Wrap Text
Report to shareholders for the third quarter and nine months ended 31 March 2015
DRDGold Limited
(Incorporated in the Republic of South Africa)
Registration No.1895/000926/06
JSE share code: DRD
ISIN: ZAE 000058723
Interest rate issuer: DRDI
ISIN: ZAG 000096538
Issuer code: DUSM
NYSE trading symbol: DRD
("DRDGOLD" or "the company")
REPORT TO
SHAREHOLDERS
REPORT TO SHAREHOLDERS FOR THE THIRD QUARTER AND NINE MONTHS
ENDED 31 MARCH 2015
Q3 FY2015 VS Q2 FY2015
- Gold production up 2% to 36 877oz
- All-in sustaining costs down 3% to USD1 112/oz
- Operating profit up 16% to R97.6 million
- Cash balance up 18% to R286.0 million
NINE MONTHS ENDED 31 MARCH
2015 VS 31 MARCH 2014
- Gold production up 11% to 109 892oz
- All-in sustaining costs down 9% to USD1 166/oz
- Operating profit up 26% to R261.7 million
- EBITDA up 111% to R189.5 million
REVIEW OF OPERATIONS
Quarter Quarter Quarter
31 Mar 31 Dec % 31 Mar 9 months to 9 months to %
Group 2015 2014 change 2014 31 Mar 2015 31 Mar 2014 change
Gold production oz 36 877 36 010 2 30 126 109 892 98 766 11
kg 1 147 1 120 2 937 3 418 3 072 11
Gold sold oz 36 877 36 010 2 30 126 111 178 101 563 9
kg 1 147 1 120 2 937 3 458 3 159 9
Cash operating costs USD per oz 1 009 1 010 – 1 185 1 035 1 117 (7)
R per kg 380 548 365 021 4 413 562 373 607 370 470 1
All-in sustaining costs USD per oz 1 112 1 149 (3) 1 327 1 166 1 276 (9)
R per kg 420 195 415 194 1 463 823 421 060 423 254 (1)
Average gold price received USD per oz 1 224 1 203 2 1 298 1 238 1 300 (5)
R per kg 461 683 434 802 6 456 161 446 803 431 159 4
Operating profit R million 97.6 84.4 16 51.3 261.7 207.4 26
Operating margin % 18.4 17.3 6 12.0 16.9 15.2 11
All-in sustaining costs margin % 9.0 4.5 100 (1.7) 5.8 1.8 222
EBITDA R million 72.4 69.1 5 16.0 189.5 89.9 111
Headline earnings/(loss) R million 9.2 0.1 – (24.7) 8.2 (36.7) 122
R cents per share 2 – – (7) 2 (10) 120
# EBITDA refers to earnings before interest, tax, depreciation, amortisation and impairments of subsidiaries and includes attributable
share of earnings before interest, tax, depreciation, amortisation and impairment of equity accounted investments.
Stock traded JSE NYSE*
Average volume for the quarter per day ('000) 466 1 359
% of issued stock traded (annualised) 32 92
Price - High R3.45 USD0.288
- Close R2.12 USD0.173
- Low R1.86 USD0.147
Market capitalisation
As at 31 Mar 2015 (Rm) 817.0
As at 31 Mar 2015 (USDm) 66.7
As at 31 Dec 2014 (Rm) 743.8
As at 31 Dec 2014 (USDm) 64.1
*This data represents per share data and not ADS data – one ADS reflects 10 ordinary shares.
SHAREHOLDERS INFORMATION
Issued capital
385 383 767 ordinary no par value shares*
6 155 559 treasury shares held within the group
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 386 621 795
* Refer to Note 2 Non-Controlling Interest
DEAR SHAREHOLDER
Following the completion of test work on the flotation/fine-grind circuit ("FFG"), we started up
the second and third sets of float cells in January and these became fully operational in February. Our
back-up generators, which we installed in the latter half of 2014, allowed us to keep the circuit stable
on the few occasions that power to the Ergo plant was cut, while our load reduction arrangement with
Eskom ensured that reductions in throughput, due to power supply constraints, were negligible.
Although some desorption occurring in the carbon-in-pulp ("CIP") circuit caused carbon adsorption
efficiencies to settle at a level marginally lower than the design parameters of the plant, we
achieved our overall target to reduce residue grade by 0.03g/t. This resulted in record gold
production during March.
This lifted gold production by 11% for the nine-month period and by 2% for the quarter. All-in
sustaining costs ("AISC") for the quarter of USD1 112/oz helped to lower the AISC for the nine-month
period to USD1 166/oz, representing a 9% improvement.
Steady costs and improved gold production contributed to lift our cash and cash equivalent balance by
R43.7 million for the quarter to R286 million.
We are pleased that two very important applications that we had submitted to the
Department of Mineral Resources ("DMR") were approved. Firstly, the DMR consented to the consolidation of
all our mining licences under Ergo Mining Proprietary Limited. This has many benefits for our operations,
specifically around the planning and execution of the social and labour plans that accompany
our mining licences.
Secondly, the application for the roll-up of our black economic empowerment ("BEE") partners was approved.
Our BEE partners now own approximately 10% of the shares in issue in DRDGOLD Limited and the
non-controlling interest of 26% historically recognised in our financial statements no longer applies.
In February, we announced our intention to seek early redemption of the remaining notes under DRDGOLD’s
Domestic Medium Term Note ("DMTN") Programme. Note holders owning an aggregate R53 million of notes outstanding
accepted our offer and agreed to the settlement of the notes in April, with a resultant finance cost-saving.
The balance of the notes outstanding of approximately R22 million will be settled in July 2015.
Village Main Reef Limited ("VMR") made two important announcements regarding the acquisition of VMR by
Heaven-Sent Capital. On 1 April, it was announced that the Competition Commission unconditionally approved
the transaction, and on 7 April, that shareholders voted in favour of the disposal.
NINE MONTHS TO 31 MARCH 2015 VS NINE MONTHS TO 31 MARCH 2014
Operational review
Gold production for the first nine months of FY2015 was 11% higher at 109 892oz, compared with
the first nine months of FY2014. This was due to a 13% increase in the average yield to 0.196g/t, a
consequence of better metallurgical efficiencies. Volume throughput for the nine months under
review was 2% lower at 17 417 000t, due mainly to heavy summer rainfall and Eskom power cuts.
Cash operating costs were 1% higher at R373 607/kg, a consequence of additional costs associated with
the running of one stream of the FFG circuit, the processing of sand material at the City Deep plant and
of general inflationary increases averaging 8.3% year-on-year. AISC decreased marginally to R421 060/kg,
due to increased production and a reduction in capital expenditure ("capex").
Financial review
Higher gold production and a marginal increase in the gold price pushed revenue up 13% to R1 545 million.
Cash operating costs increased 12% for the reasons set out above, to R1 277 million, leaving operating
profit 26% higher at R261.7 million.
Operating margin was 11% higher at 16.9% mainly as a result of higher gold production, a consequence of the
increase in average yield. This, together with the decline in capex boosted the AISC margin to 5.8%.
Earnings before interest, taxes, depreciation and amortisation ("EBITDA") benefited from the higher
operating profit, lower corporate costs and the sale of non-core land, rising by 111% to R189.5 million.
Headline earnings of R8.2 million (2 South African cents per share) were achieved versus a headline loss
of R36.7 million (10 South African cents per share) in the comparative period.
Q3 2015 VS Q2 2015
Operational review
While average yield remained stable at 0.197g/t in the third quarter of FY2015 compared with the
second quarter, throughput was 3% higher at 5 826 000t, resulting in a 2% increase in gold
production to 36 877oz.
Gold sold was 2% higher at 36 877oz, a consequence of increased production.
The additional costs to operate the second and third float streams pushed cash operating costs up by
4% to R380 548/kg. The AISC figure was stable at R420 195/kg. Capex was 22% lower at R24.7 million
due to the capitalisation during the previous quarter of the back-up generators commissioned in October
last year.
Financial review
Revenue was 9% higher at R529.5 million, reflecting a 2% increase in gold sales and a 6% increase in the
average Rand gold price received to R461 683/kg.
After accounting for cash operating costs – 7% higher at R436.5 million due to a 3% increase in
volumes, together with a significant increase in the flotation throughput tonnages – operating profit
was 16% higher at R97.6 million.
Operating margin strengthened to 18.4% from 17.3% due to the factors outlined above, and the AISC margin
rose to 9.0% from 4.5%, following the drop in capex.
EBITDA was 5% higher at R72.4 million, due mainly to higher operating profit, off-set by a previously
realised, non-recurring profit on the sale of non-core land that benefited EBITDA in the previous quarter.
Headline earnings of R9.2 million (2 South African cents per share) were recorded compared with
headline earnings of R0.1 million in the previous quarter (0 South African cents per share).
LOOKING AHEAD
Although we would have preferred to have started the quarter better – and more particularly to have performed
better insofar as volume delivery is concerned – we are pleased with the quarter’s numbers as a whole.
The performance of the plant in March is a source of great encouragement to us. For the next few months
our focus will be on completing:
- the overhaul of our asset maintenance system to avoid unnecessary interruptions to production due to
breakdowns, and co-ordinated maintenance over the entire circuit;
- the refurbishment of the remaining five carbon-in-leach ("CIL") tanks at Ergo to raise volume capacity in
the plant by approximately 300 000t per month, and starting up reclamation from the
Van Dyk site;
- construction of the Rondebult water plant and pipeline to supplement water supply from this sewage farm to
our operations; and
- the conversion of the high-grade CIP circuit to CIL to optimise leaching and adsorption in the
high-grade circuit.
Niël Pretorius
Chief Executive Officer
23 April 2015
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter Quarter Quarter 9 months to 9 months to
31 Mar 2015 31 Dec 2014 31 Mar 2014 31 Mar 2015 31 Mar 2014
Rm Rm Rm Rm Rm
Notes Unaudited Unaudited Unaudited Unaudited Unaudited
Gold and silver revenue 529.5 487.0 427.4 1 545.0 1 362.0
Net operating costs (431.9) (402.6) (376.1) (1 283.3) (1 154.6)
Cash operating costs (436.5) (408.8) (387.5) (1 277.0) (1 138.1)
Movement in gold in process 4.6 6.2 11.4 (6.3) (16.5)
Operating profit 97.6 84.4 51.3 261.7 207.4
Depreciation (49.3) (48.9) (47.9) (138.2) (121.1)
Movement in provision for environmental rehabilitation (1.9) (2.0) (2.6) (5.9) (8.1)
Environmental rehabilitation costs (5.5) (4.7) (7.8) (14.8) (29.3)
Retrenchment costs (0.9) (0.5) (3.3) (7.2) (5.7)
Care-and-maintenance costs (3.3) (3.2) (3.7) (10.3) (12.4)
Other operating income/(expense) 0.5 (0.3) (2.6) 2.3 (3.3)
Gross profit/(loss) from operating activities 37.2 24.8 (16.6) 87.6 27.5
Impairments – (7.4) – (9.4) (5.3)
Corporate and administration expenses (13.9) (16.5) (14.2) (46.5) (56.8)
Share-based payments (0.3) 0.7 (1.1) (0.7) (1.9)
Profit on disposal of assets 0.1 11.2 – 10.9 –
Net finance expense (7.0) (6.2) (8.6) (20.8) (20.0)
Profit/(loss) before income tax 16.1 6.6 (40.5) 21.1 (56.5)
Income tax (5.1) (4.7) 4.5 (12.9) (6.1)
Net profit/(loss) for the period 11.0 1.9 (36.0) 8.2 (62.6)
Attributable to
Equity owners of the parent 10.1 1.0 (24.7) 7.8 (42.0)
Non-controlling interest 2 0.9 0.9 (11.3) 0.4 (20.6)
11.0 1.9 (36.0) 8.2 (62.6)
Other comprehensive incom
Fair value adjustment of available-for-sale investments 17.4 (0.8) 3.8 17.4 3.8
Total comprehensive income for the period 28.4 1.1 (32.2) 25.6 (58.8)
Attributable to
Equity owners of the parent 27.5 0.2 (20.9) 25.2 (38.2)
Non-controlling interest 2 0.9 0.9 (11.3) 0.4 (20.6)
28.4 1.1 (32.2) 25.6 (58.8)
Reconciliation of headline earnings/(loss
Net profit/(loss) 10.1 1.0 (24.7) 7.8 (42.0)
Adjusted for
– Impairments – 7.4 – 9.4 5.3
– Profit on disposal of assets (0.1) (11.2) – (10.9) –
– Non-controlling interest in headline earnings adjustment (0.8) 2.9 – 2.0 –
– Income tax thereon – – – (0.1) –
Headline earnings/(loss) 9.2 0.1 (24.7) 8.2 (36.7)
Earnings/(loss) per share – cents 3 – (7) 2 (11)
Headline earnings/(loss) per share – cents 2 – (7) 2 (10)
Diluted earnings/(loss) per share – cents 3 – (7) 2 (11)
Diluted headline earnings/(loss) per share – cents 2 – (7) 2 (10)
Calculated on the weighted average ordinary shares
issued of: 379 228 208 379 228 208 379 228 208 379 228 208 379 203 208
The accompanying notes are an integral part of the condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at As at
31 Mar 2015 31 Dec 2014 30 June 2014 31 Mar 2014
Rm Rm Rm Rm
Notes Unaudited Unaudited Reviewed Unaudited
Assets
Non-current assets 1 930.2 1 932.8 1 970.3 2 096.7
Property, plant and equipment 1 693.4 1 719.2 1 755.5 1 778.6
Equity accounted investees – – – 0.3
Non-current Investments and other assets 49.0 28.7 36.9 129.0
Environmental rehabilitation trust funds and investments 186.3 183.4 176.5 187.3
Deferred tax asset 1.5 1.5 1.4 1.5
Current assets 532.5 472.9 470.4 460.9
Inventories 140.6 137.0 147.2 141.3
Trade and other receivables 96.7 83.1 99.5 108.5
Tax receivable – 1.4 5.9 4.4
Cash and cash equivalents 3 286.0 242.3 208.9 206.7
Assets held-for-sale 9.2 9.1 8.9 –
Total assets 2 462.7 2 405.7 2 440.7 2 557.6
Equity and liabilities
Equity 1 499.4 1 471.0 1 481.2 1 528.7
Equity of the owners of the parent 1 499.4 1 239.4 1 249.1 1 305.6
Non-controlling interest 2 – 231.6 232.1 223.1
Non-current liabilities 635.0 622.5 652.0 742.3
Loans and borrowings 4 – – 75.5 75.5
Finance lease obligation 19.8 20.4 – –
Post-retirement and other employee benefits 8.0 8.8 9.3 9.9
Provision for environmental rehabilitation 484.0 473.3 451.2 551.5
Deferred tax liability 123.2 120.0 116.0 105.4
Current liabilities 328.3 312.2 307.5 286.6
Trade and other payables 224.4 208.7 211.8 212.1
Post-retirement and other employee benefits 2.2 2.2 2.0 2.0
Loans and borrowings 4 77.5 77.6 73.2 72.5
Finance lease obligation 1.8 1.8 – –
Liabilities held-for-sale 22.4 21.9 20.5 –
Total liabilities 963.3 934.7 959.5 1 028.9
Total equity and liabilities 2 462.7 2 405.7 2 440.7 2 557.6
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Quarter Quarter Quarter 9 months to 9 months to
31 Mar 2015 31 Dec 2014 31 Mar 2014 31 Mar 2015 31 Mar 2014
Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited
Balance at the beginning of the period 1 471.0 1 469.9 1 561.4 1 481.2 1 643.7
Share capital issued – – (0.6) – (1.0)
Increase in share-based payment reserve – – 0.1 0.2 0.4
Net profit/(loss) attributable to equity owners of the parent 10.1 1.0 (24.7) 7.8 (42.0)
Net profit/(loss) attributable to non-controlling interest 0.9 0.9 (11.3) 0.4 (20.6)
Dividends declared on ordinary share capital – – – (7.6) (53.1)
Fair-value adjustment on available-for-sale investments and others 17.4 (0.8) 3.8 17.4 4.0
Share Option Scheme buy-out – – – – (2.7)
Balance at the end of the period 1 499.4 1 471.0 1 528.7 1 499.4 1 528.7
The accompanying notes are an integral part of the condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter Quarter Quarter 9 months to 9 months to
31 Mar 2015 31 Dec 2014 31 Mar 2014 31 Mar 2015 31 Mar 2014
Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited
Net cash inflow from operations 72.4 50.9 39.3 209.9 61.4
Net cash outflow from investing activities (28.7) (5.3) (31.4) (51.9) (154.5)
Net cash outflow from financing activities – (7.6) (0.6) (80.9) (76.9)
Loans and other – – (0.6) (73.3) (21.1)
Treasury shares/share options acquired – – – – (2.7)
Dividends paid to owners of the parent – (7.6) – (7.6) (53.1)
Increase/(decrease) in cash and cash equivalents 43.7 38.0 7.3 77.1 (170.0)
Opening cash and cash equivalents 242.3 204.3 199.4 208.9 376.7
Closing cash and cash equivalents 286.0 242.3 206.7 286.0 206.7
Reconciliation of net cash inflow from operations
Profit/(loss) before taxation 16.1 6.6 (40.5) 21.1 (56.5)
Adjusted for:
Movement in gold in process (4.6) (6.2) (11.4) 6.3 16.5
Depreciation and impairment 49.3 56.3 47.9 147.6 126.4
Movement in provision for environmental rehabilitation 1.9 2.0 2.6 5.9 8.1
Share-based payments 0.3 (0.7) 1.1 0.7 1.9
Profit on disposal of assets (0.1) (11.2) – (10.9) –
Finance expenses and unwinding of provisions 9.8 9.7 9.2 29.2 27.5
Growth in Environmental Trust Funds (1.4) (1.4) (1.2) (4.1) (3.4)
Other non-cash items 0.1 – (1.3) (2.3) (4.9)
Taxation (paid)/received – (3.7) – 0.7 (2.0)
Working capital changes 1.0 (0.5) 32.9 15.7 (52.2)
Net cash inflow from operations 72.4 50.9 39.3 209.9 61.4
The accompanying notes are an integral part of the financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The condensed consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements
for quarterly reports. The Listings requirements require quarterly reports to be prepared in accordance with the framework concepts and
the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") and SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards
Council and also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the condensed consolidated financial statements are in terms of IFRS and are
consistent with those applied in the previous consolidated annual financial statements for the year ended 30 June 2014, except for the
adoption of applicable revised and/or new standards issued by the International Accounting Standards Board.
The condensed consolidated financial statements of DRDGOLD Limited for the nine months ended 31 March 2015 have not been reviewed
by an independent auditor.
2. NON-CONTROLLING INTEREST
All the suspensive conditions for DRDGOLD’s acquisition of the 20% and 6% interest in the issued share capital of Ergo Mining Operations
("EMO") held by Khumo Gold SPV Proprietary Limited ("Khumo") and the DRDSA Empowerment Trust ("the Trust") respectively, EMO’s broad based
empowerment shareholders, were fulfilled on 26 March 2015. 45 500 000 new ordinary shares in DRDGOLD were issued and listed on
Friday, 10 April 2015. As a result DRDGOLD acquired the remaining 26% of EMO making it a wholly-owned subsidiary of DRDGOLD.
For practical purposes the acquisition has been accounted for effective 31 March 2015. Accordingly the balance of the non-controlling
interest at 31 March 2015 was derecognised and recognised as equity of the owners of the parent.
3. CASH AND CASH EQUIVALENTS
Included in cash and cash equivalents is restricted cash of R14.1 million (31 December 2014: R13.9 million) in the form of guarantees.
4. LOANS AND BORROWINGS
Included in loans and borrowings is a DMTN Programme under which DRDGOLD can issue notes from time to time. DRDGOLD raised a total of
R165 million under the DMTN Programme in July and September 2012. The different unsecured notes issued mature 12 (R20.0 million),
24 (R69.5 million) and 36 (R75.5 million) months from the date of issue and bear interest at the three-month
Johannesburg Inter-bank Acceptance Rate ("JIBAR") rate (currently 5.725%) plus a margin ranging from 4% to 5% per annum.
On 7 April 2015, DRDGOLD settled R53 million of the R75.5 million unsecured notes outstanding as at 31 March 2015 in line with its
previously communicated intention to seek the early redemption of these unsecured notes. The remaining notes amounting to R22.5 million
will be settled on the initial maturity date of 3 July 2015.
5. SUBSEQUENT EVENTS
There were no significant subsequent events between the reporting date of 31 March 2015 and the date of issue of these condensed
consolidated financial statements other than as described above under Note 2 and Note 4.
ALL-IN SUSTAINING COSTS RECONCILIATION (UNAUDITED)
R million unless specified otherwise
Net operating costs Mar 2015 Qtr 431.9
Dec 2014 Qtr 402.6
Mar 2015 Ytd 1 283.3
Corporate, administration and other expenses Mar 2015 Qtr 13.7
Dec 2014 Qtr 16.1
Mar 2015 Ytd 44.9
Rehabilitation and remediation Mar 2015 Qtr 11.7
Dec 2014 Qtr 11.7
Mar 2015 Ytd 35.0
Capital expenditure (sustaining) Mar 2015 Qtr 24.8
Dec 2014 Qtr 34.4
Mar 2015 Ytd 75.8
All-in sustaining costs * Mar 2015 Qtr 482.1
Dec 2014 Qtr 464.8
Mar 2015 Ytd 1 439.0
Retrenchment costs Mar 2015 Qtr 0.9
Dec 2014 Qtr 0.5
Mar 2015 Ytd 7.2
Rehabilitation and remediation Mar 2015 Qtr 5.5
Dec 2014 Qtr 4.7
Mar 2015 Ytd 14.8
Care and maintenance costs Mar 2015 Qtr 3.3
Dec 2014 Qtr 3.2
Mar 2015 Ytd 10.3
Capital expenditure (non-sustaining) Mar 2015 Qtr (0.1)
Dec 2014 Qtr (2.8)
Mar 2015 Ytd (3.0)
All-in costs * Mar 2015 Qtr 491.7
Dec 2014 Qtr 470.4
Mar 2015 Ytd 1 468.3
All-in sustaining costs (R/kg) Mar 2015 Qtr 420 195
Dec 2014 Qtr 415 194
Mar 2015 Ytd 421 060
All-in sustaining costs (USD/oz) Mar 2015 Qtr 1 112
Dec 2014 Qtr 1 149
Mar 2015 Ytd 1 166
All-in costs (R/kg) Mar 2015 Qtr 428 591
Dec 2014 Qtr 420 046
Mar 2015 Ytd 429 637
All-in costs (USD/oz) Mar 2015 Qtr 1 134
Dec 2014 Qtr 1 162
Mar 2015 Ytd 1 190
* All-in cost definitions based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013.
ERGO KEY OPERATING AND FINANCIAL RESULTS (UNAUDITED) #
Ore milled (000’t) (Metric)(Imperial) Mar 2015 Qtr 5 826 6 422
Dec 2014 Qtr 5 653 6 231
Mar 2015 Ytd 17 417 19 198
Yield (g/t)(oz/t) (Metric)(Imperial) Mar 2015 Qtr 0.197 0.006
Dec 2014 Qtr 0.198 0.006
Mar 2015 Ytd 0.196 0.006
Gold produced (kg)(oz) (Metric)(Imperial) Mar 2015 Qtr 1 147 36 877
Dec 2014 Qtr 1 120 36 010
Mar 2015 Ytd 3 418 109 892
Cash operating costs (R/kg)(USD/oz) Mar 2015 Qtr 380 548 1 009
Dec 2014 Qtr 365 021 1 010
Mar 2015 Ytd 373 607 1 035
Cash operating costs (R/t)(USD/t) Mar 2015 Qtr 75 6
Dec 2014 Qtr 72 6
Mar 2015 Ytd 73 6
Gold and silver revenue (R million)(USD million) Mar 2015 Qtr 529.5 45.1
Dec 2014 Qtr 487.0 43.3
Mar 2015 Ytd 1 545.0 137.6
Operating profit (R million)(USD million) Mar 2015 Qtr 97.6 8.4
Dec 2014 Qtr 84.4 7.5
Mar 2015 Ytd 261.7 23.3
Profit before taxation (R million)(USD million) * Mar 2015 Qtr 23.9 2.1
Dec 2014 Qtr 12.1 1.1
Mar 2015 Ytd 52.8 4.8
Capital expenditure (R million)(USD million) Mar 2015 Qtr 24.7 2.1
Dec 2014 Qtr 31.6 2.8
Mar 2015 Ytd 72.8 6.5
# Note - The group only has one segment.
*Note - The difference between the profit before tax on the statement of profit or loss and other
comprehensive income relates to corporate head office and all other.
There has been no material change to the technical information relating to, inter alia, the Group’s reserves and
resources, legal title to its mining and prospecting rights and legal proceedings relating to its mining and
exploration activities as disclosed in the company’s annual reports of 30 June 2014 and subsequent public announcements.
The technical information referred to in this report has been reviewed by Vivian Labuschagne (PLATO), mineral and
resource manager, a full-time employee of the company. He approved this information in writing before the
publication of the report.
FOR FURTHER INFORMATION, CONTACT NIËL PRETORIUS OR RIAAN DAVEL AT:
Tel:(+27) (0) 11 470 2600 - Fax: (+27) (0) 11 470 2618
Website: http://www.drdgold.com
Off Crownwood Road, Crown Mines 2092
PO Box 390, Maraisburg, 1700, South Africa
DIRECTORS (*British)(**American)
Executives:
DJ Pretorius (Chief Executive Officer)
AJ Davel (Chief Financial Officer)
Independent non-executives:
GC Campbell* (Non-Executive Chairman)
EA Jeneker
J Turk **
JA Holtzhausen
Company Secretary:
TJ Gwebu
Sponsor:
One Capital
FORWARD LOOKING STATEMENTS
Many factors could cause the actual results, performance or achievements to be materially different from
any future results, performance or achievements that may be expressed or implied by such forward-looking
statements, including, among others, adverse changes or uncertainties in general economic conditions in the
markets we serve, a drop in the gold price, a sustained strengthening of the Rand against the Dollar, regulatory
developments adverse to DRDGOLD or difficulties in maintaining necessary licenses or other governmental
approvals, changes in DRDGOLD’s competitive position, changes in business strategy, any major disruption in
production at key facilities or adverse changes in foreign exchange rates and various other factors.
These risks include, without limitation, those described in the section entitled "Risk Factors" included in our
annual report for the fiscal year ended 30 June 2014, which we filed with the United States Securities and
Exchange Commission on 31 October 2014 on Form 20-F. You should not place undue reliance on these
forward-looking statements, which speak only as of the date thereof. We do not undertake any obligation to
publicly update or revise these forward-looking statements to reflect events or circumstances after the date of
this report or to the occurrence of unanticipated events. Any forward-looking statement included in this report
have not been reviewed and reported on by DRDGOLD’s auditors.
Date: 23/04/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
