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SENS AND PRESS RELEASES


NAV as at 31 March 2007 – Auditors provide limited assurance

 
13 Dec 2007 - JCI LIMITED
(“JCI” or “the Company”)
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
Share code: JCD (Suspended)
ISIN: ZAE0000039681

GROUP NET ASSET VALUE STATEMENT Limited Assurance Report of the independent auditor and renewal of cautionary announcement DIRECTORS’ RESPONSIBILITY STATEMENT
The JCI directors are responsible for the preparation and presentation of the Group Net Asset Value Statement of JCI Limited at 31 March 2007 and accompanying Notes.
The Group Net Asset Value Statement has been prepared in accordance with the basis of preparation set out in the accompanying Notes for the purpose of providing the shareholders with a financial update relevant to the proposed merger between JCI and R&E, as was announced on SENS on 15 March 2007, and has not been prepared in accordance with IFRS or other generally accepted accounting principles.
The JCI directors’ responsibility includes determining that the basis of preparation is an acceptable basis for preparing and presenting the Group Net Asset Value Statement and accompanying Notes and making accounting estimates which, in the opinion of the JCI directors, are reasonable in the circumstances.
KPMG, the independent auditor, is responsible for reporting on whether, based on the auditor’s procedures arising from a limited assurance engagement, the Group Net Asset Value Statement at 31 March 2007 has been prepared, in all material respects, in accordance with the basis of preparation set out in the accompanying Notes to the Group Net Asset Value Statement.
Approval of the Group Net Asset Value Statement
The Group Net Asset Value Statement at 31 March 2007 and accompanying Notes were approved by the JCI board on 13 December 2007 and are signed on its behalf by:










Peter Henry Gray
 Leslie Arthur Maxwell
Chief Executive Officer Financial Director



LIMITED ASSURANCE REPORT OF THE INDEPENDENT AUDITOR TO THE SHAREHOLDERS OF JCI LIMITED
We have performed our limited assurance engagement on the Group Net Asset Value Statement of JCI Limited at 31 March 2007 and accompanying Notes.
Directors’ responsibility for the Group Net Asset Value Statement
The JCI Limited directors are responsible for the preparation and presentation of the Group Net Asset Value Statement in accordance with the basis of preparation, set out in the Notes to the Group Net Asset Value Statement for the purpose of providing the shareholders with financial information relevant to the proposed merger with Randgold & Exploration Company Limited, as referred to in the Notes. This responsibility includes determining that the basis of preparation is an acceptable basis for preparing and presenting the Group Net Asset Value Statement and making accounting estimates which, in the opinion of the JCI directors, are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to conclude on whether the Group Net Asset Value Statement at 31 March 2007 has been prepared on the basis of preparation set out in the accompanying Notes, based on the procedures performed by us in a limited assurance engagement. There are no International Standards on Auditing (Engagement Standards) applicable to an engagement of this nature. In these circumstances we applied our professional judgement in planning and performing our procedures to obtain limited assurance on the Group Net Asset Value Statement in accordance with the basis of preparation set out in the accompanying Notes. Our evidence gathering procedures are more limited than for a reasonable assurance engagement and therefore less assurance is obtained than in a reasonable assurance engagement. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Summary of work performed
Our work included making enquiries with management and performing procedures to obtain evidence in respect of the amounts and disclosures in the Group Net Asset Value Statement in accordance with the basis of preparation set out in the accompanying Notes. We have evaluated the appropriateness of the basis of preparation in the circumstances and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Group Net Asset Value Statement.
Conclusion
Based on the procedures performed by us, nothing has come to our attention that causes us to believe that the Group Net Asset Value Statement at 31 March 2007 has not been prepared, in all material respects, on the basis of preparation set out in the accompanying Notes.
Restriction on use of this report
The Group Net Asset Value Statement has been prepared, in all material respects, in accordance with the basis of preparation, set out in the accompanying Notes, for the purpose of providing the shareholders with financial information relevant to the proposed merger, as referred to in the Notes.
The Group Net Asset Value Statement and our limited assurance report may not be suitable for any other purpose.






























































































































KPMG Inc    
Registered Auditor    
     
13 December 2007    
Johannesburg, South Africa    

GROUP NET ASSET VALUE STATEMENT    
    Unaudited
  Notes At 31 March 2007
    R ’000
   ASSETS    
   Listed investments 3 1 979 915
   Gold Fields   1 720 817
   R&E   178 094
   Other listed investments   81 004
   Unlisted investments   477 198
   Boschendal 4 127 043
   Jaganda 5 283 755
   Businesses held for sale 6 66 400
   Prospecting rights   246 421
   Prospecting rights – GFO transaction 7 182 315
   Other prospecting rights 8 64 106
   Other assets   56 547
   Investment properties 9 6 100
   Cash and cash equivalents 10 50 447
   TOTAL ASSETS
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