| Fri 21 Dec 2001, 0:00 | | New Mining Corporation Limited-interim |
|
NEW MINING CORPORATION LIMITED
(Registration number 1933/004523/06)
Share code: NEW ISIN: ZAE000017430
("New Mining" or "the Company")
Interim report for the six months ended 30 September 2001
CONSOLIDATED INCOME STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2001 2000 2001
Notes R'000 R'000 R'000
Revenue 8 658 11 798 14 868
Net (deficit)/income for
the period 1 (3 931) 112 (2 989)
Exceptional items 2 - - (27 893)
Share of profits/(losses) of
associated companies 247 (169) 823
Deficit attributable to
Shareholders (3 684) (57) (30 059)
Deficit per share - (cents) 4
- headline earnings (2,46) (0,04) (1,40)
- attributable earnings (2,46) (0,04) (20,10)
Notes to the income statements
1. Income is stated after taking
into account the following:
- Dividends received 1 077 26 26
- Interest received 32 2 5882 391
- Negative goodwill
transferred to earnings - 709 1 395
- Interest paid 1 197 705 1 601
2. Exceptional items
- Mining and farming assets
written-down - - (17 620)
- Listed investments written-
down - - (7 561)
- Goodwill written-down - - (4 181)
- Investments in associated
companies written-down - - 1 469
- - (27 893)
3. Taxation
No provision for normal company
taxation has been made as the
Company and certain subsidiaries have
computed tax losses in excess of their
taxable income in the current period
4. Deficit per share
calculation is based on
the weighted number of
shares in issue of 149 672 587 149 672 587 149 672 587
Cash Flow Statements (Abridged)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2001 2000 2001
R'000 R'000 R'000
Cash flows from operating
activities 3 824 1 696 (1 425)
Cash flows from investing
Activities 7 374 (3 226) (11 190)
Cash flows from financing
activities (7 591) (1 618) 8 625
Net movement in cash and
cash equivalent 3 607 (3 148) (3 990)
Cash and cash equivalents
- at beginning of period (2 556) 1 434 1 434
Cash and cash equivalents
- at end of period 1 051 (1 714) (2 556)
STATEMENT OF CHANGE IN EQUITY
Share Share Accumulated Minorities
Capital premium deficit interest Total
R'000 R'000 R'000 R'000 R'000
Balance on 31 March 2001 40 718 268 733 (98 804) 130 000 340 647
Net deficit for the period - - (3 684) - (3 684)
Balance as at
30 September 2001 40 718 268 733 (102 488) 130 000 (336 963)
CONSOLIDATED BALANCE SHEETS (ABRIDGED)
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2001 2000 2001
Notes R'000 R'000 R'000
Assets
Non-current assets
- Mining assets, property
plant and equipment and
orchards 75 611 100 825 77 995
- Investments 1 256 238 267 244 265 990
- Loans 3 501 4 269 9 236
335 350 372 338 353 221
Current assets 21 455 10 319 13 083
Total assets 356 805 382 657 366 304
Equity and liabilities
Capital and reserves 2 336 963 370 649 340 647
Non-current borrowings 1 461 1 591 1 543
Current liabilities
- interest bearing 5 808 1 890 3 596
- non-interest bearing 12 573 8 527 20 518
18 381 10 417 24 114
Total equity and liabilities 356 805 382 657 366 304
Number of shares in issue 149 672 587 149 672 587 149 672 587
Net asset value per
share - cents 71,5 93,9 73,9
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.
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2001 2000 2001
R'000 R'000 R'000
Investments at carrying value:
Listed investments
- associated companies 16 040 25 649 15 793
- other 129 775 134 525 139 775
Unlisted investments
- associated companies 109 422 107 070 109 421
- other 1 001 - 1 001
Market value of listed
investments are:
- associated companies 20 288 22 862 15 766
- other 56 699 43 861 44 854
Directors' valuation of
unlisted investments are:
- associated companies 109 422 107 070 109 421
- other 1 001 - 1 001
2. During the period under review, the Company's authorised share capital
remained unchanged at 250 000 000 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 period.
The financial statements of the company have been prepared in accordance
with Statements of Generally Accepted Accounting Principals, which are
consistent with those used at 31 March 2001, the company's financial year
end.
For and behalf of the board
S M Rasethaba E B Molefe
Chairman Director
Johannesburg
21 December 2001
Registered office:
28 Harrison Street, Johannesburg, 2001
(PO Box 11165, Johannesburg, 2000)
Transfer secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000
