47GY Morocco 32s

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
--------------------------------------------------------------
                                            106 820    88 525
Dividends                                    43 865    43 865
--------------------------------------------------------------
Retained earnings 31 December 2001           62 955    44 660
--------------------------------------------------------------
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
--------------------------------------------------------------
==============================================================
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
--------------------------------------------------------------
Represented by:
Fixed assets                           7  2 111 722  2 111 722
Investment                             8        -        2 448
Net current assets                           65 233     44 490
--------------------------------------------------------------
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
--------------------------------------------------------------
                                          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)
--------------------------------------------------------------
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)
--------------------------------------------------------------
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

                       This information is provided by RNS
            The company news service from the London Stock Exchange

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