| Wed 19 Jun 2002, 0:00 | | Consolidated African Mines Limited: Audited Result |
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CONSOLIDATED AFRICAN MINES LIMITED: Audited results
CONSOLIDATED AFRICAN MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
JSE Share code: CAM ISIN: ZAE000013199
("CAM" or "the Company")
Audited results for the year ended 31 March 2002
Consolidated income statement (abridged)
year year
ended ended
31 March 31 March
2002 2001
Notes R`000 R`000
Revenue 60 540 86 129
Net loss for the year 1 (167 891) (98 246)
Share of (loss)/earnings of
associated companies (22 080) 11 569
Exceptional items 2 (130 827) (39 675)
Net loss before taxation (320 798) (126 352)
Taxation 3 174 11 717
Net loss after taxation (320 972) (138 069)
Outside shareholders` interest in
(loss)/profit (25 160) 56 770
Net loss for the year (295 812) (194 839)
Loss per share - (cents) 4
- headline earnings (24,5) (28,5)
- attributable earnings (44,1) (29,3)
Headline earnings are calculated
as follows:
Net deficit for year (295 812) (194 839)
Exceptional items 130 827 39 675
Items of a capital nature:
- negative goodwill amortised (1 431) (34 150)
- (profit)/loss on sale of fixed assets 2 116 (357)
(164 300) (189 671)
Notes to the income statements:
1. Net loss is stated after taking into account the following:
- Dividends received 3 003 721
- Interest received 25 909 19 813
- Net negative goodwill amortised 1 431 33 736
- Interest paid 134 053 80 507
2. Exceptional items
- Provision against and
write-down of investments (92 058) (38 966)
- Provision against loans (1 011) (20 583)
- Translation loss (36 138) (23 884)
- Profit on disposal of operation - 20 049
- Profit on disposal of investments and
mining assets 69 9 349
- Provision for loss on put option - (2 270)
- Restructuring costs recoveries (1 689) 16 630
(130 827) (39 675)
3. Taxation
- South African normal taxation
- current year - 11 650
- previous year - (13)
- Foreign normal taxation 174 80
174 11 717
4. Deficit per share calculation is based
on the weighted number of shares in issue of 670 059 708 665 073
403
Cash flow statement (abridged)
year year
ended ended
31 March 31 March
2002 2001
R`000 R`000
Cash flows from operating activities (270 669) (220 602)
Cash flows from investing activities (105 818) 60 680
Cash flows from financing activities 334 736 166 315
Net movement in cash and cash equivalent (41 751) 6 393
Cash and cash equivalents
- at beginning of the year 16 591 10 198
- on acquisition of subsidiary 28 -
Cash and cash equivalents at end of the year (25 132) 16 591
STATEMENT OF CHANGES IN EQUITY
Non-
distribu-
Share Share table Accumulated
capital premium reserves deficit Total
R`000 R`000 R`000 R`000 R`000
Balance as at
31 March 2001 6 651 1 025 821 263 412 (771 682) 524 202
Shares issued during
the year 466 20 457 - - 20 923
Net loss for
the year - - - (295 812) (295
812)
Transfer from
accumulated loss - - 1 104 (1 104) -
Exchange rate adjustment - - 21 072 - 21 072
Balance as at
31 March 2002 7 117 1 046 278 285 588 (1 068 598) 270 385
Consolidated BALANCE SHEET (abridged)
31 March 31 March
2002 2001
Notes R`000 R`000
Assets
Non-current assets
- Property, plant and equipment 75 954 28 275
- Goodwill 46 539 83 771
- Investments 2 1 357 049 1 470 889
- Loans 184 578 40 439
1 664 120 1 623 374
Current assets 4 289 774 206 728
Total assets 1 953 894 1 830 102
Equity and liabilities
Capital and reserves 3 270 385 524 202
Shares in holding company
held by subsidiaries (14 191) (14 191)
Outside shareholders 566 965 580 331
823 159 1 090 342
Non-current borrowings
- interest bearing 87 569 8 096
- non-interest bearing - 57
87 569 8 153
Current liabilities
- interest bearing 5 952 150 653 945
- non-interest bearing 91 016 77 662
1 043 166 731 607
Total equity and liabilities 1 953 894 1 830 102
Number of shares in issue 711 740 100 665 703
403
Net asset value per share (cents)
- Based on book value of listed investments 36 77
- Based on market value of listed investments 138 61
Notes to the balance sheet:NOTES TO THE BALANCE SHEET
1. Basis of accounting
These consolidated results are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice ("GAAP") and Schedule 4
of the Companies Act. Other than for the adoption of AC 135 during the
current year, the accounting policies are consistent with those used in the
annual financial statements for the year ended 31 March 2001.
2. 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:
31 March 31 March
2002 2001
R`000 R`000
Listed investments
- associated companies 1 081 923 1 082 187
- other 60 069 92 906
Unlisted investments
- associated companies (11 626) 113
- other 226 683 295 683
Market value of listed investments are:
- associated companies 1 744 172 970 361
- other 127 840 102 923
Directors` valuation of unlisted investments are:
- associated companies 1 505 663
- other 226 683 295 683
3. 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. On 21 February 2002, 46 666 697 new shares in the Company
were issued at 45 cents per share for cash. As at 31 March 2002, the Company
has 711 740 100 shares in issue (31/3/2001: 665 073 403).
4. Current assets include deposits and cash of R24 950 000 (2001: R64 588
000).
5. Current liabilities - interest bearing include overdrafts of R50 082
000(2001: R47 997 000).
6. Contingent liabilities
6.1 The group has guaranteed the liabilities of certain third parties to an
amount of R47,9 million.
6.2 JCI Gold Limited ("JCIG") is obliged to meet any tax liability which may
arise in Invego Limited ("Invego") (previously JCI Limited) as a result of
the restructuring of that company at 30 June 1998. Invego has been assessed
for taxation by the South African Revenue Services ("SARS") as 30 June 1998
and no liability has arisen. However, Invego has now been notified of the
intention of SARS to disregard certain deductions previously allowed. This
could result in a tax liability of R217 million. The directors are of the
opinion that no liability will arise.
6.3 In the latter half of April 2002 Durban Roodepoort Deep, Limited served
a summons on the company as a co-defendant together with JCI Gold claiming
payment from the company of R6 462 421, payment from JCI Gold of R1 118 888
and payment jointly and severally from the company and JCI Gold of R24 650
403. The action is being defended on the basis of legal advice to the effect
that the claims are likely to be successfully defended.
COMMENTARY
* Notwithstanding the impact of this year`s losses on the balance sheet,
the market value of investments has increased substantially giving, based on
the market values of listed investments, a net asset value of 138 cents per
share.
* At year end, the group`s net current liabilities amounted to R753,3
million.
The directors have for some time evaluated certain proposals which
simplify the group structure and improve the liquidity of the group.
The proposed merger of CAM and JCI, being the first step, will lead to
dramatic cost savings and an ability to focus on the new JCI Limited`s core
strategy.
In addition, proposed action dealing with the loan from Western Areas
Limited ("Western Areas") will have a further impact both on the magnitude
of the current liabilities and costs associated therewith. This will also
enhance the bankability of the Company.
* The Company will continue to benefit from improved sentiment in the gold
sector through it`s holding in Western Areas and Randgold Resources Limited
widely acknowledged as being two of the world`s premier gold assets. The
streamlined structure will enable management to focus on its strategy of
developing JCI from being a prime holding company into a specialised finance
house focusing on resources and development.
* Qualified auditor`s report
The auditors have expressed their concern about the ability of the group
to continue as a going concern without securing additional financial
support. Based on this, the auditors issued a qualified auditor`s report for
the year ended 31 March 2002, subject to the successful implementation of
the initiatives referred to above.
For and on behalf of the board
R A R Kebble R B Kebble
Non-executive Chairman Chief Executive Officer
Johannesburg
19 June 2002
Registered office:
28 Harrison Street, Johannesburg, 2001,
(PO Box 11165, Johannesburg, 2000)
Transfer secretaries:
Computershare Investor Services Limited,
8th Floor, 11 Diagonal Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Investor relations:
PO Box 11165, Johannesburg, 2000
Tel: + (27) (11) 688 5000; Fax: + (27) (11) 834 9195;
e-mail: George Poole at gpoole@jci.co.za
Date: 19/06/2002 05:56:49 PM Produced by the SENS Department
