New Cent.Wit.Areas - Interim Results
October 12 1998 - 3:32AM
UK Regulatory
RNS No 1823b
NEW CENTRAL WITWATERSRAND AREAS LIMITED
12th October 1998
New Central Witwatersrand Areas Limited
Incorporated in the Republic of South Africa
Registration No. 05 04747 06
Interim results and dividend announcement
for the six months ended 30 September 1998
(unaudited)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Six Six
months months Year
Figures in R000, unless ended ended ended
otherwise stated 30.9.98 30.9.97 31.3.98
Investment income 3 062 2 834 5 197
Interest earned
less administration
expenses 77 29 290
Grants - educational
and welfare (55) (46) (49)
Net income before
taxation 3 084 2 817 5 438
Taxation - - (36)
Headline earnings 3 084 2 817 5 402
Surplus on realisation
of investments - 5 440 5 440
Total net earnings 3 084 8 257 10 842
Earnings per share
- cents
Headline earnings 174,6 159,5 305,8
Total net earnings 174,6 467,4 613,7
Dividends per share - cents 174,0 159,0 305,0
ABRIDGED CONSOLIDATED BALANCE SHEET
Figures in R000, unless At At At
otherwise stated 30.9.98 30.9.97 31.3.98
Shareholders' equity 113 235 131 569 113 538
Current liabilities 3 594 3 195 2 974
116 829 134 764 116 512
Represented by:
Investments 109 956 126 531 109 045
Mineral rights
at nominal value of R1 - - -
Cash resources 6 458 7 871 6 285
Other current assets 415 362 1 182
116 829 134 764 116 512
Market value
of listed investments 109 956 126 531 109 045
Number of shares
in issue - 000 1 766 1 766 1 766
Net asset value
per share - cents (after
providing for the dividend and
based on the market value
of listed investments and
mineral rights at nominal
value at 30 September 1998). 6 411 7 448 6 428
STATEMENT OF SHAREHOLDERS' EQUITY
At At At
Figures in R000 30.9.98 30.9.97 31.3.98
Shareholders' equity 113 538 144 188 144 188
Movement in reserves 10 5 448 5 454
Increase (decrease) in
market value of investments* (313) (18 067) (36 104)
113 235 131 569 113 538
* In accordance with recent developments in International Accounting
Standards, the company has restated its investments to market value with any
difference being reflected in the non-distributable reserves as part of
shareholders' equity.
YEAR 2000 DISCLOSURE
New Central Witwatersrand Areas Limited ("NCW") is an investment holding
company with no administrative infrastructure of its own. The company has been
informed by its holding company, Anglo American Corporation of South Africa
Limited ("AAC"), from which it obtains administrative and technical advisory
services, that AAC has implemented a strategy, in accordance with
international best practice, to achieve acceptable levels of Year 2000
compliance by June 1999.
Based on the assessment and information given by AAC to date, NCW does not
expect to encounter material operational difficulties and based on a
reasonable examination considers the risk to NCW of legal liability to be not
material.
NOTICE OF DIVIDEND
Dividend No. 66 of 174 cents per share has been declared payable on Friday, 4
December 1998 to shareholders registered at the close of business on Friday,
30 October 1998. The register of members will be closed from Saturday, 31
October 1998 to Saturday, 7 November 1998. The full conditions relating to the
dividend may be inspected at the Registered and London Offices of the company
and at the office of its transfer secretaries.
For and behalf of the Board
M W King
G R Pardoe Directors
9 October 1998
Registered Office: London Office:
44 Main Street 19 Charterhouse Street
Johannesburg 2001 London EC1N 6QP
South Africa England
The interim report has been posted to shareholders and is available from the
company's transfer secretaries, Consolidated Share Registrars Limited, 1st
Floor Edura, 41 Fox Street, Johannesburg 2001 as well as from the Registered
and London Offices of the company.
These results are also available on http://www.aac.co.za on the Internet.
END
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