DRD: DRDGOLD LIMITED - Trading statement for the six months ended 31 December 2019

30 January 2020

DRD: DRDGOLD LIMITED - Trading statement for the six months ended 31 December 2019

DRD: DRDGOLD LIMITED - Trading statement for the six months ended 31 December 2019
Trading statement for the six months ended 31 December 2019

DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1895/000926/06)
ISIN: ZAE000058723
JSE share code: DRD
NYSE trading symbol: DRD
('DRDGOLD' or the 'Company')

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty,
that the financial results for the current reporting period will differ by at least 20% from the financial
results of the previous corresponding period.

DRDGOLD is in the process of finalising its results for the six months ended 31 December 2019
('Current Reporting Period') and shareholders are accordingly advised that the Company has
reasonable certainty that it will report:
o earnings per share of between 47.78 cents and 49.22 cents per share compared to a loss of
    7.2 cents per share for the previous corresponding period; and
o headline earnings per share of between 47.68 cents and 49.12 cents per share compared to a
    headline loss of 7.2 cents per share for the previous corresponding period.

The expected increase in earnings per share and headline earnings per share for the Current
Reporting Period compared to the previous corresponding period are due mainly to movements in
the following items:

1. Revenue
Revenue increased by R858.9 million, or 69%, to R2,111.4 million (2018: R1,252.5 million), as a
result of an increase in:
o Ergo´s revenue by R356.6 million to R1,589.6 million (2018: R1,233.0 million) due to a 3%
    increase in gold sold and a 26% higher average Rand gold price received; and
o Far West Gold Recoveries ('FWGR') revenue by R502.3 million to R521.8 million (2018: R19.5
    million) due to the Current Reporting Period being the first period of full production.

2. Cash operating costs
The impact of the increase in revenue on earnings and headline earnings was moderated by an
increase in cash operating costs of R208.5 million, or 18%, to R1,377.3 million (2018:
R1,168.8 million), largely due to the inclusion of the cash operating costs of FWGR amounting to
R177.2 million.

Cash and cash equivalents and borrowings

DRDGOLD ended the Current Reporting Period with cash and cash equivalents of R543.4 million
(30 June 2019: R279.5 million) and borrowings of Rnil (30 June 2019: Rnil).

The information contained in this announcement does not constitute an earnings forecast. The
financial information provided is the responsibility of the directors of DRDGOLD, and such
information has not been reviewed or reported on by the Company´s auditors. The condensed
consolidated interim results for the period ended 31 December 2019 are expected to be published
on or about 12 February 2020.


Johannesburg
30 January 2020


Sponsor
One Capital

Date: 30-01-2020 08:00:00
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