Griqualand West - Final Results
09 February 2000 - 1:32AM
UK Regulatory
RNS Number:1958F
Griqualand West Diamond Mng Co Ld
8 February 2000
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
--------------------------------------------------------------
INCOME STATEMENT
for the year 1999 1999 1998
Note R R
Amount received from holding company
in terms of working agreement 84 560 84 560
Dividends from listed investment 2 612 612
Interest received 3 5 092 5 083
--------------------------------------------------------------
90 264 90 255
Deduct:
General charges 4 3 700 3 600
--------------------------------------------------------------
Net income before taxation 86 564 86 655
Taxation 5 31 284 35 608
--------------------------------------------------------------
Net income after taxation 55 280 51 047
Retained earnings 31 December 1998 22 366 15 184
--------------------------------------------------------------
77 646 66 231
Dividends 43 865 43 865
--------------------------------------------------------------
Retained earnings 31 December 1999 33 781 22 366
--------------------------------------------------------------
Number of shares in issue 105 700 105 700
Earnings per share 52,3c 48,3c
Dividends per share 41,5c 41,5c
==============================================================
BALANCE SHEET
31 December 1999 1999 1998
Note R R
Capital employed:
Share capital 6 2 114 000 2 114 000
Retained earnings 33 781 22 366
--------------------------------------------------------------
2 147 781 2 136 366
==============================================================
Represented by:
Fixed assets 7 2 111 722 2 111 722
Investment 8 2 448 2 448
Net current assets 33 611 22 196
--------------------------------------------------------------
Current assets 85 051 73 832
--------------------------------------------------------------
Amount due by holding company 73 390 62 463
Cash 11 661 11 369
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Current liabilities 51 440 51 636
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Shareholders for unpaid and unclaimed
dividends 39 185 38 893
Creditors 9 540 9 382
Tax 2 715 3 361
--------------------------------------------------------------
2 147 781 2 136 366
==============================================================
CASH FLOW STATEMENT
for the year 1999 1999 1998
Note R R
Operating activities:
Cash generated by operations 9 85 952 86 043
Investment income 612 612
--------------------------------------------------------------
86 564 86 655
Deduct:
Increase in working capital 10 10 477 6 000
--------------------------------------------------------------
Cash generated by operating
activities 76 087 80 655
Taxation paid (31 930) (35 272)
Dividends paid (43 865) (43 865)
--------------------------------------------------------------
Increase in cash 292 1 518
==============================================================
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
1.1 The financial statements are prepared on the historical
cost basis.
1.2 Foreign currencies have been converted at the rates
ruling at balance sheet date.
1.3 In accordance with South African mining practice the
fixed assets have not been depreciated and their book
value is considerably in excess of any residual value
which they may have at the end of the lease.
These policies are consistent with those applied in the
previous year. 1999 1998
R R
2. Dividends from listed investment
Dividends on preference shares in
holding company 612 612
--------------------------------------------------------------
3. Interest received
Holding company 5 092 5 083
--------------------------------------------------------------
4. General charges
Secretarial fee 200 200
Directors' fees 500 500
Audit fee 3 000 2 900
--------------------------------------------------------------
3 700 3 600
--------------------------------------------------------------
5. Taxation
South African normal company tax 25 758 30 082
Secondary tax on companies 5 407 5 407
District Council levies 119 119
--------------------------------------------------------------
31 284 35 608
--------------------------------------------------------------
6. Share capital
Authorised and issued:
105 700 shares of R20 each 2 114 000 2 114 000
--------------------------------------------------------------
7. Fixed assets
Claims at cost 2 497 519 2 497 519
Less amounts written off 385 797 385 797
--------------------------------------------------------------
2 111 722 2 111 722
--------------------------------------------------------------
8. Investment
Listed investment in 40 per cent
preference shares of De Beers
Consolidated Mines Limited:
306 shares 2 448 2 448
Market value R7 038
(1998 : R5 661)
--------------------------------------------------------------
9. Cash generated by operations
Net income before taxation 86 564 86 655
Less investment income 612 612
--------------------------------------------------------------
85 952 86 043
--------------------------------------------------------------
10. Increase (Decrease) in working capital
Unclaimed dividends (292) (1 539)
Creditors (158) (372)
Amount due by holding company 10 927 7 911
--------------------------------------------------------------
10 477 6 000
--------------------------------------------------------------
ANNUAL FINANCIAL STATEMENTS
for the year 1999
The annual financial statements contained herein have been approved by the
board of directors and are
signed on its behalf by:-
N.F. OPPENHEIMER
G.M. RALFE
Directors
Kimberley
8 February 2000
REPORT OF THE INDEPENDENT AUDITORS
To the members of Griqualand West Diamond Mining Company Dutoitspan Mine
Limited
Introduction
We have audited the annual financial statements of Griqualand West Diamond
Mining Company Dutoitspan Mine Limited for the year ended 31 December 1999 set
out herein. These annual financial statements are the responsibility of the
company's directors. Our responsibility is to express an opinion on these
financial statements based on our audit.
Scope
We conducted our audit in accordance with statements of South African Auditing
Standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance that the financial statements are free of material
misstatement. An audit includes:
- examining, on a test basis, evidence supporting the
amounts and disclosures included in the financial
statements,
- assessing the accounting principles used and significant
estimates made by management, and
- evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
Audit opinion
In our opinion, the financial statements fairly present, in all material
respects, the financial position of the company at 31 December 1999 and the
results of its operations and cash flows for the year then ended in accordance
with generally accepted accounting practice, and in the manner required by
the Companies Act.
DELOITTE PIM GOLDBY
Chartered Accountants (S.A.)
Kimberley
8 February 2000
END
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