| Tue 13 Nov 2001, 0:00 | | Thabex - Interim Results For The Six Months Ended |
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Young Lions Exploring Africa
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
CONSOLIDATED BALANCE
SHEET
Six months Six months ended Year ended
ended
31 August 31 August 2000 28 February 2001
2001
Restated Restated
Unaudited Unaudited Unaudited Audited Audite
R'000 R'000 R'000 R'000 R'000
ASSETS Note
Fixed assets
Options,
minerals and
participation
rights 1
132 879 879 96 96
72,289 72,270 8,734 72,295 8,759
Interest in 500 788 788 500 500
Associated Companies
Goodwill - 66 66 - -
Current Assets
3,086 494 494 667 667
Inventories - - - 184 184
Trading Investments 109 29 29 28 28
Cash Balances
2,213 121 121 335 335
Accounts Receivable 764 344 344 120 120
TOTAL ASSETS 76,007 74,497 10,961 73,558 10,022
EQUITY AND
LIABILITIES
Share capital 1,701 1,479 1,479 1,701 1,701
Share Premium Reserve 17,202 16,782 16,782 17,202 17,202
Non-distributable 63,536 63,536 - 63,536 -
Reserve
Accumulated Loss (6,602) (7,883) (7,883) (9,418) (9,418
Ordinary Shareholders 75,837 73,914 10,378 73,021 9,485
Funds
Outside Shareholders 11 53 53 26 26
Interest
Long-term Liabilities - - - - -
Current Liabilities
Accounts payable 159 530 530 511 511
Total Equity and 76,007 74,497 10,961 73,558 10,022
Liabilities
Shares in issue 17,006,887 14,788,597 14,788,597 17,006,887 17,006
Net asset value per 445.92 499.80 70.18 429.36 55.77
share (cents)
CONSOLIDATED INCOME
STATEMENT
Revenue 3,894 344 344 247 247
Net Operating Profit 2,740 (92) (92) (1,116) (1,116
Depreciation (38) (167) (167) (333) (333)
Net interest 114 (1) (1) (6) (6)
received/(paid)
Operating 2,816 (260) (260) (1,455) (1,455
Income/(Loss)
Provision for - - - (288) (288)
writedown of
interest in
associated company
Loss attributable to - (14) (14)
outside shareholder
Provision for - - - (66) (66)
writedown of
goodwill
Net Profit/(loss) 2,816 (274) (274) (1,809) (1,809
For the period
Accumulated loss at (9,418) (7,609) (7,609) (7,609) (7,609
the beginning of the
period
Accumulated loss at (6,602) (7,883) (7,883) (9,418) (9,418
the end of the
period
Profit/(loss) per 16.56 (1.76) (1.76) (12.10) (12.10
share (cents)
Headline Earnings/ 16.56 (1.85) (1.85) (9.73) (9.73)
(Loss) per share
(cents)
Weighted average 17,006,887 14,788,597 14,788,597 14,958,767 14,958
number of shares in
issue for the
period
CONSOLIDATED CASHFLOW
STATEMENT
Cash generated/ 1,961 (122) (122) (370) (370)
(utilised) in
operating activities
Cash (expended in)/ (68) 183 183 17 17
generated from
investing activities
Cash effects of (15) 2 2 630 630
financing activities
Increase/(Decrease) 1,878 63 63 277 277
in cash resources
Cash at beginning of 335 58 58 58 58
Year
Cash at end of year 2,213 121 121 335 335
CONSOLIDATED
STATEMENT
OF CHANGES IN EQUITY
Share Capital 1,701 1,479 1,479 1,701 1,701
Share Capital at 1,701 1,479 1,479 1,479 1,479
beginning of period
Proceeds from issue - - - 222 222
of shares
Share Premium 17,202 16,782 16,782 17,202 17,202
Share premium at 17,202 16,782 16,782 16,782 16,782
beginning of period
Net share premium - - - 420 420
received
Accumulated Loss (6,602) (7,883) (7,883) (9,418) (9,418
Accumulated Loss at (9,418) (7,609) (7,609) (7,609) (7,609
the beginning of
period
Net Profit/(loss) 2,816 (274) (274) (1,809) (1,809
for period
Non-distributable 63,536 63,536 - 63,536 -
reserves
Non-distributable - - - - -
reserves at
beginning of period
Increase in non- 63,536 63,536 - 63,536 -
distributable
reserves
Note 1 - Re-valuation of mineral rights in subsidiaries in terms of the IAS
accounting policies.
Review of exploration activities
The company disposed of its 40% interest in Pioneer Minerals (Pty) Ltd,
which company explored the diamondiferous gravel potential of the farm
Remhoogte 152 along the palaeo Orange River in the Northern Cape Province.
Thabex is conducting exploration east of the town of Sesfontein in Namibia
and earned a 5% interest in the Kowares base mineral project. The project
is defined by EPL 2861 and covers an area of 27 077 hectares. Falconbridge
Ventures of Africa (Pty) Ltd has completed three core drill boreholes on
Platinexco (Pty) Ltd's prospecting area on the farm Piet Potgietersrus Town
and Townlands 44KS and samples from the drilling have been sent for
analysis.
As a result of the adoption of the new accounting policies in terms of
International Accounting Standards ("IAS"), Thabex's options and mineral
rights have been revalued by R63,54m. In considering all modifying factors,
the valuation was done to reflect the level of geoscientific knowledge and
confidence at the time.
Thabex has re-valued its base mineral project on the farm Adjoining
Geelvloer 197, in the Kenhardt district in the Northern Cape Province at
R53,34m. This project is 95% held by wholly owned subsidiary Thaba Egoli
Mining and Exploration Ltd and 5% by Pioneer Minerals (Pty) Ltd. An amount
of R10,2m of the re-valuation was attributed to the Potgietersrus Platreef
Project.
Dividends
No dividend has been declared for the period.
15,3% ("TBXD") and 18% ("TBD1") Unsecured Non-convertible Redeemable
Debentures
Debenture holders were informed, in the interest of good corporate
governance, on 12 March 2001 on SENS, in the press and in the Thabex's
annual report that Blue Springs Investments (Pty) Ltd ("Blue Springs") has
not paid the interest on these debentures and therefore according to the
terms and conditions of such debentures no interest payment will be made to
debenture holders. It is important to note that the interest yield quoted on
the JSE Securities Exchange South Africa's list do not reflect the zero
coupon of both debenture issues. The failure of Blue Springs to pay the
interest does not have any influence on the financial position of Thabex,
whatsoever.
Litigation
The company has issued a legal demand to Blue Springs and Bitachon (Pty) Ltd
for the payment of R461,065.01 for administration and other statutory
expenses, in terms of agreements relating to the listing and maintenance of
the listing of both TBXD and TBD1.
Accounting policies
The unaudited results have been prepared on the IAS basis, which is not
consistent with the previous years accounting policies, and have been
restated to reflect the newly adopted IAS basis. These consolidated
statements are prepared in accordance with IAS 34, Interim Financial
Reporting and IAS 39, Financial Investments: Recognition and Measurement.
STRATE
The company's ordinary share and debentures, TBXD and TBD1, are scheduled to
be dematerialised during the week commencing 3 December 2001. The first day
of trading for electronic settlement is 24 December 2001 and the first
electronic settlement on 3 January 2002. Shareholders and debenture holders
are advised to forward their certificates to their chosen Central Securities
Depositary Participant ("CSDP") or contact the company for further
information in converting to the electronic settlement environment of
STRATE.
A circular containing full details on the disposal of Pioneer Minerals will
be sent to shareholders within 28 days.
For further information, please contact:
Marius -or- Leopold Bosch -or- Explore our website:
Welthagen Director www.thabex.com
Managing
Director
(086)084-2239 (086)084-2239 info@thabex.com
Johannesburg
13 November 2001
