JOHANNESBURG, Feb. 6, 2019
/CNW/ -- Gold Fields Limited (Gold Fields) (JSE: GFI) (NYSE: GFI)
advises that headline earnings per share for the 12 months ended
31 December 2018 (FY 2018) is
expected to range from US$0.05-0.09
per share, 65-81% (US$0.17-0.21 per
share) lower than the headline earnings of US$0.26 per share reported for the 12 months
ended 31 December 2017 (FY 2017).
Basic loss per share for FY 2018 is expected to range from
US$0.40-0.44 per share, 1900-2100%
(US$0.38-0.42 per share) higher than
the basic loss of US$0.02 per share
reported for FY 2017.
Normalised earnings per share for FY 2018 is expected to range
from US$0.01-0.05 per share, 74-95%
(US$0.14-0.18 per share) lower than
the normalised earnings of US$0.19
per share reported for FY 2017.
The basic loss for FY 2018 was higher than FY 2017 mainly due to
lower revenue and higher non-recurring costs, partially offset by
lower cost of sales.
Revenue in FY 2018 was lower than in FY 2017 primarily due to
lower gold sold at South Deep as a result of the restructuring and
industrial action in Q4 2018, as well as the sale of Darlot in
2017. The rest of the operations within the portfolio exceeded
guidance for FY 2018.
Cost of sales in FY 2018 was lower than in FY 2017 mainly due to
lower amortisation primarily at Cerro Corona and South Deep.
Non-recurring costs in FY 2018 were higher than in FY 2017
mainly due to:
- Higher impairment charge at South Deep as reported in H1 2018.
There was no additional impairment at year-end;
- Higher retrenchment costs in FY 2018 compared to FY 2017,
mainly at Tarkwa and South Deep;
- Higher loss on sale of inventory and assets in FY 2018 compared
to FY 2017, mainly at Tarkwa due to the conversion to contractor
mining in FY 2018.
This was partially offset by:
- A tax credit as a result of the South Deep Tax Dispute
Settlement in FY 2018;
- An accounting credit as a result of the acquisition of Asanko
in FY 2018.
For Q4 2018, attributable gold equivalent production is expected
to be 509koz (Q3 2018: 533koz), with all-in sustaining costs (AISC)
of US$1,016/oz (Q3 2018: US$977/oz) and all-in costs (AIC) of US$1,213/oz (Q3 2018: US$1,140/oz).
Attributable gold equivalent production for 2018 is expected to
be 2.04Moz (FY17: 2.16Moz), exceeding revised guidance (provided in
November 2018) of 2.00Moz. Excluding
Asanko, attributable production for 2018 was 96% of original
guidance (provided in February 2018),
almost exclusively due to the impact of the lower production at
South Deep, a significant proportion of which is attributable to
the strike. AISC and AIC are expected to be US$981/oz (FY17: US$955/oz) and US$1,173/oz (FY17: US$1,088/oz), respectively, both below the lower
end of the guidance range provided in February 2018 – AISC: US$990-1,010/oz and AIC: US$1,190-1,210/oz.
The financial information on which this trading statement is
based has not been reviewed, and reported on, by the Company's
external auditors.
Gold Fields will release FY 2018 financial results on Friday,
15 February 2019.
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).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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