| Group |
|
|
|
Company |
| 2002 |
2003 |
|
|
|
2003 |
2002 |
| R’000 |
R’000 |
|
|
|
R’000 |
R’000 |
| |
|
A |
Reconciliation of profit/(loss) before
taxation to cash applied to operations |
|
|
|
| (692 229) |
374
180 |
|
Profit/(loss) before taxation |
|
(1
004 722) |
(240 291) |
| |
|
|
Adjusted for |
|
|
|
| 5 161 |
12
806 |
|
Movement in provision for environmental rehabilitation |
|
2
770 |
(363) |
| 135 111 |
105
675 |
|
Depreciation |
|
11
415 |
11 401 |
| 88 172 |
38
484 |
|
Non-cash movement in provisions |
|
1
243 |
2 385 |
| 1 263 |
631 |
|
Amortisation of restraint of trade balance |
|
631 |
1 263 |
| 21 996 |
133
001 |
|
Assets impaired and diminution of investments |
|
1
010 784 |
218 307 |
| 959 |
15
929 |
|
Provision for diminution of listed investment |
|
– |
– |
| (3 360) |
(15
663) |
|
Profit on sale of mining assets |
|
(9
759) |
(3 360) |
| – |
43
674 |
|
Share of loss before tax of associate |
|
– |
– |
| – |
(89
333) |
|
Profit on sale of subsidiary |
|
– |
– |
| (9 130) |
(99
649) |
|
Unrealised foreign exchange profits |
|
(98
195) |
– |
| (17 448) |
(1
376) |
|
Profit on sale of listed investment |
|
– |
(17 160) |
| 24 209 |
39
498 |
|
Finance costs paid |
|
32
040 |
10 522 |
| – |
(377
268) |
|
Unrealised hedging (profit)/loss |
|
13
582 |
– |
| (38 216) |
(17
730) |
|
Investment income |
|
(9
339) |
(46 028) |
| 2 935 |
11
331 |
|
Movement in gold in process |
|
– |
– |
| 32 790 |
1
368 |
|
Provision for bad debts |
|
421 |
32 790 |
| (282) |
– |
|
Profit on settlement of restraint of trade |
|
– |
(282) |
| |
|
|
|
|
|
|
| (448 069) |
175
558 |
|
Operating profit/(loss) before working capital
changes |
|
(49
129) |
(30 816) |
| (169 735) |
(255
571) |
|
Working capital changes: |
|
(112
776) |
7 774 |
| (34 481) |
(175
478) |
|
Accounts receivable |
|
(91
814) |
(9 123) |
| (13 913) |
879 |
|
Inventories |
|
(16) |
220 |
| (121 341) |
(80
972) |
|
Accounts payable and accrued liabilities |
|
(20
946) |
16 677 |
| |
|
|
|
|
|
|
| (617 804) |
(80
013) |
|
Cash applied to operations |
|
(161
905) |
(23 042) |
| |
|
B |
Cash and cash equivalents |
|
|
|
| |
|
|
Cash and cash equivalents comprise cash on
hand, demand deposits and highly liquid investments with an
original maturity of three months or less. |
|
|
|
| 247 332 |
331
820 |
|
Cash and cash equivalents |
|
235
423 |
36 656 |
| (5 516) |
(29
110) |
|
Bank overdrafts |
|
(21
281) |
(5 453) |
| 241 816 |
302
710 |
|
|
|
214
142 |
31 203 |
| |
|
C |
Cash flow on sale of subsidiary |
|
|
|
| |
|
|
On July 1, 2002 the company sold 60% of its
wholly-owned subsidiary company, Crown Gold Recoveries (Pty)
Ltd to Khumo Bathong Holdings (Pty) Ltd in a deal consistent
with its black empowerment strategy. In the prior year the results
of this company had been consolidated into the results of the
group. Effective July 1, 2002 the remaining 40% interest has
been treated as an investment in an associate and equity accounted. |
|
|
|
| |
|
|
|
|
|
|
| |
|
|
Sale of Crown Gold Recoveries (Pty) Ltd
– July 1, 2002 |
|
|
|
| – |
136
337 |
|
Mining assets – net book value |
|
– |
– |
| – |
2
000 |
|
Non-current investment |
|
– |
– |
| – |
15
352 |
|
Inventories |
|
– |
– |
| – |
9
373 |
|
Accounts receivable |
|
– |
– |
| – |
24
795 |
|
Cash and cash equivalents |
|
– |
– |
| – |
4
695 |
|
Rehabilitation Trust Fund |
|
– |
– |
| – |
(20
988) |
|
Provision for environmental rehabilitation |
|
– |
– |
| – |
(76
092) |
|
Long-term liabilities |
|
– |
– |
| – |
(57
139) |
|
Accounts payable and provisions |
|
– |
– |
| – |
(11) |
|
Taxation payable |
|
– |
– |
| – |
38
322 |
|
Total net book value at time of sale |
|
– |
– |
| – |
22
993 |
|
60% thereof |
|
– |
– |
| – |
(6
795) |
|
Fair value adjustment at group level – mining
assets |
|
– |
– |
| – |
16
198 |
|
|
|
– |
– |
| – |
105
531 |
|
Proceeds from the sale |
|
– |
– |
| – |
89
333 |
|
Profit on disposal of 60% interest |
|
– |
– |
| – |
105
531 |
|
Proceeds from the sale of 60% |
|
– |
– |
| – |
(24
795) |
|
Less cash and cash equivalents in subsidiary
sold |
|
– |
– |
| – |
80
736 |
|
Net cash flow on sale of subsidiary |
|
– |
– |
