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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Allied Gold | LSE:AGLD | London | Ordinary Share | AU000000ALD4 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 1363u ANGLO AMERICAN GOLD INVESTMENT COMPANY LIMITED 9th October 1998 Interim Results and Dividend AMGOLD Anglo American Gold Investment Company Limited Incorporated in the Republic of South Africa Registration No. 05 09084 06 - Headline earnings of R175 million (723 cents per share) - Total net earnings of R172 million (713 cents per share) - Interim dividend of 720 cents per share Interim results and dividend announcement for the six months ended 30 September 1998 (unaudited) ABRIDGED CONSOLIDATED INCOME STATEMENT Six months Six months Year Figures in R million, ended ended ended unless otherwise stated 30.9.98 30.9.97 31.3.98 Investment income 174 157 312 Interest earned less administration expenses 12 10 24 Cost of prospecting (10) (25) (55) Grants - educational and welfare (1) (4) (4) Net income before taxation 175 138 277 Taxation - (2) - Headline earnings 175 136 277 (Loss)/surplus on realisation of investments (3) 21 112 Total net earnings 172 157 389 Earnings per share - cents Headline earnings 723 565 1 148 Total net earnings 713 652 1 609 Dividends per share - cents 720 565 1 145 ABRIDGED CONSOLIDATED BALANCE SHEET Figures in R million, At At At unless otherwise stated 30.9.98 30.9.97 31.3.98 Shareholders' equity 7 761 6 672 5 871 Current liabilities 183 154 158 7 944 6 826 6 029 Represented by: Investments and loans 7 692 6 566 5 771 Mineral rights - 30 30 Cash resources 244 213 210 Other current assets 8 17 18 7 944 6 826 6 029 Market and directors' valuations of investments Listed - market value 7 418 6 220 5 140 Unlisted - directors' valuation 219 294 567 Loans 55 52 64 7 692 6 566 5 771 Number of shares in issue - 000 24 147 24 147 24 147 Net asset value per share - cents (after providing for the dividend and based on the market value of listed investments at 30 September 1998 and the directors' valuation of unlisted investments at 31 March 1998) 32 141 27 630 24 447 STATEMENT OF SHAREHOLDERS' EQUITY At At At Figures in R million 30.9.98 30.9.97 31.3.98 Shareholders' equity - opening 5 871 7 698 7 698 Movement in earnings (1) 21 - Increase (decrease) in market value of investments* 1 891 (1 047) (1 827) 7 761 6 672 5 871 *In accordance with recent developments in International Accounting Standards, Amgold has restated its investments to market value with any difference being reflected in the non-distributable reserve as part of shareholders' equity. investment income comment Investment income for the six months to 30 September 1998 amounted to R174 million, an increase of R17 million or 11% over the corresponding period in 1997. Interest earned less administration expenses increased by R2 million to R12 million and prospecting costs decreased by 60% from R25 million to R10 million in 1998 due largely to reduced prospecting expenditure in South Africa and Tanzania. No tax was payable in the six months under review (1997: R2 million) as the company had a computed tax loss. Total net earnings, including loss on realisation of investments amounting to R3 million (1997: R21 million surplus), at R172 million or 713 cents per share, are 9% higher than the R157 million or 652 cents per share achieved in the first half of 1997. Headline earnings of R175 million (723 cents per share), which exclude the loss on realisation of investments, reflected an improvement of 28% over the R136 million (565 cents per share) reported in the comparable period of the previous year. A dividend of 720 cents per share has been declared, an increase of 27% over the interim dividend of 565 cents declared last year. In the period under review there was some encouraging news for the gold market related to official holdings of the metal. Agreement was reached that an amount of 15% of the assets of the new European Central Bank will be held in gold. In addition, any proposal to sell any part of the residual gold holdings in the national banks of member countries of the European Central Bank will in future be subject to final decision by the council of the European Central Bank. In this forum, the Banque de France has made it clear in formal and public statements that no sales of gold holdings are envisaged by any of the major European gold holders (France, Germany and Italy). Although the issue of gold sales by the Swiss National Bank remains to be addressed in the year ahead, no further announcements of major sales of gold by European central banks are expected. There remains a possibility that the International Monetary Fund ("IMF") may sell gold reserves to assist heavily indebted poor countries. However, any such sales are likely to be conducted in a responsible manner with minimal impact on the market and in amounts which could be absorbed comfortably by the market today. Notwithstanding these circumstances, for much of the period under review the gold price remained weak, as short selling of gold by speculators dominated the market. However, towards the end of the third quarter of 1998, there were signs of renewed interest by investors and speculators in gold as a safe haven from turmoil in global markets, and the price has firmed since the end of the quarter. South African gold production declined by 2,8% to 234,9 tons in the first half of 1998 compared with the same period last year. A fall of almost 15% in the average US dollar spot price to $296 for the period was offset in part by a 13% depreciation in the rand against the USdollar. Total working revenue declined slightly to R11,4 billion, compared with R11,7 billion during the first half of 1997. However, significant progress was made in controlling working costs in the industry. In spite of substantial restructuring and retrenchment costs incurred by the industry during the period under review, total working costs for the half year amounted to R9,6 billion, almost 7% lower than costs for the same period in 1997. This fall in the total working costs resulted in a sharp increase in total working profit to R1,8 billion in the first half of 1998. Capital expenditure declined to R895 million and total profits increased by 21% to R1,9 billion. Dividends declared within the industry increased by just over 60% to R895 million for the first six months of 1998. The results for the second half of the financial year ending 31 March 1999 will depend largely on productivity, costs and the prevailing rand gold price during the second half of the calendar year to 31 December 1998. RESTRUCTURING OF GOLD INTERESTS Pursuant to the arrangements relating to the merger of the gold interests of, inter alia, Amgold and Anglo American Corporation of South Africa Limited to form Anglogold Limited ("Anglogold") as an independent, global gold operating company, Amgold shareholders approved and ratified, on 3 June 1998, the disposal by Amgold of its shares in various gold mining companies, certain mineral rights and share interests to Anglogold in exchange for a 15,44% interest in the equity of Anglogold. As a further part of the consideration, in respect of certain of the mineral rights areas, Amgold acquired participation rights in future profits or equity arising from the exploitation of these assets and a participation in any profits, should such assets be disposed of by Anglogold. The transactions were effective from 1 January 1998. YEAR 2000 DISCLOSURE Amgold is an investment holding company with no administrative infrastructure of its own. The company has been informed by its holding company, Anglo American Corporation of South Africa Limited ("AAC"), from which it obtains administrative and technical advisory services, that AAC has implemented a strategy, in accordance with international best practice, to achieve acceptable levels of Year 2000 compliance by June 1999. Based on the assessment and information given by AAC to date, Amgold does not expect to encounter material operational difficulties and based on a reasonable examination considers the risk to Amgold of legal liability to be not material. NOTICE OF DIVIDEND Dividend No. 101 of 720 cents per share has been declared payable on Friday, 4 December 1998 to shareholders registered at the close of business on Friday, 23 October 1998. The register of members will be closed from Saturday, 24 October 1998 to Saturday, 31 October 1998. The full conditions relating to the dividend may be inspected at the Registered and London Offices of the company and at the offices of its transfer secretaries. Johannesburg 8 October 1998 The interim report will be posted to shareholders and is available from the company's transfer secretaries, Consolidated Share Registrars Limited, 1st Floor Edura, 41 Fox Street, Johannesburg 2001 as well as from the Registered and London Offices of the company. These results are also available on http://www.aac.co.za on the Internet. Registered Office: London Office: 44 Main Street 19 Charterhouse Street Johannesburg 2001 London ECIN 6QP South Africa England END IR AILFTIDLAIAT
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