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The Griqualand Exploration and Finance Company
Directors: H. P. Hart (Chairman), F. W. Knox,
J. J. van Rensburg, P. A. van Zyl
Interim report - 2001
The following are the unaudited consolidated results of the group for the
half-year ended 30 June 2001 together with comparative figures for the half-
year ended 30 June 2000 and the audited figures for the year ended 31
December 2000.
Consolidated income statement
Six months Six months Twelve months
to 30-6-01 to 30-6-00 to 31-12-00
R'000 R'000 R'000
Revenue 14 914 12 092 25 906
------- ------- -------
Operating loss (811) (743) (1 201)
Net interest earned 1 708 1 287 2 684
Unrealised currency
profit - 66 1 358
------- ------- -------
Net profit before
taxation 897 610 2 841
Taxation 100 380 462
------- ------- -------
Net profit after taxation 797 230 2 379
Transfer from
non-distributable
reserve - 636 3 330
------- ------- -------
Increase in distributable
reserves for the period 797 866 5 709
------- ------- -------
Earnings per share (cents)
Net profit after
taxation 2,2 0,6 6,5
Net profit after taxation
and transfers from
non-distributable
reserve 2,2 2,3 15,6
Dividends on ordinary shares:
Cents Nil Nil Nil
Amount (R'000) Nil Nil Nil
Number of shares in
issue ('000) 36 528 36 528 36 528
Consolidated balance sheet
30-6-01 30-6-00 31-12-00
R'000 R'000 R'000
Assets
Non-current assets 8 698 49 081 8 971
Mining assets 3 519 43 329 3 545
Fixed assets 5 179 5 752 5 426
Current assets 44 968 42 411 45 567
Inventories 2 300 2 639 1 858
Accounts receivable 10 987 8 678 10 301
Bank balances 31 681 31 094 33 408
------- ------- -------
53 666 91 492 54 538
------- ------- -------
Equity & Liabilities
Capital and reserves
Shareholders' equity 38 771 72 915 37 974
Long-term liabilities 6 673 8 666 8 519
Current liabilities 8 222 9 911 8 045
------- ------- -------
53 666 91 492 54 538
------- ------- -------
Cash flow statements
30-6-01 30-6-00 31-12-00
R'000 R'000 R'000
Cash (utilised)/
generated in
operations (4 652) 292 1 960
Investment in fixed
assets to maintain
operations (533) (460) (1 116)
Net interest received 1 708 1 287 2 684
Taxation (paid)/refund (476) 5 (584)
------- ------- -------
Net cash (utilised in)
from operating
activities (3 953) 1 124 2 944
------- ------- -------
Cash flow from investing
activities
Net receipts from mining
assets sold 2 226 636 1 130
------- ------- -------
2 226 636 1 130
------- ------- -------
Net (decrease)/increase
in cash and cash
equivalents (1 727) 1 760 4 074
Cash and cash equivalents
at beginning of year 33 408 29 334 29 334
------- ------- -------
Cash and cash
equivalents at
end of period 31 681 31 094 33 408
------- ------- -------
StatementS of changes in equity
for the period ended 30 June 2001
Share Non-
capital and distribu- Distribu-
premium table table
reserves reserves Total
R'000 R'000 R'000 R'000
Balance at
31 December 2000 17 028 1 594 19 352 37 974
Net profit for
the period 797 797
------- ------- ------- -------
Balance at
30 June 2001 17 028 1 594 20 149 38 771
------- ------- ------- -------
Notes
1. GENERAL COMMENTS
The profit for the period under review is mainly attributable to interest
earned on funds on deposit after taking into account losses sustained at the
ash/cement brickworks together with ongoing administrative expenses related
to the discontinued asbestos operations.
Virtually all the rehabilitation work at the defunct asbestos mines have
been completed and applications for closure certificates in terms of the
applicable legislation are being submitted.
No progress has been made with the disposal of the Kuruman Office complex.
The ash/cement brick operations in the Vaal Triangle recorded a loss of
R0,35 million, after charging depreciation of R0,78 million.
2. DIVIDENDS
No dividend (2000 : Nil) was declared for the period under review.
3. PROSPECTS
With the exception of obtaining closure certificates for the rehabilitated
asbestos mines and the disposal of certain properties, all activities
related to the Group's asbestos mining have been concluded.
The ash/cement brick operations will continue, pending the finalisation of
the legal action regarding the breach of the restraint of trade agreement by
the Seller. On 17 July 2001 the court granted an order that certain matters
relating to the merits of the company's action against the seller be heard
on 2 August 2001, whilst matters relating to the quantums of the company's
claims be heard at a later date.
It is pleasing to report that the court found in favour of the company,
whilst the seller admitted to a material breach of the Restraint agreement.
The remaining part of the action against the seller will now be heard early
in 2002.
In the meantime the market for bricks appears reasonably firm and moderate
price increases were already obtained.
Shareholders' attention is again drawn to the comments that follow under
Asbestos and Health.
4. Asbestos and health
Shareholders are again reminded of earlier comments regarding this matter.
The case in England against Cape PLc will now only commence during April
2002.
In the meantime, the directors have noted some media coverage relating to
the Group's historic mining activities.
The directors will continue to act in accordance with legal advice obtained
regarding this matter.
On behalf of the board
H. P. HART
P. A. VAN ZYL Directors
Registered office: Transfer secretaries:
Everite House Mercantile Registrars Limited
20 De Korte Street 11 Diagonal Street
Braamfontein Johannesburg 2001
Johannesburg 2001 (P.O. Box 1053
(P.O. Box 1142 Johannesburg 2000)
Florida Hills 1716)
Johannesburg
17 August 2001
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