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INTEGRATED REPORT 2013

Above: CIL circuit at Ergo’s Brakpan plant

Five year review

  2013 2012 2011 2010 2009
Summarised group operating results
Ore milled (t000) 23 254 24 897 24 187 22 590 14 523
– Underground   569 732 633 787
– Surface   23 254 24 328 23 455 21 957 13 736
Yield (g/t) 0.20 0.29 0.34 0.33 0.53
– Underground   3.99 3.89 3.79 4.26
– Surface   0.20 0.20 0.23 0.23 0.32
Gold produced (kg) 4 553 7 227 8 248 7 502 7 704
– Underground   2 272 2 845 2 402 3 354
– Surface   4 553 4 955 5 403 5 100 4 350
Gold produced (oz) 146 381 232 353 265 179 241 194 247 689
– Underground   73 048 91 469 77 226 107 834
– Surface   146 381 159 305 173 710 163 968 139 856
Average price received (R/kg) 458 084 418 538 308 221 267 292 250 589
Average price received ($/oz) 1 613 1 679 1 372 1 092 861
Cash operating costs (R/kg) 310 763 304 912 251 296 233 112 212 228
– Underground   416 540 342 123 324 736 274 066
– Surface   310 763 253 727 203 470 189 959 164 549
Cash operating costs ($/oz) 1 094 1 223 1 119 953 730
– Underground   1 671 1 523 1 327 942
– Surface   1 094 1 018 906 776 566
Operating margin (%) 32 27 18 13 15
– Underground   1 (11) (22) (10)
– Surface   32 40 34 29 35
Capital expenditure (R million) 361.5 319.1 315.8 194.0 345.1
             
Reserves and resources
Attributable mineral reserves Moz 1.7 1.8 7.3 7.3 6.0
Attributable mineral resources Moz 37.3 37.6 60.2 60.0 56.4
             
Summarised group statement of comprehensive income (R million)
Revenue   2 076.5 3 004.3 2 565.3 1 990.5 1 910.7
Cost of sales   (1 639.4) (2 501.9) (2 343.5) (1 891.8) (1 834.0)
Gross profit from operations   437.1 502.4 221.8 98.7 76.7
(Impairments)/reversal of impairments   (238.0) (1.1) (547.7) (6.2) (75.1)
Administration expenses and general costs   (78.1) (121.5) (88.1) (57.0) (83.6)
Finance income/(expenses) – net   24.0 15.7 30.8 176.1 164.3
Profit/(loss) before taxation   145.0 395.5 (383.2) 211.6 82.3
Income tax   (44.9) (8.0) (32.2) (8.2) 28.4
Profit/(loss) for the year   100.1 387.5 (415.4) 203.4 110.7
             
Summarised group statement of financial position (R million)
Non-current assets   2 066.3 2 021.6 1 778.7 2 178.2 2 075.3
Current assets   604.8 470.7 510.0 402.1 550.5
Total assets   2 671.1 2 492.3 2 288.7 2 580.3 2 625.8
Equity   1 648.3 1 633.9 1 219.2 1 650.0 1 584.0
Non-current borrowings   143.3 30.3
Other non-current liabilities   633.7 597.3 629.1 661.1 715.8
Current borrowings   24.3 30.7 79.3 2.1
Other current liabilities   221.5 230.4 330.8 269.2 323.9
Total equity and liabilities   2 671.1 2 492.3 2 288.7 2 580.3 2 625.8
             
Summarised group statement of cash flows (R million)
Cash flows from operating activities   502.3 621.1 324.0 53.6 208.2
Cash flows from investing activities   (429.4) (413.3) (335.2) (226.4) (593.4)
Cash flows from financing activities   5.7 (168.5) 81.3 7.8 (85.8)
Net increase/(decrease) in cash and cash equivalents   78.6 39.3 70.1 (165.0) (471.0)
Cash and cash equivalents at the beginning of the year   298.5 259.1 188.2 353.6 845.6
Foreign exchange movements   0.1 0.1 0.8 (0.4) (21.9)
Cash and cash equivalents at the end of the year   377.2 298.5 259.1 188.2 352.7
             
Group performance indicators
Profitability    
Operating margin (%) 32 27 18 13 15
All-in sustaining costs margin (%) 20 15 6 8 (11)
Headline earnings per share (cents) 68 86 28 13 34
EBITDA (R million) 502.8 502.2 264.9 232.5 17.2
EBITDA margin (%) 24 17 10 12 1
Return on equity – HEPS (%) 18 22 9 3 9
Asset and debt management      
Current ratio times 2.5 1.8 1.2 1.5 1.7
Debt to equity ratio (%) 10 2 9
Interest cover times 26.7 65.2 23.2 47.4 4.8
Net asset value per share (cents) 428 424 317 429 419
Market value and shareholder returns      
Market price per share (cents) 528 535 327 341 603
Ordinary shares in issue   385 383 767 385 383 767 384 884 379 384 884 379 378 001 303
Market capitalisation (R million) 2 034.8 2 061.8 1 258.6 1 312.5 2 279.3
Price earnings ratio times 7.7 6.2 11.7 26.5 17.7
Market/book ratio times 1.2 1.3 1.0 0.8 1.4
Dividend per share (cents) 28.0 10.0 7.5 5.0 5.0
Dividend yield (%) 5.3 1.9 2.3 1.5 0.8
             
Group sustainability indicators
Total economic value distributed (R million) 429 903.0 847.0 669.0 761.0
Value distributed to employees – salaries, wages and benefits (R million) 283 821.0 759.0 629.0 673.0
Value distributed to government – taxation and royalties (R million) 4 22.0 10.0 11.0 46.0
Total employees (including contractors)   2 752 2 222 6 875 6 409 6 715
Fatalities   1 1 2 5
Cyanide consumption (tonnes) 5 712 6 574 6 682 4 896 4 380
CO2 emissions (direct) (tonnes) 4 090 8 159 8 472 6 242 10 110
CO2 emissions (indirect) (tonnes) 390 611 812 966 682 666 786 101 895 928
Electricity consumption (MWh) 325 509 2 438 899 2 482 423 2 358 301 3 188 593
Water consumption (1 000m³) 5 748 8 301 8 491 11 546 14 682
Socio-economic development spend (R million) 2.2 5.5 15.8 5.3 2.4
             
Exchange rates
Average rate (R:US$) 8.8328 7.7523 6.9865 7.6117 9.0484
Closing rate (R:US$) 9.8675 8.2700 6.8295 7.6529 7.8821