Vogelstruisbult Metal Holdings Limited
17 January 2000
Interim Report
VOGELSTRUISBULT METAL HOLDINGS LIMITED
(Registration No. 05/04346/06)
(Incorporated in the Republic of South Africa)
Interim Report for the six months ended 31 December 1999
Consolidated Income Statement
*Six months *Six months Year
ended ended ended
31 December 31 December 30 June
1999 1998 1999
R000 R000 R000
Revenue
Income from investments 951 498 1 185
Surplus on realisation of
investments and mineral assets 194 61 226 201 710
Interest received 16 498 6 836 20 873
Sundry revenue - 10 11
17 643 68 570 223 779
Administration costs 850 1 374 5 414
Profit before tax 16 793 67 196 218 365
Tax 4 728 1 915 4 794
Profit after tax 12 065 65 281 213 571
Earnings per share - cents 66 355 1 161
Headline earnings per share - cents 66 32 64
Dividends per share
- cents - 185 185
- absorbing (R000) - 34 028 34 028
- times covered - 1,9 6,3
*Unaudited
ABRIDGED CONSOLIDATED
CASH FLOW STATEMENT *Six months *Six months Year
ended ended ended
31 December 31 December 30 June
1999 1998 1999
R000 R000 R000
Net cash inflow/(outflow)
from operating activities 10 853 (2 853) (26 597)
Net cash inflow from
investment activities 509 70 007 213 259
Increase in cash on hand 11 362 67 154 186 662
*Unaudited
CONSOLIDATED BALANCE SHEET
*At *At At
31 December 31 December 30 June
1999 1998 1999
R000 R000 R000
Investments 10 217 13 299 10 532
Net current assets 230 348 66 911 217 968
Current assets 236 800 103 579 225 320
Cash 233 848 102 978 222 486
Other 2 952 601 2 834
Less current liabilities 6 452 36 668 7 352
240 565 80 210 228 500
Share capital 9 448 9 448 9 448
Reserves 231 117 70 762 219 052
240 565 80 210 228 500
ADDITIONAL INFORMATION
Investments
Listed - Market value 54 268 23 930 40 978
- Excess over book value 44 051 13 398 30 446
- Book value 10 217 10 532 10 532
Unlisted - directors' valuation - 143 228 -
- Excess over book value - 140 461 -
- Book value - 2 767 -
Shares in issue remain
unchanged at 18 393 600
Net asset value per share - cents 1 547 1 273 1 408
*Unaudited
NOTES
1. Accounting policies
The financial statements have been prepared on the historical cost basis in
compliance with South African Accounting Standards and are consistent with
those adopted at 30 June 1999.
2. Earnings
Interest income remains high in line with the high cash reserves.
3. Prospects
As was announced on 23 November 1999, the 1999 tax assessment has been
received and the board remains of the view that voluntary liquidation is the
optimal route for the company. In order to commence this process, the company
intends to dispose of its remaining assets and to attend to certain
administrative and regulatory matters requiring resolution before initiating
formal voluntary liquidation.
4. Interim dividend
The board will give consideration to the declaration of a dividend in
anticipation of liquidation immediately prior to the appointment of
liquidators. It is anticipated that this will occur before the end of the
current financial year.
Kenilworth House On behalf of the board
Rutherford Estate
1 Scott Street M J Tagg
Waverley (Chairman)
2090
M E Halliday
(Director)
13 January 2000