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Barnato Exploration Limited - Interim Report For The Six Months Ended 30 June
2002
BARNATO EXPLORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/003756/06)
JSE Share code BNX ISIN ZAE000000964
INTERIM Report for the SIX MONTHS ENDED 30 JUNE 2002
INCOME STATEMENT
Company Group
Six months Year Six months Year
ended ended ended ended
30 June 2002 31 Dec 2001 30 June 2002 31 Dec 2001
unaudited Audited unaudited Audited
R000 R000 R000 R000
7 878 3 052 Gold royalty received 7 878 3 052
- - Working costs - (2 632)
- (1 984) Exploration expenditure - (2 207)
7 878 1 068 Operating profit/(loss) 7 878 (1 787)
3 454 4 637 Net interest received 3 454 4 639
37 17 077 Other income 37 22 106
(504) (965) Administration and (504) (1 366)
other expenses
Profit/(loss) before
non-recurring
10 865 21 817 income/(costs) 10 865 23 592
33 991 (3 053) Non-recurring income/ 33 991 (3 053)
(costs)
44 856 18 764 Profit/(loss) before 44 856 20 539
taxation
(4 487) (589) Taxation (4 487) (589)
40 369 18 175 Attributable profit/ 40 369 19 950
(loss) after taxation
Earnings/(loss) per
share (cents) 38,4 19,0
Headline earnings/(loss)
per share (cents) 6,1 2,7
BALANCE SHEET
Company Group
30 June 2002 31 Dec 2001 30 June 2002 31 Dec 2001
unaudited Audited unaudited Audited
R000 R000 Note R000 R000
Assets
97 867 40 338 Current assets 97 867 40 338
24 005 14 838 Cash and cash 24 005 14 838
equivalents
4 058 7 Accounts receivable 4 058 7
69 804 25 493 Loan to JCI 1 69 804 25 493
Gold Limited
19 493 36 563 Non-current assets 19 493 36 563
- 17 070 Listed investment - 17 070
19 493 19 493 Loan to Randfontein 19 493 19 493
Estates Limited
117 360 76 901 Total assets 117 360 76 901
Liabilities and
shareholders` equity
324 234 Current liabilities 324 234
324 234 Accounts payable 324 234
- - Taxation - -
117 036 76 667 Shareholders` equity 117 036 76 667
117 360 76 901 Total liabilities and 117 360 76 901
shareholders` equity
Note:
1. The loan represents cash advances to JCI Gold Ltd during the previous year
which were consolidated with the loans advanced in the six months ended 30 June
2002. The loan bears interest at prime plus 1,5%, and is secured by a pledge of
marketable securities i.e. 1 000 000 Western Areas Ltd and 1 800 000 Randgold
and Exploration Ltd shares with a current market value of R95 million. The loan
is repayable on the 30 November 2002.
CASH FLOW STATEMENT
Company Group
Six months Year Six months Year
ended ended ended ended
30 June 2002 31 Dec 2001 30 June 2002 31 Dec 2001
unaudited Audited unaudited Audited
R000 R000 R000 R000
Cash flows applied
to operating
activities
(363) (3 146) Cash applied to (363) (3 208)
operations
129 2 144 Interest received 129 2 146
3 820 - Royalty received 3 820 -
(4 480) (1 790) Taxation paid (4 480) (1 790)
(894) (2 792) Cash outflow from (894) (2 852)
operating activities
Cash flows (applied to)/
generated by investing
activities
(41 000) (23 000) Loans advanced to (41 000) (23 000)
JCI Gold Ltd
51 061 - Proceeds on disposal 51 061 -
of listed investment
Cash inflow/(outflow)
from investing
10 061 (23 000) activities 10 061 (23 000)
Net increase/(decrease)
in cash and
9 167 (25 792) cash equivalents 9 167 (25 852)
Cash and cash
equivalents at
beginning of
14 838 40 630 the period 14 838 40 807
Cash and cash
equivalents of
- - subsidiary disposed of - (117)
Cash and cash
equivalents at end
24 005 14 838 of the period 24 005 14 838
STATEMENT OF CHANGE IN SHAREHOLDERS` EQUITY
Total
Number of Share Share Retained shareholders`
ordinary shares capital premium earnings equity
issued and paid R000 R000 R000 R000
Group
Balance at
31 Dec 2001 105 000 000 1 050 287 050 (211 433) 76 667
Attributable
profit for
the period - - - 40 369 40 369
Balance at
30 June 2002 105 000 000 1 050 287 050 (171 064) 117 036
Company
Balance at
31 Dec 2001 105 000 000 1 050 287 050 (211 433) 76 667
Attributable
profit for
the period - - - 40 369 40 369
Balance at
30 June 2002 105 000 000 1 050 287 050 (171 064) 117 036
COMMENTS
The exceptional performance for the six months was achieved on the basis of
disposing of the 3,3 million Golden Star Resources Ltd shares received as part
of the Prestea sale at a net profit of R34 million, resulting in a profit after
tax of R40,4 million for the six months. The receipt of the royalties from the
Prestea and Bogoso properties for the period was enhanced by the rally in the
gold price and better than expected gold production of 31,648 and 30,418 ounces
respectively for the first two quarters of the year relative to the anticipated
average of 25,000 ounces gold production per quarter.
In light of the proposed Mineral and Petroleum Resources Development Bill, the
ongoing participation of the company in exploration is debatable. A proposal has
thus been put forward to amalgamate the Company`s interest with those of JCI
Ltd, in order to create an enhanced mineral rights holding to be dealt with
through the introduction of a potential empowerment partner in the future. A
circular with further details will be posted to shareholders shortly.
BASIS OF ACCOUNTING
Headline earnings excludes non-recurring items.
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 2001 annual report have been
consistently applied in producing these results.
JF Brownrigg RB Kebble
Executive chairman Non-executive director
Johannesburg
25 July 2002
Barnato Exploration Limited
PO Box 61719, Marshalltown 2107 Telephone: +27 (11) 688-5000
Fax: +27 (11) 838-3393 Office of South African Transfer Secretaries
Computershare Investor Services Limited
PO Box 1053, Johannesburg, 2001 Office of UK Transfer Secretaries
Capita IRG Plc Balfour House, 390/398 High Road, Ilford, Essex, IG1
1NQ
Investor Relations George Poole Telephone: +27 (11) 688-5000
Fax: +27 (11) 836-3757 email: gpoole@jci.co.za or Leanda Visagie
Telephone: +27 (11) 688-5000 Fax: +27 (11) 834-5086
email: lvisagie@jci.co.za
Date: 25/07/2002 05:23:54 PM Produced by the JSE SENS Department
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