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OPERATING SGEMENTS | 12 Months Ended
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Jun. 30, 2022
Operating Segments [abstract] |
Operating segments | 23 OPERATING SEGMENTS ACCOUNTING POLICIES Operating segments are reported in a manner consistent with internal reports that the Group’s chief operating decision maker (“ CODM ”) reviews regularly in allocating resources and assessing performance of operating segments. The CODM has been identified as the Group’s Executive Committee. The Group has one material revenue stream, the sale of gold. To identify operating segments, management reviewed various factors, including operational structure and mining infrastructure. It was determined that an operating segment consists of a single or multiple metallurgical plants and reclamation sites that, together with its tailings storage facility, is capable of operating independently. When assessing profitability, the CODM considers, inter alia, the revenue and cash operating costs of each segment. The net of these amounts is the segment operating profit or loss. Therefore, segment operating profit has been disclosed as the primary measure of profit or loss. The CODM also considers the additions to property, plant and equipment. Ergo is a surface gold retreatment operation which treats old slime dams and sand dumps to the south of Johannesburg’s central business district as well as the East and Central Rand goldfields. The operation comprises three plants. The Ergo and Knights plants continue to operate as metallurgical plants. The City Deep plant continues to operate as a pump/milling station feeding the metallurgical plants. FWGR is a surface gold retreatment operation and treats old slime dams in the West Rand goldfields. Phase 1, which entailed the reconfiguration of the Driefontein 2 plant and relevant infrastructure to process tailings from the Driefontein 5 slimes dam and deposit residues on the Driefontein 4 Tailings Storage Facility, was commissioned on April 1, 2019. Corporate office and other reconciling items (collectively referred to as "Other reconciling items" ) represent the items to reconcile to consolidated financial statements. This does not represent a separate segment as it does not generate mining revenue. Note condensed during the current year. Changes also affected on comparatives. Other 2022 reconciling Amounts in R million Ergo FWGR items Total Revenue (External) 3,704.9 1,413.6 - 5,118.5 Cash operating costs (3,009.8) (454.0) - (3,463.8) Movement in gold in process and finished inventories - Gold Bullion 35.2 (4.8) - 30.4 Segment operating profit 730.3 954.8 - 1,685.1 Additions to property, plant and equipment (436.2) (162.2) - (598.4) Reconciliation of segment operating profit to profit after tax Segment operating profit 730.3 954.8 - 1,685.1 Depreciation (134.5) (131.6) (1.5) (267.6) Change in estimate of environmental rehabilitation recognised in profit or loss 2.3 - (0.1) 2.2 Ongoing rehabilitation expenditure (30.1) (1.5) - (31.6) Care and maintenance - - (5.9) (5.9) Other operating costs (4.9) (0.2) (0.1) (5.2) Other income 70.1 21.2 - 91.3 Administration expenses and other costs (7.7) (13.8) (139.7) (161.2) Finance income 22.4 19.0 184.4 225.8 Finance expense (58.8) (10.8) (5.2) (74.8) Current tax (12.9) (237.3) (11.4) (261.6) Deferred tax (45.3) (29.6) 2.2 (72.7) Profit after tax 530.9 570.2 22.7 1,123.8 Reconciliation of cost of sales to cash operating costs Cost of sales (3,141.8) (592.1) (7.6) (3,741.5) Depreciation 134.5 131.6 1.5 267.6 Change in estimate of environmental rehabilitation recognised in profit or loss (2.3) - 0.1 (2.2) Movement in gold in process and finished inventories - Gold Bullion (35.2) 4.8 - (30.4) Ongoing rehabilitation expenditure 30.1 1.5 - 31.6 Care and maintenance - - 5.9 5.9 Other operating costs 4.9 0.2 0.1 5.2 Cash operating costs (3,009.8) (454.0) - (3,463.8) Other 2021 reconciling Amounts in R million Ergo FWGR items Total Revenue (External) 3,943.0 1,326.0 - 5,269.0 Cash operating costs (2,666.5) (406.2) - (3,072.7) Movement in gold in process and finished inventories - Gold Bullion (31.9) 6.3 - (25.6) Segment operating profit 1,244.6 926.1 - 2,170.7 Additions to property, plant and equipment (250.9) (143.3) (1.5) (395.7) Reconciliation of segment operating profit to profit after tax Segment operating profit 1,244.6 926.1 - 2,170.7 Depreciation (135.6) (115.6) (1.3) (252.5) Change in estimate of environmental rehabilitation recognised in profit or loss 7.2 - 5.2 12.4 Ongoing rehabilitation expenditure (46.6) (1.7) - (48.3) Care and maintenance - - (3.9) (3.9) Other operating expenses 2.4 - - 2.4 Other income 0.1 - - 0.1 Administration expenses and other costs 15.0 1.8 (80.8) (64.0) Finance income 21.0 17.2 178.0 216.2 Finance expense (45.8) (9.8) (13.9) (69.5) Current tax (196.1) (227.6) - (423.7) Deferred tax (66.6) (37.4) 4.0 (100.0) Profit after tax 799.6 553.0 87.3 1,439.9 Reconciliation of cost of sales to cash operating costs Cost of sales (2,871.0) (517.2) - (3,388.2) Depreciation 135.6 115.6 1.3 252.5 Change in estimate of environmental rehabilitation recognised in profit or loss (7.2) - (5.2) (12.4) Movement in gold in process and finished inventories - Gold Bullion 31.9 (6.3) - 25.6 Ongoing rehabilitation expenditure 46.6 1.7 - 48.3 Care and maintenance - - 3.9 3.9 Other operating income (2.4) - - (2.4) Cash operating costs (2,666.5) (406.2) - (3,072.7) Other 2020 reconciling Amounts in R million Ergo FWGR items Total Revenue (External) 3,064.3 1,120.7 - 4,185.0 Cash operating costs (2,274.0) (352.0) - (2,626.0) Movement in gold in process and finished inventories - Gold Bullion 1.8 1.3 - 3.1 Segment operating profit 792.1 770.0 - 1,562.1 Additions to property, plant and equipment (114.4) (68.0) (0.3) (182.7) Reconciliation of segment operating profit to profit after tax Segment operating profit 792.1 770.0 - 1,562.1 Depreciation (150.4) (119.6) (0.8) (270.8) Change in estimate of environmental rehabilitation recognised in profit or loss 19.1 2.1 0.7 21.9 Ongoing rehabilitation expenditure (22.3) (2.0) - (24.3) Care and maintenance - - (11.1) (11.1) Other operating expenses (27.6) (3.1) - (30.7) Other income 0.7 - - 0.7 Administration expenses and other costs (131.6) (20.7) (157.6) (309.9) Finance income 28.9 28.1 52.8 109.8 Finance expense (48.8) (14.3) (5.7) (68.8) Current tax (145.8) (117.4) - (263.2) Deferred tax 6.6 (86.5) (0.8) (80.7) Profit after tax 320.9 436.6 (122.5) 635.0 Reconciliation of cost of sales to cash operating costs Cost of sales (2,453.4) (473.3) (11.2) (2,937.9) Depreciation 150.4 119.6 0.8 270.8 Change in estimate of environmental rehabilitation recognised in profit or loss (19.1) (2.1) (0.7) (21.9) Movement in gold in process and finished inventories - Gold Bullion (1.8) (1.3) - (3.1) Ongoing rehabilitation expenditure 22.3 2.0 - 24.3 Care and maintenance - - 11.1 11.1 Other operating costs 27.6 3.1 - 30.7 Cash operating costs (2,274.0) (352.0) - (2,626.0)

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