| Fri 20 Dec 2002, 8:52 | | JCI - Interim Report For The Six Months Ended 30 S |
|
JCI LIMITED
(Formerly Consolidated African Mines Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
Share code: JCD ISIN: ZAE000039681
Debenture code: JCDD ISIN: ZAE000039699
("JCI" or "the Company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
CONSOLIDATED INCOME STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
Notes R`000 R`000 R`000
Revenue 41 044 87 589 74 311
Net loss for the period 1 (77 672) (72 977) (167 891)
Share of earnings of associated
companies (124 616) (3 467) (22 080)
Exceptional items 2 201 316 (7 514) (130 827)
Net loss before taxation (972) (83 958) (320 798)
Taxation 3 64 8 412 174
Net loss after taxation (1 036) (92 370) (320 972)
Outside shareholders` interest 306 12 343 (25 160)
Net loss for the period (730) (104 713) (295 812)
Loss per share - (cents) 4
- headline earnings (17,1) (14,8) (24,5)
- attributable earnings (0,1) (15,7) (44,1)
Headline earnings are
calculated as follows:
Net loss for year (730) (104 713) (295 812)
Exceptional items (201 316) 7 514 130 827
Items of a capital nature:
- goodwill/(negative goodwill)
transferred to earnings 27 182 (1 130) (1 431)
- loss on sale of fixed assets - - 2 116
(174 864) (98 329) (164 300)
NOTES TO THE INCOME STATEMENTS
1. Income is stated after taking
into account the following:
- Dividends received 233 29 3 003
- Interest received 20 822 9 331 25 909
- Net goodwill transferred
(from)/to earnings 27 182 1 130 1 431
- Interest paid 62 746 41 989 134 053
2. Exceptional items
- Provision against and write down
of investments 767 (1 544) (92 058)
- Provision against loans - - (1 001)
- Translation (loss)/profit 25 826 (5 970) (36 138)
- Profit on disposal of investments
and mining assets 181 471 - 69
- Restructuring costs (6 748) - (1 689)
201 316 (7 514) (130 817)
3. Taxation
- S A normal taxation
- current year - 8 412 -
- Foreign normal taxation 64 - 174
64 8 412 174
4. Loss per share calculation is based
on the weighted number of shares
in issue of 1 019 862 230 665 073 403 670 059 708
CASH FLOW STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Cash flows from operating activities 6 251 (66 795) (270 669)
Cash flows from investing activities 11 240 (66 381) (105 818)
Cash flows from financing activities (9 942) 63 379 334 736
Net movement in cash and cash equivalents 7 549 (69 797) (41 751)
Cash and cash equivalents:
- at beginning of period (25 132) 16 591 16 619
- subsidiary acquired 382 - -
Cash and cash equivalents at end of period (17 201) (53 206) (25 132)
STATEMENT OF CHANGES IN EQUITY
Non-
Share Share distributable Accumulated
capital premium reserves loss 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
Issued during
the year 466 20 533 - - 20 999
Expenses written-off - (76) - - (76)
Transfer from
accumulated losses - - 1 104 (1 104) -
Exchange rate
adjustments - - 21 072 - 21 072
Net loss for the year - - - (295 812) (295 812)
Balance on
31 March 2002 7 117 1 046 278 285 588 (1 068 598) 270 385
Issued during
the period 10 388 457 084 - - 467 472
Expenses written-off - (5 265) - - (5 265)
Exchange rate
adjustments - - (950) - (950)
Net loss for
the period - - - (730) (730)
Balance on
30 September 2002 17 505 1 498 097 284 638 (1 069 328) 730 912
CONSOLIDATED BALANCE SHEETS (ABRIDGED)
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2002 2001 2002
Notes R`000 R`000 R`000
Assets
Non-current assets
- Property, plant and equipment 91 390 92 585 75 954
- Goodwill 101 414 - 46 539
- Investments 2 891 916 1 475 933 1 357 049
- Loans 210 374 107 473 184 578
1 295 094 1 675 991 1 664 120
Current assets 5 425 757 176 615 289 774
Total assets 1 720 851 1 852 606 1 953 894
Equity and liabilities
Capital and reserves 3 730 912 433 386 270 385
Shares in holding company held
by subsidiaries (14 191) (14 191) (14 191)
Outside shareholders 1 055 599 395 566 965
717 776 1 018 590 823 159
Non-current borrowings
- interest bearing 4 347 033 36 572 87 569
- non-interest bearing - 93 -
347 033 36 665 87 569
Current liabilities
- interest bearing 6 481 756 711 253 952 150
- non-interest bearing 174 286 86 098 91 016
656 042 797 351 1 043 166
Total equity and liabilities 1 720 851 1 852 606 1 953 894
Number of shares in issue 1 750 566 255 665 703 403 711 740 100
Net asset value per share - cents 40,9 63,0 36,0
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. These Accounting policies are consistent with those used in
the annual financial statements for the year ended 31 March 2002.
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.
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Investments at carrying value:
Listed investments
- associated companies 555 495 1 019 881 1 081 923
- other 59 791 160 369 60 069
Unlisted investments
- associated companies (18 406) 64 772 (11 626)
- other 317 392 230 912 226 683
Market value of listed investments are:
- associated companies 1 591 182 1 218 530 1 744 172
- other 158 496 92 418 127 840
Directors` valuation of unlisted investments are:
- associated companies 1 505 64 772 1 505
- other 317 392 341 033 226 683
The reasons for the substantial reduction in the carrying value of listed
investments in associated companies is mainly due to JCI`s portion of losses
suffered by associated companies and the repayment of the loan from Western
Areas Limited ("WAL") with effect from 1 July 2002 by the distribution of
12,36005 WAL shares per every 100 WAL shares held by all WAL shareholders other
than the Company and its subsidiaries.
Full details of this transaction was disclosed in the circular to
shareholders dated 2 October 2002.
3. During the period under review, the Company`s authorised share capital
changed from R12 000 000 divided into 1 200 000 000 ordinary shares of 1 cent
each to R27 000 000 divided into 2 700 000 000 ordinary shares of 1 cent each by
the creation of 1 500 000 000 new ordinary shares of 1 cent each. The following
issues of shares took place during the period:
- 15 July 2002 - 474 337 213 ordinary shares at 45 cents each as part of the
scheme consideration for the acquisition of the minorities` interest in JCI Gold
Limited.
- 24 July 2002 - 220 000 000 ordinary shares at 45 cents each as part of the
consideration for the acquisition of a 40% interest in Let-seng Investment
Holdings South Africa (Pty) Limited.
- 9 September 2002 - 344 488 942 ordinary shares at 45 cents each in terms of
a rights offer
- at the end of the period after the abovementioned issues, the issued share
capital of the Company was 1 750 566 255 ordinary shares of 1 cent each.
4. Debentures
Included in non-current interest bearing debt is an amount of R252 875 030 which
relates to the 202 300 006 redeemable secured convertible debentures issued at
R1,25 each as part of the consideration for the JCI Gold acquisition.
5. Current assets include deposits and cash of R43 228 000 (30/09/2002: R21 262
000; 31/03/2002: R24 950 000)
6. Current liabilities - interest bearing include overdrafts of R60 429 000
(30/09/2002: R74 468 000; 31/03/2002: R50 082 000)
7. Contingent Liabilities
- The group has guaranteed the liabilities of certain third parties to an
amount of R47,9 million.
- JCI Gold Limited ("JCI Gold") 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") for 30 June 1998 and no
liability has arisen. However, Invego has been notified of the intention of SARS
to disregard certain deductions previously allowed. The directors are of the
opinion that no liability will arise.
- In the latter half of April 2002, Durban Roodepoort Deep, Limited served
summons on the Company as a co-defendant together with JCI Gold claiming payment
from the Company of R6 462 000, payment from JCI Gold of R1 119 000 and payment
jointly and severally from the Company and JCI Gold of R24 650 000. The action
is being defended on the basis of legal advice to the effect that the claims are
likely to be successfully defended.
On behalf of the board
R A R Kebble R B Kebble
(Non-executive Chairman) (Chief Executive Officer)
Johannesburg
20 December 2002
Registered office:
28 Harrisson Street, Johannesburg, 2001
(P O Box 11165, Johannesburg, 2000)
Transfer secretaries:
Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001
(P O Box 1053, Johannesburg, 2000)
London secretaries:
JCI (London) Limited
6 St James`s Place, London, SW1A 1NP
Tel + 02 07 491 1889
Fax + 02 07 491 1989
Investor relations:
George Poole
28 Harrison Street, Johannesburg, 2001
(P O Box 11165, Johannesburg, 2000)
Tel: + 27 11 688 5100
Fax: + 27 11 836 3757
Date: 20/12/2002 08:20:07 AM Produced by the JSE SENS Department
