Enhanced Investments - Financial Portal

Reviewed financial results for the twelve months ended 31 December 2023

Published: 2024-02-22 08:05:53 ET

Gold Fields Limited
Incorporated in the Republic of South Africa)
Registration Number 1968/004880/06)
JSE, NYSE, DIFX Share Code: GFI
ISIN: ZAE000018123
"Gold Fields" or “the Company”)


REVIEWED FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2023

Gold Fields Limited is a globally diversified gold producer with eight operating mines
in Australia, Ghana, Peru and South Africa and a project in Chile.

Gold Fields Limited (NYSE & JSE: GFI) announced profit attributable to owners of the
parent for the year ended 31 December 2023 of US$703.3 (US$0.79 per share). This compared
profit of US$711.0m (US$0.80per share) for the year ended 31 December 2022.
A final dividend number 99 of 420 SA cents per share (gross) is payable on 18 March 2024,
giving a total dividend for the year ended 31 December 2023 745 SA cents per share
(gross).

KEY STATISTICS
                                                                    United States    Dollars
                                                                Quarter                  Year ended
Figures in millions unless otherwise stated            December September December    December December
                                                       2023     2023      2022        2023     2022
Gold produced*                                oz (000) 608      542       601         2,304    2,399
-Continuing operations                        oz (000) 594      526       586         2,244    2,322
-Discontinued operations                      oz (000) 14       16        15          60       77
Tonnes milled/treated                         000      10,653   10,933    10,638      43,052   42,199
-Continuing operations                        000      9,984    10,225    9,955       40,315   39,576
-Discontinued operations                      000      669      708       683         2,737    2,623
Revenue (excluding Asanko)                    US$/oz   1,987    1,924     1,736       1,942    1,785
Cost of sales before gold
inventory change and
amortisation and depreciation
(excluding Asanko)              US$/tonne 54                    48        50         51        49
AISC*                           US$/oz    1,372                 1,381     1,063      1,295     1,105
-Continuing operations          US$/oz    1,356                 1,380     1,058      1,289     1,097
-Discontinuing operations       US$/oz    2,060                 1,427     1,217      1,516     1,346
Total AISC*                     US$/oz    1,632                 1,622     1,298      1,512     1,320
-Continuing operations          US$/oz    1,618                 1,622     1,300      1,507     1,317
-Discontinued                   US$/oz    2,248                 1,632     1,227      1,672     1,435
Net debt                        US$m      1,024                 1,141     704        1,024     704
Net debt (excluding lease
liabilities)                    US$m      588                   749       310        588       310
Net debt to adjusted EBITDA ratio         0.42                  0.48      0.29       0.42      0.29
Adjusted free cash flow         US$m                                                 367       431
Profit/(loss) attributable to owners
of the parent                   US$m                                                 703.3     711.0
-Continuing operations          US$m                                                 722.2     698.0
-Discontinued operations        US$m                                                 (18.9)    13.0
Profit/(loss) per share attributable
to owners of the parent         US c.p.s.                                            79        80
-Continuing operations          US c.p.s.                                            81        79
-Discontinuing operations       US c.p.s.                                            (2)       1
Headline earnings attributable
to owners of the parent         US$m                                                 837.3     1,061.0
-Continuing operations          US$m                                                 809.3     1,048.0
-Discontinuing operations             US$m                                          28.0        13.0
Headline earnings per share
attributable to owners
of the parent                         US c.p.s.                                     94          119
-Continuing operations                US c.p.s.                                     91          118
-Discontinued operations              US c.p.s.                                     3           1
Normalised profit attributable
to owners of the parent               US$m                                          899.9       860.1
-Continuing operations                US$m                                          871.9       847.1
-Discontinued operations              US$m                                          28.0        13.0
Normalised profit per share
attributable to owners
of the parent                         US c.p.s.                                     101         97
-Continuing operations                US c.p.s.                                     98          96
-Discontinued operations              US c.p.s.                                     3           1

* Gold produced in this table is attributable and includes Gold Fields’ share of 45% in Asanko.
At 31 December 2023, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South
Deep in South Africa (96.43%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and Asanko JV (45% equity
share).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 5% of Group
production.
AISC and total AIC in the key statistics table include all Gold Fields operations, project and offices.
Figures may not add as they are rounded independently.


Final cash dividend
In line with the Company’s dividend policy, the Board has approved and declared a final
dividend number 99 of 420 SA cents per ordinary share (gross) in respect of the year
ended 31 December 2023. The final dividend will be subject to the Dividend Withholding
Tax of 20 per cent. In accordance with paragraph 11.17 of the JSE Listings
Requirements, the following additional information is disclosed:
• The dividend has been declared out of income reserves;
• The gross local dividend amount is 420 SA cents per ordinary share for shareholders
liable to pay the dividends tax;
• The Dividend Withholding Tax of 20 per cent (twenty per centum) will be applicable to
this dividend;
• The net local dividend amount is 336 SA cents per ordinary share for shareholders
liable to pay the dividends tax;
• Gold Fields currently has 893,540,813 ordinary shares in issue; and
• Gold Fields’ income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the final dividend:
• Final dividend number 99: 420 SA cents per share;
• Declaration date: Thursday, 22 February 2024
• Last date to trade cum-dividend: Tuesday, 12 March 2024;
• Sterling and US Dollar conversion date: Wednesday, 13 March 2024;
• Shares commence trading ex-dividend: Wednesday, 13 March 2024;
• Record date: Friday, 15 March 2024; and
• Payment of dividend: Monday, 18 March 2024.

Share certificates may not be dematerialised or rematerialised between Wednesday, 13
March 2024 and Friday, 15 March 2024, both dates inclusive.

This short-form announcement is the responsibility of the directors and is only a
summary of the information contained in the condensed consolidated financial statements
of Gold Fields for the year ended 31 December 2023 (“full results”). The full results
can be found on the company's website at www.goldfields.com and on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2024/jse/isse/GFIE/FY23Result.pdf

Any investment decision should be based on the full results announcement available on
the JSE cloudlink and on the company's website. The condensed consolidated financial
statements of Gold Fields for the year ended 31 December 2023 have been reviewed by the
company’s auditor, PricewaterhouseCoopers Inc., who expressed an unqualified review
conclusion thereon.

By order of the board
YGH Suleman (Chair)
22 February 2024

Executive Directors: MJ Fraser (Chief Executive Officer), PA Schmidt (Chief Financial
Officer)
Non-Executive Directors: A Andani#, PJ Bacchus*, TP Goodlace, MC Bitar@,
JE McGill^ PG Sibiya, SP Reid^, CAT Smit
^ Australian * British @Chilean # Ghanaian
www.goldfields.com


Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd

Company secretary:
A. Weststrate

Transfer secretaries:
Computershare Investor Services (Proprietary) Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.