Wrap Text
Harmony Quarterly Results
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 FIRST QUARTER ended
30 SEPTEMBER 2015
Q1 FY16
KEY FEATURES
- 17% increase in SA underground gold production
- 8% increase in underground recovered grade
- Restructuring yielding results
- SA operations are profitable
- We are on track to meet our FY16 guidance
- Excellent drilling results at Kili Teke
- Golpu's feasibility results to be completed December 2015
Q-on-Q
Quarter Quarter variance
Sep-15 Jun-15 %
Gold produced – kg 8 752 7 977 10
– oz 281 385 256 465 10
Cash operating costs – R/kg 384 810 389 671 1
– US$/oz 921 1 003 8
Gold sold – kg 8 743 8 321 5
– oz 281 094 267 523 5
Underground grade – g/t 4.99 4.61 8
Total costs and capital – R/kg 443 730 465 923 5
– US$/oz 1 062 1 200 12
All-in sustaining costs – R/kg 466 061 478 746 3
– US$/oz 1 115 1 233 10
Gold price received – R/kg 473 567 463 910 2
– US$/oz 1 133 1 195 (5)
Production profit – R million 701 627 12
– US$ million 54 52 4
Basic loss per share – SAc/s (120) (725) 83
– USc/s (9) (60) 85
Headline earnings/(loss) – Rm (523) 191 >(100)
– US$m (40) 16 >(100)
Headline earnings/(loss) per share – SAc/s (120) 44 >(100)
– USc/s (9) 4 >(100)
Exchange rate – R/US$ 13.00 12.08 8
FORWARD-LOOKING STATEMENTS
PRIVATE SECURITIES LITIGATION REFORM ACT
Safe Harbour Statement
This report contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, with respect to our 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. These include all statements other than statements of historical fact, including, without limitation, any statements proceeded by, followed by, or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "should", "could", "estimates", "forecast", "predict", "continue" or similar expressions or the negative thereof.
These forward-looking statements, including, among others, those relating to our future business prospects, revenues and income, wherever they may occur in this report and the exhibits to this report, are essentially estimates reflecting the best judgment of our senior management 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 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 South Africa, Papua New Guinea, Australia and elsewhere, estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices, estimates of future gold and other metals production and sales, estimates of future cash costs, estimates of future cash flows, and the sensitivity of cash flows to the gold and other metals prices, statements regarding future debt repayments, estimates of future capital expenditures, the success of our business strategy, development activities and other initiatives, estimates of reserves statements regarding future exploration results and the replacement of reserves, the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, fluctuations in the market price of gold, the occurrence of hazards associated with underground and surface gold mining, the occurrence of labour disruptions, power cost increases as well as power stoppages, fluctuations and usage constraints, supply chain shortages and increases in the prices of production imports, availability, terms and deployment of capital, changes in government regulation, particularly mining rights and environmental regulation, fluctuations in exchange rates, the adequacy of the Group's insurance coverage and socio-economic or political instability in South Africa and Papua New Guinea and other countries in which we operate.
For a more detailed discussion of such risks and other factors (such as availability of credit or other sources of financing), see the Company's latest Integrated Annual Report on Form 20-F which is on file with the Securities and Exchange Commission, as well as the Company's other Securities and Exchange Commission filings. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law.
HARMONY'S ANNUAL REPORTS
Harmony's Integrated Annual Report and the Form 20-F filed with the United States' Securities and Exchange Commission for the financial year ended 30 June 2015 are available on our website at http://www.harmony.co.za/investors/reporting/annual-reports.
CONTACT DETAILS
Corporate Office
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue
Randfontein, 1759, South Africa
Tel: +27 11 411 2000
Website: www.harmony.co.za
Directors
P T Motsepe* Chairman
M Motloba*^ Deputy 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 S Lushaba*^,
C Markus*^, M Msimang*^, K T Nondumo*^,
V P Pillay *^, J L Wetton*^, A J Wilkens*
* Non-executive
^ Independent
(1) Mozambican
Investor relations team
Email: HarmonyIR@harmony.co.za
Marian van der Walt
Executive: Corporate and Investor Relations
Tel: +27 (0)11 411 2037
Mobile: +27 (0)82 888 1242
Email: marian@harmony.co.za
Henrika Ninham
Investor Relations Manager
Tel: +27 (0)11 411 2314
Mobile: +27 (0)82 759 1775
Email: henrika@harmony.co.za
Company Secretary
Riana Bisschoff
Tel: +27 (0)11 411 6020
Mobile: +27 (0)83 629 4706
Email: 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
Tel: +27 86 154 6572
Fax: +27 86 674 2450
Email: meetfax@linkmarketservices.co.za
ADR(2) 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
Email queries: db@amstock.com
Toll Free: +1-800-937-5449
Intl: +1-718-921-8137
Fax: +1-718-921-8334
(2) ADR: American Depository Receipts
Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd
1 Fricker Road, corner Hurlingham Road
Illovo
Johannesburg, 2196
Private Bag X9936, Sandton, 2146, South Africa
Tel: +27 11 507 0300
Fax: +27 11 507 0503
Trading Symbols
JSE Limited: HAR
New York Stock Exchange, Inc: HMY
Berlin Stock Exchange: HAM1
Registration number
1950/038232/06
Incorporated in the Republic of South Africa
ISIN
ZAE000015228
COMPETENT PERSON'S DECLARATION
In South Africa, Harmony employs an ore reserve manager at
each of its operations who takes responsibility for the compilation
and reporting of mineral resources and mineral reserves at
their operations. In Papua New Guinea, competent persons are
appointed for the mineral resources and mineral reserves for
specific projects and operations.
These competent persons, who are full-time employees of
Harmony, consent to the inclusion in the report of the matters
based on the information in the form and context in which it
appears.
- Resources and reserves of South Africa:
Jaco Boshoff, BSc (Hons), MSc, MBA, Pr. Sci. Nat, MSAIMM,
MGSSA, who has 20 years' relevant experience, is registered
with the South African Council for Natural Scientific Professions
(SACNASP) and is a member of the South African Institute of
Mining and Metallurgy (SAIMM).
Mr Boshoff is Harmony's Lead Competent Person.
- Resources and reserves of Papua New Guinea:
Gregory Job, BSc, MSc, who has 27 years' relevant experience and
is a member of the Australian Institute of Mining and Metallurgy
(AusIMM).
For more information on Harmony's reserves and resources as
at 30 June 2015, please refer to https://www.harmony.co.za/
investors/reporting/annual-reports
Mineral resource and reserve information as at 30 June
2015 has not changed.
SHAREHOLDER INFORMATION
Issued ordinary share capital at 30 September 2015 436 187 133
Issued ordinary share capital at 30 June 2015 436 187 133
MARKET CAPITALISATION
At 30 September 2015 (ZARm) 3 764
At 30 September 2015 (US$m) 272
At 30 June 2015 (ZARm) 6 800
At 30 June 2015 (US$m) 560
HARMONY ORDINARY SHARES AND
ADR PRICES
12-month high (1 October 2014 – 30 September
2015) for ordinary shares 15.99
12-month low (1 October 2014 – 30 September 2015)
for ordinary shares 8.40
12-month high (1 October 2014 – 30 September 2015)
for ADRs 1.34
12-month low (1 October 2014 – 30 September 2015)
for ADRs 0.60
FREE FLOAT 100%
ADR RATIO 1:1
JSE LIMITED HAR
Range for quarter (1 July 2015 – 30 September 2015
closing prices) R15.99 – R8.40
Average daily volume for the quarter (1 July 2015 –
30 September 2015) 2,196,866 shares
Range for quarter (1 April 2015 – 30 June 2015
closing prices) R24.34 – R15.59
Average daily volume for the quarter (1 April 2015 –
30 June 2015) 1,677,721 shares
NEW YORK STOCK EXCHANGE
including other US trading platforms HMY
Range for quarter (1 July 2015 – 30 September 2015
closing prices) US$1.34 – US$0.60
Average daily volume for the quarter (1 July 2015 –
30 September 2015) 3,565,559 shares
Range for quarter (1 April 2015 – 30 June 2015
closing prices) US$2.07 – US$1.31
Average daily volume for the quarter (1 April 2015 –
30 June 2015) 2,212,229 shares
INVESTORS' CALENDAR
Q1 FY16 presentation (webcast and conference
calls only) 5 November 2015
Annual General Meeting 23 November 2015
Q2 FY16 live presentation from Johannesburg 4 February 2016
Q3 FY16 presentation (webcast and conference
calls only) 9 May 2016
Q4 FY16 live presentation from Johannesburg 17 August 2016
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
During the first quarter of financial year 2016, we saw the benefits
of restructuring and optimising our operations. Gold produced by
our underground South African operations increased by 17%,
with an 8% increase in recovered grade. A further increase in gold
production is expected in the second quarter.
Higher production during the quarter assisted in maintaining
our solid balance sheet. The strong cash flows generated from
our operations allows us to fund our capital expenditure and
the Golpu project in Papua New Guinea.
Harmony is well-positioned to benefit from higher gold prices
at an all-in sustaining cost of R434 829/kg (US$1 040/oz) at our
South African underground operations. We believe the gold price
will remain flat in the medium term. In the long term, we may
see an increase in the gold price, as gold has a long history as
an investment tool and a store of value. It remains a fairly secure
investment and while the price may fluctuate, gold will always be in
demand in some form.
SAFETY
At Harmony, the safety and health of our employees and
contractors is not only a moral imperative but essential for creating
a sustainable, responsible business. Safety, one of our five values,
is a key priority. Without a safe and healthy workforce, we cannot
be productive and profitable. We aim to eliminate and prevent all
fatalities and work-related injuries and illnesses by promoting a
culture that gives priority to health and safety.
We aspire to zero harm. To achieve this goal, continuous
improvement in our safety performance is required. It is with great
sadness that I report the loss of the lives of four of our colleagues.
They were: Pheelo William Ramohlokoane (security officer at
Target), Ezekiel Nonkevu (tramming supervisor at Kusasalethu),
Cancel Nurse Malungane (engineering assistant at Joel) and Piwas
Kesa (truck driver, Hidden Valley).
OPERATIONAL RESULTS
Quarter on quarter total gold production increased by 10% to
8 752 kilograms (281 385oz), largely due to an 8% improvement
in underground tonnes milled and an 8% improvement in the
underground recovered grade.
Gold production increased at the following operations when
compared to the June 2015 quarter:
- Bambanani (+170kg)(+5 466oz): recorded a 22% increase in
gold production, due to a 13% increase in recovered grade
and an 8% increase in tonnes milled
- Masimong (+196kg)(+6 302oz): a 24% increase in tonnes
milled, combined with an 11% increase in recovered grade,
resulted in a 37% increase in gold production
- Kusasalethu (+105kg)(+3 376oz): following the restructuring of
the mine, its recovered grade increased by 15%, resulting in a
11% increase in gold produced
- Phakisa (+252kg)(+8 102oz): kilograms produced increased by
35%, due to a 16% increase in tonnes milled combined with
a 16% increase in the recovered grade
- Target 1 (+61kg)(+1 962oz): the recovered grade increased by
9% and gold production by 6%
- Tshepong (+198kg)(+6 366oz): an 18% increase in kilograms
produced was as a result of an 11% increase in tonnes milled
and a 6% increase in recovered grade
- Unisel (+117kg)(+3 762oz): a 14% increase in recovered grade
and a 17% increase in tonnes milled, resulted in a 33%
increase in gold produced
- Dumps (+51kg)(+1 640oz): gold production was 26% higher,
due to a 19% increase in recovered grade and a 4% increase
in tonnes milled.
Hidden Valley had a very disappointing production quarter.
The operation was suspended due to the fatality in July 2015
and lost 33 production days as a result. An investigation was
completed and all critical controls for high-risk tasks were
identified and reviewed. As a result of this event, production
decreased significantly in the September 2015 quarter, with lower
gold grades and recoveries reflecting the processing of a stockpile
material once operations recommenced. Following the fatality, all
pre-stripping activities at Hidden Valley stage 5 have been deferred.
Overall, the increase in Harmony's total gold production resulted
in a 12% increase in production profit and a 7% increase in
revenue quarter on quarter. Higher production was supported
by a 2% increase in the rand gold price. The rand gold price
received increased from R463 910/kg in the June 2015 quarter to
R473 567/kg, due to an 8% weakening of the rand against the
dollar. During the September 2015 quarter the US dollar gold price
received decreased by 5% to US$1 133/oz (Jun 15: US$1 195/oz).
Quarter on quarter, the cash operating costs for the September
2015 quarter increased by 8% or R260 million (1% or US$2 millon),
due to an increase in labour and electricity costs (winter tariffs).
Operational capital expenditure for the September 2015
quarter decreased by 15% to R516 million (21% to US$40 million).
All-in sustaining costs for all operations decreased by 3% to R466
061/kg in the September 2015 quarter, compared to R478 746/kg
in the June 2015 quarter (decreased 10% from US$1 233/oz to
US$1 115/oz), while our total South African operations' all-in sustaining
costs decreased by 7% to R436 751/kg (14% to US$1 045/oz).
FINANCIAL RESULTS
Revenue
Revenue increased by 7% as a result of the 5% increase in gold sold
to 8 743kg and a 2% increase in the average gold price received at
R473 567/kg (decrease of 5% to US$1 133/oz) in the September
2015 quarter. At the South African operations, revenue increased
by 13% to R4 billion (increase by 5% to US$306 million).
Production costs
Production costs increased by 6% to R3.4 billion (decrease by 1%
to US$265 million) in the September 2015 quarter. The increase is
mainly due to the increase in electricity costs (due to two months
of higher winter tariffs) and an increase in labour costs from
1 July 2015.
Other expenses – net
The increase to R443 million (US$34 million) in the September
2015 quarter is mainly due to the foreign exchange translation loss
of R426 million (US$33 million) recorded on the US$ borrowings.
The rand weakened from US$/R12.16 at 30 June 2015 to US$/
R13.87 at 30 September 2015.
Loss per share
The loss per share of 120 SA cents (9 US cents) for the September
2015 quarter reduced from the loss per share of 725 SA cents
(60 US cents) for the June 2015 quarter. If it was not for the
translation loss, Harmony would have recorded a smaller loss of
22 SA cents (2 US cents) per share.
Cash and cash equivalents
Cash balances increased by R420 million to R1.5 billion
(US$19 million to US$107 million). During the September 2015
quarter, positive cash was generated by operating activities net of
investing activities of R122 million (US$10 million).
Borrowings
R300 million (US$23 million) was drawn down on the R1.3 billion
(US$93.7 million) Nedbank facility during the September 2015
quarter. The drawn down amount on the US$ revolving credit
facility remained unchanged at US$250 million. The increase in
the balance in rand terms was due to the weakening of the rand
exchange rate against the dollar.
Wage negotiations
Harmony reached a three-year wage agreement with the National
Union of Mineworkers, United Association of South Africa and
Solidarity, effective from 1 July 2015. Increases range from 6% for
miners, artisans and officials to 10.4% for category 4 employees.
The average wage increase on the total South African wage bill for
FY16 is approximately 6.5%.
We believe that we have achieved what we set out to do – reaching an
agreement which ensures that we remain sustainable as a company
and at the same time limiting job losses.
Golpu
Sustaining and growing quality, profitable assets is key to our long-term
strategy. In contrast to South Africa where our mines are all mature
operations, we are in the process of developing a greenfields project
in Papua New Guinea (Golpu). The feasibility study on stage 1 and
the prefeasibility on stage 2 are due to be completed in December
2015. This, together with the completion of a pre-development
agreement with the Papua New Guinean government, will add
more certainty to the development of a mine at Golpu.
Exploration
Our exploration programme has enjoyed, and continues to enjoy,
considerable success in locating copper-gold mineralisation.A demonstration
of this is that between the years 2005 and 2014, the Golpu resource
grew from a 100 million tonnes to 1 billion tonnes (a tenfold increase). In an
environment where very little is being spent on exploration and
with the scarcity of new major copper and gold discoveries, the
results from the Kili Teke grassroots prospect are very encouraging.
As the extent of the surface copper-gold geochemical footprint
is yet to be tested, there is potential to develop this find into a
major copper-gold deposit similar to Golpu, Ok Tedi or Frieda River
which have resource cut-off grades of around 0.2% copper. New
discoveries are one of the best avenues to create shareholder value.
Drill results received for the quarter were highly encouraging and
continued to expand the mineralised zone at Kili Teke:
KTDD013: 542m @ 0.58% Cu, 0.41 g/t Au from 90m
KTDD014: 509m @ 0.38% Cu, 0.2 g/t Au from 358m including
144m @ 0.53% Cu, 0.23 g/t Au from 610m
KTDD015: 466m @ 0.34% Cu, 0.25 g/t Au from 128m including
290m @ 0.44% Cu, 0.34 g/t Au from 129m.
Global recognition for being
environmentally responsible
Post quarter end, Harmony was advised that it is one of only eight
companies globally that was awarded an A grade for its water
security and water management efforts by the CDP, formerly the
Carbon Disclosure Project. Information provided by 405 listed
companies was independently assessed against the CDP's scoring
methodology, developed in collaboration with leading peers and
experts in corporate water stewardship and ranked accordingly.
We recognise that our business and business processes have, and
can have, a negative effect on surrounding communities and the
natural environment, and that it is our responsibility to avoid,
mitigate, manage and limit these impacts. It is very rewarding to
be acknowledged for our efforts to secure and manage water.
Integrated Annual Report and Form 20F
Harmony posted its suite of reports for the financial year ended
30 June 2015 (FY15) on 23 October 2015. Our reports tell the
story of Harmony. We aim to show readers what Harmony has
done and achieved, what we plan to do and achieve in the future
and how we intend to get there. The report reflects on our journey
in FY15 – we explain our external and internal environments, our
strategy and business model, together with our objectives and
how we performed against these.
Harmony's Report to Shareholders, which includes the
company's notice of its annual general meeting and summarised
consolidated annual financial statements, is available at
http://www.harmony.co.za/investors/reporting/annual-reports.
The annual general meeting of the company will be held at
the Hilton Hotel, 138 Rivonia Road, Sandton, Johannesburg,
South Africa, on Monday, 23 November 2015, at 11:00 (SA time)
to transact the business as stated in the notice of the annual
general meeting.
Harmony's future
Unlocking the value in each of our assets – which is crucial to
our strategy – involves positioning each operation to be profitable
by driving production and limiting cost increases to create free cash flow.
We believe our plans are realistic and achievable and we are on
track to achieve our annual guidance.
We are one of the few companies that continue to spend on
exploration and to find excellent deposits. Our company has an
exciting future and is worth investing in.
Harmony is led by a competent and well-experienced executive
team, supported by first-rate operational teams. The process to
find a suitable candidate to fill my position as chief executive
officer is ongoing.
Graham Briggs
Chief Executive Officer
Operating results – Quarter on quarter (Rand/Metric) (US$/Imperial)
South Africa
Underground production Surface production
Three Total
months Total Total South Hidden Total
ended Kusasalethu Doornkop Phakisa Tshepong Masimong Target 1 Bambanani Joel Unisel Underground Phoenix Dumps Kalgold Surface Africa Valley Harmony
Sep-15 227 164 178 281 189 183 64 139 112 1 537 1 644 676 360 2 680 4 217 316 4 533
Ore milled – t'000 Jun-15 235 149 153 253 153 188 59 139 96 1 425 1 581 648 367 2 596 4 021 451 4 472
Sep-15 1 020 665 982 1 319 728 1 006 939 540 477 7 676 210 251 269 730 8 406 346 8 752
– kg Jun-15 915 667 730 1 121 532 945 769 533 360 6 572 207 200 259 666 7 238 739 7 977
Gold produced Sep-15 32 794 21 380 31 572 42 407 23 406 32 344 30 190 17 361 15 336 246 790 6 752 8 070 8 649 23 471 270 261 11 124 281 385
– oz Jun-15 29 418 21 445 23 470 36 041 17 104 30 382 24 724 17 136 11 574 211 294 6 655 6 430 8 327 21 412 232 706 23 759 256 465
Sep-15 4.49 4.05 5.52 4.69 3.85 5.50 14.67 3.88 4.26 4.99 0.13 0.37 0.75 0.27 1.99 1.09 1.93
Yield – g/tonne Jun-15 3.89 4.48 4.77 4.43 3.48 5.03 13.03 3.83 3.75 4.61 0.13 0.31 0.71 0.26 1.80 1.64 1.78
Sep-15 479 826 409 116 348 017 347 719 365 380 314 830 222 508 389 857 388 352 358 168 393 214 385 948 515 428 435 751 364 906 868 384 384 810
– R/kg Jun-15 475 130 405 966 406 418 367 940 458 677 334 152 237 464 369 006 459 372 383 311 376 024 375 125 392 251 382 065 383 197 453 077 389 671
Cash Sep-15 1 148 979 833 832 874 753 532 933 929 857 941 923 1 233 1 043 873 2 078 921
operating – $/oz Jun-15 1 223 1 045 1 047 947 1 181 860 611 950 1 183 987 968 966 1 010 984 987 1 167 1 003
costs Sep-15 2 156 1 659 1 920 1 632 1 407 1 731 3 265 1 515 1 654 1 789 50 143 385 119 727 951 743
– R/tonne Jun-15 1 850 1 817 1 939 1 630 1 595 1 680 3 095 1 415 1 723 1 768 49 116 277 98 690 742 695
Sep-15 1 072 680 966 1 297 716 970 924 555 470 7 650 212 263 266 741 8 391 352 8 743
– kg Jun-15 1 044 673 759 1 166 553 952 800 578 374 6 899 208 194 274 676 7 575 746 8 321
Gold sold Sep-15 34 466 21 862 31 058 41 699 23 020 31 186 29 707 17 844 15 111 245 953 6 816 8 456 8 552 23 824 269 777 11 317 281 094
– oz Jun-15 33 565 21 637 24 402 37 488 17 779 30 607 25 721 18 583 12 024 221 806 6 687 6 237 8 809 21 733 243 539 23 984 267 523
Sep-15 508 322 322 224 457 404 613 671 339 013 462 161 435 752 262 500 222 241 3 623 288 100 421 124 576 125 932 350 929 3 974 217 166 176 4 140 393
Revenue (R'000) Jun-15 484 792 312 460 351 852 540 523 256 344 442 291 370 676 267 615 173 455 3 200 008 96 678 89 965 126 733 313 376 3 513 384 346 809 3 860 193
Cash operating Sep-15 489 423 272 062 341 753 458 642 265 997 316 719 208 935 210 523 185 244 2 749 298 82 575 96 873 138 650 318 098 3 067 396 300 461 3 367 857
costs (R'000) Jun-15 434 744 270 779 296 685 412 461 244 016 315 774 182 610 196 680 165 374 2 519 123 77 837 75 025 101 593 254 455 2 773 578 334 824 3 108 402
Inventory Sep-15 25 452 5 400 (5 714) (6 134) (4 334) (10 296) (4 696) 5 656 (2 725) 2 609 589 5 155 (2 201) 3 543 6 152 65 767 71 919
movement (R'000) Jun-15 52 944 3 851 13 463 12 268 9 071 2 758 12 702 11 327 6 981 125 365 (160) (2 417) 5 463 2 886 128 251 (3 657) 124 594
Sep-15 514 875 277 462 336 039 452 508 261 663 306 423 204 239 216 179 182 519 2 751 907 83 164 102 028 136 449 321 641 3 073 548 366 228 3 439 776
Operating costs (R'000) Jun-15 487 688 274 630 310 148 424 729 253 087 318 532 195 312 208 007 172 355 2 644 488 77 677 72 608 107 056 257 341 2 901 829 331 167 3 232 996
Sep-15 (6 553) 44 762 121 365 161 163 77 350 155 738 231 513 46 321 39 722 871 381 17 257 22 548 (10 517) 29 288 900 669 (200 052) 700 617
Production (R'000) Jun-15 (2 896) 37 830 41 704 115 794 3 257 123 759 175 364 59 608 1 100 555 520 19 001 17 357 19 677 56 035 611 555 15 642 627 197
profit Sep-15 (504) 3 444 9 337 12 399 5 951 11 982 17 811 3 563 3 056 67 039 1 328 1 735 (810) 2 253 69 292 (15 392) 53 900
($'000) Jun-15 (239) 3 132 3 453 9 586 270 10 246 14 518 4 934 91 45 991 1 573 1 437 1 629 4 639 50 630 1 295 51 925
Sep-15 89 877 46 623 84 984 65 588 27 599 79 317 23 780 53 186 15 590 486 544 107 1 511 11 021 12 639 499 183 16 481 515 664
Capital (R'000) Jun-15 113 597 57 673 96 529 72 792 34 140 79 055 22 172 49 878 20 228 546 064 1 143 1 397 12 189 14 729 560 793 47 469 608 262
expenditure Sep-15 6 914 3 587 6 538 5 046 2 123 6 102 1 829 4 092 1 199 37 430 8 116 848 972 38 402 1 268 39 670
($'000) Jun-15 9 405 4 775 7 992 6 026 2 826 6 545 1 836 4 129 1 675 45 209 95 116 1 009 1 220 46 429 3 930 50 359
Sep-15 567 941 479 226 434 559 397 445 403 291 393 674 247 833 488 350 421 036 421 553 393 724 391 968 556 398 453 064 424 290 916 017 443 730
Cash Operating – R/kg Jun-15 599 280 492 432 538 649 432 875 522 850 417 808 266 296 462 585 515 561 466 401 381 546 382 110 439 313 404 180 460 676 517 311 465 923
Cost and Capital Sep-15 1 359 1 147 1 040 951 965 942 593 1 169 1 007 1 009 942 938 1 331 1 084 1 015 2 192 1 062
– $/oz Jun-15 1 543 1 268 1 387 1 115 1 346 1 076 686 1 191 1 328 1 201 983 984 1 131 1 041 1 186 1 332 1 200
Sep-15 581 984 490 361 450 652 413 998 428 847 412 106 250 346 451 236 443 126 434 829 393 684 404 837 574 506 462 553 436 751 1 163 868 466 061
All-in – R/kg Jun-15 593 635 516 120 550 617 441 458 543 746 435 177 278 032 413 206 538 079 475 031 379 144 408 253 451 333 416 758 469 467 573 007 478 746
sustaining Sep-15 1 393 1 173 1 078 991 1 026 986 599 1 080 1 060 1 040 942 969 1 375 1 107 1 045 2 836 1 115
costs – $/oz Jun-15 1 529 1 329 1 418 1 137 1 400 1 121 716 1 064 1 386 1 223 976 1 051 1 162 1 073 1 209 1 467 1 233
CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)
Quarter ended Year ended
30 September 30 June 30 September 30 June
2015 2015 2014 2015
Figures in million Note (Unaudited) (Unaudited) (Unaudited) (Audited)
Revenue 4 140 3 860 4 431 15 435
Cost of sales 2 (4 088) (7 316) (4 319) (19 053)
Production costs (3 439) (3 233) (3 518) (12 632)
Amortisation and depreciation (555) (624) (650) (2 472)
Impairment of assets – (3 471) – (3 471)
Other items (94) 12 (151) (478)
Gross profit/(loss) 52 (3 456) 112 (3 618)
Corporate, administration and other expenditure (89) (95) (111) (378)
Social investment expenditure (11) (12) (24) (71)
Exploration expenditure (43) (44) (85) (263)
Profit on sale of property, plant and equipment 2 6 – 6
Loss on scrapping of property, plant and equipment – (61) – (491)
Other expenses (net) 5 (443) (12) (187) (378)
Operating loss (532) (3 674) (295) (5 193)
Loss from associates – (25) – (25)
Profit on disposal of investments – 4 – 4
Net gain/(loss) on financial instruments (8) (15) 7 9
Investment income 57 57 51 229
Finance cost (71) (61) (65) (264)
Loss before taxation (554) (3 714) (302) (5 240)
Taxation 3 33 562 36 704
Normal taxation (1) 4 1 5
Deferred taxation 34 558 35 699
Net loss for the period (521) (3 152) (266) (4 536)
Attributable to:
Owners of the parent (521) (3 152) (266) (4 536)
Loss per ordinary share (cents) 4
Basic loss (120) (725) (61) (1 044)
Diluted loss (120) (725) (61) (1 044)
The accompanying notes are an integral part of these condensed consolidated financial statements.
The condensed consolidated financial statements for the three months ended 30 September 2015 have been prepared by Harmony
Gold Mining Company Limited's corporate reporting team headed by Herman Perry. This process was supervised by the financial
director, Frank Abbott and approved by the board of Harmony Gold Mining Company Limited. These financials have not been audited
or independently reviewed.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)
Quarter ended Year ended
30 September 30 June 30 September 30 June
2015 2015 2014 2015
Figures in million (Unaudited) (Unaudited) (Unaudited) (Audited)
Net loss for the period (521) (3 152) (266) (4 536)
Other comprehensive income/(loss) for the period,
net of income tax 216 (79) 179 59
Items that may be reclassified subsequently to profit or loss: 216 (84) 179 54
Foreign exchange translation 216 (84) 179 54
Items that will not be reclassified to profit or loss: – 5 – 5
Remeasurement of retirement benefit obligation
Actuarial gain recognised during the year – 8 – 8
Deferred taxation thereon – (3) – (3)
Total comprehensive loss for the period (305) (3 231) (87) (4 477)
Attributable to:
Owners of the parent (305) (3 231) (87) (4 477)
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)
for the three months ended 30 September 2015 (Unaudited)
Share Other Accumulated
Figures in million capital reserves loss Total
Balance – 30 June 2015 28 324 3 787 (5 358) 26 753
Share-based payments – 42 – 42
Net loss for the period – – (521) (521)
Other comprehensive income for the period – 216 – 216
balance – 30 September 2015 28 324 4 045 (5 879) 26 490
Balance – 30 June 2014 28 325 3 539 (822) 31 042
Share-based payments – 69 – 69
Net loss for the period – – (266) (266)
Other comprehensive income for the period – 179 – 179
Balance – 30 September 2014 28 325 3 787 (1 088) 31 024
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)
At At At
30 September 30 June 30 September
2015 2015 2014
Figures in million Note (Unaudited) (Audited) (Unaudited)
ASSETS
Non-current assets
Property, plant and equipment 29 808 29 548 33 232
Intangible assets 882 885 885
Restricted cash 52 48 38
Restricted investments 2 408 2 384 2 329
Deferred tax assets 3 – – 76
Investments in financial assets 5 5 4
Inventories 36 36 50
Trade and other receivables 80 80 –
Total non-current assets 33 271 32 986 36 614
Current assets
Inventories 1 263 1 292 1 390
Trade and other receivables 754 746 693
Income and mining taxes 28 30 94
Restricted cash 16 16 15
Cash and cash equivalents 1 487 1 067 2 281
Total current assets 3 548 3 151 4 473
Total assets 36 819 36 137 41 087
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 324 28 324 28 325
Other reserves 4 045 3 787 3 787
Accumulated loss (5 879) (5 358) (1 088)
Total equity 26 490 26 753 31 024
Non-current liabilities
Deferred tax liabilities 3 1 871 1 906 2 640
Provision for environmental rehabilitation 2 292 2 218 2 148
Retirement benefit obligation 2 167 163 251
Other non-current liabilities 39 37 40
Borrowings 5 4 129 3 399 –
Total non-current liabilities 8 498 7 723 5 079
Current liabilities
Borrowings 5 – – 3 052
Income and mining taxes 1 1 9
Trade and other payables 1 830 1 660 1 923
Total current liabilities 1 831 1 661 4 984
Total equity and liabilities 36 819 36 137 41 087
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)
Quarter ended Year ended
30 September 30 June 30 September 30 June
2015 2015 2014 2015
Figures in million Note (Unaudited) (Unaudited) (Unaudited) (Audited)
Cash flow from operating activities
Cash generated by operations 696 568 1 071 1 928
Interest and dividends received 23 25 25 101
Interest paid – (48) (23) (108)
Income and mining taxes (paid)/refunded – ( 5) 25 85
Cash generated by operating activities 719 540 1 098 2 006
Cash flow from investing activities
(Increase)/decrease in restricted cash (3) ( 4) 4 8
Decrease in restricted investments 1 11 1 31
Loan to associate – – – (120)
Net additions to property, plant and equipment 7 (595) (718) (651) (2 827)
Cash utilised by investing activities (597) (711) (646) (2 908)
Cash flow from financing activities
Borrowings raised 300 541 – 941
Borrowings repaid – (11) – (793)
Cash generated by financing activities 300 530 – 148
Foreign currency translation adjustments ( 2) 7 – (8)
Net increase/(decrease) in cash and cash equivalents 420 366 452 (762)
Cash and cash equivalents – beginning of period 1 067 701 1 829 1 829
Cash and cash equivalents – end of period 1 487 1 067 2 281 1 067
The accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the three months ended 30 September 2015 (Rand)
1. Accounting policies
Basis of accounting
The condensed consolidated financial statements for the three months ended 30 September 2015 have been prepared in accordance
with IAS 34, Interim Financial Reporting, JSE Listings Requirements, SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, 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 2015, 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 September 30 June 30 September 30 June
2015 2015 2014 2015
Figures in million (Unaudited) (Unaudited) (Unaudited) (Audited)
Production costs – excluding royalty 3 414 3 217 3 486 12 537
Royalty expense 25 16 32 95
Amortisation and depreciation 555 624 650 2 472
Impairment of assets(1) – 3 471 – 3 471
Rehabilitation expenditure/(credit)(2) 13 (41) 14 (6)
Care and maintenance cost of restructured shafts(3) 22 49 17 106
Employment termination and restructuring costs 15 24 48 251
Share-based payments 45 36 73 208
Other(4) (1) (80) (1) (81)
Total cost of sales 4 088 7 316 4 319 19 053
(1) The impairment in the June 2015 quarter consists of an impairment of R2.11 billion on Hidden Valley, R1.04 billion on Doornkop, R278 million on Phakisa and
R43 million on Freddies 9.
(2) Included in the total for the June 2015 quarter is a credit of R61 million relating to the change in estimate following the annual reassessment.
(3) Included in the September 2015 quarter is a credit of R15 million relating to an insurance claim approved on the Brand 1A vent shaft explosion. Included in the
total for the June 2015 quarter is R20 million reparation costs relating to the Brand 1A vent shaft explosion.
(4) Included in the total for the June 2015 quarter is a credit of R87 million relating to the reduction in employees qualifying for post-retirement benefits.
3. Taxation
The deferred tax credit for the June 2015 quarter includes a credit of R558 million following the net decrease in the deferred tax rates
year on year for the South African companies and impairments recognised on property, plant and equipment. Included in the total
is also a debit of R64 million relating to the derecognition of the Australian deferred tax asset.
4. Earnings/(loss) per share
Quarter ended Year ended
30 September 30 June 30 September 30 June
2015 2015 2014 2015
(Unaudited) (Unaudited) (Unaudited) (Audited)
Weighted average number of shares (million) 435.1 435.0 434.1 434.4
Weighted average number of diluted shares (million) 435.7 438.2 435.4 438.1
Total earnings/(loss) per share (cents):
Basic loss (120) (725) (61) (1 044)
Diluted loss (120) (725) (61) (1 044)
Headline earnings/(loss) (120) 44 (61) (189)
Diluted headline earnings/(loss) (120) 44 (61) (189)
Figures in million
Reconciliation of headline earnings/(loss):
Net loss (521) (3 152) (266) (4 536)
Adjusted for:
Profit on disposal of investments(1) – (4) – (4)
Impairment of assets – 3 471 – 3 471
Taxation effect on impairment of assets – (169) – (169)
Profit on sale of property, plant and equipment (2) (6) – (6)
Taxation effect of (loss)/profit on sale of property,
plant and equipment – (1) – (1)
Loss on scrapping of property, plant and equipment – 61 – 491
Taxation effect on loss of scrapping of property,
plant and equipment – (9) – (67)
Headline earnings/(loss) (523) 191 (266) (821)
(1) There is no taxation effect on this item.
5. Borrowings
During the September 2015 quarter, R300 million was drawn down on the R1.3 billion Nedbank revolving credit facility. During the
June 2015 quarter, US$45 million (R541 million) was drawn down on the US$ revolving credit facility. The weakening of the Rand
against the US$ resulted in a foreign exchange translation loss of R426 million being recorded in the September 2015 quarter (June
2015 quarter: R4 million), increasing the Borrowings balance and Other expenses (net) total.
US$ facility Rand facility
Figures in million US dollar SA rand
Borrowings summary
Facility 250 1 300
Drawn down 250 700
Undrawn committed borrowing facilities – 600
Maturity February 2018 December 2016
Interest rate LIBOR + 3% JIBAR + 3.5%
6. Financial risk management activities
Fair value determination
The fair value levels of hierarchy are as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets;
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly (that is,
as prices) or indirectly (that is derived from prices);
Level 3: Inputs for the asset that are not based on observable market data (that is unobservable inputs).
The following table presents the group's assets and liabilities that are measured at fair value by level:
At At At
30 September 30 June 30 September
2015 2015 2014
Figures in million (Unaudited) (Audited) (Unaudited)
Available-for-sale financial assets(1)
Level 1 – – –
Level 2 – – –
Level 3 5 5 4
Fair value through profit or loss(2)
Level 1 – – –
Level 2 532 538 632
Level 3 – – –
(1) Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.
(2) The majority of the level 2 fair values are directly derived from the Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-
linked deposits in the group's environmental rehabilitation trust funds (included in restricted investments).
7. Net additions to property, plant and equipment
Quarter ended Year ended
30 September 30 June 30 September 30 June
2015 2015 2014 2015
Figures in million (Unaudited) (Unaudited) (Unaudited) (Audited)
Capital expenditure – operations 516 608 598 2 470
Capital and capitalised exploration and evaluation
expenditure for Wafi-Golpu 61 65 14 119
Additions resulting from stripping activities at Hidden Valley 19 53 34 236
Other (1) (8) 5 2
Net additions 595 718 651 2 827
8. Commitments and contingencies
At At At
30 September 30 June 30 September
2015 2015 2014
Figures in million (Unaudited) (Audited) (Unaudited)
Capital expenditure commitments:
Contracts for capital expenditure 126 158 206
Authorised by the directors but not contracted for 1 980 257 2 359
2 106 415 2 565
This expenditure will be financed from existing resources and, where appropriate, borrowings.
Contingent liabilities
For a detailed disclosure on contingent liabilities refer to Harmony's annual financial statements for the financial year ended 30 June
2015. There were no significant changes in contingencies since 30 June 2015.
9. Related parties
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities
of the group, directly or indirectly, including any director (whether executive or otherwise) of the group.
On 27 September 2015, 2 259 performance shares (ordinary shares) vested in the name of the chief executive officer, Graham Briggs.
Harmony has signed a R150 million guarantee for the ARM Broad Based Economic Empowerment (BBEE) Trust, a member of the
African Rainbow Minerals (ARM) group. The guarantee is for additional security for the ARM BEE Trust loan due to Nedbank Limited.
The fair value of the guarantee was R15 million at 30 September 2015, and has been recorded in Other expenses (net) and Trade
and other payables.
10. Subsequent events
There were no subsequent events to be disclosed.
11. Segment report
The segment report follows on page 15.
12. Reconciliation of segment information to condensed consolidated income statements and balance sheets
Three months ended
30 September 30 September
2015 2014
Figures in million (Unaudited) (Unaudited)
The "Reconciliation of segment information to condensed consolidated financial statements"
line item in the segment report is broken down in the following elements, to give a better
understanding of the differences between the financial statements and segment report:
Reconciliation of production profit to gross profit
Total segment revenue 4 140 4 431
Total segment production costs (3 439) (3 518)
Production profit per segment report 701 913
Depreciation (555) (650)
Other cost of sales items (94) (151)
Gross profit as per income statements(1) 52 112
(1) The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.
At At
30 September 30 September
2015 2014
Figures in million (Unaudited) (Unaudited)
Reconciliation of total segment mining assets to
consolidated property, plant and equipment
Property, plant and equipment not allocated to a segment
Mining assets 752 779
Undeveloped property 5 139 5 139
Other non-mining assets 192 143
Wafi-Golpu assets 1 621 1 140
7 704 7 201
Segment report (Rand/Metric)
for the three months ended 30 September 2015 (Unaudited)
Production Capital Kilograms
Revenue Production cost profit/(loss) Mining assets expenditure(#) produced Tonnes milled
30 September 30 September 30 September 30 September 30 September 30 September 30 September
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
R million R million R million R millioon R million kg t'000
South Africa
Underground
Kusasalethu 508 636 515 582 (7) 54 3 648 3 666 90 124 1 020 1 334 227 290
Doornkop 322 309 277 309 45 – 2 236 3 343 47 55 665 619 164 136
Phakisa 457 385 336 298 121 87 4 290 4 611 85 85 982 855 178 158
Tshepong 614 486 452 407 162 79 4 051 3 959 65 83 1 319 1 078 281 259
Masimong 339 315 262 258 77 57 841 1 068 28 41 728 698 189 185
Target 1 462 484 306 312 156 172 2 818 2 785 79 74 1 006 1 042 183 183
Bambanani 436 328 204 174 232 154 814 834 24 25 939 727 64 59
Joel 263 279 216 223 47 56 624 468 53 31 540 533 139 146
Unisel 222 215 183 177 39 38 580 635 16 29 477 477 112 114
Target 3(a) – 205 – 162 – 43 531 551 – 20 – 442 – 81
Surface
All other surface operations 351 381 322 310 29 71 484 475 12 8 730 781 2 680 2 638
Total South Africa 3 974 4 023 3 073 3 212 901 811 20 917 22 395 499 575 8 406 8 586 4 217 4 249
International
Hidden Valley 166 408 366 306 (200) 102 1 187 3 636 17 21 346 849 316 521
Total international 166 408 366 306 (200) 102 1 187 3 636 17 21 346 849 316 521
Total operations 4 140 4 431 3 439 3 518 701 913 22 104 26 031 516 596 8 752 9 435 4 533 4 770
Reconciliation of the segment
information to the condensed
consolidated financial statements
(refer to note 12) – – – – 7 704 7 201
4 140 4 431 3 439 3 518 29 808 33 232
(#) Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of R61 million (2014: R15 million).
(a) Target 3 was placed on care and maintenance in October 2014.
DEVELOPMENT RESULTS (METRIC)
Quarter ending September 2015
Channel
Reef Sampled Width Value Gold
Meters Meters (Cm's) (g/t) (Cmg/t)
Tshepong
Basal 196 160 9.44 120.23 1 135
B Reef 249 224 167.19 13.70 2 290
All Reefs 445 384 101.46 17.83 1 809
Phakisa
Basal 515 516 56.72 24.52 1 391
All Reefs 515 516 56.72 24.52 1 391
Doornkop
South Reef 551 588 64.00 12.79 817
All Reefs 551 588 64.00 12.76 817
Kusasalethu
VCR Reef 465 374 89.00 10.91 971
All Reefs 465 374 89.00 10.91 971
Target 1
Elsburg 44 44 291.00 7.33 2 134
All Reefs 44 44 291.00 7.33 2 134
Masimong 5
Basal 196 162 69.22 18.93 1 311
B Reef 165 171 45.75 13.33 610
All Reefs 360 333 57.17 16.63 951
Unisel
Basal 261 174 171.26 6.80 1 164
Leader 306 346 198.98 7.50 1 493
All Reefs 568 520 189.70 7.29 1 383
Joel
Beatrix 402 439 124.00 8.61 1 067
All Reefs 402 439 124.00 8.61 1 067
Total Harmony
Basal 1 168 1 012 70.94 18.30 1 298
Beatrix 402 439 124.00 8.61 1 067
Leader 306 346 198.98 7.50 1 493
B Reef 414 395 114.62 13.63 1 563
Elsburg 44 44 291.00 7.33 2 134
South Reef 551 588 64.00 12.76 817
VCR 465 374 89.00 10.91 971
All Reefs 3 350 3 198 101.34 11.89 1 205
DEVELOPMENT RESULTS (IMPERIAL)
Quarter ending September 2015
Channel
Reef Sampled Width Value Gold
Feet Feet (Inch) (oz/t) (In.oz/t)
Tshepong
Basal 644 525 4.00 3.26 13
B Reef 818 735 66.00 0.40 26
All Reefs 1 461 1 260 40.00 0.52 21
Phakisa
Basal 1 690 1 693 22.00 0.73 16
All Reefs 1 690 1 693 22.00 0.73 16
Doornkop
South Reef 1 808 1 929 25.00 0.38 9
All Reefs 1 808 1 929 25.00 0.38 9
Kusasalethu
VCR Reef 1 525 1 227 35.00 0.32 11
All Reefs 1 525 1 227 35.00 0.32 11
Target 1
Elsburg 144 144 115.00 0.21 25
All Reefs 144 144 115.00 0.21 25
Masimong 5
Basal 642 531 27.00 0.56 15
B Reef 540 561 18.00 0.39 7
All Reefs 1 182 1 093 23.00 0.47 11
Unisel
Basal 857 571 67.00 0.20 13
Leader 1 005 1 135 78.00 0.22 17
All Reefs 1 862 1 706 75.00 0.21 16
Joel
Beatrix 1 317 1 440 49.00 0.25 12
All Reefs 1 317 1 440 49.00 0.25 12
Total Harmony
Basal 3 833 3 320 28.00 0.53 15
Beatrix 1 317 1 440 49.00 0.25 12
Leader 1 005 1 135 78.00 0.22 17
B Reef 1 358 1 296 45.00 0.40 18
Elsburg 144 144 115.00 0.21 25
South Reef 1 808 1 929 25.00 0.38 9
VCR 1 525 1 227 35.00 0.32 11
All Reefs 10 990 10 492 40.00 0.35 14
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Date: 05/11/2015 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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