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THABEX EXPLORATION LIMITED
("Thabex" or "the Company")
(Registration No 1988/000763/06)
JSE - Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
THABEX - AUDITED GROUP RESULTS FOR YEAR ENDED 28 FEBRUARY 2002
CONSOLIDATED BALANCE SHEET as 28 February 28 February
at 2002 2001
Audited Audited
R R
Assets No
te
Non-current assets 72,952,899 9,354,692
Property, plant and equipment 1 72,452,899 8,854,692
Interest in Associated Companies 500,000 500,000
Current Assets 3,139,942 667,750
Inventories 1,179,327 184,210
Trading Investments 174,200 28,400
Trade and other receivables 880,064 120,337
Cash and cash equivalents 906,351 334,803
Total assets 76,092,841 10,022,442
Equity and liabilities
Capital and reserves
Share capital 1,700,689 1,700,689
Share Premium Reserve 17,202,741 17,202,741
Non-distributable Reserve 63,536,000 -
Accumulated Loss (6,717,896) (9,418,040)
Ordinary Shareholders funds 75,721,534 9,485,390
Non-current liabilities 194,774 26,059
Outside Shareholders Interest 23,420 26,059
Long-term Liabilities 171,354 -
Current Liabilities
Trade and other payables 176,533 510,993
Total equity and liabilities 76,092,841 10,022,442
Shares in issue 17,006,887 17,006,887
Net asset value per share 445.24 55.77
(cents)
CONSOLIDATED INCOME STATEMENT for 28 February 28 February
year ended 2002 2001
Audited Audited
R R
Revenue 4,024,787 247,000
Net Operating Profit 2,587,681 (1,126,322)
Depreciation (49,145) (333,280)
Net interest received 161,608 4,271
Operating Income/(Loss) 2,700,144 (1,455,331)
Provision for writedown of interest - (287,698)
in associated company
Provision for writedown of - (66,328)
goodwill
Net Profit/(loss) for the 2,700,144 (1,809,357)
period
Profit/(loss) per share (cents) 15.88 (12.10)
Headline (Loss)/earning per share 15.88 (9.73)
(cents)
Weighted average number of shares 17,006,887 14,958,767
in issue for the year
CASHFLOW STATEMENT for the year 28 February 28 February
ended 2002 2001
Audited Audited
R R
Cash generated/(utilised) in
operating activities
Cash generated/(utilised) in 2,749,290 (530,878)
operations
Cash generated from/(utilised in) (2,235,044) 207,441
working capital
514,246 (323,437)
Cash (expended in)/generated from
investing activities
Acquisition of property, plant (111,413) (2,456)
and equipment
Acquisition of options, mineral, - (27,121)
and participation rights
(111,413) (29,577)
Cash effects of financing
activities
Proceeds from issue of shares - 221,829
Net share premium on issue of - 420,891
shares
Increase in long-term loan 171,354 -
Decrease in capital introduced by (2,639) (13,063)
minority shareholders
168,715 629,657
Increase in cash and cash 571,548 276,643
equivalents
Cash and cash equivalents at 334,803 58,160
beginning of year
Cash and cash equivalents at 906,351 334,803
end of year
STATEMENT OF CHANGES IN EQUITY for 28 February 28 February
the year ended 2002 2001
Audited Audited
R R
Share Capital 1,700,689 1,700,689
Share Capital at beginning of year 1,700,689 1,478,860
Proceeds from issue of share - 221,829
Share Premium 17,202,741 17,202,741
Share premium at beginning of year 17,202,741 16,781,850
Net share premium received - 420,891
Accumulated Loss (6,717,896) (9,418,040)
Accumulated Loss at the beginning (9,418,040) (7,608,683)
of year
Net Profit/(loss) for period 2,700,144 (1,809,357)
Non-distributable reserves 63,536,000 -
Non-distributable reserves at - -
beginning of year
Revaluation of mineral and option 63,536,000 -
rights
Note 1: Re-valuation by Thabex of the company's options, mineral and
participation rights to comply with the SAMREC Code. In considering all
modifying factors, the valuation was done to reflect the level of
geoscientific knowledge and confidence at the time. A total value of R63,54
million was attributed to these rights, with Adjoining Geelvloer 197, in the
Kenhardt district in the Northern Cape Province valued at R53,34 million and
R10,2 million attributed to the Mokopane (Potgietersrus) Platreef rights in
the Limpopo Province.
Basis of Accounting
These consolidated financial statement 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, 1973 (Act
61 of 1973), as amended.
Operating results
Thabex's performance during the past year was more than satisfactory with
headline earnings improving to 15,88 cents per share from a loss of 9,73
cents per share in the 2001 financial year. Revenue increased to R4,02
million from R247 000 in 2001. The company also revalued its options,
mineral and participation rights to comply with the SAMREC Code and for
Capital Gains Tax purposes, resulting in an improved net asset value of
445,24 cents per share compares to the previous 55,77 cents per share.
Future prospects
The company's business strategy has been changed to include the trading,
manufacturing and marketing of quality polished diamonds through its wholly
owned subsidiary, Pure Diamonds Ltd ("Pure Diamonds"). Pure Diamonds is also
engaged in the exploration and mining of alluvial diamonds and provides
technical consulting services to previously disadvantaged communities.
Thabex is in the process of engaging an independent consultant to prepare a
new bankable feasibility study for its Mokopane (Potgietersrus) Platreef
Project, utilising the most recent exploration and drilling results obtained
by Falconbridge Ventures of Africa (Pty) Ltd on the project, together with
the results obtained from the previous feasibility completed during 1992. A
pre-feasibility study is being conducted for the Geelvloer project.
Delisting of debentures
The two unsecured non-convertible redeemable debenture issues of the company
were successfully delisted from the JSE Securities Exchange South Africa
("JSE") on 12 February 2002 and redeemed on 22 April 2002.
Dividends
No dividend has been declared.
Accounting policies
The accounting policies as set out in the 2001 Annual Report have been
consistently applied in producing these results.
JSE Listing Requirements
The directors of the company ensured compliance with the requirements of the
JSE Listing Requirements during the year under review.
On behalf of the board
Marius Welthagen
(Chief Executive and Managing Director)
Johannesburg 31 May 2002
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Computershare Investor Services Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: 0860 THABEX (0860 843339)
Sponsor:
PSG Investment Bank Ltd
Directorate:
M Welthagen*, JL Bosch*, JR Rapoo, Prof DL Reid**, AP Roux
*Executive directors, ** New Zealand
Date: 31/05/2002 07:15:02 AM Produced by the SENS Department
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