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2001
CONSOLIDATED AFRICAN MINES LIMITED
(Registration number 1894/000854/06)
("CAM" or "the Company")
Preliminary report for the year ended 31 March 2001
Consolidated income statements (Abridged)
Unaudited Audited
year year
ended ended
31 March 31 March
2001 2000
Notes R'000 R'000
Revenue 28 027 81 301
Net deficit for the period 1 (103 829) (133 786)
Exceptional items 2 (35 291) (128 063)
Share of earnings of associated
companies 14 169 9 865
Net deficit before taxation (124 951) (251 984)
Normal taxation 3 11 717 2 412
Net deficit after taxation (136 668) (254 396)
Outside shareholders' interest 53 970 12 613
Deficit attributable to shareholders (190 638) (267 009)
Deficit per share (cents) 4
- headline earnings (28,5) (24,1)
- attributable earnings (28,7) (40,2)
Headline earnings are
calculated as follow:
Net deficit for year (190 638) (267 009)
Exceptional items 35 291 128 063
Items of a capital nature:
- negative goodwil transferred to
earnings (34 150) (21 938)
- (profit)/loss on sale of fixed assets (356) 772
(189 853) (160 112)
Notes to the income statements:
1. Income is stated after
taking into account the following:
- Dividends received 726 3 858
- Interest received 19 778 11 545
- Negative goodwill transferred
to earnings 34 150 21 938
- Interest paid 79 701 82 106
2. Exceptional items
- Provision against and write-down
of investments (36 566) (200 142)
- Translation loss (23 884) (8 488)
- Profit on disposal of operation 20 049 -
- Profit on disposal of investments
and mining assets 9 349 18 889
- Provision for loss on put option (2 270) (28 452)
- Profit on sale of management contract - 140 000
- Restructuring costs (1 969) (49 870)
(35 291) (128 063)
3. Taxation
- South African normal taxation
- current year 11 706 1 360
- previous year 10 600
- Foreign normal taxation - 452
11 716 2 412
4. Deficit per share calculation is
based on the weighted number
of shares in issue of 665 073 403 664 951 637
Cash flow statements (Abridged)
Unaudited Audited
year year
ended ended
31 March 31 March
2001 2000
R'000 R'000
Cash flows from operating activities (252 268) 4 298
Cash flows from investing activities 222 005 186 555
Cash flows from financing activities 36 656 2 111
Net movement in cash and
cash equivalents 6 393 192 964
Cash and cash equivalents
- at beginning of year 10 198 (180 830)
- on disposal of subsidiaries - (1 936)
Cash and cash equivalents at
end of year 16 591 10 198
Consolidated balance sheets (Abridged)
Unaudited Audited
31 March 31 March
2001 2000
Notes R'000 R'000
Assets
Non-current assets
- Property plant and equipment 112 046 185 033
- Investments 1 1 470 032 1 378 590
- Loans 51 296 53 897
1 633 374 1 617 520
Current assets 3 216 728 273 551
Total assets 1 850 102 1 891 071
Equity and liabilities
Capital and reserves 2 540 946 708 343
Shares in holding company held
by subsidiaries (14 191) (12 307)
Outside shareholders 583 587 574 762
1 110 342 1 270 798
Non-current borrowings
- interest bearing 8 096 789
- non-interest bearing 57 81
8 153 870
Current liabilities
- interest bearing 4 653 945 443 684
- non-interest bearing 77 662 175 719
731 607 619 403
Total equity and liabilities 1 850 102 1 891 071
Number of shares in issue 665 703 403 665 703 403
Net asset value per share (cents) 0,79 1,05
Notes to the balance sheets
1. Investments in associated companies are accounted for on the equity
accounting method and carrying values are disclosed after the amortisation
of any goodwill arising on the acquisition of the investments.
Investments at carrying value:
Listed investments
- associated companies 991 807 885 456
- other 182 543 152 107
Unlisted investments
- associated companies 114 97
- other 295 568 340 930
Market value of listed investments are:
- associated companies 945 804 898 786
- other 210 368 180 176
Directors' valuation of unlisted
investments are:
- associated companies 663 1 019
- other 299 366 340 008
2. During the year under review the company's authorised share capital
remained unchanged at R12 000 000 divided into 1 200 000 000 ordinary shares
of 1 cent each of which 665 073 403 were in issue throughout the year.
3. Current assets include deposits and cash of R64 588 000 (2000: R53 974
000)
4. Current liabilities - interest bearing include overdrafts of R47 997 000
(2000: R427 860 000)
5. During the year under review JCI Projects (Proprietary) Limited disposed
of its Venture Projects and Capital Projects divisions. The major portion of
the proceeds on this disposal were received before year end.
6. Contingent liabilities
- The warranties and indemnities given by a subsidiary company to a third
party in respect of the sale of Tavastock Colleries Limited by JCI Limited
("JCI") have now lapsed and no liability has arisen as a result of the
warranties and indemnities issued.
- In terms of the restructuring of JCI Gold Limited ("JCIG"), JCIG was
obliged to meet any tax liability which may have arisen in JCI at 30 June
1998. JCI has been assessed by the South African Revenue Services for that
period and no liability has arisen.
7. Restructuring of the Group
Shareholders are referred to the cautionary announcements dated 18 June
2001. These were issued as a result of negotiations to unlock value in the
Group having reached an advanced stage.
8. The preliminary report for the Company for the year ended 31 March 2001
has been reviewed by the Company's auditors, Charles Orbach & Company. The
report is available for inspection at the Company's registered office.
For and on behalf of the board
R A R Kebble R B Kebble
Chairman Chief Executive Officer
Johannesburg
13 July 2001
Registered office:
28 Harrisson Street, Johannesburg 2001,
(PO Box 11165, Johannesburg 2000)
Transfer secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
Investor relations:
Kathy du Plessis, PO Box 87386, Houghton, Johannesburg 2041
Tel: + (27) (11) 728-4701; Fax: + (27) (11) 728-2547
e-mail: gen@dpn.co.za
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