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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Harmony Gold Mining Company Limited | NYSE:HMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.40 | 4.67% | 8.97 | 9.025 | 8.84 | 8.91 | 3,179,715 | 01:00:00 |
INTERIM RESULTS FY21*
for the six-month period ended 31 December 2020
|
RESPONSIBLE
STEWARDSHIP |
||
• In Phase 2 of embedding a proactive safety
culture focused on leadership and behaviour
• Our health initiatives combined with the
COVID-19 standard operating plans embed our
commitment to the "S" in ESG#
• Ranked first in ESG disclosure among
South African mining companies
• FTSE4Good constituent
• Included in the Bloomberg Gender Equality
Index 2021
• Runner-up in the Sunday Times Top 100
Companies Awards 2020
|
OPERATIONAL
EXCELLENCE |
||
• 65% increase in production profit
to R6.8bn (US$417m) from R4.1bn (US$280m)
• 5% increase in underground recovered grade
to 5.58g/t from 5.29g/t
• 8% increase in gold production
to 23 183kg (745 314oz) from
21 411kg (688 379oz)
• 42% increase in total mineral resources†
• 20% increase in total mineral reserves†
|
CASH
CERTAINTY |
||
• 69% increase in operating free
cash flow margin to 22% from 13%
• 336% increase in net profit
to R5.8bn (US$356m) from R1.3bn (US$91m)
• 58% reduction in net debt
to R580m (US$40m) from R1.4bn (US$79m)
• 31% increase in Rand gold price received
to R896 587/kg (US$1 716/oz)
from R683 158/kg (US$1 447/oz)
• R902m (US$56m) net gain on derivatives
• HEPS increased by 211% to 775 SA cents
(48 US cents) from 249 SA cents (17 US cents)
• Net debt to EBITDA at 0.1x
|
EFFECTIVE
CAPITAL ALLOCATION |
||
• Successful integration of Mponeng
and Mine Waste Solutions – 3 months of
production resulting in a significant increase
in our overall grade, production and cash flow
• Strong pipeline of organic projects to drive
production profile and margin expansion
• Interim dividend^ of 110 SA cents (7.5 US) cents‡
per share declared
|
Six months
ended
December 2020
|
Six months
ended
December 2019
|
%
Change |
Six months
ended
June 2020*
|
% change relates to the six months ended June 2020 vs December 2020 | ||||||||||||||||
Gold produced | kg | 23 183 | 21 411 | 8 | 16 452 | 41 | ||||||||||||||
oz | 745 347 | 688 379 | 8 | 528 944 | 41 | |||||||||||||||
Underground grade | g/t | 5.58 | 5.29 | 5 | 5.69 | (2) | ||||||||||||||
Gold price received | R/kg | 896 587 | 683 158 | 31 | 805 300 | 11 | ||||||||||||||
US$/oz | 1 716 | 1 447 | 19 | 1 504 | 14 | |||||||||||||||
Cash operating costs | R/kg | 596 047 | 499 139 | (19) | 624 276 | 5 | ||||||||||||||
US$/oz | 1 141 | 1 057 | (8) | 1 166 | 2 | |||||||||||||||
Total costs and capital | R/kg | 697 026 | 603 302 | (16) | 704 708 | 1 | ||||||||||||||
US$/oz | 1 334 | 1 278 | (4) | 1 316 | (1) | |||||||||||||||
All-in sustaining costs | R/kg | 715 837 | 605 911 | (18) | 711 818 | (1) | ||||||||||||||
US$/oz | 1 370 | 1 283 | (7) | 1 329 | (3) | |||||||||||||||
Production profit | R million | 6 780 | 4 110 | 65 | 3 086 | 120 | ||||||||||||||
US$ million | 417 | 280 | 49 | 185 | 125 | |||||||||||||||
Exchange rate | R:US$ | 16.25 | 14.69 | 11 | 16.65 | (2) |
Six months
ended
December 2020
|
Six months
ended
December 2019
|
%
Change |
||||||||||||
Basic earnings per share | SA cents | 966 | 249 | 288 | ||||||||||
US cents | 59 | 17 | 247 | |||||||||||
Headline earnings | R million | 4 644 | 1 331 | 249 | ||||||||||
US$ million | 286 | 91 | 214 | |||||||||||
Headline earnings per share | SA cents | 775 | 249 | 211 | ||||||||||
US cents | 48 | 17 | 181 |
PAGE | |||||
2 | Forward-looking statements | ||||
3 | Shareholder information | ||||
4 | Message from the chief executive officer | ||||
7 | Notice of cash dividend | ||||
8 | Operating results – year-on-year (Rand/metric) | ||||
10 | Operating results – year-on-year (US$/imperial) | ||||
12 | Review report from external auditor | ||||
13 | Condensed consolidated income statement (Rand) | ||||
14 | Condensed consolidated statement of comprehensive income (Rand) | ||||
14 | Condensed consolidated statement of changes in equity (Rand) | ||||
15 | Condensed consolidated balance sheet (Rand) | ||||
16 | Condensed consolidated cash flow statement (Rand) | ||||
17 | Notes to the condensed consolidated financial statements | ||||
35 | Segment report (Rand/metric) | ||||
36 | Condensed consolidated income statement (US$) | ||||
37 | Condensed consolidated statement of comprehensive income (US$) | ||||
37 | Condensed consolidated statement of changes in equity (US$) | ||||
38 | Condensed consolidated balance sheet (US$) | ||||
39 | Condensed consolidated cash flow statement (US$) | ||||
40 | Segment report (US$/imperial) | ||||
41 | Development results – metric and imperial | ||||
42 | Competent person's declaration | ||||
43 | Directorate and administration |
Issued ordinary share capital 31 December 2020 | 616 052 197 | ||||
Issued ordinary share capital 30 June 2020 | 603 142 706 | ||||
MARKET CAPITALISATION | |||||
As at 31 December 2020 (ZARm) | 44 109 | ||||
As at 31 December 2020 (US$m) | 3 003 | ||||
As at 30 June 2020 (ZARm) | 43 342 | ||||
As at 30 June 2020 (US$m) | 2 494 | ||||
HARMONY ORDINARY SHARES AND ADR PRICES
|
|||||
12-month high (1 January 2020 – 31 December 2020) for ordinary shares (ZAR) | 124.95 | ||||
12-month low (1 January 2020 – 31 December 2020) for ordinary shares (ZAR) | 33.62 | ||||
12-month high (1 January 2020 – 31 December 2020) for ADRs (US$) | 7.10 | ||||
12-month low (1 January 2020 – 31 December 2020) for ADRs (US$) | 1.93 | ||||
FREE FLOAT | 100 | % | |||
American Depositary Receipt ("ADR") RATIO | 1:1 | ||||
JSE LIMITED | HAR | ||||
Average daily volume for the year
(1 January 2020 – 31 December 2020) |
4 320 919 | ||||
Average daily volume for the previous year
(1 January 2019 – 31 December 2019) |
2 313 153 | ||||
NEW YORK STOCK EXCHANGE | HMY | ||||
Average daily volume for the year
(1 January 2020 – 31 December 2020) |
7 601 064 | ||||
Average daily volume for the previous year
(1 January 2019 – 31 December 2019) |
6 152 535 | ||||
INVESTORS' CALENDAR | |||||
FY21 results presentation | 31 August 2021 |
Last date to trade ordinary shares cum-dividend is | Tuesday, 13 April 2021 | ||||
Ordinary shares trade ex-dividend | Wednesday, 14 April 2021 | ||||
Record date | Friday, 16 April 2021 | ||||
Payment date | Monday, 19 April 2021 |
Six months ended | SOUTH AFRICA |
Hidden
Valley |
TOTAL
HARMONY |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNDERGROUND PRODUCTION | SURFACE PRODUCTION |
TOTAL
SOUTH AFRICA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moab
Khotsong |
Tshepong
Operations |
Mponeng | Kusasalethu | Doornkop | Bambanani | Masimong | Target 1 | Joel | Unisel³ |
TOTAL
UNDER- GROUND |
Mine waste solution | Dumps | Phoenix |
Central
plant reclamation |
Kalgold |
TOTAL
SURFACE |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore milled | - t'000 | Dec-20 | 440 | 733 | 228 | 375 | 445 | 117 | 258 | 280 | 169 | 57 | 3 102 | 5 904 | 4 249 | 3 091 | 1 970 | 758 | 15 972 | 19 074 | 1 789 | 20 863 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 456 | 889 | — | 349 | 381 | 123 | 311 | 305 | 233 | 136 | 3 183 | — | 1 831 | 3 208 | 2 010 | 813 | 7 862 | 11 045 | 2 039 | 13 084 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | - g/tonne | Dec-20 | 8.47 | 4.71 | 8.22 | 6.15 | 4.36 | 8.97 | 3.85 | 3.65 | 4.05 | 4.33 | 5.58 | 0.138 | 0.392 | 0.132 | 0.144 | 0.75 | 0.23 | 1.10 | 1.20 | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 8.74 | 5.04 | — | 4.72 | 4.28 | 10.54 | 3.88 | 3.72 | 3.67 | 4.31 | 5.29 | — | 0.348 | 0.132 | 0.158 | 0.78 | 0.26 | 1.71 | 1.26 | 1.64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold produced | - kg | Dec-20 | 3 725 | 3 453 | 1 874 | 2 305 | 1 940 | 1 050 | 994 | 1 021 | 685 | 247 | 17 294 | 812 | 1 665 | 408 | 284 | 572 | 3 741 | 21 035 | 2 148 | 23 183 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 3 987 | 4 479 | — | 1 648 | 1 632 | 1 297 | 1 208 | 1 136 | 855 | 586 | 16 828 | — | 637 | 424 | 318 | 630 | 2 009 | 18 837 | 2 574 | 21 411 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold sold | - kg | Dec-20 | 3 781 | 3 461 | 1 844 | 2 358 | 1 952 | 1 050 | 997 | 1 040 | 686 | 242 | 17 411 | 783 | 1 634 | 413 | 286 | 575 | 3 691 | 21 102 | 2 207 | 23 309 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 4 135 | 4 577 | — | 1 738 | 1 693 | 1 325 | 1 235 | 1 135 | 874 | 598 | 17 310 | — | 655 | 420 | 321 | 619 | 2 015 | 19 325 | 2 644 | 21 969 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold price received | - R/kg | Dec-20 | 900 063 | 895 441 | 946 900 | 892 801 | 899 556 | 901 210 | 840 110 | 908 572 | 899 453 | 925 979 | 900 545 | 778 243 | 911 155 | 827 370 | 899 189 | 909 548 | 872 407 | 895 623 | 905 797 | 896 587 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 690 255 | 686 268 | — | 684 306 | 688 947 | 686 535 | 662 309 | 653 573 | 685 330 | 664 405 | 682 650 | — | 685 690 | 662 221 | 682 255 | 689 197 | 681 329 | 682 512 | 687 879 | 683 158 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold revenue¹ | (R'000) | Dec-20 | 3 403 140 | 3 099 123 | 1 746 084 | 2 105 225 | 1 755 933 | 946 270 | 837 590 | 944 915 | 617 025 | 224 087 | 15 679 392 | 728 168 | 1 488 827 | 341 704 | 257 168 | 522 990 | 3 338 857 | 19 018 249 | 1 999 093 | 21 017 342 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 2 854 206 | 3 141 050 | — | 1 189 323 | 1 166 388 | 909 659 | 817 951 | 741 805 | 598 978 | 397 314 | 11 816 674 | — | 449 127 | 278 133 | 219 004 | 426 613 | 1 372 877 | 13 189 551 | 1 818 752 | 15 008 303 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating cost (net of by-product credits) | (R'000) | Dec-20 | 1 966 107 | 2 494 857 | 981 069 | 1 553 978 | 1 093 137 | 593 921 | 717 265 | 840 041 | 572 059 | 178 154 | 10 990 588 | 379 369 | 894 883 | 198 590 | 140 120 | 394 666 | 2 007 628 | 12 998 216 | 819 943 | 13 818 159 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 740 731 | 2 260 572 | — | 1 352 242 | 881 277 | 549 204 | 667 373 | 762 800 | 534 254 | 313 661 | 9 062 114 | — | 337 437 | 185 567 | 115 329 | 363 288 | 1 001 621 | 10 063 735 | 623 324 | 10 687 059 | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory movement | (R'000) | Dec-20 | 62 139 | 535 | 111 367 | 47 160 | 5 208 | (197) | (2 091) | 10 087 | (178) | 3 679 | 237 709 | 95 812 | 33 269 | 1 855 | (62) | 899 | 131 773 | 369 482 | 50 232 | 419 714 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 54 377 | 49 859 | — | 40 645 | 41 924 | 15 434 | 16 607 | (2 292) | 11 404 | 6 837 | 234 795 | — | 5 097 | (1 397) | 968 | (7 529) | (2 861) | 231 934 | (21 131) | 210 803 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | (R'000) | Dec-20 | 2 028 246 | 2 495 392 | 1 092 436 | 1 601 138 | 1 098 345 | 593 724 | 715 174 | 850 128 | 571 881 | 181 833 | 11 228 297 | 475 181 | 928 152 | 200 445 | 140 058 | 395 565 | 2 139 401 | 13 367 698 | 870 175 | 14 237 873 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 795 108 | 2 310 431 | — | 1 392 887 | 923 201 | 564 638 | 683 980 | 760 508 | 545 658 | 320 498 | 9 296 909 | — | 342 534 | 184 170 | 116 297 | 355 759 | 998 760 | 10 295 669 | 602 193 | 10 897 862 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production profit | (R'000) | Dec-20 | 1 374 894 | 603 731 | 653 648 | 504 087 | 657 588 | 352 546 | 122 416 | 94 787 | 45 144 | 42 254 | 4 451 095 | 252 987 | 560 675 | 141 259 | 117 110 | 127 425 | 1 199 456 | 5 650 551 | 1 128 918 | 6 779 469 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 059 098 | 830 619 | — | (203 564) | 243 187 | 345 021 | 133 971 | (18 703) | 53 320 | 76 816 | 2 519 765 | — | 106 593 | 93 963 | 102 707 | 70 854 | 374 117 | 2 893 882 | 1 216 559 | 4 110 441 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | (R'000) | Dec-20 | 294 292 | 463 848 | 218 016 | 90 723 | 225 131 | 33 187 | 11 182 | 182 818 | 87 538 | — | 1 606 735 | 33 791 | 24 205 | 1 163 | 6 380 | 83 976 | 149 515 | 1 756 250 | 584 751 | 2 341 001 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 297 502 | 571 512 | — | 118 423 | 167 432 | 31 004 | 16 863 | 191 557 | 91 449 | 4 714 | 1 490 456 | — | — | 2 951 | 4 099 | 27 229 | 34 279 | 1 524 735 | 705 513 | 2 230 248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating costs | - R/kg | Dec-20 | 527 814 | 722 519 | 523 516 | 674 177 | 563 473 | 565 639 | 721 595 | 822 763 | 835 123 | 721 271 | 635 515 | 467 203 | 537 467 | 486 740 | 493 380 | 689 976 | 536 655 | 617 933 | 381 724 | 596 047 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 436 602 | 504 705 | — | 820 535 | 539 998 | 423 442 | 552 461 | 671 479 | 624 858 | 535 258 | 538 514 | — | 529 728 | 437 658 | 362 670 | 576 648 | 498 567 | 534 254 | 242 162 | 499 139 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating costs | - R/tonne | Dec-20 | 4 468 | 3 404 | 4 303 | 4 144 | 2 456 | 5 076 | 2 780 | 3 000 | 3 385 | 3 126 | 3 543 | 64 | 211 | 64 | 71 | 521 | 126 | 681 | 458 | 662 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 3 817 | 2 543 | — | 3 875 | 2 313 | 4 465 | 2 146 | 2 501 | 2 293 | 2 306 | 2 847 | — | 184 | 58 | 57 | 447 | 127 | 911 | 306 | 817 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating cost
and Capital |
- R/kg | Dec-20 | 606 819 | 856 851 | 639 853 | 713 536 | 679 520 | 597 246 | 732 844 | 1 001 821 | 962 915 | 721 271 | 728 422 | 508 818 | 552 005 | 489 591 | 515 845 | 836 787 | 576 622 | 701 425 | 653 954 | 697 026 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 511 220 | 632 303 | — | 892 394 | 642 591 | 447 346 | 566 421 | 840 103 | 731 816 | 543 302 | 627 084 | — | 529 728 | 444 618 | 375 560 | 619 868 | 515 630 | 615 197 | 516 254 | 603 302 | ||||||||||||||||||||||||||||||||||||||||||||||||
All-in sustaining cost | - R/kg | Dec-20 | 607 898 | 856 918 | 724 776 | 730 735 | 635 501 | 611 982 | 753 167 | 971 069 | 974 546 | 782 126 | 736 634 | 659 840 | 582 838 | 489 149 | 512 021 | 849 856 | 624 799 | 716 892 | 705 748 | 715 837 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 506 622 | 634 687 | — | 893 959 | 637 401 | 466 079 | 586 439 | 818 370 | 725 952 | 561 704 | 628 175 | — | 522 953 | 445 526 | 369 935 | 638 831 | 518 035 | 616 635 | 527 531 | 605 911 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating free cash flow margin² | % | Dec-20 | 34 | % | 5 | % | 31 | % | 22 | % | 25 | % | 34 | % | 13 | % | (8) | % | (7) | % | 20 | % | 20 | % | 32 | % | 38 | % | 42 | % | 43 | % | 7 | % | 33 | % | 22 | % | 28 | % | 22 | % | ||||||||||||||||||||||||||
Dec-19 | 29 | % | 10 | % | — | % | (24) | % | 10 | % | 36 | % | 16 | % | (29) | % | (4) | % | 20 | % | 11 | % | — | % | 25 | % | 32 | % | 45 | % | 8 | % | 24 | % | 12 | % | 17 | % | 13 | % |
¹Includes a non-cash consideration related to the streaming arrangement (refer to note 12) (Dec-20:R118.804m) under Mine Waste Solutions, excluded from the gold price calculation. | ||
²Excludes run of mine costs for Kalgold (Dec-20:-R5.862m, Dec-19:-R3.499m) and Hidden Valley (Dec-20:-R31.984m, Dec-19:-R182.313m). | ||
³The Unisel operation closed in October 2020. |
8 | 9 |
Six
months ended |
SOUTH AFRICA |
Hidden
Valley |
TOTAL
HARMONY |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNDERGROUND PRODUCTION | SURFACE PRODUCTION |
TOTAL
SOUTH AFRICA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moab
Khotsong |
Tshepong
Operations |
Mponeng | Kusasalethu | Doornkop | Bambanani | Masimong | Target 1 | Joel | Unisel³ |
TOTAL
UNDER- GROUND |
Mine waste solutions | Dumps | Phoenix |
Central
plant reclamation |
Kalgold |
TOTAL
SURFACE |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore milled | - t'000 | Dec-20 | 485 | 808 | 251 | 413 | 491 | 129 | 285 | 308 | 187 | 63 | 3 420 | 6 510 | 4 686 | 3 409 | 2 173 | 836 | 17 614 | 21 034 | 1 973 | 23 007 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 503 | 980 | — | 385 | 420 | 136 | 343 | 336 | 257 | 150 | 3 510 | — | 2 019 | 3 537 | 2 217 | 897 | 8 670 | 12 180 | 2 248 | 14 428 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | - oz/ton | Dec-20 | 0.247 | 0.137 | 0.240 | 0.179 | 0.127 | 0.262 | 0.112 | 0.107 | 0.118 | 0.126 | 0.163 | 0.004 | 0.011 | 0.004 | 0.004 | 0.022 | 0.007 | 0.032 | 0.035 | 0.032 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 0.255 | 0.147 | — | 0.138 | 0.125 | 0.307 | 0.113 | 0.109 | 0.107 | 0.126 | 0.154 | — | 0.010 | 0.004 | 0.005 | 0.023 | 0.007 | 0.050 | 0.037 | 0.048 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold produced | - oz | Dec-20 | 119 761 | 111 016 | 60 250 | 74 107 | 62 372 | 33 758 | 31 958 | 32 825 | 22 023 | 7 941 | 556 011 | 26 106 | 53 531 | 13 118 | 9 131 | 18 390 | 120 276 | 676 287 | 69 060 | 745 347 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 128 185 | 144 003 | — | 52 984 | 52 470 | 41 699 | 38 838 | 36 523 | 27 489 | 18 841 | 541 032 | — | 20 480 | 13 632 | 10 224 | 20 255 | 64 591 | 605 623 | 82 756 | 688 379 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold sold | - oz | Dec-20 | 121 562 | 111 274 | 59 286 | 75 811 | 62 758 | 33 758 | 32 054 | 33 437 | 22 055 | 7 780 | 559 775 | 25 174 | 52 534 | 13 279 | 9 195 | 18 487 | 118 669 | 678 444 | 70 956 | 749 400 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 132 943 | 147 153 | — | 55 878 | 54 431 | 42 600 | 39 706 | 36 491 | 28 100 | 19 226 | 556 528 | — | 21 059 | 13 503 | 10 320 | 19 902 | 64 784 | 621 312 | 85 006 | 706 318 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold price received | - $/oz | Dec-20 | 1 723 | 1 714 | 1 813 | 1 709 | 1 722 | 1 725 | 1 608 | 1 739 | 1 722 | 1 773 | 1 724 | 1 490 | 1 744 | 1 584 | 1 721 | 1 741 | 1 670 | 1 715 | 1 734 | 1 716 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 462 | 1 453 | — | 1 449 | 1 459 | 1 454 | 1 403 | 1 384 | 1 451 | 1 407 | 1 446 | — | 1 452 | 1 402 | 1 445 | 1 459 | 1 443 | 1 445 | 1 457 | 1 447 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gold revenue¹ | ($'000) | Dec-20 | 209 464 | 190 752 | 107 472 | 129 577 | 108 078 | 58 243 | 51 554 | 58 160 | 37 978 | 13 793 | 965 071 | 44 818 | 91 638 | 21 032 | 15 829 | 32 190 | 205 507 | 1 170 578 | 123 045 | 1 293 623 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 194 330 | 213 860 | — | 80 976 | 79 414 | 61 935 | 55 691 | 50 506 | 40 782 | 27 051 | 804 545 | — | 30 579 | 18 937 | 14 911 | 29 046 | 93 473 | 898 018 | 123 831 | 1 021 849 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating cost (net of by-product credits) | ($'000) | Dec-20 | 121 014 | 153 559 | 60 385 | 95 648 | 67 283 | 36 556 | 44 148 | 51 705 | 35 210 | 10 965 | 676 473 | 23 350 | 55 080 | 12 223 | 8 624 | 24 291 | 123 568 | 800 041 | 50 467 | 850 508 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 118 518 | 153 912 | — | 92 068 | 60 002 | 37 393 | 45 438 | 51 935 | 36 375 | 21 355 | 616 996 | — | 22 975 | 12 634 | 7 852 | 24 735 | 68 196 | 685 192 | 42 439 | 727 631 | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory movement | ($'000) | Dec-20 | 3 825 | 33 | 6 855 | 2 903 | 321 | (12) | (129) | 621 | (11) | 226 | 14 632 | 5 897 | 2 048 | 114 | (4) | 55 | 8 110 | 22 742 | 3 092 | 25 834 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 3 702 | 3 395 | — | 2 767 | 2 854 | 1 051 | 1 131 | (156) | 776 | 466 | 15 986 | — | 347 | (95) | 66 | (513) | (195) | 15 791 | (1 439) | 14 352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | ($'000) | Dec-20 | 124 839 | 153 592 | 67 240 | 98 551 | 67 604 | 36 544 | 44 019 | 52 326 | 35 199 | 11 191 | 691 105 | 29 247 | 57 128 | 12 337 | 8 620 | 24 346 | 131 678 | 822 783 | 53 559 | 876 342 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 122 220 | 157 307 | — | 94 835 | 62 856 | 38 444 | 46 569 | 51 779 | 37 151 | 21 821 | 632 982 | — | 23 322 | 12 539 | 7 918 | 24 222 | 68 001 | 700 983 | 41 000 | 741 983 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production profit | ($'000) | Dec-20 | 84 625 | 37 160 | 40 232 | 31 026 | 40 474 | 21 699 | 7 535 | 5 834 | 2 779 | 2 602 | 273 966 | 15 571 | 34 510 | 8 695 | 7 209 | 7 844 | 73 829 | 347 795 | 69 486 | 417 281 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 72 110 | 56 553 | — | (13 859) | 16 558 | 23 491 | 9 122 | (1 273) | 3 631 | 5 230 | 171 563 | — | 7 257 | 6 398 | 6 993 | 4 824 | 25 472 | 197 035 | 82 831 | 279 866 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | ($'000) | Dec-20 | 18 114 | 28 551 | 13 418 | 5 584 | 13 856 | 2 043 | 688 | 11 252 | 5 388 | — | 98 894 | 2 080 | 1 490 | 72 | 393 | 5 169 | 9 204 | 108 098 | 35 991 | 144 089 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 20 255 | 38 911 | — | 8 062 | 11 399 | 2 110 | 1 148 | 13 042 | 6 226 | 321 | 101 474 | — | — | 201 | 279 | 1 853 | 2 333 | 103 807 | 48 035 | 151 842 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating cost | - $/oz | Dec-20 | 1 010 | 1 383 | 1 002 | 1 291 | 1 079 | 1 083 | 1 381 | 1 575 | 1 599 | 1 381 | 1 217 | 894 | 1 029 | 932 | 944 | 1 321 | 1 027 | 1 183 | 731 | 1 141 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 925 | 1 069 | — | 1 738 | 1 144 | 897 | 1 170 | 1 422 | 1 323 | 1 133 | 1 140 | — | 1 122 | 927 | 768 | 1 221 | 1 056 | 1 131 | 513 | 1 057 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating costs | - $/t | Dec-20 | 250 | 190 | 241 | 232 | 137 | 283 | 155 | 168 | 188 | 174 | 198 | 4 | 12 | 4 | 4 | 29 | 7 | 38 | 26 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 236 | 157 | — | 239 | 143 | 275 | 132 | 155 | 142 | 142 | 176 | — | 11 | 4 | 4 | 28 | 8 | 56 | 19 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash operating cost
and Capital |
- $/oz | Dec-20 | 1 162 | 1 640 | 1 225 | 1 366 | 1 301 | 1 143 | 1 403 | 1 918 | 1 843 | 1 381 | 1 395 | 974 | 1 057 | 937 | 988 | 1 602 | 1 104 | 1 343 | 1 252 | 1 334 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 083 | 1 339 | — | 1 890 | 1 361 | 947 | 1 199 | 1 779 | 1 550 | 1 150 | 1 328 | — | 1 122 | 942 | 795 | 1 313 | 1 092 | 1 303 | 1 093 | 1 278 | ||||||||||||||||||||||||||||||||||||||||||||||||
All-in sustaining cost | - $/oz | Dec-20 | 1 164 | 1 641 | 1 388 | 1 399 | 1 217 | 1 172 | 1 442 | 1 859 | 1 866 | 1 497 | 1 410 | 1 263 | 1 116 | 936 | 980 | 1 627 | 1 196 | 1 372 | 1 361 | 1 370 | ||||||||||||||||||||||||||||||||||||||||||||||
Dec-19 | 1 073 | 1 344 | — | 1 893 | 1 350 | 987 | 1 242 | 1 733 | 1 537 | 1 190 | 1 330 | — | 1 107 | 943 | 783 | 1 353 | 1 097 | 1 306 | 1 113 | 1 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating free cash flow margin² | % | Dec-20 | 34 | % | 5 | % | 31 | % | 22 | % | 25 | % | 34 | % | 13 | % | (8) | % | (7) | % | 20 | % | 20 | % | 32 | % | 38 | % | 42 | % | 43 | % | 7 | % | 33 | % | 22 | % | 28 | % | 22 | % | ||||||||||||||||||||||||||
Dec-19 | 29 | % | 10 | % | — | % | (24) | % | 10 | % | 36 | % | 16 | % | (29) | % | (4) | % | 20 | % | 11 | % | — | % | 25 | % | 32 | % | 45 | % | 8 | % | 24 | % | 12 | % | 17 | % | 13 | % |
¹Includes a non-cash consideration related to the streaming arrangement (refer to note 12) (Dec-20:US$7.312m) under Mine Waste Solutions, excluded from the gold price calculation. | ||
²Excludes run of mine costs for Kalgold (Dec-20:-US$0.361m, Dec-19:-US$0.238m) and Hidden Valley (Dec-20:-US$1.969m, Dec-19:-US$12.413m). | ||
³The Unisel operation closed in October 2020. |
10 | 11 |
Six months ended | Year ended | |||||||||||||
Figures in million | Notes |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
||||||||||
Revenue | 4 | 21 588 | 15 477 | 29 245 | ||||||||||
Cost of sales | 5 | (16 922) | (13 498) | (25 908) | ||||||||||
Production costs | (14 808) | (11 366) | (22 048) | |||||||||||
Amortisation and depreciation | (1 816) | (1 926) | (3 508) | |||||||||||
Other items | (298) | (206) | (352) | |||||||||||
Gross profit | 4 666 | 1 979 | 3 337 | |||||||||||
Corporate, administration and other expenditure | 6 | (535) | (339) | (611) | ||||||||||
Exploration expenditure | (76) | (127) | (205) | |||||||||||
Gains/(losses) on derivatives | 10 | 902 | 157 | (1 678) | ||||||||||
Foreign exchange translation gain/(loss) |
1,11
|
652 | 36 | (892) | ||||||||||
Other operating expenses | 1 | (45) | (72) | (309) | ||||||||||
Operating profit/(loss) | 5 564 | 1 634 | (358) | |||||||||||
Gain on bargain purchase | 13 | 1 153 | — | — | ||||||||||
Acquisition costs | 13 | (111) | — | (45) | ||||||||||
Share of profits from associates | 65 | 51 | 94 | |||||||||||
Investment income | 240 | 144 | 375 | |||||||||||
Finance costs | (327) | (340) | (661) | |||||||||||
Profit/(loss) before taxation | 6 584 | 1 489 | (595) | |||||||||||
Taxation | 7 | (772) | (157) | (255) | ||||||||||
Current taxation | (325) | (60) | (58) | |||||||||||
Deferred taxation | (447) | (97) | (197) | |||||||||||
Net profit/(loss) for the period | 5 812 | 1 332 | (850) | |||||||||||
Attributable to: | ||||||||||||||
Non-controlling interest | 27 | — | 28 | |||||||||||
Owners of the parent | 5 785 | 1 332 | (878) | |||||||||||
Earnings/(loss) per ordinary share (cents) | 8 | |||||||||||||
Basic earnings/(loss) | 966 | 249 | (164) | |||||||||||
Diluted earnings/(loss) | 943 | 240 | (166) |
The condensed consolidated financial statements for the six months ended 31 December 2020 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Michelle Kriel CA(SA). This process was supervised by the financial director, Boipelo Lekubo CA(SA) and approved by the board of Harmony Gold Mining Company Limited on 23 February 2021. These condensed consolidated financial statements have been reviewed by the group's external auditors, PricewaterhouseCoopers Incorporated.
|
Six months ended | Year ended | |||||||||||||
Figures in million | Notes |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) Restated* |
30 June
2020 (Audited) |
||||||||||
Net profit/(loss) for the period | 5 812 | 1 332 | (850) | |||||||||||
Other comprehensive income for the period, net of income tax | 1 740 | (244) | (1 958) | |||||||||||
Items that may be reclassified subsequently to profit or loss: | 1 729 | (263) | (1 998) | |||||||||||
Foreign exchange translation gain/(loss) | (1 123) | (85) | 1 199 | |||||||||||
Remeasurement of gold hedging contracts | 10 | 2 852 | (178) | (3 197) | ||||||||||
Items that will not be reclassified to profit or loss: | 11 | 19 | 40 | |||||||||||
Gain on assets measured at fair value through other comprehensive income | 11 | 19 | 25 | |||||||||||
Remeasurement of retirement benefit obligation | ||||||||||||||
Actuarial gain/(loss) recognised during the period | — | — | 17 | |||||||||||
Deferred taxation thereon | — | — | (2) | |||||||||||
Total comprehensive income for the period | 7 552 | 1 088 | (2 808) | |||||||||||
Attributable to: | ||||||||||||||
Non-controlling interest | 42 | — | 12 | |||||||||||
Owners of the parent | 7 510 | 1 088 | (2 820) |
Figures in million | Share capital | Accumulated loss |
Other
reserves |
Non-controlling interest | Total | |||||||||||||||
Balance – 1 July 2020 | 32 937 | (12 583) | 3 017 | 4 | 23 375 | |||||||||||||||
Share issue costs | (2) | — | — | — | (2) | |||||||||||||||
Share-based payments | — | — | 90 | — | 90 | |||||||||||||||
Partial purchase of non-controlling interest | — | — | (4) | (1) | (5) | |||||||||||||||
Net profit for the period | — | 5 785 | — | 27 | 5 812 | |||||||||||||||
Other comprehensive income for the period | — | — | 1 725 | 15 | 1 740 | |||||||||||||||
Dividends paid | — | — | — | (1) | (1) | |||||||||||||||
Balance – 31 December 2020 | 32 935 | (6 798) | 4 828 | 44 | 31 009 | |||||||||||||||
Balance – 1 July 2019 | 29 551 | (11 710) | 4 773 | — | 22 614 | |||||||||||||||
Share-based payments | — | — | 90 | — | 90 | |||||||||||||||
Recognition of non-controlling interest | — | 5 | — | (5) | — | |||||||||||||||
Net profit for the period | — | 1 332 | — | — | 1 332 | |||||||||||||||
Other comprehensive income for the period | — | — | (244) | — | (244) | |||||||||||||||
Balance – 31 December 2019 | 29 551 | (10 373) | 4 619 | (5) | 23 792 |
At | At | At | ||||||||||||
Figures in million | Notes |
31 December
2020 (Reviewed) |
30 June
2020 (Audited) |
31 December
2019 (Reviewed) |
||||||||||
ASSETS | ||||||||||||||
Non-current assets | ||||||||||||||
Property, plant and equipment | 9 | 35 180 | 29 186 | 28 209 | ||||||||||
Intangible assets | 9 | 542 | 536 | 534 | ||||||||||
Restricted cash | 137 | 107 | 100 | |||||||||||
Restricted investments | 13 | 4 933 | 3 535 | 3 386 | ||||||||||
Investments in associates | 149 | 146 | 102 | |||||||||||
Inventories | 47 | 47 | 43 | |||||||||||
Deferred tax assets | 7 | 312 | 531 | — | ||||||||||
Other non-current assets | 382 | 388 | 372 | |||||||||||
Derivative financial assets | 10 | 613 | 50 | 203 | ||||||||||
Total non-current assets | 42 295 | 34 526 | 32 949 | |||||||||||
Current assets | ||||||||||||||
Inventories | 2 199 | 2 421 | 1 953 | |||||||||||
Restricted cash | 72 | 62 | 55 | |||||||||||
Trade and other receivables | 1 485 | 1 308 | 1 311 | |||||||||||
Derivative financial assets | 10 | 718 | 18 | 536 | ||||||||||
Cash and cash equivalents | 4 217 | 6 357 | 1 250 | |||||||||||
Total current assets | 8 691 | 10 166 | 5 105 | |||||||||||
Total assets | 50 986 | 44 692 | 38 054 | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||||
Share capital and reserves | ||||||||||||||
Attributable to equity holders of the parent company | 30 965 | 23 371 | 23 797 | |||||||||||
Share capital | 32 935 | 32 937 | 29 551 | |||||||||||
Other reserves | 4 828 | 3 017 | 4 619 | |||||||||||
Accumulated loss | (6 798) | (12 583) | (10 373) | |||||||||||
Non-controlling interest | 44 | 4 | (5) | |||||||||||
Total equity | 31 009 | 23 375 | 23 792 | |||||||||||
Non-current liabilities | ||||||||||||||
Deferred tax liabilities | 7 | 1 810 | 996 | 750 | ||||||||||
Provision for environmental rehabilitation | 13 | 4 752 | 3 408 | 3 151 | ||||||||||
Provision for silicosis settlement | 663 | 717 | 737 | |||||||||||
Retirement benefit obligation | 226 | 193 | 205 | |||||||||||
Borrowings | 11 | 4 407 | 7 463 | 5 454 | ||||||||||
Contingent consideration liability | 13 | 237 | — | — | ||||||||||
Other non-current liabilities | 127 | 101 | 86 | |||||||||||
Derivative financial liabilities | 10 | 115 | 879 | 162 | ||||||||||
Streaming contract liability | 12 | 933 | — | — | ||||||||||
Total non-current liabilities | 13 270 | 13 757 | 10 545 | |||||||||||
Current liabilities | ||||||||||||||
Provision for silicosis settlement | 175 | 175 | 175 | |||||||||||
Borrowings | 11 | 390 | 255 | 86 | ||||||||||
Trade and other payables | 13 | 4 125 | 3 006 | 2 925 | ||||||||||
Derivative financial liabilities | 10 | 1 627 | 4 124 | 531 | ||||||||||
Streaming contract liability | 12 | 390 | — | — | ||||||||||
Total current liabilities | 6 707 | 7 560 | 3 717 | |||||||||||
Total equity and liabilities | 50 986 | 44 692 | 38 054 |
Six months ended | Year ended | |||||||||||||
Figures in million | Notes |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||||||
Cash generated by operations | 6 070 | 2 928 | 5 031 | |||||||||||
Dividends received | 45 | — | — | |||||||||||
Interest received | 33 | 37 | 86 | |||||||||||
Interest paid | (171) | (164) | (370) | |||||||||||
Income and mining taxes paid | 7 | (198) | (68) | (24) | ||||||||||
Cash generated from operating activities | 5 779 | 2 733 | 4 723 | |||||||||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||||||
Increase in restricted cash | (23) | (15) | (21) | |||||||||||
Amounts refunded from restricted investments | 34 | 2 | 5 | |||||||||||
Redemption of preference shares from associates | 36 | 59 | 59 | |||||||||||
Acquisition of the Mponeng operations and related assets | 13 | (3 363) | — | — | ||||||||||
Capital distributions from investments | 8 | — | 7 | |||||||||||
Proceeds from disposal of property, plant and equipment | 4 | 1 | 2 | |||||||||||
Additions to property, plant and equipment | 15 | (2 366) | (2 270) | (3 610) | ||||||||||
Cash utilised by investing activities | (5 670) | (2 223) | (3 558) | |||||||||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||||||
Borrowings raised | 11 | — | 4 741 | 6 541 | ||||||||||
Borrowings repaid | 11 | (2 126) | (5 009) | (5 661) | ||||||||||
Proceeds from the issue of shares | — | — | 3 466 | |||||||||||
Share issue costs | (2) | — | — | |||||||||||
Lease payments | (30) | (17) | (38) | |||||||||||
Partial repurchase of non-controlling interest | (5) | — | — | |||||||||||
Dividends paid to non-controlling interests | (1) | — | (3) | |||||||||||
Cash generated from/(utilised by) financing activities | (2 164) | (285) | 4 305 | |||||||||||
Foreign currency translation adjustments | (85) | 32 | (106) | |||||||||||
Net increase/(decrease) in cash and cash equivalents | (2 140) | 257 | 5 364 | |||||||||||
Cash and cash equivalents – beginning of period | 6 357 | 993 | 993 | |||||||||||
Cash and cash equivalents – end of period | 4 217 | 1 250 | 6 357 |
For the six months ended 31 December 2019 | |||||||||||
Figures in million |
Previously
reported |
Correction | Restated | ||||||||
Other comprehensive income for the period, net of income tax | (244) | — | (244) | ||||||||
Items that may be reclassified subsequently to profit or loss: | (244) | (19) | (263) | ||||||||
Foreign exchange translation gain/(loss) | (402) | 317 | (85) | ||||||||
Gain on assets measured at fair value through other comprehensive income | 19 | (19) | — | ||||||||
Remeasurement of gold hedging contracts | |||||||||||
Unrealised gain/(loss) on gold contracts | (227) | (317) | (544) | ||||||||
Released to revenue | 317 | — | 317 | ||||||||
Deferred taxation thereon | 49 | — | 49 | ||||||||
Items that will not be reclassified to profit or loss: | — | 19 | 19 | ||||||||
Gain on assets measured at fair value through other comprehensive income | — | 19 | 19 | ||||||||
•Gold: South Africa (excluding streaming contract)
|
Gold is delivered and certificate of sale is issued. | ||||
•Gold and silver: Hidden Valley
|
Metal is collected from Hidden Valley and a confirmation of collection is sent to and accepted by the customer. | ||||
•Uranium
|
Confirmation of transfer is issued. | ||||
•Streaming contract
|
Gold is delivered and credited into the Franco-Nevada designated gold account. |
Six months ended | Year ended | ||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
||||||||
Production costs – excluding royalty1
|
14 399 | 11 233 | 21 721 | ||||||||
Royalty expense2
|
409 | 133 | 327 | ||||||||
Amortisation and depreciation3
|
1 816 | 1 926 | 3 508 | ||||||||
Rehabilitation expenditure | 3 | 47 | 47 | ||||||||
Care and maintenance cost of restructured shafts | 72 | 73 | 146 | ||||||||
Employment termination and restructuring costs4
|
151 | 26 | 40 | ||||||||
Share-based payments | 64 | 64 | 130 | ||||||||
Other | 8 | (4) | (11) | ||||||||
Total cost of sales | 16 922 | 13 498 | 25 908 |
Figures in million |
31 December
2020 (Reviewed) |
30 June
2020 (Audited) |
||||||
Deductible temporary differences | 750 | 1 079 | ||||||
Assessed losses | — | 574 | ||||||
Total | 750 | 1 653 | ||||||
Deferred tax rate | 29.8 | % | 29.8 | % | ||||
Deferred tax asset | 223 | 492 |
Figures in million |
31 December
2020 (Reviewed) |
||||
Deductible temporary differences | 491 | ||||
Total | 491 | ||||
Deferred tax rate | 18.0 | % | |||
Deferred tax asset | 88 |
Six months ended | Year ended | |||||||||||||
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
||||||||||||
Weighted average number of shares (million) | 599 | 535 | 535 | |||||||||||
Weighted average number of diluted shares (million) | 613 | 549 | 547 | |||||||||||
Total earnings/(loss) per share (cents): | ||||||||||||||
Basic earnings/(loss) | 966 | 249 | (164) | |||||||||||
Diluted earnings/(loss) | 943 | 240 | (166) | |||||||||||
Headline earnings/(loss) | 775 | 249 | (154) | |||||||||||
Diluted headline earnings/(loss) | 758 | 240 | (157) |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
|||||||||||
Net profit/(loss) for the period attributable to owners of the parent | 5 785 | 1 332 | (878) | |||||||||||
Adjusted for: | ||||||||||||||
Gain on bargain purchase1
|
(1 153) | — | — | |||||||||||
Profit on sale of property, plant and equipment | (4) | (1) | (2) | |||||||||||
Taxation effect on profit on sale of property, plant and equipment | 1 | — | — | |||||||||||
Loss on scrapping of property, plant and equipment | 19 | — | 62 | |||||||||||
Taxation effect on loss on scrapping of property, plant and equipment | (4) | — | (10) | |||||||||||
Headline earnings/(loss) | 4 644 | 1 331 | (828) |
Short term
Year 1 |
Medium term
Year 2 |
Medium term
Year 3 |
Long term
Year 4 |
|||||||||||
Gold price (R/kg) | 938 000 | 895 000 | 805 000 | 700 000 |
Figures in million | Rand gold hedging contracts (a) | US$ gold hedging contracts | US$ silver contracts | Foreign exchange contracts | Rand gold derivative contracts | Total | ||||||||||||||
As at 31 December 2020 (Reviewed) | ||||||||||||||||||||
Derivative financial assets | 811 | 10 | — | 510 | — | 1 331 | ||||||||||||||
Non-current | 508 | 8 | — | 97 | — | 613 | ||||||||||||||
Current | 303 | 2 | — | 413 | — | 718 | ||||||||||||||
Derivative financial liabilities | (1 203) | (290) | (180) | (8) | (61) | (1 742) | ||||||||||||||
Non-current | (22) | (45) | (48) | — | — | (115) | ||||||||||||||
Current | (1 181) | (245) | (132) | (8) | (61) | (1 627) | ||||||||||||||
Net derivative financial instruments | (392) | (280) | (180) | 502 | (61) | (411) | ||||||||||||||
Unamortised day one net loss included above | 30 | 10 | — | — | — | 40 | ||||||||||||||
Unrealised losses included in other reserves, net of tax | 287 | 271 | — | — | — | 558 | ||||||||||||||
Realised losses included in revenue | (1 595) | (176) | — | — | — | (1 771) | ||||||||||||||
Unrealised gains/(losses) on gold contracts recognised in other comprehensive income | 1 670 | (164) | — | — | — | 1 506 | ||||||||||||||
Gains/(losses) on derivatives | — | — | (274) | 1 105 | 101 | 932 | ||||||||||||||
Day one loss amortisation | (26) | (4) | — | — | — | (30) | ||||||||||||||
Total gains/(losses) on derivatives | (26) | (4) | (274) | 1 105 | 101 | 902 | ||||||||||||||
Hedge effectiveness | ||||||||||||||||||||
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness | 1 670 | (164) | — | — | — | 1 506 | ||||||||||||||
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness | (1 670) | 164 | — | — | — | (1 506) |
Figures in million | Rand gold hedging contracts (a) | US$ gold hedging contracts | US$ silver contracts | Foreign exchange contracts | Rand gold derivative contracts | Total | ||||||||||||||
As at 31 December 2019 (Reviewed) | ||||||||||||||||||||
Derivative financial assets | 104 | 13 | — | 622 | — | 739 | ||||||||||||||
Non-current | 86 | 8 | — | 109 | — | 203 | ||||||||||||||
Current | 18 | 5 | — | 513 | — | 536 | ||||||||||||||
Derivative financial liabilities | (564) | (109) | (6) | — | (14) | (693) | ||||||||||||||
Non-current | (142) | (19) | (1) | — | — | (162) | ||||||||||||||
Current | (422) | (90) | (5) | — | (14) | (531) | ||||||||||||||
Net derivative financial instruments | (460) | (96) | (6) | 622 | (14) | 46 | ||||||||||||||
Unamortised day one net loss included above | 24 | 13 | — | — | — | 37 | ||||||||||||||
Realised gains/(losses) included in other reserves | (289) | (28) | — | — | — | (317) | ||||||||||||||
Unrealised losses included in other comprehensive income1
|
464 | 80 | — | — | — | 544 | ||||||||||||||
Gains included in gains on derivatives | — | (8) | 243 | (56) | 179 | |||||||||||||||
Day one loss amortisation | (20) | (2) | — | — | — | (22) | ||||||||||||||
Total gains/(losses) on derivatives | (20) | (2) | (8) | 243 | (56) | 157 | ||||||||||||||
Hedge effectiveness | ||||||||||||||||||||
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness | (464) | (80) | — | — | — | (544) | ||||||||||||||
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness | 464 | 80 | — | — | — | 544 |
Figures in million | Rand gold hedging contracts | US$ gold hedging contracts | US$ silver contracts | Foreign exchange contracts | Rand gold derivative contracts | Total | ||||||||||||||
As at 30 June 2020 (Audited) | ||||||||||||||||||||
Derivative financial assets | 19 | 8 | 11 | 30 | — | 68 | ||||||||||||||
Non-current | 10 | 5 | 5 | 30 | — | 50 | ||||||||||||||
Current | 9 | 3 | 6 | — | — | 18 | ||||||||||||||
Derivative financial liabilities | (3 626) | (356) | (4) | (760) | (257) | (5 003) | ||||||||||||||
Non-current | (717) | (96) | (1) | (65) | — | (879) | ||||||||||||||
Current | (2 909) | (260) | (3) | (695) | (257) | (4 124) | ||||||||||||||
Net derivative financial instruments | (3 607) | (348) | 7 | (730) | (257) | (4 935) | ||||||||||||||
Unamortised day one net loss included above | 18 | 8 | — | — | — | 26 | ||||||||||||||
Unrealised losses included in other reserves, net of tax | 3 053 | 342 | — | — | — | 3 395 | ||||||||||||||
Realised losses included in revenue | (1 263) | (134) | — | — | — | (1 397) | ||||||||||||||
Unrealised losses on gold contracts recognised in other comprehensive income | (4 820) | (391) | — | — | — | (5 211) | ||||||||||||||
Gains/(losses) on derivatives | — | — | 6 | (1 235) | (174) | (1 403) | ||||||||||||||
Unrealised losses reclassified to profit or loss as a result of discontinuance of hedge accounting | (235) | — | — | — | — | (235) | ||||||||||||||
Day one loss amortisation | (34) | (6) | — | — | — | (40) | ||||||||||||||
Total gains/(losses) on derivatives | (269) | (6) | 6 | (1 235) | (174) | (1 678) | ||||||||||||||
Hedge effectiveness | ||||||||||||||||||||
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness | (4 820) | (391) | — | — | — | (5 211) | ||||||||||||||
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness | 4 820 | 391 | — | — | — | 5 211 |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019
(Restated)1
|
30 June
2020 (Audited) |
|||||||||||
Opening balance | (3 395) | (214) | (214) | |||||||||||
Remeasurement of gold hedging contracts | 2 852 | (178) | (3 197) | |||||||||||
Unrealised gain/(loss) on gold contracts | 1 506 | (544) | (5 211) | |||||||||||
Unrealised losses reclassified to profit or loss as a result of discontinuance of hedge accounting | — | — | 235 | |||||||||||
Released to revenue | 1 771 | 317 | 1 397 | |||||||||||
Foreign exchange translation | 53 | — | (37) | |||||||||||
Deferred taxation thereon | (478) | 49 | 419 | |||||||||||
Attributable to non-controlling interest | (15) | — | 16 | |||||||||||
Closing balance | (558) | (392) | (3 395) |
FY 2021 | FY2022 | FY2023 | TOTAL | ||||||||||||||||||||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||
Zero cost collars | |||||||||||||||||||||||||||||
US$m | 84 | 61 | 47 | 42 | 27 | — | — | — | 261 | ||||||||||||||||||||
Average Floor - R/US$ | 15.44 | 15.91 | 16.32 | 16.93 | 17.99 | — | — | — | 16.17 | ||||||||||||||||||||
Average Cap - R/US$ | 16.62 | 17.28 | 17.9 | 18.54 | 19.65 | — | — | — | 17.57 | ||||||||||||||||||||
Forward contracts | |||||||||||||||||||||||||||||
US$m | 18 | 12 | 9 | 9 | 8 | — | — | — | 56 | ||||||||||||||||||||
Average Forward rate - R/US$ | 16.90 | 16.93 | 18.18 | 18.41 | 18.71 | — | — | — | 17.76 | ||||||||||||||||||||
R/gold | |||||||||||||||||||||||||||||
000 oz – restructured | 8 | — | — | — | — | — | — | — | 8 | ||||||||||||||||||||
'000 oz – cash flow hedge | 92 | 86 | 79 | 70 | 58 | 48 | 29 | 1 | 463 | ||||||||||||||||||||
Average R'000/kg | 742 | 790 | 863 | 932 | 1025 | 1076 | 1109 | 1081 | 892 | ||||||||||||||||||||
US$/gold | |||||||||||||||||||||||||||||
'000 oz – cash flow hedge | 12 | 12 | 12 | 12 | 11 | 10 | 9 | 3 | 81 | ||||||||||||||||||||
Average US$/oz | 1 489 | 1 521 | 1 561 | 1 606 | 1 723 | 1 802 | 1 911 | 1 883 | 1 654 | ||||||||||||||||||||
Total gold | |||||||||||||||||||||||||||||
000 oz | 112 | 98 | 91 | 82 | 69 | 58 | 38 | 4 | 552 | ||||||||||||||||||||
US$/silver | |||||||||||||||||||||||||||||
000 oz | 375 | 375 | 365 | 335 | 315 | 285 | 175 | 25 | 2 250 | ||||||||||||||||||||
Average Floor - US$/oz | 18.29 | 18.42 | 18.61 | 19.52 | 20.05 | 20.43 | 23.13 | 24.24 | 19.51 | ||||||||||||||||||||
Average Cap - US$/oz | 19.84 | 20.02 | 20.26 | 21.35 | 22.05 | 22.49 | 25.45 | 26.84 | 21.32 |
Figures in million |
US$ term loan
US dollar |
US$ RCF
US dollar |
Rand term loan
SA rand |
Rand RCF
SA rand |
Westpac fleet loan US dollar | ||||||||||||
Borrowings summary at 31 December 2020 | |||||||||||||||||
Original facility | 200 | 200 | 600 | 1 400 | N/A | ||||||||||||
Drawn down/ loan balance | 200 | 80 | 600 | — | 11 | ||||||||||||
Undrawn borrowing facilities | N/A | 120 | N/A | 1 400 | N/A | ||||||||||||
Maturity | September | September | November | November | July | ||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||
Interest rate |
LIBOR +
3.05% |
LIBOR +
2.90% |
JIBAR +
2.90% |
JIBAR +
2.80% |
LIBOR +
3.20% |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June 2020
(Audited) |
|||||||||||
Translation gain/(loss) on US$ facilities1
|
789 | 49 | (967) | |||||||||||
Rand/US$ exchange rate: | ||||||||||||||
Closing/spot | 14.69 | 13.99 | 17.32 | |||||||||||
Average | 16.25 | 14.69 | 15.66 |
Figures in million | Streaming contract | ||||
Balance at 1 October 2020 – initial recognition | 1 417 | ||||
Finance costs related to significant financing component | 25 | ||||
Non-cash consideration for delivery of gold ounces | (119) | ||||
Balance as at 31 December 2020 | 1 323 | ||||
– Current | 390 | ||||
– Non-current | 933 | ||||
Figures in million | Total | ||||
Cash consideration paid | 3 366 | ||||
Cash acquired | (3) | ||||
Net cash paid | 3 363 |
Figures in million | Total | ||||||||||||||||
Non-current assets | |||||||||||||||||
Property, plant and equipment | 6 547 | ||||||||||||||||
Restricted Investments | 1 268 | ||||||||||||||||
Deferred tax assets | 103 | ||||||||||||||||
Current assets | |||||||||||||||||
Inventories | 454 | ||||||||||||||||
Trade and other receivables | 59 | ||||||||||||||||
Cash and cash equivalents | 3 | ||||||||||||||||
Non-current liabilities | |||||||||||||||||
Deferred tax liabilities | (251) | ||||||||||||||||
Provision for environmental rehabilitation | (1 442) | ||||||||||||||||
Other non-current liabilities | (41) | ||||||||||||||||
Streaming contract liability | (938) | ||||||||||||||||
Current liabilities | |||||||||||||||||
Trade and other payables | (535) | ||||||||||||||||
Streaming contract liability | (479) | ||||||||||||||||
Provisional fair value of net identifiable assets acquired at 1 October 2020 | 4 748 |
Figures in million | Total | ||||||||||||||||
1 October 2020 – 31 December 2020 | |||||||||||||||||
Revenue | 2 836 | ||||||||||||||||
Non-cash consideration for streaming arrangements | 119 | ||||||||||||||||
Total revenue | 2 955 | ||||||||||||||||
Production costs | (2 004) | ||||||||||||||||
Amortisation and depreciation | (99) | ||||||||||||||||
Acquisition cost | (17) | ||||||||||||||||
Investment income from restricted investments | 33 | ||||||||||||||||
Finance costs | (53) | ||||||||||||||||
Profit before taxation | 815 | ||||||||||||||||
Taxation | (8) | ||||||||||||||||
Profit after taxation | 807 |
Figures in million | Total | ||||||||||||||||
1 July 2020 – 31 December 2020 | |||||||||||||||||
Revenue | 5 677 | ||||||||||||||||
Non-cash consideration for streaming arrangements | 238 | ||||||||||||||||
Total revenue | 5 915 | ||||||||||||||||
Production costs | (3 821) | ||||||||||||||||
Amortisation and depreciation | (197) | ||||||||||||||||
Acquisition cost | (111) | ||||||||||||||||
Investment income from restricted investments | 51 | ||||||||||||||||
Finance costs | (107) | ||||||||||||||||
Profit before taxation | 1 730 | ||||||||||||||||
Taxation | (8) | ||||||||||||||||
Profit after taxation | 1 722 |
Figures in million | Total | ||||
Consideration paid | |||||
– Cash consideration | 3 366 | ||||
– Contingent consideration | 229 | ||||
Fair value of net identifiable assets acquired | (4 748) | ||||
Gain on bargain purchase | (1 153) |
At | At | At | ||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
30 June
2020 (Audited) |
31 December
2019 (Reviewed) |
|||||||||||
Cash and cash equivalents | 4 217 | 6 357 | 1 250 | |||||||||||
Borrowings | (4 797) | (7 718) | (5 540) | |||||||||||
Net debt | (580) | (1 361) | (4 290) |
Level 1: |
Quoted prices (unadjusted) in active markets;
|
||||
Level 2: |
Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly (that is, as prices) or indirectly (that is derived from prices);
|
||||
Level 3: |
Inputs for the asset that are not based on observable market data (that is unobservable inputs).
|
Six months ended | Year ended | |||||||||||||
Figures in million | Fair value hierarchy level |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
||||||||||
Fair value through other comprehensive income financial instruments | ||||||||||||||
Other non-current assets (a) | Level 3 | 69 | 72 | 77 | ||||||||||
Restricted investments (b) | Level 1 | 232 | — | — | ||||||||||
Fair value through profit or loss financial instruments | ||||||||||||||
Restricted investments (b) | Level 2 | 42 | — | — | ||||||||||
Restricted investments (b) | Level 2 | 1 261 | 1 259 | 837 | ||||||||||
Derivative financial assets (c) | Level 2 | 1 331 | 739 | 68 | ||||||||||
Derivative financial liabilities (c) | Level 2 | (1 742) | (693) | (5 003) | ||||||||||
Loan to ARM BBEE Trust (d) | Level 3 | 302 | 285 | 306 | ||||||||||
Contingent consideration liability (e) | Level 3 | (237) | — | — |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
30 June
2020 (Audited) |
|||||||||||
Capital expenditure – operations | 1 856 | 1 695 | 2 881 | |||||||||||
Capital and capitalised exploration and evaluation expenditure for Wafi-Golpu | 23 | 40 | 54 | |||||||||||
Additions resulting from stripping activities | 487 | 535 | 675 | |||||||||||
Total additions to property, plant and equipment | 2 366 | 2 270 | 3 610 |
At | At | At | ||||||||||||
Figures in million |
31 December
2020 (Reviewed) |
30 June
2020 (Audited) |
31 December
2019 (Reviewed) |
|||||||||||
Capital expenditure commitments: | ||||||||||||||
Contracts for capital expenditure | 440 | 368 | 463 | |||||||||||
Authorised by the directors but not contracted for | 2 751 | 1 314 | 1 373 | |||||||||||
Total capital commitments | 3 191 | 1 682 | 1 836 |
Name of director/prescribed officer | Shares purchased in open market | Shares sold in open market | Performance and deferred shares vested and retained | |||||||||||
P Steenkamp (Executive director) | — | — | 450 397 | |||||||||||
B Lekubo (Executive director) | — | — | 3 581 | |||||||||||
HE Mashego (Executive director) | — | — | 3 319 | |||||||||||
B Nel (Prescribed officer) | — | — | 173 689 | |||||||||||
V Tobias (Prescribed officer) | — | 1 500 | 177 597 | |||||||||||
M van der Walt (Prescribed officer) | — | — | 139 356 | |||||||||||
J van Heerden (Prescribed officer) | — | — | 6 156 |
Six months ended | |||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
|||||||||
Reconciliation of production profit to gross profit/(loss) | |||||||||||
Revenue | 21 588 | 15 477 | |||||||||
– Per segment report | 21 018 | 15 009 | |||||||||
– Other metal sales treated as by-product credits in the segment report | 570 | 468 | |||||||||
Production costs | (14 808) | (11 366) | |||||||||
– Per segment report | (14 238) | (10 898) | |||||||||
– Other metal sales treated as by-product credits in the segment report | (570) | (468) | |||||||||
Production profit per segment report | 6 780 | 4 111 | |||||||||
Amortisation and depreciation | (1 816) | (1 926) | |||||||||
Other cost of sales items | (298) | (206) | |||||||||
Gross profit as per income statement1
|
4 666 | 1 979 |
At | At | ||||||||||
Figures in million |
31 December
2020 (Reviewed) |
31 December
2019 (Reviewed) |
|||||||||
Reconciliation of total segment mining assets to consolidated property, plant and equipment | |||||||||||
Property, plant and equipment not allocated to a segment | |||||||||||
Mining assets | 343 | 364 | |||||||||
Undeveloped property | 3 681 | 3 681 | |||||||||
Other non-mining assets | 102 | 126 | |||||||||
Wafi-Golpu assets | 2 502 | 2 450 | |||||||||
6 628 | 6 621 |
Revenue | Production cost |
Production
profit/(loss) |
Mining assets |
Capital expenditure#
|
Kilograms produced* | Tonnes milled* | ||||||||||||||||||||||||||||||||||||||
31 December | 31 December | 31 December | 31 December | 31 December | 31 December | 31 December | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
R million | R million | R million | R million | R million | kg | t'000 | ||||||||||||||||||||||||||||||||||||||
South Africa
Underground |
||||||||||||||||||||||||||||||||||||||||||||
Tshepong Operations | 3 099 | 3 141 | 2 495 | 2 310 | 604 | 831 | 6 957 | 6 591 | 464 | 572 | 3 453 | 4 479 | 733 | 889 | ||||||||||||||||||||||||||||||
Moab Khotsong | 3 403 | 2 854 | 2 028 | 1 795 | 1 375 | 1 059 | 4 318 | 3 783 | 294 | 298 | 3 725 | 3 987 | 440 | 456 | ||||||||||||||||||||||||||||||
Mponeng | 1 746 | — | 1 150 | — | 596 | — | 4 689 | — | 218 | — | 1 874 | — | 228 | — | ||||||||||||||||||||||||||||||
Bambanani | 946 | 910 | 594 | 565 | 352 | 345 | 387 | 488 | 33 | 31 | 1 050 | 1 297 | 117 | 123 | ||||||||||||||||||||||||||||||
Joel | 617 | 599 | 572 | 546 | 45 | 53 | 1 129 | 1 047 | 88 | 91 | 685 | 855 | 169 | 233 | ||||||||||||||||||||||||||||||
Doornkop | 1 756 | 1 166 | 1 098 | 923 | 658 | 243 | 2 938 | 2 828 | 225 | 167 | 1 940 | 1 632 | 445 | 381 | ||||||||||||||||||||||||||||||
Target 1 | 945 | 742 | 850 | 761 | 95 | (19) | 1 350 | 1 199 | 183 | 192 | 1 021 | 1 136 | 280 | 305 | ||||||||||||||||||||||||||||||
Kusasalethu | 2 105 | 1 189 | 1 601 | 1 391 | 504 | (204) | 1 163 | 1 274 | 91 | 118 | 2 305 | 1 648 | 375 | 349 | ||||||||||||||||||||||||||||||
Masimong | 838 | 818 | 715 | 684 | 123 | 134 | 32 | 65 | 11 | 17 | 994 | 1 208 | 258 | 311 | ||||||||||||||||||||||||||||||
Unisel1
|
224 | 397 | 182 | 320 | 42 | 77 | — | 29 | — | 5 | 247 | 586 | 57 | 136 | ||||||||||||||||||||||||||||||
Surface | ||||||||||||||||||||||||||||||||||||||||||||
All other surface operations | 3 340 | 1 373 | 2 083 | 999 | 1 257 | 374 | 2 498 | 716 | 150 | 33 | 3 741 | 2 009 | 15 972 | 7 862 | ||||||||||||||||||||||||||||||
Total South Africa | 19 019 | 13 189 | 13 368 | 10 296 | 5 651 | 2 893 | 25 461 | 18 020 | 1 757 | 1 524 | 21 035 | 18 837 | 19 074 | 11 045 | ||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||
Hidden Valley | 1 999 | 1 820 | 870 | 602 | 1 129 | 1 218 | 3 091 | 3 568 | 585 | 706 | 2 148 | 2 574 | 1 789 | 2 039 | ||||||||||||||||||||||||||||||
Total international | 1 999 | 1 820 | 870 | 602 | 1 129 | 1 218 | 3 091 | 3 568 | 585 | 706 | 2 148 | 2 574 | 1 789 | 2 039 | ||||||||||||||||||||||||||||||
Total operations | 21 018 | 15 009 | 14 238 | 10 898 | 6 780 | 4 111 | 28 552 | 21 588 | 2 342 | 2 230 | 23 183 | 21 411 | 20 863 | 13 084 | ||||||||||||||||||||||||||||||
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 19)
|
570 | 468 | 570 | 468 | — | — | 6 628 | 6 621 | ||||||||||||||||||||||||||||||||||||
21 588 | 15 477 | 14 808 | 11 366 | 6 780 | 4 111 | 35 180 | 28 209 | 2 342 | 2 230 | 23 183 | 21 411 | 20 863 | 13 084 |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 |
31 December
2019 |
30 June
2020 |
|||||||||||
Revenue | 1 329 | 1 054 | 1 867 | |||||||||||
Cost of sales | (1 041) | (919) | (1 655) | |||||||||||
Production costs | (911) | (774) | (1 409) | |||||||||||
Amortisation and depreciation | (112) | (131) | (224) | |||||||||||
Other items | (18) | (14) | (22) | |||||||||||
Gross profit | 288 | 135 | 212 | |||||||||||
Corporate, administration and other expenditure | (33) | (23) | (39) | |||||||||||
Exploration expenditure | (5) | (9) | (13) | |||||||||||
Gains/(losses) on derivatives | 56 | 11 | (107) | |||||||||||
Foreign exchange translation gain/(loss) | 40 | 2 | (57) | |||||||||||
Other operating expenses | (3) | (4) | (20) | |||||||||||
Operating profit/(loss) | 343 | 112 | (24) | |||||||||||
Share of profits from associates | 4 | 3 | 6 | |||||||||||
Gain on bargain purchase | 69 | — | — | |||||||||||
Acquisition costs | (7) | — | (3) | |||||||||||
Investment income | 15 | 10 | 24 | |||||||||||
Finance costs | (20) | (23) | (42) | |||||||||||
Profit/(loss) before taxation | 404 | 102 | (39) | |||||||||||
Taxation | (48) | (11) | (17) | |||||||||||
Current taxation | (20) | (4) | (4) | |||||||||||
Deferred taxation | (28) | (7) | (13) | |||||||||||
Net profit/(loss) for the period | 356 | 91 | (56) | |||||||||||
Attributable to: | ||||||||||||||
Non-controlling interest | 2 | — | 2 | |||||||||||
Owners of the parent | 354 | 91 | (58) | |||||||||||
Earnings/(loss) per ordinary share (cents) | ||||||||||||||
Basic earnings/(loss) | 59 | 17 | (10) | |||||||||||
Diluted earnings/(loss) | 57 | 16 | (11) |
Note on convenience translations
The requirements of IAS 21 The Effects of the Changes in Foreign Exchange Rates have not necessarily been applied in the translation of the US Dollar financial statements presented on page 36 to 40.
|
Six months period | Year ended | |||||||||||||
Figures in million |
31 December
2020 |
31 December
2019 Restated* |
30 June
2020 |
|||||||||||
Net loss for the year | 356 | 91 | (56) | |||||||||||
Other comprehensive income for the year, net of income tax | 108 | (18) | (124) | |||||||||||
Items that may be reclassified subsequently to profit or loss: | 107 | (19) | (127) | |||||||||||
Foreign exchange translation gain/(loss) | (69) | (29) | 77 | |||||||||||
Remeasurement of gold hedging contracts | 176 | 10 | (204) | |||||||||||
Items that will not be reclassified to profit or loss: | 1 | 1 | 3 | |||||||||||
Gain on assets measured at fair value through other comprehensive income | 1 | 1 | 2 | |||||||||||
Actuarial gain recognised during the year | — | — | 1 | |||||||||||
Total comprehensive income for the year | 464 | 73 | (180) | |||||||||||
Attributable to: | ||||||||||||||
Non-controlling interest | 2 | — | — | |||||||||||
Owners of the parent | 462 | 73 | (180) |
Figures in million |
Share
capital |
Accumulated loss |
Other
reserves |
Non-controlling interest | Total | |||||||||||||||
Balance – 1 July 2020 | 2 242 | (819) | 206 | — | 1 629 | |||||||||||||||
Share-based payments | — | — | 6 | — | 6 | |||||||||||||||
Net profit for the period | — | 356 | — | 2 | 358 | |||||||||||||||
Other comprehensive income for the period | — | — | 117 | 1 | 118 | |||||||||||||||
Balance – 31 December 2020 | 2 242 | (463) | 329 | 3 | 2 111 | |||||||||||||||
Balance – 1 July 2019 | 2 112 | (836) | 342 | — | 1 618 | |||||||||||||||
Share-based payments | — | — | 6 | — | 6 | |||||||||||||||
Net profit for the period | — | 95 | — | — | 95 | |||||||||||||||
Other comprehensive income for the period | — | — | (18) | — | (18) | |||||||||||||||
Balance – 31 December 2019 | 2 112 | (741) | 330 | — | 1 701 |
At | At | At | ||||||||||||
Figures in million |
31 December
2020 |
30 June
2020 |
31 December
2019 |
|||||||||||
ASSETS | ||||||||||||||
Non-current assets | ||||||||||||||
Property, plant and equipment | 2 395 | 1 685 | 2 016 | |||||||||||
Intangible assets | 37 | 31 | 38 | |||||||||||
Restricted cash | 9 | 5 | 7 | |||||||||||
Restricted investments | 336 | 204 | 242 | |||||||||||
Investments in associates | 10 | 8 | 7 | |||||||||||
Inventories | 3 | 3 | 3 | |||||||||||
Deferred tax assets | 21 | 31 | — | |||||||||||
Other non-current assets | 26 | 22 | 26 | |||||||||||
Derivative financial assets | 42 | 3 | 15 | |||||||||||
Total non-current assets | 2 879 | 1 992 | 2 354 | |||||||||||
Current assets | ||||||||||||||
Inventories | 150 | 140 | 140 | |||||||||||
Restricted cash | 5 | 4 | 4 | |||||||||||
Trade and other receivables | 101 | 75 | 94 | |||||||||||
Derivative financial assets | 49 | 1 | 38 | |||||||||||
Cash and cash equivalents | 287 | 367 | 89 | |||||||||||
Total current assets | 592 | 587 | 365 | |||||||||||
Total assets | 3 471 | 2 579 | 2 719 | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||||
Share capital and reserves | ||||||||||||||
Attributable to equity holders of the parent company | 2 108 | 1 350 | 1 701 | |||||||||||
Share capital | 2 242 | 1 902 | 2 112 | |||||||||||
Other reserves | 329 | 174 | 330 | |||||||||||
Accumulated loss | (463) | (726) | (741) | |||||||||||
Non-controlling interest | 3 | — | — | |||||||||||
Total equity | 2 111 | 1 350 | 1 701 | |||||||||||
Non-current liabilities | ||||||||||||||
Deferred tax liabilities | 123 | 58 | 54 | |||||||||||
Provision for environmental rehabilitation | 324 | 197 | 225 | |||||||||||
Provision for silicosis settlement | 45 | 41 | 53 | |||||||||||
Retirement benefit obligation | 15 | 11 | 15 | |||||||||||
Borrowings | 300 | 431 | 390 | |||||||||||
Contingent consideration liability | 16 | — | — | |||||||||||
Other non-current liabilities | 9 | 6 | 6 | |||||||||||
Derivative financial liabilities | 8 | 51 | 12 | |||||||||||
Streaming contract financial liability | 64 | — | — | |||||||||||
Total non-current liabilities | 904 | 795 | 755 | |||||||||||
Current liabilities | ||||||||||||||
Provision for silicosis settlement | 12 | 10 | 13 | |||||||||||
Borrowings | 27 | 15 | 6 | |||||||||||
Trade and other payables | 279 | 171 | 206 | |||||||||||
Derivative financial liabilities | 111 | 238 | 38 | |||||||||||
Streaming contract financial liability | 27 | — | — | |||||||||||
Total current liabilities | 456 | 434 | 263 | |||||||||||
Total equity and liabilities | 3 471 | 2 579 | 2 719 |
Six months ended | Year ended | |||||||||||||
Figures in million |
31 December
2020 |
31 December
2019 |
30 June
2020 |
|||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||||||
Cash generated by operations | 374 | 199 | 321 | |||||||||||
Interest received | 2 | 3 | 5 | |||||||||||
Interest paid | (11) | (11) | (24) | |||||||||||
Dividends received | 3 | — | — | |||||||||||
Income and mining taxes paid | (12) | (5) | (2) | |||||||||||
Cash generated from operating activities | 356 | 186 | 300 | |||||||||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||||||
Increase in restricted cash | (1) | (1) | (1) | |||||||||||
Decrease in amounts invested in restricted investments | 2 | — | — | |||||||||||
Redemption of preference shares from associates | 2 | 4 | 4 | |||||||||||
Acquisition of the Mponeng operations and related assets | (200) | — | — | |||||||||||
Additions to property, plant and equipment | (146) | (155) | (230) | |||||||||||
Cash utilised by investing activities | (343) | (152) | (227) | |||||||||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||||||
Borrowings raised | — | 323 | 418 | |||||||||||
Borrowings repaid | (131) | (341) | (361) | |||||||||||
Proceeds from the issue of shares | — | — | 200 | |||||||||||
Lease payments | (2) | (1) | (2) | |||||||||||
Cash generated from financing activities | (133) | (19) | 255 | |||||||||||
Foreign currency translation adjustments | 40 | 4 | (31) | |||||||||||
Net increase/decrease in cash and cash equivalents | (80) | 19 | 297 | |||||||||||
Cash and cash equivalents – beginning of period | 367 | 70 | 70 | |||||||||||
Cash and cash equivalents – end of period | 287 | 89 | 367 |
Revenue | Production cost | Production profit/(loss) | Mining assets | Capital expenditure# | Ounces produced | Tons milled | ||||||||||||||||||||||||||||||||||||||
31 December | 31 December | 31 December | 31 December | 31 December | 31 December | 31 December | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
US$ million | US$ million | US$ million | US$ million | US$ million | oz | t'000 | ||||||||||||||||||||||||||||||||||||||
South Africa
Underground |
||||||||||||||||||||||||||||||||||||||||||||
Tshepong Operations | 191 | 214 | 154 | 157 | 37 | 57 | 474 | 471 | 29 | 39 | 111 016 | 144 003 | 808 | 980 | ||||||||||||||||||||||||||||||
Moab Khotsong | 209 | 194 | 124 | 122 | 85 | 72 | 294 | 270 | 18 | 20 | 119 761 | 128 185 | 485 | 503 | ||||||||||||||||||||||||||||||
Mponeng | 107 | — | 66 | — | 41 | — | 319 | — | 13 | — | 60 250 | — | 251 | — | ||||||||||||||||||||||||||||||
Bambanani | 58 | 62 | 37 | 38 | 21 | 24 | 26 | 35 | 2 | 2 | 33 758 | 41 699 | 129 | 136 | ||||||||||||||||||||||||||||||
Joel | 38 | 41 | 35 | 37 | 3 | 4 | 77 | 75 | 5 | 6 | 22 023 | 27 489 | 187 | 257 | ||||||||||||||||||||||||||||||
Doornkop | 108 | 79 | 68 | 63 | 40 | 16 | 200 | 202 | 14 | 11 | 62 372 | 52 470 | 491 | 420 | ||||||||||||||||||||||||||||||
Target 1 | 58 | 51 | 52 | 52 | 6 | (1) | 92 | 86 | 11 | 13 | 32 825 | 36 523 | 308 | 336 | ||||||||||||||||||||||||||||||
Kusasalethu | 130 | 81 | 99 | 95 | 31 | (14) | 79 | 91 | 6 | 8 | 74 107 | 52 984 | 413 | 385 | ||||||||||||||||||||||||||||||
Masimong | 52 | 56 | 44 | 47 | 8 | 9 | 2 | 5 | 1 | 1 | 31 958 | 38 838 | 285 | 343 | ||||||||||||||||||||||||||||||
Unisel1
|
14 | 27 | 11 | 22 | 3 | 5 | — | 2 | — | — | 7 941 | 18 841 | 63 | 150 | ||||||||||||||||||||||||||||||
Surface | ||||||||||||||||||||||||||||||||||||||||||||
All other surface operations | 206 | 93 | 132 | 68 | 74 | 25 | 170 | 51 | 9 | 4 | 120 276 | 64 591 | 17 614 | 8 670 | ||||||||||||||||||||||||||||||
Total South Africa | 1 171 | 898 | 822 | 701 | 349 | 197 | 1 733 | 1 288 | 108 | 104 | 676 287 | 605 623 | 21 034 | 12 180 | ||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||
Hidden Valley | 123 | 124 | 54 | 41 | 69 | 83 | 210 | 255 | 36 | 48 | 69 060 | 82 756 | 1 973 | 2 248 | ||||||||||||||||||||||||||||||
Total international | 123 | 124 | 54 | 41 | 69 | 83 | 210 | 255 | 36 | 48 | 69 060 | 82 756 | 1 973 | 2 248 | ||||||||||||||||||||||||||||||
Total operations | 1 294 | 1 022 | 876 | 742 | 418 | 280 | 1 943 | 1 543 | 144 | 152 | 745 347 | 688 379 | 23 007 | 14 428 |
CHANNEL | |||||||||||||||||
Reef | Sampled | Width | Value | Gold | |||||||||||||
Meters | Meters | (Cm's) | (g/t) | (Cmg/t) | |||||||||||||
Tshepong | |||||||||||||||||
Basal | 506 | 476 | 8.79 | 117.01 | 1 029 | ||||||||||||
B Reef | 177 | 172 | 174.27 | 5.85 | 1 020 | ||||||||||||
All Reefs | 683 | 648 | 52.71 | 19.47 | 1 026 | ||||||||||||
Phakisa | |||||||||||||||||
Basal | 775 | 784 | 42.36 | 32.53 | 1 378 | ||||||||||||
All Reefs | 775 | 784 | 42.36 | 32.53 | 1 378 | ||||||||||||
Doornkop | |||||||||||||||||
South Reef | 848 | 684 | 68.71 | 15.43 | 1 060 | ||||||||||||
All Reefs | 848 | 684 | 68.71 | 15.43 | 1 060 | ||||||||||||
Kusasalethu | |||||||||||||||||
VCR Reef | 202 | 220 | 52.54 | 18.31 | 962 | ||||||||||||
All Reefs | 202 | 220 | 52.54 | 18.31 | 962 | ||||||||||||
Target 1 | |||||||||||||||||
Elsburg | 157 | 72 | 253.33 | 7.50 | 1 900 | ||||||||||||
All Reefs | 157 | 72 | 253.33 | 7.50 | 1 900 | ||||||||||||
Masimong 5 | |||||||||||||||||
Basal | 537 | 426 | 80.16 | 16.23 | 1 301 | ||||||||||||
B Reef | 419 | 390 | 82.64 | 22.32 | 1 845 | ||||||||||||
All Reefs | 956 | 816 | 81.35 | 19.19 | 1 561 | ||||||||||||
Joel | |||||||||||||||||
Beatrix | 874 | 852 | 147.00 | 6.72 | 988 | ||||||||||||
All Reefs | 874 | 852 | 147.00 | 6.72 | 988 | ||||||||||||
Moab Khotsong | |||||||||||||||||
Vaal Reef | 547 | 356 | 100.97 | 41.91 | 4 231 | ||||||||||||
All Reefs | 547 | 356 | 100.97 | 41.91 | 4 231 | ||||||||||||
Mponeng | |||||||||||||||||
VCR | 192 | 146 | 85.00 | 34.00 | 2 907 | ||||||||||||
Carbon Leader | 48 | 24 | 41.00 | 47.00 | 1 907 | ||||||||||||
All Reefs | 240 | 170 | 78.92 | 35.05 | 2 766 | ||||||||||||
Total Harmony | |||||||||||||||||
Basal | 1 818 | 1 686 | 42.44 | 29.69 | 1 260 | ||||||||||||
Beatrix | 874 | 852 | 147.00 | 6.72 | 988 | ||||||||||||
B Reef | 596 | 562 | 110.68 | 14.39 | 1 592 | ||||||||||||
Elsburg | 157 | 72 | 253.33 | 7.50 | 1 900 | ||||||||||||
VRF | 547 | 356 | 100.97 | 41.91 | 4 231 | ||||||||||||
South Reef | 848 | 684 | 68.71 | 15.43 | 1 060 | ||||||||||||
VCR | 394 | 366 | 65.58 | 26.50 | 1 738 | ||||||||||||
Carbon Leader | 48 | 24 | 40.53 | 47.05 | 1 907 | ||||||||||||
All Reefs | 5 282 | 4 602 | 83.69 | 17.94 | 1 502 |
CHANNEL | |||||||||||||||||
Reef | Sampled | Width | Value | Gold | |||||||||||||
Feet | Feet | (Inch) | (oz/t) | (In.oz/t) | |||||||||||||
Tshepong | |||||||||||||||||
Basal | 1 659 | 1 562 | 3.00 | 3.94 | 12 | ||||||||||||
B Reef | 581 | 564 | 69.00 | 0.17 | 12 | ||||||||||||
All Reefs | 2 240 | 2 126 | 21.00 | 0.56 | 12 | ||||||||||||
Phakisa | |||||||||||||||||
Basal | 2 544 | 2 572 | 17.00 | 0.93 | 16 | ||||||||||||
All Reefs | 2 544 | 2 572 | 17.00 | 0.93 | 16 | ||||||||||||
Doornkop | |||||||||||||||||
South Reef | 2 783 | 2 244 | 27.00 | 0.45 | 12 | ||||||||||||
All Reefs | 2 783 | 2 244 | 27.00 | 0.45 | 12 | ||||||||||||
Kusasalethu | |||||||||||||||||
VCR Reef | 663 | 722 | 21.00 | 0.53 | 11 | ||||||||||||
All Reefs | 663 | 722 | 21.00 | 0.53 | 11 | ||||||||||||
Target 1 | |||||||||||||||||
Elsburg | 515 | 236 | 100.00 | 0.22 | 22 | ||||||||||||
All Reefs | 515 | 236 | 100.00 | 0.22 | 22 | ||||||||||||
Masimong 5 | |||||||||||||||||
Basal | 1 761 | 1 398 | 32.00 | 0.47 | 15 | ||||||||||||
B Reef | 1 375 | 1 280 | 33.00 | 0.64 | 21 | ||||||||||||
All Reefs | 3 136 | 2 678 | 32.00 | 0.56 | 18 | ||||||||||||
Joel | |||||||||||||||||
Beatrix | 2 866 | 2 795 | 58.00 | 0.20 | 11 | ||||||||||||
All Reefs | 2 866 | 2 795 | 58.00 | 0.20 | 11 | ||||||||||||
Moab Khotsong | |||||||||||||||||
Vaal Reef | 1 794 | 1 168 | 40.00 | 1.21 | 49 | ||||||||||||
All Reefs | 1 794 | 1 168 | 40.00 | 1.21 | 49 | ||||||||||||
Mponeng | |||||||||||||||||
VCR | 629 | 479 | 34.00 | 0.98 | 33 | ||||||||||||
Carbon Leader | 156 | 79 | 16.00 | 1.37 | 22 | ||||||||||||
All Reefs | 785 | 558 | 31.00 | 1.02 | 32 | ||||||||||||
Total Harmony | |||||||||||||||||
Basal | 5 964 | 5 532 | 17.00 | 0.85 | 14 | ||||||||||||
Beatrix | 2 866 | 2 795 | 58.00 | 0.20 | 11 | ||||||||||||
B Reef | 1 956 | 1 844 | 44.00 | 0.42 | 18 | ||||||||||||
Elsburg | 515 | 236 | 100.00 | 0.22 | 22 | ||||||||||||
VRF | 1 794 | 1 168 | 40.00 | 1.21 | 49 | ||||||||||||
South Reef | 2 783 | 2 244 | 27.00 | 0.45 | 12 | ||||||||||||
VCR | 1 292 | 1 201 | 26.00 | 0.77 | 20 | ||||||||||||
Carbon Leader | 156 | 79 | 16.00 | 1.37 | 22 | ||||||||||||
All Reefs | 17 326 | 15 099 | 33.00 | 0.52 | 17 |
Jaco Boshoff | |||||
Physical address: | Postal address: | ||||
Randfontein Office Park
Corner of Main Reef Road and Ward Avenue Randfontein South Africa |
PO Box 2
Randfontein 1760 South Africa |
Greg Job | |||||
Physical address: | Postal address: | ||||
Level 2, 189 Coronation Drive
Milton, Queensland 4064 Australia |
PO Box 1562
Milton, Queensland 4064 Australia |
HARMONY GOLD MINING COMPANY LIMITED
|
||
Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950
Registration number: 1950/038232/06
|
||
CORPORATE OFFICE
|
||
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
|
||
DIRECTORS
|
||
Dr PT Motsepe* (chairman), JM Motloba* (deputy chairman), M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer), BP Lekubo (financial director), HE Mashego (executive director)
JA Chissano*^#, FFT De Buck*^, Dr DSS Lushaba*^, KT Nondumo*^, VP Pillay*^, GR Sibiya*^, JL Wetton*^, AJ Wilkens*, P Turner*^
* Non-executive
^ Independent
# Mozambican
|
||
INVESTOR RELATIONS
|
||
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 2314 or +27 82 759 1775
Website: www.harmony.co.za
|
||
COMPANY SECRETARIAT
|
||
Telephone: +27 11 411 2359
E-mail: companysecretariat@harmony.co.za
|
||
TRANSFER SECRETARIES
|
||
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 861 546 572
E-mail: info@jseinvestorservices.co.za
Fax: +27 86 674 4381
|
||
ADR* DEPOSITARY
|
||
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Operations Centre, 6201 15th Avenue, Brooklyn, NY 11219, United States
E-mail queries: db@astfinancial.com
Toll free (within the US): +1-886-249-2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
*ADR: American Depositary Receipts
|
||
SPONSOR | ||
JP Morgan Equities South Africa (Proprietary) Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
|
||
TRADING SYMBOLS | ||
ISIN: ZAE 000015228 |
Harmony Gold Mining Company Limited
|
|||||||||||||||||
Date: February 23, 2021
|
By: /s/ Boipelo Lekubo
|
||||||||||||||||
Name: Boipelo Lekubo
|
|||||||||||||||||
Title: Financial Director
|
1 Year Harmony Gold Mining Chart |
1 Month Harmony Gold Mining Chart |
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