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GDH
GDH
GDH - Good Hope Diamonds (Kimberley) Limited - Interim Results For The Six
Months Ended 31 December 2007
Good Hope Diamonds (Kimberley) Limited
(Registration number 1983/013789/06)
Share code: GDH & ISIN: ZAE000050381
("Good Hope" or "the company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
All figures in
R000`s
Consolidated Income Statement
6 months 6 months Year
ended ended ended
31 Dec. 31 Dec. 30 June
2007 2006 2007
(reviewed) (reviewed) (audited)
Revenue
1,018 47 180
Operating
loss 708 2,482 1,611
Depreciation
41 559 89
Net interest
paid 2,541 766 3,285
Taxation
- - 187
Attributable loss
3,290 3,807 5,172
Number of shares in
issue 122,000 122,000 122,000
Headline loss per
share (cents) 2.70 3.12 6.79
Loss per share
(cents) 2.70 3.12 4.24
Reconciliation
between loss
and
headline
loss
Attributable
loss 3,290 3,807 5,172
Profit on disposal
of investments 3,088
Profit on fair
valuation of listed - - 20
shares
Headline
loss 3,290 3,807 8,280
Consolidated
Balance Sheet
31 Dec. 31 Dec. 30 June
2007 2006 2007
(reviewed) (reviewed) (audited)
Assets
Non-current assets
113,458 98,867 117,662
Property, plant and
equipment 92,389 74,940 92,430
Goodwill
19,519 22,292 10,684
Other financial
assets 1,550 1,635 14,548
Current
assets 2,269 2,915 2,910
Operating
assets 2,267 2,723 2,594
Cash and cash
equivalents 2 192 316
Total Assets
115,727 101,782 120,572
Equity and
Liabilities
Capital and
reserves 69,855 66,330 77,409
Share capital and
premium 125,955 125,955 125,955
Accumulated
loss (56,100) (59,625) (52,810)
Minority
interest - - 4,264
Non-current
liabilities 34,318 23,026 30,911
Interest bearing
borrowings 31,155 23,026 27,748
Rehabilitation
provision 2,762 - 2,762
Deferred
taxation 401 - 401
Current
liabilities 11,554 12,426 12,252
Operating
liabilities 1,008 1,709 1,788
Interest bearing
liabilities 10,546 10,717 10,464
Total Equity and
Liabilities 115,727 101,782 120,572
Net asset value per
share (cents) 57.26 54.37 63.45
Statement of Changes in Equity
6 months 6 months Year
ended ended ended
31 Dec. 31 Dec. 30 June
2007 2006 2007
(reviewed) (reviewed) (audited)
Balance at
beginning of
period 77,409 73,049 84,278
Net sale of
investments - - (1,697)
Minority interest
reversed (4,264) - -
Net loss for the
period (3,290) (3,807) (5,172)
Balance at end of
period 69,855 69,242 77,409
Consolidated Cash Flow
Statement
6 months 6 months Year
ended ended ended
31 Dec. 31 Dec. 30 June
2007 2006 2007
(reviewed) (reviewed) (audited)
Cash flow from
operating
activities 255 (1,867) (3,291)
Net interest
paid (2,541) (766) (3,285)
(2,286) (2,633) (6,576)
Cash flow from
investing
activities (1,517) 953 943
Cash flow from
financing
activities 3,405 971 5,341
Net decrease in
cash
and cash
equivalents (398) (709) (292)
Cash and cash
equivalents
at beginning of
period (9,384) (9,092) (9,092)
Cash and cash
equivalents
at end of period
(9,782) (9,801) (9,384)
Commentary
The group began sorting rough diamonds from the Loxton Dal mine during the
financial period under review, and rough diamond sales of R1,018 million were
recorded during this period. The group`s major expense has been the interest
charge on the financing loan from the El Shaddai Trust and the bank overdraft,
which overdraft was repaid by the El Shaddai Trust subsequent to the period end.
The El Shaddai Trust has continued to finance the group`s operations to date.
Subsequent to the reporting period, an agreement has been entered into whereby
the Loxton Dal and Frank Smith diamond mines have been conditionally disposed
of. Upon fulfilment of the conditions of the disposal, the disposal will result
in the company receiving the net balance of the purchase price in terms of the
disposal remaining after payment of the claims of creditors of the above
companies, whereafter, the company will discharge all its liabilities, and
thereafter be classified as a "cash shell", retaining the remaining cash
reserves. Thereafter, the company will have a period of six months to acquire
viable assets which will satisfy the conditions for the continued listing of the
company in terms of the JSE`s requirements, failing which, the company`s listing
will be terminated.
The board of directors of the company is of the opinion that the disposal, and
the method thereof, is in the best interests of the company`s shareholders,
given that the group has been embroiled in protracted litigation over the past
three years, and the implementation of the proposed disposal will ensure that
the litigation between the company and various parties will be finally settled.
The board of directors is currently investigating the possible acquisition of
other assets by the company, and shareholders will be appropriately informed of
any such acquisitions.
Dividend
No dividend has been declared nor is one recommended in respect of the financial
period under review.
Accounting Policies and Review
The accounting policies comply with International Financial Reporting Standards,
and have been consistently applied.
The financial information set out above has been reviewed, but not audited, by
the group`s auditors, Ashton Chartered Accountants Inc. The review report is
available for inspection at the registered office of the company. The required
copies of this Interim Report will be delivered to the JSE and posted to the
shareholders in terms of JSE regulations.
On behalf of the board of directors
G Schauder
Company Secretary
Hyde Park
22-Apr-08
Directors: E Cambouris (Managing), G Schauder (Financial), J Kossowsky*,
Y Kossowsky*, FA Pieterse* ( American * Non-executive)
Registered office: 1st Floor, South Wing, Hyde Park Shopping Centre,
Hyde Park, 2196
Transfer secretaries: Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Sponsor: Arcay Moela Sponsors (Pty) Ltd, Arcay House, 3 Anerley Road, Parktown,
2193
Date: 22/04/2008 15:35:02 Produced by the JSE SENS Department.
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