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GDH
GDH
Good Hope - Interim Results For The Six Months Ended 31 December 2005
Good Hope Diamonds (Kimberley) Limited
(Registration number 1983/013789/06)
Share Code: GDH & ISIN: ZAE000050381
("Good Hope" or "the company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
All figures in R000"s
Consolidated Income Statement
6 Months 6 Months Year ended
ended ended 30 June
31 Dec. 31 Dec. 2005
2005 2004 (audited)
(reviewed) (reviewed)
Revenue 0 2000 2144
Operating loss 2946 471 3194
Depreciation 573 2329 1324
(Profit)/loss on discontinued
operations 0 3759 (5314)
Net interest paid/(received) 1002 (24) 1217
Goodwill amortised 0 1187 0
Attributable loss 4521 7722 421
Number of shares in issue 122000 122000 122000
Headline loss per share
(cents) 3.71 2.28 4.71
Loss per share (cents) 3.71 6.33 0.35
Reconciliation between loss
and headline loss
Attributable loss 4521 7722 421
Goodwill amortised 0 (1187) 0
(Profit)/loss on discontinued
operations 0 (3759) 5314
Profit on fair valuation of
listed shares 0 0 11
Headline loss 4521 2776 5746
Consolidated Balance Sheet
31 Dec. 31 Dec. 30 June
2005 2004 2005
(reviewed) (reviewed) (audited)
Assets
Non-current assets 96420 93933 100260
Property, plant and equipment 72396 71904 72930
Goodwill 22292 20308 22292
Investments 1732 1721 1732
Long-term receivables 0 0 3306
Current assets 10267 8806 5693
Operating assets 10236 8768 5674
Cash and cash equivalents 31 38 19
Total Assets 106687 102739 105953
Equity and Liabilities
Capital and reserves 73700 79196 78221
Share capital and premium 125955 125955 125955
Non-distributable reserves 0 8276 0
Accumulated loss (52255) (55035) (47734)
Non-current liabilities
Interest bearing borrowings 20346 19559 14322
Current liabilities 12641 3984 13410
Operating liabilities 3149 3388 3270
Interest bearing liabilities 9492 596 10140
Total Equity and Liabilities 106687 102739 105953
Net asset value per share
(cents) 60.41 64.91 64.12
Statement of Changes in Equity
6 Months 6 Months Year ended
ended ended 30 June
31 Dec. 31 Dec. 2005
2005 2004 (audited)
(reviewed) (reviewed)
Balance at beginning of 78221 88725 88725
period
Realisation on disposal of 0 (1807) (10083)
equine interests (4521) (7722) (421)
Net loss for the period
Balance at end of period 73700 79196 78221
Consolidated Cash Flow Statement
6 Months 6 Months Year ended
ended ended 30 June
31 Dec. 31 Dec. 2005
2005 2004 (audited)
(reviewed) (reviewed)
Cash flow from operating
activities (7629) (9400) (7351)
Net interest received/(paid) (1002) 24 (1217)
(8631) (9376) (8568)
Cash flow from investing
activities (39) 15627 13799
Cash flow from financing
activities 9330 (6251) (14794)
Net increase in cash and cash
equivalents 660 0 (9563)
Cash and cash equivalents at
beginning of period (10121) (558) (558)
Cash and cash equivalents at
end of period (9461) (558) (10121)
Commentary
Towards the end of the 2005 financial year, underground mining recommenced at
the Loxton mine after certain necessary refurbishments had to be carried out on
the mine after the acquisition of the mine by the company in the previous
financial year. To date, the Loxton mine has been stockpiling the mined ore,
while the processing of the ore, and the sorting and sale of diamonds will only
commence in the second half of the current financial year.
The company is still involved in protracted negotiations with a Black Economic
Empowerment group for a stake holding in the company. The company is adamant
that any BEE partner must be able to add value to the group and its
shareholders. Once a BEE partner is finalised, the Department of Minerals and
Energy will be in a position to approve the mining licence application for the
Frank Smith mine, which mine was sold to the company without a valid mining
licence during the 2004 financial year. Without any mining operations able to
take place at Frank Smith, this mine remains under care and maintenance.
The company has issued a cautionary announcement to shareholders informing them
of separate negotiations concerning the acquisition of certain diamond interests
in the Democratic Republic of Congo and other interests in South Africa. These
negotiations are of a complex nature, however, good progress continues to be
made, and the company will continue to keep shareholders informed of any further
developments.
As previously stated, until the group is in a position to fund itself, the
necessary funding continues to be provided by a trust controlled by a
shareholder and director of the company. The trust has secured the indebtedness,
and any future indebtedness, to itself by registering, in April 2004, mortgage
and notarial bonds over the properties and equipment owned by Don Diamonds (Pty)
Ltd and Good Hope Diamonds & Estates (Pty) Ltd, the owners of the Loxton and
Frank Smith mines respectively.
Management are aware that the positive turnaround of the mines has taken longer
than initially expected when acquiring the mines, however, they remain confident
about the group"s prospects now that the Loxton mine is coming into full
production. These prospects will be further enhanced once the mining licence at
Frank Smith is approved on the conclusion of an agreement with a BEE partner in
the near future.
Dividend
No dividend has been declared nor is one recommended in respect of the financial
year under review.
Accounting Policies and Review
The accounting policies comply with International Financial Reporting Standards,
and have been consistently applied.
The financial information set out above has been reviewed, but not audited, by
the group"s auditors, Ashton Chartered Accountants Inc. The review report is
available for inspection at the registered office of the company.
On behalf of the board of directors
G Schauder
Company Secretary
Hyde Park
28 March 2006
Directors
E Cambouris (Managing), G Schauder (Financial), J Kossowsky+*, Y Kossowsky+*, FA
Pieterse*
+ American
* Non-executive
Registered office
Ashton House, 51 Lebombo Street, Ashlea Gardens, 0181
Date: 28/03/2006 02:14:22 PM Produced by the JSE SENS Department
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