SAFETY
- Regrettably, 21 fatalities
- Overall, safety performance improved
- FIFR by 18%
- LTIFR by 16%
FINANCIAL
- Average annual gold price improved to $818/oz
- Group revenue rose by 15% to R9.21 billion
- Cash operating profit of R2.54 billion
- Total basic loss of 62 SA cents per share
- Total headline profit of 126 SA cents per share
OPERATIONAL
- 1.55 million ounces of gold produced (48 227kg)
- A number of major projects continue to advance
- Tshepong sub 66 decline now in production
- Doornkop, Phakisa and Elandsrand in development build-up phase
- Eskom crisis affects performance
CORPORATE
- Extensive operational restructuring completed
- Conops ceased
- Formation of Rand Uranium
- Partnership with Newcrest in Papua New Guinea finalised
OUTLOOK
- Focus on sustained organic growth
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| Annual performance | FY08 | FY07 | % change | |
|---|---|---|---|---|
| Production data | ||||
| Ore milled | 000t | 17 686 | 14 781 | 19.7 |
| - underground | 000t | 9 049 | 10 639 | (14.9) |
| - surface | 000t | 8 637 | 4 142 | 108.5 |
| Gold produced | kg | 48 227 | 54 340 | (11.2) |
| 000oz | 1 550 | 1 747 | (11.2) | |
| - underground | kg | 43 595 | 51 720 | (15.7) |
| oz | 1 402 | 1 663 | (15.7) | |
| - surface | kg | 4 632 | 2 620 | 76.8 |
| oz | 149 | 84 | 76.8 | |
| Average gold price received | R/kg | 190 958 | 147 808 | 29.2 |
| $/oz | 818 | 639 | 28.0 | |
| Operating cost | R/kg | 138 319 | 110 785 | (24.8) |
| Yield | g/t | 2.73 | 3.68 | (25.8) |
| - underground | g/t | 4.82 | 4.86 | (0.8) |
| - surface | g/t | 0.54 | 0.63 | (14.3) |
| Financial data | ||||
| Revenue* | Rm | 9 210 | 8 037 | 14.6 |
| Production costs* | Rm | 6 673 | 6 021 | (10.8) |
| Cash operating profit* | Rm | 2 537 | 2 016 | 25.8 |
| Operating margin | % | 27.6 | 25.1 | 10.0 |
| Net (loss)/profit from continuing operations | Rm | (796) | 820 | (197.0) |
| Profit/(loss) is from continuing operations | Rm | 551 | (473) | (216.5) |
| Net (loss)/profit for the year | Rm | (245) | 382 | (164.1) |
| Total basic (loss)/earnings per share | SA cents | (62) | 96 | (164.6) |
| Total headline earnings per share | SA cents | 126 | 53 | 137.7 |
| Capital expenditure | Rm | 3 647 | 2 301 | 58.5 |
| R/$ exchange rate | ||||
| - average for the year | R/$ | 7.26 | 7.20 | (0.8) |
| - at year-end | R/$ | 7.80 | 7.04 | (10.8) |
| Shareholder information | ||||
| Shares in issue | millions | 403.25 | 398.11 | 1.3 |
| Share price – at year-end | ||||
| JSE | R/share | 95.00 | 100.27 | (5.3) |
| NYSE | $/share | 12.25 | 14.27 | (40.6) |
| Market capitalisation – at year-end | Rbn | 38.3 | 39.9 | (4.0) |
| $bn | 4.9 | 5.7 | (14.0) |
* Includes results from continuing operations only (ie excludes discontinued operations)
© Harmony Annual Report 2008