| Thu 26 Apr 2001, 0:00 | | East Daggafontein Mines Limited - Unaudited Group |
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East Daggafontein Mines Limited
(Registration number 1980/001395/06)
(Incorporated in the Republic of South Africa)
Unaudited group interim results for the 12 months ended 31 March 2001
Directors: E P H Bieber (Chairman), P R A Ferguson, W J D I Scott, R B Shead
(CEO), R N H Style (British), K C Whyte, C A Massey (Alternate)
Issued Share Capital: 17 766 184 Linked Units
Highlights
- Interest and dividend payment number 10 - 400 cents
- Production of pgm's increased by 232,5%
- Revenue from pgm operation increased by 693%
- Return on equity 231,6%
- Earnings per share including debenture interest 748,8 cents
- Earnings per share excluding debenture interest 678,8 cents
GROUP INCOME STATEMENT
12 months 12 months
ended ended
31 March 31 March
2001 2000
R'000 R'000
Profit before debenture interest
and taxation 205 315 19 960
Debenture interest 12 436 13 366
Profit before taxation 192 879 6 594
Taxation 72 280 2 525
Profit after taxation 120 599 4 069
GROUP BALANCE SHEET
Capital employed 59 221 38 113
Fixed assets and investments 884 9 262
Current assets 206 711 42 561
Current liabilities 148 374 13 710
Net current assets 58 337 28 851
Employment of capital 59 221 38 113
GROUP STATEMENT OF CHANGES
IN EQUITY
Capital Accumulated Capital
profit/(loss) employed
R'000 R'000 R'000
Balance at 1 April 1999 26 991 7 522 34 513
Changes in accounting policy 25 077 (22 387) 2 690
Net profit - 4 069 4 069
Dividends - (3 159) (3 159)
Balance at 31 March 2000 52 068 (13 955) 38 113
Net profit - 120 599 120 599
Dividends - (99 491) (99 491)
Balance at 31 March 2001 52 068 7 153 59 221
GROUP CASH FLOW STATEMENT
31 March 31 March
2001 2000
R'000 R'000
Cash flow from/(utilised in)
operating activities 95 937 (2 273)
Cash flow from/(utilised in)
investing activities 878 (4 297)
Net increase/(decrease) in cash and
equivalents for the period 96 815 (6 570)
Cash and equivalents at beginning
of period 26 805 33 375
Cash and equivalents at end of period 123 620 26 805
NOTE
Comparative figures have been altered in accordance with the change in
accounting policy detailed in the Unaudited Group Results dated 12 October 2000
Change in Year-end
The company has changed its financial year-end from 31 March to 30 September.
The current financial period of the company will extend to 30 September 2001.
The reason for changing the year-end of the company was fully disclosed to
shareholders in the announcement published in the press on 6 April 2001.
6L13 Joint Venture
Operating Statistics
1. Production
6 Months 6 Months 12 Months 12 Months
Mar 2001 Sept 2000 Mar 2001 Mar 2000
Tons processed 15 448 12 822 28 271 29 418
Pgm's produced (troy ounces) 53 085 31 478 84 563 25 435
Revenue (R'000) 155 237 67 744 222 981 28 087
2. Financial Ratios
12 Months 12 Months
Mar 2001 Mar 2000
Cash cost per pgm ounce R454,41 R1 028,78
(US$60,79) (US$162,27)
Operating profit margin 91,2% 68,63%
Return on equity* 231,6% 7,81%
*Attributable profit (excluding debenture interest) as a percentage of capital.
Mining Reserves
As previously stated the mining operation on 6L13 scheduled for completion on
30 November 2000 was extended to 28 February 2001 by which time all available
pgm enriched material had been mined and transported to stockpiles adjacent to
the Drier Plant.
The estimated economically viable reserves available on stockpiles on the 6L13
pgm project are as follows:
Reserves at 31 March 2001
Total on Stockpiles
Tons 74 500
Grades (g/t) 41
Pgm content - kg 3 054,5
Movement in Share Price on the JSE for the
12 Month Period from April 2000 to March 2001
General
During the 12 months to 31 March 2001, management continued to investigate a
number of opportunities that would provide the company with a strong cash flow
beyond the currently estimated completion date of the 6L13 pgm project.
For and on behalf of the board
E P H Bieber (Chairman)
R B Shead (CEO)
Declaration of Interest and Dividend Payment Number 10
Notice is hereby given that an amount of 400 cents per linked unit (which
comprises one ordinary share and one unsecured variable rate debenture)
representing an interest payment of 1 cent per debenture and a dividend of 399
cents per share has been declared payable in respect of the six months ended 31
March 2001. The said payment will be made on or about 18 May 2001 to the linked
unitholders registered in the books of the company at close of business on 11
May 2001.
By order of the board
J Korsten (Company Secretary)
Transfer Secretaries Registered Office
Mercantile Registrars Limited 1 Albury Park
10th Floor First Floor, South Wing
11 Diagonal Street Magalieszicht Avenue
Johannesburg, 2001 Dunkeld West, 2196
(PO Box 1053, Johannesburg, 2000) (PO Box 413420, Craighall, 2024)
Johannesburg
25 April 2001
Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Limited
(Registration number 1970/003711/07)
