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quarter ended 31 March 2002
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
(Registration number 1921/006955/06) Share Code: AFL
ISIN Code: ZAE000000253 ("Aflease" or "the company")
Consolidated Financial Results for the quarter ended 31 March 2002
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
31 MAR 2002 31 DEC 2001 31 MAR 2001 31 DEC 2001
Highlights:-
GOLD PRODUCED AND
SOLD:-
-KILOGRAMS 239 253 302 1,206
-OUNCES 7,684 8,134 9,710 38,774
CASH OPERATING COST
STACKED
(RANDS PER TON) 48.93 54.72 31.92 41.63
CASH OPERATING
COST:-
-RAND / KG 74,594 68,166 42,305 50,709
-US$ / OZ 205 205 167 184
CASH OPERATING 7,685 6,584 7,351 29,320
PROFIT (R`000)
NET EARNINGS 4,475 3,784 4,037 16,057
(R`000)
HEADLINE AND BASIC
EARNINGS
PER SHARE (CENTS) 3.25 2.84 3.41 13.05
OPERATING RESULTS:-
TONNAGE STACKED 364,366 315,173 400,243 1,468,857
(TONS)
GOLD PRODUCED AND 239 253 302 1,206
SOLD (KG)
AVERAGE GRADE 1.25 1.15 1.32 1.26
STACKED (GMS/TON)
GOLD PRICE
RECEIVED:-
-RAND / KG 106,749 94,190 66,646 75,021
-RAND / OZ 3,320 2,930 2,073 2,333
-US$ / OZ 293 277 263 270
R`000 R`000 R`000 R`000
INCOME STATEMENT:-
REVENUE 25,513 23,830 20,127 90,475
CASH OPERATING 22,166 20,384 17,447 72,921
COSTS
CASH MOVEMENT IN (4,338) (3,138) (4,671) (11,766)
LOCK-UP
CASH OPERATING 7,685 6,584 7,351 29,320
PROFIT
AMORTISATION AND 2,319 2,014 1,737 7,551
DEPRECIATION
NON-CASH MOVEMENT (622) (228) (235) (837)
IN LOCK-UP
NET FINANCE COSTS 783 217 910 3,193
CORPORATE COSTS / 290 328 128 783
OTHER
EXPLORATION 440 469 774 2,573
EXPENDITURE
PROFIT BEFORE 4,475 3,784 4,037 16,057
TAXATION
TAXATION - - - -
NET PROFIT FOR THE 4,475 3,784 4,037 16,057
YEAR
RATIOS:-
EARNINGS PER SHARE
(CENTS):-
-CASH OPERATING 5.58 4.94 6.21 23.83
EARNINGS
-HEADLINE AND BASIC 3.25 2.84 3.41 13.05
-FULLY DILUTED 3.17 2.77 3.31 12.68
WEIGHTED AVERAGE
NUMBER
-OF ORDINARY SHARES 137,762,456 133,194,805 118,462,288 123,029,857
IN ISSUE
The fully diluted
earnings per share
is based upon the
dilutive effect of
employee share
options.
UNAUDITED AUDITED UNAUDITED
PERIOD PERIOD PERIOD ENDED
ENDED ENDED
31 MAR 2002 31 DEC 2001 31 MAR 2001
R`000 R`000 R`000
ABRIDGED BALANCE
SHEET:-
ASSETS
NON-CURRENT ASSETS:-
-MINING ASSETS 117,245 115,548 99,542
-OTHER ASSETS 2,501 1,923 -
-INVESTMENTS 8,857 8,379 6,990
128,603 125,850 106,532
CURRENT ASSETS:-
-INVENTORIES 40,299 33,376 24,029
-RECEIVABLES AND 5,518 10,484 6,382
PREPAYMENTS
-AMOUNTS OWING BY
RELATED
THIRD PARTIES - 114 -
-BANK AND CASH 18,235 17,940 1,463
BALANCES
64,052 61,914 31,874
TOTAL ASSETS 192,655 187,764 138,406
EQUITY AND
LIABILITIES
CAPITAL AND
RESERVES:-
-ORDINARY SHARE 2,755 2,755 2,369
CAPITAL
-SHARE PREMIUM 118,763 118,763 89,854
-ACCUMULATED 13,445 8,970 (3,050)
EARNINGS / (LOSSES)
134,963 130,488 89,173
NON-CURRENT
LIABILITIES:-
-INTEREST BEARING 22,662 23,877 22,473
BORROWINGS
-REHABILITATION AND
CLOSURE
COST OBLIGATIONS 4,500 4,500 4,500
-AMOUNTS OWING TO
RELATED
THIRD PARTIES 3,269 4,056 2,361
30,431 32,433 29,334
CURRENT
LIABILITIES:-
-TRADE AND OTHER 11,496 13,024 9,432
PAYABLES
-PROVISIONS 983 604 700
-CURRENT PORTION OF
INTEREST
BEARING 4,815 5,217 2,844
BORROWINGS
-BANK OVERDRAFT 9,967 5,998 6,923
BALANCES
27,261 24,843 19,899
TOTAL EQUITY AND 192,655 187,764 138,406
LIABILITIES
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
31 MAR 2002 31 DEC 2001 31 MAR 2001 31 DEC 2001
R`000 R`000 R`000 R`000
ABRIDGED CASH FLOW
STATEMENT:-
CASH FLOW GENERATED
FROM /
(UTILISED BY) :-
-OPERATING 3,688 (956) (1,332) 4,266
ACTIVITIES
-INVESTING (5,072) (6,263) (1,415) (15,992)
ACTIVITIES
-FINANCING (2,290) 19,092 233 26,614
ACTIVITIES
NET
INCREASE/(DECREASE)
IN CASH
AND CASH (3,674) 11,873 (2,514) 14,888
EQUIVALENTS
CASH & CASH
EQUIVALENTS
-AT BEGINNING OF 11,942 69 (2,946) (2,946)
PERIOD
CASH & CASH
EQUIVALENTS
-AT END OF PERIOD 8,268 11,942 5,460 11,942
STATEMENT OF
CHANGES IN EQUITY:-
SHARE SHARE ACCUM TOTAL
CAPITAL PREMIUM (LOSS)/PROFIT EQUITY
BALANCE AT 31ST 2,369 89,854 (7,087) 85,136
DECEMBER 2000
ISSUED DURING THE - - - -
PERIOD
SHARE PREMIUM - - - -
NET PROFIT AFTER - - 4,037 4,037
TAXATION
BALANCE AT 31ST 2,369 89,854 (3,050) 89,173
MARCH 2001
ISSUED DURING THE 386 - - 386
PERIOD
SHARE PREMIUM - 28,909 - 28,909
NET PROFIT AFTER - - 12,020 12,020
TAXATION
BALANCE AT 31ST 2,755 118,763 8,970 130,488
DECEMBER 2001
ISSUED DURING THE - - - -
PERIOD
SHARE PREMIUM - - - -
NET PROFIT AFTER - - 4,475 4,475
TAXATION
BALANCE AT 31ST 2,755 118,763 13,445 134,963
MARCH 2002
UNAUDITED UNAUDITED UNAUDITED AUDITED
QTR ENDED QTR ENDED QTR ENDED YEAR ENDED
31 MAR 2002 31 DEC 2001 31 MAR 2001 31 DEC 2001
R`000 R`000 R`000 R`000
SUPPLEMENTARY
INFORMATION:-
CAPITAL COMMITMENTS 1,000 4,250 - 4,250
CAPITAL EXPENDITURE 5,986 18,148 6,679 26,633
LONG TERM
BORROWINGS:-
-FINANCE LEASES:-
-EXCAVATOR 984C 4,615 5,361 6,194 5,361
-EXCAVATOR 984C 4,314 4,778 5,213 4,778
-EXCAVATOR 994C 2,504 2,686 3,561 2,686
-ELUTION PLANT - 376 1,425 376
-EXCAVATOR 974B x 2 7,120 7,089 - 7,089
18,553 20,290 16,393 20,290
LESS:- SHORT-TERM (4,815) (5,217) (2,844) (5,217)
PORTION
13,738 15,073 13,549 15,073
THE ABOVE FINANCE
LEASES ARE
REPAYABLE OVER
PERIODS VARYING
FROM ONE TO FIVE
YEARS.
LOAN-HEAP LEACH 8,924 8,804 8,924 8,804
PLANT:-
THE ABOVE LOAN IS
REPAYABLE IN
2005 AND BEARS
INTEREST AT A RATE
OF 15.25% UNTIL
31/03/2002,
THEREAFTER THE
INTEREST WILL BE
RE-NEGOTIATED.
TOTAL LONG-TERM 22,662 23,877 22,473 23,877
BORROWINGS
SECURITY:-
The loan for the heap-leach plant is secured by R8m of the Afrikander Lease
Limited`s equipment,cession of mineral rights for an amount of R11m and by a
pledge and cession of all short-term insurance policies covering the heap
leach plant.
NOTES TO THE FINANCIAL STATEMENTS:-
The same accounting policies have been applied to the current year as were
used in the prior year`s annual financial statements.
These financial results have been compiled in accordance with South African
Statements of Generally Accepted accounting practise. No dividend has been
proposed or declared for the period under review.
AFL UPGRADE HIGHLIGHTS
The AFL mining and plant upgrade was commissioned in Q.1, 2002 and the
benefits should accrue for Q2, 2002.
* The upgraded opencast pit is consistently producing 165,000 tons of ore -
April 167,400 tons.
* The upgraded plant is consistently crushing and loading onto the pad
165,000 of ore to an average size of 4.5 mm -
April 165,133 tons.
* The leaching cycle is being transferred to the new pad 3 which has
continually delivering higher pregnant fluid grades and steadily increased
flow rates.
OUTLOOK
* Quarterly production and financial results for the June 2002 quarter will
improve to reflect the AFL upgrade plan advantages and will therefore
improve on the March 2002 results.
* Due to the extended cycle time associated with the 12mm sulphide ore
loaded onto Pad 2 Lift 2, management intends to reprocess this material in
order to optimise the benefits of the upgraded plant and associated finer
crush size. Should the benefits not materialise, this will necessitate a
write down of the reported heap leach inventory.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
* The average Rand gold price for the quarter increased by 13.4% from
R94,190/kg (Q4, 2001) to R106,837/kg (Q1, 2002).
* The profit before tax increased by 18.3% from R3,784 million (Q4, 2001) to
R4,475 million (Q1, 2002).
* The tons stacked and leached for the quarter increased by 15.6% from
315,173 tons (Q4, 2001) to 364,366 tons
(Q1, 2002).
* The March quarter is the last reporting quarter prior to the improvements
emanating from the new AFL upgrade plan.
OPERATIONAL CHALLENGES
* The gold produced and sold was lower by 5.9% from 253 kg (Q4, 2001) to 239
kg (Q1, 2002) mainly due to the leaching interruption from commissioning pad
3, and the disappointing pad grades..
On behalf of the Board
P E Skeat J Nortier
Houghton
21 May 2002
Date: 22/05/2002 07:35:01 AM Produced by the SENS Department
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