Gold Fields Limited Trading Statement for FY 2020

Rhea-AI Summary

Gold Fields Limited (JSE: GFI, NYSE: GFI) reports a significant increase in headline earnings per share for FY 2020, projected between US$0.81 and US$0.85, up 305-325% from US$0.20 in FY 2019. Basic earnings per share are expected between US$0.80 and US$0.84, while normalised earnings are forecasted at US$0.98 to US$1.02, reflecting strong production and higher gold prices despite hedges. Attributable gold equivalent production for 2020 is 2,236koz, a 2% increase YoY. FY 2020 financial results will be released on February 18, 2021.

Positive

• Headline earnings per share expected to increase by 305-325% compared to FY 2019.
• Basic earnings per share projected to be 300-320% higher than the previous year.
• Normalised earnings expected to rise by 133-143% YoY.
• Attributable gold equivalent production for 2020 is set at 2,236koz, exceeding revised guidance.

Negative

• All-in sustaining costs (AISC) increased to an expected US$977/oz from US$897/oz in FY 2019.
• All-in costs (AIC) also increased to US$1,079/oz, reflecting higher costs.

JOHANNESBURG, Feb. 10, 2021 /PRNewswire/ -- Gold Fields Limited (Gold Fields) (JSE: GFI) (NYSE: GFI) advises that headline earnings per share for the 12 months ended 31 December 2020 (FY 2020) are expected to range from US$0.81-0.85 per share, 305-325% (US$0.61-0.65 per share) higher than the headline earnings of US$0.20 per share reported for the 12 months ended 31 December 2019 (FY 2019).

Basic earnings per share for FY 2020 are expected to range from US$0.80-0.84 per share, 300-320% (US$0.60-0.64 per share) higher than the basic earnings of US$0.20 per share reported for FY 2019.

Normalised earnings per share for FY 2020 are expected to range from US$0.98-1.02 per share, 133-143% (US$0.56-0.60 per share) higher than the normalised earnings of US$0.42 per share reported for FY 2019.

The increase in basic and headline earnings is driven by slightly higher production and higher gold prices received, despite the hedges that were in place during 2020.

Strong end to 2020

For Q4 2020, attributable gold equivalent production is expected to be 593koz (Q3 2020: 557koz), with All-in costs (AIC) for the quarter expected to be US$1,113/oz (Q3 2020: US$1,070/oz). All-in sustaining costs (AISC) are expected to be US$971/oz (Q3 2020: US$964/oz).

Attributable gold equivalent production for 2020 is expected to be 2,236koz, a 2% increase YoY (FY 2019: 2,195koz), within the revised guidance range of 2,200 - 2,250koz. Original guidance of 2.275Moz – 2.315Moz was revised in May 2020 to account for the impact of Covid-19 on the operations, mainly at South Deep and Cerro Corona.

AIC for 2020 is expected to be US$1,079/oz, marginally higher than 2019 (FY 2019: US$1,064/oz) and within the revised guidance range of US$1,070/oz - US$1,090/oz. AISC for the year is expected to be US$977/oz (FY 2019: US$897/oz), again within the revised guidance range of between US$960/oz and US$980/oz.

The financial information on which this trading statement is based has not been reviewed, and reported on, by the Company's external auditors.

Gold Fields expects to release FY 2020 financial results on Thursday, 18 February 2021.

Enquiries

Investors

Avishkar Nagaser
Tel:  +27 11 562-9775
Mobile:  +27 82 312 8692
Email: Avishkar.Nagaser@goldfields.com

Thomas Mengel
Tel:  +27 11 562-9849
Mobile:  +27 72 493 5170
Email: Thomas.Mengel@goldfields.com

Media

Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email: Sven.Lunsche@goldfields.com

Notes to editors

About Gold Fields

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. We have total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE).

 

 

 

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SOURCE Gold Fields Limited

FAQ

What are Gold Fields' expected headline earnings per share for FY 2020?

Gold Fields expects headline earnings per share for FY 2020 to range from US$0.81 to US$0.85.

How much did Gold Fields' basic earnings per share increase for FY 2020?

Basic earnings per share for FY 2020 are expected to increase by 300-320%, reaching between US$0.80 and US$0.84.

What is the forecast for Gold Fields' normalised earnings per share for FY 2020?

Normalised earnings per share for FY 2020 are forecasted to be between US$0.98 and US$1.02, representing a 133-143% increase from FY 2019.

When will Gold Fields release its FY 2020 financial results?

Gold Fields is scheduled to release its FY 2020 financial results on February 18, 2021.