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GOLD FIELDS LIMITED - Unaudited results for the twelve months ended 31 December 2019

Release Date: 12/02/2020 17:00
Code(s): GFI     PDF:  
Wrap Text
Unaudited results for the twelve months ended 31 December 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 nine operating mines
(including our Asanko Joint Venture) in Australia, Ghana, Peru and South Africa and a
project in Chile.

Gold Fields Limited (NYSE & JSE: GFI) announced normalised profit of US$343m for the year
ended 31 December 2019 compared with normalised profit of US$27m for the year ended 31
December 2018.
A final dividend number 91 of 100 SA cents per share (gross) is payable on 16 March 2020,
giving a total dividend for the year ended 31 December 2019 of 160 SA cents per share

Key Statistics
                                                              United States Dollars

                                                               Quarter                        Year
Figures in millions unless otherwise stated        December   September   December    December     December
                                                   2019       2019        2018        2019         2018

Gold produced*                          oz (000)   590        523         509         2,195       2,036

Tonnes milled/treated                   000        10,519     9,850       8,571       38,342      34,110

Revenue (excluding Asanko)              US$/oz     1,482       1,469      1,212       1,388       1,252

Cost of sales before gold inventory
change and amortisation and
depreciation (excluding Asanko)     US$/tonne      39         44          43          41          42

All-in sustaining costs#
(original interpretation)               US$/oz     922        1,018       1,016       970         981

All-in sustaining costs (revised
interpretation guidance – WGC)          US$/oz     864             947          —     897         -

Total all-in cost#                      US$/oz     974        1,084       1,213       1,064       1,173

Net debt (pre-IFRS 16)                  US$m       1,331      1,401       1,612       1,331       1,687

Net debt to EBITDA ratio
(pre-IFRS 16)                                                                         1.08        1.52

Net debt (IFRS 16 impact included) US$m            1,664      1,735       —           1,664       -

Net debt to EBITDA ratio (IFRS 16
impact included)                                                                      1.29        -

Cash flow from operating
activities less net capital
expenditure, environmental
payments, lease payments and
redemption of Asanko preference
shares                                  US$                                           249         (122)

Profit/(loss) attributable
to owners of the parent                 US$m                                          161.6       (348.2)
Profit/(loss) per share
attributable to owners of
the parent                                                       US c.p.s.                                                                              20                    (42)
Headline earnings attributable
to owners of the parent                                          US$m                                                                                   162.7                 60.6
Headline earnings per share
attributable to owners of the
parent                                                           US c.p.s.                                                                              20                    7
Normalised profit attributable
to owners of the parent                                          US$m                                                                                   343.4                 26.9
Normalised profit per share
attributable to owners of
the parent                                                       US c.p.s.                                                                              42                    3

* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), Cerro Corona in Peru (99.5%) and Asanko JV (45% equity share). Gold produced (and sold)
throughout this report includes copper gold equivalents of approximately 7% of Group production.
This media release contains certain non-IFRS financial measures in respect of the Group’s financial performance, the statement of financial position and cash flows presented in order to provide users
with relevant information and measures used by the Group to assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting
standards. These measures constitute pro-forma financial information in terms of the JSE Listings Requirements and are the responsibility of the Group’s Board of Directors. They are presented for
illustrative purposes only and due to their nature, may not fairly present Gold Fields’ financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be
comparable to similarly titled measures used by other companies.
The key non-IFRS measures used include normalised profit, net debt (pre and post IFRS 16), adjusted EBITDA, free cash flow margin, cash flow from operating activities less net capital expenditure,
environmental payments, lease payments and redemption of Asanko preference shares, all-in sustaining and total all-in costs. The applicable criteria on the basis of which this information has been
prepared is set out in the notes accompanying the media release.
This pro-forma financial information has been reported on by the Group’s auditors, being PricewaterhouseCoopers Inc. Their unqualified reporting accountant’s report thereon is available for inspection
at the Company’s registered address.

Cash dividend

In line with the Company’s dividend policy, the Board has approved and declared a final
dividend number 91 of 100 SA cents per ordinary share (gross) in respect of the year
ended 31 December 2019. The final dividend will be subject to the Dividend Withholding
Tax of 20%. 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 100 SA cents per ordinary share for shareholders
  exempt from dividends tax;
• The Dividend Withholding Tax of 20% (twenty per centum) will be applicable to this
• The net local dividend amount is 80 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:
• Final dividend number 91: 100 SA cents per share
• Last date to trade cum-dividend: Tuesday, 10 March 2020
• Sterling and US Dollar conversion date: Wednesday, 11 March 2020
• Shares commence trading ex-dividend: Wednesday, 11 March 2020
• Record date: Friday, 13 March 2020
• Payment of dividend: Monday, 16 March 2020.

Share certificates may not be dematerialised or rematerialised between Wednesday 11
March 2020 and Friday 13 March 2020, 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)
12 February 2020

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: 12-02-2020 05:00:00
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