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Introduction
Forward-looking statements
Certain statements in this document constitute ‘forward-looking
statements’ within the meaning of section 27A of
the US Securities Act of 1933 and section 21E of the
US Securities Exchange Act of 1934. Such forward-looking
statements involve known and unknown risks,
uncertainties and other important factors that could cause
the actual results, performance or achievements of the
Company to be materially different from the future results,
performance or achievements expressed or implied by
such forward-looking statements.
Such risks, uncertainties and other important factors
include, among others: economic, business and political
conditions in Australia, Ghana, Peru, South Africa and
elsewhere; the ability to achieve anticipated efficiencies
and other cost savings in connection with past and future
acquisitions, exploration and development activities;
decreases in the market price of gold and/or copper;
hazards associated with underground and surface gold
mining; labour disruptions; availability, term and
deployment of capital or credit; changes in government
regulations, particularly environmental and new legislation
affecting mining and mineral rights; changes in exchange
rates; currency devaluations; inflation and other macro-economic
factors; industrial action; temporary stoppages
of mines for safety and unplanned maintenance; and the
impact of the HIV/AIDS crisis in
South Africa.
These forward-looking statements speak only as of the
date of this document. The Company undertakes no
obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or
circumstances after the date of this document or to reflect
the occurrence of unanticipated events.
Figure 1: Average exchange rates and commodity prices
| |
2013 |
|
2012 |
|
2011 |
|
| R/US$ |
9.60 |
|
8.19 |
|
7.22 |
|
| US$/A$ |
0.97 |
|
1.04 |
|
1.04 |
|
| Gold (US$/oz)1 |
1,386 |
|
1,656 |
|
1,555 |
|
| Gold (R/kg)1 |
427,753 |
|
435,952 |
|
361,049 |
|
| Gold (A$/oz) |
1,446 |
|
1,613 |
|
1,541 |
|
1 Continued operations
| |
Navigation icons |
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External web link provides reference to online disclosure |
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Further content online |
About this report
Our Integrated Annual Report 2013, which covers the year ended 31 December 2013, is made up of the following three volumes:
| • |
The Integrated Annual Review 2013, which examines
the integrated nature of our operational, financial and
sustainability performance |
| • |
The Annual Financial Report 2013, which fulfils our
statutory financial reporting requirements |
| • |
The Mineral Resources and Mineral Reserves
Supplement 2013, which provides detailed technical
and operational information on our mines and growth
projects. This will be available in late April. |
This Integrated Annual Review provides an overview of
Gold Fields eight global operations on a Group and
mine-by-mine basis, including the newly acquired Yilgarn
South Assets, acquired in October 2013. (Financial and
operational figures in this review include the newly acquired
Yilgarn South Assets for Q4 2013, non-financial data
do not, unless otherwise indicated.) The report also
describes our exploration and business development
activities. We do this using an integrated approach to
reporting that examines our operational, financial and
sustainability performance.
The aim of our integrated approach is to enable investors
and other stakeholders – including host governments,
local communities and our employees – to make a more
informed assessment of the value of Gold Fields and
its prospects.
We believe the Integrated Annual Review, together with
additional documents held online, represents an
A+ application of the Global Reporting Initiative (‘GRI’)
G3.1 Sustainability Reporting Guidelines, the highest
level possible.
Our auditors, KPMG, have provided reasonable assurance
on selected sustainability information in this report. As a
member of the International Council on Mining & Metals
(‘ICMM’) we are committed to obtaining assurance in line
with the ICMM Sustainable Development Framework:
Assurance Procedure. KPMG has provided assurance on
all five subject matters of the ICMM, which include our GRI
A+ self-declaration as well as our selected sustainability
performance data. The assured data and KPMG’s
Assurance opinion are on p158 and ,153 respectively.
This Integrated Annual Review also forms part of our
Communication on Progress to the United Nations Global
Compact. A summary of our compliance with the
GRI 3.1 and the 10 Principles of the United Nations Global
Compact – as well as our alignment with related standards
including the Millennium Development Goals (‘MDGs’) and
the ICMM 10 Principles and its mandatory requirements of
the position statements – is presented online.
Further information
The Integrated Annual Report 2013
is made up of the following three volumes,
all of which are available on our website:
Integrated Annual Review 2013
Annual Financial Report 2013
Mineral Resources and Mineral Reserves
Supplement 2013 (available late April)
www.goldfields.com

| “An integrated report is a concise
communication about how an
organisation’s strategy, governance,
performance and prospects, in the context
of its external environment, lead to the
creation of value over the short, medium
and long term.”
International Integrated Reporting Council,
The International
Framework |
48.6m
Attributable gold Mineral Reserves
113.4m
Attributable gold Mineral Resources
16 to 2
Reduction in fatalities from 2012 – 2013
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified producer of gold with eight operating
mines in Australia, Ghana, Peru and South Africa. In February 2013, Gold Fields unbundled
its mature underground Beatrix and KDC mines in South Africa into an independent and
separately listed company, Sibanye Gold Limited. It also expanded its presence in Australia,
acquiring the Darlot, Granny Smith and Lawlers mines (known as the ‘Yilgarn South Assets’)
from Barrick Gold.
Gold Fields has attributable annual gold production of approximately 2.02 million ounces, as
well as attributable Mineral Reserves of around 49 million ounces and Mineral Resources of
around 113 million ounces. Attributable copper Mineral Reserves total 708 million pounds and
Mineral Resources 7,120 million pounds. Gold Fields has a primary listing on the JSE Limited,
with secondary listings on the New York Stock Exchange (‘NYSE’), NASDAQ Dubai Limited,
Euronext in Brussels (‘NYX’) and the Swiss Exchange (‘SWX’) |
Figure 2: Group operating statistics – continuing operations
| Category |
2013 |
|
2012 |
|
2011 |
|
| Gold produced – attributable (’000 oz) |
2,022 |
|
2,031 |
|
2,038 |
|
| Mineral Reserves – attributable (’000 oz) |
48.61 |
|
54.85 |
|
n/a |
|
| Mineral Resources – attributable (’000 oz) |
113.4 |
|
125.5 |
|
n/a |
|
| Total cash cost (US$/oz) |
803 |
|
779 |
|
696 |
|
| Notional cash expenditure (NCE) (US$/oz)1 |
1,146 |
|
1,348 |
|
1,140 |
|
| All-in Costs (AIC) (US$/oz)2 |
1,312 |
|
1,537 |
|
n/a |
|
| Gold price received (US$/oz) |
1,386 |
|
1,656 |
|
1,555 |
|
| Operating costs (US$m) |
1,679 |
|
1,674 |
|
1,586 |
|
| Operating profit (US$m) |
1,239 |
|
1,879 |
|
1,989 |
|
| Operating margin (%) |
43 |
|
53 |
|
57 |
|
| NCE margin (%) |
17 |
|
19 |
|
27 |
|
| 1 |
NCE is defined as operating costs plus capital expenditure |
| 2 |
AIC include all cash costs plus costs related to sustaining and growing production of a company, excluding taxes |
Figure 3: Group financial statistics – continuing operations
| Category |
2013 |
|
2012 |
|
2011 |
|
| Revenue (Rm) |
27,901 |
|
28,916 |
|
25,264 |
|
| Basic (loss)/earnings – SA cents per share |
(811) |
|
356 |
|
625 |
|
| Headline (loss)/earnings – SA cents per share |
(112) |
|
393 |
|
622 |
|
| Dividends declared – SA cents per share1 |
22 |
|
235 |
|
330 |
|
| Total assets (Rm) |
75,441 |
|
94,890 |
|
84,044 |
|
| Shareholders’ equity (Rm) |
41,828 |
|
53,057 |
|
47,894 |
|
| Cash and cash equivalents (Rm) |
3,361 |
|
5,196 |
|
6,049 |
|
| Cash flows from operating activities (Rm) |
4,279 |
|
4,772 |
|
8,068 |
|
| Cash utilised (Rm) |
(2,042) |
|
(5,799) |
|
(3,221) |
|
| EBITDA (Rm) |
10,544 |
|
13,824 |
|
3,207 |
|
| EBITDA (US$m) |
1,098 |
|
1,688 |
|
1,829 |
|
| Net debt (Rm) |
17,941 |
|
10,820 |
|
9,461 |
|
| Net debt (US$m) |
1,735 |
|
1,263 |
|
1,164 |
|
| Net debt: EBITDA (Rm) |
1.7 |
|
0.78 |
|
0.72 |
|
1 Excludes dividends in specie
Figure 4: Group sustainability statistics – continuing operations
| Category |
2013 |
|
2012 |
|
2011 |
|
| National value distribution (US$m) |
2,979 |
|
4,226 |
|
3,688 |
|
| Socio-economic development spend (SED) (US$m) |
161 |
|
181 |
|
14 |
|
| Total employees2 |
10,167 |
|
9,684 |
|
8,115 |
|
| Employee wages and benefits (US$m) |
417 |
|
366 |
|
327 |
|
| Fatalities |
2 |
|
0 |
|
1 |
|
| Lost-Time Injury Frequency Rate (‘LTIFR’)3 |
2.864 |
|
2.365 |
|
n/a |
|
| CO2 emissions (’000 tonnes)6 |
1,235 |
|
1,234 |
|
1,203 |
|
| Environmental incidents (Level 3) |
3 |
|
6 |
|
7 |
|
| Electricity consumption (MWh) |
1,382,105 |
|
1,384,459 |
|
1,399,285 |
|
| Water withdrawal (ML) |
30,3027 |
|
23,688 |
|
29,040 |
|
| 1 |
Our SED definition has been aligned to the World Gold Council definition, which excludes employee-related SED. Including employee-related spending total SED is US$48 million (see pages 122 to 126) |
| 2 |
Total employees are permanent employees, including head office and Yilgarn Assets (Q4 2013) staff |
| 3 |
Per million hours worked, including employees and contractors |
| 4 |
Restricted work cases are now included in our LTIFR across the Group. The Group definition is currently based on not being able to work the next shift, but Gold Fields is considering moving to a calendar day-based definition in 2014 in line with ICMM safety reporting guidelines. |
| 5 |
Restated to adopt 2013 methodology (see footnote 4) |
| 6 |
Scope 1 and 2 only |
| 7 |
The increase in 2013 was primarily due to dewatering of pits at St Ives and increased rainfall in Western Australia |
Figure 5: Group currency and share price statistics
| Category |
2013 |
|
2012 |
|
2011 |
|
| Closing rate US$1 = R |
10.34 |
|
8.57 |
|
8.13 |
|
| Ordinary share price – high (R) |
96.30 |
|
115.10 |
|
143.00 |
|
| Ordinary share price – low (R) |
31.40 |
|
84.16 |
|
95.60 |
|
| Ordinary share price – year-end (R) |
32.89 |
|
90.95 |
|
109.23 |
|
| Average daily number of shares traded on JSE (million) |
3.5 |
|
2.3 |
|
2.2 |
|
| American Depository Receipts (ADRs) (US$) – high |
10.73 |
|
14.56 |
|
18.55 |
|
| American Depository Receipts (ADRs) (US$) – low |
3.02 |
|
9.74 |
|
13.80 |
|
| American Depository Receipts (ADRs) (US$) – year-end |
3.20 |
|
10.75 |
|
16.28 |
|
| Average daily number of shares traded on NYSE (million) |
5.6 |
|
4.0 |
|
4.0 |
|
| Number of shares in issue at year-end (million) |
767.2 |
|
729.5 |
|
723.7 |
|
| Market capitalisation at year-end (Rbn) |
25.2 |
|
75.7 |
|
90.2 |
|
| Total asset value per share (R) |
98.33 |
|
129.76 |
|
115.17 |
|
|