| Tue 4 Dec 2007, 12:21 | | TBX - Thabex - Unaudited interim results for the six months ended |
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TBX
TBX
TBX - Thabex - Unaudited interim results for the six months ended
31 August 2007
THABEX LIMITED
(formerly Thabex Exploration Limited)
("Thabex or the Company")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
Young Lions Exploring Africa
JSE share code: TBX
ISIN Code: ZAE000013686
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
CONSOLIDATED BALANCE SHEET Restated
Six months Six months Year ended
ended ended
31 August 31 August 28 February
2007 2006 2007
Unaudited Unaudited Audited
R`000 R`000 R`000
Assets Notes
Non-current assets 18 317 8 356 10 888
Mining assets and equipment 3 356 1 070 3 602
Exploration and evaluation 1 14 961 7 286 7 286
assets
Current assets 7 072 10 699 6 604
Inventories 1 220 1 521 1 540
Trading investments 327 1 226 912
Trade and other receivables 3 362 2 977 3 139
Taxation refundable - 4 524 -
Cash and cash equivalents 2 162 451 1 013
Total assets 25 389 19 055 17 492
Equity and liabilities
Capital and reserves
Share capital 2 101 1 701 1 701
Share premium reserve 24 689 17 203 17 203
Treasury shares - (241) -
Accumulated loss (5 079) (225) (3 456)
Total equity attributable to equity of 21 711 18 428 15 447
the parent
Minority interest - - -
Total equity 21 711 18 438 15 447
Non-current liabilities
Non interest bearing Long- - - -
term Liabilities
Current liabilities 3 678 617 2 045
Trade and other payables 3 053 617 2 045
Provisions taxation 625 - -
Total equity and liabilities 25 389 19 055 17 492
Shares in issue 21 006 887 17 006 887 17 006 887
Net asset value per share 103.35 108.42 90.83
(cents)
Net tangible asset value 103.35 108.42 90.83
(cents)
CONSOLIDATED INCOME STATEMENT
Revenue 418 54 80
Cost of sales (331) (49) (71)
Gross Income/(Loss) 87 5 9
Other operating income 782 169 472
Administration expenditure (1 970) (1 256) (2 994)
Other operating (4 068) (1 999) (4 759)
expenses
Operating loss (5 169) (3 080) (7 272)
Negative goodwill 2 3 410 - -
Finance income 136 227 671
Interest paid - - (4)
Loss before taxation (1 623) (2 853) (6 601)
Taxation - - -
(Loss)for the period (1 623) (2 853) (6 601)
Attributable to:
Equity holders of the (1 623) (2 853) (6 601)
parent
Minority interest - - -
Weighted average of number of shares 18 388 162 17 006 887 17 006 887
in issue
Basic (loss) per share (8.83) (16.77) (38.81)
(cents)
Diluted (loss) per share (8.83) (16.77) (38.81)
(cents)
Headline (loss) per share (27.48) (5.21) (38.84)
(cents)
RECONCILIATION OF HEADLINE
EARNINGS/(LOSS)
Reconciliation between earnings/(loss)
and
Headline
earnings/(loss)
Loss attributable to ordinary (1 623) (2 853) (6 605)
shareholders
Impairment of loans in - 1 967 -
subsidiaries
Negative goodwill (3 410) - -
Headline (loss) (5 053) (885) (6 605)
CONSOLIDATED CASHFLOW
STATEMENT
Cash utilized in operating activities (1 476) (3 967) (1 212)
Cash inflow/ (outflow)from 4 651 (143) (2 336)
investing activities
Cash outflow from financing - - -
activities
Net increase/(Decrease) in 3 175 (4 110) (3 548)
cash resources
Cash at beginning of period 1 013 4 561 4 561
Cash at end of period 2 162 451 1 013
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Equity 26 790 18 663 21 291
Share capital 2 101 1 701 1 701
Share capital at the beginning of 1 701 1 701 1 071
the period
Issue of ordinary 400
shares
Share premium 24 689 17 203 17 203
Share Capital at the beginning of 17 203 17 203 17 203
the period
Share premium on issue of ordinary 7 666
shares
Treasury shares - (241) (241)
Disposal of company equity - - 761
by subsidiary
Transfer to accumulated - - (520)
loss
Accumulated Loss (5 079) (7 510) (3 456)
Accumulated Loss at the beginning of (3 456) (4 657) 2 629
period
Net(loss) for period (1 623) (2 853) (6 605)
Surplus on disposal of - - 520
equity by company
Note 1: Exploration and evaluation assets - Adjusted with the adoption of IFRS
6 Exploration and Evaluation of Mineral Resources which has been incorporated
in the 2007 financial results and has been applied retrospectively and
comparative figures have been restated.
Note 2: Negative goodwill - Negative goodwill has been adjusted to include the
excess of the net asset value of the acquisition at fair value over the
purchase consideration of Minnex Exploration Ltd as per the acquisition
circular to Thabex shareholders dated 16 July 2007.
Review of operations and future prospects
Diamonds
During the current year, Angel Diamonds (Pty) Ltd commenced the primary
crushing of 20 000t of kimberlic material for further possessing. After
resolving safety and security aspects at Kolo the final commissioning of the
20tph Dense Medium Separator ("DMS") plant is expected to be completed by the
middle of December 2007.
Uganda gold and diamonds
Shareholders are referred to the SENS announcement of 19 July 2007, relating
to the identification of anomalous concentrations of gold in the Mafuga Gold
Prospect. Continued exploration in the area is occurring in order to
establish the economic viability of the area.
Minnex Exploration Ltd ("Minnex")
As announced on 8 August 2007 on SENS the Company concluded the acquisition of
Minnex. Minnex and Diamex JV (Pty) Ltd, a wholly owned subsidiary of Thabex,
have been testing the diamondiferous alluvial gravels on the farm Middelwater
along the Orange River north of Prieska in the Northern Cape Province. In
Namibia, Namdeb Corporation (Pty) Ltd has been conducting various geophysical
surveys, as well as soils and stream-sediment sampling over the area covered
by the Exclusive Prospecting Licenses held by Minnex subsidiary Minnex
Exploration Namibia (Pty) Ltd.
Monastery Mine (Pty) Ltd ("Monastery")
The Prospecting Right for the Monastery Kimberlite was granted on 18 July 2006
and is currently awaiting registration with the Department of Minerals and
Energy ("DME").
Operating results
The headline loss per share decreased from 5.21 cents to 27.48 cents. The net
asset value of the group decreased from 108 cents per share in 2006 to 103
cents per share. The increase in the headline loss per share was mainly
attributed to the increased exploration expenditures on various projects of
both Thabex and Minnex.
Future prospects
Salt River Resources Ltd ("SRR") (formerly known as Thaba Egoli Mining &
Exploration Ltd) oversaw completion and acceptance by the JSE of the Competent
Persons Report for the Salt River deposit in the Northern Cape Province. The
Prospecting Right for the farms Graafwater No 198, Portion 8 and Remainder of
the farm Adjoining Geelvloer No 197 was executed by the DME and is awaiting
registration. A Prospecting Right for the farms Ganna Poort No 202, Lovedale
No 201, Quagga Maag No 200, Hartebeest Vlei No 199 and Vaal Kop No 225 was
granted by the DME, while a Prospecting Right for Portion 4 of the farm
Adjoining Geelvloer No 197 has been accepted by the DME. SRR is continuing
with pre-feasibility and scoping study with the view to raise sufficient funds
to complete a bankable feasibility on the Salt River Project.
Mining Charter and BEE
After the completion of the Minnex acquisition, the Company is now 21.24% BEE
owned.
Dividend
No dividend has been declared for the period.
Basis of accounting
These consolidated interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS)and IAS 34. The interim
financial statements do not include all of the information required for full
annual financial statements.
Accounting policies The principal accounting policies of the Group are
consistent with those applied in the audited financial statements for the year
ended 28 February 2007.
Review of results
The financial information contained in this interim statement has not been
reviewed and reported on by the auditors of the Company.
On behalf of the board
JR Rapoo Marius Welthagen
Chairman Chief Executive
Johannesburg 4 December 2007
Registered office: Ground Floor, Kiepersol House, Stonemill Office Park,
300 Acacia Road, Darrenwood, Randburg, 2194
Auditors: KPMG Inc. KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries: SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries: Link Market Services South Africa Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239) local only
Sponsor: PSG Capital Ltd
Directorate: JR Rapoo, M Welthagen*, JL Bosch, DS Cowie*, Prof DL Reid#, AP
Roux
*Executive director, # New Zealand
Date: 04/12/2007 12:21:10 Produced by the JSE SENS Department.
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