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Vogelstruisbult. (VOGS)

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Monday 16 August, 1999

Vogelstruisbult.

Final Results

VOGELSTRUISBULT METAL HOLDINGS LIMITED
16 August 1999


VOGELSTRUISBULT METAL HOLDINGS LIMITED
(Registration No. 05/04346/06)
(Incorporated in the Republic of South Africa)
Announcement of Audited Results

CONSOLIDATED INCOME STATEMENT
                                        Year      Year 
                                        ended     ended
                                        30 June   30 June
                                        1999      1998
                                        R000      R000
Revenue
Income from investments                 1 185     22 367
Surplus on realisation of investments
and mineral assets                      201 710   -
Interest received                       20 873    3 821
Sundry revenue                          11        10
                                        223 779   26 198
Expenditure                             5 414     14 915
Administration                          5 414     1 664
Amounts written off                     -         13 251
Profit before tax                       218 365   11 283
Tax                                     4 794     765
Profit after tax                        213 571   10 518
Unappropriated profit, brought forward  4         50
Less:                                   213 568   10 564
Dividends declared                      34 028    14 715
Interim 185c (30c)                      34 028    5 518
Final        (50c)                      -         9 197
Transfers to/from reserves              179 540   (4 151)
Unappropriated profit, carried forward  7         4
Earnings per share - cents              1 161     57
Headline earnings per share - cents     64        129
Dividend per share - cents              185       80
                   - times covered      6,3       0,7

CONSOLIDATED BALANCE SHEET
                                        At        At
                                        30 June   30 June
                                        1999      1998
                                        R000      R000
Investments                             10 532    22 080
Net current assets                      217 968   26 886
Current assets                          225 320   36 845
Cash                                    222 486   35 824
Other                                   2 834     1 021
Less: Current liabilities               7 352     9 959
                                        228 500   48 966
Share capital                           9 448     9 448
Reserves                                219 052   39 509
                                        228 500   48 957
Abridged Consolidated
Cash Flow Statement
Net cash (outflow)/inflow from
operating activities                    (26 597)  19 296
Net cash inflow/(outflow)
from investing activities               213 259   (3 583)
Increase in cash on hand                186 662   15 713

ADDITIONAL INFORMATION
Investments
Listed - Market value                   40 978    62 017
- Excess over book value                30 446    43 171
- Book value                            10 532    18 846
Unlisted - Directors' valuation         -         173 186
         - Excess over book value       -         169 952
         - Book value                   -         3 234
Shares in issue remained unchanged
at 18 393 600
Net asset value per share - cents       1 408     1 425

NOTES:

1.  Earnings
Notwithstanding a decrease in income from investments, as a result of the sale
of certain of the company's investments, earnings for the year increased
dramatically as a result of the surplus achieved on these realisations and the
interest received on these proceeds. 

2.   Headline earnings
Earnings per share are based on profit after tax and on the 18 393 600 shares
in issue during the year.

Headline earnings per share are reconciled with the profit attributable to
members as follows:
                                                        R million
Profit attributable to members                          213,6
Less: Surplus on realisation of strategic investments   201,7
                                                        11,9
3.   Restructuring
As a consequence of the restructuring process announced in May 1998, in
conjunction with Gold Fields of South Africa Limited and New Wits Limited, the
company has disposed of its 2 579 067 shares in Gold Fields Coal Limited, its
2 100 000 shares in O'okiep Copper Company Limited, its 333 172 shares 
in Black Mountain Mineral Development Company (Proprietary) Limited and its 
2 090 000 shares in Zinc Corporation of South Africa Limited. Total cash
proceeds for these disposals amounted to R210,9 million (book value R10,7
million).

4.   Year 2000 compliance
The group has formulated detailed plans to ensure Year 2000 compliance is
achieved by 30 September 1999. These plans include an evaluation of all
hardware and software systems which are critical to meeting the group's
business needs in the new millennium. Progress against these plans is reported
to the company's audit committee. Results achieved so far indicate that it is
unlikely that the group will encounter any difficulties from its internal
systems. Costs incurred are not material and have been charged against income
when incurred.

5.   Final dividend
As the company has no STC credits and may be liquidated shortly the directors
have resolved not to declare a final dividend for the year ended 30 June 1999.

6.   Cautionary announcements
Shareholders are referred to the cautionary announcements dated 2 and 26 July
1999 and are now advised that these negotiations have terminated. Notification
to this effect appears elsewhere in this publication.

7. Outlook
Although there have been expressions of interest in acquiring the company,
primarily for its dual listing, the level of cash and uncertainty surrounding
the taxation of the proceeds on the realisation of its investments has
prevented this. Once the company's tax assessment has been received, should a
sale not be concluded, the company will be liquidated and the proceeds paid to
shareholders as a liquidation dividend.

By order of the board
M. J. Tagg                            M. E. Halliday
(Chairman)                            (Director)

Johannesburg
12 August 1999 

                                                                                                                                                                                                                                                      

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