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JCI GOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005215/06)
("the company")
PRELIMINARY REPORT FOR THE YEAR ENDED 31 MARCH 2001
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Unaudited Audited
year ended year ended
31 March 31 March
2001 2000
Notes R'000 R'000
Revenue 168 482 134 372
Net income before taxation
and exceptional items 2 129 086 34 826
Share of net retained earnings of
associated companies 14 170 9 865
Exceptional items 3 26 748 (6 731)
Net income before taxation 170 004 37 960
Taxation 11 707 2 327
Net income after taxation 158 297 35 633
Loss attributable to
outside shareholders - 700
Net earnings for the year 158 297 36 333
Earnings per share (cents)
- headline earnings 1 38,8 (14,8)
- attributable earnings 101,8 23,4
Headline earnings/(losses)
are calculated as follows:
Net income for year 158 297 36 333
Exceptional items (26 748) 6 731
Items of a capital nature
- negative goodwill transferred
to earnings (71 381) (68 654)
- amortisation of goodwill 414 1 753
- profit on disposal of fixed assets (311) 773
60 271 (23 064)
NOTES TO THE INCOME STATEMENTS
1. Headline earnings per share increased to 38,8 cents from a deficit of
14,8 cents mainly as a result of the increase in interest earnings and net
decrease of project development costs written off during the year.
2. Income is stated after taking into account the following:
- Dividends received 17 3 219
- Interest received 138 085 75 343
- Interest paid 45 640 52 666
- Negative goodwill transferred
to earnings 71 381 68 654
- Depreciation and amortisation 1 387 6 455
- Reversal of provision
against investments 3 883 5 691
- Profit on realisation of investments 55 -
- Project development costs 11 001 40 610
3. Exceptional items
- Surplus on disposal of an
operating business 20 049 -
- Profit on realisation of assets 9 349 11 980
- Profit on cancellation of management
service agreement - 140 000
- Write-down of mining assets and mineral
rights in associated company - (69 800)
- Restructuring costs (1 969) (38 597)
- Write-down of investments and loans (681) (50 314)
26 748 (6 731)
ABRIDGED CONSOLIDATED BALANCE SHEETS
Unaudited Audited
31 March 31 March
2001 2000
Notes R'000 R'000
Assets
Non-current assets
- Investments 1, 2 1 123 439 1 018 026
- Loans 3 1 121 306 837 886
- Fixed assets mineral interests
and long-term projects 14 413 33 914
2 259 158 1 889 826
Current assets 4 69 305 152 730
Total assets 2 328 463 2 042 556
Liabilities and shareholders' equity
Current liabilities 5 528 471 442 840
Long-term liabilities
- interest bearing 8 000 622
Total liabilities 536 471 443 462
Shareholders' equity 6 1 791 992 1 599 094
Total liabilities and equity 2 328 463 2 042 556
Number of ordinary shares in issue
throughout the year 155 465 285 155 465 285
Net asset value per share (cents) 1 126 1 042
ABRIDGED CASH FLOW STATEMENTS
Unaudited Audited
31 March 31 March
2001 2000
R'000 R'000
Cash flows from operating activities 66 718 (58 108)
Cash flows from investment activities (101 344) (28 866)
Cash flows from financing activities 45 147 214 217
Net movement in cash 10 521 127 243
Net bank overdraft at beginning of year (7 569) (132 894)
Cash in subsidiary disposed of - (1 918)
Net cash/(overdraft) at end of year 2 952 (7 569)
NOTES TO THE BALANCE SHEETS
31 March 31 March
2001 2000
R'000 R'000
1. Investments at carrying value
Listed investments
- associated companies 991 694 885 359
- other 35 721 35 202
Unlisted investments
- associated companies 114 97
- other 95 910 97 368
1 123 439 1 018 026
2. Market value of listed investments
- associated companies 945 804 898 786
- other 36 459 36 509
Directors' valuation of
unlisted investments
- associated companies 663 1 019
- other 99 594 102 575
1 082 520 1 038 889
3. Loans include:
- fellow subsidiaries 1 076 311 806 872
- holding company 12 447 -
4. Current assets include:
- deposits and cash 50 949 36 208
5. Current liabilities
- interest bearing include:
- short-term loans 416 118 322 256
- bank overdraft 47 997 43 777
6. Movement in ordinary shareholders'
interest
Balance at 31 March 2000 1 599 094 1 555 517
Net earnings for the year 158 297 36 333
Exchange rate adjustments 16 003 7 244
Adjustment arising on restructuring
at 1 July 1998 18 598 -
1 791 992 1 599 094
7.JCI Projects (Proprietary) Limited disposed of its Venture and Capital
Projects divisions during the year. The major portion of the proceeds on
disposal were received before the year-end.
8. Contingent liabilities
(i) The warranties and indemnities given by the company to a third party in
respect of the sale of Tavistock Collieries Limited by JCI Limited ("JCI")
have now lapsed and no liability has arisen as a result of the warranties
and indemnities given.
(ii) The company was obliged to meet any tax liability which may have arisen
in JCI on the restructure of that company at 30 June 1998. JCI has been
assessed for taxation by the South African Revenue Services at 30 June 1998,
and no liability has arisen.
9. The comparative figures have been restated for purposes of comparison.
10. 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.
11. The preliminary report for the company for the year ended 31 March 2001
has been reviewed by the company's auditors KPMG Inc. The report is
available for inspection at the company's registered office.
On behalf of the board
R A R Kebble R B Kebble
(Chairman) (Deputy Chairman)
13 July 2001
Head office and registered office Transfer secretaries
28 Harrison Street, Johannesburg 2001 Mercantile Registrars Limited
(PO Box 61719, Marshalltown 2107) 10th Floor, 11 Diagonal Street
Johannesburg 2001
(PO Box 1053, Johannesburg, 2000)
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