost of sales items, other than production costs and royalty expense (2 226) (2 195)
Gross profit as per income statements * 3 032 897
(1) The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 4 in this regard.
* The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.
12. Audit review
The condensed consolidated financial statements for the year ended 30 June 2012 have been reviewed in accordance with
the International Standards on Review Engagements 2410 "Review of interim financial information performed by the independent Auditors
of the entity" by PricewaterhouseCoopers Inc. Their unqualified review opinion is available for inspection at the company's registered office.
SEGMENT REPORT (Rand/Metric)
for the year ended 30 June 2012
Revenue Production cost Production profit/(loss) Capital expenditure(1) Kilograms produced* Tonnes milled *
30 June 30 June 30 June 30 June 30 June 30 June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
R million R million R million R million kg t'000
Continuing operations
South Africa
Underground
Bambanani 549 921 597 828 (48) 93 266 321 1 374 3 051 197 426
Doornkop 1 284 781 862 601 422 180 294 292 3 075 2 512 928 718
Joel 1 124 454 565 417 559 37 84 73 2 663 1 449 557 407
Kusasalethu 2 320 1 774 1 439 1 321 881 453 415 380 5 633 5 609 1 197 1 099
Masimong 1 349 1 326 843 756 506 570 208 178 3 220 4 280 933 868
Phakisa 1 064 551 803 473 261 78 302 369 2 541 1 762 521 387
Target 1 997 1 080 1 283 815 714 265 349 439 4 753 3 981 1 104 805
Tshepong 2 219 2 007 1 275 1 172 944 835 288 273 5 287 6 468 1 233 1 343
Virginia (2) 672 682 494 562 178 120 71 79 1 593 2 213 394 576
Surface
All other surface operations 1 428 1 044 899 844 529 200 162 147 3 372 3 358 9 324 10 141
Total South Africa 14 006 10 620 9 060 7 789 4 946 2 831 2 439 2 551 33 511 34 683 16 388 16 770
International
Hidden Valley 1 163 976 851 715 312 261 296 289 2 762 3 118 1 766 1 679
Other 314
Total international 1 163 976 851 715 312 261 610 289 2 762 3 118 1 766 1 679
Total continuing operations 15 169 11 596 9 911 8 504 5 258 3 092 3 049 2 840 36 273 37 801 18 154 18 449
Discontinued operations
Evander 1 405 849 767 666 638 183 177 196 3 369 2 734 638 831
Total discontinued operations 1 405 849 767 666 638 183 177 196 3 369 2 734 638 831
Total operations 16 574 12 445 10 678 9 170 5 896 3 275 3 226 3 036 39 642 40 535 18 792 19 280
Reconciliation of the segment
information to the consolidated
income statement (refer to
note 11) (1 405) (849) (767) (666)
15 169 11 596 9 911 8 504
(1) Excludes non-operational capital expenditure for 2011 relating of PNG of R60 million and exploration capitalised of R9 million.
(2) The Virginia segment included Merriespruit 1 until it was placed on care and maintenance in October 2010.
* Production statistics are unaudited.
The segment report for the year ended 30 June 2011 has been audited.
CONTACT DETAILS
Corporate Office
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue, Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
Directors
P T Motsepe* Chairman
G P Briggs Chief Executive Officer
F Abbott Financial Director
H E Mashego Executive Director
F F T De Buck*^ Lead independent director
J A Chissano*1^, K V Dicks*^, Dr D S Lushaba*^, C Markus*^,
M Motloba*^, M Msimang*^, J Wetton*^, A J Wilkens*
* Non-executive
^ Independent
1 Mozambican
Investor relations team
Henrika Basterfield
Investor Relations Officer
Telephone: +27 11 411 2314
Fax: +27 11 692 3879
Mobile: +27 82 759 1775
E-mail: henrika@harmony.co.za
Marian van der Walt
Executive: Corporate and Investor Relations
Telephone: +27 11 411 2037
Fax: +27 86 614 0999
Mobile: +27 82 888 1242
E-mail: marian@harmony.co.za
Company Secretary
Riana Bisschoff
Telephone: +27 11 411 6020
Mobile: +27 83 629 4706
E-mail: riana.bisschoff@harmony.co.za
South African Share Transfer Secretaries
Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
Fax: +27 86 674 4381
United Kingdom Registrars
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham
Kent BR3 4TU, United Kingdom
Telephone: 0871 664 0300 (UK) (calls cost 10p a minute plus network
extras, lines are open 8:30am 5:30pm, Monday to Friday)
or +44 (0) 20 8639 3399 (calls from overseas)
Fax: +44 (0) 20 8639 2220
ADR Depositary
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company, Peck Slip Station
PO Box 2050, New York, NY 10272-2050
E-mail Queries: adr@db.com
Toll Free: +1-866-243-9656
Intl: +1-718-921-8200
Fax: +1-718-921-8334
Sponsor
JP Morgan Equities Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
Trading Symbols
JSE Limited: HAR
New York Stock Exchange, Inc: HMY
Euronext, Brussels: HMY
Berlin Stock Exchange: HAM1
Registration number
1950/038232/06
Incorporated in the Republic of South Africa
ISIN
ZAE000015228
Date: 16/08/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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