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GDH
GDH
GDH - Good Hope - Reviewed Results For The Year Ended 30 June 2008
Good Hope Diamonds (Kimberley) Limited
(Registration number 1983/013789/06)
Share code: GDH & ISIN: ZAE000050381
("Good Hope" or "the company")
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2008
All figures in
R000`s
Consolidated Income
Statement
Year ended Year ended
30 June 2008 30 June 2007
(reviewed) (audited)
Revenue 1,209 180
Operating 3,722 4,699
loss
Depreciation - 89
Profit on - (3,088)
disposal of
investments
Net interest 3,465 3,285
paid
Loss before 7,187 4,985
taxation
Taxation - 187
Attributable loss 7,187 5,172
Number of shares 122,000 122,000
in issue
Headline loss per 5.89 6.79
share (cents)
Loss per share 5.89 4.24
(cents)
Reconciliation
between loss
and
headline
loss
Attributable 7,187 5,172
loss
Profit on - 3,088
disposal of
investments
(Loss)/profit on fair (5) 20
valuation of listed
shares
Headline 7,182 8,280
loss
Consolidated Balance
Sheet
30 June 2008 30 June 2007
(reviewed) (audited)
Assets
Non-current assets 117,664 117,662
Property, plant and 92,435 92,430
equipment
Goodwill 10,684 10,684
Other financial 14,545 14,548
assets
Current assets 2,317 2,910
Operating assets 2,316 2,594
Cash and cash 1 316
equivalents
Total 119,981 120,572
Assets
Equity and
Liabilities
Capital and reserves 70,222 77,409
Share capital and 125,955 125,955
premium
Accumulated (59,789) (52,810)
loss
Minority 4,056 4,264
interest
Non-current 46,602 30,911
liabilities
Interest bearing 43,325 27,748
borrowings
Provisions and 3,277 3,163
deferred tax
Current 3,157 12,252
liabilities
Operating liabilities 1,660 1,788
Interest bearing 1,497 10,464
liabilities
Total Equity and 119,981 120,572
Liabilities
Net asset value per 57.56 63.45
share (cents)
Statement of Changes
in Equity
Year ended Year ended
30 June 2008 30 June 2007
(reviewed) (audited)
Balance at
beginning of 77,409 84,278
year
Sale of - (1,697)
investment in
subsidiaries
Net loss for the (7,187) (5,172)
year
Balance at end 70,222 77,409
of year
Consolidated Cash Flow Statement
Year ended Year ended
30 June 2008 30 June 2007
(reviewed) (audited)
Cash flow from
operating (3,453) (3,291)
activities
Net interest paid (3,465) (3,285)
(6,918) (6,576)
Cash flow from
investing (7) 943
activities
Cash flow from
financing 16,283 5,341
activities
Net increase in
cash
and cash 9,358 (292)
equivalents
Cash and cash
equivalents
at beginning of (9,384) (9,092)
year
Cash and cash
equivalents
at end of year (26) (9,384)
Commentary
The group began sorting rough diamonds from the Loxton Dal mine during the
financial year under review. These diamonds were placed on tender, and diamond
sales of R1,209 million were recorded. Although the mining licence for the
Frank Smith mine was issued in June 2007, minimal mining operations have taken
place at Frank Smith as the mine requires recapitalisation. The group`s major
expense has been the interest charge on the financing loan from the El Shaddai
Trust and the bank overdraft which was repaid by the El Shaddai Trust during
the financial year under review. While the El Shaddai Trust has continued to
fund the group`s operations to date, in order to secure the monies advanced to
the group, the El Shaddai Trust has taken possession of the shares in the
subsidiaries which own the diamond mines in terms of the funding agreement
between the trust and the group companies until such time as the loans to the
trust are settled.
Renewal of Cautionary Announcement
In March 2008, an agreement was entered into with KMG Diamond Resources (Pty)
Ltd whereby the Loxton Dal and Frank Smith diamond mines have been
conditionally disposed of. Upon fulfillment 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 companies owning the above mines, where after,
the company will discharge all its liabilities.
Thereafter, the company will be classified as a "cash shell" on the JSE
Limited, retaining the remaining cash reserves. The company will then 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 JSE
regulations, failing which, the company`s listing will be terminated.
The company`s 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. To date, the disposal
conditions have not yet been fulfilled, and the fulfillment thereof is
expected to take place within the next sixty days.
The successful implementation of the agreement may have a material effect on
the price of the company`s securities, and, accordingly, shareholders are
advised to exercise caution when dealing in the company`s securities until a
full announcement is made.
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
four years, and the implementation of the proposed disposal will ensure that
the litigation between the company and various parties will be finally
settled.
Dividend
No dividend has been declared nor is one recommended in respect of the
financial year under review.
Board of Directors
There were no changes to the board of directors during the financial year
under review.
Auditors
Ashton Chartered Accountants Inc. were reappointed, at the last annual general
meeting, as auditors of the group for the financial year 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.
G Schauder Hyde Park
Company Secretary 29 September 2008
Directors: E Cambouris (Managing), G Schauder (Financial), J Kossowsky*,
Y Kossowsky*, F 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: 29/09/2008 08:00:01 Produced by the JSE SENS Department.
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