Griqualand West - Final Results
February 17 1998 - 7:17AM
UK Regulatory
RNS No 1546j
GRIQUALAND WEST DIAMOND MINING COMPANY
17th February 1988
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 11/00013/06
INCOME STATEMENT
for the year 1997
1997 1996
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 3 580 2 566
------- -------
88 752 87 738
Deduct:
General charges ............................. 4 3 050 2 850
------- -------
Net income before taxation .................. 85 702 84 888
Taxation .................................... 5 35 272 34 986
------- -------
Net income after taxation ................... 50 430 49 902
Retained earnings 31 December 1996 .......... 8 619 2 582
------- -------
59 049 52 484
Dividends ................................... 43 865 43 865
------- -------
Retained earnings 31 December 1997 .......... 15 184 8 619
------- -------
Number of shares in issue ................... 105 700 105 700
Earnings per share .......................... 47.7c 47.2c
Dividends per share ......................... 41.5c 41.5c
BALANCE SHEET
31 December 1997
1997 1996
Note R R
Capital employed:
Share capital ............................... 6 2 114 000 2 114 000
Retained earnings ........................... 15 184 8 619
--------- ---------
2 129 184 2 122 619
--------- ---------
Represented by:
Fixed assets ................................ 7 2 111 722 2 111 722
Investment .................................. 8 2 448 2 448
Net current assets .......................... 15 014 8 449
-----------------------
Current assets .............................. 64 403 57 285
--------- ---------
Amount due by holding company ............... 54 552 47 992
Cash ........................................ 9 851 9 293
--------- ---------
Current liabilities ......................... 49 389 48 836
--------- ---------
Shareholders for unpaid and unclaimed dividends 37 354 36 775
Creditors ................................... 9 008 9 159
Tax ......................................... 3 027 2 902
--------- ---------
2 129 184 2 122 619
Net asset value per share ................... 2 017.8c 2 011.6c
CASH FLOW STATEMENT
for the year 1997
1997 1996
Note R R
Operating activities
Cash generated by operations ................ 9 85 090 84 276
Investment income ........................... 612 612
------- -------
85 702 84 888
Deduct:
Increase in working capital ................. 10 (6 199) (1 569)
------- -------
Cash generated by operating activities ...... 79 503 83 319
Taxation paid ............................... (35 080) (37 321)
Dividends paid .............................. (43 865) (43 865)
------- -------
Increase in cash ............................ 558 2 133
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.
1997 1996
2. Dividends from listed investment R R
Dividends on preference shares in
holding company .......................... 612 612
3. Interest received
Holding company .......................... 3 571 2 566
Other .................................... 9 -
----- -----
3 580 2 566
----- -----
4. General charges
Secretarial fee .......................... 200 200
Directors' fee ........................... 500 500
Audit fee ................................ 2 350 2 150
----- -----
3 050 2 850
----- -----
5. Taxation
South African normal company tax ......... 29 748 29 464
Secondary tax on companies ............... 5 407 5 406
District Council levies .................. 117 116
------ ------
35 272 34 986
------ ------
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 R6 120
(1996: R6,120)
9. Cash generated by operations
Net income before taxation ............... 85 702 84 888
Less investment income ................... 612 612
--------- ---------
85 090 84 276
--------- ---------
10. (Increase)Decrease in working capital
Unclaimed dividends ...................... 579 2 155
Creditors ................................ (218) 172
Amount due by holding company ............ (6 560) (3 896)
--------- ---------
(6 199) (1 569)
--------- ---------
ANNUAL FINANCIAL STATEMENTS
for the year 1997
The annual financial statements contained herein have been approved by the
board of directors and are signed on its behalf by:-
J OGILVIE THOMPSON ) Directors
N F OPPENHEIMER )
Kimberley
17 February 1998
REPORT OF THE INDEPENDENT AUDITORS
To the members of
Griqualand West Diamond Mining Company Dutoitspan Mine Limited
We have audited the annual financial statements for the year ended 31 December
1997 set out herein. These financial statements are the responsibility of the
company's directors. Our responsibility is to report on these financial
statements.
We conducted our audit in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to
obtain reasonable assurance that, in all material respects, fair presentation
is achieved in the financial statements. An audit includes an examination, on
a test basis, of evidence supporting the amounts and disclosures included in
the financial statements, an assessment of the reasonableness of significant
estimates and a consideration of the appropriateness of the overall financial
statement presentation. We consider that our audit procedures were
appropriate in the circumstances to express our opinion presented below.
In our opinion these financial statements fairly present the financial
position of the company at 31 December 1997 and the results of its operations
and cash flow information for the year then ended, in the manner required by
the Companies Act.
DELOITTE PIM GOLDBY
Chartered Accountants (SA)
Kimberley
17 February 1998
END
FR GBUGUPBGRGPM
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