|
GOODHOPE DIAMONDS (KIMBERLEY) LIMITED - INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 DECEMBER 2003
GoodHope Diamonds (Kimberley) Limited
(Formerly Oakfields Thoroughbreds and Leisure Industries Limited)
(Registration number 1983/013789/06 JSE Code GDH ISIN ZAE000050381)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
GROUP INCOME STATEMENT
Six months Six months 11 months
ended ended ended
31 Dec 2003 31 Jan 2003 30 June 2003
Unaudited Reviewed Audited
R R R
Revenue
937,010 765,000 31,454,009
Operating loss (profit )
3,033,029 (290,000) (1,191,099)
Depreciation
1,679,452 665,000 1,224,728
Net interest paid
588,917 474,000 889,024
Goodwill amortised
906,931 - -
Attributable loss
6,208,329 849,000 922,653
Profit on disposal of property,
plant and equipment 0 676,000 650,961
Headline loss 6,208,329 1,525,000 1,573,614
Number of shares in issue at
end of period* 122,000,000 110,000,000 110,000,000
Weighted average number of 122,000,000 110,000,000 110,000,000
shares in issue*
* The company"s shares were consolidated 1 for 5 in the period being
reported on.
Reconciliation between loss and headline loss per share
Headline loss per share (cents)
5.09 1.39 1.43
Profit on disposal of property,
plant and equipment (cents) - 0.62 0.59
Loss per share (cents)
5.09 0.77 0.84
GROUP BALANCE SHEET
31 Dec 2003 31 Jan 2003 30 June 2003
Unaudited Reviewed Audited
R R R
Assets
Non-current assets
118,167,729 12,889,000 12,573,866
Property, plant and equipment
118,165,594 12,887,000 12,571,731
Investments
2,135 2,000 2,135
Current assets
5,197,493 2,424,000 2,552,370
Operating assets
3,402,025 2,387,000 2,504,800
Cash and cash equivalents
1,795,468 37,000 47,570
Total assets
123,365,222 15,313,000 15,126,236
Equity and liabilities
Capital and reserves
93,817,560 183,000 25,889
Share capital and premium
125,954,895 25,955,000 25,954,895
Non-distributable reserves
10,083,464 10,083,000 10,083,453
Accumulated loss
(42,220,799) (35,855,000) (36,012,459)
Non current liabilities
24,390,210 13,956,000 13,841,629
Interest bearing borrowings
5,882,448 5,215,000 5,192,570
Non- interest bearing
borrowings 18,507,762 8,741,000 8,649,059
Current liabilities
5,157,452 1,174,000 1,258,718
Operating liabilities
4,605,795 915,000 1,083,767
Interest bearing liabilities
551,657 259,000 174,951
Total equity and liabilities
123,365,222 15,313,000 15,126,236
Net asset value per share 76.90 0.17 0.02
(cents)
STATEMENT OF CHANGES IN EQUITY
Six months Six months 11 months
ended ended ended
31 Dec 2003 31 Jan 2003 30 June 2003
Unaudited Reviewed Audited
R R R
Balance at beginning of period
25,889 1,032,000 948,542
Share issue and share premium
100,000,000 - -
Net loss for the period
(6,208,329) (849,000) (922,653)
Balance at end of period
93,817,560 183,000 25,889
GROUP CASH FLOW STATEMENT
Six months Six months 11 months
ended ended ended
31 Dec 2003 31 Jan 2003 30 June 2003
Unaudited Reviewed Audited
R R R
Cash flow from operating
activity
(408,226) (549,000) 295,711
Finance costs (588,917) (421,000) (846,534)
(997,143) (970,000) (550,823)
Cash flow from investing
activities (108,346,857) 4,000 431,905
Cash flow from financing
activities
110,548,581 1,020,000 199,054
Net increase in cash and cash
equivalents 1,204,056 54,000 80,136
Cash and cash equivalents at 39,755 (62,000) (40,381)
beginning of period
Cash and cash equivalents at
end of period 1,243,811 (8,000) 39,755
COMMENTARY ON REVIEW PERIOD
Performance at the Frank Smith mine has been adversely affected due to the
malperformance of Bellissimi Tesori Ltd, the seller of the two mines acquired by
the group late in 2003. Bellissimi Tesori Ltd were obliged to ensure that all
formalities in respect of the mining licences, notarial mineral lease and / or
mining permits were complied with. Thus far this obligation has not been
complied with in respect of the Frank Smith mine. Measures are being taken to
ensure future compliance.
The effect has been that trading has been minimal. Management has taken this
opportunity to upgrade the Loxton Mine as far as equipment, safety measures and
security are concerned and to re-open an additional shaft. The purchase of new
equipment and upgrade of both the Loxton and Frank Smith Mines is proceeding.
Management is preparing to initiate a turnkey project with major mining
operators for the upgrading and day to day operations at both mines.
The participation of BEE partners is being aggressively pursued at present and
the company hopes to be able to announce details shortly.
Mandates have been given to dispose of the equine interests to local and
overseas consortia.
PROSPECTS
The board looks for an improvement in the company"s operating results in the
second half of the current financial year.
BASIS OF ACCOUNTING
The results for the period have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
are consistent with those of the previous financial period.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
E Cambouris
Chief Executive Officer
HYDE PARK
26 March 2004
Transfer Secretaries
Computershare Limited, PO Box 61051, Marshalltown, 2107
Registered Office
74 3rd Road, Hyde Park, 2196 (PO Box 5252, Rivonia, 2128)
Sponsor
LPC Manhattan Sponsors (Pty) Ltd, PO Box 41966, Craighall, 2024
Auditors
RA Hellmann & Company, Chartered Accountants (SA), PO Box 47163, Parklands, 2121
DIRECTORS
Jopie Coetzee, Emmanuel Cambouris, Francois Pieterse, George Schauder, Pieter
Keeve
Date: 26/03/2004 03:50:27 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
