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MARCH 2001
NEW MINING CORPORATION LIMITED
(Registration number 1933/004523/06)
("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 17 200 21 994
Net deficit for the year 1 (2 988) (3 484)
Exceptional items 2 (27 893) (88 188)
Share of profits/(losses) of
associated companies 822 (45 114)
Net deficit before taxation (30 059) (136 786)
Normal taxation 3 - (69)
Deficit attributable to shareholders (30 059) (136 717)
Deficit per share (cents) 4
- headline earnings (1,4) (34,7)
- attributable earnings (20,1) (97,8)
Headline earnings are calculated as follows:
Net deficit for the year (30 059) (136 717)
Exceptional items 27 893 88 188
(2 166) (48 529)
Notes to the income statements:
1. Income is stated after
taking into account
the following:
- Dividends received 26 -
- Interest received 2 391 782
- Negative goodwill
transferred to earnings 1 395 1 063
1. - Interest paid 1 601 1 166
2. Exceptional items
- Mining and farming assets
written-down (21 801) (31 032)
- Listed investment written-down (7 561) (14 422)
- Investments in associated
companies written-back/(written-down) 1 469 (42 484)
2. - Cancellation of prospecting
agreements - (250)
(27 893) (88 188)
3. Taxation
Deferred taxation - (69)
- Reversing temporary differences
4. Deficit per share
calculation is based on
the weighted number of
shares in issue of 149 672 587 139 809 573
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 320 (3 160)
Cash flows from investing activities (3 560) 4 167
Cash flows from financing activities (751) (3 741)
Net movement in cash and
cash equivalents (3 991) (2 734)
Cash and cash equivalents
- at beginning of year 1 434 820
- on acquisition of subsidiaries - 3 348
Cash and cash equivalents at
end of year (2 557) 1 434
CONSOLIDATED BALANCE SHEETS (ABRIDGED)
Unaudited Audited
31 March 31 March
2001 2000
Notes R'000 R'000
Assets
Non-current assets
- Mining assets, property
plant and equipment and orchards 77 995 102 230
- Investments 1 255 990 264 931
- Loans 10 000 2 810
343 985 369 971
Current assets 22 319 14 926
Total assets 366 304 384 897
Equity and liabilities
Capital and reserves 2 210 647 240 706
Minorities' interest 130 000 130 000
Non-current borrowings 1 543 1 748
342 190 372 454
Current liabilities
- interest bearing 5 941 1 423
- non-interest bearing 18 173 11 020
24 114 12 443
Total equity and liabilities 366 304 384 897
Number of shares in issue 149 672 587 149 672 587
Net asset value
per ordinary share (cents) 34,3 42,9
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.
NOTES TO THE BALANCE SHEETS
Unaudited Audited
31 March 31 March
2001 2000
R'000 R'000
Investments at
carrying value:
Listed investments
- associated companies 15 793 24 542
- other 129 775 134 525
Unlisted investments
- associated companies 109 422 105 864
- other 1 000 -
Market value of listed
investments are:
- associated companies 15 766 21 180
- other 34 488 49 390
Directors' valuation of
unlisted investments are:
- associated companies 109 422 106 168
- other 1 000 -
2. During the year under review, the Company's authorised share capital
remained unchanged at 250 000 ordinary shares of 25 cents each, 130 000 000
'A' preference shares of 1 cent each and 200 000 000 'B' preference shares
of 1 cent each, of which 149 672 587 ordinary shares, 130 000 000 'A'
preference shares and 200 000 000 'B' preference shares remained in issue
throughout the year.
3. 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 behalf of the board
S M Rasethaba E B Molefe
Chairman Director
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)
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