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AFO
AFO
AFO - Aflease Gold Ltd - Reviewed interim results for the 6 months ended 30 June
2008
Aflease Gold Ltd
Share code: AFO (JSE)
Registration number: 1984/006179/06
ISIN: ZAE000075867
AFLEASE GOLD LTD
REVIEWED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2008
Reviewed Unaudited Audited
Summarised Group Balance Sheet 30 June 30 June 31
December
2008 2007 2007
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment
Mine development costs and
mine plant facilities 320,476 84,521 168,413
Undeveloped properties
110,645 112,500 110,645
Asset retirement fund 7,033
736 6,682
Restricted cash
1,774 - 1,596
Amounts due from related parties
268 354 268
440,196 198,111 287,604
Current assets
Cash and cash equivalents
471,984 72,198 634,315
Receivables and prepayments
21,835 11,054 15,948
Inventories
289 289 289
494,108 83,541 650,552
Total assets
934,304 281,652 938,156
SHAREHOLDERS` EQUITY
Share capital and share premium 360,533 294,988 360,323
Contributed surplus 10,644 2,973 6,574
Accumulated deficit (146,423) (57,455) (126,676)
224,754 240,506 240,221
LIABILITIES
Non-current liabilities
Financial liabilities designated at fair 620,902 - 622,040
value
Amounts owing to related parties
935 189 249
Asset retirement obligation
7,551 2,665 7,445
Deferred taxation
31,411 31,411 31,411
660,799 34,265 661,145
Current liabilities
Accounts payable and accrued liabilities
41,745 6,881 30,359
Taxation payable 4,245 - 2,005
Provisions
2,761 - 4,426
48,751 6,881 36,790
Total equity and liabilities
934,304 281,652 938,156
Reviewed Unaudited Audited
Summarised Group Income Statement 30 June 30 June 31 December
2008 2007 2007
6 months 6 months 12 months
R`000 R`000 R`000
Revenue
- - -
Cost of Sales
- - -
Gross loss
- - -
Sundry income
- 366 3
General and administrative
expenditure (9,091) (8,239) (35,390)
Share options expensed (1,211)
(4,070) (4,812)
Exploration and pre-feasibility
expenditure (13,073) (6,362) (22,392)
Impairment of assets - -
(3,055)
Fair value adjustment on 684 -
financial liability (22,040)
Operating loss
(25,550) (15,446) (87,686)
Interest received
33,229 2,771 8,470
Interest paid
(25,073) (93) (226)
Loss before income taxes
(17,394) (12,768) (79,442)
Taxation -
(2,353) (2,547)
Net loss
(19,747) (12,768) (81,989)
Loss per share (cents)
- Basic (16.31)
- Headline (3.77) (2.60)
(3.77) (2.60) (15.70)
- Diluted
(3.68) (2.58) (11.68)
Number of shares in issue 524,457,006 501,414,600 524,132,006
Reconciliation of weighted average number of shares
and diluted average number of shares
Average number of shares 524,186,173 502,681,903
491,767,362
Adjusted for:
Unexercised share options 23, 576,
709 4,029,365 2,661,616
Convertible bonds -
potentially convertible 7,872,401 7,872,401
Diluted average number of shares 555,635,283 513,215,920
495,796,727
Reviewed Unaudited Audited
Group Contingent Liabilities and 30 June 30 June 31 December
Commitments
2008 2007 2007
R`000 R`000 R`000
Guarantees
21,774 1,325 21,790
Capital
commitments
- Capital expenditure commitments
contracted for 103,828 43,042 175,953
- Capital expenditure commitment 473,695 66,517
authorised by the Directors but not yet 722,046
contracted for
Operating 3,907
lease 3,988 3,926
commitments
Summarised Group Statement of Changes in Equity
Unaudited Unaudited Unaudited Unaudited
Share Contributed Accumulated Total
capital
and share Surplus Deficit
premium
R`000 R`000 R`000 R`000
Balance at 1 January 2007
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
Share issues
64,750 - - 64,750
Share option scheme
- 3,601 - 3,601
Transaction cost 585
- - 585
Net loss for the period
- - (69,221) (69,221)
Balance 31 December 2007
360,323 6,574 (126,676) 240,221
Share issues 211
- 211
Share option scheme
- 4,070 - 4,070
Transaction cost
(1) - - (1)
Net loss for the period
- - (19,747) (19,747)
Balance at 30 June 2008
360,533 10,644 (146,423) 224,754
Reviewed Unaudited Audited
Summarised Group Cash Flow 30 June 30 June 31
Statement December
2008 2007 2007
6 months 6 months 12 months
R`000 R`000 R`000
Cash utilised by operating (10
activities 872) (36,726) (37,623)
Cash utilised by operations (22
749) (14,177) (36,097)
Utilised to increase / (decrease) 3,834
working capital (25,320) (9,228)
Finance income
33,229 2,771 8,470
Finance costs (25,073)
- (226)
Taxation paid (113)
- (542)
Cash (expended on) / retained
from investment activities (151,901) (30,139) (111,972)
Additions to property, plant and (151
equipment 477) (30,108) (104,399)
Increase in investments
- (31) (7,573)
Decrease in AFO asset retirement (351) - -
fund
Increase in New Kleinfontein 105 - -
rehabilitation provision
Increase in guarantee investments (178) - -
Cash flow from financing 442
activities 73,584 718,432
Proceeds from issue of shares 210
74,942 140,277
Increase in financial liabilities (455) - 579,367
Decrease in amounts due to 687
related parties (1,358) (1,212)
Movement in cash and cash
equivalents (162,331) 6,719 568,837
Cash and cash equivalents at
beginning of period 634,315 65,479 65,478
Cash and cash equivalents at end 471,984
of period 72,198 634,315
NOTES TO THE SUMMARISED
FINANCIAL STATEMENTS FOR
THE 6 MONTHS ENDED 30
JUNE 2008
BASIS OF PREPARATION
These condensed consolidated interim financial statements have
been reviewed by our auditors, PricewaterhouseCoopers, for the
first time for the six months ended 30 June 2008. The information
for the comparative six month period ended 30 June 2007 has not
been reviewed. The review report is available for inspection at
the company`s registered office. The condensed consolidated
interim financial information for the six months ended 30 June
2008 has been prepared in accordance with IAS 34, `Interim
financial reporting`. The condensed consolidated interim
financial information should be read in conjunction with the
annual financial statements for the year ended 31 December 2007,
which have been prepared in accordance with IFRS. The accounting
policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2007, as
described in those annual financial statements. Options exercised
under the employee share incentive scheme during the period to 30
June 2008 resulted in 325,000 shares being issued, with exercise
proceeds of R210 000. The average price of the shares at the time
of exercise was R2.37.
COMMENTARY
FINANCIAL RESULTS
The increased loss per share of 3.77 cents compared to 2.60 cents
for the corresponding period last year is predominantly as a
result of exploration costs. Mine development costs incurred in
the development of Aflease`s Modder East project, have been
capitalized to date and will continue to be capitalized until
the project reaches commercial production. The trackless decline
at Modder East has progressed to just over 1700 meters and the
first reef intersection is only 292 meters away. Production at
Modder East is expected to begin on target in the fourth quarter
of 2009. In June 2008 the Board of Directors approved the Sub
Nigel Re-opening Project. Stoping at Sub Nigel is expected to
begin early in 2009 with first gold production in the second
quarter of 2009.
Change in Shareholding
In March 2008 African Global Capital concluded a share purchase
agreement in terms of which it acquired approximately 152m shares
from Uranium One to become a 29% shareholder of Aflease Gold.
Signed on behalf of the
Board:
NJ Froneman
(Chief Executive Officer)
Johannesburg
12 September 2008
Date: 12/09/2008 08:30:01 Produced by the JSE SENS Department.
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