DURBAN DEEP Quartalsbericht - supergut !!!!!! - 500 Beiträge pro Seite

[goldenGlobe]

Q2 Earnings bT +100% (in US$) +152% (in Rand)!

Produktionskosten gesenkt von US$232/oz auf US$ 192(!!)/oz

Outlook: number of projects to increase gold production from ´old areas´ are now under way

http://www.drd.co.za/financial_reports/financialreports.htm

[goldenGlobe]

rechnet man dieses Quartal auf ein Jahr hoch (Q2 17% equity return), so ergibt sich ein KGV von 1,47

[goldenGlobe]

unglaublich - ich hab in Frankfurt tatsächlich grad noch welche zu 1,88 gekriegt!

[Insiderin007]

800 oder 2000 STÜCK :-)
Insiderin007

[goldenGlobe]

800 als Zukauf.
Ich bin gespannt auf US-Eröffnung.
tippe auf über 2$

glo

[Sovereign]

Mal sehen was die Amis in ner Stunde mit der "Roodeport Rocket" machen werden... Ich hab jedenfalls heute in Frankfurt noch mal eingesammelt (Durban Deep soll ab Juni 2002 EIN ANTIHEDGER sein und das hedge book dann entsprechend aufgelöst haben).

Merkt Ihr was?
Durban wird ein absoluter Antihedger.
Newmont will sämtliche Normandy-hedges glattstellen.
Harmony will Hill 50 kaufen und alle hedges abbauen.
Heute melden Gold Fields und Repadre den offiziellen Abschluß des Kaufes der Damang Mine in Ghana von Ranger Minerals. Das zugehörige hedge book von 420,000 Oz soll binnen der nächsten 3 Monate eliminiert werden.
Iamgold tauscht seine Barreserven in physisches Gold und will Dividenden in Gold bezahlen.
Goldcorp. hält ebenfalls physisches Gold und will künftig ebenfalls Dividenden in Gold bezahlen.

Für mich signalisieren diese Meldungen einen Stimmungsumschwung! Bald werden die Superhedger Barrick und AngloGold allein auf weiter Flur stehen!

Gruß

Sovereign

[GoldenCentury]

Gut zu wissen in diesem Zusammenhang ist, das der von mir hochgeschätzte Templeton Growth Fund eine nicht unbedeutende Anzahl von Durban hält. Kurzfristig wird es dennoch erst einmal etwas runter gehen, da viele nach dem Motto "Buy on rumours, sell on fact" erst einmal Gewinne mitnehmen werden.

[gholzbauer]

http://www.bday.co.za/bday/content/direct/1,3523,1009072-607…

DRD Dec qtr gold production up 3%

By Hilton Shone

Durban Roodepoort Deep (DRD) on Thursday posted net profits of R56.4-million for the quarter ended December 2001, up 144% from the R23.1-million recorded in the September quarter.

Headline earnings per share rose 165% to 39.5 cents against 14.9 cents previously. Gold production for the quarter amounted to 8,369 kg (269,069 ounces), an increase of 2.7%% over the previous quarter`s 8,147 kg (261,932 ounces).

Cash costs were steady at 60,617 rand per kilogram in September but in dollar terms costs fell 18% to $186 per ounce thanks to the rand`s weak performance.

The group`s operations showed a marked improvement with cash operating profits up 109% to R170.1-million compared to R81.3-million.

DRD chairman Mark Wellesley-Wood said restructuring of the group`s hedge position remained the most important objective and the plan was for DRD to be an unhedged producer. During the review quarter, DRD eliminated the balance of its long gold hedge positions and was continuing to buy back forward gold sales.

In view of the higher rand gold price and the company`s improved cash flow, a number of projects designed to increase gold production from old areas were under way, Wellesley-Wood said. The consequent reduction in pay limits should increase reserves, and therefore mine lives, significantly.

I-Net Bridge



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http://www.bday.co.za/bday/content/direct/1,3523,1009137-609…

Durban Deep wants to clear hedge positions

Resources Correspondent

DURBAN Roodepoort Deep, which reported a 170% increase in headline earnings yesterday, said it intended to use the increase in profit margins to reduce its hedge positions.

The company has set a target for June, when it hopes to have cleared all its hedge positions. "We don`t need hedging. We don`t like it and I want this company to be unhedged," said Mark WellesleyWood, the company`s chairman and CE.

The company said that it had paid off 125000oz of its book in the quarter to December 31, eliminated its long hedge positions, and planned to lift the ounces directed towards its hedge book this year.

"It is a good move to settle its hedge book and pay off debt. A couple of years ago this company looked as if it was really in the doldrums. It has got good prospects," said an analyst.

The company said it was positioning itself for longer-term growth, which could be sustained as the company moved to buy back forward gold sales, straightened its balance sheet, and worked to contain costs.

"Durban Deep is delivering we have been offered an opportunity by the depreciation of the rand," said Wood.

Headline earnings a share rose to 39,5c from 14,9c in the September quarter as its profit jumped in the quarter to December 31. Headline earnings climbed to R56,4m from the R23,1m recorded in the September quarter, as the company benefited from the weaker rand.

"A 2% improvement in the dollar gold price, together with a 22% decline in the rand against the dollar, resulted in profit before taxation doubling to $7,8m," said the company.

Although analysts have predicted that all of SA`s gold mining companies will see their margins boosted by the fall in the rand when they report their earnings for the December quarter, one gold analyst was upbeat about Durban Deep`s results.

"Its share price is up over 100% in the last year. It is difficult to ignore them as long as they keep delivering," he said.

Durban Deep`s gold production grew 3% in the December quarter to 269096oz and costs an ounce of gold produced came in at 186/oz, compared with $227/oz in the three months to September 30.

SA`s fourth biggest gold producer said it was working to access existing reserves which, as a result of the rise in the rand gold price, could now be mined economically.

The Harties medium grade project in North West has started and there are plans to mine 6-million tons of ore at an average grade of 8g/ton.

At its Tolukuma mine in Papua New Guinea, production fell 7% due to lower underground yields. However, the group was going ahead with its expansion plan.
Jan 25 2002 12:00:00:000AM Julie Bain Business Day 1st Edition


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http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B24225…

Durban Deep clawing back respectability

By: David McKay & Laura Clancy
Posted: 2002/01/24 Thu 16:00 ZE2 | © Miningweb 1997-2002

JOHANNESBURG – Durban Roodepoort Deep [NASDAQ: DROOY] could always be relied upon to spice up the South African gold quarterly reporting season. Who can forget the disastrous hedge book, its ill-judged incursions into Australian mining, the corporate governance scandals…. Now, its fare is much less spectacular.
The hedge book is being systematically reduced and the balance sheet is tidier. Debt to equity has been reduced to 15 percent from over 50 percent last year. Organic growth is being pursued rather than flashy acquisitions (although executive chairman, Mark Wellesley-Wood, did have an unsuccessful tilt at AngloGold`s Savuka gold mine recently). South African analysts are grudgingly respectful that a transition is under way, albeit motivated by the higher rand gold price.

"This company was on the brink in July, much closer to bankruptcy than I`d ever seen before. Now it looks much more healthy and they have actually started making money," one says.

Still, it must be galling to see so much cash flow is being swallowed up by the hedging sins of the past. According to financial director Ian Murray, the company aims to pay off R25 million of cash per month, reducing its extant hedge book. During the December quarter, about 105,000 ounces was retired from the hedge book as well as the company`s long position. The longs are now over which frees up more cash flow to reduce the gold sold forward.

By end-March, a further 220,000 ounces should be closed down and a further 60 to 70,000 ounces reduced from cash previously used to reduce the longs. That will leave only 350,000 ounces left which, Murray says, should be rubbed out during the June quarter. Six months from now, Durban Deep hopes to attain the unhedged gold producer status it has long craved.

There`s still a frustrating refusal to be completely upfront about the hedge book. The write-down value of the hedge book, or mark to market, is kept secret. Why? Meanwhile, the company revealed its spot price to be $278 an ounce, with the hedge cost at $32 and the net
received price $246. That means that, on the operating level, Durban Deep`s South African mines were profitable in the December quarter with average total cash costs at $186 per ounce. Net cash operating profit will include hedge-restructuring costs. Nonetheless, at a current rand gold price enough production is exposed to spot for Durban Deep to benefit significantly.

Some R117 million was raised from selling shares in Randgold & Exploration to Western Areas in repayment of an earlier loan. That helps clean up past deeds in which Randgold and DRD shared a more common purpose, with the latter suffering as a result.

Murray talks about reducing debt in order to take on loan finance in a more uniform or concerted manner, depending on the transaction in question. Durban Deep has a number of organic projects under way but, in the longer term, the company probably needs to acquire an asset such as Savuka. In the meantime, analysts want to see further consolidation, a tight rein on corporate governance, and the final closure of the hedge book. So far, so good.



The results

Headline earnings were up 110 percent to $5.9 million for the December quarter. Gold production for the quarter under review was 3 percent higher at 269,096 ounces (8,369 kilograms), while cash operating costs were lower in unit cost terms at $186 per ounce (R60,617 per kilogram).

A 2 percent improvement in the dollar gold price, together with a 22 percent decline in the rand against the dollar, resulted in profit before taxation doubling to $7.8 million (by 152 percent in rand terms to R83.6 million). In addition, the quarter saw a significant increase in net cash operating profit in dollar and rand terms to $12.7 million (R135.4 million) from $6.5 million (R55.1 million) in the previous quarter.

The return on shareholder`s equity (excluding deferred tax) for the quarter was 17 percent.

[gholzbauer]

Hallo goldenGlobe,
"equity return" bezieht sich auf den Buchwert bzw. das Eigenkapital, nicht auf den Börsenwert.
Ist also nix mit "KGV 1,47".
Gewinn pro Aktie war 3.7 US-Cent, würde x4 und mit einem DROOY-Kurs von 1.60 USD ein KGV von gut 10 geben. Aber nur, wenn der Rand und/oder die Kosten in Rand nicht wieder stark steigen.