| Tue 18 Dec 2001, 0:00 | | Otr Mining: Audited Financial Statements |
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OTR MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/006508/06)
Share code: OTR ISIN: ZAE000025839
Share code: OTRO ISIN: ZAE000033056
("OTR" or "the company")
AUDITED FINANCIAL STATEMENTS
for the 18 months ended 31 August 2001
INCOME STATEMENTS
Audited Audited
August February
2001 2000
R'000 R'000
Revenue 409 -
Operating costs 6 108 5 589
Operating loss (5 699) (5 589)
Depreciation (1 467) (1 159)
Interest received 211 9
Amortisation of goodwill (3 086) -
Finance costs (242) (323)
Loss for period (10 283) (7 062)
Loss and headline loss per share fully
diluted loss and headline loss
per share are calculated as follows:
Loss (10 283) (7 062)
Add: Amortisation of goodwill 3 086 -
Headline loss (7 197) (7 062)
Loss per share (cents) (24,6) 35,7
Headline loss per share (cents) (17,) 35,7
Weighted average ordinary shares
in issue 41 764 586 19 764 586
Dilution from renounceable share options
granted August 2000 27 843 057 -
Fully diluted weighted average
ordinary shares in issue 69 607 643 19 764 586
Fully diluted loss per share (cents) (14,8) (35,7)
Fully diluted headline loss
per share (cents) (10,3) (35,7)
CASH FLOW STATEMENTS
August February
2001 2000
R'000 R'000
Cash flows from operating activities (6 619) (1 167)
Cash flows from investing activities (31 044) (2 086)
Cash flows from financing activities 38 392 1 089
Increase in cash and cash equivalents 729 (170)
Cash and cash equivalents
at beginning of period (108) 62
Cash and cash equivalents
at end of period 621 (108)
BALANCE SHEETS
2001 2000
R'000 R'000
ASSETS
Non-current assets 30 459 4 362
Fixed assets 2 689 4 362
Goodwill 27 770 -
CURRENT ASSETS 724 270
Accounts receivable 103 270
Cash and bank balances 621 -
Total assets 31 183 4 632
EQUITY AND LIABILITIES
Capital and reserves 30 363 1 616
Share capital and premium 58 375 19 345
Accumulated loss (28 012) (17 729)
NON-CURRENT LIABILITIES
Long-term liabilities - 246
CURRENT LIABILITIES 820 2 770
Short-term portion of
long-term liabilities - 393
Bank - 108
Accounts payable 820 2 269
Total equity and liabilities 31 183 4 632
Issued ordinary shares 52 764 586 19 764 586
Net asset value per share (cents) 57,5 8,2
Net tangible asset value
per share (cents) 4,9 8,2
STATEMENT OF CHANGES IN EQUITY
Accu-
Share Share mulated
capital premium loss Total
R'000 R'000 R'000 R'000
Balance at 1 March 1999 1 19 344 (10 667) 8 678
Net loss for period (7 062) (7 062)
Balance at 1 March 2000 1 19 344 (17 729) 1 616
Net loss for period (10 283) (10 283)
Issue of share capital 2 39 028 39 030
Balance at 31 August 2001 3 58 372 (28 012) 30 363
REVIEW OF OPERATIONS AND COMMENTS
1. During the period the Board of Directors successfully negotiated the
acquisition of Britsaf Trading and Investment Company (Pty) Ltd. This in
line with the company's strategy to become a player in the platinum mining
industry.
2. OTR has acquired a participation interest in a Dump Project ("RK1
Project"), which is to be funded by the issue of shares. In order to fund
ongoing operations OTR is to issue shares for cash. The acquisition and
share issue are to be approved by shareholders in general meeting to be
arranged early in the New Year.
3. The RK1 Project is to erect a 40 000-ton per month tailings treatment
plant.
4. The first phase of the exploration drilling on Palmietfontein has been
completed, however, more drilling is required and a possible J.V. with the
RK1 Consortium is being negotiated so as to fund further drilling.
5. The OTR options were extended by two years and the strike price reduced
from 100 cents to 50 cents at a general meeting on 21 August 2001.
6. Operations in the Klein Letaba area have been on a care and maintenance
programme.
7. OTR share capital has been transferred onto the STRATE system on the JSE
Securities Exchange South Africa.
8. The financial year-end of the company was changed from end February
annually to 31 August. (This reporting period is for 18 months.)
9. The company's auditors have qualified their opinion of the company's
financial statements, as follows: "The company's ability to continue as a
going concern is dependant on the resumption of future profitable operations
and the continuation of existing levels of finance by major creditors and
financiers, until the company is able to meet it obligations in the ordinary
course of business".
DIVIDENDS
No dividend is recommended by the directors.
ON BEHALF OF THE BOARD
Registered address:
Tramore House, 3 Waterford Office Park, Waterford Drive, Fourways
Board of Directors:
R A Holding, A Gardiner*, G J de Decker, R van Zanten
*British
Transfer Secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg, 2001.
