Final Results
August 24 2000 - 3:00AM
UK Regulatory
RNS Number:8859P
Gold Fields of South Africa Ld
24 August 2000
GOLD FIELDS OF SOUTH AFRICA LIMITED
(Registration No. 05/04181/06)
(Incorporated in the Republic of South Africa)
("GFSA" or "the company")
Announcement of Audited Results
Consolidated income statement
Year Year
ended ended
30 June 2000 30 June 1999
Rm Rm
Revenue................................ 203 200
Income from investments................ 56 52
Interest received...................... 131 127
Income from fees and other sources..... 16 21
Other operating income................. 138 876
Surplus on realisation of assets....... 20 78
Surplus on realisation of investments.. 48 661
Surplus on realisation of subsidiaries. - 137
Release of prior years' provisions..... 70 -
Total income........................... 341 1 076
Expenditure............................ 31 129
Administration expenses................ 31 86
Finance charges........................ - 10
Amounts written off loans
and fixed assets....................... - 33
Profit before tax...................... 310 947
Tax.................................... 23 32
Profit after tax....................... 287 915
Minority shareholders' interest........ 30 108
Profit attributable to
ordinary shares........................ 257 807
Earnings per share - cents............. 225 708
Abridged consolidated cash flow statement
Year Year
ended ended
30 June 2000 30 June 1999
Rm Rm
Net cash outflow from
operating activities................... (464) (2 745)
Net cash inflow from
investing activities................... 532 5 606
Net cash inflow/(outflow)
from financing activities.............. 39 (2 223)
Increase in cash on hand............... 107 638
Consolidated balance sheet
At At
30 June 2000 30 June 1999
Rm Rm
Fixed assets........................... - 15
Investments............................ - 446
Mineral properties..................... - 3
Loans advanced......................... 30 72
Net current assets..................... 70 806
Current assets......................... 1 049 950
Cash................................... 1 035 928
Other.................................. 14 22
Current liabilities.................... 979 144
Shareholders - Distribution in
anticipation of liquidation............ 941 -
Other.................................. 38 144
100 1 342
Share capital.......................... 6 492
Reserves............................... 87 720
93 1 212
Minority shareholders' interest........ 7 130
100 1 342
Number of ordinary
shares in issue ....................... 114 075 385 114 075 385
Net asset value per share - cents..... 82 1 441
Abridged Statement of change in shareholders' equity
Year Year
ended ended
30 June 2000 30 June 1999
Rm Rm
Shareholders' equity
at beginning of year................... 1 212 4 910
Movement in capital
and premium............................ (486) (2 068)
Issue of new shares.................... - 12
Distribution to shareholders........... (486) (2 080)
Movement in non-distributable
reserves............................... (121) (87)
Foreign currency exchange (34) -
Distribution to shareholders........... (87) -
Other.................................. - (87)
Movement in distributable
reserves............................... (512) (1 543)
Profit for the year.................... 257 807
Transfers from non-distributable
reserves............................... 34 87
Distribution to shareholders........... (803) (2 437)
Shareholders' equity at the
end of the year........................ 93 1 212
Notes
1. Accounting policies
The financial statements have been prepared on the historical cost basis in
compliance with generally accepted accounting practice in South Africa and are
consistent with those adopted at 30 June 1999.
2. Headline earnings
As the company is in the process of preparing for voluntary liquidation and
has over the past two years disposed of all its non-cash assets, the
presentation of the headline earnings would be misleading.
3. Unbundling of Northam and GFL shares
At a general meeting held on 19 April 2000, shareholders approved a
distribution of listed shares to shareholders aimed at unlocking further
shareholder value. This distribution of the entire holdings of the company and
of its subsidiaries in Northam Platinum Limited ("Northam") and Gold Fields
Limited ("GFL") to the company's shareholders was an unbundling transaction
effected in terms of section 60 of the Income Tax Act, 1993 (Act 113 of 1993).
GFSA shareholders received 128,649687 Northam shares and 5,837368 GFL shares
for every 100 GFSA shares held at 28 April 2000.
As the company's major asset after the unbundling was cash, the listing rules
of the Johannesburg Stock Exchange ("JSE") required that the listing of the
company's shares on the JSE be transferred to the "Cash Companies" sector.
This occurred on 2 May 2000. The listings of the shares on the other exchanges
continue unchanged.
4. Liquidation of New Wits and Vogelstruisbult Metal Holdings Limited
At general meetings, held on 7 June 2000, members resolved that these
companies be placed in voluntary liquidation and that advance liquidation
distributions, absorbing the bulk of the cash in these companies, be paid to
shareholders.
5. Cash distribution in anticipation of winding-up
On 21 July 2000 a cash distribution of 825 cents per share, amounting to to
R941 121 926,25, was made to shareholders registered as such at the close of
business on 14 July 2000. This distribution was made in anticipation of the
proposed members' voluntary winding-up of GFSA.
The cash distribution was effected by way of:
* R366 827 817,99 from distributable reserves;
* R87 498 595,55 from non-distributable reserves which were of a capital
nature having arisen from the transfer of share premium in 1975; and
* R486 795 512,71 from the share premium account.
6. Liquidation process
The company is in the process of preparing for voluntary liquidation. A
general meeting of shareholders will be convened within the next 12 months
when, subject to the approval of shareholders, the company will be placed in
formal liquidation.
The cash holding of around R97 million is being retained as a matter of
prudence and to cover all the costs associated with the liquidation. The
situation will be reviewed before the company is formally handed over to the
liquidator and could result in a second dividend, in anticipation of
liquidation, being declared prior to the formal hand over. The final
liquidation dividend will be determined by the liquidator.
7. Suspension and termination of listing
In terms of the rules of the JSE the listing of the company's shares on the
JSE will be suspended on 2 November 2000 and terminated on 2 February 2001.
Upon suspension of the listing on 2 November 2000, there will be no further
trade in the shares on the JSE. However, notwithstanding the suspension and
termination of the listing, all shares will continue to qualify for any
liquidation distribution which may be made.
On behalf of the board
Kenilworth House A.J. Wright
Rutherford Estate (Deputy Chairman)
1 Scott Street
Waverley C.B. Strauss
2090 (Director)
22 August 2000
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