Go Back Email this Link to a friend


HARMONY GOLD MINING COMPANY LIMITED - REVIEW FOR THE QUARTER ENDED 30 SEPTEMBER

Release Date: 25/10/2004 11:55:01      Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED - REVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 
2004                                                                            
HARMONY GOLD MINING COMPANY LIMITED                                             
Registration number: 1950/038232/06                                             
JSE code: HAR     ISIN: ZAE000015228                                            
REVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2004                                  
OPERATING AND FINANCIAL RESULTS (Rand/metric)                                   
Underground production - South Africa          
                          Free State     Free State                   Rand-     
                              Growth       Marginal     Evander     fontein     
Ore milled                                                                      
- t"000         Sep-04         1,453          1,065         468         554     
                Jun-04         1,341          1,132         478         615     
Gold produced                                                                   
- kg            Sep-04         8,923          4,080       3,485       2,740     
Jun-04         8,148          4,460       2,959       2,797     
Yield - g/tonne Sep-04          6,14           3,83        7,45        4,95     
                Jun-04          6,08           3,94        6,19        4,55     
Cash operating  Sep-04        67,612        101,412      65,226      81,859     
costs - R/kg    Jun-04        73,194         95,393      80,859      78,156     
Cash operating  Sep-04           415            389         486         405     
costs - R/tonne Jun-04           445            376         501         355     
Working revenue Sep-04       747,677        338,165     289,565     227,203     
(R"000)         Jun-04       663,484        361,238     239,843     222,388     
Cash operating  Sep-04       603,304        413,761     227,314     224,295     
costs (R"000)   Jun-04       596,387        425,452     239,263     218,602     
Cash operating  Sep-04       144,373       (75,596)      62,251       2,908     
profit (R"000)  Jun-04        67,097       (64,214)         580       3,786     
                                          Elands-                      Sub-     
                                             rand      Orkney         total     
Ore milled - t"000            Sep-04          257         227         4,024     
Jun-04          268         236         4,070     
Gold produced - kg            Sep-04        1,497       1,368        22,093     
                              Jun-04        1,867       1,264        21,495     
Yield - g/tonne               Sep-04         5,82        6,03          5,49     
Jun-04         6,97        5,36          5,28     
Cash operating                Sep-04      109,265      81,020        78,897     
costs - R/kg                  Jun-04       96,102      82,460        82,036     
Cash operating                Sep-04          636         488           433     
costs - R/tonne               Jun-04          669         442           433     
Working revenue               Sep-04      124,575     111,961     1,839,146     
(R"000)                       Jun-04      154,083     104,431     1,745,467     
Cash operating                Sep-04      163,570     110,836     1,743,080     
costs (R"000)                 Jun-04      179,423     104,229     1,763,356     
Cash operating                Sep-04     (38,995)       1,125        96,066     
profit (R"000)                Jun-04     (25,340)         202      (17,889)     
OPERATING AND FINANCIAL RESULTS (Rand/metric)                                   
South         South        Aus-     
                                           Africa        Africa      tralia     
                                          Surface         Total       Total     
Ore milled - t"000             Sep-04       1,591         5,615         950     
Jun-04       2,497         6,567       1,137     
Gold produced - kg             Sep-04       1,297        23,390       2,432     
                               Jun-04       1,501        22,996       2,216     
Yield - g/tonne                Sep-04        0,82          4,17        2,56     
Jun-04        0,60          3,50        1,95     
Cash operating                 Sep-04      83,791        79,169      65,494     
costs - R/kg                   Jun-04      82,576        82,071      68,949     
Cash operating                 Sep-04          68           330         168     
costs - R/tonne                Jun-04          50           287         134     
Working revenue                Sep-04     106,684     1,945,830     198,025     
(R"000)                        Jun-04     121,692     1,867,159     187,700     
Cash operating                 Sep-04     108,677     1,851,757     159,282     
costs (R"000)                  Jun-04     123,947     1,887,303     152,790     
Cash operating                 Sep-04     (1,993)        94,073      38,743     
profit (R"000)                 Jun-04     (2,255)      (20,144)      34,910     
                                         Harmony                                
excluding            *       Harmony     
                                        Restruct     Restruct         Total     
Ore milled - t"000          Sep-04         6,565            0         6,565     
                            Jun-04         7,704          268         7,972     
Gold produced - kg          Sep-04        25,822            0        25,822     
                            Jun-04        25,212        1,161        26,373     
Yield - g/tonne             Sep-04          3,93         0,00          3,93     
                            Jun-04          3,27         4,33          3,31     
Cash operating              Sep-04        77,881            0        77,881     
costs - R/kg                Jun-04        80,918      132,146        83,174     
Cash operating              Sep-04           306            0           306     
costs - R/tonne             Jun-04           265          572           275     
Working revenue             Sep-04     2,143,855            0     2,143,855     
(R"000)                     Jun-04     2,054,859       95,677     2,150,536     
Cash operating              Sep-04     2,011,039            0     2,011,039     
costs (R"000)               Jun-04     2,040,093      153,421     2,193,514     
Cash operating              Sep-04       132,816            0       132,816     
profit (R"000)              Jun-04        14,766     (57,744)      (42,978)     
* The restructured shafts consist of the Deelkraal operations, Eland shaft      
(part of Freegold operations), Orkney 3 and 6 shafts and Welkom 1 shaft.        
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)        
                          Quarter ended     Quarter ended     Quarter ended     
                           30 September           30 June      30 September     
                                   2004              2004              2003     
Ore milled          t"000         6 564             7 972             6 856     
Gold produced          kg        25 822            26 373            22 725     
Gold price received  R/kg        83 023            81 543            86 258     
Cash operating costs R/kg        77 880            83 173            76 693     
R million         R million         R million     
Gold sales                        2 144             2 151             1 960     
Cash operating costs              2 011             2 194             1 743     
Cash operating                                                                  
profit/(loss)                       133              (43)               217     
Other income - net                   37                40                70     
Employment termination                                                          
and restructuring costs           (154)             (184)              (12)     
Corporate, marketing, new                                                       
business expenditure               (38)              (32)              (31)     
Exploration expenditure            (24)              (21)              (14)     
Income/(loss) from                                                              
associates                            -                46               (7)     
Loss on dilution of ARM                                                         
Limited                               -             (124)                 -     
Interest paid                     (100)              (99)              (55)     
Depreciation and amor-                                                          
tisation                          (239)             (280)             (142)     
(Provision for)/reversal                                                        
of rehabilitation costs            (14)                58              (10)     
Gain/(loss) on financial                                                        
instruments                           1             (110)             (172)     
Profit on                                                                       
Australian-listed                                                               
investments                           4                 -                 -     
(Loss)/profit on foreign                                                        
exchange                            (1)                14              (31)     
Impairment of investments                                                       
and assets                            -              (75)                 -     
Loss before tax                   (395)             (810)             (187)     
Current tax -                                                                   
(expense)/benefit                  (17)                30              (18)     
Deferred tax - benefit               72               203                86     
Net loss before minority                                                        
interests                         (340)             (577)             (119)     
Minority interests                    -                18                 -     
Net loss                          (340)             (559)             (119)     
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (rand/metric) (unaudited)        
                          Quarter ended     Quarter ended     Quarter ended     
                           30 September           30 June      30 September     
2004              2004              2003     
                              R million         R million         R million     
Loss per share (cents)*                                                         
- Basic loss                      (106)             (191)              (62)     
- Basic loss before                                                             
impairment                        (106)             (165)              (62)     
- Headline loss                   (110)             (131)              (67)     
- Fully diluted loss ** ***       (106)             (191)              (62)     
Dividends per share (cents)                                                     
- Interim                             -                 -                 -     
- Proposed final                      -                30                 -     
Prepared in accordance with International Financial Reporting Standards.        
* Calculated on weighted number of shares in issue at quarter end September     
2004: 320,8 million (June 2004: 292,9 million) (September 2003: 192,3 million). 
** Calculated on weighted average number of diluted shares in issue at quarter  
end September 2004: 320,9 million (June 2004: 293,2 million) (September 2003:   
190,9 million).                                                                 
*** The effect of the dilution of shares is anti-dilutive.                      
Reconciliation of headline loss:                                                
Net loss                           (340)             (559)            (119)     
Adjustments:                                                                    
- Profit on sale of assets          (10)              (44)              (9)     
- Profit on disposal of Kalplats       -              (39)               -      
- Profit on disposal of Bissett        -               (1)               -      
- Loss on dilution of ARM Limited      -               163               -      
- Profit on Australian-listed                                                   
 investments                         (4)                -                -      
- Amortisation of goodwill            -                21                -      
- Impairment of Bendigo               -                75                -      
Headline loss                      (354)             (384)            (128)     
ABRIDGED BALANCE SHEET AT 30 SEPTEMBER 2004 (Rand)                              
                        At 30 September      At 30 June     At 30 September     
2004            2004                2003     
                              R million       R million           R million     
                            (unaudited)       (audited)         (unaudited)     
ASSETS                                                                          
Non-current assets                                                              
Property, plant and                                                             
equipment                        22 489          22 244              14 729     
Intangible assets                 2 268           2 267               2 843     
Investments                       2 795           2 612               1 260     
Investments in                                                                  
associates                            -             124               2 896     
                                 27 552          27 247              21 728     
Current assets                                                                  
Inventories                         518             531                 444     
Receivables                         401             859                 554     
Cash and cash                                                                   
equivalents                       1 013           1 414               2 561     
                                  1 932           2 804               3 559     
Total assets                     29 484          30 051              25 287     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Issued capital                   20 889          20 889              14 698     
Fair value and other                                                            
reserves                          (963)         (1 186)               (346)     
Retained earnings                   642           1 078               1 585     
                                 20 568          20 781              15 937     
Minority interest                     -               -                 139     
Non-current liabilities                                                         
Long-term borrowings              2 801           2 790               2 881     
Net deferred taxation                                                           
liabilities                       2 647           2 659               2 742     
Net deferred financial                                                          
liabilities                         573             570                 450     
Long-term provisions                817             798                 840     
                                  6 838           6 817               6 913     
Current liabilities                                                             
Payables and accrued                                                            
liabilities                       2 044           2 385               1 762     
Income and mining taxes              26              60                 528     
Shareholders for                                                                
dividends                             8               8                   8     
                                  2 078           2 453               2 298     
Total equity and                                                                
liabilities                      29 484          30 051              25 287     
Number of ordinary                                                              
shares in issue             320 819 739     320 741 577         257 858 784     
Net asset value per                                                             
share (cents)                     6 411           6 479               6 234     
Basis of accounting                                                             
The unaudited results for the quarter have been prepared on the International   
Financial Reporting Standards ("IFRS") basis. These consolidated quarterly      
statements are prepared in accordance with IFRS 34, Interim Financial           
Reporting. The accounting policies are consistent with those applied in the     
previous financial year.                                                        
CONDENSED STATEMENT OF CHANGES IN EQUITY                                        
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2004                                    
Issued  Fair value                          
                                     share   and other  Retained                
                                   capital    reserves  earnings       Total    
                                 R million   R million R million   R million    
(unaudited) (unaudited)(unaudited)(unaudited)    
Balance at 1 July 2004              20 889     (1 186)     1 078     20 781     
Currency translation adjustment and                                             
other                                    -         223         -        223     
Net earnings                             -           -     (340)      (340)     
Dividends paid                           -           -      (96)       (96)     
Balance at 30 September 2004        20 889       (963)       642     20 568     
Balance at 1 July 2003               6 875       (242)     1 995      8 628     
Issue of share capital               7 823           -         -      7 823     
Currency translation adjustment and                                             
other                                    -       (104)         -      (104)     
Net earnings                             -           -     (119)      (119)     
Dividends paid                           -           -     (291)      (291)     
Balance at 30 September 2003        14 698       (346)     1 585     15 937     
                                    Issued  Fair value                          
                                     share   and other    Retained              
capital    reserves    earnings       Total  
                               US$ million US$ million US$ million US$ million  
                               (unaudited) (unaudited) (unaudited) (unaudited)  
Balance at 1 July 2004               3 225       (183)       166      3 208     
Currency translation adjustment                                                 
and other                                -          34         -         34     
Net earnings                             -           -       (52)      (52)     
Dividends paid                           -           -       (15)      (15)     
Balance at 30 September 2004         3 225        (149)        99     3 175     
Balance at 1 July 2003                 988         (35)       287     1 240     
Issue of share capital               1 124           -          -     1 124     
Currency translation adjustment                                                 
and other                                -         (15)         -      (15)     
Net earnings                             -           -       (17)      (17)     
Dividends paid                           -           -       (42)      (42)     
Balance at 30 September 2003         2 112         (50)       228     2 290     
Balances translated at closing rates of: September 2004:                        
US$1 = R6,48 (September 2003: US$1 = R6,96).                                    
SUMMARISED CASH FLOW STATEMENT                                                  
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2004 (unaudited)                        
Three            Three     
                                                    months           months     
                                                     ended            ended     
                                              30 September     30 September     
2003             2004     
                                               US$ million      US$ million     
Cash flow from operating activites                                              
Cash generated by operations                            76              (7)     
Interest and dividends received                          7                6     
Interest paid                                          (7)              (9)     
Income and mining taxes paid                             -                -     
Cash (utilised in)/generated by operating                                       
activities                                              76             (10)     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                98                -     
Net additions to property, plant and equipment        (28)             (35)     
Other investing activities                               1                9     
Cash (utilised in)/generated by investing                                       
activities                                              71             (26)     
Cash flow from financing activities                                             
Long-term loans repaid                                   -                -     
Ordinary shares issued - net of expenses                13                -     
Dividends paid                                        (39)             (15)     
Cash utilised in financing activities                 (26)             (15)     
Foreign currency translation adjustments                22             (10)     
Net (decrease)/increase in cash and                                             
equivalents                                            143             (61)     
Cash and equivalents - 1 July                          225              217     
Cash and equivalents - 30 September                    368              156     
                                                     Three            Three     
                                                    months           months     
                                                     ended            ended     
30 September     30 September     
                                                      2004             2003     
                                                 R million        R million     
Cash flow from operating activites                                              
Cash generated by operations                          (44)              565     
Interest and dividends received                         36               52     
Interest paid                                         (56)             (52)     
Income and mining taxes paid                             -                -     
Cash (utilised in)/generated by operating                                       
activities                                            (64)              565     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                 -              729     
Net additions to property, plant and equipment       (224)            (211)     
Other investing activities                              62                7     
Cash (utilised in)/generated by investing                                       
activities                                           (162)              525     
Cash flow from financing activities                                             
Long-term loans repaid                                   -              (3)     
Ordinary shares issued - net of expenses                 -               98     
Dividends paid                                        (96)            (291)     
Cash utilised in financing activities                 (96)            (196)     
Foreign currency translation adjustments              (17)             (20)     
Net (decrease)/increase in cash and                                             
equivalents                                          (339)              874     
Cash and equivalents - 1 July                        1 352            1 687     
Cash and equivalents - 30 September                  1 013            2 561     
Operating activities translated at average rates of: September 2004:            
US$1 = R6,38 (September 2003: US$1 = R7,42).                                    
Closing balance translated at closing rates of: September 2004:                 
US$1 = R6,48 (September 2003: US$1 = R6,96).                                    
SUMMARISED CASH FLOW STATEMENT                                                  
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2004 (unaudited)                        
3 months        3 months     
                                                      ended           ended     
                                                    30 June    30 September     
                                                       2004            2004     
US$ million     US$ million     
Cash flow from operating activites                                              
Cash generated by operations                           (74)             (7)     
Interest and dividends received                           7               6     
Interest paid                                          (13)             (9)     
Income and mining taxes paid                            (5)               -     
Cash utilised in operating activities                  (85)            (10)     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                  -               -     
Net proceeds on disposal of listed investments            2               -     
Net additions to property, plant and                                            
equipment                                              (11)            (35)     
Other investing activities                             (90)               9     
Cash utilised in investing activities                  (99)            (26)     
Cash flow from financing activities                                             
Long term loans raised                                   75               -     
Ordinary shares issued - net of expenses               (12)               -     
Dividends paid                                            -            (15)     
Cash (utilised in)/generated by financing                                       
activities                                               63            (15)     
Foreign currency translation adjustments               (22)            (10)     
Net decrease in cash and equivalents                  (143)            (61)     
Cash and equivalents beginning of quarter               370             217     
Cash and equivalents - end of quarter                   227             156     
3 months        3 months     
                                                      ended           ended     
                                               30 September         30 June     
                                                       2004            2004     
R million       R million     
Cash flow from operating activites                                              
Cash generated by operations                           (44)           (486)     
Interest and dividends received                          36              52     
Interest paid                                          (56)            (95)     
Income and mining taxes paid                              -            (35)     
Cash utilised in operating activities                  (64)           (564)     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                  -               1     
Net proceeds on disposal of listed investments            -              14     
Net additions to property, plant and equipment        (224)            (71)     
Other investing activities                               62           (599)     
Cash utilised in investing activities                 (162)           (655)     
Cash flow from financing activities                                             
Long term loans raised                                    -             498     
Ordinary shares issued - net of expenses                  -            (76)     
Dividends paid                                         (96)               -     
Cash (utilised in)/generated by financing                                       
activities                                             (96)             422     
Foreign currency translation adjustments               (17)           (126)     
Net decrease in cash and equivalents                  (339)           (923)     
Cash and equivalents beginning of quarter             1 352           2 337     
Cash and equivalents - end of quarter                 1 013           1 414     
Operating activities translated at average rates of: September 2004:            
US$1 = R6,38 (June 2004 quarter: US$1 = R6,60).                                 
Closing balance translated at closing rates of: September 2004:                 
US$1 = R6,48 (June 2004: US$1 = R6,23).                                         
CONTACT DETAILS                                                                 
Harmony Gold Mining Company Limited                                             
Corporate Office                                                                
Suite No. 1                                                                     
Private Bag X1                                                                  
Melrose Arch, 2076                                                              
South Africa                                                                    
First Floor                                                                     
4 The High Street                                                               
Melrose Arch, 2196                                                              
Johannesburg                                                                    
South Africa                                                                    
Telephone: +27 11 684 0140                                                      
Fax:       +27 11 684 0188                                                      
Website: http://www.harmony.co.za                                               
Directors                                                                       
P T Motsepe (Chairman)                                                          
Z B Swanepoel (Chief Executive)                                                 
F Abbott, F Dippenaar, V N Fakude, T S A Grobicki                               
W M Gule, D S Lushaba, R P Menell, M Motloba, Dr M Z Nkosi                      
M F Pleming, N Qangule, C M L Savage                                            
Investor Relations                                                              
Ferdi Dippenaar                                                                 
Marketing Director                                                              
Telephone:  +27 11 684 0140                                                     
Fax:        +27 11 684 0188                                                     
E-mail:     fdippenaar@harmony.co.za                                            
Corne Bobbert                                                                   
Investor Relations Officer                                                      
Telephone:    +27 11 684 0146                                                   
Fax:          +27 11 684 0188                                                   
E-mail:       cbobbert@harmony.co.za                                            
Marian van der Walt                                                             
Company Secretary                                                               
Telephone:  +27 11 411 2037                                                     
Fax:        +27 11 411 2398                                                     
E-mail:     mvanderwalt@harmony.co.za                                           
South African Share Transfer Secretaries                                        
Ultra Registrars (Pty) Ltd                                                      
PO Box 4844                                                                     
Johannesburg, 2000                                                              
Telephone:    +27 11 832 2652                                                   
Fax:          +27 11 834 4398                                                   
United Kingdom Registrars                                                       
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Beckenham                                                                       
Kent BR3 4TU                                                                    
Telephone:  +44 870 162 3100                                                    
Fax:        +44 208 639 2342                                                    
ADR Depositary                                                                  
The Bank of New York                                                            
101 Barclay Street                                                              
New York, NY 10286                                                              
United States of America                                                        
Telephone:   +1888-BNY ADRS                                                     
Fax:         +1 212 571 3050                                                    
Trading Symbols                                                                 
JSE Securities Exchange South Africa HAR                                        
New York Stock Exchange, Inc.        HMY                                        
London Stock Exchange plc            HRM                                        
Euronext Paris                       HG                                         
Euronext Brussels                    HMY                                        
Berlin Stock Exchange                HAM1                                       
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
Date: 25/10/2004 11:55:17 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.