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AFGEM - Audited Annual Results 2002
AFRICAN GEM RESOURCES LIMITED
(Registration No. 1998/007292/06)
Share code: AFG
ISIN code:ZAE000025540
CUSIP code (Level 1 ADR programme): 008283103
AUDITED ANNUAL RESULTS 2002 FOR THE PERIOD ENDED 31 MARCH 2002
balance sheets
As at 31 March 2002
Company Group
2001 2002 2002 2001
- Assets
746 196 834 436 Fixed assets 80 071 129 51 091 195
64 486 354 137 142 689 Non current assets 1 573 639 30 375
- - Deferred taxation 1 573 639 30 375
64 486 354 137 142 689 Interest in - -
subsidiaries
58 105 116 18 126 513 Current assets 105 593 364 103 211 919
- - Inventory 27 055 100 3 473 149
76 934 18 772 Accounts receivable 11 570 404 12 750 853
58 028 182 18 107 741 Cash and cash 66 967 860 86 987 917
equivalents
123 337 666 156 103 638 Total assets 187 238 132 154 333 489
Equity and
liabilities
Capital and
reserves
118 801 945 143 536 220 Ordinary 148 932 023 133 769 819
shareholders`
interest
- - Outside - 3 197 419
shareholders`
interest
2 110 700 11 008 291 Non current 26 638 246 6 025 469
liabilities
1 936 949 10 867 488 Deferred taxation 5 384 630 2 183 718
173 751 140 803 Long term 20 653 616 3 241 751
liabilities
Environmental
rehabilitation
- - provision 600 000 600 000
2 425 021 1 559 127 Current liabilities 11 667 863 11 340 782
1 381 523 985 030 Accounts payable 9 261 592 4 439 969
1 043 498 574 097 Taxation 2 406 271 6 900 813
123 337 666 156 103 638 Total equity and 187 238 132 154 333 489
liabilities
income statements
For the 13 months ended 31 March 2002
Company Group
2001 2002 2002 2001
R R R R
- - Revenue 41 305 443 41 139 920
- - Cost of sales (25 514 168) (6 935 478)
- - Gross profit 15 791 275 34 204 442
2 175 000 2 372 500 Management fees - -
received
6 200 751 33 188 461 Net foreign 16 566 534 (646 468)
exchange
gain/(loss)
47 169 13 568 Other income 71 912 54 061
- - Pre-production (1 867 521) (2 603 564)
expenditure
capitalised
(2 828 068) (3 478 700) Operating expenses (18 681 959) (7 831 226)
5 594 852 32 095 829 Operating income 11 880 241 23 177 245
3 841 303 2 989 080 Net interest 3 294 204 4 332 252
received
- - Pre-production 1 867 521 2 603 564
expenditure
capitalised
9 436 155 35 084 909 Net income before 17 041 966 30 113 061
taxation
(2 831 246) (10 548134) Taxation (5 274 681) (9 029 488)
6 604 909 24 536 775 Retained income 11 767 285 21 083 573
after taxation
- Outside 3 197 419 (118 136)
shareholders`
deficit/(interest
Retained income 14 964 704 20 965 437
6 604 909 24 536 775 attributable
to ordinary
shareholders
Earnings/Headline 11.56 17.65
earnings
per share (cents)
statement of changes in equity
For the 13 months ended 31 March 2002
Ordinary Share Retained Total
share premium income
capital
R R R R
Company
Balance at 1 March 1 054 22 024 068 426 360 22 451 482
2000
Ordinary shares 239 95 615 761 - 95 616 000
issued
Share issue expenses - (5 870 446) - (5 870 446)
written off
Retained income for - - 6 604 909 6 604 909
the year
Balance at 1 March 1 293 111 769 383 7 031 269 118 801 945
2001
Ordinary shares 2 197 498 24 536 775 24 734 275
issued and current
retained income
Balance at the end of
the period
- 31 March 2002 1 295 111 966 881 31 568 044 143 536 220
Group
Balance at 1 March 1 054 22 024 068 1 033 706 23 058 828
2000
Ordinary shares 239 95 615 761 - 95 616 000
issued
Share issue expenses - (5 870 446) - (5 870 446)
written off
Retained income for - - 20 965 437 20 965 437
the year
Balance at 1 March 1 293 111 769 383 21 999 143 133 769 819
2001
Ordinary shares 2 197 498 14 964 704 15 162 204
issued and current
retained income
Balance at the end of 1 295 111 966 881 36 963 847 148 932 023
the period
- 31 March 2002
cash flow statements
For the 13 months ended 31 March 2002
Company Group
2001 2002 2002 2001
Cash flows from
operating
activities
(101 439) (1 214 243) Cash generated by/ 5 774 415 19 582 797
(utilised in)
operations
3 841 303 2 989 080 Net interest 3 294 204 4 332 252
received
(33 792) (2 086 996) Taxation paid (8 111 575) (368 322)
3 706 072 (312 159) Net cash 957 044 23 546 727
inflow/(outflow)
from operating
activities
Cash flows from
investing
activities
Investment to
expand
operations
(771 352) (304 960) Net additions to (37 101 466) (20 477 252)
fixed assets
(27 254 531) (39 467 874) Loans to - -
subsidiaries
(28 025 883) (39 772 834) Net cash outflows (37 101 466) (20 477 252)
from investing
activities
Cash flows from
financing
activities
(32 948) Long-term 15 926 865 66 751
173 751 liability
raised/(repaid)
80 745 554 197 500 Proceeds from 197 500 80 745 554
issue of shares
80 919 305 164 552 Net cash inflows 16 124 365 80 812 305
from financing
activities
Cash and cash
equivalents
56 599 494 (39 920 441) Net (decrease)/ (20 020 057) 83 881 780
increase for the
period
1 428 688 58 028 182 At the beginning 86 987 917 3 106 137
of the period
58 028 182 18 107 741 At end of period 66 967 860 86 987 917
Directors:
MJ Nunn (Ch and CE), IT Harebottle (Operations),
MR Summers (Financial), AR Mpungwe (Non exec),
A Bekker (Non exec), J Coetzee (Non exec),
CH Boulle (Non exec)
Review of operations
During the thirteen month period under review, African Gem Resources Limited
("the company") and its subsidiaries (collectively, "the group" or "AFGEM")
achieved satisfactory results. A prolonged legal battle in Tanzania (which
AFGEM won with costs in August 2001) delayed the onset of commercial
production at AFGEM`s tanzanite mine in northern Tanzania. Subsequent
limited supply and a depressed market for luxury goods made for a
challenging year. Revenue from operations was R41 305 443 (2001: R41 139
920), with earnings attributable to ordinary shareholders of
R14 964 704 (2001:R20 965 437).
Profit attributable to ordinary shareholders includes a net unrealised
foreign exchange gain of R37 768 641 (2001: R5 922 873) arising from the
translation of the holding company`s loan to Merelani Mining Limited (a 75%-
owned subsidiary of the company) from US dollars into South African rand,
and a net unrealised foreign exchange loss of R21 202 107 (2001:
R 6 582 874) arising from the translation of the group`s assets and
liabilities in its foreign subsidiaries from US dollars to South African
rand.
AFGEM ended the period with R66 967 860 in cash and cash equivalents, after
increasing its inventory position by R23 581 951: a decision that was taken
because of depressed prices for tanzanite in the fourth calendar quarter of
2001.
No dividends have been declared or paid in the period under review or since
year-end. Acquisition opportunities, the successful development of the mine
and achievement of full commercial production, the market for coloured
gemstones and the level of profitability will determine whether a dividend
declaration will be made in the next financial year.
AFGEM has effected a Level I American Depository Receipts ("ADR") programme
through the Bank of New York. The programme will allow American investors a
convenient and cost-effective method of investing in the company. The ADR`s
are traded over the counter with a share ratio of 1:1 and a CUSIP code of
008283103.
AFGEM will complete development of its tanzanite mine by the third calendar
quarter of 2002. An international marketing and sales drive will be
conducted simultaneously to ensure supply continuity, with the United
States, Europe and Asia as the primary target regions. With the commencement
of commercial production and a healthier economic climate, AFGEM expects an
improvement in revenues.
The Annual Report will be posted to shareholders on 20 June 2002 and will be
available on www.africangem.com from that date.
For and on behalf of the board
MJ Nunn MR Summers
Chairman and CEO Financial director
12 June 2002
www.africangem.com
Date: 12/06/2002 11:45:00 AM Produced by the SENS Department
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