Finance costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Borrowings (refer to note 11)
|
|
228
|
|
424
|
|
|
Other creditors and liabilities
|
|
14
|
|
9
|
|
|
Time value of money and inflation component of rehabilitation costs
|
|
296
|
|
194
|
|
|
Time value of money for other provisions
|
|
74
|
|
88
|
|
|
Streaming arrangements (refer to note 12)
|
|
71
|
|
—
|
|
|
Interest capitalised
|
|
(22)
|
|
(54)
|
|
|
Total finance costs
|
|
661
|
|
661
|
|
6. TAXATION
Current taxation
The movement in foreign exchange translation from losses in the prior year to gains in the current year as well as higher mining taxable income due to the increase of revenue resulted in the increase in the current tax expense during the 2021 year. This was also impacted by certain companies within the group using their unredeemed capital allowances as well as assessed losses.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
6. TAXATION continued
Deferred taxation
The R610 million deferred tax expense during the 2021 year is attributable to increased net taxable temporary differences due primarily to the utilisation of the assessed losses and unredeemed capital expenditure in certain companies as a result of higher taxable profits. The main contributors to these changes were:
•Harmony Moab Khotsong Operations (Pty) Ltd utilised its assessed loss and unredeemed capital expenditure, which contributed R224 million to the liability increase;
•Freegold (Harmony) Pty Ltd utilised its assessed loss and unredeemed capital expenditure balance, which contributed R112 million to the liability increase year on year; and
•Golden Core Trade and Investment (Pty) Ltd, which acquired the Mponeng operation as well as the West Wits closure business utilised a portion of its unredeemed capital allowance, which contributed R149 million to the liability increase.
An increase of R782 million in the deferred tax liability is due to the increase in the net derivative asset/(liability) position from 30 June 2020, which had an impact on the majority of the companies within the group.
Due to the acquisition of the Mponeng operations and related assets, a R148 million net deferred tax liability was recognised. Refer to note 13 for detail.
Movement in the net deferred tax liability recognised in the balance sheet is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Balance at beginning of year
|
465
|
|
687
|
|
|
Net deferred tax liability of acquired operations at 1 October 2020
|
148
|
|
—
|
|
|
Expense per income statement
|
610
|
|
197
|
|
|
Tax expense/(credit) directly charged to other comprehensive income
|
781
|
|
(419)
|
|
|
Balance at end of year
|
2 004
|
|
465
|
|
|
Deferred tax asset per balance sheet
|
(198)
|
|
(531)
|
|
|
Deferred tax liability per balance sheet
|
2 202
|
|
996
|
|
As at 30 June 2020 a deferred tax asset was recognised in Harmony Gold Mining Company Limited (Harmony Company) and Randfontein Estates Limited (Randfontein Estates). Subsequently, the net deferred tax asset balance has decreased due to the utilisation of assessed losses, unredeemed capital expenditure and a decrease in the net derivative liability. Harmony Company's deferred tax asset balance reduced to R175 million while Randfontein Estates' deferred tax asset became a deferred tax liability.
The net deferred tax asset position of Harmony Company is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Deductible temporary differences
|
640
|
1 079
|
|
Assessed losses
|
—
|
574
|
|
Total
|
640
|
1 653
|
|
Deferred tax rate
|
27.4
|
%
|
29.8
|
%
|
|
Deferred tax asset
|
175
|
492
|
Furthermore, the newly acquired Chemwes (Pty) Limited (Chemwes Company) is in a net deferred tax asset position as disclosed below:
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
|
Deductible temporary differences
|
212
|
|
Assessed losses
|
—
|
|
Total
|
212
|
|
Deferred tax rate
|
12.8
|
%
|
|
Deferred tax asset
|
23
|
A deferred tax asset continues to be recognised for Harmony Company and the Chemwes Company as it is probable that sufficient future taxable profits will be available against which the remaining deductible temporary differences existing at the reporting date can be utilised.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
7. EARNINGS/(LOSS) PER ORDINARY SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Weighted average number of shares (million)
|
|
604
|
|
535
|
|
|
Weighted average number of diluted shares (million)
|
|
616
|
|
547
|
|
|
Total earnings/(loss) per share (cents):
|
|
|
|
|
Basic earnings/(loss)
|
|
919
|
|
(164)
|
|
|
Diluted earnings/(loss)
|
|
901
|
|
(166)
|
|
|
Headline earnings/(loss)
|
|
923
|
|
(154)
|
|
|
Diluted headline earnings/(loss)
|
|
904
|
|
(157)
|
|
Reconciliation of headline earnings/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Net profit/(loss) for the year attributable to owners of the parent
|
|
5 553
|
|
(878)
|
|
|
Adjusted for:
|
|
|
|
|
Gain on bargain purchase1
|
|
(1 153)
|
|
—
|
|
|
Impairment of assets2
|
|
1 124
|
|
—
|
|
|
Taxation effect on impairment of assets
|
|
(93)
|
|
—
|
|
|
Profit on sale of property, plant and equipment
|
|
(11)
|
|
(2)
|
|
|
Taxation effect on profit on sale of property, plant and equipment
|
|
2
|
|
—
|
|
|
Loss on scrapping of property, plant and equipment
|
|
161
|
|
62
|
|
|
Taxation effect on loss on scrapping of property, plant and equipment
|
|
(8)
|
|
(10)
|
|
|
Headline earnings/(loss)
|
|
5 575
|
|
(828)
|
|
1 There is no tax effect on this item.
2 This total includes the impairment of goodwill which does not have a tax effect.
8. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Acquisitions
One of the major contributors to the movement in property, plant and equipment is the acquisition of Mponeng operations and related assets and liabilities. Refer to note 13 for further information on the acquisition.
Impairment of property, plant and equipment (including goodwill)
Management performed an assessment for impairment triggers as well as indications of reversal of previously recorded impairment losses at 30 June 2021. Due to the net asset value (before any impairments recognised) exceeding the market capitalisation of Harmony as at 30 June 2021, the recoverable amounts for all cash-generating units (CGUs) were calculated. The recoverable amounts for these assets were determined on a fair value less cost to sell basis using assumptions in the discounted cash flow models and attributable resource values. These are fair value measurements classified as level 3.
Estimates and judgements
The recoverable amount of mining assets is determined utilising real discounted future cash flows or resource multiples in the case of undeveloped properties and certain resource bases. During this year's planning and testing, commodity price and exchange rate assumptions as per the table below were used. In determining the commodity prices and resource values to be used, management assesses the long-term views of several reputable institutions on commodity prices and based on this, derives the commodity prices and resource values. Due to the short-term volatility in the US$ commodity price and the Rand against the US$ towards the end of the financial year, management decided it would be appropriate to differentiate between short-, medium- and long-term assumptions used in the models. The long-term price was determined as part of the annual budgeting process and is used in the life-of-mine plans and is also the cut-off price for calculating reserves included in the declaration of reserves and resources in terms of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). The resource multiple values have been updated from the prior year, due to the recent transaction between AGA and Harmony for the purchase of the Mponeng operations and related assets. The resource multiple has been further updated to differentiate between underground operations and surface source operations due to this new information and applied to the relevant resource bases. Please refer to note 13 for further information on the acquisition.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
8. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS continued
Impairment of property, plant and equipment (including goodwill) continued
Estimates and judgements continued
The silver price has been extended during the current financial year to include short-, medium- and long-term rates. The long-term rate used is based on the rate used as part of the strategic planning process.
Post-tax real discount rates ranging between 9.3% and 12.0% (2020: 9.6% and 11.5%), depending on the asset, were used to determine the recoverable amounts for the South African operations. Hidden Valley made use of a post-tax real discount rate of 10.3%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
US$ gold price per ounce
|
|
|
|
|
– Year 1
|
|
1 805
|
|
1 610
|
|
|
– Year 2
|
|
1 673
|
|
1 558
|
|
|
– Year 3
|
|
1 582
|
|
1 469
|
|
|
– Long term (year 4 onwards)
|
|
1 500
|
|
1 350
|
|
|
US$ silver price per ounce
|
|
|
|
|
– Year 1
|
|
25.72
|
|
17.00
|
|
|
– Year 2
|
|
23.22
|
|
17.00
|
|
|
– Year 3
|
|
21.70
|
|
17.00
|
|
|
– Long term (year 4 onwards)
|
|
20.70
|
|
17.00
|
|
|
Exchange rate (R/US$)
|
|
|
|
|
– Year 1
|
|
14.54
|
|
16.72
|
|
|
– Year 2
|
|
14.36
|
|
15.47
|
|
|
– Year 3
|
|
14.44
|
|
15.29
|
|
|
– Long term (Year 4 onwards)
|
|
14.51
|
|
14.51
|
|
|
Exchange rate (PGK/US$)
|
|
3.50
|
|
3.45
|
|
|
Rand gold price (R/kg)
|
|
|
|
|
– Year 1
|
|
843 000
|
|
865 000
|
|
|
– Year 2
|
|
772 000
|
|
775 000
|
|
|
– Year 3
|
|
735 000
|
|
722 000
|
|
|
– Long term (Year 4 onwards)
|
|
700 000
|
|
630 000
|
|
|
Additional resources multiples (US$/oz) (underground operations)1
|
|
|
|
|
Measured
|
|
16.50
|
|
25.00
|
|
|
Indicated
|
|
9.00
|
|
8.00
|
|
|
Inferred
|
|
3.60
|
|
2.80
|
|
|
Additional resources multiples US$/oz (surface sources)2
|
|
|
|
|
Measured
|
|
30.00
|
|
N/A
|
|
Indicated
|
|
17.50
|
|
N/A
|
|
Inferred
|
|
8.00
|
|
N/A
|
1 The underground resource value has been applied to Target North and Doornkop's Kimberly Reef.
2 The surface resource values have been applied to the Mispah Tailings resource, Vaal River and West Wits surface sources.
Due to the volatilities experienced in the markets and the uncertainty in forecasting future cash flows due to the impact of the Covid-19 pandemic, management has used various probability scenarios in determining the recoverable amounts for the CGUs at 30 June 2021 and 2020.
The factors below were considered in management's judgements. The most significant change year on year was the introduction of the vaccination programme and its impact on infection rates. The factors were:
•infection rates and the timing of the expected peaks in the provinces and/or countries that Harmony's operations are situated in;
•expected disruptions to production together with the mitigation strategies management has in place;
•expectation of the completion date of the vaccination programme at Harmony and a governmental level; and
•potential duration of the impact of the virus (prior and post vaccination) and the related restrictions in operations.
Management included estimates of the staffing costs for screening and monitoring employees at work as well as those that are in quarantine. Further costs have been included in the life-of-mine plans for the cost of the vaccination programme and the scenarios used by management include further potential costs if vaccinations are required in the future at various intervals.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
8. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS continued
Impairment of property, plant and equipment (including goodwill) continued
Estimates and judgements continued
In preparing the various scenarios, management considered and varied:
•the potential impact on production and therefore on the revenue cash flows, based on historical trends that have been extrapolated to account for varying disruption levels;
•the duration of potential disruptions to production, ranging from 12 months to 24 months;
•the infection rates and associated costs as well as vaccination costs. This included impacts on production as well as considerations of the potential requirement to re-vaccinate in coming years.
The calculated cash flows were then weighted based on management's expectation of each of the scenarios occurring. The resulting amounts were discounted using the specific discount rate for each operation in order to determine the recoverable amount.
Results of impairment and reversal assessment
Based on the impairment tests performed, impairment of R1 124 million was recorded for the 2021 year. The impairments relate to the following operations:
•The impairment of goodwill on Bambanani was mainly as a result of a reduction in grade over the remainder of the operation's life. The reduction in grade is due to unexpected changes in the orebody and a lower mine call factor. These changes from the previous life-of-mine plan resulted in a reduced post-tax recoverable amount of R341 million and an impairment of R187 million.
•The entire carrying value of Target 3 has been impaired during the current year, resulting in an impairment of R178 million. Previous plans to explore the sale of the operation have been abandoned and further development is not a viable option at this stage. Therefore management has determined a recoverable amount of Rnil.
•An impairment of R759 million on the property, plant and equipment of Tshepong Operations was recognised at 30 June 2021. The updated life-of-mine plan included a reduction in planned gold resulting from lower grade. There was also a change in the mining profile in the revised life-of-mine plan, which impacted on the timing of cash flows, which were then later than in comparison to the prior year plan. These changes affected the discounted cash flows used to determine the recoverable amount of the operation. The post-tax recoverable amount decreased year on year to R5 784 million.
Where CGUs had previously been impaired, management considered whether the impairment loss (or the contributors to the previously recognised impairment loss) no longer exists or might have decreased. Management considered general and specific factors for each CGU and concluded that although overall the gold price had improved from the time that the impairment losses had been recognised, the specific circumstances that led to the original impairments had not reversed. Furthermore, the service potential of the asset has not increased. Management also considered the level of uncertainty of the impact of Covid-19 on production and therefore on the cash flows. Due to the continued volatility seen in the gold prices as well as exchange rates, coupled with the fact that the factors resulting in the previously recognised impairment losses had not reversed, as well as the market capitalisation consideration, management resolved it to be appropriate for no reversal of previously recognised impairment losses to be recorded for the under review.
One of the most significant assumptions that influence the life-of-mine plans and therefore impairment assessments is the expected commodity prices. Management determined a reasonably possible long-term change of 10% in gold prices based on the standard deviation of both Harmony's long-term gold price assumption over the past five financial years and market analysts' forecasted long-term gold price assumptions. A 10% increase/decrease (pre-impairment and scrapping recognised) in the gold price and resource values used (with all other variables held constant and not taking any actions, such as stopping capital projects, into account) would have resulted in the following post-tax impairment being recorded (including the impairments recorded in the current period) as at 30 June 2021:
|
|
|
|
|
|
|
|
Figures in million
|
30 June 2021
10% decrease
(Reviewed)
|
|
Tshepong Operations
|
(5 314)
|
|
|
Mponeng*
|
(2 496)
|
|
|
Moab Khotsong1
|
(1 916)
|
|
|
Doornkop
|
(1 914)
|
|
|
Target 1
|
(1 267)
|
|
|
Kusasalethu
|
(821)
|
|
|
Mine Waste Solutions*
|
(600)
|
|
|
Kalgold
|
(390)
|
|
|
Bambanani1
|
(413)
|
|
|
Joel
|
(363)
|
|
|
Target 3#
|
(178)
|
|
|
Other assets
|
(100)
|
|
* The potential impairments have been calculated based on carrying amounts derived from the provisional fair exercise and are subject to change. Refer to note 13 for further information.
1 The carrying amounts of these CGUs include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.
# A 10% increase in the gold price assumption would result in an impairment of R178 million on Target 3 alone.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
9. OTHER NON-CURRENT ASSETS
During the 2021 financial year-end, the loan to the ARM Broad-Based Economic Empowerment Trust (the ARM BBEE Trust) was refinanced to allow a sufficient and sustainable repayment structure. Following the restructuring, Harmony advanced R264 million to the ARM BBEE Trust to which the Trust used the amount for the repayment of the outstanding balance under the previous loan agreement. The loan under the revised loan agreement is interest-free and is receivable on the maturity of the loan on 30 June 2035. The loan is unsubordinated and unsecured. The loan does not meet the requirements for amortised cost measurement as it fails the solely payments of principal and interest characteristics. It is therefore classified as a fair value through profit and loss instrument (refer to the fair value determination section in note 14 for detail). The refinancing of the loan resulted in a day 1 expense of R87 million, which is included in investment income.
10. DERIVATIVE FINANCIAL INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figures in million
|
Rand gold hedging contracts (a)
|
US$ gold hedging contracts
|
US$ silver contracts
|
Foreign exchange contracts
|
Rand gold derivative contracts
|
Total
|
|
At 30 June 2021 (Reviewed)
|
|
|
|
|
|
|
|
Derivative financial assets
|
1 358
|
|
48
|
|
10
|
|
383
|
|
—
|
|
1 799
|
|
|
Non-current
|
279
|
|
40
|
|
9
|
|
—
|
|
—
|
|
328
|
|
|
Current
|
1 079
|
|
8
|
|
1
|
|
383
|
|
—
|
|
1 471
|
|
|
Derivative financial liabilities
|
(41)
|
|
(73)
|
|
(98)
|
|
—
|
|
—
|
|
(212)
|
|
|
Non-current
|
—
|
|
—
|
|
(6)
|
|
—
|
|
—
|
|
(6)
|
|
|
Current
|
(41)
|
|
(73)
|
|
(92)
|
|
—
|
|
—
|
|
(206)
|
|
|
|
|
|
|
|
|
|
|
Net derivative financial instruments
|
1 317
|
|
(25)
|
|
(88)
|
|
383
|
|
—
|
|
1 587
|
|
|
Unamortised day one net loss included above
|
(18)
|
|
(5)
|
|
—
|
|
—
|
|
—
|
|
(23)
|
|
|
Unrealised gains/(losses) included in other reserves, net of tax
|
1 069
|
|
(18)
|
|
—
|
|
—
|
|
—
|
|
1 051
|
|
Movements for the year ended
30 June 2021
|
|
|
|
|
|
|
|
Realised losses included in revenue
|
(2 023)
|
|
(273)
|
|
—
|
|
—
|
|
—
|
|
(2 296)
|
|
|
Unrealised gains/(losses) on gold contracts recognised in other comprehensive income
|
2 999
|
|
(7)
|
|
—
|
|
—
|
|
—
|
|
2 992
|
|
|
Gains/(losses) on derivatives
|
—
|
|
—
|
|
(256)
|
|
1 217
|
|
111
|
|
1 072
|
|
|
Day one loss amortisation
|
(42)
|
|
(8)
|
|
—
|
|
—
|
|
—
|
|
(50)
|
|
|
Total gains/(losses) on derivatives
|
(42)
|
|
(8)
|
|
(256)
|
|
1 217
|
|
111
|
|
1 022
|
|
|
Hedge effectiveness
|
|
|
|
|
|
|
|
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness
|
2 999
|
|
(7)
|
|
—
|
|
—
|
|
—
|
|
2 992
|
|
|
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness
|
(2 999)
|
|
7
|
|
—
|
|
—
|
|
—
|
|
(2 992)
|
|
(a) Rand gold hedging contracts
All Rand gold forward contracts entered into after 1 October 2020 were apportioned to the South African operations which included Mponeng and Mine Waste Solutions operations.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
10. DERIVATIVE FINANCIAL INSTRUMENTS continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figures in million
|
Rand gold hedging contracts
|
US$ gold hedging contracts
|
US$ silver contracts
|
Foreign exchange contracts
|
Rand gold derivative contracts
|
Total
|
|
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)
|
|
Movements for the year ended
30 June 2020
|
|
|
|
|
|
|
|
Realised losses included in revenue
|
(1 263)
|
|
(134)
|
|
—
|
|
—
|
|
—
|
|
(1 397)
|
|
|
Unrealised losses included in other reserves, net of tax
|
(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
|
|
Reconciliation of the hedge reserve:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Opening balance
|
|
(3 395)
|
|
(214)
|
|
|
Remeasurement of gold hedging contracts
|
|
4 467
|
|
(3 197)
|
|
|
Unrealised gain/(loss) on gold hedging contracts
|
|
2 992
|
|
(5 211)
|
|
|
Unrealised losses reclassified to profit or loss as a result of discontinuance of hedge accounting
|
|
—
|
|
235
|
|
|
Released to revenue on maturity of the gold hedging contracts
|
|
2 296
|
|
1 397
|
|
|
Foreign exchange translation
|
|
(39)
|
|
(37)
|
|
|
Deferred taxation thereon
|
|
(782)
|
|
419
|
|
|
Attributable to non-controlling interest
|
|
(21)
|
|
16
|
|
|
Closing balance
|
|
1 051
|
|
(3 395)
|
|
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
10. DERIVATIVE FINANCIAL INSTRUMENTS continued
The following table shows the open position at the reporting date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2022
|
FY2023
|
TOTAL
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
Zero cost collars
|
|
|
|
|
|
|
|
|
|
|
US$m
|
47
|
|
42
|
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
116
|
|
|
Average Floor – R/US$
|
16.32
|
|
16.93
|
|
17.99
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
16.93
|
|
|
Average Cap – R/US$
|
17.90
|
|
18.54
|
|
19.65
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18.54
|
|
|
Forward contracts
|
|
|
|
|
|
|
|
|
|
|
US$m
|
9
|
|
9
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
26
|
|
|
Average Forward rate – R/US$
|
18.18
|
|
18.41
|
|
18.71
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18.43
|
|
|
R/gold
|
|
|
|
|
|
|
|
|
|
|
000 oz – cash flow hedge
|
79
|
|
72
|
|
63
|
|
52
|
|
38
|
|
5
|
|
—
|
|
—
|
|
309
|
|
|
Average R'000/kg
|
863
|
|
933
|
|
1 022
|
|
1 070
|
|
1 084
|
|
1 025
|
|
—
|
|
—
|
|
976
|
|
|
US$/gold
|
|
|
|
|
|
|
|
|
|
|
000 oz – cash flow hedge
|
12
|
|
12
|
|
11
|
|
11
|
|
9
|
|
9
|
|
7
|
|
2
|
|
73
|
|
|
Average US$/oz
|
1 561
|
|
1 606
|
|
1 723
|
|
1 799
|
|
1 911
|
|
1 867
|
|
1 826
|
|
1 861
|
|
1 743
|
|
|
Total gold
|
|
|
|
|
|
|
|
|
|
|
000 oz
|
91
|
|
84
|
|
74
|
|
63
|
|
47
|
|
14
|
|
7
|
|
2
|
|
382
|
|
|
US$/silver
|
|
|
|
|
|
|
|
|
|
|
000 oz
|
365
|
|
335
|
|
315
|
|
285
|
|
285
|
|
270
|
|
155
|
|
45
|
|
2 055
|
|
|
Average Floor – US$/oz
|
18.61
|
|
19.52
|
|
20.05
|
|
20.43
|
|
24.39
|
|
25.97
|
|
25.98
|
|
26.30
|
|
21.72
|
|
|
Average Cap – US$/oz
|
20.26
|
|
21.35
|
|
22.05
|
|
22.49
|
|
27.02
|
|
29.00
|
|
29.24
|
|
29.52
|
|
23.99
|
|
Refer to note 14 for details on the fair value measurements.
11. BORROWINGS
Summary of facilities' terms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figures in million
|
US$ 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 30 June 2021
|
|
|
|
|
|
|
Original facility
|
200
|
|
200
|
|
600
|
|
1 400
|
|
N/A
|
|
Drawn down/ loan balance
|
200
|
|
—
|
|
450
|
|
—
|
|
8
|
|
|
Undrawn committed borrowing facilities
|
N/A
|
200
|
|
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%
|
* The amounts repaid on the facility cannot be drawn down again.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
11. BORROWINGS
Interest bearing borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Non-current borrowings
|
|
|
|
|
R2 billion facility
|
|
153
|
|
1 351
|
|
|
Balance at beginning of year
|
|
1 351
|
|
1 489
|
|
|
Draw down
|
|
—
|
|
1 100
|
|
|
Repayments
|
|
(1 050)
|
|
(1 100)
|
|
|
Transferred to current borrowings
|
|
(150)
|
|
(150)
|
|
|
Amortisation of issue cost
|
|
2
|
|
12
|
|
|
US$400 million facility
|
|
2 799
|
|
5 980
|
|
|
Balance at beginning of year
|
|
5 980
|
|
—
|
|
|
Draw down
|
|
—
|
|
5 441
|
|
|
Issue cost
|
|
(11)
|
|
(95)
|
|
|
Repayments
|
|
(2 347)
|
|
—
|
|
|
Amortisation of issue cost
|
|
39
|
|
12
|
|
|
Translation
|
|
(862)
|
|
622
|
|
|
US$350 million facility
|
|
—
|
|
—
|
|
|
Balance at beginning of year
|
|
—
|
|
4 143
|
|
|
Repayments
|
|
—
|
|
(4 465)
|
|
|
Amortisation of issue cost
|
|
—
|
|
24
|
|
|
Translation
|
|
—
|
|
298
|
|
|
Westpac fleet loan
|
|
22
|
|
132
|
|
|
Balance at beginning of year
|
|
132
|
|
194
|
|
|
Repayments
|
|
(96)
|
|
(96)
|
|
|
Transferred to current borrowings
|
|
18
|
|
(16)
|
|
|
Translation
|
|
(32)
|
|
50
|
|
|
|
|
|
|
|
Total non-current borrowings
|
|
2 974
|
|
7 463
|
|
|
Current borrowings
|
|
|
|
|
R2 billion facility
|
|
300
|
|
150
|
|
|
Balance at beginning of year
|
|
150
|
|
—
|
|
|
Transferred from non-current borrowings
|
|
150
|
|
150
|
|
|
Westpac fleet loan
|
|
87
|
|
105
|
|
|
Balance at beginning of year
|
|
105
|
|
89
|
|
|
Transferred from non-current borrowings
|
|
(18)
|
|
16
|
|
|
|
|
|
|
|
Total current borrowings
|
|
387
|
|
255
|
|
Also during the year ended 30 June 2021:
•On 6 July 2020 Harmony and its subsidiaries cancelled the bridge loan of US$200 million, which had been entered into for the payment of the consideration for the Mponeng operations and related assets. No draw downs were made prior to cancellation.
•The syndicate of lenders for the US$400 million facility agreed to the one-year extension during July 2020, extending the maturity date to September 2023
During June 2020, the company's lenders agreed to relax certain requirements for compliance with debt covenants until December 2020. The group complied with all debt covenants as at 31 December 2020. From 1 January 2021, the covenants reverted to the original position.
There were no breaches of the loan covenants for the 2021 and 2020 financial years. Management believes that it is very likely that the covenant requirements will be met in the foreseeable future given the current earnings and interest levels, as well as the net debt position.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
11. BORROWINGS continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed
|
30 June 2020
(Audited)
|
|
Translation gain/(loss) on US$ facilities1
|
|
(895)
|
|
(967)
|
|
|
Rand/US$ exchange rate:
|
|
|
|
|
Closing/spot
|
|
14.27
|
|
17.32
|
|
|
Average
|
|
15.40
|
|
15.66
|
|
1 The remainder of foreign exchange transaction gain or loss included in profit or loss relates to the translation of cash from a foreign currency to the functional currencies of the operating entities.
12. STREAMING ARRANGEMENTS
Streaming arrangement with Franco-Nevada Barbados
Harmony's subsidiary, Chemwes, the owner of the Mine Waste Solutions operation (MWS) has a contract with Franco-Nevada Barbados (Franco-Nevada) where Franco-Nevada is entitled to receive 25% of all the gold produced through MWS. As part of the acquisition of MWS (refer to note 13), Harmony assumed the obligations enforced by the Franco-Nevada contract.
The contract is a streaming agreement that commenced on 17 December 2008 for which Franco-Nevada paid US$125 million upfront for the right to purchase 25% of the gold production through MWS for a fixed amount of consideration until the balance of gold cap is delivered. As at 1 October 2020, the US$125 million upfront payment has been settled. The gold cap is a provision included in the contract, which stipulates the maximum quantity of gold to be sold to Franco-Nevada over the term of the agreement. The consideration is determined as the lower of the quoted spot gold price as per the London Metals Exchange or US$400 per ounce adjusted with an annual escalation adjustment.
Harmony does not have an existing streaming arrangement and therefore a new accounting policy was developed for the classification and measurement of the transaction.
Accounting policy
The streaming contract was assessed and has been accounted for as an own-use customer contract. At acquisition, the Franco-Nevada contract was initially recognised at a fair value (refer to note 13) of R1.42 billion in accordance with IFRS 3. The fair value of the contract took into consideration the existing unfavourable gold price terms at acquisition, in relation to the comparative market gold price.
The obligation to deliver the contractually stipulated ounces over the remaining term of the agreement results in a significant financing component. The interest accrues on the contract liability over the remaining contractual term. As the performance obligation to deliver gold is met, the contract liability unwinds into revenue classified as "consideration from streaming contract" in note 3. Refer to note 13 for the critical estimates and judgements relating to the contract liability. Changes in the production plan will affect the subsequent measurement prospectively. This is the only input that is considered for subsequent measurement. Harmony's cost of debt of 7.7% was used to impute the finance cost for the significant financing component recognised on the contract liability.
The current portion of the liability is determined with reference to the current production profile of MWS for the next 12 months.
Contract liability and gold delivered
As at 1 October 2020, the balance of gold ounces to be delivered to Franco-Nevada amounted to 100 686oz. Subsequent to 1 October 2020, 16 257oz had been delivered to Franco-Nevada bringing the balance of gold ounces to be delivered as at 30 June 2021 to 84 429oz.
The contract price receivable in US$/oz for each ounce of gold delivered is as follows:
•1 October 2020 – 16 December 2020: US$433/oz
•17 December 2020 – 30 June 2021: US$437/oz
Reconciliation of the streaming contract liability:
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
|
Balance at 1 October 2020 – initial recognition
|
1 417
|
|
|
Finance costs related to significant financing component
|
71
|
|
|
Non-cash consideration for delivery of gold ounces
|
(397)
|
|
|
Closing balance at 30 June 2021
|
1 091
|
|
|
– Current
|
396
|
|
|
– Non-current
|
695
|
|
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
13. ACQUISITIONS AND BUSINESS COMBINATIONS
ACQUISITION OF ANGLOGOLD ASHANTI'S REMAINING SOUTH AFRICAN OPERATIONS
On 12 February 2020, Harmony announced that it had reached an agreement with AGA to purchase the Mponeng operations and related assets. Harmony's primary goal with the acquisition was to improve the group's overall recovered grade and increase cash flow margins. The transaction includes the following assets and liabilities:
•The Mponeng, Tau Tona and Savuka mines and associated rock-dump and tailings storage facility reclamation sites, mine rehabilitation and closure activities located in the West Wits region and their associated assets and liabilities;
•Certain rock-dump reclamation, mine rehabilitation and closure activities located in the Vaal River region and their associated assets and liabilities (the VR Remaining assets);
•100% of the share capital of First Uranium (Pty) Limited which owns Mine Waste Solutions (Pty) Limited and Chemwes (Pty) Limited as well as associated tailings assets and liabilities (the FUSA Group); and
•100% of the share capital of Covalent Water Company (Pty) Limited (CWC), AngloGold Security Services (Pty) Limited and Masakhisane Investments (Pty) Limited.
The last condition precedent for the acquisition was fulfilled during September 2020, resulting in an acquisition date of 1 October 2020.
Cash generating units identified
Based on management's assessment the transaction meets the definition of a business combination as defined by IFRS 3. The following CGUs were identified in the acquisition:
•the Mponeng business, consisting of the Mponeng, Tau Tona and Savuka mines, forming a single complex, and their associated assets and liabilities, including CWC;
•the West Wits closure business, consisting of the Savuka plant and associated rock-dump and tailings storage facility reclamation sites, mine rehabilitation and closure activities located in the West Wits region and the associated assets and liabilities;
•Mine Waste Solutions (also known as MWS); and
•the Vaal River closure business, consisting of certain rock-dump reclamation, mine rehabilitation and closure activities located in the Vaal River region and their associated assets and liabilities.
Consideration transferred
Consideration for the transaction amounted to a cash payment of R3.4 billion (US$200 million), paid on 30 September 2020, and contingent consideration subject to the following criteria:
•US$260 per ounce payable on all underground production from the Mponeng, Savuka and Tau Tona mines in excess of 250 000 ounces per year for six years commencing 1 January 2021; and
•US$20 per ounce payable on underground production from the Mponeng, Savuka and Tau Tona mines sourced from levels developed in the future below the current infrastructure.
As at 1 October 2020, the contingent consideration was valued at R229 million by using a probability weighted method, discounted at a post-tax real rate of 10.6%. Subsequent to initial recognition, the assumptions applied for the valuation of the liability were updated. As at 30 June 2021, the contingent consideration was valued at R417 million using a post-tax real discount rate of 10.3%. The remeasurement of the liability of R188 million is included in Other operating expenses and relates primarily to a change in the production profile, which is based on Harmony's life-of-mine plan. The fair value calculated for the contingent consideration is level 3 in the fair value hierarchy due to the use of unobservable inputs. The contingent consideration attributable to the below infrastructure ounces of gold was valued at Rnil at both 1 October 2020 and 30 June 2021.
The amount disclosed in the cash flow statement for cash paid for the acquisition of the Mponeng operations and related assets is determined as follows:
|
|
|
|
|
|
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
|
Cash consideration paid
|
3 366
|
|
|
Cash acquired
|
(3)
|
|
|
Net cash paid on 30 September 2020
|
3 363
|
|
Acquisition and integration costs
The total of R124 million for acquisition costs for the year ended 30 June 2021 relates to various costs directly attributable to the acquisition process. These costs include attorney and advisory fees.
There have also been costs incurred for the integration of the acquired assets into Harmony's existing structures and systems. These costs include project management and consultancy fees and software licensing costs required to interface with the Harmony systems. These costs amounted to R205 million (2020: R4 million) for the year ended 30 June 2021 and have been included in Corporate, administration and other expenditure.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
13. ACQUISITION OF ANGLOGOLD ASHANTI'S REMAINING SOUTH AFRICAN OPERATIONS continued
Identifiable assets acquired and liabilities assumed
The fair value exercise was prepared on a provisional basis in accordance with IFRS 3. The values measured on a provisional basis included, inter alia, property, plant and equipment, the environmental rehabilitation provision and the deferred tax associated with these balances. Management is still in the process of gathering and assessing certain information on key estimations and the impact thereof on the provisional fair values. No measurement period adjustments have been recognised for the year ended 30 June 2021.
The measurement period ends on 30 September 2021. Any information that materially impacts on amounts previously recorded will be considered when finalising the fair value exercise. The necessary adjustments to the provisional balances as at 1 October 2020 and any resulting subsequent measurement adjustments will be made to the June 2021 results and financial position in reports issued after 30 September 2021, which may include the 2021 annual financial statements to be issued at the end of October 2021.
Critical estimates and assumptions of business valuations performed
Key assumptions for the valuation of the respective CGUs are the gold prices, marketable discount rates, exchange rates and life-of-mine plans. Due to the volatility associated with the potential upside driven by the higher gold prices in the short to medium term, management opted to adopt conservative gold price assumptions in order to accommodate for this, which is still in line with a market participant's view. Management has considered the impact of the Covid-19 pandemic on the valuations performed and made adjustments to the production and cost estimates for the respective CGUs.
The fair value of the identifiable net assets acquired was determined on the expected discounted cash flows based on the life-of-mine plans of the Mponeng business (Mponeng), West Wits closure business (WW), Mine Waste Solutions (MWS) and the Vaal River closure business (VR). The post-tax real discount rates used ranged from 8.5% to 11.6%, real exchange rates ranged between R14.41/US$1 and R16.75/US$1, real gold prices ranged between US$1 308/oz and US$1 784/oz. The valuation was performed as at 1 October 2020.
As part of determining the fair value of the provision for environmental rehabilitation the pre-tax risk-free rates used for discounting ranged between 5.1% and 11.5% while inflation of 5.0% was used for cost escalation.
The fair value of the unfavourable contract liability which forms part of the streaming arrangement with Franco-Nevada was measured at the difference between a market analyst consensus of gold prices and the fixed cash consideration to be received for gold delivered. A post-tax real rate of 11.6% was used to discount the liability over the expected period of delivery to settle the contract.
The deferred tax rates used to calculate deferred tax is based on the current estimate of future profitability when temporary differences will reverse based on tax rates and tax laws that have been enacted at acquisition date. The calculated deferred tax rates as at 1 October 2020 were 10.1% for Mponeng and WW, 20.8% for VR and 18.0% for MWS.
Provisional fair value determination of acquired operations
The provisional fair values as at the acquisition date are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Figures in million
|
|
|
|
|
30 June 2021
(Reviewed)
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
|
6 547
|
|
|
Restricted cash and investments
|
|
|
|
|
1 268
|
|
|
Deferred tax assets
|
|
|
|
|
103
|
|
|
Current assets
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
454
|
|
|
Trade and other receivables1
|
|
|
|
|
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)
|
|
|
Fair value of net identifiable assets acquired at 1 October 2020 (provisional)
|
|
|
|
|
4 748
|
|
1 The gross contractual amounts receivable is equal to the fair value of the receivables as at acquisition date
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
13. ACQUISITION OF ANGLOGOLD ASHANTI'S REMAINING SOUTH AFRICAN OPERATIONS continued
Identifiable assets acquired and liabilities assumed continued
Groundwater pollution liability
During an assessment of the environmental liabilities associated with the acquisition, a risk related to the potential decant and pollution of groundwater from the tailings storage facilities was identified. Management is still in the process of formulating a strategy for mitigating the risk.
A contingent liability acquired in a business combination is recognised in the acquisition accounting if it is a present obligation and its fair value can be measured reliably. Based on Harmony's initial assessment, a liability of R71 million has been raised as part of the provision for environmental rehabilitation assumed in the business combination.
Performance of acquired operations
For the nine months ended 30 June 2021, the operations acquired contributed revenue of R7 920 million and profit R1 765 million. Should the acquisition have occurred on 1 July 2020, the group’s pro forma consolidated revenue would have been R44 718 million and pro forma consolidated profit would have been R6 550 million.
Adjustments made to pro forma information
For the nine months of October 2020 to June 2021, the revenue and production cost figures as per the segmental operating results were used, with adjustments made to determine the profit/(loss) after tax of the acquired operations. These adjustments were:
•Non-cash consideration recognised from the streaming arrangement;
•Depreciation expensed;
•Costs incurred directly attributable to the acquisition;
•Investment income recognised from restricted cash and investments;
•Finance costs recognised for provisions for environmental rehabilitation; and
•Finance costs recognised for significant financing components of the streaming arrangement.
For the three months of July to September 2020 (Q1), the segment operational results of AGA was used. Adjustments made to pro forma information to determine profit/(loss) were as follows:
•Depreciation expensed for Q1 was estimated based on the fair values determined as at 1 October 2020. AGA did not recognise depreciation for Q1 in line with IFRS 5, Non-Current Assets Held For Sale.
•Non-cash consideration from the streaming arrangement, finance costs for provisions for environmental rehabilitation and the streaming arrangement for Q1 were based on the fair values determined as at 1 October 2020, using Harmony's accounting policies.
Gain on bargain purchase
Gain on bargain purchase has been recognised as follows:
|
|
|
|
|
|
|
|
Figures in million
|
30 June 2021
(Reviewed)
|
|
Consideration paid
|
|
|
– Cash consideration
|
3 366
|
|
|
– Contingent consideration
|
229
|
|
|
Provisional fair value of net identifiable assets acquired
|
(4 748)
|
|
|
Gain on bargain purchase (provisional)
|
(1 153)
|
|
The provisional gain on bargain purchase realised can be attributed to the higher gold prices and R/US$ exchange rate assumptions that were used in the business valuations performed as at 1 October 2020 when compared to the assumptions used when the transaction was negotiated. The gold price and exchange rate assumptions were impacted by the market uncertainty surrounding the Covid-19 pandemic, which has had a significant impact on the short- and medium-term assumptions that were included in the valuations.
Gain on bargain purchase has been included as a separate line item in the income statement.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
14. FINANCIAL RISK MANAGEMENT ACTIVITIES
The Covid-19 pandemic continues to impact on various aspects of Harmony's operating environment. Where relevant, reference is made to certain impacts in the discussions below, however a detailed discussion thereof is included in note 2.
Foreign exchange risk
Harmony's revenues are sensitive to the R/US$ exchange rate as all revenues are generated by gold sales denominated in US$. A weakening of the Rand will increase the reported revenue total; conversely a strengthening will decrease it.
Harmony maintains a foreign currency derivative programme to manage foreign exchange risk. The limit currently set by the Board is 25% of the group's foreign exchange risk exposure for a period of 24 months. The audit and risk committee reviews the details of the programme quarterly. Refer to note 10 and the fair value determination section below for further detail on these contracts.
The Rand strengthened during the financial year ended 30 June 2021, from R17.32/U$1 on 30 June 2020 to close at R14.27/US$1 on 30 June 2021. This positively impacted on the derivative valuations. The Rand's levels also impacted positively on the translation of the US$ debt facilities at 30 June 2021. Refer to note 11 for detail.
Commodity price sensitivity
The profitability of the group’s operations, and the cash flows generated by those operations, are mainly affected by changes in the market price of gold, and in the case of Hidden Valley, silver as well. Harmony entered into derivative contracts to manage the variability in cash flows from the group’s production, in order to create cash certainty and protect the group against lower commodity prices. The general limit for gold hedging currently set by the Board is 20% for a 24-month period. The limit set by the Board is 50% of silver exposure over a 24-month period. The audit and risk committee reviews the details of the programme quarterly. Refer to note 10 and the fair value determination section below for further detail on these contracts.
Interest rate risk
The interest rate cuts by both the US Federal Reserve and the SARB had a favourable impact on the cost of debt during the year. This was supported by the strengthening of the Rand on the cost for the US$ facilities, as well as the decreased debt levels as discussed in Capital Risk Management below.
Credit risk
Financial instruments which are subject to credit risk are restricted cash and investments, derivative financial instruments and cash and cash equivalents, all of which are invested with financial institutions that meet the group's policy requirements for credit quality, as well as trade and other receivables (excluding non-financial instruments). In assessing the creditworthiness of local institutions, management uses the national scale long-term ratings.
During the June 2020 financial year, Fitch downgraded the major South African (SA) banks by one notch to AA- from AA following the impact of the Covid-19 pandemic. This rating drop did not have a significantly adverse impact on the credit worthiness of the group's counterparts (SA financial institutions). Fitch increased the credit rating of the major banks to AA+ on 22 December 2020, citing the financial institutions risk appetite and corporate conduct as key factors of the upgrade. At 30 June 2021, the rating of major SA banks remained AA+.
Taking the above events into consideration, the national scale investment grade rating of these banks remains high, between AA- and AA+, and in line with the group's credit risk policy. An assessment of the expected credit losses (ECLs) for the financial assets measured at amortised costs at 30 June 2021 resulted in an immaterial amount for each instrument. Although the credit rating of the group's Australian counterparts moved down a notch from AA- to A+, the assessed ECL remained immaterial.
Management will continue to review the underlying strength of the South African economy as well as the creditworthiness of the financial institutions during this uncertain time and make any changes deemed necessary to safeguard the assets and reduce the credit risk.
Capital risk management
The group's positive financial performance has resulted in the considerable generation of cash through-out the financial year, assisting in the repayment of debt facilities (refer to note 11). It remains the group's objective to adhere to a conservative approach to debt and maintain low levels of gearing.
Net debt is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Cash and cash equivalents
|
|
2 819
|
|
6 357
|
|
|
Borrowings
|
|
(3 361)
|
|
(7 718)
|
|
|
Net debt
|
|
(542)
|
|
(1 361)
|
|
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
14. FINANCIAL RISK MANAGEMENT ACTIVITIES continued
Fair value determination
The fair value levels of hierarchy are as follows:
|
|
|
|
|
|
|
|
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).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
Fair value hierarchy level
|
30 June 2021 (Reviewed)
|
30 June 2020 (Audited)
|
|
Fair value through other comprehensive income financial instruments
|
|
|
|
|
Other non-current assets (a)
|
Level 3
|
72
|
|
77
|
|
|
Restricted cash and investments (b)
|
Level 1
|
252
|
|
—
|
|
|
Fair value through profit or loss financial instruments
|
|
|
|
|
Restricted cash and investments (b)
|
Level 2
|
1 325
|
|
837
|
|
|
Derivative financial assets (c)
|
Level 2
|
1 799
|
|
68
|
|
|
Derivative financial liabilities (c)
|
Level 2
|
(212)
|
|
(5 003)
|
|
|
Loan to ARM BBEE Trust (d)
|
Level 3
|
177
|
|
306
|
|
|
Contingent consideration liability (e)
|
Level 3
|
417
|
|
—
|
|
(a) The majority of the balance relates to the equity investment in Rand Mutual Assurance. The fair value of the investment was estimated with reference to an independent valuation. A combination of the "Embedded Valuation" and "Net Asset Value" techniques were applied to revalue the investment as at 30 June 2021. In evaluating the group's share of the business, common practice marketability and minority discounts as well as additional specific risk discounts were applied.
(b) The majority of the level 2 valued assets are directly derived from the Top 40 index on the JSE, and are discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds.
The level 1 valued assets were acquired as part of the Mponeng operations and related assets (refer to note 13) and comprises of listed equity securities of R252 million designated as fair value through other comprehensive income instruments.
The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed here.
(c) The mark-to-market remeasurement of the derivative contracts was determined as follows:
•Foreign exchange contracts comprise of zero cost collars and FECs: The zero cost collars were valued using a Black-Scholes valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$ exchange rate, Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate curve). The value of the FECs is derived from the forward Rand/US$ exchange rate and discounted at a market interest rate (zero coupon interest rate curve).
•Rand gold contracts (forward sale contracts): spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market interest rate.
•US$ gold contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at a market interest rate.
•Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at a market interest rate investments.
(d) Following the refinancing of the loan (refer to note 9), the current year fair value movement was calculated using a discounted cash flow model, taking into account forecasted dividends payments over the estimated repayment period of the loan at a rate of 7.9%. A discounted cash flow model, taking into account projected interest payments and the projected African Rainbow Minerals Limited (ARM) share price on the expected repayment date and using a discount rate of 9.8%, was applied to determine the prior year's fair value. A 74 basis point change in the discount rate, which would represent a reasonably possible change based on expected movements in lending rates, would not cause a material change in the fair value of the loan.
(e) The consideration for the Mponeng operations and related assets (refer to note 13) includes a contingent consideration determined using the expected gold production profile for Mponeng at a post-tax real rate of 10.3%. Should the expected gold production profile increase by 7% or decrease by 7%, the contingent consideration liability would increase by R208 million or decrease by R183 million, respectively. This represents reasonably expected changes which were determined based on the standard deviation of previous years' production of the Mponeng operation.
The carrying values (less any impairment allowance) of short-term financial instruments are assumed to approximate their fair values. This includes restricted investments carried at amortised cost. The fair values of borrowings are not materially different to their carrying amounts since the interest payable on those borrowings is at floating interest rates. The fair value of borrowings is based on discounted cash flows using a current borrowing rate. The determination of the fair values are level 3 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
15. ADDITIONAL CASH FLOW DISCLOSURES
Cash generated by operations increased year on year primarily due to the higher gold price received (refer to note 3) and the inclusion of the results of the Mponeng operations and related assets (refer to note 13).
Interest received includes R53 million paid by the ARM BBEE Trust on its original loan. Refer to note 9 for detail.
Additions to property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Capital expenditure – operations
|
|
4 062
|
|
2 881
|
|
|
Capital and capitalised exploration and evaluation expenditure for Wafi-Golpu
|
|
34
|
|
54
|
|
|
Additions resulting from stripping activities
|
|
1 046
|
|
675
|
|
|
Total additions to property, plant and equipment
|
|
5 142
|
|
3 610
|
|
16. COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Capital expenditure commitments:
|
|
|
|
|
Contracts for capital expenditure
|
|
373
|
|
368
|
|
|
Authorised by the directors but not contracted for
|
|
7 425
|
|
1 314
|
|
|
Total capital commitments
|
|
7 798
|
|
1 682
|
|
This expenditure will be financed from existing resources and, where appropriate, borrowings. The increase year on year is due to the inclusion of a number of expansion projects in the life-of-mine plans for the 2022 financial year. These projects include the Zaaiplaats extension at Moab Khotsong, the Kareerand deposition extension at MWS and the Hidden Valley extension
Contingent liabilities not recognised
There were no significant changes during the 2021 financial year. For a detailed disclosure on contingent liabilities refer to Harmony's annual financial statements for the financial year ended 30 June 2020.
17. RELATED PARTIES
The table below represents the movements for the year ended 30 June 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of director/prescribed officer
|
|
Shares sold in open market
|
Performance and deferred shares vested and retained
|
|
P Steenkamp (Executive director)
|
|
—
|
|
450 397
|
|
|
B Lekubo (Executive director)
|
|
—
|
|
3 581
|
|
|
H 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
|
|
•On 14 August 2020, Ms Shela Mohatla was appointed as Group Company Secretary by the board of directors. At the same time Ms Marian van der Walt was appointed as Senior Group Executive: Enterprise Risk and Investor Relations and will be regarded as a prescribed officer going forward.
•On 30 September 2020, Harmony announced the resignation of Mr Ken Dicks and Mr Max Sisulu as independent non-executive directors as well as the retirement of Mr Frank Abbott as executive director with effect from 30 September 2020.
•On 18 December 2020, Harmony announced the resignation of Ms Grathel Motau as independent non-executive director with effect from 18 December 2020.
•On 22 February 2021, Harmony announced the appointment of Mr Peter Turner as independent non-executive director with effect from 19 February 2021.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2021 (RAND)
18. SEGMENT REPORT
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM).
With the purchase of the Mponeng operations and related assets, the following CGUs were identified:
•the Mponeng business;
•the West Wits closure business;
•Mine Waste Solutions; and
•the Vaal River closure business.
The Mponeng business is disclosed separately in the segment report under the underground section while Mine Waste Solutions, the West Wits and the Vaal River Closure businesses are disclosed as part of the other surface operations.
The segment report follows on page 42.
19. RECONCILIATION OF SEGMENT INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Reconciliation of production profit to gross profit
|
|
|
|
|
Revenue
|
|
41 733
|
|
29 245
|
|
|
– Per segment report
|
|
40 698
|
|
28 307
|
|
|
– Other metal sales treated as by-product credits in the segment report
|
|
1 035
|
|
938
|
|
|
Production costs
|
|
(29 774)
|
|
(22 048)
|
|
|
– Per segment report
|
|
(28 739)
|
|
(21 110)
|
|
|
– Other metal sales treated as by-product credits in the segment report
|
|
(1 035)
|
|
(938)
|
|
|
|
|
|
|
|
Production profit per segment report
|
|
11 959
|
|
7 197
|
|
|
Amortisation and depreciation
|
|
(3 893)
|
|
(3 508)
|
|
|
Impairment of assets
|
|
(1 124)
|
|
—
|
|
|
Other cost of sales items
|
|
(866)
|
|
(352)
|
|
|
Gross profit as per income statement1
|
|
6 076
|
|
3 337
|
|
1 The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
|
30 June 2021
(Reviewed)
|
30 June 2020
(Audited)
|
|
Reconciliation of total segment assets to consolidated property, plant and equipment
|
|
|
|
|
Property, plant and equipment not allocated to a segment
|
|
|
|
|
Mining assets
|
|
211
|
|
331
|
|
|
Undeveloped property
|
|
3 989
|
|
3 681
|
|
|
Other non-mining assets
|
|
339
|
|
115
|
|
|
Assets under construction*
|
|
2 130
|
|
2 989
|
|
|
|
|
6 669
|
|
7 116
|
|
* Assets under construction consist of the Wafi-Golpu assets
20. SUBSEQUENT EVENTS
On 24 August 2021, a final dividend of 27 SA cents was declared, payable on 18 October 2021.
SEGMENT REPORT (RAND/METRIC)
FOR THE YEAR ENDED 30 JUNE 2021 (REVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
Production cost
|
Production
profit/(loss)
|
Segment assets
|
Capital expenditure
|
Kilograms produced*
|
Tonnes milled*
|
|
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
|
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
|
|
R million
|
R million
|
R million
|
R million
|
R million
|
kg
|
t'000
|
South Africa
Underground
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tshepong Operations
|
6 214
|
|
5 452
|
|
4 865
|
|
4 298
|
|
1 349
|
|
1 154
|
|
6 541
|
|
6 733
|
|
1 112
|
|
930
|
|
7 419
|
|
7 293
|
|
1 558
|
|
1 417
|
|
|
Moab Khotsong
|
6 048
|
|
5 008
|
|
3 842
|
|
3 344
|
|
2 206
|
|
1 664
|
|
4 007
|
|
3 842
|
|
633
|
|
498
|
|
7 166
|
|
6 592
|
|
903
|
|
746
|
|
|
Mponeng
|
4 750
|
|
—
|
|
2 938
|
|
—
|
|
1 812
|
|
—
|
|
4 582
|
|
—
|
|
493
|
|
—
|
|
5 446
|
|
—
|
|
683
|
|
—
|
|
|
Bambanani
|
1 687
|
|
1 591
|
|
1 156
|
|
1 040
|
|
531
|
|
551
|
|
327
|
|
443
|
|
71
|
|
50
|
|
1 992
|
|
2 132
|
|
227
|
|
200
|
|
|
Joel
|
1 199
|
|
1 037
|
|
1 124
|
|
1 010
|
|
75
|
|
27
|
|
1 169
|
|
1 080
|
|
172
|
|
151
|
|
1 424
|
|
1 391
|
|
359
|
|
349
|
|
|
Doornkop
|
3 077
|
|
2 270
|
|
2 140
|
|
1 730
|
|
937
|
|
540
|
|
2 994
|
|
2 841
|
|
425
|
|
281
|
|
3 670
|
|
2 994
|
|
851
|
|
681
|
|
|
Target 1
|
1 410
|
|
1 524
|
|
1 667
|
|
1 499
|
|
(257)
|
|
25
|
|
1 367
|
|
1 276
|
|
368
|
|
347
|
|
1 603
|
|
2 244
|
|
488
|
|
543
|
|
|
Kusasalethu
|
3 400
|
|
2 293
|
|
2 955
|
|
2 577
|
|
445
|
|
(284)
|
|
1 057
|
|
1 253
|
|
205
|
|
188
|
|
3 999
|
|
3 015
|
|
708
|
|
615
|
|
|
Masimong
|
1 636
|
|
1 401
|
|
1 427
|
|
1 258
|
|
209
|
|
143
|
|
26
|
|
41
|
|
29
|
|
24
|
|
2 012
|
|
1 999
|
|
510
|
|
489
|
|
|
Unisel1
|
224
|
|
681
|
|
182
|
|
580
|
|
42
|
|
101
|
|
—
|
|
6
|
|
—
|
|
7
|
|
247
|
|
982
|
|
57
|
|
219
|
|
|
Surface
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other surface operations
|
7 025
|
|
3 302
|
|
4 724
|
|
2 135
|
|
2 301
|
|
1 167
|
|
2 499
|
|
745
|
|
335
|
|
118
|
|
8 088
|
|
4 349
|
|
39 489
|
|
16 264
|
|
|
Total South Africa
|
36 670
|
|
24 559
|
|
27 020
|
|
19 471
|
|
9 650
|
|
5 088
|
|
24 569
|
|
18 260
|
|
3 843
|
|
2 594
|
|
43 066
|
|
32 991
|
|
45 833
|
|
21 523
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hidden Valley
|
4 028
|
|
3 748
|
|
1 719
|
|
1 639
|
|
2 309
|
|
2 109
|
|
3 128
|
|
3 810
|
|
1 260
|
|
959
|
|
4 689
|
|
4 872
|
|
3 420
|
|
3 906
|
|
|
Total international
|
4 028
|
|
3 748
|
|
1 719
|
|
1 639
|
|
2 309
|
|
2 109
|
|
3 128
|
|
3 810
|
|
1 260
|
|
959
|
|
4 689
|
|
4 872
|
|
3 420
|
|
3 906
|
|
|
Total operations
|
40 698
|
|
28 307
|
|
28 739
|
|
21 110
|
|
11 959
|
|
7 197
|
|
27 697
|
|
22 070
|
|
5 103
|
|
3 553
|
|
47 755
|
|
37 863
|
|
49 253
|
|
25 429
|
|
|
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 19)
|
1 035
|
|
938
|
|
1 035
|
|
938
|
|
—
|
|
—
|
|
6 669
|
|
7 116
|
|
|
|
|
|
|
|
|
|
41 733
|
|
29 245
|
|
29 774
|
|
22 048
|
|
11 959
|
|
7 197
|
|
34 366
|
|
29 186
|
|
5 103
|
|
3 553
|
|
47 755
|
|
37 863
|
|
49 253
|
|
25 429
|
|
* Production statistics are unaudited and not reviewed.
1 The Unisel operation closed in October 2020.
CONDENSED CONSOLIDATED INCOME STATEMENT (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
|
30 June 2020
|
|
Revenue
|
|
2 710
|
|
1 867
|
|
|
Cost of sales
|
|
(2 321)
|
|
(1 655)
|
|
|
Production costs
|
|
(1 933)
|
|
(1 409)
|
|
|
Amortisation and depreciation
|
|
(253)
|
|
(224)
|
|
|
Impairment of assets
|
|
(79)
|
|
—
|
|
|
Other items
|
|
(56)
|
|
(22)
|
|
|
|
|
|
|
|
Gross profit
|
|
389
|
|
212
|
|
|
Corporate, administration and other expenditure
|
|
(69)
|
|
(39)
|
|
|
Exploration expenditure
|
|
(11)
|
|
(13)
|
|
|
Gains/(losses) on derivatives
|
|
66
|
|
(107)
|
|
|
Foreign exchange translation gain/(loss)
|
|
44
|
|
(57)
|
|
|
Other operating expenses
|
|
(36)
|
|
(20)
|
|
|
Operating profit/(loss)
|
|
383
|
|
(24)
|
|
|
Gain on bargain purchase
|
|
69
|
|
—
|
|
|
Acquisition-related costs
|
|
(8)
|
|
(3)
|
|
|
Share of profits from associates
|
|
5
|
|
6
|
|
|
Investment income
|
|
21
|
|
24
|
|
|
Finance costs
|
|
(43)
|
|
(42)
|
|
|
Profit/(loss) before taxation
|
|
427
|
|
(39)
|
|
|
Taxation
|
|
(75)
|
|
(17)
|
|
|
Current taxation
|
|
(35)
|
|
(4)
|
|
|
Deferred taxation
|
|
(40)
|
|
(13)
|
|
|
|
|
|
|
|
Net profit/(loss) for the year
|
|
352
|
|
(56)
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling interest
|
|
2
|
|
2
|
|
|
Owners of the parent
|
|
350
|
|
(58)
|
|
|
Earnings/(loss) per ordinary share (cents)
|
|
|
|
|
Basic earnings/(loss)
|
|
58
|
|
(10)
|
|
|
Diluted earnings/(loss)
|
|
56
|
|
(11)
|
|
The currency conversion average rates for the 12 months ended 30 June 2021: US$1 = R15.40 (30 June 2020: US$1 = R15.66).
|
|
|
|
|
Note on convenience translations
The requirements of IAS 21 The Effects of the Changes in Foreign Exchange Rates have not necessarily been applied in the translation of the US Dollar financial statements presented on page 43 to 47.
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
|
30 June 2020
|
|
Net profit/(loss) for the year
|
|
352
|
|
(56)
|
|
|
Other comprehensive income for the year, net of income tax
|
|
211
|
|
(124)
|
|
|
Items that may be reclassified subsequently to profit or loss:
|
|
210
|
|
(127)
|
|
|
Foreign exchange translation gain/(loss)
|
|
(80)
|
|
77
|
|
|
Remeasurement of gold hedging contracts
|
|
290
|
|
(204)
|
|
|
Items that will not be reclassified to profit or loss
|
|
1
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
563
|
|
(180)
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling interest
|
|
3
|
|
—
|
|
|
Owners of the parent
|
|
560
|
|
(180)
|
|
The currency conversion average rates for the 12 months ended 30 June 2021: US$1 = R15.40 (30 June 2020: US$1 = R15.66).
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (US$)
FOR THE YEAR ENDED 30 JUNE 2021 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figures in million
|
|
Share capital
|
Accumulated loss
|
Other
reserves
|
Non-controlling interest
|
Total
|
|
Balance – 1 July 2020
|
|
2 308
|
|
(882)
|
|
211
|
|
—
|
|
1 637
|
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
|
—
|
|
—
|
|
11
|
|
—
|
|
11
|
|
|
|
|
|
|
|
|
|
|
Net profit for the year
|
|
—
|
|
389
|
|
—
|
|
3
|
|
392
|
|
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
226
|
|
1
|
|
227
|
|
|
Dividends paid
|
|
—
|
|
(47)
|
|
—
|
|
—
|
|
(47)
|
|
|
Balance – 30 June 2021
|
|
2 308
|
|
(540)
|
|
448
|
|
4
|
|
2 220
|
|
|
Balance – 1 July 2019
|
|
1 707
|
|
(675)
|
|
275
|
|
—
|
|
1 307
|
|
|
Issue of shares
|
|
195
|
|
—
|
|
—
|
|
—
|
|
195
|
|
|
Share-based payments
|
|
—
|
|
—
|
|
11
|
|
—
|
|
11
|
|
|
Net profit/(loss) for the year
|
|
—
|
|
(51)
|
|
—
|
|
2
|
|
(49)
|
|
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
(112)
|
|
(2)
|
|
(114)
|
|
|
Balance – 30 June 2020
|
|
1 902
|
|
(726)
|
|
174
|
|
—
|
|
1 350
|
|
The currency conversion closing rates for the year ended 30 June 2021: US$1 = R14.27 (30 June 2020: US$1 = R17.32).
CONDENSED CONSOLIDATED BALANCE SHEET (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
Figures in million
|
|
30 June 2021
|
30 June 2020
|
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
|
2 409
|
|
1 685
|
|
|
Intangible assets
|
|
26
|
|
31
|
|
|
Restricted cash and investments
|
|
367
|
|
209
|
|
|
Investments in associates
|
|
9
|
|
8
|
|
|
Deferred tax assets
|
|
14
|
|
31
|
|
|
Other non-current assets
|
|
23
|
|
25
|
|
|
Derivative financial assets
|
|
23
|
|
3
|
|
|
Total non-current assets
|
|
2 871
|
|
1 992
|
|
|
Current assets
|
|
|
|
|
Inventories
|
|
178
|
|
140
|
|
|
Restricted cash and investments
|
|
5
|
|
4
|
|
|
Trade and other receivables
|
|
116
|
|
75
|
|
|
Derivative financial assets
|
|
103
|
|
1
|
|
|
Cash and cash equivalents
|
|
198
|
|
367
|
|
|
Total current assets
|
|
600
|
|
587
|
|
|
Total assets
|
|
3 471
|
|
2 579
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
Share capital and reserves
|
|
|
|
|
Attributable to equity holders of the parent company
|
|
2 216
|
|
1 350
|
|
|
Share capital
|
|
2 308
|
|
1 902
|
|
|
Other reserves
|
|
448
|
|
174
|
|
|
Accumulated loss
|
|
(540)
|
|
(726)
|
|
|
Non-controlling interest
|
|
4
|
|
—
|
|
|
Total equity
|
|
2 220
|
|
1 350
|
|
|
Non-current liabilities
|
|
|
|
|
Deferred tax liabilities
|
|
154
|
|
58
|
|
|
Provision for environmental rehabilitation
|
|
327
|
|
197
|
|
|
Other provisions
|
|
65
|
|
52
|
|
|
Borrowings
|
|
208
|
|
431
|
|
|
Contingent consideration liability
|
|
29
|
|
—
|
|
|
Other non-current liabilities
|
|
12
|
|
6
|
|
|
Derivative financial liabilities
|
|
—
|
|
51
|
|
|
Streaming contract liability
|
|
49
|
|
—
|
|
|
Total non-current liabilities
|
|
844
|
|
795
|
|
|
Current liabilities
|
|
|
|
|
Other provisions
|
|
12
|
|
10
|
|
|
Borrowings
|
|
28
|
|
15
|
|
|
Trade and other payables
|
|
325
|
|
171
|
|
|
Derivative financial liabilities
|
|
14
|
|
238
|
|
|
Streaming contract liability
|
|
28
|
|
—
|
|
|
Total current liabilities
|
|
407
|
|
434
|
|
|
Total equity and liabilities
|
|
3 471
|
|
2 579
|
|
The balance sheet for 30 June 2021 converted at a conversion rate of US$1 = R14.27 (30 June 2020: US$1 = R17.32)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Figures in million
|
|
30 June 2021
|
30 June 2020
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
Cash generated by operations
|
|
633
|
|
321
|
|
|
Dividends received
|
|
6
|
|
—
|
|
|
Interest received
|
|
11
|
|
5
|
|
|
Interest paid
|
|
(15)
|
|
(24)
|
|
|
Income and mining taxes paid
|
|
(38)
|
|
(2)
|
|
|
Cash generated from operating activities
|
|
597
|
|
300
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
Increase in restricted cash and investments
|
|
(3)
|
|
(1)
|
|
|
Amounts refunded from restricted cash and investments
|
|
2
|
|
—
|
|
|
Redemption of preference shares from associates
|
|
2
|
|
4
|
|
|
Acquisition of Mponeng operations and related assets
|
|
(200)
|
|
—
|
|
|
ARM BBEE Trust loan repayment
|
|
17
|
|
—
|
|
|
ARM BBEE Trust loan advanced
|
|
(17)
|
|
—
|
|
|
Capital distribution from investments
|
|
1
|
|
—
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
1
|
|
—
|
|
|
Additions to property, plant and equipment
|
|
(334)
|
|
(230)
|
|
|
Cash utilised by investing activities
|
|
(531)
|
|
(227)
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
|
Borrowings raised
|
|
—
|
|
418
|
|
|
Borrowings repaid
|
|
(227)
|
|
(361)
|
|
|
Proceeds from the issue of shares
|
|
—
|
|
200
|
|
|
Dividends paid
|
|
(44)
|
|
—
|
|
|
Lease payments
|
|
(8)
|
|
(2)
|
|
|
Cash generated/(utilised) by financing activities
|
|
(279)
|
|
255
|
|
|
Foreign currency translation adjustments
|
|
44
|
|
(31)
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(169)
|
|
297
|
|
|
Cash and cash equivalents – beginning of year
|
|
367
|
|
70
|
|
|
Cash and cash equivalents – end of year
|
|
198
|
|
367
|
|
The currency conversion average rates for the 12 months ended 30 June 2021: US$1 = R15.40 (30 June 2020: US$1 = R15.66).
The closing balance translated at closing rate of 30 June 2021: US$1 = R14.27 (30 June 2020: US$1 = R17.32).
SEGMENT REPORT (US$/IMPERIAL)
FOR THE YEAR ENDED 30 JUNE 2021 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
Production cost
|
Production profit/(loss)
|
Segment assets
|
Capital expenditure
|
Ounces produced
|
Tons milled
|
|
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
|
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
|
|
US$ million
|
US$ million
|
US$ million
|
US$ million
|
US$ million
|
oz
|
t'000
|
South Africa
Underground
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tshepong Operations
|
403
|
|
348
|
|
316
|
|
274
|
|
87
|
|
74
|
|
458
|
|
389
|
|
72
|
|
59
|
|
238 526
|
|
234 475
|
|
1 718
|
|
1 562
|
|
|
Moab Khotsong
|
393
|
|
320
|
|
249
|
|
213
|
|
144
|
|
107
|
|
281
|
|
222
|
|
41
|
|
32
|
|
230 391
|
|
211 938
|
|
995
|
|
822
|
|
|
Mponeng
|
308
|
|
—
|
|
191
|
|
—
|
|
117
|
|
—
|
|
321
|
|
—
|
|
32
|
|
—
|
|
175 092
|
|
—
|
|
753
|
|
—
|
|
|
Bambanani
|
110
|
|
102
|
|
75
|
|
66
|
|
35
|
|
36
|
|
23
|
|
26
|
|
5
|
|
3
|
|
64 044
|
|
68 545
|
|
250
|
|
221
|
|
|
Joel
|
78
|
|
66
|
|
73
|
|
64
|
|
5
|
|
2
|
|
82
|
|
62
|
|
11
|
|
10
|
|
45 783
|
|
44 722
|
|
396
|
|
384
|
|
|
Doornkop
|
200
|
|
145
|
|
139
|
|
110
|
|
61
|
|
35
|
|
210
|
|
164
|
|
28
|
|
18
|
|
117 993
|
|
96 259
|
|
938
|
|
750
|
|
|
Target 1
|
92
|
|
97
|
|
108
|
|
96
|
|
(16)
|
|
1
|
|
96
|
|
74
|
|
24
|
|
22
|
|
51 536
|
|
72 146
|
|
537
|
|
598
|
|
|
Kusasalethu
|
221
|
|
146
|
|
192
|
|
165
|
|
29
|
|
(19)
|
|
74
|
|
72
|
|
13
|
|
12
|
|
128 570
|
|
96 934
|
|
780
|
|
678
|
|
|
Masimong
|
106
|
|
89
|
|
93
|
|
80
|
|
13
|
|
9
|
|
2
|
|
2
|
|
2
|
|
2
|
|
64 687
|
|
64 269
|
|
563
|
|
539
|
|
|
Unisel1
|
15
|
|
43
|
|
12
|
|
37
|
|
3
|
|
6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7 941
|
|
31 573
|
|
63
|
|
242
|
|
|
Surface
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other surface operations
|
456
|
|
212
|
|
306
|
|
138
|
|
150
|
|
74
|
|
175
|
|
43
|
|
21
|
|
8
|
|
260 034
|
|
139 823
|
|
43 547
|
|
17 935
|
|
|
Total South Africa
|
2 382
|
|
1 568
|
|
1 754
|
|
1 243
|
|
628
|
|
325
|
|
1 722
|
|
1 054
|
|
249
|
|
166
|
|
1 384 597
|
|
1 060 684
|
|
50 540
|
|
23 731
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hidden Valley
|
262
|
|
239
|
|
112
|
|
105
|
|
150
|
|
134
|
|
219
|
|
220
|
|
82
|
|
61
|
|
150 755
|
|
156 639
|
|
3 772
|
|
4 307
|
|
|
Total international
|
262
|
|
239
|
|
112
|
|
105
|
|
150
|
|
134
|
|
219
|
|
220
|
|
82
|
|
61
|
|
150 755
|
|
156 639
|
|
3 772
|
|
4 307
|
|
|
Total operations
|
2 644
|
|
1 807
|
|
1 866
|
|
1 348
|
|
778
|
|
459
|
|
1 941
|
|
1 274
|
|
331
|
|
227
|
|
1 535 352
|
|
1 217 323
|
|
54 312
|
|
28 038
|
|
1 The Unisel operation closed in October 2020
DEVELOPMENT RESULTS
FOR THE YEAR ENDED 30 JUNE 2021
METRIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANNEL
|
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
meters
|
meters
|
(cm's)
|
(g/t)
|
(cmg/t)
|
|
Tshepong
|
|
Basal
|
860
|
784
|
8.46
|
121.94
|
1 032
|
|
B Reef
|
459
|
410
|
158.14
|
20.42
|
3 229
|
|
All Reefs
|
1 319
|
1 194
|
59.86
|
29.84
|
1 786
|
|
Phakisa
|
|
Basal
|
1 066
|
1 056
|
42.70
|
31.31
|
1 337
|
|
All Reefs
|
1 066
|
1 056
|
42.70
|
31.31
|
1 337
|
|
Bambanani
|
|
Basal
|
—
|
—
|
—
|
—
|
—
|
|
All Reefs
|
—
|
—
|
—
|
—
|
—
|
|
Doornkop
|
|
South Reef
|
1 713
|
1 419
|
65.53
|
13.62
|
893
|
|
All Reefs
|
1 713
|
1 419
|
65.53
|
13.62
|
893
|
|
Kusasalethu
|
|
VCR Reef
|
282
|
340
|
48.96
|
21.42
|
1 049
|
|
All Reefs
|
282
|
340
|
48.96
|
21.42
|
1 049
|
|
Target 1
|
|
Elsburg/Dryerskuil
|
368
|
176
|
256.59
|
10.52
|
2 700
|
|
All Reefs
|
368
|
176
|
256.59
|
10.52
|
2 700
|
|
Masimong 5
|
|
Basal
|
1 044
|
846
|
90.74
|
14.86
|
1 348
|
|
B Reef
|
791
|
906
|
103.10
|
21.78
|
2 246
|
|
All Reefs
|
1 835
|
1 752
|
97.13
|
18.66
|
1 813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANNEL
|
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
meters
|
meters
|
(cm's)
|
(g/t)
|
(cmg/t)
|
|
Joel
|
|
Beatrix
|
1 806
|
1 764
|
137.72
|
6.87
|
946
|
|
All Reefs
|
1 806
|
1 764
|
137.72
|
6.87
|
946
|
|
Moab Khotsong
|
|
Vaal Reef
|
1 144
|
710
|
102.89
|
35.34
|
3 636
|
|
C Reef
|
|
|
|
|
|
|
All Reefs
|
1 144
|
710
|
102.89
|
35.34
|
3 636
|
|
Mponeng
|
|
VCR
|
709
|
622
|
70.02
|
50.38
|
3 528
|
|
Carbon Leader
|
105
|
66
|
28.36
|
44.97
|
1 275
|
|
All Reefs
|
815
|
688
|
66.03
|
50.16
|
3 312
|
|
Total Harmony
|
|
Basal
|
2 970
|
2 686
|
47.84
|
26.16
|
1 252
|
|
Beatrix
|
1 806
|
1 764
|
137.72
|
6.87
|
946
|
|
B Reef
|
1 250
|
1 316
|
261.24
|
42.20
|
5 475
|
|
Elsburg/Dryerskuil
|
368
|
176
|
256.59
|
10.52
|
2 700
|
|
Vaal Reef
|
1 144
|
710
|
102.89
|
35.34
|
3 636
|
|
South Reef
|
1 713
|
1 419
|
65.53
|
13.62
|
893
|
|
VCR
|
991
|
962
|
118.98
|
71.81
|
4 577
|
|
Carbon Leader
|
105
|
66
|
28.36
|
44.97
|
1 275
|
|
All Reefs
|
10 347
|
9 099
|
88.25
|
19.11
|
1 687
|
Rounding of numbers may result in slight computational discrepancies.
DEVELOPMENT RESULTS continued
FOR THE YEAR ENDED 30 JUNE 2021
IMPERIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANNEL
|
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
feet
|
feet
|
(inch)
|
(oz/t)
|
(in.oz/t)
|
|
Tshepong
|
|
Basal
|
2 821
|
2 572
|
3.00
|
3.95
|
12
|
|
B Reef
|
1 506
|
1 345
|
62.00
|
0.60
|
37
|
|
All Reefs
|
4 327
|
3 917
|
24.00
|
0.85
|
21
|
|
Phakisa
|
|
|
|
|
|
|
Basal
|
3 499
|
3 465
|
17.00
|
0.90
|
15
|
|
All Reefs
|
3 499
|
3 465
|
17.00
|
0.90
|
15
|
|
Bambanani
|
|
Basal
|
—
|
—
|
—
|
—
|
—
|
|
All Reefs
|
—
|
—
|
—
|
—
|
—
|
|
Doornkop
|
|
South Reef
|
5 621
|
4 656
|
26.00
|
0.39
|
10
|
|
All Reefs
|
5 621
|
4 656
|
26.00
|
0.39
|
10
|
|
Kusasalethu
|
|
VCR Reef
|
924
|
1 115
|
19.00
|
0.63
|
12
|
|
All Reefs
|
924
|
1 115
|
19.00
|
0.63
|
12
|
|
Target 1
|
|
Elsburg/Dryerskuil
|
1 206
|
577
|
101.00
|
0.31
|
31
|
|
All Reefs
|
1 206
|
577
|
101.00
|
0.31
|
31
|
|
Masimong 5
|
|
Basal
|
3 424
|
2 776
|
36.00
|
0.43
|
15
|
|
B Reef
|
2 596
|
2 972
|
41.00
|
0.63
|
26
|
|
All Reefs
|
6 020
|
5 748
|
38.00
|
0.55
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANNEL
|
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
feet
|
feet
|
(inch)
|
(oz/t)
|
(in.oz/t)
|
|
Joel
|
|
Beatrix
|
5 926
|
5 787
|
54.00
|
0.20
|
11
|
|
All Reefs
|
5 926
|
5 787
|
54.00
|
0.20
|
11
|
|
Moab Khotsong
|
|
Vaal Reef
|
3 753
|
2 329
|
41.00
|
1.02
|
42
|
|
C Reef
|
|
|
|
|
|
|
All Reefs
|
3 753
|
2 329
|
41.00
|
1.02
|
42
|
|
Mponeng
|
|
VCR
|
2 327
|
2 041
|
28.00
|
1.45
|
41
|
|
Carbon Leader
|
346
|
217
|
11.00
|
1.33
|
15
|
|
All Reefs
|
2 673
|
2 257
|
26.00
|
1.46
|
38
|
|
Total Harmony
|
|
Basal
|
9 743
|
8 813
|
19.00
|
0.76
|
14
|
|
Beatrix
|
5 926
|
5 787
|
54.00
|
0.20
|
11
|
|
B Reef
|
4 102
|
4 317
|
103.00
|
0.61
|
63
|
|
Elsburg/Dryerskuil
|
1 206
|
577
|
101.00
|
0.31
|
31
|
|
Vaal Reef
|
3 753
|
2 329
|
41.00
|
1.02
|
42
|
|
South Reef
|
5 621
|
4 656
|
26.00
|
0.39
|
10
|
|
VCR
|
3 251
|
3 156
|
47.00
|
1.12
|
53
|
|
Carbon Leader
|
346
|
217
|
11.00
|
1.33
|
15
|
|
All Reefs
|
33 947
|
29 852
|
35.00
|
0.55
|
19
|
Rounding of numbers may result in slight computational discrepancies.
COMPETENT PERSON'S DECLARATION
Harmony Gold Mining Company Limited’s statement of mineral resources and mineral reserves as at 30 June 2021 is produced in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). It should be noted that the mineral resources are reported inclusive of the mineral reserves.
In South Africa, Harmony employs an ore reserve manager at each of its operations who takes responsibility as competent person for the compilation and reporting of mineral resources and mineral reserves at their operations. In Papua New Guinea, competent persons are appointed for the mineral resources and mineral reserves for specific projects and operations.
The mineral resources and mineral reserves in this report are based on information compiled by the following competent persons:
Mineral resources and mineral reserves of South Africa:
Jaco Boshoff, BSc (Hons), MSc, MBA, Pr.Sci.Nat, MSAIMM, MGSSA, who has 26 years’ relevant experience and is registered with the South African Council for Natural Scientific Professions (SACNASP), a member of the South African Institute of Mining and Metallurgy (SAIMM) and a member of the Geological Society of South Africa (GSSA).
Mr Boshoff is Harmony's Lead Competent Person.
|
|
|
|
|
|
|
|
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
|
Mineral resources and mineral reserves of Papua New Guinea:
Gregory Job, BSc, MSc, who has 32 years’ relevant experience and is a member of the Australian Institute of Mining and Metallurgy (AusIMM).
|
|
|
|
|
|
|
|
Greg Job
|
|
|
Physical address:
|
Postal address:
|
Level 2, 189 Coronation Drive
Milton, Queensland
4064
Australia
|
PO Box 1562
Milton, Queensland
4064
Australia
|
Both these competent persons, who are full-time employees of Harmony, consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.
DIRECTORATE AND ADMINISTRATION
|
|
|
|
|
|
|
|
|
|
|
HARMONY GOLD MINING COMPANY LIMITED
|
|
TRANSFER SECRETARIES
|
|
|
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
|
|
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 86 154 6572
E-mail: info@jseinvestorservices.co.za
Fax: +27 86 674 4381
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
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
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
INVESTOR RELATIONS
|
|
|
|
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or +27 82 746 4120
|
|
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TRADING SYMBOLS
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COMPANY SECRETARIAT
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ISIN: ZAE 000015228
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E-mail: companysecretariat@harmony.co.za
Telephone: +27 11 411 2359
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