JOHANNESBURG, March 28, 2018 /CNW/ -- Gold Fields Limited (Gold
Fields) (JSE, NYSE: GFI) today published its Integrated Annual
Report 2017 (IAR) and a number of associated reports on its
website.
These are the statutory Annual Financial Report 2017, including
the Governance Report, containing the audited separate and
consolidated financial statements for the year ended 31 December 2017, the 2017 Mineral Resources and
Mineral Reserves Supplement, the Notice to Shareholders of the
Annual General Meeting (AGM) and Gold Fields' Global Reporting
Initiative (GRI) Content Index for the IAR. The IAR will be posted
to shareholders on Thursday, 29 March
2018.
The IAR and the Annual Financial Report incorporate all aspects
of the Group's business, including reviews of the South African,
West African, Australian and South American operations, the Group's
project activities, as well as detailed financial, operational and
sustainable development information.
KPMG Inc. have audited the financial statements for the year
ended 31 December 2017, including the
Annual Financial Report, and their unmodified audit report is open
for inspection at the Company's offices.
The financial statements in the Annual Financial Report contain
modifications to the preliminary reviewed condensed consolidated
financial statements published on SENS on 14
February 2018. See "Correction of methodology" below.
The Integrated Annual Report, the Notice to Shareholders of the
AGM, the Annual Financial Report, the Mineral Resources and Mineral
Reserves Supplement and the GRI Content Index are available at
www.goldfields.com.
Mineral Resources and Mineral Reserves Supplement
2017
The Gold Fields Mineral Resources and Mineral Reserves
Supplement 2017 contains a comprehensive overview of Gold Fields'
Mineral Resource and Mineral Reserve status as well as a detailed
breakdown for its operations and projects.
As at 31 December 2017, Gold
Fields had attributable gold Mineral Reserves of 49 million ounces
(2016: 48 million ounces) and gold Mineral Resources of 104 million
ounces (2016: 101 million ounces). In addition, the attributable
copper Mineral Reserves totalled 764 million pounds (2016: 454
million pounds) and copper Mineral Resources 4,881 million pounds
(2016: 5,813 million pounds). Stated figures are net of annual
production depletion.
The SAMREC Code compliant Mineral Reserves are based on gold and
copper prices of US$1,200/oz
(A$1,600/oz, R525,000/kg) and
US$2.50/lb (increasing to
US$2.80/lb from 2020 onwards),
respectively. Relevant tonnes, grades, classification,
reconciliations and Competent Persons are detailed in the
Supplement.
Notice of Annual General Meeting (AGM)
Notice is given to Shareholders of the AGM of the Company to be
held at 150 Helen Road, Sandown, Sandton, on Tuesday, 22 May 2018 at 15:00. The AGM will transact the
business as stated in the Notice of that meeting, a copy of which
can be found with the Integrated Annual Report on the company's
website at www.goldfields.com.
In terms of section 59(1) (b) of the Companies Act, 71 of 2008,
the record date for the purpose of determining which shareholders
are entitled to participate in and vote at the AGM (being the date
on which a shareholder must be registered in the Company's
securities register in order to participate in and vote at the AGM)
is Friday, 11 May 2018. Therefore the
last day to trade in order to be registered in the Company's
securities register as at the record date is Tuesday, 8 May 2017.
Correction of methodology
The financial statements in this report contain modifications to
the preliminary reviewed condensed consolidated financial
statements published on SENS on 14 February
2018.
Subsequent to 14 February 2018, as
a result of a Securities and Exchange Commission (SEC) comment
letter received by the Company in August
2017, the Company concluded that prior years' understatement
of the amortisation of the mineral rights asset at the Australian
operations was material to the 2017 consolidated financial
statements and therefore restated the prior years' consolidated
financial statements in terms of IAS 8, Accounting Policies,
Changes in Accounting Estimates and Errors. In the preliminary
reviewed condensed consolidated financial statements the prior
years' understatement was accounted for in the 2017 financial year
and not in the prior years, as subsequently concluded.
During the year ended 31 December
2017, the Group corrected the amortisation methodology for
the mineral rights assets at the Australian operations. Prior to
the correction in methodology, the total mineral rights asset
capitalised at the Australian operations was amortised on a
units-of-production basis over a useful life that exceeded Proved
and Probable reserves. The amortisation methodology was revised in
order to divide the total mineral rights asset capitalised at the
respective operations into a depreciable and a non-depreciable
component. The depreciable component is then amortised over the
estimated Proved and Probable reserves of the respective Australian
mines on the units-of-production method. For further details, refer
to accounting policies.
An amount of US$23.2 million
(US$16.3 million after taxation),
representing 3% of the total amortisation and depreciation charge,
was included in the preliminary reviewed consolidated financial
statements for the year ended 31 December
2017 in respect of correcting the understatement of
amortisation relating to prior years. In the 2017 annual financial
statements this has been reversed from the 2017 year and recognised
in prior years.
The impact on the consolidated income statements, in respect of
each of the affected financial statement line items, of the
restatements is as follows:
Financial
year
|
Amortisation
|
Deferred
tax
|
Net
effect
|
(US$
million)
|
|
|
|
2016
1
|
6.7
|
(2.0)
|
4.7
|
2015
2
|
7.4
|
(2.2)
|
5.2
|
Prior
years
|
9.1
|
(2.7)
|
6.4
|
Total
|
23.2
|
(6.9)
|
16.3
|
|
1 The
amortisation charge of US$6.7 million represents 1% of the total
amortisation and depreciation charge of US$671.4 million for
2016
|
2 The
amortisation charge of US$7.4 million represents 1% of the total
amortisation and depreciation charge of US$591.5 million for
2015
|
|
UNITED STATES
DOLLAR
|
|
31 December
2017
|
|
31 December
2016
|
|
As reported in
preliminary
reviewed consolidated financial statements
|
Adjustments
|
As restated
in audited consolidated financial statements
|
|
As reported in
preliminary
reviewed consolidated financial statements
|
Adjustments
|
As restated
in audited consolidated financial statements
|
Continuing
operations
|
US$
million
|
|
US$
million
|
Revenue
|
2,761.8
|
-
|
2,761.8
|
|
2,666.4
|
-
|
2,666.4
|
Cost of
sales
|
(2,128.3)
|
23.2
|
(2,105.1)
|
|
(1,994.6)
|
(6.6)
|
(2,001.2)
|
Others
|
(504.3)
|
-
|
(504.3)
|
|
(307.8)
|
-
|
(307.8)
|
Profit before
taxation
|
129.2
|
23.2
|
152.4
|
|
364.0
|
(6.6)
|
357.4
|
Mining and income
taxation
|
(166.3)
|
(6.9)
|
(173.2)
|
|
(191.5)
|
2.0
|
(189.5)
|
(Loss)/profit from
continuing operations
|
(37.1)
|
16.3
|
(20.8)
|
|
172.5
|
(4.6)
|
167.9
|
Profit from
discontinued operations, net of taxation
|
13.1
|
-
|
13.1
|
|
1.2
|
-
|
1.2
|
(Loss)/profit for
the year
|
(24.0)
|
16.3
|
(7.7)
|
|
173.7
|
(4.6)
|
169.1
|
(Loss)/profit
attributable to:
|
|
|
|
|
|
|
|
- Owners of the
parent
|
(35.0)
|
16.3
|
(18.7)
|
|
162.8
|
(4.6)
|
158.2
|
- Non controlling
interest holders
|
11.0
|
-
|
11.0
|
|
10.9
|
-
|
10.9
|
|
(24.0)
|
16.3
|
(7.7)
|
|
173.7
|
(4.6)
|
169.1
|
(Loss)/earnings
per share attributable to owners of the parent:
|
|
|
|
|
|
|
|
Basic (loss)/earnings
per share from continuing operations- cents
|
(6)
|
2
|
(4)
|
|
20
|
(1)
|
19
|
Diluted
(loss)/earnings per share from continuing operations-
cents
|
(6)
|
2
|
(4)
|
|
20
|
(1)
|
19
|
Headline earnings per
share from continuing operations - cents
|
24
|
2
|
26
|
|
25
|
(1)
|
24
|
All unaffected financial statement items have been grouped
together as "others".
The impact on the consolidated statements of financial position,
in respect of each of the affected financial statement line items,
of the restatements is as follows:
|
UNITED STATES
DOLLAR
|
|
31 December
2017
|
|
31 December
2016
|
|
As reported in
preliminary
reviewed consolidated financial
statements
|
Adjustments
|
As restated
in audited consolidated
financial statements
|
|
As reported in
preliminary
reviewed
consolidated
financial
statements
|
Adjustments
|
As restated
in audited
consolidated
financial statements
|
|
US$
million
|
|
US$
million
|
Property, plant and
equipment
|
4,892.9
|
-
|
4,892.9
|
|
4,547.8
|
(23.2)
|
4,524.6
|
Retained
earnings
|
(1,473.1)
|
2.0
|
(1,471.1)
|
|
(1,570.9)
|
18.3
|
(1,552.6)
|
Deferred taxation
liability
|
(453.9)
|
-
|
(453.9)
|
|
(465.5)
|
6.9
|
(458.6)
|
There was no impact on the consolidated statements of cash flows
as the correction in methodology was non-cash. For further details,
refer to note 40 of the consolidated financial statements.
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).
Enquiries
Investors
Avishkar Nagaser
Tel: +27-11-562-9775
Mobile: +27-82-312-8692
Email : Avishkar.Nagaser@goldfields.com
Thomas Mengel
Tel: +27-11-562-9849
Mobile: +27-72-493-5170
Email: Thomas.Mengel@goldfields.com
Media
Sven Lunsche
Tel: +27-11-562-9763
Mobile: +27-83-260-9279
Email : Sven.Lunsche@goldfields.com
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SOURCE Gold Fields Limited