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Good Hope - Reviewed Results
Good Hope Diamonds (Kimberley) Limited
(Formerly Oakfields Thoroughbreds and Leisure Industries Limited)
(Registration number 1983/013789/06)
Share code: GDH ISIN: ZAE000050381
(`Good Hope` or `the company`)
All figures in R000`s
Consolidated Income Statement
Year ended 11 months ended
30 June 2004 30 June 2003
(reviewed) (audited)
Revenue 1,592 3,145
Operating loss/(profit) 4,851 (1,149)
Depreciation 3,220 1,225
Net interest paid 943 847
Goodwill amortised 1,797 -
Attributable loss 10,811 923
Weighted average number of shares in issue 122,000 110,000
(000`s)*
* During the current financial year, the
company`s shares
were consolidated 1 for 5
Headline loss per share (cents) 7.36 1.43
Loss per share (cents) 8.86 0.84
Reconciliation Between Attributable Loss
and Headline Loss
Attributable loss 10,811 923
Goodwill amortised (1,797) -
(Loss)/profit on disposal of property,
plant and equipment (40) 651
Headline loss 8,974 1,574
Consolidated Balance Sheet
30 June 2004 30 June 2003
(reviewed) (audited)
Assets
Non-current assets 116,070 12,573
Property, plant and equipment 116,068 12,571
Investments 2 2
Current assets 4,105 2,553
Operating assets 2,313 2,505
Cash and cash equivalents 1,792 48
Total assets 120,175 15,126
Equity and Liabilities
Capital and reserves 89,214 25
Share capital and premium 125,955 25,955
Non-distributable reserves 10,083 10,083
Accumulated loss (46,824) (36,013)
Non-current liabilities 25,840 14,009
Interest-bearing borrowings 5,808 5,360
Non-interest-bearing borrowings 20,032 8,649
Current liabilities 5,121 1,092
Operating liabilities 4,517 1,084
Interest-bearing liabilities 604 8
Total Equity and Liabilities 120,175 15,126
Net asset value per share (cents) 73.13 0.02
Net tangible asset value per share (cents) 59.87 0.02
Statement of Changes in Equity
Year ended 11 months ended
30 June 2004 30 June 2003
(reviewed) (audited)
Balance at beginning of year 25 948
Share issue and share premium 100,000
Net loss for the year (10,811) (923)
Balance at end of year 89,214 25
Consolidated Cash Flow Statement
Year ended 11 months ended
30 June 2004 30 June 2003
(reviewed) (audited)
Cash (utilised)/generated by operations (1,180) 296
Finance costs (943) (847)
Cash flow from operating activities (2,123) (551)
Cash flow from investing activities (108,560) 432
Cash flow from financing activities 111,831 199
Net increase in cash and
cash equivalents 1,148 80
Cash and cash equivalents
at beginning of year 40 (40)
Cash and cash equivalents
at end of year 1,188 40
Segmental Analysis
Min Equine Total
ing
Revenue 353 1,239 1,592
% to total 22 78
Loss from operations 2,9 1,867 4,851
84
% to total 62 38
Commentary
During the financial year under review, on 13 November 2003, the acquisition
by the company of the Diamond Land Mining group which owns the Loxton and
Frank Smith diamond mines, was approved by the company`s shareholders. At the
same time, the company changed its name from Oakfields Thoroughbreds and
Leisure Industries Limited to Good Hope Diamonds (Kimberley) Limited.
Performance at the Frank Smith mine has been adversely affected by the
malperformance of Bellissimi Tesori Limited, the seller of the mine, in that
it did not meet its obligation to ensure that the mining licence and permits
at the Frank Smith mine were in place. Good Hope has made the necessary
application to the Department of Mineral Affairs for the mining licence at
Frank Smith, and this is expected to be approved in the forthcoming year.
The past year has seen the company upgrading the equipment and the underground
shafts at the Loxton mine, and full production is expected to commence during
the forthcoming year. The past year has seen limited processing of the dump at
Loxton, and this is reflected in the revenue from diamond sales. Without the
mining licence at Frank Smith, no production has begun at the Frank Smith
mine.
The company continues to pursue the participation of a BEE partner, and hopes
to be able to announce details within the next few months.
It was announced on 13 September 2004 that the company had reached agreement
for the sale of its thoroughbred racehorse operations, and this will now allow
the company to concentrate on the diamond mining operations.
Dividend
No dividend has been declared nor is one recommended in respect of the
financial year under review.
Board of Directors
On 23 April 2004, Mr Jopie Coetzee resigned as a non-executive director of the
company.
Once the participation of a BEE partner is finalised, it is the company`s
intention to appoint additional directors and an independent chairman.
Accounting Policies and Review
The accounting policies comply with South African Statements of Generally
Accepted Accounting Practice and have been consistently applied.
The financial information set out above has been reviewed, but not audited, by
the group`s auditors, RA Hellmann & Co. Their review report is available for
inspection at the company`s registered office.
On behalf of the board of directors
G Schauder
Company Secretary
Hyde Park
30 September 2004
Directors: E Cambouris (Managing), G Schauder (Financial), PJ Keeve*, FA
Pieterse* (*Non-executive)
Registered office: 74 Third Road, Hyde Park, 2196
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001
Sponsor: LPC Manhattan Sponsors (Pty) Ltd, 4th Floor, South Office Tower, Hyde
Park Shopping Centre, Hyde Park, 2196
Date: 30/09/2004 10:46:11 AM
Produced by the JSE SENS Department
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