|
AFO
AFO
AFO- Aflease Gold- Unaudited Interim Results for the 6 months ended 30 June 2007
AFLEASE GOLD LIMITED
(Formerly Sub Nigel Gold Mining Company Limited)
Incorporated in the Republic of South Africa
(Registration number: 1984/006179/08)
Share code: AFO (JSE)
ISIN: ZAE000075867
("Aflease Gold")
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2007
Summarised Group Balance Sheet
Unaudited Unaudited Audited
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment
Mine development costs and 84,521 10,139 53,970
mine plant facilities
Undeveloped properties 112,500 114,015 113,001
Asset retirement fund 736 681 705
Other investments - 68 -
Amounts due from related parties 354 46 72
198,111 124,949 167,748
Current assets
Cash and cash equivalents 72,198 31,048 65,479
Receivables and prepayments 11,054 3,091 5,973
Inventories 289 - 289
83,541 34,139 71,741
Total assets 281,652 159,088 239,489
SHAREHOLDERS` EQUITY
Share capital and share premium 294,988 148,853 220,046
Contributed surplus 2,973 - 1,762
Accumulated deficit (57,455) (30,069) (44,687)
240,506 118,784 177,121
LIABILITIES
Non-current liabilities
Amounts owing to related parties 189 3,422 1,265
Asset retirement obligation 2,665 1,345 2,572
Deferred taxation 31,411 31,411 31,411
34,265 36,178 35,248
Current liabilities
Accounts payable and accrued 6,881 4,126 25,235
liabilities
Provisions - - 1,885
6,881 4,126 27,120
Total equity and liabilities 281,652 159,088 239,489
- -
Summarised Group Income Statement
Unaudited Unaudited Audited
30 June 30 June 31 December
2007 2006 2006
6 months 6 months 12 months
R`000 R`000 R`000
Revenue - - -
Cost of Sales - - -
Gross loss - - -
Sundry income 366 1 301
General and administrative (8,239) (3,549) (13,165)
expenditure
Share options expensed (1,211) - (1,762)
Exploration and pre-feasibility (6,362) (5,090) (9,979)
expenditure
Operating loss (15,446) (8,638) (24,605)
Interest received 2,771 232 1,804
Interest paid (93) (61) (88)
Loss before income taxes (12,768) (8,467) (22,889)
Taxation - (107) (333)
Net loss (12,768) (8,574) (23,222)
Loss per share (cents)
- Basic (2.60) (2.00) (5.16)
Headline (2.60) (2.00) (5.16)
- Diluted (2.58) (1.97) (5.14)
Number of shares in issue 501,414,600 440,014,600 473,889,600
Reconciliation of weighted average number of
shares and diluted average number of shares
Average number of shares 491,767,362 423,317,712 443,166,965
Adjusted for:
Unexercised share options 4,029,365 6,950,000 1,772,206
Diluted average number of shares 495,796,728 430,267,712 444,939,171
Unaudited Unaudited Audited
Group Contingent Liabilities and 30 June 30 June 31 December
Commitments
2007 2006 2006
R`000 R`000 R`000
Guarantees 1,325 913 1,325
Capital commitments
- Capital expenditure 43,042 6,866 2,553
commitments contracted for
- Capital expenditure commitment 66,517 - 141,934
authorised by the Directors but not
yet contracted for
Operating lease commitments 3,988 4,073 4,025
Summarised Group Statement of Changes in Equity
Unaudited Unaudited Unaudited Unaudited
Share
capital
and share Contributed Accumulated
premium surplus deficit Total
R`000 R`000 R`000 R`000
Balance at 1 January 2006 16,270 - (21,495) (5,225)
Share issues 132,583 - - 132,583
Net loss for the period - - (8,574) (8,574)
Balance at 30 June 2006 148,853 - (30,069) 118,784
Share issues 75,107 - - 75,107
Share option scheme - 1,762 - 1,762
Transaction cost (3,914) - - (3,914)
Net loss for the period - - (14,618) (14,618)
Balance 31 December 2006 220,046 1,762 (44,687) 177,121
Share issues 75,692 - 75,692
Share option scheme - 1,211 - 1,211
Transaction cost (750) - - (750)
Net loss for the period - - (12,768) (12,768)
Balance at 30 June 2007 294,988 2,973 (57,455) 240,506
- - -
Summarised Group Cash Flow Statement
Unaudited Unaudited Audited
30 June 30 June 31
December
2007 2006 2006
6 months 6 months 12 months
R`000 R`000 R`000
Cash utilised by operating activities (36,726) (6,557) 2,190
Cash utilised by operations (14,177) (8,150) (18,660)
Utilised to increase / (decrease) (25,320) 1,529 19,467
working capital
Net cash utilised by operating (39,497) (6,621) 807
activities
Finance income 2,771 232 1,804
Finance costs - (61) (88)
Taxation paid - (107) (333)
Cash (expended on) / retained from (30,139) (7,604) (51,136)
investment activities
Additions to property, plant and (30,108) (7,511) (51,087)
equipment
Increase in investments (31) (93) (49)
Cash flow from financing activities 73,584 44,990 114,206
Proceeds from issue of shares 74,942 36,111 110,473
Business combination - 11,820 11,820
(Decrease) / increase in amounts (due (1,358) (2,941) (8,087)
to) / due from related parties
Movement in cash and cash equivalents 6,719 30,829 65,260
Cash and cash equivalents at beginning 65,479 219 219
of period
Cash and cash equivalents at end of 72,198 31,048 65,479
period
(0) 0 -
NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE 6 MONTHS ENDED 30 JUNE 2007
BASIS OF PREPARATION
These summarised consolidated interim financial statements are unaudited and
have not been reviewed by our auditors. These interim summarised consolidated
financial statements of Aflease Gold Limited and its subsidiaries are for the 6
months ended 30 June 2007. They have been prepared in accordance with IAS 34,
Interim Financial Reporting, and are covered by International Financial
Reporting Standard. The preparation of financial statements in accordance with
IAS 34 requires the use of certain critical accounting estimates. It also
requires management to exercise judgement in the process of applying the Group`s
accounting policies. There were no areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the
abridged consolidated interim financial statements.
COMMENTARY
FINANCIAL RESULTS
The loss per share of R2.60 compared with R2.00 for the corresponding period
last year is mainly attributable to the increased expenditure on the development
of the Modder East mine which is currently under construction . Since the sod
turning ceremony in May 2006, the portal has been completed and the trackless
decline has advanced 838 metres. The project is on track for completion in the
third quarter of 2009.
Aflease Gold raised an amount of approximately R79 million to fund the ongoing
development by placing 27 400 000 ordinary shares with public shareholders
diluting Uranium One Inc.`s shareholding to 67.7%. Further capital expediture
will be funded from existing cash reserves of approximately R72 million.
Additional prospecting right
A further prospecting right on the East Rand has been granted in respect of the
Sub Nigel Area 8 prospecting area securing an additional 6540.7174 hectares for
Aflease Gold to undertake exploration activities.
Signed on behalf of the Board:
NJ Froneman
(Chief Executive Officer)
Johannesburg
17 August 2007
Sponsor: Nedbank Capital
Date: 17/08/2007 07:00:08 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
