/FIRST ADD -- LNTH004 -- Gold Fields Earnings/ Income Statement
International Financial Reporting Standards Basis (Figures are in
millions unless otherwise stated) SA RAND Quarter June March June
2004 2004 2003 Revenue 2,869.2 3,028.3 2,970.7 Operating costs
2,363.5 2,350.8 2,223.8 Gold inventory change (39.5) 22.0 29.7
Operating profit 545.2 655.5 717.2 Amortisation and depreciation
332.2 297.8 306.4 Net operating profit 213.0 357.7 410.8 Finance
income/(cost) 104.0 (38.5) 94.8 - Net interest and investment
income/(cost) 27.9 (4.4) 28.6 - Exchange gain/(loss) on foreign
debt and cash 76.1 (34.1) 66.2 (Loss)/gain on financial instruments
(71.1) 44.2 311.4 Other (expenses)/income (31.3) 25.5 (20.1)
Exploration (61.7) (44.4) (100.4) Profit before taxation and
exceptional items 152.9 344.5 696.5 Exceptional gain/(loss) (432.2)
20.6 271.7 (Loss)/profit before taxation (279.3) 365.1 968.2 Mining
and income taxation (124.2) 63.8 151.1 - Normal taxation 48.3 70.5
(8.4) - Deferred taxation (172.5) (6.7) 159.5 (Loss)/profit after
taxation (155.1) 301.3 817.1 Minority interest 30.4 46.8 27.7 Net
earnings (185.5) 254.5 789.4 Exceptional items: Profit on sale of
investments - 47.2 301.8 Write-off of mineral rights (0.1) (24.7) -
Profit on sale of mineral rights - - - Settlement of
post-retirement health care obligations - (5.0) (26.7) Profit on
disposal of St Helena - - - Impairment of assets (426.2) - - Other
(5.9) 3.1 (3.4) Total exceptional items (432.2) 20.6 271.7 Taxation
112.8 (3.4) (1.7) Net exceptional items after tax & minorities
share (319.4) 17.2 270.0 Net earnings per share (cents) (39) 51 167
Headline earnings 128.9 220.8 494.4 Headline earnings per share
(cents) 26 45 104 Diluted earnings per share (cents) (40) 51 166
Net earnings excluding gains and losses on financial instruments,
foreign debt and exceptional items 102.3 237.8 225.9 Net earnings
per share excluding gains and losses on financial instruments,
foreign debt and exceptional items (cents) 21 48 48 Gold sold �
managed kg 34,267 34,069 34,244 Gold price received R/kg 83,731
88,887 86,751 Total cash costs R/kg 66,218 67,528 63,369 SA RAND
Year ended June June (Figures are in millions unless otherwise
stated) 2004 2003 Revenue 11,772.8 13,892.8 Operating costs 9,410.8
9,142.3 Gold inventory change 46.9 10.0 Operating profit 2,315.1
4,740.5 Amortisation and depreciation 1,236.3 1,340.9 Net operating
profit 1,078.8 3,399.6 Finance income/(cost) 132.3 239.8 - Net
interest and investment income/(cost) 29.1 158.4 - Exchange
gain/(loss) on foreign debt and cash 103.2 81.4 (Loss)/gain on
financial instruments 129.0 460.9 Other (expenses)/income 10.1
(15.8) Exploration (196.5) (211.8) Profit before taxation and
exceptional items 1,153.7 3,872.7 Exceptional gain/(loss) (175.7)
571.8 (Loss)/profit before taxation 978.0 4,444.5 Mining and income
taxation 60.5 1,363.5 - Normal taxation 206.6 728.6 - Deferred
taxation (146.1) 634.9 (Loss)/profit after taxation 917.5 3,081.0
Minority interest 149.9 128.0 Net earnings 767.6 2,953.0
Exceptional items: Profit on sale of investments 95.6 479.7
Write-off of mineral rights (24.8) - Profit on sale of mineral
rights 187.2 - Settlement of post-retirement health care
obligations (5.0) (26.7) Profit on disposal of St Helena - 121.7
Impairment of assets (426.2) - Other (2.5) (2.9) Total exceptional
items (175.7) 571.8 Taxation 154.8 (37.7) Net exceptional items
after tax & minorities share (20.9) 534.1 Net earnings per
share (cents) 158 626 Headline earnings 763.1 2,393.4 Headline
earnings per share (cents) 157 507 Diluted earnings per share
(cents) 156 621 Net earnings excluding gains and losses on
financial instruments, foreign debt and exceptional items 586.9
2,010.9 Net earnings per share excluding gains and losses on
financial instruments, foreign debt and exceptional items (cents)
121 426 Gold sold � managed kg 137,044 143,136 Gold price received
R/kg 85,905 97,060 Total cash costs R/kg 67,075 61,766 Income
Statement International Financial Reporting Standards Basis US
DOLLARS (Figures are in millions unless otherwise stated) Quarter
June March June 2004 2004 2003 Revenue 434.3 444.4 383.2 Operating
costs 357.1 345.3 280.5 Gold inventory change (5.5) 3.2 3.2
Operating profit 82.7 95.9 99.5 Amortisation and depreciation 50.0
43.8 39.0 Net operating profit 32.7 52.1 60.5 Finance income/(cost)
15.1 (5.3) 11.3 -Net interest and investment income/(cost) 4.0
(0.6) 3.9 -Exchange gain/(loss) on foreign debt and cash 11.1 (4.7)
7.4 (Loss)/gain on financial instruments (9.9) 6.6 35.1 Other
(expenses)/income (4.4) 3.7 (2.3) Exploration (9.2) (6.6) (11.6)
Profit before taxation and exceptional items 24.3 50.5 93.0
Exceptional gain/(loss) (62.1) 3.4 31.4 (Loss)/profit before
taxation (37.8) 53.9 124.4 Mining and income taxation (17.7) 9.3
22.8 - Normal taxation 7.3 10.2 2.8 - Deferred taxation (25.0)
(0.9) 20.0 (Loss)/profit after taxation (20.1) 44.6 101.6 Minority
interest 4.6 6.9 3.6 Net earnings (24.7) 37.7 98.0 Exceptional
items: Profit on sale of investments 0.2 6.9 34.2 Write-off of
mineral rights (1.6) (2.0) - Profit on sale of mineral rights 1.9 -
- Settlement of post-retirement health care obligations - (0.7)
(3.0) Profit on disposal of St Helena - - 0.6 Impairment of assets
(61.8) - - Other (0.8) (0.8) (0.4) Total exceptional items (62.1)
3.4 31.4 Taxation 16.4 (0.4) (0.4) Net exceptional items after tax
& minorities share (45.7) 3.0 31.0 Net earnings per share
(cents) (5) 7 21 Headline earnings 20.0 32.4 64.2 Headline earnings
per share (cents) 4 7 14 Diluted earnings per share (cents) (5) 7
21 Net earnings excluding gains and losses on financial
instruments, foreign debt and exceptional items 15.9 34.4 34.0 Net
earnings per share excluding gains and losses on financial
instruments, foreign debt and exceptional items (cents) 4 7 8
Exchange rate � SA rand/US dollar 6.60 6.79 7.74 Gold sold �
managed ozs (000) 1,102 1,095 1,101 Gold price received $/oz 395
407 349 Total cash costs $/oz 312 309 255 US DOLLARS Year ended
(Figures are in millions unless otherwise stated) June June 2004
2003 Revenue 1,706.2 1,531.7 Operating costs 1,363.9 1,008.0 Gold
inventory change 6.8 1.1 Operating profit 335.5 522.6 Amortisation
and depreciation 179.2 147.8 Net operating profit 156.3 374.8
Finance income/(cost) 19.2 26.5 - Net interest and investment
income/(cost) 4.2 17.5 - Exchange gain/(loss) on foreign debt and
cash 15.0 9.0 (Loss)/gain on financial instruments 18.7 50.8 Other
(expenses)/income 1.5 (1.8) Exploration (28.5) (23.3) Profit before
taxation and exceptional items 167.2 427.0 Exceptional gain/(loss)
(25.5) 63.0 (Loss)/profit before taxation 141.7 490.0 Mining and
income taxation 8.7 150.3 - Normal taxation 29.9 80.3 - Deferred
taxation (21.2) 70.0 (Loss)/profit after taxation 133.0 339.7
Minority interest 21.7 14.1 Net earnings 111.3 325.6 Exceptional
items: Profit on sale of investments 13.9 52.9 Write-off of mineral
rights (3.6) - Profit on sale of mineral rights 27.1 - Settlement
of post-retirement health care obligations (0.7) (3.0) Profit on
disposal of St Helena - 13.4 Impairment of assets (61.8) - Other
(0.4) (0.3) Total exceptional items (25.5) 63.0 Taxation 22.4 (4.2)
Net exceptional items after tax & minorities share (3.1) 58.8
Net earnings per share (cents) 23 69 Headline earnings 110.6 263.9
Headline earnings per share (cents) 23 56 Diluted earnings per
share (cents) 23 69 Net earnings excluding gains and losses on
financial instruments, foreign debt and exceptional items 85.1
221.7 Net earnings per share excluding gains and losses on
financial instruments, foreign debt and exceptional items (cents)
18 47 Exchange rate � SA rand/US dollar 6.90 9.07 Gold sold �
managed ozs (000) 4,406 4,602 Gold price received $/oz 387 333
Total cash costs $/oz 302 212 Balance Sheets International
Financial Reporting Standards Basis (Figures are in millions) SA
RAND June June 2004 2003 Mining and mineral assets 15,828.6
15,371.3 Non-current assets 331.4 275.0 Investments 801.2 512.1
Current assets 6,241.9 3,059.5 - Other current assets 2,107.4
2,018.7 - Net cash and deposits 4,134.5 1,040.8 Total assets
23,203.1 19,217.9 Shareholders' equity 14,949.3 11,295.5 Minority
interest 662.9 668.2 Deferred taxation 3,336.1 4,279.6 Long-term
loans 1,428.6 164.2 Environmental rehabilitation provisions 715.4
715.3 Post-retirement health care provisions 58.1 90.7 Current
liabilities 2,052.7 2,004.4 - Other current liabilities 1,846.0
1,844.7 - Current portion of long-term loans 206.7 159.7 Total
equity and liabilities 23,203.1 19,217.9 S.A. rand/U.S. dollar
conversion rate S.A. rand/Australian dollar conversion rate
(Figures are in millions) US DOLLARS June June 2004 2003 Mining and
mineral assets 2,512.5 1,973.2 Non-current assets 52.6 35.3
Investments 127.2 65.7 Current assets 990.8 392.7 - Other current
assets 334.5 259.1 - Net cash and deposits 656.3 133.6 Total assets
3,683.1 2,466.9 Shareholders' equity 2,372.9 1,450.0 Minority
interest 105.2 85.8 Deferred taxation 529.5 549.4 Long-term loans
226.8 21.1 Environmental rehabilitation provisions 113.6 91.8
Post-retirement health care provisions 9.2 11.6 Current liabilities
325.9 257.2 - Other current liabilities 293.1 236.7 - Current
portion of long-term loans 32.8 20.5 Total equity and liabilities
3,683.1 2,466.9 S.A. rand/U.S. dollar conversion rate 6.30 7.79
S.A. rand/Australian dollar conversion rate 4.41 5.16 Condensed
Statements of Changes in Equity International Financial Reporting
Standards Basis SA RAND (Figures are in millions) June June 2004
2003 Balance as at the beginning of the financial year 11,295.5
11,095.8 Currency translation adjustment and other (1,031.7)
(750.9) Issue of share capital 9.5 1.0 Increase in share premium
1,567.1 24.1 Equity component of Mvela loan 3,130.2 - Marked to
market valuation of listed investments (119.8) (281.1) Dividends
(669.1) (1,746.4) Net earnings 767.6 2,953.0 Balance as at the end
of June 14,949.3 11,295.5 US DOLLARS (Figures are in millions) June
June 2004 2003 Balance as at the beginning of the financial year
1,450.0 1,071.0 Currency translation adjustment and other 239.4
265.9 Issue of share capital 1.4 0.1 Increase in share premium
227.1 2.7 Equity component of Mvela loan 453.7 - Marked to market
valuation of listed investments (17.4) (31.0) Dividends (92.6)
(184.3) Net earnings 111.3 325.6 Balance as at the end of June
2,372.9 1,450.0 Reconciliation of Headline Earnings with Net
Earnings SA RAND (Figures are in millions unless otherwise stated)
June June 2004 2003 Net earnings 767.6 2,953.0 Profit on sale of
investments (95.6) (479.7) Taxation effect of profit on sale of
investments 19.1 19.1 Profit on sale of mineral rights (187.2) -
Taxation effect of sale of mineral rights (53.0) - Impairment of
assets 426.2 - Taxation effect of impairment of assets (111.4) -
Profit on disposal of St Helena - (121.7) Taxation effect of profit
on disposal of St Helena - 27.3 Other after tax adjustments (2.6)
(4.6) Headline earnings 763.1 2,393.4 Headline earnings per share �
cents 157 507 Based on headline earnings as given above divided by
485,020,966 (June 2003 � 471,814,106) being the weighted average
number of ordinary shares for the year US DOLLARS (Figures are in
millions unless otherwise stated) June June 2004 2003 Net earnings
111.3 325.6 Profit on sale of investments (13.9) (52.9) Taxation
effect of profit on sale of investments 2.8 2.1 Profit on sale of
mineral rights (27.1) - Taxation effect of sale of mineral rights
(7.7) - Impairment of assets 61.8 - Taxation effect of impairment
of assets (16.1) - Profit on disposal of St Helena - (13.4)
Taxation effect of profit on disposal of St Helena - 3.0 Other
after tax adjustments (0.5) (0.5) Headline earnings 110.6 263.9
Headline earnings per share � cents 23 56 Based on headline
earnings as given above divided by 485,020,966 (June 2003 �
471,814,106) being the weighted average number of ordinary shares
for the year Cash Flow Statements International Financial Reporting
Standards Basis SA RAND (Figures are in millions) Quarter June
March June 2004 2004 2003 Cash flow from operating activities 436.3
527.7 577.1 Profit before tax and exceptional items 152.9 344.6
696.5 Exceptional items (432.2) 20.6 271.7 Amortisation and
depreciation 332.2 297.8 306.4 Change in working capital 211.0 94.3
(40.9) Taxation paid (49.4) (119.2) (123.7) Other non-cash items
221.8 (110.4) (532.9) Dividends paid - (196.7) (22.5) Ordinary
shareholders - (196.7) - Minority shareholders in subsidiaries - -
(22.5) Cash utilised in investing activities (998.2) (654.5)
(579.9) Capital expenditure � additions (937.5) (748.8) (709.2)
Capital expenditure � proceeds on disposal - 326.6 24.3 Purchase of
investments (26.5) (342.8) (11.5) Sale of investments - 130.1 358.8
Proceeds on the disposal of investments/subsidiary - - (242.3)
Environmental and post-retirement health care payments (34.2)
(19.6) - Cash flow from financing activities 64.6 4,007.8 (728.7)
Equity portion of Mvela long-term loan - 2,453.6 - Debt portion of
Mvela long-term loan - 1,653.4 - Loans repaid (0.1) (100.1) (704.9)
Minority shareholder's loan received/(repaid) 60.5 - (31.0) Shares
issued 4.2 0.9 7.2 Net cash (outflow)/inflow (497.3) 3,684.3
(754.0) Translation adjustment (69.1) (87.4) (26.6) Cash at
beginning of period 4,700.9 1,104.0 1,821.4 Cash at end of period
4,134.5 4,700.9 1,040.8 SA RAND (Figures are in millions) Year
ended June June 2004 2003 Cash flow from operating activities
1,672.3 4,101.1 Profit before tax and exceptional items 1,153.7
3,872.7 Exceptional items (175.7) 571.8 Amortisation and
depreciation 1,236.3 1,340.9 Change in working capital 179.6 191.6
Taxation paid (522.6) (786.9) Other non-cash items (199.0)
(1,089.0) Dividends paid (669.1) (1,798.0) Ordinary shareholders
(669.1) (1,746.4) Minority shareholders in subsidiaries - (51.6)
Cash utilised in investing activities (3,066.0) (1,938.3) Capital
expenditure � additions (2,880.1) (2,303.3) Capital expenditure �
proceeds on disposal 391.7 25.9 Purchase of investments (706.9)
(63.8) Sale of investments 201.9 561.9 Proceeds on the disposal of
investments/subsidiary - 120.0 Environmental and post-retirement
health care payments (72.6) (279.0) Cash flow from financing
activities 5,417.8 (1,143.6) Equity portion of Mvela long-term loan
2,453.6 - Debt portion of Mvela long-term loan 1,653.4 - Loans
repaid (294.0) (1,101.3) Minority shareholder's loan
received/(repaid) 88.6 (82.7) Shares issued 1,516.2 40.4 Net cash
(outflow)/inflow 3,355.0 (778.8) Translation adjustment (261.3)
(207.5) Cash at beginning of period 1,040.8 2,027.1 Cash at end of
period 4,134.5 1,040.8 US DOLLARS (Figures are in millions) Quarter
June March June 2004 2004 2003 Cash flow from operating activities
65.9 76.8 95.0 Profit before tax and exceptional items 24.3 50.5
93.0 Exceptional items (62.1) 3.4 31.4 Amortisation and
depreciation 50.0 43.8 39.0 Change in working capital 30.5 13.2
(3.3) Taxation paid (8.1) (17.7) (3.4) Other non-cash items 31.3
(16.4) (61.7) Dividends paid - (29.4) (2.9) Ordinary shareholders -
(29.4) - Minority shareholders in subsidiaries - - (2.9) Cash
utilised in investing activities (148.7) (96.5) (61.2) Capital
expenditure � additions (139.0) (109.4) (86.7) Capital expenditure
� proceeds on disposal - 46.8 3.1 Purchase of investments (5.2)
(49.7) (1.4) Sale of investments 0.5 18.7 50.7 Proceeds on the
disposal of investments/subsidiary - - - Environmental and
post-retirement health care payments (5.0) (2.9) (26.9) Cash flow
from financing activities 8.8 576.3 (98.2) Equity portion of Mvela
long-term loan - 350.5 - Debt portion of Mvela long-term loan -
236.2 - Loans repaid - (13.7) (94.5) Minority shareholder's loan
received/(repaid) 5.1 0.1 (4.7) Shares issued 3.7 3.2 1.0 Net cash
(outflow)/inflow (74.0) 527.2 (67.3) Translation adjustment 9.3
33.1 (22.6) Cash at beginning of period 721.0 160.7 223.5 Cash at
end of period 656.3 721.0 133.6 US DOLLARS (Figures are in
millions) Year ended June June 2004 2003 Cash flow from operating
activities 242.4 465.7 Profit before tax and exceptional items
167.2 427.0 Exceptional items (25.5) 63.0 Amortisation and
depreciation 179.2 147.8 Change in working capital 26.0 21.1
Taxation paid (75.7) (73.1) Other non-cash items (28.8) (120.1)
Dividends paid (92.6) (190.1) Ordinary shareholders (92.6) (184.3)
Minority shareholders in subsidiaries - (5.8) Cash utilised in
investing activities (444.2) (204.9) Capital expenditure �
additions (417.4) (254.4) Capital expenditure � proceeds on
disposal 56.8 3.3 Purchase of investments (102.4) (7.0) Sale of
investments 29.3 72.1 Proceeds on the disposal of
investments/subsidiary - 11.9 Environmental and post-retirement
health care payments (10.5) (30.8) Cash flow from financing
activities 774.8 (145.7) Equity portion of Mvela long-term loan
350.5 - Debt portion of Mvela long-term loan 236.2 - Loans repaid
(40.7) (140.4) Minority shareholder's loan received/(repaid) 9.1
(9.8) Shares issued 219.7 4.5 Net cash (outflow)/inflow 480.4
(75.0) Translation adjustment 42.3 12.9 Cash at beginning of period
133.6 195.7 Cash at end of period 656.3 133.6 Hedging / Derivatives
Policy The Group's policy is to remain unhedged. 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 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 the 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$275 million was at
an average spot rate of 0.7670 US$/AU$. 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 is 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$8.3 million. The payment of the
premium will match the maturity dates of the original structure.
The average strike price of the options is 0.7670 US$/AU$. The
future US dollar locked-in value and cost of the new structure
achieved at the time is depicted. However, 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 AU$140.0 million at 0.7670 US$/AU$,
the rate at the time of the original transaction. The value fixed
in Australian dollar amounts to AU$147 million, based on a spot
rate of 0.7158 US$/AU$. Net Future Cash Flows Future Cash Flows
Payment value dates US$ '000 AU$ '000 30 June 2004 6,155 8,635 30
September 2004 10,950 15,519 31 December 2004 10,540 15,074 31
March 2005 10,195 14,694 30 June 2005 9,885 14,345 30 September
2005 9,560 13,954 30 December 2005 9,275 13,606 31 March 2006 9,020
13,292 30 June 2006 8,720 12,899 29 September 2006 8,460 12,561 29
December 2006 8,245 12,281 TOTAL 101,005 146,860 The call options
purchased at a cost of US$8.3 million are detailed below: US DOLLAR
/ AUSTRALIAN DOLLAR Year ended 30 June 2005 2006 2007 TOTAL
Australian dollar call options: Amount (US dollars) -000's 87,500
100,000 75,000 262,500 Average strike price -(US$/AU$) 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$2.8
million. This was based on an exchange rate of AU$/US$ 0.6996. The
value was based on the prevailing interest rates and volatilities
at the time. US DOLLAR / RAND Year ended 30 June 2005 2006 2007
TOTAL Forward purchases: Amount (US dollars) -000's 50,000 - -
50,000 Average rate -(ZAR/US$) 6.6368 - - 6.6368 The forward
purchase of US$50 million matured on 3 June 2004. This amount was
extended to mature on 3 December 2004, resulting in a cash outflow
of R100 million (US$16 million). The marked to market value of all
transactions making up the positions in the above table was a
negative R7.0 million (US$1.1 million negative). The value was
based on an exchange rate of ZAR/US$6.30 and the prevailing
interest rates and volatilities at the time. 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 5 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 the fixed
interest rate exposure to a floating rate. In terms of the swap,
GFI Mining SA is now exposed to the 3 month Jibar rate plus a
margin of 1.025%. The Jibar rate for the current quarter was fixed
at 8.02%. For accounting purposes the Mvela loan is split into a
debt component and an equity component and accordingly the net
present value of future interest payments (R1,654 million) is
classified as debt, while the balance (R2,454 million) is
categorised as equity. The marked to market value of the interest
rate swap is a loss of R104 million. The fair value adjustment of
the debt portion of the loan is a gain of R23 million, to which
hedge accounting is applied. In terms of hedge accounting, the
liability that exists on the balance sheet (the loan of R1.6
billion) is decreased accordingly and the gain of R23 million is
taken to the income statement, partly offsetting the R104 million
above. The settlement gain on the swap for the quarter was R18
million, R12 million of which was taken to the income statement and
R6 million to the debt portion of the loan. The net impact on
earnings for the quarter is a R51 million pre-tax loss (as R30
million was accounted for in the previous quarter) and R31 million
after tax. From a cash flow perspective, the marked to market loss
is offset by the present value of the interest saving on the loan
over the life of the loan. The value was based on the prevailing
interest rates and volatilities at the time. Total Cash Costs Gold
Institute Industry Standard (All figures are in Rand millions
unless otherwise stated) SA OPERATIONS Total Mine Operations Total
Operating costs (1) June 2004 2,363.5 1,652.8 March 2004 2,350.8
1,643.8 Financial year ended 9,410.8 6,682.6 Gold in process and
inventory change* June 2004 (34.4) - March 2004 15.0 - Financial
year ended 38.9 - Less: Rehabilitation costs June 2004 10.7 9.3
March 2004 10.3 9.2 Financial year ended 41.2 36.5 Production taxes
June 2004 9.8 9.8 March 2004 7.6 7.6 Financial year ended 33.9 33.9
General and admin June 2004 78.3 54.0 March 2004 85.3 57.1
Financial year ended 334.6 225.6 Cash operating costs June 2004
2,230.3 1,579.7 March 2004 2,262.6 1,569.9 Financial year ended
9,040.0 6,386.6 Plus: Production taxes June 2004 9.8 9.8 March 2004
7.6 7.6 Financial year ended 33.9 33.9 Royalties June 2004 29.0 -
March 2004 30.4 - Financial year ended 118.3 - TOTAL CASH COSTS (2)
June 2004 2,269.1 1,589.5 March 2004 2,300.6 1,577.5 Financial year
ended 9,192.2 6,420.5 Plus: Amortisation* June 2004 299.1 147.6
March 2004 281.3 143.2 Financial year ended 1,145.3 565.9
Rehabilitation June 2004 10.7 9.3 March 2004 10.3 9.2 Financial
year ended 41.2 36.5 TOTAL PRODUCTION COSTS June 2004 2,578.9
1,746.4 March 2004 2,592.2 1,729.9 Financial year ended 10,378.7
7,022.9 Gold sold - thousand ounces June 2004 1,101.7 699.7 March
2004 1,095.3 695.2 Financial year ended 4,406.1 2,803.7 TOTAL CASH
COSTS - US$/oz June 2004 312 344 March 2004 309 334 Financial year
ended 302 332 TOTAL PRODUCTION COSTS - US$/oz June 2004 355 378
March 2004 349 366 Financial year ended 341 363 Driefontein Kloof
Beatrix Operating costs (1) June 2004 636.8 620.7 395.3 March 2004
637.6 616.5 389.7 Financial year ended 2,558.5 2,538.0 1,586.1 Gold
in process and inventory change* June 2004 - - - March 2004 - - -
Financial year ended - - - Less: Rehabilitation costs June 2004 2.8
5.6 0.9 March 2004 2.8 5.5 0.9 Financial year ended 11.2 21.8 3.5
Production taxes June 2004 3.2 4.9 1.7 March 2004 0.3 5.0 2.3
Financial year ended 7.5 19.2 7.2 General and admin June 2004 25.7
16.9 11.4 March 2004 25.8 18.6 12.7 Financial year ended 101.0 74.9
49.7 Cash operating costs June 2004 605.1 593.3 381.3 March 2004
608.7 587.4 373.8 Financial year ended 2,438.8 2,422.1 1,525.7
Plus: Production taxes June 2004 3.2 4.9 1.7 March 2004 0.3 5.0 2.3
Financial year ended 7.5 19.2 7.2 Royalties June 2004 - - - March
2004 - - - Financial year ended - - - TOTAL CASH COSTS (2) June
2004 608.3 598.2 383.0 March 2004 609.0 592.4 376.1 Financial year
ended 2,446.3 2,441.3 1,532.9 Plus: Amortisation* June 2004 62.2
63.6 21.8 March 2004 60.1 62.0 21.1 Financial year ended 233.0
248.3 84.6 Rehabilitation June 2004 2.8 5.6 0.9 March 2004 2.8 5.5
0.9 Financial year ended 11.2 21.8 3.5 TOTAL PRODUCTION COSTS (3)
June 2004 673.3 667.4 405.7 March 2004 671.9 659.9 398.1 Financial
year ended 2,690.5 2,711.4 1,621.0 Gold sold - thousand ounces June
2004 290.3 259.2 150.2 March 2004 289.6 250.9 154.7 Financial year
ended 1,141.2 1,037.6 624.9 TOTAL CASH COSTS - US$/oz June 2004 317
350 386 March 2004 310 348 358 Financial year ended 311 341 356
TOTAL PRODUCTION COSTS - US$/oz June 2004 351 390 409 March 2004
342 387 379 Financial year ended 342 379 376 INTERNATIONAL (All
figures are in Rand millions unless otherwise stated) Ghana Total
Tarkwa Damang Operating costs (1) June 2004 710.7 219.1 112.5 March
2004 707.0 228.9 115.7 Financial year ended 2,728.2 873.6 460.0
Gold in process and inventory change* June 2004 (34.4) (15.3) (3.5)
March 2004 15.0 (7.2) (2.8) Financial year ended 38.9 0.4 1.4 Less:
Rehabilitation costs June 2004 1.4 0.2 0.6 March 2004 1.1 0.2 0.2
Financial year ended 4.7 0.7 1.4 Production taxes June 2004 - - -
March 2004 - - - Financial year ended - - - General and admin June
2004 24.3 9.6 3.3 March 2004 28.2 11.5 3.1 Financial year ended
109.0 44.6 12.4 Cash operating costs June 2004 650.6 194.0 105.1
March 2004 692.7 210.0 109.6 Financial year ended 2,653.4 828.7
447.6 Plus: Production taxes June 2004 - - - March 2004 - - -
Financial year ended - - - Royalties June 2004 29.0 9.6 6.4 March
2004 30.4 11.5 6.5 Financial year ended 118.3 44.3 24.8 TOTAL CASH
COSTS (2) June 2004 679.6 203.6 111.5 March 2004 723.1 221.5 116.1
Financial year ended 2,771.7 873.0 472.4 Plus: Amortisation* June
2004 151.5 24.2 15.2 March 2004 138.1 23.4 14.5 Financial year
ended 579.4 100.3 56.1 Rehabilitation June 2004 1.4 0.2 0.6 March
2004 1.1 0.2 0.2 Financial year ended 4.7 0.7 1.4 TOTAL PRODUCTION
COSTS (3) June 2004 832.5 228.0 127.3 March 2004 862.3 245.1 130.8
Financial year ended 3,355.8 974.0 529.9 Gold sold - thousand
ounces June 2004 402.0 123.1 82.5 March 2004 400.1 137.4 78.1
Financial year ended 1,602.4 550.0 308.3 TOTAL CASH COSTS - US$/oz
June 2004 256 251 205 March 2004 266 237 219 Financial year ended
251 230 222 TOTAL PRODUCTION COSTS - US$/oz June 2004 314 281 234
March 2004 317 263 246 Financial year ended 304 257 249 Australia
St Ives Agnew Operating costs (1) June 2004 311.6 67.5 March 2004
287.4 75.0 Financial year ended 1,120.1 274.5 Gold in process and
inventory change* June 2004 (23.3) 7.7 March 2004 17.9 7.1
Financial year ended 2.3 34.8 Less: Rehabilitation costs June 2004
0.4 0.2 March 2004 0.5 0.2 Financial year ended 1.8 0.8 Production
taxes June 2004 - - March 2004 - - Financial year ended - - General
and admin June 2004 9.0 2.4 March 2004 11.7 1.9 Financial year
ended 44.5 7.5 Cash operating costs June 2004 278.9 72.6 March 2004
293.1 80.0 Financial year ended 1,076.1 301.0 Plus: Production
taxes June 2004 - - March 2004 - - Financial year ended - -
Royalties June 2004 8.9 4.1 March 2004 9.1 3.3 Financial year ended
35.5 13.7 TOTAL CASH COSTS (2) June 2004 287.8 76.7 March 2004
302.2 83.3 Financial year ended 1,111.6 314.7 Plus: Amortisation*
June 2004 112.1 March 2004 100.2 Financial year ended 423.0
Rehabilitation June 2004 0.6 March 2004 0.7 Financial year ended
2.6 TOTAL PRODUCTION COSTS (3) June 2004 477.2 March 2004 486.4
Financial year ended 1,851.9 Gold sold - thousand ounces June 2004
143.6 52.7 March 2004 131.8 52.8 Financial year ended 542.6 201.5
TOTAL CASH COSTS - US$/oz June 2004 304 221 March 2004 338 233
Financial year ended 297 226 TOTAL PRODUCTION COSTS - US$/oz June
2004 368 March 2004 388 Financial year ended 361 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 = R6.60 and US$1 =
R6.79 for the June 2004 and March 2004 quarters respectively.
Operating and Financial Results SA RAND SA Operations Total Mine
Operations Total Driefontein Operating Results Ore milled/treated
(000 tons) June 2004 11,076 4,069 1,622 March 2004 11,815 4,335
1,655 Financial year ended 46,028 16,869 6,438 Yield (grams per
ton) June 2004 3.1 5.3 5.6 March 2004 2.9 5.0 5.4 Financial year
ended 3.0 5.2 5.5 Gold produced (kilograms) June 2004 34,267 21,764
9,029 March 2004 34,069 21,624 9,008 Financial year ended 137,044
87,204 35,494 Gold sold (kilograms) June 2004 34,267 21,764 9,029
March 2004 34,069 21,624 9,008 Financial year ended 137,044 87,204
35,494 Gold price received (Rand per kilogram) June 2004 83,731
83,413 83,907 March 2004 88,887 88,665 88,321 Financial year ended
85,905 85,673 85,609 Total cash costs (Rand per kilogram) June 2004
66,218 73,033 67,372 March 2004 67,528 72,951 67,607 Financial year
ended 67,075 73,626 68,922 Total production costs (Rand per
kilogram) June 2004 75,259 80,243 74,571 March 2004 76,087 79,999
74,589 Financial year ended 75,733 80,534 75,802 Operating costs
(Rand per ton) June 2004 213 406 393 March 2004 199 379 385
Financial year ended 204 396 397 Financial Results (Rand million)
Revenue June 2004 2,869.2 1,815.4 757.6 March 2004 3,028.3 1,917.3
795.6 Financial year ended 11,772.8 7,471.0 3,038.6 Operating costs
June 2004 2,363.5 1,652.8 636.8 March 2004 2,350.8 1,643.8 637.6
Financial year ended 9,410.8 6,682.6 2,558.5 Gold inventory change
June 2004 (39.5) - - March 2004 22.0 - - Financial year ended 46.9
- - Operating profit June 2004 545.2 162.6 120.8 March 2004 655.5
273.5 158.0 Financial year ended 2,315.1 788.4 480.1 Amortisation
of mining assets June 2004 304.2 147.6 62.2 March 2004 274.3 143.2
60.1 Financial year ended 1,137.3 565.9 233.0 Net operating profit
June 2004 241.0 15.0 58.6 March 2004 381.2 130.3 97.9 Financial
year ended 1,177.8 222.5 247.1 Other income/ (expenses) June 2004
(119.0) (121.7) (37.9) March 2004 56.3 (42.3) (18.1) Financial year
ended 113.0 (191.5) (73.2) Profit before taxation June 2004 122.0
(106.7) 20.7 March 2004 437.5 88.0 79.8 Financial year ended
1,290.8 31.0 173.9 Mining and income taxation June 2004 (107.4)
(183.8) (10.7) March 2004 78.1 (31.7) (20.2) Financial year ended
119.6 (300.4) (77.5) - Normal taxation June 2004 37.9 4.7 8.2 March
2004 54.0 18.2 5.6 Financial year ended 161.1 24.0 14.3 - Deferred
taxation June 2004 (145.3) (188.5) (18.9) March 2004 24.1 (49.9)
(25.8) Financial year ended (41.5) (324.4) (91.8) Exceptional items
June 2004 (425.8) (426.2) - March 2004 (1.6) (1.6) (0.9) Financial
year ended (239.2) (242.7) 185.3 Net earnings June 2004 (196.4)
(349.1) 31.4 March 2004 357.8 118.1 99.1 Financial year ended 932.0
88.7 436.7 Capital expenditure (Rand million) June 2004 893.5 184.6
39.7 March 2004 703.9 152.7 29.0 Financial year ended 2,719.4 877.8
238.3 Planned for next six months to December 2004 1,343.6 443.4
151.5 SA Operations Kloof Beatrix Operating Results Ore
milled/treated (000 tons) June 2004 1,225 1,222 March 2004 1,227
1,453 Financial year ended 4,983 5,448 Yield (grams per ton) June
2004 6.6 3.8 March 2004 6.4 3.3 Financial year ended 6.5 3.6 Gold
produced (kilograms) June 2004 8,063 4,672 March 2004 7,803 4,813
Financial year ended 32,273 19,437 Gold sold (kilograms) June 2004
8,063 4,672 March 2004 7,803 4,813 Financial year ended 32,273
19,437 Gold price received (Rand per kilogram) June 2004 83,034
83,112 March 2004 88,633 89,362 Financial year ended 85,728 85,697
Total cash costs (Rand per kilogram) June 2004 74,191 81,978 March
2004 75,920 78,143 Financial year ended 75,645 78,865 Total
production costs (Rand per kilogram) June 2004 82,773 86,836 March
2004 84,570 82,713 Financial year ended 84,015 83,398 Operating
costs (Rand per ton) June 2004 507 323 March 2004 502 268 Financial
year ended 509 291 Financial Results (Rand million) Revenue June
2004 669.5 388.3 March 2004 691.6 430.1 Financial year ended
2,766.7 1,665.7 Operating costs June 2004 620.7 395.3 March 2004
616.5 389.7 Financial year ended 2,538.0 1,586.1 Gold inventory
change June 2004 - - March 2004 - - Financial year ended - -
Operating profit June 2004 48.8 (7.0) March 2004 75.1 40.4
Financial year ended 228.7 79.6 Amortisation of mining assets June
2004 63.6 21.8 March 2004 62.0 21.1 Financial year ended 248.3 84.6
Net operating profit June 2004 (14.8) (28.8) March 2004 13.1 19.3
Financial year ended (19.6) (5.0) Other income/(expenses) June 2004
(40.8) (43.0) March 2004 (12.5) (11.7) Financial year ended (58.8)
(59.5) Profit before taxation June 2004 (55.6) (71.8) March 2004
0.6 7.6 Financial year ended (78.4) (64.5) Mining and income
taxation June 2004 (32.1) (141.0) March 2004 (14.5) 3.0 Financial
year ended (86.1) (136.8) - Normal taxation June 2004 (1.7) (1.8)
March 2004 6.2 6.4 Financial year ended 4.8 4.9 - Deferred taxation
June 2004 (30.4) (139.2) March 2004 (20.7) (3.4) Financial year
ended (90.9) (141.7) Exceptional items June 2004 - (426.2) March
2004 (0.7) - Financial year ended (1.9) (426.1) Net earnings June
2004 (23.5) (357.0) March 2004 14.4 4.6 Financial year ended 5.8
(353.8) Capital expenditure (Rand million) June 2004 76.4 68.5
March 2004 56.9 66.8 Financial year ended 344.4 295.1 Planned for
next six months to December 2004 124.5 167.4 Operating and
Financial Results SA RAND International Ghana Total Tarkwa Damang
Operating Results Ore milled/treated (000 tons) June 2004 7,007
3,837 1,391 March 2004 7,480 4,165 1,301 Financial year ended
29,159 16,000 5,236 Yield (grams per ton) June 2004 1.8 1.0 1.8
March 2004 1.7 1.0 1.9 Financial year ended 1.7 1.1 1.8 Gold
produced (kilograms) June 2004 12,503 3,829 2,567 March 2004 12,445
4,274 2,430 Financial year ended 49,840 17,107 9,589 Gold sold
(kilograms) June 2004 12,503 3,829 2,567 March 2004 12,445 4,274
2,430 Financial year ended 49,840 17,107 9,589 Gold price received
(Rand per kilogram) June 2004 84,284 83,233 84,262 March 2004
89,273 88,956 89,177 Financial year ended 86,312 85,977 86,339
Total cash costs (Rand per kilogram) June 2004 54,355 53,173 43,436
March 2004 58,104 51,825 47,778 Financial year ended 55,612 51,032
49,265 Total production costs (Rand per kilogram) June 2004 66,584
59,546 49,591 March 2004 69,289 57,347 53,827 Financial year ended
67,331 56,936 55,261 Operating costs (Rand per ton) June 2004 101
57 81 March 2004 95 55 89 Financial year ended 94 55 88 Financial
Results (Rand million) Revenue June 2004 1,053.8 318.7 216.3 March
2004 1,111.0 380.2 216.7 Financial year ended 4,301.8 1,470.8 827.9
Operating costs June 2004 710.7 219.1 112.5 March 2004 707.0 228.9
115.7 Financial year ended 2,728.2 873.6 460.0 Gold inventory
change June 2004 (39.5) (16.8) (3.4) March 2004 22.0 (8.0) (2.8)
Financial year ended 46.9 (0.2) 1.5 Operating profit June 2004
382.6 116.4 107.2 March 2004 382.0 159.3 103.8 Financial year ended
1,526.7 597.4 366.4 Amortisation of mining assets # June 2004 156.6
25.7 15.1 March 2004 131.1 24.2 14.5 Financial year ended 571.4
100.9 56.0 Net operating profit June 2004 226.0 90.7 92.1 March
2004 250.9 135.1 89.3 Financial year ended 955.3 496.5 310.4 Other
income/(expenses) June 2004 2.7 (0.5) 0.4 March 2004 98.6 2.8 0.1
Financial year ended 304.5 5.4 (0.1) Profit before taxation June
2004 228.7 90.2 92.5 March 2004 349.5 137.9 89.4 Financial year
ended 1,259.8 501.9 310.3 Mining and income taxation June 2004 76.4
36.0 30.8 March 2004 109.8 56.0 8.6 Financial year ended 420.0
202.7 70.7 - Normal taxation June 2004 33.2 11.6 8.6 March 2004
35.8 14.6 8.8 Financial year ended 137.1 55.7 32.2 - Deferred
taxation June 2004 43.2 24.4 22.2 March 2004 74.0 41.4 (0.2)
Financial year ended 282.9 147.0 38.5 Exceptional items June 2004
0.4 - - March 2004 - - - Financial year ended 3.5 - - Net earnings
June 2004 152.7 54.2 61.7 March 2004 239.7 81.9 80.8 Financial year
ended 843.3 299.2 239.6 Capital Expenditure (Rand million) June
2004 708.9 392.0 8.8 March 2004 551.2 281.3 0.9 Financial year
ended 1,841.6 943.4 22.0 Planned for next six months to December
2004 900.2 362.4 30.2 Australia # St Ives Agnew Operating Results
Ore milled/treated (000 tons) June 2004 1,488 291 March 2004 1,723
291 Financial year ended 6,744 1,179 Yield (grams per ton) June
2004 3.0 5.6 March 2004 2.4 5.6 Financial year ended 2.5 5.3 Gold
produced (kilograms) June 2004 4,468 1,639 March 2004 4,099 1,642
Financial year ended 16,877 6,267 Gold sold (kilograms) June 2004
4,468 1,639 March 2004 4,099 1,642 Financial year ended 16,877
6,267 Gold price received (Rand per kilogram) June 2004 84,960
84,930 March 2004 89,729 89,099 Financial year ended 86,591 86,437
Total cash costs (Rand per kilogram) June 2004 64,414 46,797 March
2004 73,725 50,731 Financial year ended 65,865 50,215 Total
production costs (Rand per kilogram) June 2004 78,140 March 2004
84,724 Financial year ended 80,016 Operating costs (Rand per ton)
June 2004 209 232 March 2004 167 258 Financial year ended 166 233
Financial Results (Rand million) Revenue June 2004 379.6 139.2
March 2004 367.8 146.3 Financial year ended 1,461.4 541.7 Operating
costs June 2004 311.6 67.5 March 2004 287.4 75.0 Financial year
ended 1,120.1 274.5 Gold inventory change June 2004 (30.5) 11.2
March 2004 22.4 10.4 Financial year ended 2.2 43.4 Operating profit
June 2004 98.5 60.5 March 2004 58.0 60.9 Financial year ended 339.1
223.8 Amortisation of mining assets # June 2004 115.8 March 2004
92.4 Financial year ended 414.5 Net operating profit June 2004 43.2
March 2004 26.6 Financial year ended 148.4 Other income/(expenses)
June 2004 2.8 March 2004 95.7 Financial year ended 299.2 Profit
before taxation June 2004 46.0 March 2004 122.3 Financial year
ended 447.6 Mining and income taxation June 2004 9.6 March 2004
45.2 Financial year ended 146.6 - Normal taxation June 2004 13.0
March 2004 12.4 Financial year ended 49.2 - Deferred taxation June
2004 (3.4) March 2004 32.8 Financial year ended 97.4 Exceptional
items June 2004 0.4 March 2004 - Financial year ended 3.5 Net
earnings June 2004 36.8 March 2004 77.0 Financial year ended 304.5
Capital expenditure (Rand million) June 2004 284.2 23.9 March 2004
238.9 30.1 Financial year ended 755.4 120.8 Planned for next six
months to December 2004 408.4 99.2 # 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. PRNewswire -- July 29
SECOND AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW DATASOURCE:
Gold Fields Limited Web site: http://www.goldfields.co.za/
http://www.gold-fields.com/
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