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| Name | Symbol | Market | Type |
|---|---|---|---|
| Morocco 32s | LSE:47GY | London | Bond |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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RNS Number:4537Y
Griqualand West Diamond Mng Co Ld
6 February 2001
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
--------------------------------------------------------------
INCOME STATEMENT
for the year 2000 2000 1999
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 4 776 5 092
--------------------------------------------------------------
89 948 90 264
Deduct:
General charges 4 4 150 3 700
--------------------------------------------------------------
Net income before taxation 85 798 86 564
Taxation 5 31 054 31 284
--------------------------------------------------------------
Net income after taxation 54 744 55 280
Retained earnings 31 December 1999 33 781 22 366
--------------------------------------------------------------
88 525 77 646
Dividends 43 865 43 865
--------------------------------------------------------------
Retained earnings 31 December 2000 44 660 33 781
--------------------------------------------------------------
Number of shares in issue 105 700 105 700
Earnings per share 51,8c 52,3c
Dividends per share 41,5c 41,5c
==============================================================
BALANCE SHEET
31 December 2000 2000 1999
Note R R
Capital employed:
Share capital 6 2 114 000 2 114 000
Retained earnings 44 660 33 781
--------------------------------------------------------------
2 158 660 2 147 781
==============================================================
Represented by:
Fixed assets 7 2 111 722 2 111 722
Investment 8 2 448 2 448
Net current assets 44 490 33 611
--------------------------------------------------------------
Current assets 99 350 85 051
--------------------------------------------------------------
Amount due by holding company 84 406 73 390
Cash 14 944 11 661
--------------------------------------------------------------
Current liabilities 54 860 51 440
--------------------------------------------------------------
Shareholders for unpaid and unclaimed
dividends 42 469 39 185
Creditors 9 905 9 540
Tax 2 486 2 715
--------------------------------------------------------------
2 158 660 2 147 781
==============================================================
CASH FLOW STATEMENT
for the year 2000 2000 1999
Note R R
Operating activities:
Cash generated by operations 9 85 186 85 952
Investment income 612 612
--------------------------------------------------------------
85 798 86 564
Deduct:
Increase in working capital 10 7 367 10 477
--------------------------------------------------------------
Cash generated by operating
activities 78 431 76 087
Taxation paid (31 283) (31 930)
Dividends paid (43 865) (43 865)
--------------------------------------------------------------
Increase in cash 3 283 292
==============================================================
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. 2000 1999
R R
2. Dividends from listed investment
Dividends on preference shares in
holding company 612 612
--------------------------------------------------------------
3. Interest received
Holding company 4 776 5 092
--------------------------------------------------------------
4. General charges
Secretarial fee 200 200
Directors' fees 500 500
Audit fee 3 450 3 000
--------------------------------------------------------------
4 150 3 700
--------------------------------------------------------------
5. Taxation
South African normal company tax 25 529 25 758
Secondary tax on companies 5 406 5 407
District Council levies 119 119
--------------------------------------------------------------
31 054 31 284
--------------------------------------------------------------
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
(1999 : R7 038)
--------------------------------------------------------------
9. Cash generated by operations
Net income before taxation 85 798 86 564
Less investment income 612 612
--------------------------------------------------------------
85 186 85 952
--------------------------------------------------------------
10. Increase (Decrease) in working capital
Unclaimed dividends (3 284) (292)
Creditors (365) (158)
Amount due by holding company 11 016 10 927
--------------------------------------------------------------
7 367 10 477
--------------------------------------------------------------
ANNUAL FINANCIAL STATEMENTS
for the year 2000
The annual financial statements contained herein have been approved by the
board of directors and are signed on its behalf by:-
N.F. OPPENHEIMER
G.M. RALFE
Directors
Kimberley
6 February 2001
REPORT OF THE INDEPENDENT AUDITORS
To the members of Griqualand West Diamond Mining Company Dutoitspan Mine
Limited
Introduction
We have audited the annual financial statements of Griqualand West Diamond
Mining Company Dutoitspan Mine Limited for the year ended 31 December 2000
set out herein. These annual financial statements are the responsibility of
the company's directors. Our responsibility is to express an opinion on these
annual financial statements based on our audit.
Scope
We conducted our audit in accordance with Statements of South African
Auditing Standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance that the annual financial statements are
free of material misstatement. An audit includes:
- examining, on a test basis, evidence supporting the amounts and disclosures
included in the annual financial statements,
- assessing the accounting principles used and significant
estimates made by management, and
- evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
Audit opinion
In our opinion, the annual financial statements fairly present, in all
material respects, the financial position of the company at 31 December 2000
and the results of its operations and cash flow information for the year then
ended in accordance with South African Statements of Generally Accepted
Accounting Practice, and in the manner required by the Companies Act in South
Africa.
DELOITTE PIM GOLDBY
Chartered Accountants (S.A.)
Kimberley
6 February 2001
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