| Thu 2 Aug 2001, 0:00 | | Randgold & Expl |
|
June 2001
Randgold & Exploration Company Limited
Reg. No. 1992/005642/06
NASDAQ trading symbol: RANGY
Interim report for the six months ended 30 June 2001
Highlights
* Morila continues to perform
* Mandatory repurchase of 34% of Randgold Resources
shares at US$7 per share
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
R000 2001 2000 2000
Revenues
Gold sales 382 938 162 484 450 705
Interest and
dividends 11 857 5 568 17 666
Profit on Morila
sale and
other income - 915 263 948 476
394 795 1 083 315 1 416 847
Costs and
expenses
Costs (236 920) (243 479) (514 207)
Royalties (25 344) (9 185) (26 261)
Total costs (262 264) (252 664) (540 468)
Gain/(loss) on
financial
instruments - - 25 452
Interest
expense (45 059) (92 232) (126 479)
Depreciation (23 342) (54 629) (84 995)
Exploration
expenditure (21 760) (8 238) (22 525)
Rehabilitation
provision (989) (987) (2 077)
Loss on sale of
investments (9 282) (18 511) (23 845)
Impairment of
assets - Syama
mine - (277 248) (541 852)
Sundry expenses (10 642) (10 333) (30 298)
(373 338) (714 842) (1 347 087)
Profit/(loss)
before
taxation 21 457 368 473 69 760
Taxation (809) (1 268) (2 511)
Profit/(loss)
after taxation 20 648 367 205 67 249
Minority interest (19 592) (157 153) (48 214)
Net income/(loss) 1 056 210 052 19 035
Ordinary shares
in issue (000s) 41 437 41 375 41 437
Earnings/(loss)
per share (cents) 3 508 46
Headline earnings/
(loss) per share
(cents) 3
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
R000 2001 2000 2000
Net cash provided
by/(utilised in)
operations 63 919 502 338 (187 145)
Net cash provided
by/(utilised
in) investing
activities (140 679) (47 688) 296 770
Net cash provided
by/(utilised in)
financing
activities 66 354 106 070 459 002
Net increase/
(decrease)
in cash and cash
equivalents (10 406) 560 720 568 627
Cash and cash
equivalents at
beginning
of period 471 916 17 668 (96 711)
Cash and cash
equivalents
at end of
period 461 510 578 388 471 916
Statement of changes in equity
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
R000 2001 2000 2000
Equity at beginning
of period 26 295 (12 662) (12 662)
Issue of new
shares 1 261 - 227
Other reserves 50 111 230 429 19 695
Net income for
the period 1 056 210 052 19 035
78 723 427 819 26 295
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
30 June 30 June 31 Dec
R000 2001 2000 2000
ASSETS
Non-current assets
Property,
plant and
equipment 704 221 613 477 586 884
Current assets 777 116 993 806 802 052
Inventories 95 285 176 295 79 884
Receivables 135 229 170 322 189 331
Investments 73 251 68 801 46 763
Cash and
short-term
investments 473 351 578 388 486 074
Total assets 1 481 337 1 607 283 1 388 936
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Capital and
Reserves 78 723 427 819 26 295
Minority
shareholders'
interest in
subsidiaries 151 246 128 664 121 251
Long-term
liabilities 657 192 735 924 590 838
Current
liabilities 594 176 314 876 650 552
Total equity and
liabilities 1 481 337 1 607 283 1 388 936
NET ASSET VALUE
Market
value
16 July
Units Percent 2001
held held R000
Listed investments
Durban Roodepoort
Deep, Limited 5 000 000 5.3% 47 600
Durban Roodepoort
Deep, Limited
`B' options 1 791 392 20.0% 985
Harmony Gold Mining
Company Limited
options 145 527 2.0% 6
Western Areas Limited 217 800 0.2% 4 737
JCI Gold Limited 641 400 0.4% 4 490
Consolidated African
Mines Limited 26 653 900 4.0% 12 794
Kelgran Limited 4 218 410 4.8% 3 628
Benguela Concessions
Limited 75 214 0.0% 22
Randgold Resources
Limited 20 285 904 61.4% 834 832
909 094
Other assets 2 470
Liabilities (441 489)
Net assets 470 075
Shares in issue
(fully diluted)
(000) 41 394
Net asset value
per share (cents) 1 136
financial review
Profit before exploration expenditure, interest expense and depreciation was R1
million for the six months ended June 2001. This was mainly due to the profit
Morila mine in which Randgold Resources has a 40% interest. These profits were
by the operating losses at Syama and the interest paid on the Convertible Bonds
loans. Shareholders are referred to the press announcement published today by
Randgold Resources for a more detailed review of its results.
PROSPECTS
On 28 June 2001, Randgold Resources announced a mandatory buyback of 34.08% of
shares held by each shareholder at a price of US$7 per share. Randgold Resourc
shareholders voted in favour of the repurchase at an Extraordinary General Meet
held on 23 July 2001. The effect of the above is that Randgold should receive
approximately US$48 million. These proceeds will be used to redeem the Convert
Bonds which fall due in September 2001. The share buyback is conditional on Mo
passing project finance completion tests and Randgold Resources raising a US$35
million corporate facility.
RAR Kebble Johannesburg
Chairman 2 August 2001
Registered office:
5 Press Avenue, Selby, 2025, Johannesburg
P.O. Box 82291, Southdale, 2135, South Africa
Telephone: +27(11) 309-6000
Fax: +27(11) 837-2396
e-mail:haddond@randgold.co.za
Share transfer secretaries:
Computershare Services Limited, Edura House,
41 Fox Street, Johannesburg, 2001
P.O. Box 62391, Marshalltown, 2107,
South Africa
Telephone: +27(11) 370-7700
Fax: +27(11) 834-2446
Depositary bank:
American Depositary Receipts,
The Bank of New York,
Shareholder Relations Department,
101 Barclay Street, New York, NY 10286, USA
Telephone: +1 (800) 524-4458
Investor & media relations:
For further information contact
Kathy du Plessis on
Telephone: +27(11) 728-4701
Fax: +27(11) 728-2547
e-mail: randgold@dpapr.com
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