| Mon 24 Dec 2001, 0:00 | | Jci Gold Limited - Interim Report For The Six |
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JCI GOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005215/06)
Share code: JCG ISIN: ZAE000015467
(JCI or "the company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 September 30 September 31 March
2001 2000 2001
Notes R'000 R'000 R'000
Revenue 85 382 95 141 168 482
Net income before
taxation and
exceptional items 1 49 119 49 259 129 086
Share of net
retained earnings of
associated companies 2 (2 766) 11 950 14 170
Exceptional items 3 - 23 398 16 748
Net income before
taxation 46 353 84 607 160 004
Taxation 8 412 3 871 11 707
Net earnings for
the period 37 941 80 736 148 297
Earnings per
share (cents)
- headline earnings 13,3 14,1 38,8
- attributable earnings 24,4 51,9 95,4
Headline earnings
are calculated
as follows:
Net income for
the period 37 941 80 736 148 297
Exceptional items - (23 398) (16 748)
Items of a
capital nature
- negative goodwill
transferred
to earnings (17 486) (35 690) (71 381)
- amortisation of goodwill 207 207 414
- items of a capital nature 77 - (311)
20 739 21 855 60 271
NOTES TO THE INCOME STATEMENTS
1. Income is stated
after taking into account
the following:
- Dividends received 6 7 12
- Interest received 81 522 66 808 138 086
- Interest paid 24 656 23 943 45 642
- Negative goodwill
transferred
to earnings 17 486 35 690 71 381
- Depreciation and
amortisation 322 1 007 1 387
- Provision
(reversal of provision)
against
- investments 8 074 1 686 (3 883)
2. The share of net
retained earnings
of associated
companies includes
an amount of R4 159 000
which represents
the Group's 36% share
of the start-up
costs of Startrack
Communications
Africa (Proprietary) Limited.
The company supplies
remote asset tracking and
management services
utilising satellite technology.
3. Exceptional items
The exceptional items in
the prior periods consist
mainly of surpluses a
rising on the disposal of
an operating business
and other assets.
ABRIDGED CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
30 September 30 September 31 March
2001 2000 2001
Notes R'000 R'000 R'000
Assets
Non-current assets
- Investments 1, 2 1 143 284 1 074 991 1 123 439
- Loans 3 1 285 864 884 413 1 111 306
- Fixed assets and
mineral interests 14 026 11 283 14 413
2 443 174 1 970 687 2 249 158
Current assets 4 27 395 179 889 69 305
Total assets 2 470 569 2 150 576 2 318 463
Liabilities and
shareholders' equity
Current liabilities 5 593 598 467 261 528 920
Long-term liabilities -
interest bearing 36 430 387 7 551
Total liabilities 630 028 467 648 536 471
Shareholders' equity 6 1 840 541 1 682 928 1 781 992
Total liabilities and equity 2 470 569 2 150 576 2 318 463
Number of ordinary
shares in issue
throughout the period 155 465 285 155 465 285 155 465 285
Net asset value per share (cents) 1 240 946 1 082
ABRIDGED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
30 September 30 September 31 March
2001 2000 2001
R'000 R'000 R'000
Cash flows from
operating activities (11 933) (2 364) (11 497)
Cash flows from investment
activities (96 598) 4 916 (102 582)
Cash flows from financing
activities 72 608 (8 537) 124 600
Net movement in cash (35 923) (5 985) 10 521
Net cash at bank
(bank overdraft) at
beginning of period 2 952 (7 569) (7 569)
Net (bank overdraft)
cash at bank at
end of period (32 971) (13 554) 2 952
NOTES TO THE BALANCE SHEETS
Unaudited Unaudited Audited
30 September 30 September 31 March
2001 2000 2001
R'000 R'000 R'000
1. Investments at carrying value
Listed investments
- associated companies 1 023 771 944 168 991 693
- other 27 648 33 351 35 722
Unlisted investments
- associated companies (4 046) 97 113
- other 95 911 97 375 95 911
1 143 284 1 074 991 1 123 439
2. Market value of
listed investments
- associated companies 1 094 991 729 718 887 623
- other 35 779 29 150 36 459
Directors' valuation
of unlisted
investments
- associated companies 663 921 663
- other 99 595 97 375 99 595
1 231 028 857 164 1 024 340
3. Loans include:
- fellow subsidiaries 1 175 824 871 994 1 076 311
- holding company 13 333 - 12 447
4. Current assets include:
- deposits and cash 12 891 33 942 50 949
5. Current liabilities -
interest bearing include:
- short-term loans 481 845 325 913 416 567
- bank overdraft 45 862 47 496 47 997
6. Movement in ordinary
shareholders' interest
Balance at 31 March 2001 1 781 992 1 599 094 1 599 094
Net earnings for the period 37 941 80 736 148 297
Exchange rate adjustments 8 864 3 098 16 003
Adjustment arising on
restructuring
at 1 July 1998 11 744 - 18 598
1 840 541 1 682 928 1 781 992
7. Contingent liabilities
The company has bound itself jointly and severally with Consolidated
African Mines Limited (CAM) 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 R131,3 million (31 March 2001 - R83,6 million) which will
become the property of the company in the event of it being called upon to
perform under the guarantee issued.
8. The comparative figures have been restated for purposes of comparison.
9. Shareholders are referred to the announcement made by Western Areas and
the further cautionary announcement made by the company and CAM 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 JCI
Gold/CAM restructuring.
10. 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.
On behalf of the board
R A R Kebble R B Kebble
(Chairman) (Deputy Chairman)
27 December 2001
Head office and registered office Transfer secretaries
28 Harrison Street, Johannesburg, 2001 Mercantile Registrars Limited
(PO Box 61719, Marshalltown, 2107) 8th Floor, 11 Diagonal Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
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