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June 2001
Barnato Exploration Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/003756/06)
Share code:BNX ISIN No.:ZAE60964
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2001
INCOME STATEMENT - COMPANY
6 months Year
ended ended
30 Jun 31 Dec
2001 2000
R000 R000
MINING OPERATIONS
Revenue from gold and silver
Working costs
Operating loss - mining operations
EXPLORATION OPERATIONS
Provision against loan - (3)
Exploration expenditure (231) (18 349)
Total exploration expenditure (231) (18 352)
FINANCING AND ADMINISTRATION
OF OPERATIONS
Net interest received 2 285 12 616
Sundry revenue 11 -
Cost of administration (609) (1 829)
Foreign exchange conversion
adjustment - -
Total financing and
administration revenue 1 687 10 787
Profit/(loss) before abnormal
item 1 456 (7 565)
Abnormal item - (907)
PROFIT/(LOSS) BEFORE TAXATION 1 456 (8 472)
Taxation (512) (1 201)
PROFIT/(LOSS) FOR THE YEAR 944 (9 673)
Earnings/(loss) per share (cents) 1 (9.2)
Headline earnings/(loss)
per share (cents) 1 (8.3)
INCOME STATEMENT - GROUP
6 months Year
ended ended
30 Jun 31 Dec
2001 2000
R000 R000
MINING OPERATIONS
Revenue from gold and silver - -
Working costs (1 637) (7 945)
Operating loss - mining
operations (1 637) (7 945)
EXPLORATION OPERATIONS
Provision against loan - (3)
Exploration expenditure (225) (3 602)
Total exploration expenditure (225) (3 605)
FINANCING AND ADMINISTRATION
OF OPERATIONS
Net interest received 2 287 11 875
Sundry revenue 822 2 121
Cost of administration (736) (1 953)
Foreign exchange conversion
adjustment - (1 379)
Total financing and
administration revenue 2 373 10 664
Profit/(loss) before
abnormal item 511 (886)
Abnormal item - (907)
PROFIT/(LOSS) BEFORE TAXATION 511 (1 793)
Taxation (512) (1 201)
PROFIT/(LOSS) FOR THE YEAR (1) (2 994)
Earnings/(loss) per share
(cents) - (2.9)
Headline earnings/(loss)
per share (cents) - (2.0)
BALANCE SHEET - COMPANY
at at
30 Jun 31 Dec
2001 2000
Note R000 R000
Assets
Current assets 40 637 40 630
Cash and short-term
investments 16 894 40 630
Accounts receivable - -
Short term loan 1 23 743 -
Inventory - -
Loan 2 19 493 19 493
Total assets 60 130 60 123
Liabilities and
shareholders' equity
Current liabilities 694 1 631
Accounts payable 694 1 631
Shareholders' equity 59 436 58 492
Total liabilities and
shareholders' equity 60 130 60 123
BALANCE SHEET - GROUP
at at
30 Jun 31 Dec
2001 2000
Note R000 R000
Assets
Current assets 44 500 45 042
Cash and short-term
investments 17 012 40 807
Accounts receivable 176 111
Short term loan 1 23 743 -
Inventory 3 569 4 124
Loan 2 19 493 19 493
Total assets 63 993 64 535
Liabilities and
shareholders' equity
Current liabilities 7 302 7 818
Accounts payable 7 302 7 818
Shareholders' equity 56 691 56 717
Total liabilities and
shareholders' equity 63 993 64 535
Notes:
1. The short term loan represents cash advances to JCI Gold Ltd of R3
million and R20 million. The advances carry interest at prime plus 1% and
prime plus 1.5% respectively, are secured by a pledge of marketable
securities and are repayable on 30 September 2001.
2. This represents an amount owing by Randfontein Estates Limited, relating
to exploration and mineral rights costs in terms of a gold prospecting
agreement with Western Areas Limited.
CASH FLOW STATEMENT - COMPANY
6 months Year
ended ended
30 Jun 31 Dec
2001 2000
R000 R000
CASH FLOW GENERATED BY/
(UTILISED IN) OPERATING
ACTIVITIES
Cash (utilised in)/from operations (1 535) 46 365
Interest received 1 542 12 616
Interest paid - -
Net cash (utilised in)/generated by
operating activities 7 58 981
CASH FLOWS FROM INVESTING
ACTIVITIES
Increase in short term loan (23 743) (3)
Increase in amounts owing by
subsidiary - (18 349)
Net cash utilised in investing
activities (23 743) (18 352)
CASH FLOWS FROM FINANCING
ACTIVITIES
Increase in share capital - -
Increase in share premium - -
Share issue expenses - -
Net cash generated by/(utilised in)
financing activities - -
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS (23 736) 40 629
Cash and cash equivalents at
beginning of period 40 630 1
CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 16 894 40 630
CASH FLOW STATEMENT - GROUP
6 months Year
ended ended
30 Jun 31 Dec
2001 2000
R000 R000
CASH FLOW GENERATED BY/
(UTILISED IN) OPERATING
ACTIVITIES
Cash (utilised in)/from operations (1 596) 27 806
Interest received 1 544 12 616
Interest paid - (741)
Net cash (utilised in)/generated by
operating activities (52) 39 681
CASH FLOWS FROM INVESTING
ACTIVITIES
Increase in short term loan (23 743) (3)
Increase in amounts owing by
subsidiary - -
Net cash utilised in investing
activities (23 743) (3)
CASH FLOWS FROM FINANCING
ACTIVITIES
Increase in share capital - -
Increase in share premium - -
Share issue expenses - -
Net cash generated by/(utilised in)
financing activities - -
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS (23 795) 39 678
Cash and cash equivalents
at beginning of period 40 807 1 129
CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 17 012 40 807
STATEMENT OF CHANGE IN SHAREHOLDERS EQUITY
GROUP
R000 Balance Attributable Translation Balance
at loss for the reserve at
1 Jan period 30 Jun
2001 2001
Number of
ordinary
shares
issued and
paid 105 000 105 000
Share
capital 1 050 1 050
Share
premium 287 050 287 050
Retained
earnings (230 004) (1) (230 005)
Translation
reserve - (1 404) (1 404)
Total share-
holders
equity 58 096 (1) (1 404) 56 691
COMPANY
R000 Balance Attributable Translation Balance
at loss for the reserve at
1 Jan period 30 Jun
2002 2001
Number of
ordinary
shares
issued and
paid 105 000 105 000
Share
capital 1 050 1 050
Share
premium 287 050 287 050
Retained
earnings (229 608) 944 228 664
Translation
reserve - -
Total share-
holders
equity 58 492 944 59 436
COMMENTS
The company is pleased to report a profit of R511 000 before taxation for
the six months ended 30 June 2001 as opposed to the loss before tax of R1
793 000 for the year ended 31 December 2000. This improvement stems mainly
from a change in the accounting treatment of the exchange conversion
adjustment, a decrease in exploration expenditure and holding costs at
Prestea and the rationalisation of these operations in anticipation of the
sale of the asset announced on 22 June 2001.
Shareholders are referred to the announcement in today's paper relating to
the sale of the 90% effective interest in Barnex (Prestea) Limited. All
conditions precedent to the agreement have been met.
JF Brownrigg RB Kebble
Chairman Director
Johannesburg
12 September 2001
BARNATO EXPLORATION LIMITED
Registration Number 1988/003756/06
Incorporated in the Republic of South Africa
PO Box 61719, Marshalltown 2107
Telephone: +27 (11) 688-5000
Fax: +27 (11) 838-3393
Investor and media relations:
For further information contact Kathy du Plessis on:
Tel: +27 (11) 728-4701
Fax: +27 (11) 728 2547
e-mail: gold@dpapr.com
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