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Avgold Limited - Quarterly Results
AVGOLD LIMITED
ABRIDGED RESULTS
for three and twelve months ended 30 June 2002
Quarterly Highlights
Avgold
* Headline earnings increase to R14 million from R8 million *
Target
* Included in income statement from May 2002 *
ETC
* Retrenchment programme completed at a cost of R4,7 million *
Paradise
* Updated resource statement to be issued with September quarter results *
SALIENT FEATURES
Quarter ended Year ended
June March June June
2002 2002 2002 2001
Avgold total:
Revenue received - Rand per kilogram 82 054 92 778 86 794 76 586
- US$ per ounce 305 314 306 315
Cash cost - Rand per kilogram 59 251 71 462 64 277 58 698
- US$ per ounce 174 191 198 241
Total gold sales - kilograms 2 068 673 4 179 2 842
- ounces 66 472 21 649 134 348 91 368
ETC:
Cash cost - Rand per kilogram 71 646 71 462 69 805 58 698
- US$ per ounce 210 191 215 241
Total gold sales - kilograms 694 673 2 805 2 842
- ounces 22 305 21 649 90 181 91 368
TARGET (May 2002 and June 2002 results only):
Cash cosT - Rand per kilogram 52 992 - 52 992 -
- US$ per ounce 156 - 156 -
Total gold sales - kilograms 1 374 - 1 374 -
- ounces 44 167 - 44 167 -
INCOME STATEMENT - Rand thousand
Audited Audited
Quarter ended Year ended
June March June June
2002 2002 2002 2001
Revenue 170 762 64 885 363 802 217 864
- gold revenue 169 669 64 885 362 709 217 647
- by-products 1 093 - 1 093 217
Costs and expenses 175 833 56 811 346 468 189 614
- gold operating 122 712 46 071 265 137 163 394
- retrenchments 4 747 - 4 747 165
- amortisation 39 064 6 257 57 389 19 737
- general and administration 9 310 4 483 19 195 5 981
- exploration - - - 337
Operating profit/(loss) (5 071) 8 074 17 334 28 250
Investment income 1 982 1 2 147 10 654
Finance cost 8 419 - 8 419 -
Unrealised forex gain 30 335 - 30 335 -
Income before taxation 18 827 8 075 41 397 38 904
Taxation 5 000 - 5 000 -
Net earnings for the period 13 827 8 075 36 397 38 904
Headline earnings per share (cents) 2 1 5 7
Earnings per share (cents) 2 1 5 7
Weighted number of shares
in issue (millions) 672 671 670 595
ABRIDGED BALANCE SHEET - Rand thousand
Audited Audited
30 June 30 June
2002 2001
ASSETS
Non-current assets 2 931 207 2 551 085
Fixed assets 2 883 336 2 506 592
Investments 47 871 44 493
Current assets 208 742 137 021
Inventories 44 761 33 247
Trade and other receivables 55 171 47 867
Deposits and cash 108 810 55 907
Total assets 3 139 949 2 688 106
EQUITY AND LIABILITIES
Capital and reserves
Share capital 6 729 6 658
Share premium 2 206 385 2 183 589
Accumulated profit/(loss) 16 958 (19 439)
Total shareholders` interest 2 230 072 2 170 808
Non-current liabilities 630 105 378 594
Long-term loans (note 1) 548 072 302 453
Long-term provisions 82 033 76 141
Current liabilities 279 772 138 704
Trade and other payables 153 343 134 044
Overdrafts and short-term borrowings (note 1) 126 429 4 660
Total equity and liabilities 3 139 949 2 688 106
ABRIDGED CASH FLOW STATEMENT - Rand thousand
Audited Audited
Year ended Year ended
30 June 2002 30 June 2001
Cash generated from operations 57 553 55 003
Cash utilised in investment activities (341 238) (596 999)
Cash provided by financing activities 336 588 596 371
Net increase in cash balances 52 903 54 375
Cash and cash equivalents at beginning of year 55 907 1 532
Cash and cash equivalents at end of year 108 810 55 907
Note:
1. Long-term loans and short-term borrowings have increased as a result of draw-
downs on the syndicated loan to finance the completion of the Target mine.
The accounting policies used are in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the previous financial year.
The financial results for the year ended 30 June 2002 have been audited by KPMG
Inc and the audit opinion is available for inspection at the company`s
registered office. A booklet incorporating a more detailed review of the three
and twelve months ended 30 June 2002 will be posted to all shareholders. Copies
of this booklet can be obtained by contacting Carol Loggenberg on (011) 634-0424
or by E-mail at caroll@avmin.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*,
J J Geldenhuys, W A Nairn, G S Potgieter*, G J Robbertze, J C Steenkamp,
J Thomas (Mrs) *Executive Directors
Company secretary: S E Sather
Johannesburg
24 July 2002
AVGOLD LIMITED
(Registration number 1990/007025/06)
(Incorporated in the Republic of South Africa)
Share code: AVG ISIN: ZAE000012175
56 Main Streer, Johannesburg, South Africa
PO Box 62379, Marshalltown, South Africa 2107
Date: 24/07/2002 04:00:00 PM Produced by the JSE SENS Department
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