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Barnato Exploration Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/003756/06)
JSE Share code: BNX ISIN: ZAE000000964
("the Company")
Preliminary report for the year ended 31 December 2001
INCOME STATEMENT
Company Group
Year ended Year ended
Year to Year ended unaudited audited
31 Dec 31 Dec 31 Dec 31 Dec
2001 2000 2001 2000
R000 R000 R000 R000
MINING OPERATIONS
- - Revenue from gold and silver - -
- - Working costs (2 632) (7 945)
- - Operating loss - mining operations(2 632) (7 945)
EXPLORATION OPERATIONS
- (3) Provision against loan - (3)
(1 984) (18 349) Exploration expenditure (2 608) (3 602)
(1 984) 18 352) Total exploration expenditure (2 608) (3 605)
FINANCING AND ADMINISTRATION
OF OPERATIONS
4 637 12 616 Net interest received 4 639 11 875
20 129 - Sundry revenue 25 158 2 121
(4 018) (1 829) Cost of administration (4 018) (1 953)
Foreign exchange conversion
- - adjustment - (1 379)
20 748 10 787 Total financing and
administration revenue 25 779 10 664
18 764 (7 565) Profit/(Loss)
before abnormal item 20 539 (886)
- (907) Abnormal item - (907)
18 764 (8 472) PROFIT/(LOSS) BEFORE TAXATION 20 539 (1 793)
(589) (1 201) Taxation (589) (1 201)
18 175 (9 673) PROFIT/(LOSS) FOR THE YEAR 19 950 (2 994)
17,3 (9,2) Basic headline earnings/(loss)
per share (cents) 19,0 (2,9)
BALANCE SHEET
Company Group
Year ended Year ended
Year to Year ended unaudited audited
31 Dec 31 Dec 31 Dec 31 Dec
2001 2000 2001 2000
R000 R000 R000 R000
Assets
57 408 40 630 Current assets 57 408 45 042
14 838 40 630 Cash and short-term investments 14 838 40 807
7 - Accounts receivable 7 111
25 493 - Short-term loan 1 25 493 -
- - Inventory - 4 124
17 070 - Listed investment 17 070 -
19 493 19 493 Loan 2 19 493 19 493
76 901 60 123 Total assets 76 901 64 535
Liabilities and
shareholders' equity
234 1 631 Current liabilities 234 7 818
234 1 631 Accounts payable 234 7 818
76 667 58 492 Shareholders' equity 76 667 56 717
Total liabilities and
76 901 60 123 shareholders' equity 76 901 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 31 March 2002.
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 Group
Year ended Year ended
Year to Year ended unaudited audited
31 Dec 31 Dec 31 Dec 31 Dec
2001 2000 2001 2000
R000 R000 R000 R000
CASH FLOW GENERATED
BY/(UTILISED IN) OPERATING
ACTIVITIES
(4 936) 46 365 Cash (utilised in) /
from operations (5 115) 27 806
2 144 12 616 Interest received 2 146 12 616
- - Interest paid - (741)
Net cash (utilised) in/generated
(2 792) 58 981 by operating activities (2 969) 39 681
CASH FLOWS FROM INVESTING
ACTIVITIES
(23 000) (3) Increase in short-term loan (23 000) (3)
- (18 349) Increase in amounts owing
by subsidiary - -
(23 000) (18 352) Net cash utilised in
investing activities (23 000) (3)
CASH FLOWS FROM FINANCING
ACTIVITIES
- - Increase/(decrease) in equity - -
Net cash generated by/(utilised in)
- - financing activities - -
NET (DECREASE)/INCREASE
IN CASH AND
(25 792) 40 629 CASH EQUIVALENTS (25 969) 39 678
Cash and cash equivalents
40 630 1 at beginning of period 40 807 1 129
CASH AND CASH EQUIVALENTS AT
14 838 40 630 END OF PERIOD 14 838 40 807
STATEMENT OF CHANGE IN SHAREHOLDERS' EQUITY
Number of Share Share
ordinary shares capital premium
issued and paid R000 R000
Group
Balance at 1 January 2001 105 000 000 1 050 287 050
Attributable profit
for the period - - -
Balance at 31 December 2001 105 000 000 1 050 287 050
Company
Balance at 1 January 2001 105 000 000 1 050 287 050
Attributable profit
for the period - - -
Balance at 31 December 2001 105 000 000 1 050 287 050
STATEMENT OF CHANGE IN SHAREHOLDERS' EQUITY - CONTINUED
Total
Retained Translation shareholders'
earnings reserve equity
R000 R000 R000
Group
Balance at 1 January 2001 (230 004) (1 379) 56 717
Attributable profit
for the period 19 950 - 19 950
Balance at 31 December 2001 (210 054) (1 379) 76 667
Company
Balance at 1 January 2001 (229 608) - 58 492
Attributable profit
for the period 18 175 - 18 175
Balance at 31 December 2001 (211 433) - 76 667
COMMENTS
The company is pleased to report delivery on shareholders' expectations,
having achieved a significant turn-around from an after-tax loss of R2,9
million for the year ending December 2000 to an after-tax profit of R19.9
million for the year ended December 2001.
The main contributing factor was the sale of the Company's interest in
Ghana, Barnex Prestea Ltd, to Golden Star Resources, owners of Bogoso, the
concession adjoining Prestea. The transaction yielded a profit on disposal
of R20 million and ended protracted, but ultimately very rewarding
negotiations over the last couple of years with various parties.
The Company's upbeat mood was further buoyed by receipt of the first
quarterly royalties from the Prestea/Bogoso operations, of R3 million on 28
010 ounces of gold - in line with expectations. In terms of the sale
agreement, royalties are received for the first one million ounces of gold
production from the exploitation of Bogoso/Prestea based on the following
tiered royalty table.
Basis of accounting
These consolidated, abridged interim financial statements were drawn up
in compliance with South African Statements of Generally Accepted Accounting
Practice and the company has complied with the requirements of the companies
act. The accounting policies as set out in the 2000 annual report have been
consistently applied in producing these results.
Average Spot Gold Price (US$/oz) Royalty factor (US$/oz)
Less than $260 $6.00
More than $260 but less than $270 $7.20
More than $270 but less than $280 $8.40
More than $280 but less than $290 $9.60
More than $290 but less than $300 $10.80
More than $300 but less than $310 $12.00
More than $310 but less than $320 $13.20
More than $320 but less than $330 $14.40
More than $330 but less than $340 $15.60
More than $340 $16.80
The Company therefore anticipates continuing positive results from the
royalty, and will endeavour to find the optimum realisation of value for the
Golden Star Resources shares and warrants received in terms of the disposal
of Prestea, to the satisfaction of all shareholders.
J.F. Brownrigg R.B. Kebble
Chairman Director
Johannesburg
27 March 2002
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 Sue Vey on Tel: +27 (11) 305-7312 * Fax: +27
(11) 305-7325 * e-mail: suev@ince.co.za
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