• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • WORLD EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • WORLD EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    gold investing

    Gold Fields Announces Half-year Results

    Nicole Rashotte
    Aug. 16, 2018 07:34AM PST
    Precious Metals

    Gold Fields Limited (NYSE:GFI, JSE:GFI) announced it’s half-year results with losses attributable to owners of the parent from continuing operations for the six months to 30 June 2018 of US$367 million.  As quoted in the press release: Profit of US$54 million for the six months to 30 June 2017. Normalized profit from continuing operations of US$43m for the six months to 30 June 2018 compared with US$78m for …

    Gold Fields Limited (NYSE:GFI, JSE:GFI) announced it’s half-year results with losses attributable to owners of the parent from continuing operations for the six months to 30 June 2018 of US$367 million. 

    As quoted in the press release:

    Profit of US$54 million for the six months to 30 June 2017. Normalized profit from continuing operations of US$43m for the six months to 30 June 2018 compared with US$78m for the six months to 30 June 2017.

    The international operations continued to perform well for the six months ended June 2018 generating US$190m in net cash flow (before project capex) for the group.

    Gold Fields is in a strong financial position, with the integrity of the balance sheet remaining intact after funding cumulative project expenditure (Damang and Gruyere) of US$330 million over the past 18 months.

    As reported in the recent trading statement, attributable gold equivalent production from continuing operations, for the six months ended 30 June 2018, was 994koz (for the six months ended June 2017: 1,022 thousand ounces). All-in sustaining costs for the period were US$965 per ounce (for the six months ended June 2017: US$967 per ounces), with all-in costs of US$1,169 per ounce (for the six months ended June 2017: US$1,092 per ounce) as a result of the higher project capital, as was planned.

    Normalized profit from continuing operations for the six months ended June 2018 was US$43 million or US$0.05 per share, compared with US$78 million or US$0.09 per share in for the six months ended June 2017. Normalized profit was impacted by higher exploration expenditure this half year particularly as activities at Salares Norte have increased to complete the feasibility study by year end.

    In line with our dividend policy of paying out between 25 percent and 35 percent of normalized profit as dividends, we have declared an interim dividend of 20 SA cents per share which compared with the 2017 interim dividend of 40 SA cents per share.

    Net cash flow for continuing operations from operating activities less net capital expenditure and environmental payments was an outflow of US$79 million, compared with an outflow of US$102 million for the six months ended June 2017, mainly due to the growth capital spent at Gruyere, Damang and Salares Norte. We previously indicated that we expected to be cash negative in 2017and 2018 as a consequence of building two new mines in the Group and our ongoing study at Salares Norte. Excluding the project capital of US$179m for the half year, the net cash flow would have been an inflow of US$100 million for the six months ended June 2018.

    The net debt balance increased by US$90 million to US$1,393 million from US$1,303 million at the end of FY 2017, with the net debt to EBITDA ratio marginally higher at 1.07x (December 2017: 1.03x) but still well below the debt covenant level of 2.5x.

    Click here to read the full Gold Fields Limited (NYSE:GFI) press release.

    nyse:gfigold investing
    The Conversation (0)

    Go Deeper

    AI Powered

    Barrick Builds Momentum in Q2 With Higher Production, Stronger Cash Flows and Key Growth Projects on Track

    AngloGold Ashanti Q2 and Six Months Ended 30 June 2025 Earnings Release and Dividend Declaration

    Latest News

    Bold Ventures Announces Results of A and B Horizon Soil Sampling Program on Its Burchell Property

    Apollo Silver Engages CDMG for Marketing Services

    Prismo Engages Windfall Geotek for Data Analysis at Hot Breccia

    Investor Presentation

    Farm In Agreement to acquire St George Gold-Antimony Project

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    Brunswick Exploration

    BRW:TCM
    Brunswick Exploration Logo

    Asra Minerals

    ASR:AU

    Piche Resources

    PR2:AU

    Quimbaya Gold

    QIM:CC

    Sranan Gold

    SRAN:CC

    LaFleur Minerals

    LFLR:CNX
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×