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TBX
TBX
TBX - Thabex Limited - Abridged reviewed interim results for the six months
ended 31 August 2009
THABEX LIMITED
("Thabex" or "the Company" or "the Group"))
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
ABRIDGED REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
CONDENSED CONSOLIDATED STATEMENT OF Six Six Year
FINANCIAL POSITION months months ended
ended ended
31 August 31 28
2009 August February
2008 2009
Reviewed Reviewed Audited
R`000 R`000 R`000
Assets
Non-current assets 18 845 18 215 19 403
Plant and equipment 4 606 5 777 5 164
Exploration and evaluation
assets 14 239 12 438 14 239
Current assets 2 227 2 425 1 853
Inventories 1 530 1 197 1 215
Short-term trading
investments 36 277 65
Trade and other receivables 502 810 493
Short-term loans 77 - -
Cash and cash equivalents 82 141 80
Total assets 21 072 20 640 21 256
Equity and liabilities
Capital and reserves
Share capital 2 279 2 201 2 279
Share premium 27 260 26 561 27 260
Accumulated loss (19 928) (14 392) (20 061)
Equity attributable to equity
holders of the Group 9 611 14 370 9 478
Non-current liabilities 2 057 - 1 968
Current liabilities 9 404 6 270 9 810
Bank overdraft - - 32
Trade and other payables 2 660 3 013 3 029
Short-term loans 5 844 2 632 5 877
Taxation payable 900 625 872
Total equity and liabilities 21 072 20 640 21 256
22 22 22 786
Shares in issue 786 887 006 887 887
Net asset value per share
(cents) 42.18 65.30 41.59
Net tangible asset value per
share (cents) (20.31) 8.78 (20.90)
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Revenue 120 87 282
Cost of sales (144) (79) (301)
Gross (loss)/profit (24) 8 (19)
Other operating income 3 488 376 1 070
Administration expenses (939) (2 233) (1 291)
Other operating expenses (2 275) (1 283) (8 028)
Operating profit/(loss) 250 (3 132) (8 268)
Finance income 3 5 5
Finance expenses (120) (15) (548)
Profit/(loss) before 133 (3 142) (8 811)
taxation
Taxation - - -
Total comprehensive
profit/(loss) for the year 133 (3 142) (8 811)
Atributable to:
Equity holders of the
Group 133 (3 142) (8 811)
Minority interest - - -
Weighted average number of shares 22 21 21 930
in issue 786 887 702 539 394
Basic earnings/(loss) per
share (cents) 0.58 (14.48) (40.18)
Diluted earnings/(loss) per
share (cents) 0.58 (14.48) (40.18)
Headline loss per share
(cents) (11.73) (14.48) (41.76)
Diluted headline loss per
share (cents) (11.73) (14.48) (41.76)
RECONCILIATION OF HEADLINE
EARNINGS/(LOSS)
Profit/(loss) attributable to
ordinary shareholders 133 (3 142) (8 811)
Profit on disposal of
unlisted investment - - (500)
Impairment of unlisted
investments - - 103
Loss on disposal of plant
and equipment - - 49
Profit on disposal of
interest in subsidiary (2 806) - -
Headline loss (2 673) (3 142) (9 159)
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
Net cash (outflow)/inflow
from operating activities (2 772) 266 (533)
Net cash inflow/(outflow)
from investing activities 2 806 12 (59)
Net cash inflow from financing
activities - - 777
Increase in cash and cash
equivalents 34 278 185
Cash at beginning of period 48 (137) (137)
Cash at end of period 82 141 48
CONDENSED CONSOLIDATED GROUP STATEMENT OF
CHANGES IN EQUITY
Share Capital 2 279 2 201 2 279
Issue of ordinary shares -
100 178
Share capital at the
beginning of the period 2 279 2 101 2 101
Share Premium 27 260 26 561 27 260
Share premium on issue of
ordinary shares - 1 900 2 602
Share issue expenses - (4) (7)
Share premium at the beginning 24 665
of the period 27 260 24 665
Accumulated Loss at end of
the period (19 928) (14 392) (20 061)
Profit/(loss) for the year 133 (3 142) (8 811)
Accumulated Loss at the
beginning of the period (20 061) (11 250) (11 250)
Fair value reserve at end of year - - -
Change in fair value of - - 500
available for sale financial
instrument
Fair value reserve recycled - - (500)
through the income statement
Review of results
Operating results
The Group realised a profit for the period of R133 000 (2008 : loss of R3.14
million). The headline loss per share decreased from 14.48 cents to 11.73 cents
and the net asset value of the Group decreased from 65.30 cents per share in
2008 to 42.18 cents per share. The Company disposed of 13.33% of its interest in
Angel Diamonds (Pty) Ltd ("Angel Diamonds") during the period under review for
an amount of US$350 000 and realised a profit on the disposal of R2 806 000.
Contingent liability
Shareholders are referred to the SENS announcement on 21 December 2009 regarding
a possibility that Mantle Diamonds Ltd ("Mantle Diamonds") could seek to recover
its expenditure from Angel Diamonds. During the period under review until 14
November 2009 Mantle Diamonds continued to expense exploration expenditure on
the Kolo Kimberlite Project. These expenditures were expensed entirely at Mantle
Diamonds` own risk. Negotiations with Mantle Diamonds were terminated on 14
December 2009 and the directors are of the opinion that the likelihood of
success of a claim is low and will defend any claim vigorously.
Going concern
The Group realised a profit of R133 000 for the period ended 31 August 2009
(loss of R8 811 000 for the year ended 28 February 2009). At that date, the
Group`s current liabilities exceeded its current assets by R7 177 000 (28
February 2009: current liabilities exceeded current assets by R7 957 000).
The board has considered the ability of the Company and its subsidiaries to
continue as going concerns and based on reasonable and supportable assumptions,
have concluded that the forecast levels of production and the future benefits of
the continuing prospecting operations of Angel Diamonds, a subsidiary, will
produce sufficient cash flows to allow the Company and its subsidiaries to meet
their obligations in the normal course of business for the foreseeable future.
Should the operations of the subsidiary fail to achieve forecast cash flows,
there will be a material uncertainty that may cast doubt on the ability of the
Company and its subsidiaries to continue as going concerns. The cash flow
assumptions are based on a production rate of 10 000 tons per month at an
average grade of 14.1cpht and a modelled rough diamond price of US$155/ct and an
exchange rate of R/US$7,50.
Basis of preparation
The interim financial results of the Thabex Group have been prepared in
accordance with the recognition and measurement requirements of International
Financial Reporting Standards which include IAS 34 and the Companies Act of
South Africa.
Significant accounting policies
The accounting policies applied by the Group in the audited results are the same
as those applied by the Group in the most recent annual financial statements as
at 29 February 2009 and for the year ended 29 February 2008.
Dividends
No dividend has been declared during the period (2008: nil).
Review of resultsThe results for the six month period ended 31 August 2009 have
been reviewed by KPMG Inc. and their review report, which has been modified in
respect of the going concern assumption, is available at the Company`s
registered office. The modification of the review report is set out below:
"Emphasis of matterWithout qualifying our conclusion, we draw attention to the
going concern paragraph in the interim results which indicates that at 31 August
2009 the Group`s current liabilities exceeded its current assets by R7 177 000
(28 February 2009 : R7 957 000). The going concern paragraph describes the steps
taken by the directors in these circumstances and also indicates that, in the
event that the operations of its subsidiary fail to achieve the forecast cash
flows, there will be a material uncertainty that may cast doubt on the ability
of the company and its subsidiaries to continue as going concerns."
Commentary and future prospects
The Kolo Kimberlite project has open castable Measured Diamond Reserves. It is
Management`s intention to commence commercial mining on the Kolo Kimberlite
project once the Mining License has been approved. Shareholders are referred to
the SENS announcements, dated 30 March 2009 and 3 April 2009, relating to the
Kolo Kimberlite project. Further metallurgical testing at Monastery is necessary
to ensure the turning to account of this project. Salt River Resources Ltd
("SRR") is continuing to conduct a pre-feasibility study of the Salt River Base
Mineral Project. SRR is also considering several funding options to complete a
Bankable Feasibility Study of its poly-metallic (Cu-Pb-Zn-Ag-Au) project in the
Kenhardt district of the Northern Cape Province.
On behalf of the board
Jeffrey Raymond Rapoo
Chairman
Marius Welthagen
Chief Executive
Johannesburg
22 December 2009
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 Share Market Services South Africa (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239)
Sponsor: PSG Capital (Pty) Ltd, Ou Kollege, 35 Kerk Street, Stellenbosch, 7599
Directorate: JR Rapoo, M Welthagen*, CJ Engelbrecht*, Dr JW Kruger#, M
Kamawanga*## Prof DL Reid**, AP Roux
*Executive director, #Independent director, ** New Zealand, ##Democratic
Republic of the Congo
Date: 22/12/2009 17:26:01 Produced by the JSE SENS Department.
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