Final Results
08 Février 2002 - 11:38AM
UK Regulatory
RNS Number:1855R
Griqualand West Diamond Mng Co Ld
8 February 2002
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
Incorporated in the Republic of South Africa
Registration No. 1880/000013/06
--------------------------------------------------------------
INCOME STATEMENT
for the year 2001 2001 2000
Note R R
Amount received from holding company
in terms of working agreement 84 560 84 560
Dividends from listed investment 2 235 612
Interest received 3 5 822 4 776
Surplus from disposal of listed
investment 7 344 -
--------------------------------------------------------------
97 961 89 948
Deduct:
General charges 4 4 350 4 150
--------------------------------------------------------------
Net income before taxation 93 611 85 798
Taxation 5 31 451 31 054
--------------------------------------------------------------
Attributable earnings 62 160 54 744
Retained earnings 31 December 2000 44 660 33 781
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106 820 88 525
Dividends 43 865 43 865
--------------------------------------------------------------
Retained earnings 31 December 2001 62 955 44 660
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Number of shares in issue 105 700 105 700
Earnings per share
Attributable earnings 62 160 54 744
Surplus from disposal of listed
investment (7 344) -
--------------------------------------------------------------
Headline earnings 54 816 54 744
--------------------------------------------------------------
Attributable earnings per share 58,8c 51,8c
Headline earnings per share 51,9c 51,8c
Dividends per share 41,5c 41,5c
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==============================================================
BALANCE SHEET
31 December 2001 2001 2000
Note R R
Capital employed:
Share capital 6 2 114 000 2 114 000
Retained earnings 62 955 44 660
--------------------------------------------------------------
2 176 955 2 158 660
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Represented by:
Fixed assets 7 2 111 722 2 111 722
Investment 8 - 2 448
Net current assets 65 233 44 490
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Current assets 125 021 99 350
--------------------------------------------------------------
Dividend due by holding company - 306
Other amount due by holding company 105 508 84 100
Cash 19 513 14 944
--------------------------------------------------------------
Current liabilities 59 788 54 860
--------------------------------------------------------------
Shareholders for unpaid and unclaimed
dividends 47 038 42 469
Creditors 10 106 9 905
Tax 2 644 2 486
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2 176 955 2 158 660
==============================================================
CASH FLOW STATEMENT
for the year 2001 2001 2000
Note R R
Operating activities:
Cash generated by operations 9 86 032 85 185
Investment income 541 612
--------------------------------------------------------------
86 573 85 798
Deduct:
Increase in working capital 10 (16 638) (7 367)
--------------------------------------------------------------
Cash generated by operating
activities 69 935 78 431
Taxation paid (31 293) (31 283)
Dividends paid (43 865) (43 865)
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Investing activities:
Proceeds from disposal of listed
investment 9 792 -
--------------------------------------------------------------
Increase in cash 4 569 3 283
==============================================================
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. 2001 2000
R R
2. Dividends from listed investment
Dividends on preference shares in
holding company 235 612
--------------------------------------------------------------
3. Interest received
Holding company 5 822 4 776
--------------------------------------------------------------
4. General charges
Secretarial fee 200 200
Directors' fees 500 500
Audit fee 3 650 3 450
--------------------------------------------------------------
4 350 4 150
--------------------------------------------------------------
5. Taxation
South African normal company tax 25 877 25 529
Secondary tax on companies 5 454 5 406
District Council levies 120 119
--------------------------------------------------------------
31 451 31 054
--------------------------------------------------------------
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
Market value: Nil
(2000 : R6 120)
--------------------------------------------------------------
9. Cash generated by operations
Net income before taxation 93 611 85 798
Less: Investment income (235) (612)
Surplus from disposal of
listed investment (7 344) -
--------------------------------------------------------------
86 032 85 186
--------------------------------------------------------------
10. (Increase) Decrease in working capital
Unclaimed dividends 4 569 3 284
Creditors 201 365
Amount due by holding company (21 408) (11 016)
--------------------------------------------------------------
(16 638) (7 367)
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ANNUAL FINANCIAL STATEMENTS
for the year 2001
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
8 February 2002
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 2001 set out herein. These financial
statements are the responsibility of the company's directors.
Our responsibility is to express an opinion on these 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 financial statements are free of material misstatement.
An audit includes:
- examining, on a test basis, evidence supporting the
amounts and disclosures included in the 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 financial statements fairly present, in
all material respects, the financial position of the company
at 31 December 2001 and the results of its operations and cash
flow 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
8 February 2002
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