| Wed 17 Oct 2001, 0:00 | | Gilboa Properties Limited - Unaudited Consolidated |
|
UNAUDITED CONSOLIDATED PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2001
HIGHLIGHTS
Refocusing Gilboa into the Mining Industry
Acquisition of Askari Mining & Equipment Limited ("Askari")
Securing of rights to Namagroen Concessions
BALANCE SHEETS
30 June 2001
GROUP
Unaudited Audited
2001 2000
R R
Assets
Non-current assets 16,182,199 20,165,366
Fixed property 13,000,000 13,000,000
Fixed assets 57,687 70,612
Unsecured loans 3,124,512 7,094,754
Current assets 79,541 30,352,323
Inventory 0 30,348,573
Cash resources 79,541 0
Total assets 16,261,740 50,517,689
Equity and liabilities
Capital and reserves 2,407,709 10,034,012
Share capital 1,900,391 1,780,890
Share premium 38,897,938 37,943,972
Non- distributable reserves 3,000,000 10,046,071
Accumulated loss (41,390,620) (39,736,921)
Non-current liabilities 11,901,837 38,339,302
Long-term liabilities 11,858,993 35,003,839
Deferred taxation 0 3,335,463
Unsecured loans from 42,844 0
subsidiaries
Current liabilities 1,952,193 2,144,375
Short-term loans 190,233 190,233
Bank overdraft 0 30,616
Accounts payable 1,761,960 1,923,526
Total equity and liabilities 16,261,740 50,517,689
INCOME STATEMENTS
For the year ended 30 June
2001
GROUP
Unaudited Audited
2001 2000
R R
Income 2,041,492 2,261,559
Less: Operating costs 2,131,128 2,490,562
Loss on ordinary activities (89,636) (229,003)
before finance charges
Less: Finance charges 823,444 4,184,912
Loss on ordinary activities (913,081) (4,413,915)
before finance charges
Less :Taxation 0 0
Net loss for the year (913,081) (4,413,915)
(Loss)/earnings per share for (0.48) (2.48)
the year ended 30 June 2001
(cents)
Net asset value per share for 1.27 5.63
the year ended 30 June 2001
(cents)
GROUP Share Share Non- Distributable Total
capital premium distributabl reserve
e
reserve
Balance 1 July 1,780,890 34,193,972 8,797,341 (35,323,006) 7,796,165
1999
Decrease in 1,248,730 1,248,730
deferred tax
Net loss for (4,413,915) (4,413,91
the year
Share premium correction 3,750,000 3,750,000
due to
fundamental error in
previous year
Balance 30 1,780,890 37,943,972 10,046,071 (39,736,921) 8,380,980
June 2000
Add back (943,000) (943,000)
surplus on
acquisition of
subsidiary
Add back (6,103,071) (6,103,07
revaluation of
inventory
Add back 9,549,157 9,549,157
accumulated
loss of
liquidated
subsidiary
Group loss (2,441,550) (2,441,55
with
liquidation of
subsidiary
Investment in 0 0
subsidiary
written off
Net loss for (913,081) (913,081)
the year
Issue of share 119,501 953,966 1,073,467
capital
Balance 30 1,900,391 38,897,938 3,000,000 (33,542,395) 8,602,902
June 2001
CASH FLOW STATEMENTS
For the year ended 30 June
2001
GROUP
Unaudited Audited
2001 2000
R R
Cash flows from operating 68,096 (4,231,579)
activities
Cash flows from investing (1,255,973) (1,353,418)
activities
Cash flows from financing 1,294,283 5,551,032
activities
Net increase/(decrease) in cash 106,407 (33,965)
and cash equivalents
Cash and cash equivalents at (30,616) 3,349
beginning of year
Cash and cash equivalents at 75,791 (30,616)
end of year
COMMENTS
Basis of Accounting
These consolidated, unaudited provisional statements have been reviewed by
the auditors and were drawn up in compliance with South African Statements
of Generally Accepted Accounting Practices and the company has complied with
the requirements of the Companies Act.
Accounting Policies
The accounting policies as set out in the 2000 Annual Report have been
consistently applied in producing these results.
FINANCIAL PERFORMANCE
The reserves, inventory, loans and liabilities of the company were all
effected by the liquidation of Waterkloofspruit Projects (Proprietary)
Limited ("Waterkloofspruit") on 14 February 2001. Waterkloofspruit was
liquidated by the bondholder, after a dispute arose regarding the
installation of certain services to cluster stands which formed a large
portion of the 221 stands at the Waterkloof Boulevard project. It was
decided not to appeal the Court's decision and to concentrate on the new
mining projects that Gilboa has embarked on. Gilboa does not have any
liability to Waterkloofspruit nor did Gilboa stand as surety for any debt of
Waterkloofspruit.
OVERVIEW OF OPERATIONS
Introduction
Gilboa's decision during January 2001 to diversify from long term property
investment projects into shorter term mining projects has resulted in the
purchase of Askari. Gilboa also announced the appointment to it's main
Board of Directors of three professional mining experts, Chris Cloete
(Mining Engineer), Hans Erasmus (Geoscientist) and Abe Sher.
Acquisition of the Askari group
The acquisition of a stake in Askari during February 2001 was finalised on
31 August 2001 when the Askari shareholders vote in favour of the
resolutions giving effect to the acquisition. An offer was made to Askari's
minority shareholders and as a result, Gilboa now holds 85,86% of the Askari
issue share capital. Askari currently employs 611 miners and workers
involved in mining subcontracting activities on five South African gold and
platinum mines. Askari is also involved in a diamond exploration project in
the Eastern Orange Free State and is part of a joint venture partner in a
platinum group metals recovery project.
Property Development
All internal renovations at Gilboa House, the six storey commercial office
building, owned by Hillcrest Village (Proprietary) Limited a subsidiary of
Gilboa, in Arcadia Pretoria was completed by the Department of Public Works
during the reporting period. Gilboa's proposal made to Government during
February 2000, regarding a new 35000m} corporate head office for the
Department of Foreign Affairs, that could incorporate Gilboa House should be
finalised during the next financial year. Gilboa's participation in this
project could range between that of developer and financier, as presented in
the original presentation to Government, to the possible selling of Gilboa
House into the new proposed project.
PROSPECTS AND EVENTS SUBSEQUENT TO 30 JUNE 2001
The Namagroen Project
Gilboa announced on 6 August 2001 that it has entered into a joint venture
whereby Gilboa obtained the right to mine sea concessions 8a, 9a, and 8b off
the west coast of South Africa ("the Namagroen concessions"). The Namagroen
concessions have been extensively surveyed and sampled and two target areas
have been identified at Rooiwal Bay and Barnards Bay. Gilboa is negotiating
with a marine engineering group from Cornwall in the United Kingdom to
supply and operate two "Seawalker" self contained marine diamond mining
units to start mining the above target areas from July 2002.
Conclusion
No divided was paid or declared. Gilboa is currently concentrating on the
raising of finances for the Namagroen project.
E.R. De La Pierre
Chairman
Pretoria
17 October 2001
Directors
E R De La Pierre, C J Cloete , J S Erasmus
A Roos*, B J Nortier*, M J Forster*, A M Sher*
(* Non-Executive)
Registered Office
225 Johan Rissik Drive
Waterkloof Ridge
Pretoria
Tel : (012) 346 8468/9
Fax : (012) 346 8466
E-Mail : gilboa@lantic.net
Website : www.gilboa.co.za
