| Annual financial
statements: |
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Wellesley-Wood on achievements v objectives
in 2003 Has DRD “measured
up”, operationally and financially,
to executive management’s expectations
in the past year?
“A game of two halves”
is how chairman and CEO Mark Wellesley-Wood
characterises the company’s financial performance.
...Full story
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2003 |
2002 |
% change |
| Gold |
|
|
|
|
| Attributable
production |
(thousand ounces) |
870 |
1 027 |
-15 |
| Average
spot price |
(US$ per ounce) |
334 |
296 |
+13 |
| Average
price received |
(US$ per ounce) |
336 |
253 |
+33 |
| Average cash cost |
(US$ per ounce) |
303 |
212 |
+43 |
| Revenue |
(R million) |
2
409 |
2 639 |
-9 |
| Operating profit from
gold |
(R million) |
92 |
278 |
-67 |
| Profit/(loss) after
tax |
(R million) |
371 |
(511) |
+173 |
| Basic profit/(loss)
per share |
(cents) |
202 |
(316) |
+164 |
| Total assets |
(R million) |
1 817 |
1 615 |
+13 |
Proved and probable
mineral reserves |
(million
ounces) |
15.8 |
16.3 |
-3 |
| Net asset value per
share |
(cents) |
248 |
247 |
– |
| Market price per share |
(cents) |
1
930 |
4 299 |
-55 |
| Market price per share |
(US$) |
2.52 |
4.25 |
-41 |
Ordinary shares in issue
30 June |
|
184
222 073 |
177
173 485 |
+4 |
| Market capitalisation |
(R billion) |
3.6 |
7.6 |
-53 |
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At
a glance: company profile |
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In recent years, DRD has distinguished
itself as a marginal miner, acquiring operations rejected
as unprofitable by majors and seeking to turn them
to account through “emergency room” and
“intensive care unit” styles of management. |
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Gold
bugs – and proud of it: Wellesley-Wood reviews
the gold market |
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Unapologetically bullish about
gold when it was hardly fashionable to be so, does
DRD feel vindicated now? |
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Over
the hedge, into the straight: Murray on financial
performance, de-hedging |
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It has been a “tough year”
for DRD operationally and financially in Deputy CEO
Ian Murray’s view. But many of the “jumps”
have been taken – not least the US$120 million
hedge buy-back… |
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Shot
in the arm: Murray on Project Boost |
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The strengthening of the Rand underscores
the need for DRD’s Project Boost growth initiative,
in the view of Deputy CEO Ian Murray |
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A
bit of R&R |
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Reserves and resources, that is… |
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Staying
on the right side of the law: Ncholo on the Minerals
Bill, the Charter, the Scorecard and the Money Bill |
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“The Mining Charter’s
Scorecard provides both the way and the imperative.”
– Paseka Ncholo
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Looking
East: – Wellesley-Wood on growth in Australasia
From DRD’s expressed interest in growth in Australasia,
is it to be inferred there is some disenchantment
with the notion of doing new business in South Africa?
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V8:
Van der Mescht on the flagship, Blyvooruitzicht
“The operation performed relatively well for
the period under review, gaining momentum on the Blyvoor
expansion project (BEP), which is aimed at extending
the life of mine. The development programme has made
a good turnabout, with future plans for this operation
looking increasingly encouraging.” ...More
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Leaner, meaner: Van der Mescht on turning around
the North West Operations
 To
realise this “leaner, meaner” NWO, a number
of interventions have been put in place, including
a culture change from that of a “large”
mine to a mature operation in the latter part of the
business cycle. |
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