Griqualand West - Interim Results
August 03 1998 - 1:19PM
UK Regulatory
RNS No 1892m
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
3rd August 198
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 1998
INCOME STATEMENT
for the half-year ended 30 June 1998
Abridged and unaudited
Half-year Year
June Dec
1998 1997 1997
R R R
Amount received from holding company in
terms of working agreement 42 280 42 280 84 560
Dividend and interest income 2 368 2 047 4 192
-------- -------- ---------
44 648 44 327 88 752
Deduct:
Expenses 600 600 3 050
-------- -------- ---------
Net Income before taxation 44 048 43 727 85 702
Deduct:
Taxation 18 020 17 907 35 272
-------- -------- ---------
Attributable earnings 26 028 25 820 50 430
======== ======== =========
Number of shares in issue 105 700 105 700 105 700
Earnings per share 24.6c 24.4c 47.7c
Dividends per share
Interim 20.5c 20.5c 20.5c
Final - - 21.0c
-------- -------- ---------
20.5c 20.5c 41.5c
======== ======== =========
Dividends payable R21 669 R21 669 R43 865
BALANCE SHEET
30 June 1998
Abridged and unaudited
Half-year
Year
June Dec
1998 1997 1997
R R R
Capital employed:
Share capital
105 700 shares of R20 each 2 114 000 2 114 000 2 114 000
Distributable reserves 19 544 12 771 15 184
--------- --------- ---------
2 133 544 2 126 771 2 129 184
========= ========= =========
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 19 374 12 601 15 014
--------------------------------
Current assets 70 642 61 272 64 403
-------- -------- --------
Amount due by holding company 58 921 51 903 54 552
Cash 11 721 9 369 9 851
-------- -------- --------
Current liabilities 51 268 48 671 49 389
-------- -------- -------
Shareholders for unpaid and unclaimed dividends 38 707 36 334 37 354
Creditors 9 326 9 163 9 008
Tax 3 235 3 174 3 027
-------- -------- --------
--------------------------------
--------- --------- --------
2 133 544 2 126 771 2 129 184
========= ========= =========
Market value of listed investment 6 135 7 191 6 120
Net asset value per share 2 022.0c 2 016.6c 2 017.8c
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
N F OPPENHEIMER Directors
G P L KELL
3 August 1998
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) 839 4210/4230
Tel: (0531) 839 4111
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
Computershare Services PLC
P O Box 82, Caxton House, Redcliffe Way, Bristol BS99 7NH
Fax: (0117) 930 6509 Tel: (0117) 930 6957
END
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