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GOLD FIELDS LIMITED - Unaudited results for interim period ended 30 June 2019

Release Date: 15/08/2019 07:05
Code(s): GFI     PDF:  
Wrap Text
Unaudited results for interim period ended 30 June 2019

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


Gold Fields Limited is a globally diversified gold producer with eight operating mines
(including our Asanko Joint Venture) and projects in Australia, Chile, Ghana, Peru and
South Africa.

Gold Fields Limited (NYSE & JSE: GFI) today announced profit attributable to owners of
the parent for the six months to 30 June 2019 of US$71m (US$0.09 per share). This
compared with losses of US$367m (US$0.45 per share) for the six months to 30 June 2018.
Normalised profit of US$126m for the six months to 30 June 2019 compared with US$43m
for the six months to 30 June 2018.

Key Statistics

                                                                       Six months ended
Figures in millions unless otherwise stated                            June 2019   June2018
Gold produced*                                           oz (000)      1,083       994
Tonnes milled/treated                                    000           17,915      16,686
Revenue (excluding Asanko)                               US$/oz        1,298       1,306
Cost of sales before gold inventory change and
amortisation and depreciation (excluding Asanko)         US$/tonne     42           42
All-in sustaining costs
(original interpretation)                                US$/oz        973          965
All-in sustaining costs (revised interpretation
guidance – WGC)                                          US$/oz        891          -
Total all-in cost                                        US$/oz        1,106        1,169
Net debt (pre IFRS 16)                                   US$m          1,498        1,393
Net debt to EBITDA ratio
(pre IFRS 16)                                                          1.36         1.07
Net debt (IFRS 16 impact included)                       US$m          1,794        -
Net debt to EBITDA ratio
(IFRS 16 impact included)                                              1.59         -
Cash flow from operating activities**                    US$           49           (79)
Profit/(loss)                                            US$m          70.5         (366.6)
Profit/(loss)                                            US c.p.s.     9            (45)
Headline earnings                                        US$m          39.9         66.7
Headline earnings                                        US c.p.s.     5            8
Normalised profit                                        US$m          126.2        42.8
Normalised profit                                        US c.p.s.     15           5

* Gold produced in this table is attributable and includes Gold Fields share of 45 per cent in
** Cash flow from operating activities (net of tax) less net capital expenditure, environmental
   payments and finance lease payments.
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent), Cerro
Corona in Peru (99.5 per cent) and Asanko JV (45 per cent equity share).
Gold produced (and sold) throughout this report includes copper gold equivalents of approximately
7 per cent of Group production.
Figures may not add as they are rounded independently.
Cash dividend
In line with the Company’s dividend policy to pay out a dividend of between 25 and 35
per cent of its profit, the Board has approved and declared an interim dividend number
90 of 60 SA cents per ordinary share (gross) in respect of the six months ended 30 June
2019. This translates to 28 per cent of normalised profit. The interim dividend will
be subject to the Dividend Withholding Tax of 20 per cent. In accordance with
paragraphs 11.17(a) (i) and 11.17(c) of the JSE Listings Requirements, the following
additional information is disclosed:

• The dividend has been declared out of income reserves;
• The gross local dividend amount is 60 SA cents per ordinary share for shareholders
  exempt from dividends tax;
• The Dividend Withholding Tax of 20 per cent (twenty per centum) will be applicable to
  this dividend;
• The net local dividend amount is 48 SA cents per ordinary share for shareholders
  liable to pay the dividends tax;
• Gold Fields currently has 828,632,707 ordinary shares in issue; and;
• Gold Fields’ income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the final dividend:

• Interim dividend number 90: 60 SA cents per share
• Last date to trade cum-dividend: Tuesday, 3 September 2019
• Sterling and US dollar conversion date: Wednesday,
  4 September 2019
• Shares commence trading ex-dividend: Wednesday,
  4 September 2019
• Record date: Friday, 6 September 2019
• Payment of dividend: Monday, 9 September 2019

Share certificates may not be dematerialised or rematerialised between: Wednesday, 4
September 2019 and: Friday, 6 September 2019, both dates inclusive.

This short-form announcement is the responsibility of the directors and is only a
summary of the information in the full results. The full results can be found on the
company's website at and on the JSE website at

Copies of the full announcement may also be requested at the company's registered
office, at no charge, during office hours. In line with the company's dividend policy
Gold Fields has declared an interim dividend.

Any investment decision should be based on the full announcement published on SENS and
on the company's website.

By order of the board
CA Carolus (Chair)
15 August 2019

Executive Directors: N J Holland†(Chief Executive Officer), P A Schmidt (Chief Financial
Non-Executive Directors: A Andani#, P J Bacchus†, T P Goodlace, C E Letton^, P
Mahanyele–Dabengwa, R P Menell, S P Reid^, Y G H Suleman
^Australian, †British, #Ghanaian

JP Morgan Equities South Africa (Pty) Ltd

Company secretary:
T L Harmse (Acting)
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited

Date: 15/08/2019 07:05:00
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