Document XzJez1KYk7xoD7VKzkRg8JBkw

FILE NAME Cape Asbestos CAPE DATE 1971 Mar 31 DOC CAPE116 DOCUMENT DESCRIPTION Charter Consolidated Ltd. - Annual Report & Accounts Legal - Tibbs Case Exhibit 14 CHARTER Charter Consolidated Limited annual report and accounts 31march 1971 Charter Consolidated Limited annual report and accounts 31 march 1971 ELCTRONIAY FILED - 2023 Oct 18 11:31 11:31 AM - Notice of annual general meeting Directorate and administration Report of the directors Principal investments of the group Group subsidiary companies Review of interests Six year financial record Report of the auditors to the members Consolidated profit and loss account Consolidated balance sheet Balance sheet Analysis of assets and investment income Notes on the accounts RICHLAND01 00 5 - 8 10 11 COMN 16 PLEAS 17 PLEAS 12222 - 12222 12222 12222 12222 203CP41759 Notice of annual general meeting NOTICE IS HEREBY GIVEN that the sixth annual general meeting of members of Charter Consolidated Limited will be held at Winchester House 100 Old Broad Street London EC2N BE on Tuesday 13 July 1971 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 1971 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 2 That the final dividend of 5p per share for the year ended 31 March 1971 recommended by the board of directors be and is hereby approved for payment to shareholders registered at the close of business on 11 June 1971 and to persons presenting coupon no 12 detached from share warrants to bearer The transfer books and registers of members in the United Kingdom the Republic of South Africa and Rhodesia will be closed from 10 to 13 July 1971 both days inclusive A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and on a poll to vote instead of him A proxy need not be a member of the company A form of proxy accompanies this notice Holders of share warrants to bearer who wish to attend in person or by proxy or to vote at any general meeting of the company must comply with the relevant conditions governing share warrants to bearer see inside back cover BY ORDER OF THE BOARD D. S. BOOTH joint secretary STRONICALY FILED - 2023 Oct 18 11:31 11:31 AM - RIC-HLAND 3 That the following be and are hereby reappointed directors of the company The Hon H. V. Smith Mr T. P. Stratten Sir Keith Acutt Mr A. Chester Beatty Comte T. de Feuilhade de Chauvin These appointments will be dealt with in one resolution unless any member present or represented at the meeting requires otherwise 4 That the remuneration of the joint auditors for the period until the next annual general meeting be fixed by the board of directors 40 Holborn Viaduct London EC1P 1AJ 17 June 1971 COMN PLEAS NOTES I. Holders of loan stock are reminded that only shareholders are PLEAS entitled to attend and vote at the meeting - 2 To be valid the form of proxy must reach the company at Kent House Station Road Ashford Kent not less than 48 hours before the meeting 3 The following are available for inspection at the registered office of the company during usual business hours until the 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 a The register of directors interests kept in accordance with the Companies Act 1967 b A copy of a contract of service between a director of the company and a subsidiary company 203CP41759 Directorate and administration ELCTRONIAY Chairman and managing director S. Spiro MC FILED - Deputy chairman 2023 Sir Philip Oppenheimer Oct Directors Alternate directors 18 Sir Keith Acutt KBE R. J. Armitage 11:31 P. C. D. Burnell 11:31 Comte T. de Feuilhade de Chauvin A. Chester Beatty M. W. B. Heald AM R. H. William - J. E. H. Collins MBE DSC R. H. Dent A. E. Oppenheimer RICHLAND H. Fraser J. O. Hambro mc A. W. Owston R. V. Pritchard N. K. Kinkead - Managers J. B. Mudd MBE MC COM N H. F. Oppenheimer B. W. Pain P. C. D. Burnell M. W. B. Heald J. G. Richardson A. W. Owston PLEAS E. R. A. de Rothschild R. V. Pritchard PLEAS The Hon H. V. Smith - L. G. Stopford Sackville T. P. Stratten W. D. Wilson members of executive committee Joint secretaries D. S. Booth J. R. Byles Auditors Cooper Brothers & Co. Deloitte & Co. 203CP41759 Bankers Barclays Bank D.C.O. Hambros Bank Limited National Westminster Bank Limited Solicitors Coward Chance & Co. Linklaters & Paines His Excellency President Moktar Ould Daddah of the Islamic Republic of Mauritania during a visit to the SOMIMA mine STRONICALY FILED - 2023 Oct Oct 18 11:31 11:31 AM - RICH- LAND COMN PLEAS - CASE 203CP401759 2023CP401759 @ Report of the directors The directors have pleasure in submitting their sixth annual report together with the audited accounts for the year ended 31 March 1971 Consolidated profit and loss account The consolidated profit taxation for the year 31 March 1971 was before ended 000s 18,166 Taxation amounted to 2,139 Interest of outside shareholders in subsidiaries was 556 2,695 Leaving a consolidated profit attributable to the company of Out of which there has been appropriated : Interim dividend of 2p per share paid on 18 December 1970 Recommended final dividend of 5p per share payable on or about 14 July 1971 Transfer to investment and ex- ploration reserve 15,471 2,619 5,762 2,000 10,381 Leaving an unappropriated profit for the year of 5,090 Dividends The board recommends to members declaration of a final dividend of 5p per share 1970 5p which together with the interim dividend of 2p per share 1970 2p paid on 18 December 1970 will cost the company 8,381,000 1970 7,422,000 Reserves Movements on reserves during the year are shown on page 27 in note 15 on the accounts Fixed assets The book value of the group's fixed assets increased from ELECTRONICAL Y ELECTRONICALY ELCTRONIAY 19,578,000 to 21,556,000 during the year Details are FILED shown on page 24 in note 9 on the accounts The figure of 21,556,000 includes a sum of 221,000 - 2023 in respect of a freehold site acquired in Ashford Kent Planning permission has been obtained for the erection on this site of a substantial office block to accommodate the Oct majority of the company's staff which is at present divided 18 between two offices in London and a smaller one in Ashford 11:31 The decision whether to proceed with the building will be 11:31 made later in the year AM - Share and loan capital RICHLAND The authorized share capital remains unchanged As mentioned in the yearly report issued on 17 November 1970 the company increased its issued share - capital from 24,738,239 to 26,194,403 in 104,766,576 COM N fully paid shares and 275,900 partly paid shares of 25p each Since then no further share capital has been issued Of the 5,813,621 fully paid shares issued during the PLEAS PLEAS year 42,645 were allotted against conversion of 170,579 of the company's 5 per cent unsecured loan stock 1984 leaving a balance of loan stock outstanding of 2,462,972 and 5,770,976 were allotted to the Anglo American Corporation group in exchange for 1,117,968 shares in Selection 203CP41759 Trust Limited and a group of United Kingdom invest- ment companies with a portfolio of quoted investments which were together valued at 16,529,000 The partly paid shares were issued to senior employees 203CP401759 at prices based on market values under the share incentive scheme approved by members and loan stockholders last July The issue price was 286.25p per share for 273,400 shares and 298.125p per share for 2,500 shares of which 2 per cent was paid up on application Directors A list of the current directors of the company who held office during the year is on page 3 and constitutes part of this report The Hon H. V. Smith having passed normal retirement age relinquished the position of chairman of the company on 1 January 1971 but remains on the board Mr S. Spiro Mc formerly deputy chairman became chairman on that date and continues as managing director Sir Philip Oppenheimer was appointed deputy chairman in place of Mr Spiro The board learnt with deep regret of the death on 2 March 1971 of Mr C. W. Engelhard who had been a director of the company since 1965 In accordance with the provisions of article 99 of the articles of association The Hon H. V. Smith Mr T. P. Stratten Sir Keith Acutt Mr A. Chester Beatty and Comte T. de Feuilhade de Chauvin retire by rotation at the forthcoming annual general meeting and offer themselves for reappointment Principal activities and interests The company's principal activities are finance and investment particularly in mining and mineral exploration but also in a number of industrial companies Details are given in the review of interests on pages 11 to 15 An analysis of assets and investment income geographical and by investment category is on page 21 and lists of principal investments and subsidiary companies are on pages 8 to 10 ELCTRONICALY Other information FILED The information on directors interests turnover exports and the number and remuneration of employees shown on - page 28 constitutes part of this report 2023 Contributions for charitable purposes made by the 2023 company and its subsidiaries during the year totalled Oct 27,104 No contributions were made for political purposes 18 Auditors 1 :31 Cooper Brothers & Co. and Deloitte & Co. formerly AM Deloitte Plender Griffiths & Co. are willing to be reappointed as auditors to the company RICHLAND RICHLAND RICHLAND RICHLAND RICHLAND RICHLAND COMMON BY ORDER OF THE BOARD COMMON D. S. BOOTH COMMON joint secretary COM ON PLEAS 40 Holborn Viaduct London ECIP IAJ 1 June 1971 - 203CP41759203CP401759 Brake blocks made by a Cape Asbestos subsidiary being fitted to rolling stock for London Transport's new Victoria line ELCTRONIAY FILED - 2023 Oct 18 11:31 11:31 AM - RIC-HLAND COMN PLEAS PLEAS - 203CP41759 Principal investments of the group ELCTRONICALY 31 march 1971 INTERESTS OF 10 PER CENT OR MORE Australia International Pacific Corporation Limited merchant banking GROUP INTEREST IN EQUITY CAPITAL per cent 28.3 Bermuda Zambian Anglo American Limited mining finance Canada Anglo American Corporation of Canada Limited mining finance Western Decalta Petroleum Limited oil and gas exploration and production 23.5 24.7 43.6 France Soci^'t^M'ini^red'Anglade 25 scheelite mining Malaysia Associated Mines Malaya Sendirian Berhad mine management Bidor Malaya Tin Sendirian Berhad tin mining Tronoh Mines Limited incorporated in England tin mining Mauritania Soci^'t^M'ini^rede Mauritanie copper mining 39.2 39.2 25.1 33.5 Portugal Beralt Tin and Wolfram Limited incorporated in England wolfram mining 44.3 Rhodesia Anglo American Corporation Rhodesia Limited industrial finance 33.5 South Africa Anglo American Corporation of South Africa Limited mining finance Blyvooruitzicht Gold Mining Company Limited gold mining Brakspruit Platinum Pty Limited platinum mining Eurangio Pty Limited investment holding Harmony Gold Mining Company Limited gold mining The Northern Lime Company Limited lime quarrying 10 10 19.3 25 10 11.8 ELCTRONIALY Platinum Prospecting Company Pty Limited platinum mining Pretoria Portland Cement Company Limited cement manufacture Rand Mines Limited mining finance South African Coal Estates Witbank Limited coal mining Transvaal Consolidated Land and Exploration Company Limited mining finance Union Corporation Limited mining finance Witbank Colliery Limited coal mining FILED GROUP INTEREST IN EQUITY CAPITAL per cent - 20.3 2023 10.5 Oct 15.9 18 10 1:31 20.4 AM - 10 RIC-HLAND Switzerland Anmersales AG selling of metals United Kingdom Anglo American International U.K. Limited technical consultancy Anglo Charter International Services Limited recruiting and employment services The Anglo Chemical & Ore Co. Limited dealing in metals Anmercosa Sales Limited selling of metals Cleveland Potash Limited potash mining Covenant Industries Limited manufacture of chemicals 37 COMN 48 50 PLEAS - 37 37 37.5 37 203CP41759 Elevators & Engineering Limited lift manufacture Ferranti Limited manufacture of electrical and electronic equipment Purle Bros Limited industrial waste disposal specialists Selection Trust Limited mining finance Werff Bros Limited retail fashion trading 25 203CP401759 12.6 10.1 32.8 40 United States Anglo American Corporation of the United States Inc. industrial finance 22.5 Zambia National Milling Company Limited 50 flour milling OTHER PRINCIPAL INVESTMENTS Australia Broken Hill Proprietary Company Limited iron and steel production France Le Nickel mining finance and metallurgy Italy Societ^ Nazionale Sviluppo Imprese Industriali finance and investment Malaysia Ayer Hitam Tin Dredging Limited incorporated in England tin mining The Sungei Besi Mines Limited incorporated in England tin mining South Africa Anglo American Investment Trust Limited diamond mining The Argus Printing and Publishing Company Limited printing and publishing ELCTRONIAY FILED - De Beers Consolidated Mines Limited diamond mining 2023 Oct Highveld Steel and Vanadium Corporation Limited steel manufacture Rand Selection Corporation Limited 18 mining finance 11:31 Merriespruit Investments Pty Limited 11:31 gold mining Western Deep Levels Limited AM gold mining - RICHLAND United Kingdom The Rio Tinto Corporation Limited mining finance - United States Engelhard Hanovia Inc. industrial finance COMN PLEAS Zambia PLEAS Zambian government housing - -Kariba electric scheme 203CP41759 Group 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 England Barnato Holdings U.K. Limited investment dealing The British South Africa Company investment holding The British South Africa Company Investments Limited investment dealing Central Mining Finance Limited investment dealing The Central Mining & Investment Corporation Limited investment holding Centramic Properties Limited 51 property development Centramic U.K. Limited industrial holding Charter Consolidated Finance Limited banking and finance Charter Consolidated Investments Limited investment holding Charter Consolidated Services Limited services The Consolidated Mines Selection Company Limited investment dealing The Cape Asbestos Company Limited 60.5 % cumulative preference shares mining and industrial holding Cape Asbestos Fibres Limited 60.5 sale and distribution of asbestos fibre Cape Insulation Limited 60.5 asbestos and other insulation products Cape Universal Building Products Limited 60.5 asbestos cement products and other building materials Kismet Limited 60.5 transport service equipment Small and Parkes Limited 60.5 automotive and industrial friction materials Trist Draper Limited 60.5 automotive and industrial friction materials Elastic Rail Spike Company Limited railway track fastenings Heatrae Limited heating equipment Lee Green Precision Industries Limited components for telecommunications Rathdown Industries Limited components for television and telecommunications ELECTRONICALLY ELECTRONICALLY ELCTRONIALY Australia FILED Charter Consolidated Investments Australia Limited investment holding - Charter Consolidated Prospecting Australia Limited prospecting 2023 Oct Belgium Don International 60.5 automotive and industrial friction materials 18 1 :31 Bermuda Greenpoint Company Limited AM investment holding Katrine Company Limited - investment holding Canada RICHLAND Interlink Investments Limited investment holding - Cura^aoNetherlands Antilles Charter Consolidated Overseas N.V. COM N investment dealing France Charter France 50.3 services Luxembourg PLEAS - Charter European Holdings investment holding Malaysia Charter Consolidated Malaysia Sendirian Berhad investment holding 203CP41759 South Africa Amosa Pty Limited 60.5 amosite asbestos mining Cape Asbestos South Africa Pty Limited 60.5 services Cape Blue Mines Pty Limited 60.5 blue asbestos mining Egnep Pty Limited 60.5 amosite asbestos mining Centramic South Africa Limited investment dealing The Consolidated Mines Selection Johannesburg Limited investment holding Equinox Investments Limited investment holding Swaziland Swaziland Collieries Limited 63.4 coal mining Shares in these companies are held directly by Charter the shares in the remaining companies are held through subsidiaries 10 @ Review of interests Accounts and finance The group's consolidated profit after taxation and minority interests amounted to 15,471,000 in the year to 31 March 1971 representing an increase of 2,473,000 or 19 per cent over the previous year when the net profit was 12,998,000 Earnings per share increased to 14.76p on the enlarged capital compared with 13.13p for the year to 31 March 1970. The figures for the year include Charter's proportion of the profits of The Cape Asbestos Company Limited for the year to 31 December 1970 The board has recommended a final dividend of 5p per share which together with the interim dividend of 2p paid on 18 December 1970 makes a total of 8p for the year costing 8,381,000 compared with 7p per share costing 7,422,000 paid in respect of the previous year An amount of 2,000,000 has been transferred to investment and exploration reserve and the unappropriated profit of 5,090,000 has been carried forward Profits on realization of investments attributable to sharedealing subsidiaries fell from 5,343,000 in the year to 31 March 1970 to 1,104,000 in the year under review This fall in sharedealing profits was anticipated in the chairman's review last year and it reflects the dull condi- tions on stock exchanges in London Johannesburg and New York together with the fact that the major part of our programme for the realization of certain investments was completed in the year ended 31 March 1970 Investment income for the year rose sharply by 3,667,000 to 14,372,000 This increase was largely attributable to the dividend payments received from Zambian Anglo American Limited which amounted to 5,007,000 compared with 2,176,000 in the previous year These dividends must be regarded as exceptional During the year short term loans and deposits increased from 14,583,000 to 28,854,000 and high rates of interest were earned on these balances Consequently interest received during the year amounting to 2,036,000 showed an increase of 678,000 over Charter's income from that source in the previous year Included within trading profit and sundry revenue totalling 3,881,000 in the year to 31 March 1971 are the tax profits of The Cape Asbestos Company and those of the wholly owned industrial subsidiaries The results of The Cape Asbestos Company are commented on below The contribution of the wholly owned industrial subsidiaries to profits amounted to 520,000 during the month period ended 31 December 1970 ELCTRONIAY compared with 535,000 in the twelve months to 31 January 1970 The value of the net assets shown in the consolidated FILED - balance sheet taking market values of quoted invest- 2023 ments and directors valuation of unquoted investments is 290,926,000 or 277p per Charter share This figure compares with a net asset value per Charter share of Oct 333p at 31 March 1970 reflecting a reduction of 56p 18 per share The fall in asset values is attributable to the 11:31 drop in the market value of quoted investments which 11:31 showed a decrease of 61,497,000 to 212,325,000 during the year duc to the continued general decline in stock AM - exchange values RICHLAND Changes in investment holdings Charter's equity interest in Selection Trust Limited has been increased to 32.8 per cent by the acquisition of - 1,117,968 shares in that company These shares were part of a portfolio of quoted investments valued at COM N 16,529,000 which Charter acquired from the Anglo American Corporation group in July 1970 in consideration for the issue of 5,770,976 Charter shares PLEAS Also during July 1970 Charter received 220,550 shares in Zambian Anglo American in exchange for its interests PLEAS in the Roan Selection Trust group of companies thus increasing its holding in Zambian Anglo American to 23.5 per cent of the issued share capital During the year Charter disposed of its 49 per cent interest in Barlow Myers Limited a company selling Hyster fork trucks in England and Wales to the Thos 203CP41759 Barlow group which already held the controlling 51 per cent stake On 10 November 1970 President Kaunda of Zambia announced that the state would acquire 51 per cent of various companies operating in that country including the companies of the National Milling group Discussions have been held with Industrial Development Corporation of Zambia INDECO the Zambian government's industrial holding company and negotiations are continuing for the purchase by INDECO of 51 per cent of Charter's investment in that group The Rand Mines Limited scheme of arrangement to effect the merger of that company with Thos Barlow & Sons Limited under which shareholders would acquire six Thos Barlow shares for each Rand Mines share held was approved by shareholders on 25 May 1971 and becomes operative on 28 June 1971. In terms of the scheme Charter will exchange its interest of 539,880 Mr Charles Thorley left a master sinker and Mr Gerald Brown a trainee sinker at the Boulby mine of Cleveland Potash where the British and European shaft sinking records were twice broken early in 1971 ELECTRONICALLY ELECTRONICAL Y ELCTRONIALY FILED - 2023 Oct 18 1 :31 AM RICHL-AND COMN PLEAS - CASE 203CP401759 12 shares in Rand Mines for shares in the enlarged Thos Barlow company to be called Barlow Rand Limited Mining interests Cleveland Potash Limited a company jointly owned by the Charter group and its associated companies and by Imperial Chemical Industries Limited has continued to make satisfactory progress with the establishment of its major potash mine at Boulby in north Yorkshire Earlier this year the British and European monthly shaft sinking records were twice broken at the mine and engineering construction is generally on schedule Following the recent granting of planning permission by the Secretary of State for the Environment work has commenced on the construction of the effluent pipe line The mine currently estimated to cost about 40 million will have an initial output of one million tons of potash products per annum which will later be increased to one and a half million tons It is expected to commence production in 1973 Plant construction at the Soci^'t^M'ini^rede Mauritanie copper mine at Akjoujt Mauritania was substantially completed by 1970 but delays were encountered during commissioning These were essentially due to failure of a number of important items of mechanical equipment and have necessitated a considerable programme of modifications to enable the plant to attain design capacity which will not now be reached until towards the end of this year Since early 1971 two out of four reactors have been operative the third has recently come on line and the fourth will commence towards the year end It has been demonstrated that Akjoujt ore is highly amenable to the TORCO process and an excellent grade of copper concentrates is being produced Commercial shipment to customers began in March 1971 The estimated capital cost of this project is approximately US million Beralt Tin and Wolfram Limited had a most successful year to 31 December 1970. Net profits of 1,092,307 were more than double those earned in 1969. Dividends totalling 21p per share compared with 17p for 1969 cost 556,080 leaving 536,227 of the year's earnings retained to help finance the company's major capital construction programme Charter has interests in Tronoh Mines Limited and in its associated companies Ayer Hitam Tin Dredging ELECTRONICAL Y ELECTRONICALY ELCTRONIAY Limited and The Sungei Besi Mines Limited which operate tin mining areas in Malaysia FILED - Tronoh's production for the year to 31 December 1970 2023 was 2,734 metric tons of tin concentrates compared with 2,016 metric tons for 1969. Net profit for the year was 651,875 compared with 474,760 and after providing Oct 110,455 attributable to the 49 per cent holding of 18 Charter and its associates in Bidor Malaya Tin Sendirian 11:31 Berhad the balance available for appropriation was 11:31 541,420 Dividends for the year absorbed 386,842 compared with 322,368 for 1969 an increase of 20 per AM - cent RICHLAND Ayer Hitam's profits for the year to 30 June 1970 exceeded the previous year's record by over million RICHLAND but in the current year there has been a substantial fall in production and as a result profits have declined - Progress on planned operations at Sungei Besi during the financial year to 31 March 1971 has been satisfactory COM N and production better than anticipated due to recoveries from areas locally enriched with lode type material As a consequence the cash position has improved PLEAS Charter and Anglo American Corporation together have a 40 per cent investment interest in Soci^'t^M' ini^re d'Anglade a company formed to exploit a scheelite deposit in the French Pyrenees Mine construction was completed by the end of 1970 but since that date difficulties have been encountered in the treatment section and doubts have arisen about the grade and amount of ore reserves compared with the original estimates on which 203CP41759 calculation of the economic feasibility of the project was based The project of which the total cost to date is approximately 2.3 million is therefore now being reassessed Prospecting ventures In September 1970 agreements were concluded between an international consortium led by Charter and the Democratic Republic of the Congo providing for the formation of two exploration and development companies Soci^'t^'Internationale des Mines du Congo SIMICO and Soci^'t^C'ongolaise du Fungurume SOCOTEF The Charter group has an interest of approximately 28 per cent in the consortium and will supervise operations The other investors are the government of the Democratic Republic of the Congo AMOCo Minerals Company an affiliate of Standard Oil of Indiana Mitsui of Japan Bureau de Recherches G^'ologiqueset Mini^resof France and Leon Tempelsman & Son Inc. of the United States 13 ELECTRONICALY SIMICO will be primarily concerned with the basic explora- tion ofa large area in the Katanga copper belt SOCOTEF will undertake proving work on a zone in the copper belt which though geologically complex is believed to contain substantial reserves of high grade copper ore A major confirmatory drilling programme has already commenced in the Fungurume area In Spain prospecting activities have continued throughout the year mainly in the north but no mineral occurrences of economic significance have yet been identified Charter and Tronoh Mines in association with a number of other international companies are continuing their prospecting operations in offshore arcas of Thailand Activities are now concentrated on the west coast where encouraging mineralization has been revealed Exploration for minerals by the joint company formed by Charter and the Iranian government organization Industrial Development and Renovation Organisation has identified a number of encouraging prospects which are being investigated by drilling during the current year Following changes in the policies of the governments of Chile and Peru for the development of mineral deposits Charter's ventures in those countries have been terminated and Charter's only prospecting activity in South America at the present time is the preliminary mineral survey being conducted in Brazil Charter's exploration activities throughout Australia are continuing with the emphasis on Western Australia particularly the Kalgoorlie and Pilbara nickel areas A copper showing in Fiji is also being explored Technical responsibility for our Australian and Fiji projects rests with Anglo American Corporation Australia Limited North American interests The group net income of Anglo American Corporation of Canada Limited AMCAN in which Charter has a 24.7 per cent interest was 0.9 million in 1970 compared with 5.2 million for the previous year After deducting recurring gains in 1969 of 0.6 million this is a decrease of 3.7 million which was due to a combination of heavy interest charges losses on the sale of silver bullion and on trading securities and a fall in dividend income from Hudson Bay Mining and Smelting Co. Limited in which AMCAN has a 28 per cent interest Dividend income for 1970 totalled 3.8 million 1969 4.5 million and the loss on trading investments was 0.8 million compared with a profit of 0.7 million in 1969. In addition ELCTRONIALY to normal income exceptional gains realized on the sale FILED investments amounted to C million compared withFILED 7.9 million for the previous year In spite of the marked - reductionin profit dividend payments for the year were 2023 maintained at 40 cents per share 2023 Hudson Bay's earnings for 1970 were sharply reduced Oct 18 due to higher operating costs and reduced selling prices 18 The results for 1971 will be seriously affected by the protracted strike at Flin Flon and Snow Lake mines 11:31 which has led to the company's making a loss in its first 11:31 quarter and the consequent decision not to declare AM dividend for the second quarter RICHLAND Anglo American Corporation and associated companies including Charter jointly hold a majority interest in Engelhard Hanovia Inc. the principal interest of which RICHLAND is its 44 per cent holding of the common stock of Engelhard RICHLAND Minerals and Chemicals Corporation The slowdown in many sectors of the United States COM ON COM ON continuing economy and inflation led to a declinein the domestic earnings of Engelhard Minerals in 1970 COMMON However this was more than offset by the increase in earnings abroad and in the circumstances consolidatePdLEAS net profits of 36.33 million in 1970 represented PLEAS satisfactory 4.6 per cent increase over the 34.72 million earned in 1969 CASE Western Decalta Petroleum Limited a had satisfactorCyASE year with higher production and sales in response to increased demand in Canada and the United States In addition to the production of oil and gas the company203CP401759 continued its extensive programme of exploration 2023CP4001759 203CP41759 particularly in the North West Territories Industrial and other interests During the year to 31 December 1970 sales by The Cape Asbestos Company in which Charter holds 60.5 per cent of the equity increased from 40.6 million to 45.7 million but the profit before tax was reduced from 3.2 million to 2.5 million Capital expenditure during 1970 was 3.4 million Cape experienced a difficult year with manufacturing operations producing sharply reduced profit margins principally because of higher wage and material costs which were not offset by improved productivity or by obtaining increased selling prices Continued weakness of the building and construction market and the labour unrest in the motor industry has made it particularly difficult for the company to earn satisfactory profits in these sectors 14 The results of Charter's wholly owned industrial subsidiaries in the United Kingdom varied during 1970 The Elastic Rail Spike group made further progress in home and export markets while the Rathdown group having disposed of two making subsidiaries during the early months of 1970 produced a satisfactory improve- ment in profits However the Heatrae group had a poor year in which disruption caused by the removal its main factory to new premises the effect of inflation upon costs and the incidence of recurring expenditure combined to produce a loss Steps to correct the position have been taken and it is expected that the group will return to profitability during 1971 The metal sales and metal trading companies ELCTRONIAY Anmercosa Sales Limited and The Anglo Chemical & FILED Ore Co. Limited again achieved satisfactory results in spite of more difficult trading conditions which gave - 2023 rise to a build of copper stocks and the forcing down of copper prices towards the year end The cash copper price Oct on the London Metal Exchange fell from 735 per metric ton at the end of March 1970 to 526 per metric ton at the end of March 1971 18 International Pacific Corporation Limited the Australian merchant bank in which Charter and N. M. 1 :31 AM Rothschild & Sons Limited have a controlling interest had a very satisfactory year with substantial increases in profits coming from its banking and investment activities RIC-HLAND COM N Drilling at a copper prospect in the Democratic Republic of the Congo where an international consortium led by Charter has started an exploration programme PLEAS - 203CP41759 15 Six Six year financial record CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES Earnings year to 31 march Income from investments Profits on sharedealing Interest received less paid Trading profit and sundry revenue Deduct administration and technical expenditure Profit before taxation Deduct taxation Deduct amount attributable to outside shareholders and acquisition Group net profit Deduct dividends paid Retained Earnings per share Dividends per share Net assets at 31 march Investments at market value or directors valuation Investments at book value Fixed assets Net current assets Deduct : minority interests long term indebtedness and investment grants Total capital and reserves sur: psulrpuluss of market value or directors valuation of investments over book value Total net assets Net assets per share 1971 000s 14,372 1.104 15 3,881 1,176 18,166 2,139 16,027 556 15,471 8.381 7,090 14.76p 8.00p 263.019 139,793 21,556 40,809 34,458 167,700 123,226 290,926 277p 1970 000s 10,705 5,343 511 4.499 1.237 18,799 4,772 14.027 1,029 12,998 7,422 5,576 13.13p 7.50p 325.959 138.388 19.578 17,969 33,969 141.966 187,571 329.537 333p 1969 000s 9.578 3,041 125 839 1.349 12,234 2,114 10,120 383,226 141,547 3.315 5.424 14.991 135,295 241,679 376,974 385p ELECTRONICAL Y EFLCITRLONIEADLY FILED +968 fing00sfing0s Oct253 00539 871 11:31 283 AM 11.352 RICHLAND 5649 RICHLAND RICHLAND RICHLAND RICHLAND 66p CASE 2023 268922689268929 29 129.599 145,206 274,805 280p 1966 000s 8,717 1,200 1,216 518 1.216 10,435 2,656 7,779 7.779 4.784 2.995 7.96p net 6.66D 163,286 163,286 106,111 2.664 2.664 7.177 1.080 1.080 114.872 57.175 57.175 172,047 172,047 175p 175p 155.688 92.326 2,030 15.163 1.240 108,279 63.362 171,641 175p ELECTRONICAL Y Report of the auditors to ELECTRONICALY ELCTRONIAY the members In our opinion based on our examination and the reports of the auditors of those subsidiary companies not FILED - audited by us the accounts set out on pages 18 to 20 and 2023 22 to 27 comply with the Companies Acts 1948 and 1967 and give so far as concerns members of the holding company a true and fair view of the state of affairs at Oct 31 March 1971 and of the profit for the year ended on 18 that date on the basis set out in note 1 1 :31 COOPER BROTHERS & CO AM DELOITTE & CO - Chartered accountants RICHLAND London | June 1971 - COMN PLEAS - 203CP41759 203CP401759 203CP401759 Consolidated profit and loss account for the year ended 31 march 1971 CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES Income from investments note 2 Profits less losses on realization of investments by dealing required subsidiaries including provision against loans no longer required less amounts written off and underwriting commission note 3 Interest received Trading profit and sundry revenue note 4 Deduct Administration and technical expenditure note 4 Directors emoluments note 6 Interest paid note 5 Auditors remuneration parent company 3,000 1970- Profit before taxation Taxation note 7 Profit after taxation Deduct Interest of outside shareholders in profits of subsidiaries acquisition profits of subsidiaries Net profit attributable to Charter Consolidated Limited Interim dividend of 2p per share 1970-2p per share paid 18 December 1970 Proposed final dividend of 5p per share 1970-5p per share payable on or about 14 July 1971 Transfer to investment and exploration reserve in subsidiaries note 15 Unappropriated profit for the year note 15 1971 000s 000s 14,372 1,104 2,036 3,881 21,393 982 122 2,051 72 3,227 18,166 2.139 16.027 556 2,619 5,762 - 556 15.471 8,381 7,090 2,000 5,090 ELECTRONICALLY ELECTRONICALLY ELCTRONIALY FILED 1970 000s 000s - 2023 10,705 5.343 Oct 1.358 18 4.499 11:31 21.905 AM - RICH- LAND 3.106 COM N18.799 4,772 14.027 PLEAS - 571 571 458 458 458 1,029 203CP41759 2,474 4,948 12,998 203CP401759 7,422 5,576 1,500 4,076 For notes on the accounts see pages 22 10 27 18 fiConsolidated balance sheet 31 march 1971 CHARTER CONSOLIDATED LIMITED AND ITS SUBSIDIARY COMPANIES Fixed assets note 9 Investments note 10 Current assets Stocks and work in progress note 11 Debtors Short term loans and deposits Bank and cash balances Current liabilities Associated companies and other deposit accounts Unclaimed dividends Bank overdrafts Creditors Taxation including United Kingdom corporation tax due 1 January 1972 1,359,000: 3,266,000 Proposed final dividend Net Current Assets Total Net Assets Financed by Issued capital note 12 Capital reserves note 15 Revenue reserves note 15 Total Capital and Reserves Investment grants note 9 Minority interest Long term indebtedness note 13 1971 000s 000s 21,556 139,793 11,065 23,349 28.854 2,266 65,534 2,635 74 2,561 10,380 3,313 5,762 24,725 40,809 202,158 26.194 64,614 76.892 167,700 1,594 7,722 25,142 202,158 ELECTRONICAL Y ELECTRONICALY ELCTRONIAY FILED 1970 000s 000s - 19.578 2023 Oct 18 9.953 17,249 1 :31 14.583 2.208 AM - 43.993 RIC-HLAND 2,760 42 42 1,134 10,763 COMN 6.377 4,948 PLEAS - 26,024 17,969 175,935 175,935 175,935 203CP41759 203CP401759 24,738 203CP401759 47,916 69.312 141.966 1.386 7.327 25,256 175.935 S. SPIRO PHILIP OPPENHEIMER Directors W. PARKS Chief accountant For notes on the accounts see pages 22 to 27 Balance sheet 31 march 1971 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 12 Share premium note 15 Revenue reserves Investment and exploration reserve Unappropriated profits note 15 Total Capital and Reserves Long term indebtedness note 13 Current liabilities Unclaimed dividends Creditors Proposed final dividend ELCTRONICALY 1971 000s 000s 93,779 38,691 132,470 77,661 54,809 85 450 16 551 55,360 26,194 18,529 ELCTRONIALY FILED 000s 1970 000s - 85,313 24,795 110,108 72,316 2023 Oct 11:31 37.792 11:31 AM - 200 RICHLAND RICHLAND 209 COMMON 38,001 COMON 24,738 PLEAS 3,269 - 2,204 90 2,294 47,017 2,463 2,207 141 2,348 203CP4175930,355 2,634 46 72 5,762 5,880 55,360 20 44 4,948 5,012 38,001 S. SPIRO PHILIP OPPENHEIMER S. W. PARKS 0 Chief accountant For notes on the accounts see pages 22 to 27 20 ELECTRONICAL Y @ Analysis of assets and investment income ELECTRONICALY Geographical analysis Geographical analysis United Kingdom Continental Europe North America South Africa Zambia Rest of Africa Malaysia Australia ELCTRONIAY FILED PER CENT OF FILED PER CENT OF INVESTMENT ASSETS ASSETS INCOME - 2023 1971 000s 1970 000s 1971 1970 1971 1970 76.840 70.438 23.6 19.4 12.1 14.2 Oct 12,494 11,696 3.8 3.2 3.9 1.6 18 11:31 58,099 73,780 17.9 20.3 7.1 11.5 11:31 107,869 128,792 33.2 35.4 29.5 39.8 AM 16,861 19,927 5.1 5.5 39.4 23.8 - 11,629 12,204 3.6 3.4 3.1 3.5 RICHLAND 2,808 2.968 0.9 0.8 0.8 1.4 38,784 43,701 11.9 12.0 4.1 4.2 325,384 363,506 100.0 100.0 - 100.0 Investment category PER CENT OF COMN PLEAS PER CENT OF INVESTMENT PLEAS ASSETS 1971 1970 ASSETS 1971 1970 INCOME 1971 1970 - 000s 000s Finance 154,471 194.738 47.5 53.6 31.2 37.8 Diamonds 9,983 11,773 3.1 3.2 2.7 3.5 CASE Gold Tin 7,498 6,844 2.3 1.9 5.2 7.3 2023CP4001759 6,053 6,411 1.8 1.8 2.3 2.1 203CP41759 Copper and other minerals 21,439 23,006 6.6 6.3 38.3 23.8 Industrial commercial oil etc. 60,923 80.521 18.7 22.2 18.7 21.9 203CP401759 Long term loans 2,652 2,666 0.8 0.7 1.6 3.6 263,019 325,959 80.8 89.7 Fixed assets Net current assets 21,556 40,809 19,578 17,969 325,384 363,506 6.6 5.4 12.6 4.9 100.0 Notes 1. The analysis of assets 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 21 Notes on the accounts 31 march 1971 1. Basis of consolidation and effect of changes in the composition of the group a The results of subsidiaries acquired during the year have been included in the consolidated profit and loss account from their effective dates of acquisition b 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 December 2. Income from investments a Includes franked investment income of 3,564,000 3,365,000 b Arises from Quoted investments Unquoted investments i Dividends from overseas investments are included at the gross amount declared except for dividends from Malaysian and Zambian companies which have been included after deduction of taxation levied in those countries ii Dividends received from Zambian Anglo American Limited show an increase of 2.831.000 over the previous year This increase must be regarded as exceptional 1971 000s 11,708 2,664 14,372 3. Dealing profits Profits less losses on realization of investments by dealing companies includes profits 698,000 3,247,000 on the realization of investments transferred from holding companies at book value Prior to 1970 such profits were transferred to capital reserve 1970 000s 8,832 1,873 10,705 4. Trading profit and sundry revenue ) The turnover of the manufacturing subsidiaries amounted to 52,526,000 46,606,000 based on the invoiced value of goods sold ii Investment grants credited in these accounts iii Depreciation of fixed assets charged in these accounts including amount set aside for increased cost of plant replacement - nil 15,000 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 the group 1971 000s 195 2,282 215 147 4,430 3,448 982 1970 000s 135 2,030 130 161 3,731 2,680 1,051 22 EL TRONICAL Y EL TRONICAL Y ELTRONICALY FILED - 2023 Oct 18 1 :31 AM - RIC-HLAND COMN PLEAS - 203CP41759203CP401759 5. Interest paid on borrowings by the group Loans repayable after more than five years Loans repayable within five years Amounts deposited with the group Bank overdrafts 1971 000s 1,517 105 236 193 2,051 6. Directors emoluments Directors of the parent company Fees Salaries and other remuneration including pension contributions Pensions etc. to former directors Deduct fees received from other companies and refunded to the group Amounts paid to directors Chairman The Hon H. V. Smith excluding 1.560 as a director Mr S. Spiro excluding 15,114 as a director Highest paid director Others: 17.50115,00112,50110.0015,001 - 7,500 2,501 - 5,000 up to 2,500 Fees waived by 9 directors amounted to 33,000 1970--12 28,000 directors 7. Taxation On profit for the year United Kingdom corporation tax at 40 per cent 1970-45 per cent Deduct double taxation relief Overseas taxation Add adjustments in respect of previous year Deduct estimated overspill relief Note In the event of certain overseas subsidiaries distributing reserves or profits additional liability to United Kingdom taxation would arise 1971 24.000 139,000 7,000 170,000 48,000 122,000 18,838 5,038 21,093 || || ~ 3 || || ~ 1971 000s 6,442 5,065 1,377 1,087 2,464 _ 2,464 325 2.139 1970 000s 1,493 202 166 8 1,869 1970 25,000 144,000 3.000 172,000 46,000 126,000 25,126 _ 25.126 -22-25 -2 2-25 -2 2-25 -2 2-25 -22-25 -2 2-25 14 1970 000s 7,267 3.330 3.937 1,050 4,987 30 5,017 245 4,772 ELCTRONIAY FILED - 2023 Oct 18 11:31 11:31 AM - RIC-HLAND COMN PLEAS PLEAS - 203CP41759 23 8. Remuneration of employees of the group The number of employees other than directors of the parent company whose total emoluments receivable from the company and its subsidiaries exceeded 10,000 were Exceeding 10,000 but not exceeding 12,500 8 employees 1970-7 employees Exceeding 12,500 but not exceeding 15,000 2 employees 1970 Fixed 9. Fixed assets Cost at 31 March 1970 Additions at cost Disposals allocations Balance at 31 March 1971 Depreciation At 31 March 1970 on assets at cost Charge to profit and loss account On disposals Balance at 31 March 1971 FREEHOLD PROPERTY 000s 9,050 LONG LEASEHOLD PROPERTY SHORT LEASEHOLD PROPERTY PLANT FURNITURE AND FITTINGS 000s 2,176 000s 1,821 000s 22,752 589 346 273 268 3 3 125 33 3 3,658 908 273 9,020 2,438 1,916 25,775 MINING RIGHTS 000s 1,555 143 _ 1,698 3,010 295 1.134 13,337 236 69 87 1,890 130 1 7 629 _ 3,116 363 1,214 14,598 _ STRONICALY FILED - 2023 Oct 18 11:31 TOTAL AM 000s - 37.354 RICHLAND4,783 1,290 _ - 40,847 17,776 COM N 2,282 PLEAS 767 19,291 - Net book value At 31 March 1971 At 31 March 1970 5.904 6,040 NOTES ) Freehold land and buildings are included on the following basis 000s At cost 8,039 At valuation in 1960 696 At valuation in 1966 285 9.020 9.020 No depreciation has been provided on freehold land Included is an amount of 427.000 relating to land and factory premises acquired by the Belgian subsidiaries and financed by secured loans see note 13 The legal title to the factory premises does not vest in the companies concerned until the final instalments on the loans have been paid ii Mining rights are included on the following bases 000s At cost 451 At valuation in 1948 1,247 1,698 No amortisation has been provided on the mining rights in South Africa as the directors are of the opinion that the present value exceeds book value 2,075 702 11,177 1,698 21,556 1,881 iii 203CP41759 687 9,415 1,555 19,578 Investment grants in respect of each year's capital expenditure are 203CP401759 credited to profit and loss account over a period of ten years the estimated average life of the relevant fixed assets Grants shown in the consolidated balance sheet represent total grants to date less the amount credited to profits iv Commitments for capital expenditure of subsidiaries amount to 857,000 1,298,000 Investment grants 36.000 1970- 120.000 v Estimated capital expenditure of subsidiaries authorized but not committed amounts to 1.306,000 1.113,000 Investment grants nil 162.000 24 10. Investments GENERAL Quoted in Great Britain Quoted outside Great Britain Unquoted AT COST LESS AMOUNTS WRITTEN OFF 1971 000s 1970 000s 57,249 11,484 57,383 16,215 68,733 26,047 94,780 73,598 28,137 101,735 ASSOCIATED COMPANIES Quoted in Great Britain Quoted outside Great Britain Unquoted Advances 23,462 4,118 27,580 8,738 36,318 8,695 45,013 15,398 3,840 19,238 8,671 27,909 8,744 36,653 TOTAL INVESTMENTS Quoted in Great Britain Quoted outside Great Britain 80,711 15,602 Unquoted including advances 96,313 43,480 139,793 NOTES ) In the case of quoted South African securities London stock exchange prices have been taken where the securities are held in the United Kingdom and Johannesburg stock exchange prices where the securities are held in South Africa ii Included in unquoted investments are shares in Anglo American Corporation Rhodesia Limited The book value and directors valuation at 31 March 1971 both amount to 2,988,542 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 in respect of subscriptions for shares and loan facilities amount to 10,049,000 1970 000 3 A subsidiary company has entered into contracts for exploration expenditure to be incurred after 31 March 1971 v The greater part of the investments is of a permanent 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 1970-75 per cent of the investment currency premium where applicable which amounts to 786,000 1.986.000 72,781 20,055 92,836 45,552 138,388 ELCTRONIAY FILED MARKET VALUE OR DIRECTORS VALUATION - 1971 000s 1970 000s 2023 151,177 187,365 Oct 13,363 21,245 18 11:31 164,540 208,610 32,094 33.373 1 :31 196,634 241,983 AM - 39,683 58,504 RICHLAND 8,102 6,708 47,785 65,212 10,612 9,974 - 58,397 75,186 7,988 66,385 8,790 83.976 COMN PLEAS 190,860 245,869 21,465 27,953 - 212,325 50,694 273,822 52,137 263,019 325,959 203CP41759 11. Stocks Stocks and work in progress have been valued at the lowest of cost net realizable value and replacement price on bases consistent with those adopted in previous years 25 EL 12. Share capital : Authorized 120,000,000 shares of 25p each Issued fully paid: At 31 March 1970 Issued during year as detailed on page 5 of the report of the directors 98,952,955 shares of 25p each fully paid 5,813,621 104,766,576 Issued partly paid Issued during year as detailed on page 5 of the report of the directors At 31 March 1971 275,900 shares of 25p each 1p paid up Under the share incentive scheme there remain 2,692.688 shares for issue partly paid to senior employees at the discretion of the directors 1971 E 30,000,000 24,738,239 1,453,405 26,191,644 2,759 26,194,403 1970 30,000,000 STRONICALY FILED - 2023 Oct 18 1 :31 AM - RICH- LAND COM N 13. Long term indebtedness Details of loans repayable over a longer period than five years 1971 1970 Debenture stocks secured issued by ) Charter Consolidated Investments Limited PLEAS 000s 000s - 4 per cent first debenture stock 1978/83 500 500 4 per cent second debenture stock 1978/83 500 500 ii The Cape Asbestos Company Limited 7 per cent debenture stock 1986/89 6 per cent debenture stock 1986/89 2,000 600 2,000 600 Unsecured loan stocks issued by 203CP41759 ) ii iii The company 5 per cent convertible loan stock 1984 The Cape Asbestos Company Limited 7 per cent loan stock 1986/91 Swaziland Collieries Limited 9 per cent registered convertible notes of R240,000 1972/81 2,463 3,459 140 2,634 3,459 _ Bonds issued by Charter Consolidated Overseas N.V. + per cent unsecured bonds of DM120,000,000 1968/83 14,873 14,873 Belgian long term loans Secured repayable by annual instalments over 12 years 341 370 Unsecured repayable by annual instalments over 6 years 266 320 25,142 25,256 NOTES ( The company's 5 per cent convertible loan stock 1984 carries the following conversion rights Year of conversion Number of shares per 100 stock 1970-74 25 1975-79 24 1980-84 23 ii The registered holders of the Swaziland notes issued during the year have the right during March and September in any year from 1972 to 31 March 1981 inclusive to surrender the notes for conversion into shares on the basis of one Swaziland share for every R2 of nominal value so surrendered iii The DM120,000,000 6 per cent unsecured bonds 1968/83 are quoted on the Frankfurt stock exchange The company has guaranteed the bonds as regards both repayment of principal including premium if any and payment of interest iv The Belgian subsidiaries pay interest at rates determined half yearly by the Belgian authorities currently 2 per cent per annum on the secured loans and 2.35 per cent per annum on the unsecured loans 26 ELCTRONIAY 14. Contingent liabilities For amounts not called on investments FILED 1971 000s 1970 000s - 320 315 In respect of guarantees company 3,272,000 1,176,000 In respect of underwriting participations 4,314 38 1,960 91 2023 Oct Bills receivable and a hire purchase agreement discounted 155 138 4,827 2.504 18 11:31 The company has given guarantees in connection with future loans by third parties to Soci^'t^'Mini^rede Mauritanie 11:31 15. Movements on reserves Balances at 31 March 1970 Add Appropriated from profits Premium on shares issued by the company Surplus realized on sales of investments by holding companies less United Kingdom tax thereon and amount written off Prior year United Kingdom tax adjustments Recovery of amounts previously written off Exchange adjustments Sundry surpluses and adjustments AM - INVESTMENT AND SHARE OTHER = EXPLORA- RICHLAND PREMIUM ACCOUNT GROUP = CAPITAL RESERVES GROUP 000s 000s TION RESERVE GROUP 000s UNAPPROPRIATED PROFITS GROUP COMPANY 000s 000s - 15,265 32,651 12,947 56,365 141 COM N 15,259 2,000 5,090 775 51 448 440 PLEAS 626 506 90 PLEAS 158 235 - Deduct Amounts written off unquoted investments Investments in exploration companies and exploration expenditure written off Company 3,000 30,524 34,090 16,021 61.750 go 46 833 Balances at 31 March 1971 16. Currency conversion 30,524 34,090 64,614 15,142 61,750 76,892 gg gg 203CP41759 Assets and liabilities in commonwealth and foreign currencies have been converted into sterling at the rates of exchange ruling at the dates of the respective balance sheets 17. Exchange control The transfer of assets held by the group in Rhodesia and in the Republic of South Africa would be subject to restriction under exchange control regulations 18. Subsidiary companies and principal investments A list of the major subsidiary companies associated companies and interests of ten per cent or more in other companies and other principal investments are included on pages 8 to 10 Other information Directors interests The following are the interests of the directors of the company who held office on 31 March 1971 as notified to the company in terms of the Companies Act 1967 FULLY PAID SHARES OFOF THE COMPANY Sir Keith Acutt Comte T. de Feuillade Feuillade de Chauvin A. Chester BeattyBeatty J. E. H. Collins H. Dent H. Fraser J. O. Hambro K. Kinkead J. B. Mudd H. F. Oppenheimer Sir Philip Oppenheimer B. W. Pain J. G. Richardson R.A. de Rothschild The Hon V. Smith S. Spiro L. G. Stopford T. P. Stratten Sackville W. D. Wilson 100 574 287 100 500 100 2.876 100 100 5,000,100 9,798 100 100 156.291 1.200 100 4,750 1,200 100 100 574 287 100 1,155 100 2,876 100 100 5,000.100 9,798 100 100 1.000 1,200 100 4,750 1,200 100 ALTERNATE ALTERNATE DIRECTORS DIRECTORS R. J. Armitage C. D. Burnell M. W. B. Heald H. MacWilliam A. E. Oppenheimer A. W. Owston R. Pritchard nil nil appointed 1 June 1970 1,500 nil nil nil nil nil nil 1,500 nil nil nil aoe Lorca a notified pursuant to Of the The had interests in the orginary orginary shares of Asbestos Company Limited a subsidiary of the company - RECTORS N. Weekes W. Pain Richardson Stopford Sackville R. J. Armitage C. D. Burnell W. B. Heald W. Owston V. Pritchard PAID SHARES CF COMPANY Apr 1970 31 March 1971 nil 12,500 nil 12,500 nil 10,000 nil 10,000 nil nil appointed 1 June 1970 nil nil 7,500 7,500 5.000 6,000 5.000 These partly paid shares were issued under the share incentive scheme approved by loan stockholders in July 1970 The scheme provides for the issue of shares at discretion of the board of directors for subscription by senior bloyees including including Executive directors of Charter of Charter Consolidated Services P. D. Burnell R. H. Dent H. R. Fraser INTEREST IN INTEREST ORDINARY SHARES OF OF25p EACH THE CAPE ASBESTOS COMPANY LIMITED 1 April 1970 31 March 1971 nil 800 2,100 2.100 800 nil EL TRONICALY TRONICALY 1 April 1970 31 March 197 S. Spiro 800 800 FILED G. Stopford Sackville 800 800 FILED FILED Mr R. H. Dent also had an interest at 1 April 1970 in 2,142 of the company's 5 per cent convertible unsecured loan stock 1984 2023 No director or alternate director had any other interest notified to the company in terms of the Companies Act 1967 Taxation Oct ( Capital gains tax 18.11 18.1 The market price of the company's shares on 6 April 1965 was 18.11 Registered shares 98.75p 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 AM Income and Corporation Taxes Act 1970 - RICHLAND Turnover The following is the proportion of the turnover shown in note 4 and the RICHLAND amount profit attributable to each different class of business undertaken by the group's manufacturing subsidiaries Proportion of turnover - Contribution to group trading profit before COMMON taxation COMMON va 000s COMMON Building and construction industry materials Automotive friction materials General engineering and shipbuilding materials 32.2 29.0 9.4 332 COM ON 711 PLEAS PLEAS PLEAS Asbestos fibre 16.3 1.755 Railway track fastenings mine roof bolts galvanizing etc. Heaters and heating equiqment Components mainly for the television and telecommunications industries Geographical analysis of turnover 3.8 6.4 2.9 ~ 100.0 CASE 359 CASE 16 CASE 2023CP401759 177 2023CP401759 3,663 2023CP4001759 3,663 2023CP40 1759 2023CP4001759 2023CP401759 000s 2023CP401759 United Kingdom Continental Europe North and South America 35,252 2023CP401759 2023CP4001759 8.313 2,887 Africa and Middle East 3.334 Australasia and Far East 2,740 52.526 Exports The aggregate value of goods exported by the group's United Kingdom manufacturing subsidiaries during the year totalled 5,759,000 Number and remuneration of employees The average number of employees per week of the company and its subsidiaries working wholly or mainly in the United Kingdom was 9,574 during the year The aggregate amount of the remuneration paid to employees working wholly or mainly in the United Kingdom during the year 13,580,000 en d^'poser g^'n^'raletenus de d^'poser leurs la bles francs moins avant datedate Kent House Station Road d^'positaireautoris^' ou d'actions du certificat d'actions