Griqualand West - Interim Results
August 04 1997 - 8:21AM
UK Regulatory
RNS No 2718u
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
4th August 1997
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
Incorporated in the Republic of South Africa
Company Registration No. 11/00013/06
INTERIM REPORT FOR THE HALF-YEAR ENDED 30 JUNE 1997
INCOME STATEMENT
for the half-year ended 30 June 1997
Abridged and unaudited
Half-year Year
June Dec
1997 1996 1996
R R R
Amount received from holding company in
terms of working agreement 42 280 42 280 84 560
Dividend and interest income 2 047 1 477 3 178
-------- -------- ---------
44 327 43 757 87 738
Deduct:
Expenses 600 600 2 850
-------- -------- ---------
Net Income before taxation 43 727 43 157 84 888
Deduct:
Taxation 17 907 17 936 34 986
-------- -------- ---------
Attributable earnings 25 820 25 221 49 902
======== ======== =========
Number of shares in issue 105 700 105 700 105 700
Earnings per share 24.4c 23.9c 47.2c
Dividends per share
Interim 20.5c 20.5c 20.5c
Final - - 21.0c
-------- -------- ---------
20.5c 20.5c 41.5c
======== ======== =========
Dividends payable 21 669 21 669 43 865
BALANCE SHEET
30 June 1997
Abridged and unaudited
Half-year Year
June Dec
1997 1996 1996
R R R
Capital employed:
Share capital
105 700 shares of R20 each 2 114 000 2 114 000 2 114 000
Distributable reserves 12 771 6 136 8 619
--------- --------- ---------
2 126 771 2 120 136 2 122 619
========= ========= =========
Represented by:
Fixed assets 2 111 722 2 111 722 2 111 722
Listed investment in holding company 2 448 2 448 2 448
Net current assets 12 601 5 966 8 449
--------------------------------
Current assets 61 272 53 770 57 285
-------- -------- --------
Amount due by holding company 51 903 45 591 47 992
Cash 9 369 8 179 9 293
-------- -------- --------
Current liabilities 48 671 47 804 48 836
-------- -------- -------
Shareholders for unpaid and unclaimed dividends 36 334 35 122 36 775
Creditors 9 163 9 488 9 159
Tax 3 174 3 194 2 902
-------- -------- --------
--------------------------------
--------- --------- --------
2 126 771 2 120 136 2 122 619
========= ========= =========
Market value of listed investment 7 191 6 120 6 120
Net asset value per share 2 016.6c 2 009.3c 2 011.6c
The Company holds the right to mine the Dutoitspan diamond mine which it
leases to De Beers Consolidated Mines Limited, in terms of an agreement dated
30 August 1889, for an annual consideration of R84 560 and it is anticipated
that the results for the second half of the year will be approximately the
same as for the first half.
For and on behalf of the board
J OGILVIE THOMPSON Directors
N F OPPENHEIMER
4 August 1997
Registered Office
36 Stockdale Street, Kimberley 8301, South Africa
Secretaries and South African Share Transfer Secretaries
De Beers Consolidated Mines Limited
36 Stockdale Street, Kimberley 8301, South Africa
(P O Box 616, Kimberley 8300)
Fax: (0531) 807-210/230
Tel: (0531) 807-111
London Secretaries
Anglo American Corporation of South Africa Limited
19 Charterhouse Street, London EC1N 6QP
Fax: (0171) 430 3560 Tel: (0171 404 1944
United Kingdom Registrar
The Royal Bank of Scotland plc, Securities Services - Registrars
P O Box 82, Caxton House, Redcliffe Way, Bristol BS99 7NH
Fax: (0117) 930 6509 Tel: (0117) 930 6600
END
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