/FIRST ADD -- Gold Fields Limited: 2005 -- Q3 F2005 Results/ Income
Statement International Financial Reporting Standards Basis SA Rand
Quarter Nine months to (Figures are in March December March March
March millions unless 2005 2004 2004 2005 2004 otherwise stated)
Revenue 2,949.7 2,945.5 3,028.3 8,600.0 8,903.6 Operating costs
2,350.7 2,341.2 2,350.8 7,027.8 7,047.3 Gold inventory 62.1 (32.5)
22.0 (57.5) 86.4 change Operating profit 536.9 636.8 655.5 1,629.7
1,769.9 Amortisation and 371.1 379.1 297.8 1,120.9 904.1
depreciation Net operating 165.8 257.7 357.7 508.8 865.8 profit
Finance 33.6 20.4 (38.5) 86.3 28.3 income/(cost) - Net interest
33.7 15.5 (4.4) 65.5 1.2 and investment income/(cost) - Exchange
(0.1) 4.9 (34.1) 20.8 27.1 (loss)/gain on foreign debt, net of cash
(Loss)/gain on (54.7) 146.7 44.2 243.7 200.1 financial instruments
Other (7.3) (23.9) 25.5 (35.7) 41.4 (expense)/income Exploration
(42.8) (39.1) (44.4) (136.8) (134.8) Profit before tax 94.6 361.8
344.5 666.3 1,000.8 and exceptional items Exceptional (86.1)
(109.4) 20.6 (195.5) 256.5 (loss)/gain Profit before 8.5 252.4
365.1 470.8 1,257.3 taxation Mining and income (57.2) 134.5 63.8
163.2 184.7 taxation - Normal 63.1 78.4 70.5 204.8 158.3 taxation -
Deferred (120.3) 56.1 (6.7) (41.6) 26.4 taxation Profit after 65.7
117.9 301.3 307.6 1,072.6 taxation Minority interest 54.5 37.6 46.8
114.0 119.5 Net earnings 11.2 80.3 254.5 193.6 953.1 Exceptional
items: Profit on sale of 1.4 38.9 47.2 40.3 95.6 investments
Harmony hostile bid (87.5) (82.9) - (170.4) - Sale of mineral - - -
- 187.2 rights IAMGold transaction - (64.8) - (64.8) - Write off of
- - (24.7) - (24.7) mineral rights Retirement of (4.8) - (5.0)
(4.8) (5.0) healthcare obligations Other 4.8 (0.6) 3.1 4.2 3.4
Total exceptional (86.1) (109.4) 20.6 (195.5) 256.5 items Taxation
0.8 (3.8) (3.4) (3.0) 42.0 Net exceptional (85.3) (113.2) 17.2
(198.5) 298.5 items after tax and minority interest Net earnings
per 2 16 51 39 197 share (cents) Headline earnings 9.4 45.2 220.8
156.7 634.2 Headline earnings 2 9 45 32 131 per share (cents)
Diluted earnings 2 16 51 39 196 per share (cents) Net earnings
127.5 100.3 237.8 222.3 484.6 excluding gains and losses on
financial instruments and foreign debt, net of cash and exceptional
items Net earnings per 26 20 48 45 100 share excluding gains and
losses on financial instruments and foreign debt, net of cash and
exceptional items (cents) Gold sold - 35,993 34,705 34,069 103,758
102,777 managed kg Gold price 81,952 84,872 88,887 82,885 86,630
received R/kg Total cash 64,957 64,921 67,528 65,443 67,360 costs
R/kg Income Statement International Financial Reporting Standards
Basis US Dollar Quarter Nine months to (Figures are in March
December March March March millions unless 2005 2004 2004 2005 2004
otherwise stated) Revenue 495.2 480.2 444.4 1,400.7 1,271.9
Operating costs 395.1 382.2 345.3 1,144.6 1,006.8 Gold inventory
9.8 (5.5) 3.2 (9.4) 12.3 change Operating profit 90.3 103.5 95.9
265.5 252.8 Amortisation and 62.4 61.9 43.8 182.6 129.2
depreciation Net operating 27.9 41.6 52.1 82.9 123.6 profit Finance
5.7 3.3 (5.3) 14.1 4.1 income/(cost) - Net interest 5.6 2.5 (0.6)
10.7 0.2 and investment income/(cost) - Exchange 0.1 0.8 (4.7) 3.4
3.9 (loss)/gain on foreign debt, net of cash (Loss)/gain on (8.1)
23.9 6.6 39.7 28.6 financial instruments Other (1.2) (3.9) 3.7
(5.8) 5.9 (expense)/income Exploration (7.2) (6.5) (6.6) (22.3)
(19.3) Profit before tax 17.1 58.4 50.5 108.6 142.9 and exceptional
items Exceptional (14.3) (17.5) 3.4 (31.8) 36.6 (loss)/gain Profit
before 2.8 40.9 53.9 76.8 179.5 taxation Mining and income (8.7)
21.7 9.3 26.6 26.4 taxation - Normal 10.7 12.7 10.2 33.4 22.6
taxation - Deferred (19.4) 9.0 (0.9) (6.8) 3.8 taxation Profit
after 11.5 19.2 44.6 50.2 153.1 taxation Minority interest 9.1 6.1
6.9 18.6 17.1 Net earnings 2.4 13.1 37.7 31.6 136.0 Exceptional
items: Profit on sale of 0.4 6.2 6.9 6.6 13.7 investments Harmony
hostile bid (14.5) (13.3) - (27.8) - Sale of mineral - - - - 25.2
rights IAMGold transaction (0.2) (10.4) - (10.6) - Write off of - -
(2.0) - (2.0) mineral rights Retirement of (0.8) - (0.7) (0.8)
(0.7) healthcare obligations Other 0.8 - (0.8) 0.8 0.4 Total
exceptional (14.3) (17.5) 3.4 (31.8) 36.6 items Taxation 0.1 (0.6)
(0.4) (0.5) 6.0 Net exceptional (14.2) (18.1) 3.0 (32.3) 42.6 items
after tax and minority interest Net earnings per - 3 7 6 28 share
(cents) Headline earnings 1.9 7.5 32.4 25.5 90.6 Headline earnings
- 2 7 5 19 per share (cents) Diluted earnings - 3 7 6 28 per share
(cents) Net earnings 21.0 16.1 34.4 36.2 69.2 excluding gains and
losses on financial instruments and foreign debt, net of cash and
exceptional items Net earnings per 4 3 7 7 14 share excluding gains
and losses on financial instruments and foreign debt, net of cash
and exceptional items (cents) SA rand/US dollar 5.95 6.12 6.79 6.14
7.00 conversion rate Gold sold - 1,157 1,116 1,095 3,336 3,304
managed ozs(000) Gold price 428 431 407 420 385 received $/oz Total
cash 340 330 309 332 299 costs $/oz Balance Sheet International
Financial Reporting Standards Basis SA Rand US Dollars (Figures are
March June March June in millions 2005 2004 2005 2004 unless
otherwise stated) Mining and 16,627.2 15,828.6 2,690.5 2,512.5
mineral assets Non-current 351.3 331.4 56.8 52.6 assets Investments
1,017.2 801.2 164.6 127.2 Current 5,280.0 6,241.9 854.3 990.8
assets - Other 2,349.2 2,107.4 380.1 334.5 current assets - Cash
2,930.8 4,134.5 474.2 656.3 and deposits Total assets 23,275.7
23,203.1 3,766.2 3,683.1 Shareholders' 15,114.5 14,949.3 2,445.7
2,372.9 equity Minority 815.1 662.9 131.9 105.2 interest Deferred
3,316.4 3,336.1 536.6 529.5 taxation Long-term 1,213.4 1,428.6
196.3 226.8 loans Environmental 769.9 715.4 124.6 113.6
rehabilitation provisions Post-retirement 22.6 58.1 3.7 9.2
heathcare provisions Current 2,023.8 2,052.7 327.4 325.9
liabilities - Other 1,736.3 1,846.0 280.9 293.1 current liabilities
- Current 287.5 206.7 46.5 32.8 portion of long-term loans Total
equity 23,275.7 23,203.1 3,766.2 3,683.1 and liabilities S.A.
Rand/US 6.18 6.30 dollar conversion rate S.A. 4.78 4.41
Rand/Australian dollar conversion rate Statement of changes in
equity International Financial Reporting Standards Basis SA Rand US
Dollars (Figures are March March March March in millions 2005 2004
2005 2004 unless otherwise stated) Balance as 14,949.3 11,295.5
2,372.9 1,450.0 at the beginning of the financial year Currency
182.9 (466.4) 74.0 231.4 translation adjustment and other Issue of
0.4 9.5 0.1 1.4 share capital Increase of 21.7 1,562.9 3.5 223.3
share premium Equity - 3,130.2 - 447.2 component of Mvela loan
Marked to 111.0 35.0 18.1 5.0 market valuation of listed
investments Dividends (344.4) (669.1) (54.5) (63.2) Net earnings
193.6 953.1 31.6 136.0 Balance as 15,114.5 15,850.7 2,445.7 2,431.1
at the end of March Reconciliation of headline earnings with net
earnings SA Rand US Dollars (Figures are March December March March
December March in millions 2005 2004 2004 2005 2004 2004 unless
otherwise stated) Net 11.2 80.3 254.5 2.4 13.1 37.7 earnings/
(loss) Profit on (1.4) (38.9) (47.2) (0.4) (6.4) (9.1) sale of
investments Taxation 0.2 4.0 13.5 - 0.8 3.8 effect of profit on
sale of investments Profit on (0.6) - - (0.1) - - sundry asset
sales Other after - (0.2) - - - - tax adjustments Headline 9.4 45.2
220.8 1.9 7.5 32.4 earnings Headline 2 9 45 - 2 7 earnings per
share (cents) Based on headline earnings as given above divided by
492,144,121 (December 2004 - 491,907,010 and March 2004 -
491,254,653) being the weighted average number of ordinary shares
in issue Cash Flow Statements International Financial Reporting
Standards Basis SA Rand Quarter Nine months to (Figures are in
March December March March March millions unless 2005 2004 2004
2005 2004 otherwise stated) Cash flow from 653.2 233.4 527.7
1,084.2 1,236.0 operating activities Profit before tax 94.6 361.8
344.5 666.3 1,000.8 and exceptional items Exceptional items (86.1)
(109.4) 20.6 (195.5) 256.5 Amortisation and 371.1 379.1 297.8
1,120.9 904.1 depreciation Change in working 266.0 (162.4) 94.3
(79.3) (31.4) capital Taxation paid (40.9) (69.3) (119.2) (161.6)
(473.2) Other non-cash 48.5 (166.4) (110.3) (266.6) (420.8) items
Dividends paid (146.5) - (196.7) (407.5) (669.1) Ordinary (147.7) -
(196.7) (344.4) (669.1) shareholders Minority 1.2 - - (63.1) -
shareholders in subsidiaries Cash utilised in (595.1) (425.4)
(654.5) (1,796.4) (2,067.8) investing activities Capital (439.7)
(527.6) (748.8) (1,722.0) (1,963.5) expenditure - additions Capital
- 37.1 326.6 40.1 412.6 expenditure - proceeds on disposal Purchase
of (129.8) (20.7) (342.8) (171.3) (680.4) investments Proceeds on
the 5.6 88.4 130.1 96.2 201.9 disposal of investments Environmental
and (31.2) (2.6) (19.6) (39.4) (38.4) post-retirement heathcare
payments Cash flow from (125.9) 24.9 4,007.8 (56.9) 5,353.2
financing activities Equity portion of - - 2,453.6 - 2,453.6 Mvela
loan Debt portion of - - 1,653.4 - 1,653.4 Mvela loan Loans
received - 16.8 - 16.8 - Loans repaid (132.7) - (100.1) (206.7)
(293.9) Minority - - - 110.9 28.1 shareholder's loan
received/(repaid) Shares issued 6.8 8.1 0.9 22.1 1,512.0 Net cash
(214.3) (167.1) 3,684.3 (1,176.6) 3,852.3 (outflow)/inflow
Translation 167.6 (264.1) (87.4) (27.1) (192.2) adjustment Cash at
beginning 2,977.5 3,408.7 1,104.0 4,134.5 1,040.8 of period Cash at
end of 2,930.8 2,977.5 4,700.9 2,930.8 4,700.9 period US Dollar
Quarter Nine months to (Figures are in March December March March
March millions unless 2005 2004 2004 2005 2004 otherwise stated)
Cash flow from 106.2 40.4 76.8 177.2 176.5 operating activities
Profit before tax 17.1 58.4 50.5 108.6 142.9 and exceptional items
Exceptional items (14.3) (17.5) 3.4 (31.8) 36.6 Amortisation and
62.4 61.9 43.8 182.6 129.2 depreciation Change in working 42.4
(26.5) 13.2 (12.9) (4.5) capital Taxation paid (8.4) (8.9) (17.7)
(25.9) (67.6) Other non-cash 7.0 (27.0) (16.4) (43.4) (60.1) items
Dividends paid (25.1) - (29.4) (64.6) (92.6) Ordinary (25.1) -
(29.4) (54.5) (92.6) shareholders Minority - - - (10.1) -
shareholders in subsidiaries Cash utilised in (100.0) (70.5) (96.5)
(292.6) (295.5) investing activities Capital (75.0) (86.8) (109.4)
(280.5) (280.5) expenditure - additions Capital 0.1 5.9 46.8 6.5
58.9 expenditure - proceeds on disposal Purchase of (21.2) (3.4)
(49.7) (27.9) (97.2) investments Proceeds on the 1.2 14.2 18.7 15.7
28.8 disposal of investments Environmental and (5.1) (0.4) (2.9)
(6.4) (5.5) post-retirement heathcare payments Cash flow from
(21.0) 4.1 576.3 (10.3) 766.0 financing activities Equity portion
of - - 350.5 - 350.5 Mvela loan Debt portion of - - 236.2 - 236.2
Mvela loan Loans received - 2.7 - 2.7 - Loans repaid (22.1) -
(13.7) (33.7) (40.7) Minority - - 0.1 17.1 4.0 shareholder's loan
received/(repaid) Shares issued 1.1 1.4 3.2 3.6 216.0 Net cash
(39.9) (26.0) 527.2 (190.3) 554.4 (outflow)/ inflow Translation
(8.3) 24.0 33.1 8.2 33.0 adjustment Cash at beginning 522.4 524.4
160.7 656.3 133.6 of period Cash at end of 474.2 522.4 721.0 474.2
721.0 period Hedging / Derivatives Policy The Group's policy is to
remain unhedged to the gold price. However, hedges are sometimes
undertaken on a project specific basis as follows: * to protect
cash flows at times of significant expenditure, * for specific debt
servicing requirements, and * to safeguard the viability of higher
cost operations. Gold Fields may from time to time establish
currency financial instruments to protect underlying cash flows.
Gold Fields has various currency and interest rate financial
instruments -- those remaining are described in the schedule. It
has been decided not to account for these instruments under the
hedge accounting rules of IFRS 39, except for the debt portion of
the interest rate swap which has been hedge accounted, and
accordingly the positions have been marked to market. On 7 January
2004, Gold Fields Australia closed out its Australian dollar/United
States dollar currency financial instruments. The existing forward
purchases of Australian dollars and the put and call options were
closed out by entering into equal and opposite transactions. The
close out of the outstanding open position of US$275 million was at
an average spot rate of 0.7670 US$/A$. These transactions locked in
gross profit amounting to US$115.7 million and the underlying cash
receipts were deferred to match the maturity dates of the original
transactions. An amount of US$102.8 million had already been
accounted for up until the end of December 2003. In addition, in
order that the Group was able to participate in further Australian
dollar appreciation, a strip of quarterly maturing Australian
dollar/US dollar call options were purchased in respect of an
amount of US$275 million of which the value dates and amounts match
those of the original structure. The Australian dollar call options
resulted in a premium of US$8.3 million. The payment of the premium
will be effected so as to match the maturity dates of the original
structure. The average strike price of the options is 0.7670
US$/A$. Subsequent to this, on 7 May 2004, the future US dollar
values were fixed in Australian dollars to take advantage of the
weakened Australian dollar against the US dollar at that time. The
original value of the future cash flows was US$107.4 million or
A$140.0 million at 0.7670 US$/A$, the rate at the time of the
original transaction. The value fixed in Australian dollars
amounted to A$147 million, based on the spot rate on 7 May 2004 of
0.7158 US$/A$. The balance of A$93.0 million not yet realised in
cash is detailed below: Payment value dates Future cash flows - A$
million 30 June 2005 14.3 30 September 2005 14.0 30 December 2005
13.6 31 March 2006 13.3 30 June 2006 12.9 29 September 2006 12.6 29
December 2006 12.3 TOTAL 93.0 The call options purchased at a cost
of US$8.3 million are detailed below: US Dollars / Australian
Dollars Year ended 30 June 2005 2006 2007 TOTAL Australian dollar
call options: Amount (US -000's 25,000 100,000 75,000 200,000
dollars) Average strike price -(US$/A$) 0.7670 0.7670 0.7670 0.7670
The marked to market value of all transactions making up the
positions in the above table was a positive US$6.2 million. This
was based on an exchange rate of A$/US$ 0.7735. The value was based
on the prevailing interest rates and volatilities at the time. US
Dollars / Rand Year ended 30 June 2005 2006 2007 TOTAL Forward
purchases: Amount (US -000's 30,000 - - 30,000 Dollars) Average
-(ZAR/US$) 5.9611 - - 5.9611 rate The marked to market value of all
transactions making up the positions in the above table was a
positive R8.3 million (US$1.3 million). The value was based on an
exchange rate of ZAR/US$6.18 and the prevailing interest rates and
volatilities at the time. Maturity date is 3 June 2005. Interest
rate swap In terms of the Mvela loan, GFI Mining SA pays Mvela Gold
interest on R4,139 million at a fixed interest rate, semi-annually.
The interest rate was fixed with reference to the five-year ZAR
swap rate, at 9.6179% plus a margin of 0.95%. GFI Mining SA
simultaneously entered into an interest rate swap agreement
converting a fixed interest rate exposure to a floating rate. In
terms of the swap, GFI Mining SA is now exposed to the three- month
Jibar rate plus a margin of 1.025%. The Jibar rate for the current
quarter was fixed at 7.55%. For accounting purposes the Mvela loan
was split into a debt component and an equity component and
accordingly the net present value of future interest payments
(R1,654 million) was classified as debt, while the balance (R2,454
million) was categorised as equity. The marked to market value of
the swap at the end of March 2005 was a positive R164 million. Of
this, R133 million was accounted for in the income statement and
the balance of R31 million has been hedge accounted and credited to
the debt portion of the loan. As the marked to market value at the
end of June 2004 was a negative R104 million, this translates into
a positive movement of R268 million for the nine months to date, of
which R54 million has been credited to the debt portion of the loan
and the balance of R214 million has been taken to the income
statement. Of the R214 million, R287 million was accounted for in
the first half of the year, leaving a negative R73 million which
was accounted for in the March quarter. In addition, the settlement
gain on the swap for the March quarter was R22 million of which R15
million was taken to the income statement and R7 million credited
to the debt portion of the loan. A further settlement gain of R21
million has been locked in for the three-month period to the end of
June 2005. Including this gain, the settlement gain up until the
end of June amounts to R97 million. Total Cash Costs Gold Institute
Industry Standard SA Operations (All figures are in Rand millions
unless otherwise stated) Total Mine Operations Total Driefontein
Kloof Beatrix Operating costs (1) March 2005 2,350.7 1,649.1 613.9
633.7 401.5 December 2004 2,341.2 1,687.4 625.1 649.4 412.9
Financial year 7,027.8 5,000.2 1,860.9 1,919.1 1,220.2 to date
Gold-in-process and inventory change* March 2005 51.5 - - - -
December 2004 (23.0) - - - - Financial year (39.1) - - - - to date
Less: Rehabilitation costs March 2005 10.9 9.8 2.8 5.4 1.6 December
2004 11.3 9.9 2.8 5.5 1.6 Financial year 33.2 29.4 8.4 16.2 4.8 to
date Production taxes March 2005 7.7 7.7 3.1 3.3 1.3 December 2004
7.6 7.6 0.7 4.2 2.7 Financial year 23.7 23.7 6.3 12.2 5.2 to date
General and admin March 2005 85.0 55.5 22.1 20.5 12.9 December 2004
82.7 53.1 21.7 18.8 12.6 Financial year 252.3 167.0 68.4 60.6 38.0
to date Cash operating costs March 2005 2,298.6 1,576.1 585.9 604.5
385.7 December 2004 2,216.6 1,616.8 599.9 620.9 396.0 Financial
year 6,679.5 4,780.1 1,777.8 1,830.1 1,172.2 to date Plus:
Production taxes March 2005 7.7 7.7 3.1 3.3 1.3 December 2004 7.6
7.6 0.7 4.2 2.7 Financial year 23.7 23.7 6.3 12.2 5.2 to date
Royalties March 2005 31.7 - - - - December 2004 28.9 - - - -
Financial year 86.9 - - - - to date TOTAL CASH COSTS (2) March 2005
2,338.0 1,583.8 589.0 607.8 387.0 December 2004 2,253.1 1,624.4
600.6 625.1 398.7 Financial year 6,790.1 4,803.8 1,784.1 1,842.3
1,177.4 to date Plus: Amortisation* March 2005 356.7 169.1 62.2
85.0 21.9 December 2004 343.8 173.3 58.4 92.3 22.6 Financial year
1,025.6 509.4 179.0 264.3 66.1 to date Rehabilitation March 2005
10.9 9.8 2.8 5.4 1.6 December 2004 11.3 9.9 2.8 5.5 1.6 Financial
year 33.2 29.4 8.4 16.2 4.8 to date TOTAL PRODUCTION COSTS(3) March
2005 2,705.6 1,762.7 654.0 698.2 410.5 December 2004 2,608.2
1,807.6 661.8 722.9 422.9 Financial year 7,848.9 5,342.6 1,971.5
2,122.8 1,248.3 to date Gold sold thousand ounces March 2005
1,157.2 711.4 293.5 264.4 153.5 December 2004 1,115.8 725.9 287.7
280.6 157.6 Financial year 3,335.9 2,137.4 864.7 811.6 461.1 to
date TOTAL CASH COSTS March 2005 340 374 337 386 424 US$/oz
December 2004 330 366 341 364 413 Financial year 332 366 336 370
416 to date TOTAL PRODUCTION COSTS March 2005 393 416 374 444 449 -
US$/oz December 2004 382 407 376 421 439 Financial year 383 407 371
426 441 to date International Operations (All figures are in Rand
millions unless otherwise stated) Ghana Australia# Total Tarkwa
Damang St Ives Agnew Operating costs (1) March 2005 701.6 246.4
99.4 285.6 70.2 December 2004 653.8 226.4 91.0 261.0 75.4 Financial
year 2,027.6 690.2 287.3 836.7 213.4 to date Gold-in-process and
inventory change* March 2005 51.5 3.1 9.8 36.0 2.6 December 2004
(23.0) 5.6 (1.2) (31.0) 3.6 Financial year (39.1) (11.9) 14.3
(49.9) 8.4 to date Less: Rehabilitation costs March 2005 1.1 0.2 -
0.5 0.4 December 2004 1.4 0.1 0.3 0.4 0.6 Financial year 3.8 0.5
0.6 1.3 1.4 to date Production taxes March 2005 - - - - - December
2004 - - - - - Financial year - - - - - to date General and admin
March 2005 29.5 14.3 2.4 10.3 2.5 December 2004 29.6 14.7 2.9 9.5
2.5 Financial year 85.3 38.7 8.2 30.4 8.0 to date Cash operating
costs March 2005 722.5 235.0 106.8 310.8 69.9 December 2004 599.8
217.2 86.6 220.1 75.9 Financial year 1,899.4 639.1 292.8 755.1
212.4 to date Plus: Production taxes March 2005 - - - - - December
2004 - - - - - Financial year - - - - - to date Royalties March
2005 31.7 14.2 4.1 10.1 3.3 December 2004 28.9 13.4 5.3 7.0 3.2
Financial year 86.9 37.2 14.7 25.6 9.4 to date TOTAL CASH COSTS (2)
March 2005 754.2 249.2 110.9 320.9 73.2 December 2004 628.7 230.6
91.9 227.1 79.1 Financial year 1,986.3 676.3 307.5 780.7 221.8 to
date Plus: Amortisation* March 2005 187.6 67.4 6.5 113.7 December
2004 170.5 62.3 9.2 99.0 Financial year 516.2 172.4 25.9 317.9 to
date Rehabilitation March 2005 1.1 0.2 - 0.9 December 2004 1.4 0.1
0.3 1.0 Financial year 3.8 0.5 0.6 2.7 to date TOTAL PRODUCTION
COSTS(3) March 2005 942.9 316.8 117.4 508.7 December 2004 800.6
293.0 101.4 406.2 Financial year 2,506.3 849.2 334.0 1,323.1 to
date Gold sold thousand ounces March 2005 445.8 185.0 53.9 154.1
52.8 December 2004 389.9 167.9 66.5 106.6 49.0 Financial year
1,198.5 477.7 189.4 383.9 147.4 to date TOTAL CASH COSTS March 2005
284 226 346 350 233 US$/oz December 2004 263 224 226 348 264
Financial year 270 231 264 331 245 to date TOTAL PRODUCTION COSTS
March 2005 355 288 366 413 - US$/oz December 2004 335 285 249 427
Financial year 341 290 287 406 to date DEFINITIONS Total cash costs
and Total production costs are calculated in accordance with the
Gold Institute industry standard. (1) Operating costs -- All gold
mining related costs before amortisation/ depreciation, changes in
gold inventory, taxation and exceptional items. (2) Total cash
costs -- Operating costs less off-mine costs, including general and
administration costs, as detailed in the table above. (3) Total
production costs -- Total cash costs plus amortisation/
depreciation and rehabilitation provisions, as detailed in the
table above. * Adjusted for amortisation/depreciation (non-cash
item) excluded from gold-in-process change. Average exchange rates
are US$1 = R5.95 and US$1 = R6.12 for the March 2005 and December
2004 quarters respectively. # As a significant portion of the
acquisition price was allocated to tenements of St Ives and Agnew
on endowment ounces and also as these two Australian operations are
entitled to transfer and then off-set tax losses from One company
to another, it is not meaningful to split the income statement
below operating profit. Operating and Financial Results SA
Operations SA Rand Total Mine Operations Total Driefontein Kloof
Beatrix Operating Results Ore milled/ treated (000 tons) March 2005
12,789 3,983 1,760 1,219 1,004 December 2004 11,823 4,013 1,647
1,275 1,091 Financial year to 35,655 11,975 4,951 3,753 3,271 date
Yield (grams per ton) March 2005 2.8 5.6 5.2 6.7 4.8 December 2004
2.9 5.6 5.4 6.8 4.5 Financial year to 2.9 5.6 5.4 6.7 4.4 date Gold
produced (kilograms) March 2005 35,993 22,126 9,129 8,223 4,774
December 2004 34,705 22,577 8,949 8,727 4,901 Financial year to
103,758 66,482 26,896 25,243 14,343 date Gold sold (kilograms)
March 2005 35,993 22,126 9,129 8,223 4,774 December 2004 34,705
22,577 8,949 8,727 4,901 Financial year to 103,758 66,482 26,896
25,243 14,343 date Gold price received (Rand per kilogram) March
2005 81,952 82,026 81,816 81,990 82,488 December 2004 84,872 84,657
84,926 84,531 84,391 Financial year to 82,885 82,883 82,823 82,787
83,163 date Total cash costs (Rand per kilogram) March 2005 64,957
71,581 64,520 73,915 81,064 December 2004 64,921 71,949 67,114
71,628 81,351 Financial year to 65,443 72,257 66,333 72,983 82,089
date Total production costs (Rand per kilogram) March 2005 75,170
79,666 71,640 84,908 85,987 December 2004 75,153 80,064 73,952
82,835 86,289 Financial year to 75,646 80,362 73,301 84,095 87,032
date Operating costs (Rand per ton) March 2005 184 414 349 520 400
December 2004 198 420 380 509 378 Financial year to 197 418 376 511
373 date Financial Results (Rand million) Revenue March 2005
2,949.7 1,814.9 746.9 674.2 393.8 December 2004 2,945.5 1,911.3
760.0 737.7 413.6 Financial year to 8,600.0 5,510.2 2,227.6 2,089.8
1,192.8 date Operating costs March 2005 2,350.7 1,649.1 613.9 633.7
401.5 December 2004 1,687.4 625.1 649.4 412.9 2,341.2 Financial
year to 7,027.8 5,000.2 1,860.9 1,919.1 1,220.2 date Gold inventory
change March 2005 62.1 - - - - December 2004 (32.5) - - - -
Financial year to (57.5) - - - - date Operating profit March 2005
536.9 165.8 133.0 40.5 (7.7) December 2004 636.8 223.9 134.9 88.3
0.7 Financial year to 1,629.7 510.0 366.7 170.7 (27.4) date
Amortisation of mining assets March 2005 346.1 169.1 62.2 85.0 21.9
December 2004 353.3 173.3 58.4 92.3 22.6 Financial year to 1,044.0
509.4 179.0 264.3 66.1 date Net operating profit March 2005 190.8
(3.3) 70.8 (44.5) (29.6) December 2004 283.5 50.6 76.5 (4.0) (21.9)
Financial year to 585.7 0.6 187.7 (93.6) (93.5) date Other income/
(expense) March 2005 (111.1) (124.3) (33.1) (38.5) (52.7) December
2004 105.4 72.4 24.4 28.4 19.6 Financial year to 82.9 29.3 17.7
19.2 (7.6) date Profit before taxation March 2005 79.7 (127.6) 37.7
(83.0) (82.3) December 2004 388.9 123.0 100.9 24.4 (2.3) Financial
year to 668.6 29.9 205.4 (74.4) (101.1) date Mining and income
taxation March 2005 (73.8) (82.9) (13.6) (37.8) (31.5) December
2004 125.5 11.8 10.9 1.4 (0.5) Financial year to 118.3 (76.1) 14.2
(52.1) (38.2) date - Normal taxation March 2005 34.1 - - - -
December 2004 60.3 - - - - Financial year to 131.7 - - - - date -
Deferred taxation March 2005 (107.9) (82.9) (13.6) (37.8) (31.5)
December 2004 65.2 11.8 10.9 1.4 (0.5) Financial year to (13.4)
(76.1) 14.2 (52.1) (38.2) date Net profit March 2005 153.5 (44.7)
51.3 (45.2) (50.8) December 2004 263.4 111.2 90.0 23.0 (1.8)
Financial year to 550.3 106.0 191.2 (22.3) (62.9) date Net profit
excluding gains and losses on financial instruments and foreign
debt and exceptional items March 2005 193.3 (0.9) 64.7 (30.2)
(35.4) December 2004 157.9 26.9 64.1 (5.8) (31.4) Financial year to
394.7 (22.4) 151.7 (66.1) (108.0) date Capital expenditure (Rand
million) March 2005 378.1 150.2 36.9 60.5 52.8 December 2004 499.0
163.1 41.7 63.2 58.2 Financial year to 1,599.2 461.1 109.3 182.2
169.6 date Planned for next 773.4 323.6 126.1 96.8 100.7 six months
to September 2005 PRNewswire -- April 28 SECOND ADD -- TABULAR
MATERIAL II -- TO FOLLOW DATASOURCE: Gold Fields Limited Web site:
http://www.goldfields.co.za/ http://www.gold-fields.com/
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