|
BARPLATS INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004830/06)
Interim results for the six months ended 31 December 2000
Consolidated income statement
6 months 6 months Year to
to 31 Dec. to 31 Dec. 30 June
2000 1999 2000
(R'000) (Unaudited) (Unaudited) (Audited)
Net operating (expenses)/income (1 326) (1 291) 13 951
Net financial income 59 1 249 1 624
(Loss)/income before taxation (1 267) (42) 15 575
Taxation 18 375 488
Attributable (loss)/income (1 285) (417) 15 087
Headline and basic earnings
per share (cents) (1) (0) 7
Weighted average number
of shares in issue 222 540 222 540 222 540
Consolidated balance sheet
As at As at As at
31 Dec. 31 Dec. 30 June
2000 1999 2000
(R'000) (Unaudited) (Unaudited) (Audited)
Assets
Fixed assets 126 535 69 819 88 825
Current assets 3 063 15 731 11 017
Total assets 129 598 85 550 99 842
Equity and liabilities
Shareholders' funds 80 803 66 584 82 088
Non-current liabilities 43 077 10 066 10 066
Current liabilities 5 718 8 900 7 688
Total equity and liabilities 129 598 85 550 99 842
Consolidated statement of changes in equity
Share Share Retained
(R'000) capital premium earnings Total
Balance at
31 December 1999 2 225 1 049 928 (985 569) 66 584
Net profit attributable
to ordinary shareholders 15 504 15 504
Balance at
30 June 2000 2 225 1 049 928 (970 065) 82 088
Net deficit attributable
to ordinary shareholders (1 285) (1 285)
Balance at
31 December 2000 2 225 1 049 928 (971 350) 80 803
Cash flow statements
6 months 6 months Year to
to 31 Dec. to 31 Dec. 30 June
2000 1999 2000
(R'000) (Unaudited) (Unaudited) (Audited)
Net cash from operating
activities 4 871 (907) 4 829
Net cash used in investing
activities (37 710) (11 486) (30 496)
Net cash from financing
activities 33 011
(Decrease)/increase in
cash and cash equivalents 172 (12 393) (25 667)
Cash at the beginning of the period 217 25 884 25 884
Cash at the end of the period 389 13 491 217
Notes
The interim financial statements has been prepared using accounting policies
consistent with those of the annual financial statements for the year ended 30
June 2000.
During the period under review Crocodile River Mine was considered to be in the
pre-production phase as commercial levels of production had not been reached.
Accordingly the costs associated with production at the mine have been
capitalised.
Capital expenditure for the period under review amounted to R33,6 million.
Capital expenditure approved and committed at 31 December 2000 amounted to
R174,2 million. This expenditure will be funded from internal resources and
borrowings.
Non-current liabilities includes a R33,0 million utilisation of a R200 million
loan facility from a fellow subsidiary (Impala Platinum Limited) to fund the
capital expenditure. This facility bears interest at the Johannesburg Interbank
Acceptance Rate plus 2% and any outstanding balance will be repaid by cash
generated from operations. Other non-current liabilities comprises the
provision for environmental obligations.
Review
The attributable loss essentially reflects interest and rental income less
administration and other expenditure incurred. The lower interest income
received is as a result of the capital expenditure programme at the mine.
Crocodile River Mine
Opencast mining started at the Maroelabult section during December 2000. A
total of 31 000 tons of reef was mined in preparation for the start of milling
operations at 75 000 tons per month which commenced on completion of the
refurbishment of the concentrator plant on 17 January 2001.
The metals extracted are to be sold to Impala Refining Services, a fellow
subsidiary, based on a market related, arms-length agreement and are to be
marketed by Impala Platinum Limited.
Kennedy's Vale Mine
An initial infill drill programme is underway. The main objectives are to
confirm the geological structures and in-situ grades that was determined by the
initial drilling programme in the eighties. Further work in preparation for a
full feasibility study will be dependant on these results.
Prospects
At forcasted metal prices, the Group is expected to be profitable by year end.
Dividend
No dividend has been declared for the six months under review (1999: nil).
On behalf of the board
J G Smithies
D H Brown Directors
Johannesburg
8 February 2001
Directors: J G Smithies* (Chairman), G R Ackerman, D H Brown, D G Engelbrecht,
J H R Karlson, J V Roberts, D J M Theuninck #
* British # Belgian
Registered Office:
3rd Floor, Old Trafford 4, Isle of Houghton, Boundary Road,
Houghton 2198. (P.O. Box 61386, Marshalltown 2107)
Transfer Secretaries:
Mercantile Registrars Limited, 8th Floor, 11 Diagonal Street, Johannesburg
2001. (P.O. Box 1053, Johannesburg 2000)
| 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 ] | |||||||||||||
|
|||||||||||||
