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GOLD FIELDS LIMITED - Trading statement for FY 2018

Release Date: 06/02/2019 14:33
Code(s): GFI     PDF:  
Wrap Text
Trading statement for FY 2018

Gold Fields Limited
Incorporated in the Republic of South Africa)
Registration Number 1968/004880/06)
ISIN: ZAE000018123
"Gold Fields" or “the Company”)


Trading statement for FY 2018

Johannesburg, 6 February 2019: Gold Fields Limited (Gold Fields)
(JSE, NYSE: GFI) advises that headline earnings per share for
the 12 months ended 31 December 2018 (FY 2018) is expected to
range from US$0.05-0.09 per share, 65-81% (US$0.17-0.21 per
share) lower than the headline earnings of US$0.26 per share
reported for the 12 months ended 31 December 2017 (FY 2017).

Basic loss per share for FY 2018 is expected to range from
US$0.40-0.44 per share, 1900-2100% (US$0.38-0.42 per share)
higher than the basic loss of US$0.02 per share reported for FY

Normalised earnings per share for FY 2018 is expected to range
from US$0.01-0.05 per share, 74-95% (US$0.14-0.18 per share)
lower than the normalised earnings of US$0.19 per share reported
for FY 2017.

The basic loss for FY 2018 was higher than FY 2017 mainly due to
lower revenue and higher non-recurring costs, partially offset
by lower cost of sales.

Revenue in FY 2018 was lower than in FY 2017 primarily due to
lower gold sold at South Deep as a result of the restructuring
and industrial action in Q4 2018, as well as the sale of Darlot
in 2017. The rest of the operations within the portfolio
exceeded guidance for FY 2018.

Cost of sales in FY 2018 was lower than in FY 2017 mainly due to
lower amortisation primarily at Cerro Corona and South Deep.

Non-recurring costs in FY 2018 were higher than in FY 2017
mainly due to:
Higher impairment charge at South Deep as reported in H1 2018.
There was no additional impairment at year-end;
Higher retrenchment costs in FY 2018 compared to FY 2017, mainly
at Tarkwa and South Deep;
Higher loss on sale of inventory and assets in FY 2018 compared
to FY 2017, mainly at Tarkwa due to the conversion to contractor
mining in FY 2018.
This was partially offset by:
A tax credit as a result of the South Deep Tax Dispute
Settlement in FY 2018;
An accounting credit as a result of the acquisition of Asanko in
FY 2018.

For Q4 2018, attributable gold equivalent production is expected
to be 509koz (Q3 2018: 533koz), with all-in sustaining costs
(AISC) of US$1,016/oz (Q3 2018: US$977/oz) and all-in costs
(AIC) of US$1,213/oz (Q3 2018: US$1,140/oz).

Attributable gold equivalent production for 2018 is expected to
be 2.04Moz (FY17: 2.16Moz), exceeding revised guidance (provided
in November 2018) of 2.00Moz. Excluding Asanko, attributable
production for 2018 was 96% of original guidance (provided in
February 2018), almost exclusively due to the impact of the
lower production at South Deep, a significant proportion of
which is attributable to the strike. AISC and AIC are expected
to be US$981/oz (FY17: US$955/oz) and US$1,173/oz (FY17:
US$1,088/oz), respectively, both below the lower end of the
guidance range provided in February 2018 – AISC: US$990-1,010/oz
and AIC: US$1,190-1,210/oz.

The financial information on which this trading statement is
based has not been reviewed, and reported on, by the Company’s
external auditors.

Gold Fields will release FY 2018 financial results on Friday, 15
February 2019.



Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email     :

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170

Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email     :


Notes to editors

About Gold Fields

Gold Fields Limited is a globally diversified gold producer with
seven operating mines in Australia, Ghana, Peru and South
Africa, and a total attributable annual gold-equivalent
production of approximately 2.2 million ounces. It has
attributable gold Mineral Reserves of around 49 million ounces
and gold Mineral Resources of around 104 million ounces.
Attributable copper Mineral Reserves total 764 million pounds
and Mineral Resources 4,881 million pounds. Gold Fields has a
primary listing on the Johannesburg Stock Exchange (JSE)
Limited, with secondary listings on the New York Stock Exchange
(NYSE) and the Swiss Exchange (SIX).

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

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