| Mon 24 Dec 2001, 0:00 | | Consolidated African Mines Limited - Interim |
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Consolidated African Mines Limited
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
Share code: CAM
ISIN ZAE 000013199
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 87 589 37 759 86 129
Net deficit for
the period 1 (72 977) (45 042) (98 246)
Exceptional items 2 (7 514) 5 959 (39 675)
Share of earnings
of associated
companies 3 (3 467) 11 950 11 569
Net deficit
before taxation (83 958) (27 133) (126 352)
Taxation 4 8 412 3 871 11 717
Net deficit
after taxation (92 370) (31 004) (138 069)
Outside shareholders'
Interest 12 343 29 015 56 770
Deficit attributable
to shareholders (104 713) (60 019) (194 839)
Deficit per share - (cents)
- headline earnings (14,44) (7,93) (18,25)
- attributable earnings (15,74) (9,02) (29,30)
Headline earnings are calculated
as follows:
Net deficit for year (104 713) (60 019) (194 839)
Exceptional items 7 514 (5 959) 39 675
Items of a capital nature:
negative goodwill
transferred to earnings 1 130 13 209 34 150
- (profit)/loss on
sale of fixed assets - - (356)
(96 069) (52 769) (121 370)
Notes to the income statements:
1. Income is stated after
taking into account the following:
- Dividends received 29 8 721
- Interest received 9 331 8 765 19 813
- Net goodwill
transferred to
earnings 1 130 13 209 34 150
- Interest paid 41 989 27 501 80 507
2. Exceptional items
- Provision against and write-down
of investments and loans (1 544) 2 544 (59 549)
- Translation
(loss)/profit (5 970) 2 089 (23 884)
- Profit on disposal of
operating business - - 20 049
- Profit on disposal
of investments and
mining assets - 23 398 9 349
- Provision for loss
on put option - (22 072) (2 270)
- Restructuring costs - - 16 630
(7 514) 5 959 (39 675)
3. The share of net retained earnings of associated
companies includes an amount
of R2 662 000 which represents
the Group's 24% share of the start-up
costs of Startrack Communications
Africa (Proprietary) Limited.
The company supplies remote asset tracking and
management services utilising satellite technology.
4. Taxation
- S A normal taxation
- current year 8 412 3 871 11 650
- previous year - - (13)
- Foreign normal
taxation - - 80
8 412 3 871 11 717
5. Deficit per share
calculation is
based on the
weighted number of
shares in issue of 665 073 403 665 073 403 665 073 403
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
- Property, plant
and equipment 92 585 125 593 111 046
- Investments 1 1 475 933 1 440 345 1 470 889
- Loans 107 473 34 270 40 439
1 675 991 1 600 208 1 622 374
Current assets 3 176 615 295 389 206 728
Total assets 1 852 606 1 895 597 1 829 102
Equity and liabilities
Capital and reserves 2 433 386 643 867 524 202
Shares in holding company
held by subsidiaries (14 191) (12 307) (14 191)
Outside shareholders 599 395 567 301 580 331
1 018 590 1 198 861 1 090 342
Non-current borrowings
- interest bearing 36 572 598 8 096
- non-interest bearing 93 126 57
36 665 724 8 153
Current liabilities
- interest bearing 4 711 253 470 897 653 945
- non-interest bearing 86 098 225 115 77 662
797 351 696 012 731 607
Total equity and
liabilities 1 852 606 1 895 597 1 830 102
Number of shares in issue 665 703 403 665 703 403 665 703 403
Net asset value
per share (cents) 62,97 94,87 76,61
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 (66 795) (28 786) (220 602)
Cash flows from
investing activities (66 381) 654 60 680
Cash flows from
financing activities 63 379 (2 541) 166 315
Net movement in cash and
cash equivalent (69 797) (30 673) 6 393
Cash and cash
equivalents at
beginning of period 16 591 10 198 10 198
Cash and cash equivalents
at end of period (53 206) (20 475) 16 591
STATEMENT OF CHANGES IN EQUITY
Non-
Share Share distributable Accumulated
Capital premium reserves deficit Total
R'000 R'000 R'000 R'000 R'000
Balance on 31
March 2001 6 651 1 025 821 263 412 (771 682) 524 202
Net deficit for
the period - - - (104 713) (104 713)
Exchange rate
Adjustment - - 5 978 - 5 978
Adjustment arising on
the restructuring of a
subsidiary company - - 7 919 - 7 919
Balance as at 30
September 2001 6 651 1 025 821 277 309 (876 395) 433 386
Notes to the balance sheet:
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 1 019 881 944 168 1 082 187
- other 160 369 155 047 92 906
Unlisted investments
- associated companies 64 772 97 113
- other 230 912 341 033 295 683
Market value of listed
investments are:
- associated companies 1 218 530 729 718 970 261
- other 92 418 113 024 102 923
Directors' valuation of unlisted investments are:
- associated companies 64 772 921 113
- other 341 033 341 033 295 683
2. During the period 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 period.
3. Current assets include deposits and cash of R21 262 000 (30/09/2000: R43
521 000; 31/03/2001:
R64 588 000).
4. Current liabilities - interest bearing include overdrafts of R74 468 000
(03/09/2000: R63 996 000; 31/03/2001: R74 977 000).
5. Contingent liabilities
The Company has bound itself jointly and severally with JCI Gold Limited
("JCI Gold") as surety and
co-principal debtor for the loan owing by Durban Roodepoort Deep, Limited
("DRD") to Western Areas Limited ("Western Areas"), which amounted to R145,1
million at 30 September 2001 (31 March 2001 - R134,5 million). The loan
arose from the funding of various share purchases by DRD. The market value
of these shares at 30 September 2001 amounted to R131,3 million (31 March
2001 - R83,6 million). These shares will become the property of the Company
in the event of it being called upon to perform under the guarantee issued.
6. Shareholders are referred to the announcement made by Western Areas and
the further cautionary announcement made by the company and JCI Gold on 2
November 2001 in terms of which Western Areas negotiated a facility which
would raise up to US$125 million. This would enable Western Areas to make a
distribution to the Western Areas shareholders, including JCI Gold in due
course. These announcements should have a positive impact on the CAM/JCI
Gold restructuring.
7. Restructuring of the Group.
The directors have been considering the possible ways forward for the Group
with a view to determining the course that would be in the best interest of
shareholders and, in the process, unlocking shareholder value.
An announcement in this regard will be made early in the new year.
The financial statements of the company have been prepared in accordance
with statements of Generally Accepted Accounting Practice, which are
consistant with those used at 31 March 2001, the company's financial year
end.
For and on behalf of the board
R A R Kebble R B Kebble
Chairman Chief Executive Officer
Johannesburg
27 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)
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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