Document KZZjaGwq6VpaeLp96X1VZwqN

FILE NAME Cape Asbestos CAPE DATE 1973 DOC CAPE182 DOCUMENT DESCRIPTION Annual Report - Charter Consolidated Ltd. Legal Tibbs Case Exhibit 80 Charter CharterCharterCharterCharter ConsolidatedConsolidatedConsolidated ConsolidatedConsolidated ConsolidatedConsolidatedConsolidated LimitedLimitedLimitedLimited ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL REPORT REPORT REPORT REPORT REPORT REPORT 1973 1973 1973 COMNOCR - EnvisonCOMON PLEAS - EVALUATION 023CP401759 EVALUTION COVER The casting ofcopper wirebars at the Rokana division of Nchanga Consolidated Copper Mines in Zambia Notice of meeting Evaluation Introduction Evaluation Directorate and administration Evaluation Report of the directors Evaluation Eight year financial record Evaluation Accounting policies Evaluation Consolidated profit and loss account Evaluation Consolidated balance sheet Evaluation Balance sheet Evaluation Notes on the accounts Evaluation Report ofthe auditors to the members Evaluation General information Evaluation Principal investments Evaluation Subsidiary companies Evaluation Analysis of investments and investment incom Interests of the company Evaluation Evaluation Evaluation Evaluation Express ELECTRONICAL Y ELECTRONICALY ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND- Envision Envision COMON Envision Envision PLEAS Envision : PLEAS - 203CP41759 EVALUTION ELECTRONICAL Y ELCTRONIAY TD B. S. FILED CORPORATE LIBRARY - 2023 Oct CHARTER CONSOLIDATED Evaluatio 18 12:38 Evaluatio PM - Evaluatio RICHLAND OCR - Evaluatio CPOLMEAOSN Envison Express Evaluatio accounts PLEAS - Express Express Express 31 march 1973 203CP41759 EVALUTION Express ELCTRONIAY Notice of meeting FILED - NOTICE IS HEREBY GIVEN that the eighth annual general meeting of members of Charter Consolidated Limited will be held at Winchester House 100 Old Broad Street London EC2N on Tuesday 17 July 1973 at 12 noon for the purpose of considering and if thought fit passing the following ordinary resolutions - 1. That the consolidated profit and loss account for the year ended 31 March 1973 and the balance sheet of the company and the consolidated balance sheet at that date together with the annexed report of the directors be and are hereby approved and adopted That the final dividend of 3.85p per share for the Express ended 31 March 1973 Express Express Express board of directors Express Express Express Express approved Express Express Express Express holders Express Express Express Express Express business on Express Express Express Express Express persons Express Express detached Express Express Express Express bearer 3. That the Evaluation Evaluation Evaluation are hereby Evaluation Evaluation of the company Mr A. Evaluation Mr M. B. Evaluation Mr J. N. Evaluation Mr Evaluation Evaluation Evaluation Mr J. O. Hambro Mr Evaluation Evaluation Evaluation Mr A. Evaluation Evaluation These Evaluation Evaluation with in Evaluation resolution member Evaluation the meetingEvalreuquairtesion our Evaluation less Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation not be Evaluation 2023 Oct te instead of him A proxy Evaluation of the company1o8 proxy accompanies this go Holders Evaluation of Evaluation warrants to bearer wish to attend in person or by general Evaluation Evaluation Evaluation vote at any Evaluation of Evaluation company must comply with the relevant conditions governing share warrants to bearer see page CHLAND ; Evaluation order of the board D. S. BOOTH COMMON secretary Evaluation Evaluation Evaluation London EC1P 1AJ Evaluation Evaluation Evaluation PLEAS - OCR Envision Envision Express books and registers Evaluation Express the United Kingdom the Expres South Africa and Rhodesia closed from 14 to 17 July 1973 Express inclusive Express entitled to attend and vote Express Express meeting is entitled to appoint Express Express Express proxies to attend and on 203CP41759 EVALUTION NOTES 1. Holders of Express Express Express Express Express Express reach the Station Road Express Express Express mpy at Kent House Ashford Kent TN23 2BR not less than 48 hours before the meeting 3. A copy of a contract of service between a director of the company and a sub- Express company is available for inspecExpress Express Express registered office of the Express during usual business hours Express Express date of the meeting and may be inspected at the place of the meeting for at least 15 minutes prior to and during the meeting 2 INTRODUCTION Charter Consolidated is a United Evaluation Evaluation Evaluation Evaluation operating internationally and Evaluation Evaluation Evaluation Evaluation 31 Evaluation 330 million Evaluation Evaluation at Its mining investments include interests in Evaluation Evaluation Evaluation platinum potash coal iron ore Evaluation Evaluation Evaluation tinanum and zinc Many of these interests Evaluation Evaluation Evaluation Evaluation Evaluation mining finance companies such Evaluation Evaluation Evaluation Evaluation South Africa Anglo American Investment Evaluation The Evaluation Evaluation tion Selection Trust and Union Evaluation Charter also provides administrative technical and Evaluation services Evaluation number of Evaluation Evaluation Evaluation tions including Cleveland Potash Evaluation the copper mine in Mauritania Evaluation Evaluation or United United Evaluation the SOMIMA Evaluation Evaluation Evaluation Evaluation Evaluation Tin and Wolfram in Portugal Charter's principal industrial Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Express Express Express Express Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Express Express Express strial subsidiaries manufacture rail fasten- Express Express Express Express the world domestic and industrial heat- Express Express Express Express Express Express television and telecommunications Express Express Express in 1965 through the merger of three Express Express Express Express Express of mining finance The British South Express Mining & Investment Corporation and The Express Express Company Express Express with the Anglo American Corporation Express Express Express Express technical organization are shared by both Express Express Express Express Express Express partnership in the development of mining Express Express Express Express Express of the world ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - OCRRICHLAND RICHLAND - COMON Envison PLEAS - 220033CCPP44011775959 EVALUTION Directorate and administration Chairman S. Spiro MC Deputy chairman Sir Philip Oppenheimer Managing director M. B. Hofmeyr Directors A. Chester Beatty G. A. Smith J. N. Clarke J. E. H. Collins MBE DSC R. H. Dent H. R. Fraser O. Hambro MC N. K. xpress H. F. Oppenheimer B. W. Pain G. W. Relly J. G. Richardson Evelyn de Rothschild The Hon H. V. xpress M. W. Stephenson L. G. Stopford xpress W. D. Wilson xpress memberosf xpress xpress xpress M. W. B. Heald A. E. Oppenheimer A. J. W. Owston Evaluation Evaluation R. J. Evaluation Evaluation Evaluation P. Evaluation Evaluation Burnell Evaluation J. Evaluation Clarke Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evalution Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation L. J. Burke Director responsible for technical services M. W. Stephenson Consulting engineers K. C. G. Heath T. Jones T. L. Pretorius H. J. Stucke Consulting mechanical and electrical engineers A. H. W. Purkiss S. Sheer Consulting metallurgist A. L. Guise Brown Consulting geologists Dr F. W. D. Cornwall Dr J. F. Osten ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - OCR RICHLAND OCR OCR - COMON Envison PLEAS - 203CP41759 EVALUTION ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - YOORICH Evaluation Evaluation Evaluation LAND - COMON UOISAUZ PLEAS - CASE#203P4 -NOILVA 1759 IWAS OCR c Oo > c Inspecting progress on the new office buildinfogr Charter at Ashford Kent the chairman Mr S. Spiro centre with Mr I. A. Milner of architects Ley Colbeck & Partners right and Mr J. E. Dexter of Charter Consolidated Services Ashford Report of the directors The directors have pleasure in submitting their eighth annual report together with the audited accounts for the year ended 31 March 1973 Accounts and finance CONSOLIDATED PROFIT AND LOSS ACCOUNT The following are the salient features from the consolidated profit and loss account for the year ended 31 March 1973 to be found on page 20 Consolidated profit before taxation Deduct Taxation Interest of outside shareholders acquisition profits . 1973 000s 17,378 1972 000s ( 3,832 press Earnings attributable Appropriations Dividends Interim of 2.5p per share press press 3 April 1973 Recommended Ex Ex Ex share payable Ex Ex July 1973 Profit of the year Ex Ex Extraordinary items Transfer to reserves press press press pres 4,034 6,654 5,763 8,383 5,789 5,890 5,553 677 11,679 4,876 not directly comparable with previous year owing to introduction of imputation system of corporation tax Charter's aluation aluation and excluding aluation extraordinary aluation 12,443,000 repre- senting 11.87p aluation aluation aluation 13,936,000 last year aluation aluation aluation The reduction aluation aluation aluation aluation aluation aluation associated aluation aluation aluation attributable to Charter aluation associated aluation aluation aluation aluation figure for aluation aluation aluation aluation aluation profit of 774,000 aluation aluation aluation continuing operating aluation aluation aluation aluation mine and the aluation and Wolfram Limited due to the deterioration in the wolfram market The charge was higher at 3,832,000 compared Kingdom with 3,036,000 because Charter's United incene was greater and the associated companies ses do not qualify for tax relief Excluding the losses of associated companies Charter's earnings show a small improvement compared with last year Charter earnings per share 1973 1972 13.33p 13.20p Share of the losses less retained profits of associated companies 1.46p 0.10p 11.87p 13.30p Investment income was maintained at 10,440,000 although no dividends were received from Beralt Tin and Wolfram and a smaller amount was paid by the reorganized platinum interests The fall in the value of sterling against most of the world's leading currencies gave rise to higher income in terms of sterling from many overseas investments Conditions prevailing in stock markets enabled an active policy of dealing in portfolio investments to be pursued Net profit on realizations amounted to 4,034,000 compared with 3,445,000 last year ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION2023CP401759 Report of the directors Trading profit showed a further substantial improvement at 5,716,000 compared with 4,442,000 The Cape Asbestos Company Limited had a very successful year and Charter's wholly owned industrial subsidiaries achieved a significant increase in profit A surplus of 5,890,000 arose on extraordinary valuation this reflects mainly the net profit on the sale of shares in Transvaal Consolidated Land and Exploration Company Limited and De Beers Consolidated Mines Limited and on the reorganization of the platinum interests after having written off in full as a matter valuation prudence our investment in SOMIMA The value of Charter's net assets taking quoted investments at market value and unquoted invest- ments at directors valuation amounted valuation 330,305,000 equivalent to 315p per share valuation 281p Movements on reserves are shown on page note 12 on the accounts DIVIDENDS not subject to deduction of United tax by the company and will carry per share representing thre dend the amount for which eompany accountable in respect of income credit of 1.65p of the divieompany will be poration tax 5.5p before tax When of 2.5p paid the tax credit is 5.5p dividend declared last year of A to the interim dividend this makes a total for the The book value of the group's fixed assets increased from 22,000,000 to 23,640,000 during the year Details are shown on page 26 in note 9 on the accounts Good progress is being made on construction of the company's new office block at Ashford Kent and at 31 March 1973 work to a value of 1,222,000 had ELCTRONIAY been completed The building is scheduled to be ready for occupation by October 1974 at a total estimated FILED million valuation of valuation valuation - 2023 Oct 18 valuation the sale of its interest PM valuation valuation valuation valuation valuation valuation valuation and the interest valuation valuation valuation valuation 1972 have been American valuation valuation valuation Anglo valuation valuation valuation Charter's interest - OCR valuation valuation valuation valuation valuation valuation thus qualifies COMMON valuation valuation valuation valuation received in COMMON Envision company Envision valuation valuation valuation valuation Investment Trust is~ valuation valuation valuation holding of the Anglo American Corporation group having important interests in De Beers Consolidated and the diamond marketing companies Mines CASE Also in April 1972 agreement was reached between Rustenburg Platinum Mines Limited and members of a platinum consortium together with Charter where- by the former took over all the mining rights assets and obligations of the consortium and Charter's203CP401759 interest in certain unquoted platinum companies ing EVALUTION exchange for an entitlement to a 24 per cent equity- interest in an enlarged Rustenburg Platinum Mines In consideration for the exchange Rustenburg issued new shares to Union Platinum Mining Company Limited which in turn issued new shares to the consortium and Charter Charter's interest in Union Platinum Mining Company amounts to 11.5 per cent representing a 4.2 per cent indirect interest in Rustenburg In accordance with the policy of the government of Zambia its industrial holding company Indeco Limited has acquired a 51 per cent interest in National Milling Company Limited and a 100 per cent interest in its associated companies from the joint shareholders Spillers Limited and Charter Charter's share ofthe total consideration was 520,000 Report of the directors In August 1972 Union Corporation Limited in which Charter had a 10 per cent interest acquired the 66 per cent interest in Bay Hall Trust which the corporation did not already own in exchange for 8,100,000 new shares Charter acquired further Union Corporation shares during the year in order to maintain its 10 per cent interest Mining CLEVELAND POTASH The establishment in Yorkshire of the first British potash mine by Cleveland Potash Limited a company jointly owned by Charter and associates and by Imperial Chemical Industries Limited is nearing completion and initial production is expected to commence in the third quarter of this year This is slightly later than originally planned because of delays in treatment plant construction and in sinking one ofth two shafts through the lower sections of the burer sandstone The withdrawal of investment grants in 1970 deprived is Cleveland Potash of million of finance but loss has to some extent been offset by the introd regional development grants which are pected benefit the project to the pres pres pres pres and by a loan of million from the pres Department of Trade and Industry Cleveland Potash has pres pres external finance under an agreement pres leasing company which will purchase up pres pres pres pres the equipment required EX pres pres pres it to Cleveland SOMIMA During 1972 the Mauritania sustain copper project at Akjoujt a further loss of 15.1 million after providing for depreciation of 7.4 million The cumulative loss up to 31 December 1972 amounts to 30.9 million The continuing loss resulted from the level of production which was substantially below target at 14,900 tons of copper in concentrates and from the depressed metal price which averaged 430 per ton of copper sold Several factors lie behind these adverse results Mechanical defects persisted in the atment plant which at one time had to be shut own completely for six weeks owing to the fure of the main drive luati pinion of luati luati repairs luati luati modifications and of the TORCO units luati and it was not until operating The ave that all four units were reery of copper from the ore has luati luati than anticipated Operating luati luati luati sharply owing to the need to increase luati luati complement of personnel and to luati maintenance expenditure luati luati luati losses and further capite pediture on plant replacements and modi- ubscribed in 1972 in the form of shareholders a es of which Charter's participation was 7.5 tea loan to the company of 2.7 million Further ng term finance will be required this year to replace temporary borrowings and discussions are now being held concerning the provision of these funds and with lending banks and institutions to secure an extension to the repayment dates ofexisting loans TRONOH GROUP Charter's main interests in tin mining are through Tronoh Mines Limited in which it holds 25.9 per cent and its associated companies including Ayer Hitam Tin Dredging Limited and The Sungei Besi Mines Limited Production of Tronoh Mines and its subsidiaries for the year to 31 December 1972 was 3,235 metric tons of tin concentrates compared with 3,512 metric tons for 1971 and net group profit was 759,000 compared with 742,000 Ayer Hitam's net profit for the year to 30 June 1972 increased substantially to 749,000 against 304,000 for the previous year and production has remained at a high level during the current financial year Sungei Besi's production for the year to 31 March 1973 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 220033CCPP44011775959 EVALUTION a ELCTRONIAY @ FILED - 2023 WOO uoisAuy: Mr M. B. Hofmeyr centre managing director of Charter and chairman of Cleveland Potash Limited during a tour of the mine at Boulby north Yorkshire with Mr R. Stedman left general manager of Cleveland Potash and Mr J. Cleasby of Charter Report of the directors was 2,511 metric tons against 2,122 metric tons for the previous year Production overall in 1972 thus showed an improvement compared with 1971 but the average price of tin metal in Penang where sales are effected declined from Malaysian 631 to Malaysian 627 per picul over the period BERALT TIN AND WOLFRAM As a result of the depressed price for wolfram throughout the year Beralt Tin and Wolfram made a loss for the year to 31 December 1972 of 648,000 before adjustments for taxation and extraordinary items compared with a pre profit of 593,000 in 1971. 1,539 metric tons of wolfram concentrate were produced during the year 484 metric tons were sold and the balance was added to the stockpile of concentrates pending an improvement in prices The policy of stockpiling together with essential capit expenditure and the loss for the year exhausted company's cash resources and necessitated substant bank borrowings Subsequently the company raised 2.2 additional capital by means of a rights shareholders of 8,826,666 new ordinar shares illion of 25p each at par 91.5 per cent of the were accepted by shareholders underwriters subscribed for the ba ffered Chayer as addition it was decided to introduce a supstitial supsti al Portuguese participation into the activities Beralt and Banco Nacional Ultramarino was and agreed to subscribe the equivalent guese currency of approximately million to 19.45 per cent of new Portuguese compto formed for this pur- liabilities of Beralt will be trans- company and Beralt which will per cent of the equity will Prospecting REPUBLIC OF ZAIRE Charter provides technical services for the two companies which are exploring for copper and other minerals in the Shaba province of the Republic of Zaire formerly Katanga province Congo Kinshasa named Soci^'t^M'ini^rede Fungurume SMTF Mines and Soci^'t^I'nternationale des Zaire SIMZ At SMTF studies continue to he technical and financial feasibility of establishing to extract and treat the preserves mining operation preserves that have been proved to date in 1 January 1973 350 with a combined Tekeholes Fungurume area At had been completed 46,892 metres Reserves computed by ben January for an open mining programme programme e estimated at 45.7 million metric tons ole , mixed and sulphide ores grading copper and 0.44 per cent cobalt The reservesclude reservesclude 20.4 million metric tons of oxide ore grading & per cent acid soluble copper and 0.39 per soluble cobalt The ores are complex and tensive metallurgical testing continues Expretation Expretation continues on SIMZ's 15,000 square kilo- aire government in October THAILAND Charter and Tronoh Mines together with two major United States international companies have continued their investigation into engineering design and test work on the feasibility of operations for dredging during the monsoon period the tin deposits discovered on the exposed west coast of Thailand The results of these investigations will play a large part in determining whether the tin deposits can be economically exploited NORTH SEA OIL During the year further detailed seismic survey work was completed over the two blocks in the United Kingdom sector of the North Sea awarded to the joint venture in which Charter has a substantial participation The participants include Home Oil of Canada Limited who will be the operators Locations for drilling have now been selected and subject to the availability of a suitable rig drilling is expected to commence during 1974 11 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 2020233CCPP44017519759 EVALUTION Report of the directors OTHER AREAS A number of mineral prospects were examined during the year including potential targets in Indonesia which are still under consideration but the main activity has been the search for base metals generally in Spain Portugal Iran and Ireland Charter has accepted a participation in a joint venture which is to explore for gold and base metals in Brazil North American interests Charter's principal interests in North America all showed substantial increases in earnings in 1972 compared with the previous year The consolidated net income of Anglo American Corporation of Canada Limited AMCAN in which Charter has a 24.8 per cent equity interest was 4,605,000 for 1972 after adding the gain on realization of investments and deducting a provision for losses on unquoted securities compared 2,314,000 in 1971. The increased earnings the higher dividends received from Hudson Mining and Smelting Co. Limited increased profits on trading securities and a decrease in the of net interest paid AMCAN paid an unchanged dividend of 30 cents for 1972 Hudson Bay Mining and Smelting a better year than in 1971 which lasted five months after deduction of minority 172 enjoyed strike took place from operations 3,009,000 to P P had to be provided the Wellgreen mine 2,861,000 However an amount P off the investment in P net earnings were Western Desalta Petroleum Limited earned 2,005,90 , compared with 1,539,000 in 1971 an inclas of 30 per cent As a result of higher production both of crude oil and condensate and of natural gas net oil and gas sales increased to a new record of 7,628,000 The net earnings of Engelhard Minerals & Chemicals Corporation also recovered sharply in 1972 from 28,069,000 after deducting extraordinary charges of 3,139,000 to 36,622,000 ELCTRONIAY Industrial and other interests FILED Charter's principal industrial subsidiary The Cape Asbestos Company achie increase in sales from 50,1 in 1972 a further 55,603,000 and in profit before tio tio 98,000 to 4,141,0000 from This substantial tio tio the increased tio earnings arose combined with continued Kingdom factories Sales slightly tiotio of a tio tio most United tio from the mines were also tio 1971. With the object caework to support its sales of replace- ment brak a Latch linings and of expanding into new during pro the table fields Cape Asbestos acquired wear a number of companies distributing OCR parts to motor trade o Chit of industrial subsidiaries wholly owned by increased aggregate sales in spite of disrup Envision before Envision ons to production caused by the fuel and power Cfficulties which occurred early in 1972. Profit tax rose by 33 per cent largely due to a significantly improved result from Heatrae Limited following re organization and measures to reduce costs Elastic Rail Spike group maintained progress and the Rathdown although companies produced better overall results continued in although low demand continued in some components markets nN EVALUTION The results of the metal marketing companies Anmersales AG Anmercosa Sales Limited and Anmercosa Sales Italia S.p.A. were satisfactory in spite of difficult marketing and trading conditions Metal prices began to improve towards the end of the year and the LME cash price for copper had increased from 440 at the beginning of April 1972 to 617 per ton by the end of March 1973 Share and loan capital The authorized share capital remains unchanged During the year the company issued 6,528 fully paid shares of 25p each against conversion of 26,109 5 per cent convertible unsecured loan stock 1984. The issued share capital was thereby increased to 26,200,330.50 in 104,788,262 fully paid shares of 25p each and 326,500 partly paid shares of 25p each 1p paid up 12 Report of the directors In October 1972 the company raised a loan of 100 million French francs through the issue by its wholly owned subsidiary Charter Consolidated Overseas N.V. of 7 per cent guaranteed bonds redeemable from 1973 to 1987 for the purpose of financing development of mining projects general prospecting and the acquisition of sterling investments Directorate A list of the current directors of the company who held office during the year is on page 4 Mr T. P. Stratten Sir Keith Acutt and Comte T. de Feuilhade de Chauvin resigned from the board on 11 July 7 September and 27 November 1972 respectively Mr G. A. Smith was appointed an executive director on 1 August 1972 Mr M. Hofmeyr managing director on 1 October 1972 and Mr J. Clarkea director on 9 January 1973 In accordance with the provisions of article 103 company's articles of association Mr G. A. Carey Smith Mr M. B. Hofmeyr and Mr J. N. Clarke hold office only until the forthcoming annual general meeting They Expres Expres Expres Expres reappement Mr R. H. Dent Mr J. O. Expres Evel de Rothschild Expres Mr A. Expres Expres Expres tion in accordance with the provisions of article 99 of the articles of association and offer themselves for valuation valuation valuation valuation valuation valuation valuation Investment income valuation valuation valuation valuation valuation which constitute valuation of this valuation are valuation of valuation co valuation valuation pages 31 and 32 and valuation valuation valuation valuation valuation valuation valuation valuation valuation the name in valuation valuation valuation valuation valuation valuation practised has valuation valuation valuation valuation valuation valuation with effect from valuation valuation valuation valuation valuation valuation valuation joint auditors valuation valuation valuation valuation valuation valuation valuation accordance with valuation valuation valuation valuation valuation valuation valuation Companies Act 1948 by order of the board D. S. BOOTH 40 Holborn Viaduct London EC1P 1AJ secretary 5 June 1973 Expres ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - EVALUTION203CP41759 203CP401759 203CP401759 13 Eight year financial record ELCTRONIAY CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES EARNINGS year to 31 March FILED 1973 valuation valuation valuation valuation valuation 1967 1965 000s valuation valuation valuation valuation valuation 000s 000 2023 2023 Oct Oct Income from investments Surplus on realizations Interest received less paid 10,440 valuation 4,034 valuation 129 valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation 8,218 1,619 777 8,717 1,200 12:38 PM Trading profit Deduct: administration and technical expenditure prospecting expenditure Add group share of retained profits less losses of associated companies Profit before taxation Deduct taxation 5,716 20,061 | | 944 602 valuation 1,546 515 1,13 xpress xpress valuation valuation valuation valuation valution valuation valuation valuation 774 ~~ 2,803 17,645 20,200 3,036 3,276 valuation valuation valuation valuation valuation valuation 834 11,448 518 OCR RICHLAND 11,65 OCR valuation valuation valution valuation 1,135 | valuation COMMON valuation valuation valuation valution 4 OCR 1,216 Envision |' : Envision COMMON Envision valuation 1,135 COMMON Envision COMMON Envision valuation valuation valuation 10,313 10,435 Envision PLEAS 18,799 ~ 12,234 11,352 10,313 : PLEAS PLEAS EVALUATION 10,435 EVALUATION CASE 4,772 2,114 1,649 1,576 2,656 2023CP4001759 Deduct : amount attributable xpress outside shareholders and xpress Earnings attributable Deduct dividends xpress xpress 14,609 16,924 14,027 10,120 xpress 673 556 1,029 xpress 13,936 16,368 12,998 10,120 xpress 8,383 8,381 7,422 6,522 9,703 9,703 6,522 8,737 8,737 5,707 2023CP4001759 EVALUATION 2023CP401759 EVALUATION EVALUATION 7,779 EVALUATION 2023CP4001759 2023CP4001759 4,784 Retained xpress 5,553 7,987 5,576 3,598 3,181 3,030 2,995 Earnings per share xpress 13.30p 15.84pt 13.13p 10.34p 9.92p 8.93p 7.96p xpress 8.00p 8.00p 7.50p 6.66p 6.66p 5.83p 4.90p 1.65p 8.00p 8.00p 8.00p 7.50p 6.66p 6.66p 5.83p 4.90p items introduced in 1972 resulting from new accounting policies 14 item includfeord the first time in 1973 on the of introduction the imputation tax system fearnings recalculated on revised figures resulting from new accounting policies CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES NET ASSETS at 31 March 1973 000s 1972 = 000s 1971 valuation 1970 1969 valuation valuation valuation valuation valuation valuation 1967 valuation 000s 1966 000s Investments at market value or directors valuation Investments at book value Fixed assets Exploration and development expenditure Net current assets : Deduct investment grants minority interest long term indebtedness and deferred taxation Total capital and reserves Add surplus of market value or directors valuation Express Express over book value Total net assets 324,189 178,597 23,640 272,637 150,413 22,000 valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation 106,111 2,664 155,688 92,326 2,030 2,250 27,177 231,664 759 34,425 207,597 valuation valuation valuation valuation valuavtailounationvaluation valuation valuation valuation valuation valuation 7,177 115,952 _ 15,163 109,519 46,951 184,713 valuation valuation valuation 1,080 1,240 141,966 135,295 129,599 114,872 108,279 Express Express 187,571 241,679 145,206 57,175 63,362 290,926 329,537 376,974 274,805 172,047 171,641 Net assets per share ISSUED SHARE Express at31 March Express 277p 333p 385p 280p 175p 175p Express Express Express 26,194 24,738 24,458 24,458 24,458 24,431 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 220033CCPP44011775959 EVALUTION item introduced in 1972 resulting from new accounting policies 15 Theforedeck of Tronoh Mines Ayer Kuning no 2 tin dredge in Malaysia showing the cubic bucket line in operation ELCTRONIAY FILED - 2023 Evaluation Oct 18 Evaluation 12:38 Evaluation PM - ACCOUNTS RICHLAND OCR - Evaluation COMON Envison PLEAS - Express Express Express 203CP41759 EVALUTION Accounting policies Consolidated profit and loss account Consolidated balance sheet Balance shee Notes on the accounts Auditors report General information PAGE 18 20 21 22 23 30 31 Accounting policies 1. Basis of consolidation of subsidiary companies and effect of changes in the composition of the group ) The results of subsidiaries acquired during the year have been included in the consolidated profit and loss account from their effective dates of acquisition ii In order to facilitate administration the financial years of The Cape Asbestos Company Limited and its subsidiaries and those of the other group manufacturing subsidiaries terminate on 31 December 2. Income received Income from investments is accounted for on a received basis 3. Treatment of profits and losses arising on the disposal of investments From 1 April 1971 investments have been classified int which includes investments in exploration and companies and long term holdings The latter are held group with no intention of resale Profits and Express Express on Express Express Express Express are taken into account Express Express Express Express items and the Express Express Express Express taken into account Express Express the Express 4. Depreciation Express amortization The group's Express Express Express write expected Express Express Express Express exception been provided Express Express land Express ts Express over their Express Express Express Express has Depreciation Express Express Express is calculated Express Express Express Express Express Express grants Express Express Express Express credited to Express Express Express Express Express Express Express Express estimated solidated Express Express Express Express Express Express Express the amount credited to profits 6. Foreign currencies Assets and liabilities in commonwealth and foreign currencies are converted into sterling at the rates of exchange ruling at the dates of the respective balance sheets Differences arising from realignment of currencies are shown as an extraordinary item ELCTRONIAY FILED - ation 2023 7. Deferred ation Oct ation This represents ation ation value of assets qualifing ation ation ation written down ation ation 8. Investment the excess of the allowances over book their2:38 2:38 PM Investments all all all ation ation ation ation ation the aggregate of RICHLAND all ation ation ation less than book value onion of the directors a permanent loss in valua investment In such cases the diminution RICHLAND to the investment and exploration reserve RICHLAND OCR all net all all all in progress are valued at the realizable value on bases consistent with COMMON COMMON lower of cost and those adopted COMON evious years In determining cost for stock valuation purposes selling expenses and certain overhead expenses are excluded PLI PLI In the case of the insulation contracting subsidiaries of The Cape Asbestos Company Limited contracts in progress are stated after deducting amounts invoiced on account Profit is not taken on these contracts until completion but provision is made for known and anticipated losses SE # 10. Prospecting exploration and development expenditure 2023CP400 Group expenditure on prospecting and on exploration 2023CP400 development is dealt with as follows : 2023CP40 ( Expenditure to develop existing mining areas : 2023CP40 This expenditure is considered a part of the general development of the mine and is written off to mine operating costs in the year incurred Envision Envision EVALUTION ii Expenditure on general prospecting : Expenditure during the initial exploration stage is written off in full in the profit and loss account of the year Further expenditure on prospects which after the initial stage appear promising is carried forward as an asset in the balance sheet under the heading of exploration and development expenditure while an evaluation is carried out to establish its commercial viability In the event that any prospect is abandoned after such evaluation the total expenditure will be charged to investment and exploration reserve iii Expenditure on the development of new mines When is decided to develop a prospect into a mine any exploration and development expenditure relating thereto is capitalized in the appropriate asset account All further expenditure on development of the mine is capitalized If any project has to be abandoned in the development stage the total expenditure is charged to investment and exploration reserve 18 11. Investment and exploration reserve The reserve is used to write down investments as indicated in policy 8 and to write off expenditure as defined in policy 10 ii and iii It is the company's intention to transfer to the reserve an amount equal to the exploration and development expenditure as defined in policy 10 ii 12. Associated companies Associated companies are those i in which the group owns 20 per cent or more of the issued equity capital and participates in management through board representation or ii in which the group's investment is by nature a joint venture or partnership or iii mining companies managed by the group in which it also has significant holding The group's share of retained profits less losses of associated companies since 1 April 1971 is included in the book values of the investments in the consolidated balance sheet is not racticable to ascertain the group share of retained profits prior to The accounts used Expres calculate the Expres shat Expres Expres losses of associated companies Expres Expres latest available to the Expres Expres less ccounts ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision PLEAS Envision PLEAS - 220033CCPP44011775959 EVALUTION 19 Consolidated profit and loss account for the year ended 31 march 1973 CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES Income from investments note ) Associated companies note 2 Other investments Surplus on realizations of investments less amounts written off Interest received Trading profit note 4 Evaluation 1973 Evaluation Evaluation Evaluation Deduct Administration and technical expenditure note Evaluation Directors emoluments note 5 Prospecting expenditure Interest paid note 3 Auditors remuneration parent Evaluation 1972- 3,000 Evaluation Evaluation Evaluation Evaluation Deduct Group share of losses less retained profits of associated companies note 2 Evaluation Profit before taxation Taxation Express Express Profit Express Express Deduct Interest Express Express Express ess ess acquisition Express subsidiaries 1,063 40 Earnings Express Express Earnings Express Express Express Express Express Express 14 Dividends Interim Express Express Express Express Express Express per share payable Express Proposed Express per share Express Express Express Express Express Express 5.5p Express Express Express Express The proposenal tation tax sy imputed tax of 5.5p per Express Express Express Express Express Express Express Express Express impuExpress Express Express Express Express Express Express Express adding the Expres ExpresExpressExpres ExprExpre es Express Exps ress dividend Profit of the year retained Add Extraordinary items note 8 Transfetro reserves note 12 2,620 4,034 - Evaluation Evaluation Evaluation Evaluation Evaluation 13,546 1,103 12,443 6,654 5.789 5,890 11,679 ELCTRONIAY 000s 1972 000s FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR 78 - Evaluation = 3,556 EnvisonCOMON 16,871 profit 774 17,645 PLEAS - 3,036 14,609 673 - 203CP41759673 13,936 203CP401759 EVALUTION203CP401759 2,620 5,763 8,383 . 5,553 677 4,876 For the accounting policies see pages 18 and 19. For notes on the accounts see pages 23 to 30 20 Consolidated balance sheet 31 march 1973 CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES Evaluation 1973 Evaluation 1972 Evaluation f000s Fixed assets note 9 Exploration and development expenditure Investments note 10 Current assets Stocks and work in progress Debtors Short term loans and deposits Bank and cash balances Current liabilities Associated companies and other deposit accounts Bank loans and overdrafts Creditors Taxation Dividends declared and proposed Net current assets Total net assets Financed by Issued capital note Express Capital reserves Express Express Revenue reserves Express Express Total capital and Express Investment grants Minority interest Long term indebtedness Deferred taxation Express Express Express Evaluation Evaluation Evaluation 22,000 759 150.413 Evaluation Evaluation Evaluation Evaluation Evaluation 27,177 231,664 Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 34.425 207,597 26,200 65,180 93,333 184,713 1,268 7,760 35,839 2,084 231,664 26.199 61,392 84,772 172,363 1,380 7,511 25.006 1,337 207.597 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envison PLEAS - 220033CCPP44011775959 EVALUTION \ S. SPIRO Chairman M. B. HOFMEYR Directors Managing Director For the accounting policies see pages 18 and 19. For notes on the accounts see pages 23 to 30 21 Balance sheet 31 march 1973 CHARTER CONSOLIDATED LIMITED Subsidiary companies Shares at cost Add amounts due from subsidiaries Deduct amounts due to subsidiaries Current assets Debtors Short term loans Bank balances Financed by Issued capital note 11 Share premium note 12 Revenue reserves note 12 Investment Express exploration reserve Unappropriated Express Total capital Express reserves Express Long term Express Express Express Current liabilities Creditors Advance Express Express Express Express Express Express Evaluation 1973 Evaluation ELCTRONIAY1972 FILED 000s 000st FILED - Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 80,926 492 600 20 2,204 4,414 6,618 2,963 2,024 2023 Oct 18 12:38 56,883 PM - OCR RICHLAND OCR OCR Envision 57,995 - || COMMON Envision Envision PLEAS Envision 18,58718,58718,58718,58718,587PLEAS : EVALUATION EVALUATION CASE 4,987 4,987 4,987 4,987 , 51.430 49,773 49,773 49,773 49,773 49,773 42 954 6,654 2,376 7,650 57 5,763 EVALUATION 2,402 EVALUATION 203CP401759 EVALUATION 5,820 61,456 57.995 S. SPIRO Chairman M. B. HOFMEYR Managing Director Directors For the accounting policies see pages 18 and 19. For notes on the accounts see pages 23 to 30 222 Notes on the accounts 31 march 1973 1. Income from investments i Includes franked investment income ii Arises from Quoted investments Unquoted investments 2. Associated companies ) Those companies considered as principal associated companies as defined in accounting policy 12 on page 19 are listed on page 34. Certain companies in which the group's holding exceeds 20 per cent but which are not considered to be associated companies are listed on page 35 ii Income from investments in associated companies was 2,939,000 1972 2,883,000 This represents dividends received by Charter in the Evaluation ended 31 March 1973 being dividend declarations by associated companies in their financial Evaluation ended prior to 31 March 1973 of 2,195,000 2,127,000 and dividend payments by ated companies in respect of their current financia years of 744,000 1972 - 756,000 iii Group share of losses less Express associated companies for their Express final ended Express Express 31 Express Express Express Express final years Share of Express Express Express beforexation Deduct dividends Express Express these beforexation Group Express Express Express Express taxation Deduct Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express 3. Interest paid Express borrowings by Express group Loans repayable after more than five years Loans repayable within five years Amounts deposited with the group Bank overdrafts ELCTRONICALY ELCTRONICALY 1973 000s 1972 000s FILED - Evaluation Evaluation 2023 Oct Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 1973 000s 1972 000s 1,534 4,517 203CP41759 EVALUTION 2,671 1,137 389 1,526 3,743 774 672 102 665 _ 861 profit 102 1973 000s 2,065 13 163 369 2,610 1972 000s 1.555 9 102 211 1.877 223 Notes on the accounts 4. Trading profit and administration and technical expenditure ) Turnover of the manufacturing subsidiaries based on the invoiced value of goods sold ii Investment grants credited in these accounts iii Depreciation of fixed assets charged in these accounts iv Rents paid in respect of hire of plant machinery and equipment charged in these accounts v Rents received vi Administration and technical expenditure Deduct recovered from companies outside Evaluation Evaluation Evalution 5. Directors emoluments Directors of the parent company Fees Salaries and other remuneration including Evaluation contributions Pensions to former directors Deduct fees received refunded to the press from other companies 1973 Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 138,000 Amounts paid press press Chairman Mr press press Others 20,001- 17,501- 12,501- 10,001- press 5,001- 2,501- up to 2,500 12 directors press press press press press due to press press press press press sub- companies Fees waived by these directors amounted to 30,000 1972 10 27000 26,337 1 1 3 2 1 1 1 12 6. Remuneration of employees of the group The number of employees other than directors of the parent company whose total emoluments received from the company and its subsidiaries exceeded 10,000 : were 10,001- 12,500 12,50115,001- 1973 130 130 130 1972 000s 58,439 185 2.444 224 126 4,593 3,873 720 1972 E 23,000 125.000 7,000 155,000 52,000 103,000 21.244 -1-1-2 -1--1--2 -1-1-2 -1--1--2 -1--1--2 -1-1-2 -1-1-2 -1--1--2 1972 931 931 931 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 2020233CCPP44017519759 EVALUTION Notes on the accounts 7. Taxation GROUP COMPANIES On profforitt he year United Kingdom corporation tax at 40 per cent Deduct double taxation relief Overseas taxation Deduct adjustments in respect of previous years Deduct estimated overspill relief Deduct transitional advance corporation tax relief ASSOCIATED COMPANIES On profforitt he year United Kingdom corporation tax at 40 per cent Deduct double taxation relief Evaluation Evaluation Evaluation Evaluation Overseas taxation Deduct adjustments in respect of previous years Evaluation TOTAL Express Express Express Express NOTES i In Express Express Express Express Express Express associated Express Express Expres Express Express Express Express Express Expres would Express Express Express Express ii The Express Express Express Express Expres Express 8. Extraordinary Express Profits Express Express Express Express Express Express less Express Express Express Express Express Express 1,012,000 Diminution Express Express Express Express Express Express company Express Express Express Express Express Express 2,034,000 Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Express Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation credit for a claim for group relief amounting in terms of tax to 400,000 which the directors consider valid The loss in a subsidiary company upon which this relief rests is the subject of correspondence with the Inland Revenue 1973 000s 1972 000s 6,593 1.538 931 931 = = 787 Net adjustment Express Express Express Express Express Bond issue discount and expenses Sundries 340 7 424 43 891 2,116 _ 5 Associated companies see note 2 5,225 665 5,890 677 677 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision PLEAS Envision PLEAS - 203CP41759 EVALUTION 25 Notes on the accounts 9. Fixed assets Cost at 31 March 1972 Currency realignment Additions at cost New subsidiaries Disposals Reallocations Transferred to exploration and development expenditure Balance at 31 March 1973 Depreciation at 31 March 1972 on assets at cost Currency realignment Charge to profit and loss account New subsidiaries Disposals Balance at 31 March 1973 Net book value At 31 March 1973 At March 1972 LONG SHORT LEASE- LEASE- FREEHOLD HOLD HOLD PROPERTY PROPERTY PROPERTY 000s 000s 00 9,172 Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati Evaluati ELCTRONIAY FILED - Es 742 152 950 MINING RIGHTS 000s 1,622 88 11 _ _ 329 2023 TOTAL 000s Oct 42,282 1,112 18 4,653 320 12:38 1.414 12:38 _ PM 329 PM Evaluati Evaluati 29,996 1,392 46,624 Evaluati Evaluati 15,558 Evaluati Evaluati 398 Evaluati Evaluati 2,423 Evaluati Evaluati 45 RICHLAND OCR - 20,282 574 28 = 2,881 51 - Evaluati Envision Evaluati Evaluati Evaluati Evaluati 748 Evaluati 17,676 _ 804 28 22,984 Evaluati COMON Envision Evaluati Evaluati Evaluati 12,320 1.364 23,640 PLEAS Evaluati Evaluati Evaluati 11,555 1,622 22,000 PLEAS - NOTES i Freehold land press buildings are following presspres cost At valuation press At valuation press press press press 6 the press press press loans see Mitle to the factory premises does companies concerned until the final 000s 9.734 696 289 10,719 203CP41759 EVALUTION iii Commitments for capital expenditure of subsidiaries amount to 6,045,000 1972 673,000 iv Estimated authorized capital expenditure of subsidiaries but not committed amounts to 1,529,000 1972 - 4,339,000 000s 238 1,154 1,392 26 10. Investments ASSOCIATED COMPANIES Quoted in Great Britain Quoted outside Great Britain Unquoted Advances Deduct group share of losses less retained profits Evaluation note 12 OTHER Quoted in Great Britain Quoted outside Great Britain Unquoted TOTAL INVESTMENTS Quoted in Great Britain Quoted outside Great Britain Unquoted including press NOTES ( In the case of quated Suth press securities held press the press press wackexchange prices where the ii Included in in unquoted investments are shares American Corporation Rhodesia Limited amount to 2.989.000 1972 - 000. Any disposal of these shares would require consent under existing exchange control regulations and no income can be remitted to the company from Rhodesia iii Commitments and guarantees by the company and its subsidiaries in respect of subscriptions for shares and loan facilities amount to 2,457,000 1972 9,043,000 Notes on the accounts AT COST LESS AMOUNTS WRITTEN OFF Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation MARKET VALUE OR DIRECTORS VALUATION Evaluation Evaluation 1972 000s Evaluation Evaluation 20,923 7,630 Evaluation Evaluation 28,553 19,172 Evaluation Evaluation 47,725 12,017 Evaluation 59,742 Evaluation Evaluation Evaluation Evaluation Evaluation 173,721 12,819 186.540 26,355 212,895 108.974 10,024 118,998 59,599 178,597 86.666 13,097 99,763 50,650 150,413 248,800 16,524 265,324 58,865 324,189 194,644 20,449 215,093 57,544 272,637 iv A subsidiary company has entered into contracts for exploration expenditure to be incurred after 31 March 1973 v The greater part of the investments is of a per- manent nature but in the event of their realization at the current market values there would be a corporation tax liability on the resultant profit based approximately on the surplus of market values over book cost vi The market value of investments includes 75 per cent 1972 - 75 per cent of the investment currency premium where applicable which amounts to 236,000 1972 366,000 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision PLEAS Envision PLEAS - 203CP41759 EVALUTION 27 Notes on the accounts 11. Share capital Authorized : 120,000,000 shares of 25p each ELCTRONIAY FILED 4 30,000,000 - Issued and fully paid : At March 1972 104,781,734 shares of Evaluation Evaluation 2023 Oct Issued during year as fully paid Evaluation detailed in the report of the directors 6,528 Evaluation Evaluation 18 Issued partly paid : At March 1972 and 1973 104,788,262 326,500 shares Evaluation Evaluation Evaluation 1p paid At 31 March 1973 NOTES i Under the share incentive scheme there remain Evaluation 1P2:M38 - Evaluation Evaluation RICHLAND OCR The Evaluation number of shares which may be - 2,642,088 shares for issue partly paid Evaluation senior employees at the discretion of the directors issued on Evaluation of the company's 5 per cent convertible Evaluation stock Evaluation Evaluation 594,058 EvaluatEivoanluation PCOLMEAOSN EEnnvviissiioonn 12. Movementsonreserves Evaluation PREMIUM Evaluation CAPITAL Evaluation AND UNAPPROPRIATED ASSOCIATED COMPANIES CASE ACCOUNT RESERVES EXPLORATION PROFITS CASE RESERVE CASE Express Express Express Express Express Express Express 000s 30,581 000s RESERVE 000s 30,811 17,455 000s 67,215 000s CASE # 2023CP4001759 102 2023CP401759 Express Express Express Express Express Express Express Express Express Express Express Express Express Express Expres development Express Express Express Express Express Express Express Express Express Express Express Express Express sold EVALUTION2023CP4001759 2 3,153 4,375 13,760 861 2023CP4001759 2023CP401759 1,234 1,234 2023CP401759 25 2023CP4001759 2023CP401759 Express Express 608 6 157 37 Express Express 2,185 2,185 Express Express Express Express Express Express prior Express Express 151 30,608 34,572 16,493 77,713 873 65,180 93,333 Transfer from profit and loss account 1,631,000 Premium on shares issued Balances at 31 March 1973 18,587 25 18,612 2,963 759 2,204 2,024 2,390 4,414 28 13. Long term indebtedness Details of loans repayable over a longer period than five years Debenture stocks secured issued by i Charter Consolidated Investments Limited 4 per cent first debenture stock 1978/83 4 per cent second debenture stock 1978/83 ii The Cape Asbestos Company Limited 7 per cent debenture stock 1986/89 6 per cent debenture stock 1986/89 Unsecured loan stocks issued by i The company 5 cent convertible loan stock 1984 ii The Cape Asbestos Company Limited % per cent stock 1986/91 iii Swaziland Collieries Limited 9 per cent registered convertible notes of R240,000 1972/81 Bonds issued by Charter Consolidated Overseas N.V. ) 6 per cent unsecured bonds of DM118,000,000 1968/83 ii 7 per cent French franc guaranteed bonds FF100,000,000 1987 Belgian long term loans Secured repayable by annual instalments over 14 Evaluation Loans repayable in less Press five years Belgian unsecured NOTES ) The company's Press Press cent Press Press 1984 carries the Press con Year of conversion 1970-74 1975-79 1980-84 Press Press Press ii The registered notes have the in any year Press Press Press March and September 1981 to surrender the shares on the basis of Collieries share for every R2 of surrendered 14. Earnings per share Earnings per share attributable to Charter is calculated on earnings of 12,443,000 1972 13,936,000 and on 104,788,262 shares 1972 104,781,734 shares as if the additional 6,528 shares issued during the financial year had been issued for the whole of the year Notes on the accounts 1973 Evaluation 1972 Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 600 Evaluation Evaluation Evaluation Evaluation Evaluation 125 Evaluation Evaluation Evaluation Evaluation Evaluation 325 Evaluation 185 24,784 222 35,839 25,006 iii The DM118,000,000 6per cent unsecured bonds 1968/83 are quoted on the Frankfurt stock exchange The FF100,000,000 7 per cent guaranteed bonds 1987 are quoted on The Stock Exchange London The company has guaranteed both bonds as regards repayment of principal including premiurn if any and payment of interest iv The Belgian subsidiaries pay interest at rates determined yearly by the Belgian authorities currently at rates exce7e perd cei ntn ang num on the secured loans and 2.35 per cent per annum on the unsecured loans ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envison PLEAS - 220033CCPP44011775959 EVALUTION 29 Notes on the accounts 15. Contingent liabilities For amounts not called on investments In respect of guarantees 22,855,000 less counter- guarantees 8,571,000 company net Evaluation 1972 - 10,181,000 In respect of underwriting participations Bills receivable As excofh bila ls on f exg chae nge Evaluation Evaluation Evaluation Evaluation Evaluation 16. Exchange control The transfer of assets held by the group in Evaluation Evaluation in the Republic of South Africa would Evaluation Evaluation Evaluation restriction under exchange control regulations Evaluation Evaluation Report of the audito the members In our opinion based on our exar and on the reports of the auditors of certal diaries and associated companies not augte , the accounts set out pag1e8 s to 30 ages to 36 a give so far as conces Consolidated Limited the members of Charter fair view of the state of of the profit for the year practicable having regard of certain subsidiaries and 1972 000s 409 Evaluation 765 128 14,773 EFLCITRLONIEADY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision PLEAS Envision PLEAS - 203CP417592023CP401759 203CP401759 EVALUTION203CP401759 COOPERS & LYBRAND DELOITTE & CO Chartered accountants London 5 June 1973 30 General information Directors interests The following are the interests of the directors of the company who held office on 31 March 1973 as notified to the company in terms of the Companies Act 1967 DIRECTORS FULLY PAID SHARES OF 25p EACH 1 April 1972 31 March 1973 A. Chester Beatty Smith N. Clarke H. Collins 287 appointed 1 August 1972 nil appoi9nJtane uad ry 1973 nil 100 H. Dent 1,155 H. R. Fraser 100 O. Hambro 1,131 1,745 M. B. Hofmeyr appointed1 Octo 19b 72 e - nr il N. K. Weekes 100 H. F. Oppenheimer Sir Philip Oppenheimer W. Pain 5.000,100 9,798 100 W. H. Relly 500 100 G. Richardson 100 Evelyn de Rothschild The Hon H. V. Smith 1,000 xpress S. Spiro M. W. Stephenson L. G. Stopford Sackville W. D. Wilson xpress xpress xpress xpress 287 100 100 100 1,155 100 1,131 1,745 100 Ev 5,000,100+ EvEv Ev Ev xpress xpress ALTERNATE DIRECTORS R. J. Armitage C. D. Burnell M. W. B. Heald A. E. Oppenheimer A. J. W. Owston these interests are beneficially xprexpressxps ress tof which 5.000.000 being shares xpress pursuant to section 28 of the Compan xpres xpress xpress xpres xpress xpress xpress xpress xpress xpress xpress xpress xpress xpress xpress xpress Of these director beneficial interes under its share incentive N. Clarke N. K. Weekes W. Pain G. Richardson L. G. Stopford Sackville R. J. Armitage P. D. Burnell M. W. B. Heald A. W. Owston xpress xpress xpress xpress paid shares of the company issued PARTLY PAID SHARES OF 25p EACH 1 April 1972 31 March 1973 7.500 12,500 12.500 10,000 10,000 7,500 7,500 5,000 6,000 7,500 12,500 12,500 10,000 10 000 7,500 7,500 5,000 6,000 Mr aluation aluation Dent also aluation aluation benefi shares of aluation each in The aluation subsidiary of the aluation shares aluation aluation aluation aluation There has been no aluation interests between the end being aluation month aluation meeting aluation aluation aluation aluation aluation 2,300 ordinary Company Limited a and in 4,000 ordinary aluation at 31 March 1973 aluation of aluation mentioned financial aluation aluation 21 May 1973 aluation aluation of annual general aluation aluation of aluation aluation aluation aluation aluation Ev Ev aluation aluation aluation aluation Limited and its Ev companies held an interest of 35.7 per cent the issued Ev Ev the company at 21 May 1973 Ev Ev tax Ev Ev Ev of the company's shares on 6 April Registered shares 98.75p 1965 was Shares represented by renounceable letters of allotment 100p Share warrants to bearer 100p ii The company is not a close company within the provisions of the Income and Corporation Taxes Act 1970 and this position has not changed since the end of the financial year Turnover The following is the proportion of the turnover shown in note 4 and the amount of profit attributable to each different class of business undertaken by the group's manufacturing subsidiaries Building and insulation products Automotive and engineering products Asbestos fibre Railway track fastenings mine roof bolting systems galvanizing etc. Heating and catering equipment Components mainly for television and telecommunications industries Coal Proportion of turnover per cent 43.6 27.9 14.3 Contribution to group trading profit before taxation 000s 2,297 514 2,019 4.9 6.0 492 237 2.7 0.6 142 15 100.0 5.716 31 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision PLEAS Envision PLEAS - 203CP41759 EVALUTION General information ELECTRONICAL Y Geographical analysis of turnover United Kingdom Continental Europe North and South America Africa and Middle East Australasia and Far East Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Exports The aggregate value of goods exported by the group's United Kingdom manufacturing subsidiaries during the year was 6,400,000 ELCTRONIAY FILED - 2023 Number and remuneratio Evaluation Oct The Evaluation number its subsidiaries working was Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation her week of the company and Evaluation in the United Kingdom yea Evaluation Evaluation amount of the remune Noyees Evaluation Evaluation Evaluation was 17,686,000 & PM Evaluation Evaluation Evaluation PM Evaluation fortolitical Evaluation Evaluation fortolitical Evaluation Evaluation the year amounted RICHLAND subsidiary one Evaluation made through a Evaluation Evaluation RICHLAND - OCR COMON Envision PLEAS Envision PLEAS - Express 203CP41759 EVALUTION 33 ELCTRONIAY FILED FILED - Evaluation 2023 Oct Evaluation 18 Evaluation 12:38 Evaluation RICHLAND PRINCIPAL INTERESTS Evaluation PM - OCR - Evaluation COMON Envison PLEAS - EVALUTION Express Express 203CP401759 Express 203CP401759 Express Principal investments Subsidiary companies Analysis of investments and investment income Interests of the company PAGE 34 36 37 38 ELECTRONICAL Y Principal investments ELCTRONIAY ASSOCIATED COMPANIES as defined in accounting policy 12 on page 19 shown by principal country of operation Australia Australian Anglo American Limited Mining finance Accounting Group date Evaluation Evaluation Evaluation Evaluation June Evaluation Bermuda Zambian Anglo American Limited Mining finance June 23.5 Botswana Anglo American Corporation Botswana Limited Dec Evaluation Mining finance Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evalution Evaluation Evaluation Evaluation AccountingAcounting date FILED Group - interest 2023 equity capital pe ce rnt OcOctt Oct Evaluation Dec 18 40 Dec 25 12:38 PM - Sep 37 RICHLAND OCR Sep 37 - Canada Anglo American Corporation of Canada Limited Mining finance Western Decalta Petroleum Limited Oil and gas exploration and production Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Dec 37.5 COMON EnvisionEnvision Sep Dec 33.9 25 PLEAS PLEAS Malaysia - Associated Mines Malaya Sendirian Berhad Mine management Ayer Hitam Tin Dredging press Incorporated in England In addition 17.5 per cent held press Tronoh MinTin mining Bidor Malaya Tin Sendirian Berhad Tin mining The Sungei Besi Mines Limited Incorporated in England (In addition 25.7 per cent press Tin mining Tronoh Mines Limited press press press press press 7.7 25.9 203CP41759 EVALUTION Soci^'t^M'ini^re Copper mining Portugal Beralt Tin and Wolfram Limited Incorporated in England Wolfram mining Dec 33.5 Dec 44.9 where the country of incorporation is different from the principal country of operation this is shown beneath the company name 34 OTHER INVESTMENTS OF 10 PER CENT OR MORE Australia International Pacific Corporation Limited Merchant banking Tinnabruich Pty Limited Investment France Soci^'t^M'ini^red'Anglade d'Anglade Scheelite mining Rhodesia Anglo American Corporation Rhodesia Limited Industrial finance South Africa Anglo American Corporation of South Africa Limited Mining finance Anglo American Investment Trust Limited Diamond investments Bly vooruitzicht Express Express Express Express Gold mining Harmony Gold Express Express Express Gold mining The Northern Express Express Express Lime quarrying Group interest in equity capital cent 34.3 37 25 33.5 Ev Ev Express Express Pretoria aluation aluation Cement aluation aluation South aluation Coal Estates Coal aluation aluation aluation aluation aluation aluation Mining aluation Ming Union aluation Platinum aluation aluation aluation aluation aluation aluation Ev Ev electrical and electronic equipment Trust Limited Ev Mini^rede Fungurume Copper exploration Zambia National Milling Company Limited Flour milling Group interest in equity capital cent 10.5 10 10.1 11.5 10 12.7 32.8 14 24.5 Express OTHER PRINCIPAL France Soci^'t^L'e Nickel Mining finance and Express Italy Societ^ Nazionale Finance and inves South Africa The Argus Printing Express Limited Printing andpublishing De Beers Consolidated Mines Limited Diamond mining Highveld Steel and Vanadium Corporation Limited Steel manufacture Rand Selection Corporation Limited Mining finance Merriespruit Investments Pty Limited Gold mining Witbank Colliery Limited Coal mining United Kingdom The Rio Tinto Corporation Limited Mining finance United States Engelhard Minerals & Chemicals Corporation Processing and marketing of minerals Zambia Zambian government loans housing -Kariba -Kariba electric scheme 35 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION Subsidiary companies The following are the major subsidiaries of the company including those whose activities materially affected the profit or assets of the Charter group during the year Except where otherwise stated each of these companies is wholly owned and all the shares or stock held are either unclassified or classified as ordinary Country of Finance and investment incorporation Barnato Holdings U.K. Limited England The British South Africa Company England The British South Africa Company Investments Limited Cecil Investments Limited England England Central Mining Finance Limited England The Central Mining & Investment Corporation Limited Centramic South Africa Limited England South Africa Charmay Limited Bermuda Charter Consolidated Finance Limited England Charter Consolidated Investments Limited England Charter Consolidated Malaysia Sendirian Berhad Malaysia Charter Consolidated Overseas N.V. Charter European Holdings Charterlux Limited The Consolidated Mines Selection Company Limited The Consolidated Mines oress Johannesburg Limited Equinox Investments Limited Greenpoint Company Limited Interlink Investments Limited Katrine Company Limited Shafford Holdings Limited oress Africa Bermuda Canada Bermuda England Industrial The Cape Asbestos grou The Cape Asbestos Conny 60.9 per cent oress England preference oress 100 per cent Limited 60.9 per cent England insulons Pty Limited Asbestos insulation products and friction materials Cape Distribution Limited 60.9 per cent Distribution ofautomotive replacement parts South Africa England Cape Insulation Limited 60.9 cent | Scotland Insulation products and thermal insulation contracting Cape Universal Building Products Limited 60.9 per cent Asbestos cement products and other building materials England Kismet Limited 60.9 per cent Transport service equipment Marinite Limited 60.9 per cent Insulation aluaaluattio sihiop and building Small and aluatio aluatio aluatio aluatio cent aluatio aluatio aluatio aluatio aluatio aluatio aluatio aluatio Limi Automotive and aluatio ELCTRONIAYCountryF F incorporation F England ' construction S io) England shares - 60.9 per cent 13 13 YE YE YE Vv England aluatio aluatio aluatio aluatio aluatio aluatio aluatio components Cape Asbestos group Cape Blue Mines Pty Limited 60.9 per cent Blue asbestos Egnep Pty Limited 60.9 per cent Amosite asbestos Swaziland Collieries Limited 63.4 per cent Coal Services The Cape Asbestos group Cape Asbestos South Africa Pty Limited 60.9 per cent Administration of Cape Asbestos group South African companies OCR MITANO MITANO MITANO MITANO MITANO England COMONTIERS EnvisonCOMMONTIERS COMMONTIERS COMMONTIERS COMMONTIERS COMMONTIERS South South South South COMMONTIERS COMMONTIERS COMMONTIERSCOMMONTIERS Africa SouthSouthSouthSouth COMMONTIERS COMMONTIERS - CASE Swaziland SwazilandSwaziland CASE CASE CASE CASE CASE CASE EVALUTIONPROSCRIBET PROSCRIBET South AfricaPROSCRIBETE Anglo American International U.K. Limited 52 per cent Technical consultancy Anglo Charter International Services Limited 51 per cent Recruitment and employment services Anmercosa Overseas Service U.K. Limited 51 per cent Recruitment and employment services Charter Consolidated Services Limited Administration Charter France 50.3 per cent Administration England England England England France Shares in these companies are held directly by Charter the shares in the remaining companies are held through subsidiaries 36 Analysis of investments and investment income Geographical United Kingdom Continental Europe North America South Africa Zambia Rest of Africa South Asia Australia INVESTMENTS 1973 1972 000s 000s 35,909 5,061 47,032 148,936 20,568 10,306 6,228 50,149 39,332 7,190 52,168 99,286 18,493 8,491 aluation aluation 324,189 272,63 aluation aluation aluation aluation alution aluatiaoluatnion aluation aluation aluation 11.1 aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation aluation 10.7 5.0 7.5 40.3 22.2 4.8 1.5 8.0 100.0 By category Mining Express Finance E 151,044 Express 17,937 Express Express 6,612 Express Express Express Express Express other mine Express Industrial Express Express Long term loans Express Express Express Express 6,773 32,251 55,625 2,395 Express 272,637 52.3 10.8 4.2 2.0 14.5 15.2 1.0 100.0 55.4 6.6 2.4 2.5 11.8 20.4 0.9 100.0 43.0 9.1 8.7 4.0 18.0 15.2 2.0 100.0 44.5 3.6 6.7 2.8 21.2 19.1 2.1 100.0 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION Notes 1. The analysis geographical and by category is based on the stock exchange value of quoted investments and the directors valuation of unquoted investments at 31 March 2. The geographical analysis takes into consideration direct interests and where possible major indirect interests in the areas concerned and is therefore only approximate 37 Interests of the company Thefollowing are brief descriptions ofsome ofthe companies in which Charter has an important interest Anglo American Corporation of South Africa Limited Anglo American Corporation of South Africa provides technical and other services to a group of mining industrial and investment companies In mining Anglo American Corporation has Evaluation interests in the production of gold and uranium copper and Evaluation coal tin potash asbestos diamonds iron ore platinum Evaluation zinc and wolfram In industry the group's interests range Evaluation steel making and heavy engineering to construction Evaluation vehicles paper and textiles chemicals drilling tools Evaluation and foodstuffs The group is also active in property development in southern Africa and in insurance merchant banking Evaluation local discount market and computer services The group carries out prospecting activities throughout the world Production by the gold mines of the Anglo American Corporation group fell to 373,600 kilograms compared with 384,900 Evaluation for the previous year Unit costs were higher but working profit from gold rose by 58 per cent to R250.2 million as a Evaluation Evaluation Evaluation buoyant prices on the free market During the year there was a merger between West Rand Investment Trust Limited WRIT and Orange Free State Investment Evaluation Limited OFSIT The combined company Anglo American Gold Investment Company Limited is the largest gold investmer company in the world Its earnings for the year to 31 1972 showed a substantial improvement over the earnings of WRIT and OFSIT for the previous year dividends at 90 cents share were 20 cents higher than Evaluation The group Express Express Express Express Express Express Express Evaluation with 1,132 Express Express Express Express Express Express Express Express Express Express owing to inadequate Express Express Express Express Express Express rose from R3.2 Express Express Express Express The corporation's Express Express Express Express industry Express Express Express Express Express Express Express mining Express Anglo Express Express Zambia Copper Investments Express Sales by Express Express Express Express to 17.3 million Express Express Express R9.6 million Express Express Express Express coal and coke Express Express Express Express Express million to Express Express price of Express Express Express and its associated Express Express of 1972 an ExpressExpres Express Express Express corporation Express Express Express Express Express Express end Express Express Express Express Express main ELCTRONIAY increased construction costs and interest charges Construction work on the Carlton Centre complex in Johannesburg in which FILED the Evaluation Evaluation increased Evaluation interest Evaluation Evaluation Evaluation cent is due to be - Evaluation Evaluation the Evaluation Evaluation Evaluation 2023 In November Evaluation Evaluation Evaluation Evaluation of 50 million Swis2s023 Evaluation Evaluation interest at Evaluation Evaluation ce Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation in Evaluation Evaluation Evaluation Evaluation loan raised in Evaluation Oct Evaluation repayable by 1987. The provide for loans and anding to Swiss Evaluation amount of the Swis1s8 18 12:38 An Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 12:38 sou of the corporation's investments Evaluation 12:38 Value Income PM Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 25 26 5 2 4 6 21 3 Evaluation 100 Evaluation Evaluation Evaluation Evaluation ACCOUNTS Evaluation Evaluation Evaluation Evaluation Issued share capital in 129,858,200 ordinary shares of 10 cents each and R4,758,750 6 per cent cumulative preferred stock Loan capital Capital reserves and share premium Revenue reserves Group profit before taxation Taxation Group profit after taxation and minorities Earnings per ordinary share Dividends - per ordinary share Market value of quoted investments Book value of unquoted investments Net assets - value - per ordinary share 1972 R000s 17,745 58,754 69,248 231,970 54,527 4,409 45,665 34.9 cents 24,960 19 cents 1,162,757 99,337 1,058,400 R8.15 cent - RICHLAND 19 RICHLAND RICHLAND 3 RICHLAND RICHLAND RICHLAND COMMON COMMON COMMON COMMON 100 COMMON PLEAS PLEAS PLEAS 1971 - R000S CASE CASE CASE 17,741 36,288 68,481 210,881 46,563 1,796 2023CP401759 2023CP401759 41,256 31.5 cents 22,355 17 cents 840,942 86,436 749,900 R5.74 OCR Envision Envision EVALUTION R9,462,000 Express Expres Express Express Express Express Corporation Limited is Express Express Express Express Express Express Express million to increase production of vanadium slag and steel semis by 25 per cent The estimated value of the property companies administered by the corporation was over R140 million The group's principal property vehicle Anglo American Properties Limited increased its profit for the year to 28 February 1972 but its profit for the year to 28 February 1973 was sharply reduced owing to lower township sales delays in the completion of building projects and Anglo American Corporation Botswana Limited The company AMBOT American Corporation Botswana holds the interests of Charter Anglo and certain associated companies in AMBOT has an indirect interest of approximately 18 per cent in Botswana RST Limited which in turn holds 85 per cent of the equity of Bamangwato Concessions Limited That company is developing a copper mine at Pikwe in Botswana where production is expected to begin in 1974 38 Ambot also has an 80 per cent holding in Morupule Colliery Proprietary Limited which is developing a coal mine near Palapye in Botswana Production is expected to start in 1973 Morupule has an agreement with Botswana Power Corporation to supply coal to the power station at Pikwe and will also supply coal direct to the Pikwe mine FEATURES OF THE ACCOUNTS Year ended 31 December 1972 R000s Issued share capital in shares R1 R1 each Share premium Revenue reserves 200 5,568 88 Consolidated profit before taxation 16 Taxation 5 Consolidated profit after taxation Il 1971 R000s 50 - 7326 7326 7326 16 Anglo American Corporation of Canada Limited The company AMCAN which is a member of the Anglo American Corporation group was established in 1966 to consolidate the bulk of the Canadian assets of the Charter Anglo American Corporation and De Beers groups These include both direct and indirect investments in copper zinc cadmium gold silver potash and uranium mining chemicals crude oil and natural gas production road rail and sea transportation land development and prosp ing operations AMCAN's chief investment is its 28 per cent holding in Hudson Bay Mining and Smelting Co. Limited and increased dividend payments by that company and xpress Great Northern xpress Corporation Limited were the xpress factor in an in dividend income of 59 per xpress Profit on the xpress xpress also increased by nearly 23 xpress cent in spite xpresxpsres pr on unquoted securities of xpress xpress At 31 December 1972 AMCAN's xpress follows xpress xpress xpress Hudson Bay Mining and Smelting Co. Limited xpress xpress Francana Development Corporation Limited xpress xpress Agnew Lake Mines Limited The White Pass and Yukon Corporation Limited Great Northern Capi Limited xpress xpress xpress xpress xpress xpress Since the end of its holdings in Great Noern Pass and Yukon Corporati , the company has disposed of its apital Corporation and The White FEATURES OF THE ACCOUNTS Year ended 31 December Issued capital stock in 8,429,545 shares no par value Revenue reserves Income before taxation and gain on realization of investments 1972 000s 86,085 10,827 3,258 1971 000s 86,085 9,342 1,223 Year ended 31 December 1972 000s Provision for taxation 55 Gain aluation realization aluation investments aluation Provision for losses on aluation aluation Net aluation aluation aluation Earnings aluation share aluation aluation Dividends aluation aluation - per share aluation Market value of aluation investments aluationaluation investments aluation Book cost of aluation inve less aluation aluation aluation aluation aluation Net aluation aluation aluation aluation aluation aluation aluation aluation 1971 000s 50 1,141 os 2,314 27.4 cents 2,529 30 cents 75,279 14,499 83,269 9.88 aluation aluation The aluation ration aluation Beers aluation aluation aluation aluation Limited aluation aluation aluation aluation American Corpoaluation aluation aluation aluation diamond trading aluation aluation aluation aluation aluation American Investaluation aluation aluation aluation aluation 26 per cent Kimberley aluation aluation aluation aluation aluation mines which it the Dutoitspan mine which like the Bultfontein mine erations on the farm Annex Kleinzee The De Beers company's mining subsidiaries are The Consolidated Diamond Mines of South West Africa Limited which operates the opencast workings along the southern portion of the coast of South West Africa Premier Transvaal Diamond Mining Company Limited which operates the Premier mine near Pretoria in the Transvaal and De Beers Botswana Mining Company Proprietary Limited which operates the new Orapa mine in Botswana Other subsidiaries include The Diamond Corporation Proprietary Limited which purchases diamonds and The Diamond Purchasing and Trading Company Proprietary Limited and The Diamond Trading Company Limited which market gem and near diamonds De Beers also has 50 per cent interests in companies manufacturing synthetic diamonds in South Africa and Ireland Sales of gem and industrial diamonds through the De Beers Central Selling Organisation in 1972 totalled R655 million an increase of 47 per cent and a new record The higher sales reflected improved economic conditions and price increases The consolidated profit attributable to De Beers for 1972 at R163,041,000 was 59 per cent higher than last year and also constituted a record The dividend was increased from 15 cents to 18 cents per share Diamond sales for the first half of this year are expected to be considerably higher than in the same period of 1972 Through its 48.25 per cent direct and indirect interest in Rand Selection Corporation Limited and through its subsidiaries De Beers Holdings Limited and De Beers Industrial Corporation Limited De Beers has large interests in the mining of gold copper platinum coal and other minerals and in a number of industrial finance and property companies 39 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 220033CCPP44011775959 EVALUTION FEATURES OF THE ACCOUNTS Year ended 31 December Issued share capital in 10,000,000 ordinary shares of 50 cents each and 2,500,000 6 cent cumulative preference shares of R2 each Revenue reserves Profit before taxation Taxation Profit after taxation Earnings per ordinary share Dividends amount - per ordinary share Market value of quoted investments Book cost of unquoted investments Net assets - value per ordinary share 1972 R000s 10,000 26.120 20,377 169 20,208 199 cents 19,300 190 cents 638,536 2,742 638,100 R63.31 1971 R000s 10,000 25,212 16,997 valuation 16,851 165 cents 16,300 valuation 160 cents 432,119 valuation 430,800 R42.58 Australian Anglo American Limited The company which was formed in 1971 is member of the valuation American Corporation group and its principal activity is valuation valuation holding company for a group of companies seeking investment opportunities particularly in mining and engaged in the for mineral deposits Exploration programmes are being conducted in Wales Queensland South Australia Tasmania Wester tralia the Northern Territory and the territory of Papua Guinea FEATURES OF THE ACCOUNTS Year ended 30 June 1972 Issued share capital in ordinary shares sse 50 Share premium Consolidated net profit after writing off sse expenses sse sse 000s 18,000 2,970 540 The market price of wo throughout 1972 and ontinued its policy of stock- e end of year there has been some recovery in every effort is being made to reduce unit however have adequate funds to carry on production un achieved ey part of 1974 even if no further sales are FEATURES OF THE ACCOUNTS Year ended 31 December Issued share capital in ordinary shares of 25p each Revenue reserves Loss before taxation Taxation recoverable 1972 000s 662 467 648 80 1971 000s 662 681 593 profit 226 ELECTRONICAL Y ELECTRONICALY Year ended 31 December Extraordinary items Loss valuation valuation recoverable valuation valuation items valuation valuation to valuation valuation ELCTRONIAY 1972 1971 FILED 000s 000s 323 89 FILED - 245 278 profit nil nil 2023 valuation issue in March Oct 1973Q valuation 18 valuation valuation Golding valuation valuation valuation a valuation valuation valuation valuation valuation Company Limited 12:38 valuation Rand group operating 121:23:388 Witwatersrand which produces PM valuation valuation valuation valuation PM valuation valuation valuation - valuation valuation valuation valuation mining revenue from valuation valuation valuation valuation valuation free market price RICHLAND valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation profit after taxation RICHLAND RICHLAND valuation valuation valuation valuation valuation valuation 1972 was increased valuation valuation valuation valuation valuation valuation valuation valuation year to 30 June valuation COMMON valuation valuation valuation ACCOUNTS COMMON valuation valuation valuation 1972 R000s 1971 COM ON R000s COMMON valuation valuation valuation valuation valuation valuation 25 cents each Loan capital unsecured redeemable debenture repayable 1974 Capital reserves and share premium Revenue reserves 6,000 2,000 64,244 532 PLEAS 6,000 PLEAS 3,000 60,535 476 Yield per metric ton Profit before taxation 18.94 grams 18,923 19.53 grams 15,036 Taxation and lease payments Profit after taxation and lease payments Dividends - amount - per share 8,975 9,948 6,8230 2023CP401759 8.213 6,240 26 cents 5,760 24 cents loan repaid on 29 December 1972 2023CP4001759 2023CP4001759 OCR Envison : EVALUTION The Cape Asbestos Company Limited The Cape Asbestos group manufactures building and insulation products friction materials and light engineering products undertakes insulation contracting and distributes replacement parts for the automotive industry It also mines asbestos fibre in South Africa Earnings were considerably higher in 1972 due to an increase in turnover from 50,163,000 to 55,603,000 and improved efficiencies in most United Kingdom factories Trading profit increased from 3,725,000 to 4,750,000 The main contribution to the increased profit was made by the building and insulation products division with a substantial advance in sales and profits at Cape Universal Building Products Limited the largest company in the Cape group The automotive and engineering products division had a difficult year Competition was keen and profits were reduced 40 ELCTRONICALY The mining division increased its earnings partly as a result of favourable currency changes FEATURES OF THE ACCOUNTS Year ended 31 December 1972 1971 000s 000s Issued share capital in 17,545,706 ordinary shares of 25p each and 250,000 5 per cent cumulative preference shares of 1 each Loan capital 6 per cent and 7 per cent debenture stock and 7 per cent unsecured loan stock Capital and revenue reserves including share premium Consolidated profit before taxation Taxation 4,636 6,059 14,179 4,141 1,512 4,573 6,059 12,201 3,098 1,269 Profit after taxation 2,629 1,829 Earnings per ordinary share Dividends ordinary amount - per share 14.6p 1,098 6.2625p 10.8p 1,298 7.5p equivalent to 7.875p including tax credit relating to final dividend Covenant Industries Limited The company which is owned jointly by Charter and associates and Imperial Chemical Industries Limited has manufacturing ar trading interests - chemicals agricultural chemicals explosies dyes paints plastics organic fibres and pharmaceuticals in Kenya Nigeria Tanzania and Zambia The loss in 1972 was caused by bad debts and stock losses in Nigeria The preliminary results for the press months to March 1973 show that the Nigerian companies are press press a press FEATURES OF press ACCOUNTS Year ended 30 September Issued share capital in 91,824 ordinary shares of 1 each Shareholders loans Reserves Loss before taxation Taxation Loss after taxation and exceptional items press press press press press press press press press press press press press press Elevators & Engineerin press During the year the disposing of its proceeds of the examines proposals ments and development FEATURES OF THE ACCOUNTS Year ended 31 December Issued share capital in 2,400,000 ordinary shares of 50p each and 268,855 7 per cent cumulative preference shares of 1 each Revenue reserves 1972 000s 1,469 416 1971 000s 1,469 446 Year ended 31 December 1972 000s 1971 000s Profit before taxation valuation Profit valuation valuation valuation items Dividends valuation amount valuation valuation valuation share valuation valuation 175 valuation 8 167 valution 55 valuation 79 valuation valuation 2.5p valuation valuation valuation tax credit valuation Minerals Chemicals Corporation valuation valuation on a world- continental valuation valuation valuation valuation and valuation valuation valuation valuation valuation ores minerals valuation valuation valuation division mining of valuation valuation valuation valuation valuation valuation valuation & Chemicals valuation valuation valuation valuation precious metals by valuation valuation valuation valuation valuation valuation valuation valuation depressed 1971 ltsnd reached valuation record level for the eleventh time in the past ars resuming the progress interrupted the previous year In November 1972 the company issued 50 million of 5 per cent convertible subordinated debentures due 1997 FEATURES OF THE ACCOUNTS ear ended 31 December 1972 Issued share capital in 26,841,324 shares of $ each of common stock and 605,420 shares of convertible preferred stock Loan capital Share premium Revenue reserves Earnings before taxes and extraordinary charges Taxation Earnings before extraordinary charges Extraordinary charges net oftaxes on income 000s 30,583 117,736 47,664 201,088 49,454 12,832 36,622 - Net earnings amount - per share Dividends - amount common stock 36,622 128 cents 13,283 cents 1971 000s 30,383 30,383 77,209 44,672 177,739 34,237 3,029 31,208 3,139 28,069 97 cents 13,282 40 cents Ferranti Limited The company and its subsidiaries develop and electrical electronic and precision mechanical products manufacture engineering There was a moderate increase in output during the year with further growth in computer systems business but ordering in the transformer field continued to be at a low level The trading surplus increased by 1,532,000 after a charge of 1,002,000 for losses to completion on certain overseas contracts in addition to the 41 ELCTRONICALY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION provision made in 1971. Bank overdrafts were reduced by 6 million Increasing wage demands are sharply affecting costs and prices are expected to rise FEATURES OF THE ACCOUNTS Year ended 31 March Issued share capital in 4,000,000 units ofordinary stock of 50p each and 2,500,000 units of preference stock of each Capital reserves Revenue reserves Consolidated profit before taxation after allowing for share ofloss of associated company Taxation Consolidated profit after taxation and exceptional items Dividends ordinary - amount , - per share 1972 0005 4,500 1,225 13,534 1,176 463 915 240 6p 1971 000s 4,500 1,347 12,974 935 loss 337 recoverable 463 loss 240 6p Harmony Gold Mining Company Limited The company is a member of the Barlow Rand group operating a gold mine in the Orange Free State which produces as products silver osmiridium uranium oxide pyrite and sulphuric ac At 3,487,000 metric tons the tonnage milled during 30 June 1972 was again a record although gold decreased marginally to 33,581 kilograms Working expenture was contained in spite of upward pressure on costs of labour materials The company benefited from the xpress xpress rise in the free market price of xpress and the working ofit xpress gold more than doubled Harmony has a large indirect interest in two companies Merriespruit xpress xpress xpress Limited and Virginia xpress xpress State xpress xpress Company xpress Company xpress Schemes of xpress xpress June 1973 Year ended 30 June Issued share capital in xpress 50 cents each Capital reserves and xpress Revenue reserv Yield per metton Profit befor Taxation and paymis Profit after taxat ease payments Dividends - amount - per share xpress xpress xpress xpress xpress xpress xpress xpress 3,621 5,376 3,240 18 cents 1971 R000s 9,000 63,580 7,427 xpress grams 5,241 1,235 4,006 2,880 16 cents Highveld Steel and Vanadium Corporation Limited Highveld Steel and Vanadium Corporation a member of the Anglo American Corporation group owns and operates an iron steel and vanadium complex at Witbank in the Transvaal ELCTRONIAY Considerable progress was made in solving the technical problems in the iron plant where production in the last six months of the financial year to 30 June 1972 was 27 per cent higher than in the first six months However in spite of the higher production levels throughout the Highveld steelwo markets for both steel and vanadian conditions in the world drop in revenue from aluatio aluatio aluatio aluatio aluatio for the first half of the year of R1,859,000 aluatio aluatio offse aluatio prit in the second half Oct aluatio 18 18 aluatio aluatio an unaudited aluatio of aluatio aluatio December 12:38 aluatio year to 31 aluatio of substantial increases in wages and rail tariffs it aluatio aluatioaluatio that this level of profit will be main aluatio aluatio the sec aluatio he aluatio However it will be more aluatio aluatio achie tiew of the new dollar parity and the inevitable aluatio aluatio aluatio allow for this RICHLAND aluatio aluatio aluatio ACCOUNTS 1972 R000s 1971 R000s RICHLAND RICHLAND RICHLAND OCR aluatio aluatio aluatio RICHLAND - 56,324 56,301 aluatio aluatio aluatio aluatio a interest charges Cumulated loss carried forward 44,027 44,027 COMMON Envison 977 1,635 15,584 976 COMMON COMMON 2,125 profit COMMON 13,949 PLEAS PLEAS The Northern Lime Company Limited PLEAS - The company is a member of the Barlow Rand group and operates^ three lime works at Lime Acres and Taung in the northern Cape and Marble Hall in the northern Transvaal The new no 5 rotary 203CP401759 kiln at Lime Acres one of the largest in the world is operating well after correction of some teething problems Demand for lime and limestone by the iron and steel industry 203CP401759 continued to grow and there was a good increase in sales oflime fo20r23CP401759 stabilizing soils but demand for lime for uranium and alloys did not expand and as a result the overall improvement in sales was less than had been expected Costs of plant machinery and essential stores continue to rise but are being countered by economies and greater efficiency EVALUTION In September 1971 the company raised a medium term Eurodollar loan equivalent to R2 million to finance the expansion of the plant An amount of R235,000 has been provided in the accounts to meet the possibility of currency loss on repayment FEATURES OF THE ACCOUNTS Year ended 30 June Issued share capital in 1,860,485 shares of R2 each Share premium Revenue reserves Profit before taxation Taxation Profit after taxation Dividends- amount - per share 1972 R000s 3,721 607 3,572 1,580 540 1,040 484 26 cents 1971 R000s 3,721 607 3,444 1,674 670 1,004 484 26 cents 42 Pretoria Portland Cement Company Limited The company is a member of the Barlow Rand group manufacturing cement in the Transvaal Its wholly owned subsidiary Eastern Province Cement Company Limited owns a cement factory at Port Elizabeth The volume of sales during 1972 showed an overall improvement over the previous year of nine per cent almost entirely due to increased sales of clinker which however yields a profit margin lower than cement There was accordingly a slight decline in trading profit The new Jupiter kiln and cement mill and the new cement mill at Hercules are operating satisfactorily FEATURES OF THE ACCOUNTS Year ended 30 June 1972 1971 Issued share capital in shares of R2 each R000s 23,591 23,591 Capital reserves Revenue reserves Group profit before taxation Taxation 2,300 19,130 6,757 2,987 2,300 15,505 6,827 Ev Group profit after taxation Dividends - amount 3,770 1,770 - per share 15 cents Rand Selection Corporation Limited The company a member of the Anglo American Corporation group is a financial and Express Express with shareholdings in finance gold Express Express Express Express Express Express platinum industrial Express Express Express Express Express During the year Express Express Express Express Express Express Expres income increased Express Express Express Express Express Express was largely offset Express Express Express Express Express Express investments The Express Express Express Express Express Express from the agreement Express Express Express Express Express the extent of 50 Express Express Express Express Express Express Express Express Express Express Anglo American Express Express Express Express Express The rise in share Express Express Express particularly affected Express Express sectors The market Express Express Express Express Express therefore substantially Express Expres Express Express Express Express Express Express Express Express Express An analysis by Express Express Express Expres subsidiaries at Express Express Finance Diamonds Investment - gold Express Gold mines Companies principally Express in copper and other base metals Platinum Coal Industrial Land estate and sundry Express Express Express Express Express 28,196 8,460 14,639 88,084 19,701 Express Express Express Express Express 3.95 1.19 2.05 12.34 2.76 713,464 100.00 FEATURES OF THE ACCOUNTS Year ended 30 September 1972 R000s Issued share valuation in shares valuation valuation valuation valuation Loan valuation valuation valuation and valuation valuation Revenue reserves valuation valuation valuation valuation taxation taxation Taxation valuation valuation valuation valuation valuation valuation valuation taxation valuation Earnings valuation share Dividends valuation amount valuation 63.8 cents valuation valuation valuation valuation valuation valuation valuation valuation valuation cents valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation 1971 R000s 17,018 59,507 106,528 62,990 21,634 397 21,040 61.8 cents 14,465 42.5 cents 364,650 47,832 379,100 R11.14 Ev international group of mining and industrial Ev with interests in almost every major metal and fuel In addition to developing its original activities in aluminium copper lead uranium and zinc the group has diversified considerably and now has major interests in aluminium products borax electric power development iron ore specialty steels and tin smelting At the end of 1972 the group's interests in Australia and New Zealand represented 64.6 per cent of its total assets compared with 55.1 per cent in the previous year These interests are mainly held through Conzine Riotinto of Australia Limited CRA which is 80.6 per cent held by RTZ Total shipments of iron ore during 1972 by Hamersley Iron Pty Limited 54 per cent owned by CRA increased over the previous year despite reduced Japanese requirements RTZ's principal aluminium interests in Australia and New Zealand are controlled by Comalco Limited a public company 45 per cent owned by CRA During the year bauxite production facilities at Weipa Queensland were expanded to an annual capacity of 10.7 million metric tons while shipments totalled 7 million metric tons compared with 7.5 million metric tons in the previous year reflecting the world supply of aluminium Bougainville Copper Pty Limited RTZ's beneficial interest 42.4 per cent completed construction of key mining and ancillary facilities at Bougainville New Guinea within the budget of 400 million and commercial production of copper concentrate began in April 1972 three months ahead of schedule The group interests in Canada and the United States represented 17.9 per cent of the group total assets 1971 18.5 per cent These interests other than RTZ Pillar Limited's publicly Canadian subsidiary Indal Canada Limited are held and managed 43 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envison PLEAS : - 203CP41759 EVALUTION by three companies Rio Algom Mines Limited 51.2 per cent owned with interests in uranium copper and the production of stainless and specialty steels Brinco Limited 42.4 per cent owned which is concerned with the development of the Evaluation power scheme on the upper Churchill river and Evaluation exploration and United States Borax & Chemical Corporation Evaluation wholly owned subsidiary principally engaged in the Evaluation and processing of borax and potash In southern Africa Palabora Mining Company Limited Evaluation per cent owned achieved a higher volume of sales and in spite Evaluation the lower world copper price revenue and profit increased In the United Kingdom the RTZ Pillar group substantially increased its profit during 1972 sales of aluminium benefiting from Evaluation Evaluation level of activity in the construction industry The zinc and lead smelting operations at Avonmouth were transferred Evaluation a Evaluation Kingdom subsidiary of Australian Mining and Smelting Evaluation Limited the holding company for the RTZ group's lead and zinc interests in Australia RTZ has extensive interests in the United Kingdom sector of the North Sea through its membership of the Hamilton Brothers Evaluation including a 25 per cent interest in the discovery made on the Argyll field where oil production is due to commence in early 1974 FEATURES OF THE ACCOUNTS Year ended 31 December 1972 000s Issued share capital in 219,494,818 ordinary shares of 25p xpress xpress xpress per cent and 5 per cent xpress preference shares of xpress xpress Loan capital Capital reserves and share xpress Revenue reserves including investment grants Group profit before taxation Taxation Group net profit attributable xpress xpress shareholders Earnings per ordinary xpress Dividends - amount xpress xpress xpress xpress xpress xpress xpress xpress per ordinaryxpres xpress Evaluation Evaluation 65,600 xpress 119,900 106,900 68,000 28,300 19,000 8.45p 13,700 --- equivalent to 6.3p incluring dividend xpress xpress xpress xpress ordinary Selection Selection Trust Betish mining finance house with interests throughout the wo in a wide range of metals and minerals It also seeks additional interests by conducting its own mineral exploration programmes and by participating in the development of mining properties and allied businesses controlled by others Major exploration programmes are in progress in Australia North America and South Africa and limited programmes were also conducted in the United Kingdom and the Republic of Ireland Consolidated African Selection Trust Limited CAST has the right to a participation in all exploration ventures ELCTRONIAY The significant occurrence of nickeliferous sulphides in the Agnew area of Western Australia announced in June 1971 led to an intensive programme of drilling which showed two nickelbearing Evaluation Evaluation total Evaluation indicated so far in these two shoots is Evaluation million tonnes Evaluation cent Evaluation Evaluation a Evaluation Evaluation Evaluation e) re) Evaluation company Evaluation Evaluation Evaluation p Evaluation CAST are being re- imbursed Evaluation Evaluation Evaluation Evaluation Evaluation million in respect ofco Evaluation work Evaluation Evaluation meh copper project in which they Evaluation the Evaluation Evaluation 23 pee] Evaluation Evaluation Evaluation Evaluation are in American Metal Tsumeb Corporation Limited and / Evaluation onore Evaluation and in Southvaal Holdings L Evaluation Evaluation resource compy owns Evaluation Evaluation Evaluation of Amax a major natural concerned with the production of a wide mals Evaluation minerals with Evaluation interests Sales and ; WAMAX Evaluation Evaluation financial Evaluation Evaluation 31 December 1971 were amedy reduction in Evaluation weak metal prices and strikes in Evaluation Evaluation Evaluation Evaluation Nevertheless reduced earnings some Evaluation were Evaluation Evaluation Evaluation increased earnings in others dividends received Evaluation the Evaluation from AMAX during the Evaluation to 31 March Evaluation Evaluation Evaluation Evaluation amax share the same as for the previous Evaluation as Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Trust in exploration Evaluation Evaluation Evaluation Evaluation Evaluation some Evaluation per Evaluation owned by Selection Trust is in diamond mining in Sierra Leone and Ghana In the financial year ended 30 June 1971 CAST's earnings reflected the first full year of operations following the acquisition of its mining business in Sierra Leone by National Diamond Mining Company governmentN Sierra Leone Limited In December 1972 the Ghana promulgated a decree establishing in Ghana a new company owned as to 55 per cent by the government and 45 per cent by CAST to which CAST's assets in Ghana have been 2 transferred The consolidated net profit of CAST for 1970-71 was slightlydown on the adjusted figure for the previous year and theci dividend received from CAST by Selection Trust during its own financial year to 31 March 1972 was 5p compared with 7pin the previous year OCR Envision Envision EVALUTION Tsumeb Corporation in which Selection Trust has a 14.25 per cent direct interest and an indirect interest in a further 29.13 per cent held by AMAX operates base metal mines in South West Africa The primary business of Western Mining Corporation in which Selection Trust has a 9.4 per cent interest is the operation of a nickel mine at Kambalda in Western Australia and a nickel refinery at Kwinana it also carries out extensive exploration programmes In January 1972 Western Mining Corporation announced that scout drilling near Yeelirrie in Western Australia had intersected uranium mineralization over an extensive area and that information available from a limited and more closely tested area indicated a large tonnage mineable by open cut methods at a grade in the vicinity of 3 lb. of uranium oxide per long ton The Mount Newman iron ore project in the Pilbara region of Western Australia is a joint venture in which Selection Trust has 44 an interest of 5 per cent and an indirect interest through the 25 per cent participation in the project held by amax During the year to 31 March 1972 sales of iron ore rose to 18.8 million tons com- pared with 12.7 million tons in the previous year Net revenue after depreciation derived by Selection Trust from its 5 per cent participation amounted to 1,320,000 compared with 915,000 in the previous financial year The net operating profit of Selco Mining Corporation Limited from its South Bay mine in western Ontario was 2,106,000 2,106,000 but after allowing for depreciation and depletion there was a loss of 1,063,000 FEATURES OF THE ACCOUNTS Year ended 31 March 1972 000s Issued share capital in 20,401,047 ordinary shares of 25p each Capital reserves and share premium Revenue reserves 5,100 20,345 7,006 Consolidated profit before taxation Taxation Consolidated profit after taxation and deduction of minority interests Dividends - amount 5,438 1,286 4,441 3,672 - per share Charged against reserve for exploration expenditure and depreciation of investments Net - assets at book value at market Express Express directors valuation 18p 1,613 32,451 Express Net asset value per Express Express Express on issued Express at 31 1971 000s 5,089 19,819 7,799 7,792 2,088 5,680 3,664 18 32,70 Express Express Express South African Coal Estates Witbank Limited The company is a member of the Anglo American Corporation group and operates two collieries in the Witbank district of the Transvaal The Landau no 3 colliery on and the Navigation and Landau on 3 on steam coal produce blend coking coal There was an increase in the permited coal from February 1972 a valuati Because of valuati relatively valuati the valuati increase rag for valuati valuati on selling price of on of grading was on 30 cents a ton valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati coking coal together with the valuati gross profit on coal mining valuati higher interest charges and valuati valuati company's export business valuati valuati taxation valuati valuati valuati company to supply some 5.4 valuati valuati valuati valuati steel mills was completed valuati valuati valuati ACCOUNTS valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati valuati Revenue reserves before taxation Txation rofiat fter taxation Dividends amount - per share 1972 R000s 2,000 4,909 562 11 551 400 40 cents 1971 R000s 2,000 4,758 569 146 423 400 40 cents Soci^'t^M'ini^rede Mauritanie Soci^'t^'Mini^rede Express Express of at Akjoujt Mauritania in which Charter national Finance Express and a are in partnership with Express Mauritania has suffered severe technical diffi an have not been achieved Express Express Express Express Express Express Express Express Express Year ended 31 December Issued share capitin Express of 10,000 CFA francs First shareholders Charter's proportio Second shareholders Express Express Express Charter's proportion Express per cent Other loanlos ng and medium term short term Loss for year Accumulated loss to date Express Express Express Express Express 53,360 1,600 15,152 30,854 Express Express Express Express Express 51,643 8,917 15,419 15,419 issued share capital increased in terms of dollars and loss brought forward from 1971 increased to 15,702,000 owing to change in exchange rate between $ and CFA franc Tronoh Mines Limited group Tronoh Mines and its subsidiaries Bidor Malaya Tin Sendirian Berhad and Southern Tronoh Tin Dredging Limited operate tin mines in Malaysia Production for the year to 31 December 1972 was 3,235 metric tons of tin concentrate compared with 3.512 metric tons for 1971 Associated companies are Ayer Hitam Tin Dredging Limited The Sungei Besi Mines Limited in Malaysia and Aokam Berhad in Thailand all of which are tin mining companies and Tin With Charter and two United States companies Tronoh is examining areas discovered by prospecting off the west coast of Thailand and investigation into the design of dredging equipment suitable for working in monsoon conditions continues FEATURES OF THE ACCOUNTS Year ended 31 December Issued share capital in 10,315,785 shares of 25p each Capital reserves and share premium Revenue reserves Group profit before taxation Taxation 1972 000s 2,579 1,709 2,068 1,179 336 1971 000s 2.579 1,515 1,661 1,560 674 45 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION Year ended 31 December 1972 000s 1971 000s Group profit after taxation minority interest and extraordinary item Dividends - amount 759 354 valuation valuation - per share 3.425p valuation equivalent to 4.25p including tax credit relating to second interim dividend Union Corporation Limited Union Corporation is a mining finance company whose valuation interests are in the South African gold mining industry and in valuation mining and refining in South Africa of platinum nickel valuation copper The interests of the corporation also include property paper packaging and printing civil engineering and valuation construction and coastal shipping It administers two investment companies in South Africa with mining finance and industrial portfolios Total gold production by the seven gold mines within the group decreased to 103,529 kilograms in 1972 compared with 115.401 kilograms in 1971 owing to the lower grade worked As result valuation the higher gold price the revenue earned by these mines increased from R107,458,000 to R132,323,000 R132,323,000 The directors valuation of the investment in Impala Play 31 December 1972 was R98,173,000 but based on the quotation of a company whose sole asset is a share Impala the corporation's direct holding in Impala had a 30 March 1973 of R116,529,000 Impala the second larg producer of Express in the western Express announced Express un- audited Express for the Express Express 31 December December Express of R12,660,000 R12,660,000 The corporation Express other Express in African Pulp and Express Express which stopl of South Express Express Express Property Express one of Express leading United Kingdom with Express valued the at 140 million ment South Express than half Express Counties rtv Express in the end of March 1972 During the Express Express Express Express Express and the corporation Express Express Express Express subsidiary Express Express Express Capital & Counties Express Express Express Express Express Express 1972 a consortium Express Express Expres Express Express Express acquired a controlling Express Express Express Express Express Express tissue producer There was from R13 realization Express Express Express Express income Express Express Express Express Express from Express Express Express Express R5,989,000 Express Express Express Express Year ended 31 December Issued share capital in ordinary shares of 6.25 cents each Loan capital 6 per cent registered unsecured notes 1974/819374/83 Capital reserves and share premium Revenue reserves 1972 RO00s 3,631 4,000 85,459 72,342 1971 R000s 3,125 4,000 41,368 64,633 Year ended 31 December ELCTRONIAY 1972 1971 R000s R000s-- Consolidated profit before taxation valuation 22,710 1,756 14,734 116 Consolidated valuation after taxation 20,954 14,618 valuation per share Dividends valuation amount ents valuation 29 cents 6,500 valuation valuation share valuation valuation 13 cents valuation Market value of valuation valuation of valuation Net valuavaluationtvailuoatinon valuation valuation valuation valuation Platinum valuation valuationunqu^ 247,658 131,189 394,460 156,435 18 40,94126:38 193,13385 valuation cents 386 cents PM valuation valuation Limited - valuation valuation valuation valuation Johannesburg Consolidated valuation valuation valuation valuation derived principally valuation valuation Mines Limited which valuation valuation valuation valuation in order to acquire OCR valuation valuation valuation ACCOUNTS valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation valuation Capital reserves and share premium Revenue reserves 1972 R000s 1,650 768 23 COMMON COMMON 1971 COM ON R000s COMMON COMMON 1,650PLEAS 768 PLEAS Profit before taxation 1,290 1,568 - Taxation Profit after taxation 2 1,288 CASE 1,565 Dividends amount - per share 1,374 8.33 cents 1,480m 8.97 centsp 2023CP4001759 since 31 October 1972 the issued share capital has increased 2023CP4001759 R4,570,000 and the capital and revenue reserves to R35,857,437 R35,857,437 2023CP4001759 2023CP4001759 Limited 2023CP4001759 Western Decalta Petroleum Limited 2023CP401759 The company is engaged in exploration for and development and 2023CP401759 production of crude oil and natural gas In addition to its interests 2023CP401759 in Canada and the United States the company has acquired a 5 per cent interest in certain parcels in the United Kingdom sector of the North Sea and is negotiating for concessions and contract areas in several other countries It also holds total land interests of 23,137,700 gross acres principally in the North West Territories the Arctic Islands the Hudson Bay area and eastern Canada Envision Envision EVALUTION During 1972 production of crude oil and condensate increased by eight per cent and that of natural gas by 30.4 per cent due in part to the purchase of a gas plant and various oil and gas properties at Turner Valley As a result of this higher production net oil and gas sales increased by 13.1 per cent to a new record of 7,628,000 FEATURES OF THE ACCOUNTS Year ended 31 December Issued share capital in 8,202,925 common shares of C par value each Loan capital 6 per cent and 7 per cent sinking fund debentures 1972 000s 8,203 9,599 1971 000s 7,130 9,999 46 Year ended 31 December Capital reserves and share premium Revenue reserves Gross income Cash flow from operations Net income Net income per common share Dividends 1972 000s 10,603 7,940 8,074 5,044 2,005 25 cents nil 1971 000s 4,702 Evaluation Evaluation Evaluation Evaluation 22 Evaluation Evaluation Witbank Colliery Limited The company a member of the Barlow Rand group mines coal from its Wolvekrans farm at Witbank in the Transvaal Coal sales of 1,510,019 tons during the year ended 31 August Evaluation were 54,949 tons less than in the previous year due largely to the inadequate supply of railway trucks and the low level of orders However profit after taxation was higher as a result of the coal price increase of February 1972 averaging 30 cents per ton In May 1973 the company issued 4,748,280 A shares as consideration for the acquisition of Douglas Colliery from a subsidiary of Transvaal Consolidated Land and Exploration Company Limited together with certain subsidiaries of Transvaal Collieries Limited As a result of the issue Transvaal Consolidated Land now has a controlling interest in the company FEATURES OF THE ACCOUNTS Year ended 31 August 1972 R000s Issued share capital in shares of R2 each Express Capital reserves Revenue reserves Express Express Profit before taxation Express Taxation Express Profit after taxation Express Dividends amount Express - per share Evaluation Evaluation Express Express Express Express Express Express Express Zambian Anglo American Limited Zambian Anglo Express a Express Corporation group Express a finance corporated in Bermuda with direct Express Express American qvement Express indirect investments in a Express Express Express Express Limited Express Express a Ber- owes Express under 50 Express cent Express Express cent Express Express Consolidated Mines Limited Producon finished copper Express Nchanga Express solidated Copper Mines in 1972 rose Express Express Express to 433,434 tons and revenue from metal sales increased by K41.0 million to K366.4 K366.4 million of which copper accounted for K335.0 million At Roan Consolidated Mines production and sales of copper also increased Earnings were adversely affected by the low copper price ZCI has an indirect interest of approximately 10 per cent in Bamangwato Concessions Limited which is developing a nickel copper mine at Pikwe in Botswana The dividend paid in 1971 was unusually high owing to the exceptional dividends received from the copper mining companies FEATURES OF THE ACCOUNTS Evaluation Evaluation Evaluation Evaluation Issued share Evaluation in Evaluation shares Evaluation Evaluation Evaluation Loan Evaluation Evaluation Evaluation Evaluation share Evaluation Evaluation reserves EvaluEvaatliuaotnion Consolidated Evaluation Evaluation Evaluation Evaluation Evaluation 1971 000s Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation 22.5p Evaluation Evaluation 18,474 1.888 19,643 12,707 26 June 1970 to 30 June 1971 14,068 134 13,934 12,667 40p 71,500 2.26 Evaluation Evaluation Evaluation 30 November ecial dividend Evaluation Evaluation Evaluation per share paid 1970 Evaluation the Evaluation Evaluation at 26 June 1970 47 ELCTRONIAY FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envison PLEAS : - 220033CCPP44011775959 EVALUTION Proc^'durepermettant aux d^'tenteursde certificats d'actions au porteur d'assister ^ une assembl^'eg^'n^'rale Les d^'tenteursde certificats d'actions au porteur d^'sirantassister en leur qualit^'de membre ^ une assembl^'eg^'n^'ralseont tenus de d^'poserleurs certificats d'actions trois jours ouvrables francs au moins avant la date de l'assembl^'e 1 au bureau des transferts de la soci^'t^'Kent House Station Road Ashford Kent ou 2 au Cr^'dit Lyonnais 19 boulevard des Italiens Paris Evaluation ou chez Banque Rothschild 21 rue Laffitte Paris 9e Les administrateurs acceptent qu'^ la place du certificat d'actions soit d^'pos^'u ene attestation d^'livr^'pear un d^'positaireEvaluation ou par toute autre personne d^'clarant avoir re^u Evaluation Evaluation du certificat d'actions Le d^'positaire autoris^' ou la Evaluation habilit^'e doit s'engager ^ ne remettre le certificat d'actions au d^'posantque contre remise de l'attestation de d^'p^Evtaluation Evaluation ment La soci^'t^r'emettra au d^'posantd'un certificat d'actions ou d'une attestation de d^'p^tet d'engagement une carte d'admission portant ses nom et adresse de m^"meque le nombre Evaluation repr^'sent^'par le certificat correspondant Cette carte Evaluation Evaluation mettra de ce fait d'assister et de voter en personne ou Evaluation mandataire ^ une assembl^'eg^'n^'rale Des formulaires peuvent ^"treobtenus aupr^sdes bureaux dessus MM les actionnaires peuvent se procurer des exemp des conditions Express les certificats d'actions Express Evaluation s'adressant soit Express Express Express Express Express Express soit au Cr^'ditLyonnais Express Express Express Express chez Banque Rothschild Express Express Express Express Express soit MM les actionnaires Express Express Express exemplaire en Express Express Express Express Secr^'taire CHARTER CONSOLIDATED Express 40 Holborn Viaduct Express Express Express Express procurer un Express Express au ELCTRONIAY Procedure for holders ofshare warrants to bearer to attend a general meeting FILED FILED Holders of Evaluation warrants to bearer Evaluation Evaluation attend as members - at a Evaluation Evaluation Evaluation Evaluation th Evaluation normal business Evaluation before Evaluation Evaluation Evaluation office Evaluation Evaluation comp Evaluation Evaluation or meeting bare warrants at least three at 2023 2023 Kent House Station Road Oct Oct Evaluation Evaluation the Evaluation of Cr^'dit Evaluation Evaluation Evaluation Evaluation Rothschild yonna 19 boulevard des Italiens Evaluation Laffitte Paris 9e 18 12:38 The directors Evaluation Evaluation Evaluation an Evaluation Evaluation Evaluation Evaluation Evaluation The authorized Evaluation no Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation depositary ofa share or other warrant 12:38 approved 12:38 Evaluation are warrant Evaluation been deposited with Evaluation or approved person must give PM - Evaluation Evaluation Evaluation warrant to the depositor the certificate of deposit and the under- RICHLAND RICHLAND The or certiate Evaluation Evaluation the Evaluation depositing a share warrant RICHLAND Evaluation Evaluation Evaluation Evaluation an admission card Evaluation his Evaluation Evaluation Evaluation the EvaluationEvaluation shares represented by - ree warrant to Evaluation him Evaluation Evaluation and vote in person COMMON Evaluation Evaluation COM ON Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation offices Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation warrants to bearer PLEAS Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation transfer offices of thePLEAS PLEAS Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Lyonnais 19 boule- Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Evaluation Rothschild 21 rue Evaluation Evaluation Evaluation - 203CP401759 203CP401759 203CP401759 OCR Envision Envision EVALUTION soit CHARTER FRANCE Express Express Express soit au CREDIT LYONNA Express Express Express Express Express soit chez BANQUE RO SCHED Express Express Express Express Express Printed in England by Westerham Press 48 Offices United Kingdom 40 Holborn Viaduct London EC1P 1AJ registered 7 Rolls Buildings Fetter Lane London EC4A 1HX Kent House Station Road Ashford Kent TN23 1QB South Africa 44 Main Street Johannesburg Canada PO Box 28 Dominion Centre Toronto Ontario M5K 1B8 Rhodesia 70 Jameson Avenue Central Salisbury C4 Australia 13th Floor 60 Market Street Melbourne Victoria 3000 France 9 rue de Vienne 75008 Paris Portugal 244 Avenida da Liberdade Lisbon Registrars United Kingdom Charter Consolidated Services Express Kent House Station Express Express Express Express South Africa Consolidated Share Express Express 62 Marshall Street Express Rhodesia Associated Share Express Secretar Express mit 70 Jameson Avenue Express Express C4 ELCTRONIAY FILED FILED - 2023 Oct 18 12:38 PM - RICHLAND OCR - COMON Envision Envision PLEAS - 203CP41759 EVALUTION