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AVGOLD LIMITED
(Registration number 1990/007025/06)
(Incorporated in the Republic of South Africa)
Share code: AVG ISIN: ZAE000012175
56 Main Street, Johannesburg, South Africa 2001
PO Box 62379, Marshalltown, South Africa 2107
ABRIDGED UNAUDITED RESULTS
for the quarter and half-year ended 31 December 2001
Highlights
Avgold
* Headline earnings for the quarter ended 31 December 2001 increased to R7,9
million from R6,6 million in the September quarter *
Target
* Target reached its full underground mining production rate in December
2001 - two months ahead of schedule *
* New metallurgical plant in the process of being commissioned on schedule *
* Target will reach full commercial completion by March 2002. Thereafter its
results will be included on Avgold's income statement *
ETC
* ETC sale process discontinued as a result of a significant increase in the
mine's value following recent rand weakness *
* ETC cash costs: US$212/oz for the quarter ended 31 December 2001 *
SALIENT FEATURES
Quarter ended Half-year ended
December September December December
2001 2001 2001 2000
Avgold total:
Revenue received
- Rand per kilogram 89 493 88 791 89 133 73 129
- US$ per ounce 283 333 306 314
Cash cost
- Rand per kilogram 67 139 69 090 68 140 57 911
- US$ per ounce 212 259 233 249
Total gold sales
- kilograms 700 738 1 438 1 432
- ounces 22 514 23 712 46 226 46 034
ETC:
Cash cost
- Rand per kilogram 67 139 69 090 68 140 57 911
- US$ per ounce 212 259 233 249
Total gold sales
- kilograms 700 738 1 438 1 432
- ounces 22 514 23 712 46 226 46 034
INCOME STATEMENT - Rand thousand
Quarter ended Half-year ended
December September* December December
2001 2001 2001 2000
Revenue 62 670 65 485 128 155 104 925
- gold revenue 62 670 65 485 128 155 104 708
- by-products - - - 217
Costs and expenses 54 795 59 030 113 825 95 581
- gold operating 46 373 49 982 96 355 81 297
- retrenchments - - - 165
- amortisation 6 097 5 971 12 068 9 681
- general and
administration 2 325 3 077 5 402 4 105
- exploration - - - 333
Operating profit 7 875 6 455 14 330 9 344
Investment income 36 129 165 2 569
Finance cost - - - (418)
Income before taxation 7 911 6 584 14 495 11 495
Taxation - - - -
Net earnings for
the period 7 911 6 584 14 495 11 495
Headline earnings 7 911 6 584 14 495 11 495
Headline earnings
per share (cents) 1 1 2 2
Earnings per share (cents) 1 1 2 2
Weighted number of shares
in issue (millions) 670 668 669 526
ABRIDGED BALANCE SHEET - Rand thousand
Unaudited Audited
31 December 30 June
2001 2001
ASSETS
Non-current assets 2 907 112 2 551 085
Fixed assets 2 862 619 2 506 592
Investments 44 493 44 493
Current assets 151 016 137 021
Inventories 49 250 33 247
Trade and other receivables 43 830 47 867
Deposits and cash 57 936 55 907
Total assets 3 058 128 2 688 106
EQUITY AND LIABILITIES
Capital and reserves
Share capital 6 704 6 658
Share premium 2 198 028 2 183 589
Accumulated losses (4 946) (19 439)
Total shareholders' equity 2 199 786 2 170 808
Non-current liabilities 733 856 378 594
Long-term loans 656 682 302 453
Long-term provisions 77 174 76 141
Current liabilities 124 486 138 704
Trade and other payables 121 386 134 044
Overdrafts and short-term borrowings 3 100 4 660
Total equity and liabilities 3 058 128 2 688 106
ABRIDGED CASH FLOW STATEMENT - Rand thousand
Half-year Half-year
ended ended
December December
2001 2000
Cash generated from
operating activities 2 971 6 872
Cash utilised in investment activities (257 396) (265 752)
Cash provided by financing activities 256 454 290 065
Increase in cash balances 2 029 31 185
Cash and cash equivalents
at beginning of period 55 907 1 532
Cash and cash equivalents
at end of period 57 936 32 717
* Results for the quarter ended September 2001 restated as unrealised forex
loss of R7,3 million in respect of Target's borrowings capitalised.
A booklet incorporating a more detailed review of the results for the
quarter and half year ended 31 December 2001 will be posted to all
shareholders. Copies of this booklet can be obtained by contacting Julian
Gwillim on (011) 634-0092 or by e-mail at juliang@avgold.co.za. The full
results are available at www.avgold.co.za or www.avmin.co.za.
Directors:
R P Menell (Chairman), D N Murray+ (Managing), D N Campbell+, D D de Beer,
J J Geldenhuys, B M Menell, W A Nairn, G S Potgieter, G J Robbertze,
J C Steenkamp, J Thomas (Mrs)
+ Executive directors
Company secretary: S E Sather
Johannesburg
24 January 2002
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