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AVGOLD LIMITED
(Registration number 1990/007025/06)
(Incorporated in the Republic of South Africa)
56 Main Street, Johannesburg, South Africa 2001
PO Box 62379, Marshalltown, South Africa 2107
ABRIDGED RESULTS
for three and twelve months ended 30 June 2001
Highlights
Avgold
* Turnaround in headline earnings for the year ended 30 June 2001 to R39
million from a loss of R32 million reported last year *
* Hedge book positive mark-to-market value of R121 million *
* R700 million term loan secured during the year for the completion of
Target *
ETC
* Gold sales increased by 25 per cent to 2 842 kg for the year ended 30 June
2001 *
* Cash generation for the year amounted to R48 million after capital
expenditure of R19 million *
* Cash costs for the quarter reduced to US$217/oz *
Target
* Development remains on schedule and within budget *
* Construction of new gold plant on schedule for completion during November
2001 *
Northern Free State
* Exploration drilling started in the Paradise area north of Target *
SALIENT FEATURES
Quarter ended Year ended
June March June June
2001 2001 2001 2000*
Avgold total:
Revenue received - Rand per kilogram 80 819 79 259 76 586 61 730
- US$ per ounce 313 317 315 304
Cash cost - Rand per kilogram 55 977 63 123 58 698 58 040
- US$ per ounce 217 253 241 286
Total gold sales - kilograms 721 689 2 842 4 621
- ounces 23 193 22 164 91 368 148 576
ETC:
Cash cost - Rand per kilogram 55 977 63 123 58 698 58 140
- US$ per ounce 217 253 241 286
Total gold sales - kilograms 721 689 2 842 2 277
- ounces 23 193 22 164 91 368 73 211
INCOME STATEMENT - Rand thousand
Audited Audited
Quarter ended Year ended
June March June June
2001 2001 2001 2000*
Revenue 58 300 54 639 217 864 290 118
- gold revenue 58 300 54 639 217 647 286 509
- by-products - - 217 3 609
Costs and expenses 46 479 47 554 189 614 331 637
- gold operating 39 598 42 501 163 394 262 998
- by-products - - - 4 283
- retrenchments - - 165 7 010
- amortisation 5 070 4 986 19 737 33 328
- general and administration 1 811 63 5 981 10 827
- exploration - 4 337 13 191
Operating profit/(loss) 11 821 7 085 28 250 (41 519)
Investment income 2 508 5 995 10 654 9 264
Finance cost - - - 71
Income/(loss) before
exceptional items 14 329 13 080 38 904 (32 326)
Exceptional items - profit on sale
of Hartebeestfontein mine - - - 28 223
Income/(loss) before taxation 14 329 13 080 38 904 (4 103)
Taxation - - - 7 000
Net earnings/(loss) for the period 14 329 13 080 38 904 (11 103)
Headline earnings/(loss)
per share (cents) 2 2 7 (7)
Weighted number of shares
in issue (millions) 665 664 595 455
ABRIDGED BALANCE SHEET
Audited Audited
30 June 30 June
2001 2000
ASSETS
Non-current assets 2 551 085 1 963 601
Fixed assets 2 506 592 1 923 313
Investments 44 493 40 288
Current assets 137 021 84 943
Inventories 33 247 29 068
Trade and other receivables 47 867 54 343
Deposits and cash 55 907 1 532
Total assets 2 688 106 2 048 544
EQUITY AND LIABILITIES
Capital and reserves
Share capital 6 658 4 576
Share premium 2 183 589 1 687 471
Accumulated losses (19 439) (58 343)
Total shareholders' interest 2 170 808 1 633 704
Non-current liabilities 378 594 72 753
Long-term loans 302 453 -
Long-term provisions 76 141 72 753
Current liabilities 138 704 342 087
Trade and other payables 134 044 135 598
Overdrafts and short-term borrowings 4 660 206 489
Total equity and liabilities 2 688 106 2 048 544
ABRIDGED CASH FLOW STATEMENT - Rand thousand
Audited Audited
Year ended Year ended
30 June 2001 30 June 2000
Cash generated from/(utilised by) operations 55 003 (18 721)
Cash utilised in investment activities (596 999) (146 779)
Cash provided by financing activities 596 371 166 003
Net increase in cash balances 54 375 503
Cash and cash equivalents at beginning of year 1 532 1 029
Cash and cash equivalents at end of year 55 907 1 532
A booklet incorporating a more detailed review of the three and twelve
months ended 30 June 2001 results will be posted to all shareholders. Copies
of this booklet can be obtained by contacting Julian Gwillim on (011) 634-
0092 or by E-mail at juliang@avgold.co.za The full results are available at
www.avgold.co.za or www.avmin.co.za
Directors: R P Menell (Chairman), D N Murray (Managing), D N Campbell, D D
de Beer, J J Geldenhuys, B M Menell, W A Nairn, G S Potgieter, G J
Robbertze, J C Steenkamp, J Thomas (Mrs)
Alternate director: P G Marillier (Zimbabwean)
Company secretary: S E Sather
Johannesburg
25 July 2001
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