|
Randgold & Exploration Company Limited - Interim Report For The Six Months Ended
30 June 2002
RANDGOLD & EXPLORATION COMPANY LIMITED
Reg No 1992/005642/06
Sharecode : RNG
ISIN : ZAE000008819
NASDAQ trading symbol : RANGY
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2002
* Randgold Resources lists on Nasdaq and raises
$32.5 million
* Reserve Bank relaxes minimum holding requirement
in Randgold Resources
* Half year profit increases substantially year on year
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec
R000 2002 2001 2001
Revenue
Gold sales 404 064 382 938 709 440
Cost and expenses
Cash operating
costs (119 081) (236 920) (400 475)
Royalties (27 220) (25 344) (49 330)
Total cash
costs (146 301) (262 264) (449 805)
Operating profit
From mining
activities 257 763 120 674 259 635
Dividends
and interest
received 1 701 11 857 18 924
Interest
expenses (33 303) (45 059) (72 343)
Depreciation and
amortisation (41 947) (23 342) (66 808)
Exploration and
corporate
expenditure (69 702) (43 407) (82 099)
Loss on sale
of investments (2 096) (9 282) (11 386)
Other (28 206) 24 098 (60 212)
Income/(loss)
on ordinary
activities
before taxes
and minority
interest 84 210 35 539 (14 289)
Income and
mining taxes - (809) (1 016)
Income/(loss)
on ordinary
activities before
minority
interest 84 210 34 730 (15 305)
Minority
interest (39 201) (25 378) (54 747)
Net income/(loss)
for the period 45 009 9 352 (70 052)
Ordinary shares
in issue (000s) 43 334 41 437 41 702
Earnings/(loss)
per share (cents) 104 23 (168)
Headline
earnings/(loss)
per share (cents) 104 23 (168)
Fully diluted
earnings/(loss)
per share (cents) 101 23 168)
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec
R000 2002 2001 2001
Net cash provided
by/(utilised in)
operations 51 978 63 919 319 055
Net cash provided
by/(utilised in)
by investing
activities 15 890 (140 679) (144 302)
Net cash
(utilised in)/
provided by
financing
activities (68 847) 40 003 (524 597)
Net (decrease)/
increase
in cash and
cash equivalents (979) (36 757) (349 844)
Cash and cash
equivalents at
beginning of
period 122 072 471 916 471 916
Cash and cash
equivalents at
end of period 121 093 435 159 122 072
MOVEMENT IN SHAREHOLDERS` EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec
R000 2002 2001 2001
Balance at beginning
of period 164 072 26 295 26 295
Change in accounting
policy - opening
balance** - 13 599 13 599
Restated balance at
beginning of
period 164 072 39 894 39 894
Share options
exercised 17 251 1 261 1 584
Other reserves 37 391 39 117 192 646
Net income/(loss)
for the period 45 009 9 352 (70 052)
Closing balance 263 723 89 624 164 072
** The change in accounting policy refers to the adoption of IAS 39, Financial
instruments : Recognition and Measurement, effective 1 January 2001, by Randgold
Resources Limited. The provisions of IAS 39 are consistent with those of AC
133. The net effect on opening shareholders` equity has been disclosed in the
statement of movement in shareholders` equity. The net income for the
comparative six month period has been increased by R8.3 million to show the
effect for the period.
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at at at
30 June 30 June 31 Dec
R000 2002 2001 2001
ASSETS
Current assets
Cash and equivalents* 142 310 473 351 142 535
Receivables 182 638 153 465 202 452
Inventories 111 684 95 285 116 721
Total current assets 436 632 722 101 461 708
Property, plant,
equipment and other
long-term assets 861 074 704 380 980 190
Investments 175 341 73 251 105 482
Total assets 1 473 047 1 499 732 1 547 380
LIABILITIES AND
SHAREHOLDERS` EQUITY
Current liabilities
Accounts payable and
accrued liabilities 370 982 538 976 403 873
Income and mining
taxes 11 032 17 008 10 959
Bank overdraft 21 217 38 192 20 463
Total current
liabilities 403 231 594 176 435 295
Long-term liabilities
Provision for post
retirement benefits 53 077 27 348 53 077
Long-term loans 530 804 424 357 684 621
Provision for
rehabilitation 46 499 29 962 51 993
Loans from outside
shareholders 226 439 175 525 259 044
Total long-term
liabilities 856 819 657 192 1 048 735
Total liabilities 1 260 050 1 251 368 1 484 030
Shareholders` equity
Share capital 433 413 417
Share premium 288 811 271 257 271 576
Other reserves 717 054 462 367 679 662
Accumulated losses (742 575) (644 413) (787 583)
Total shareholders`
equity 263 723 89 624 164 072
Minority interest (50 726) 158 740 (100 722)
Total liabilities and
equity 1 473 047 1 499 732 1 547 380
* Included in cash and equivalents is an attributable amount of R45.6 million
(30 June 2001 : R35.3 million, 31 December 2001 : R52,7 million) relating to a
debt service reserve account. This amount is held in escrow for partial
repayment of the Morila project loan.
NET ASSET VALUE
Net Asset Value for Randgold & Exploration Company Limited (unaudited).
Price Market
value
Per 28 June
Units share Percent 2002
DESCRIPTION held R held R000
Listed investments
Durban Roodepoort
Deep, Limited 3 500 000 42.99 2.1% 150 465
Western Areas
Limited 217 800 35.00 0.2% 7 623
JCI Gold
Limited 641 400 8.51 0.4% 5 458
Consolidated
African Mines
Limited 26 653 900 0.35 4.0% 9 329
Kelgran
Limited 2 321 115 0.75 2.7% 1 740
Randgold Resources
Limited 13 312 480 71.87 58.9% 956 801
1 131 416
Other assets 83 338
Liabilities (131 521)
Net assets 1 083 233
Shares in issue (000) 43 334
NAV per share (cents) 2 500
COMMENTS
Randgold Resources successfully listed on Nasdaq on 11 July 2002, and issued 5
million shares to new shareholders, raising US$32.5 million.
To enable Randgold Resources to issue equity to raise cash for the development
and to make acquisitions, the South African Reserve Bank has relaxed the minimum
holding requirements for the Company in Randgold Resources to 36 percent of that
Company`s issued shares.
On 28 March 2002 the Company repaid R30 million of the R70 million, one-year
loan which had been obtained from ABSA Bank. The repayment was funded by the
sale of 1.5 million Durban Roodepoort Deep, Limited shares.
Minrico, our mineral rights management subsidiary, has concluded option and
joint-venture arrangements involving potential diamond projects and is assessing
submissions for turning the platinum group mineral potential of the farm
Doornbosch in the eastern Bushveld to account.
FINANCIAL REVIEW
The results for the six months ended 30 June 2002 have been prepared in terms of
South African statements of Generally Accepted Accounting Practice, and in
accordance with the Group`s accounting policies which are consistent with that
of the previous year.
The operating profit from mining activities amounted to R258 million for the six
months ending 30 June 2002 compared to R121 million for the corresponding six
months in 2001.
After corporate and exploration costs, depreciation charges, interest paid, and
minority interest, the Groups` net income for the six months to 30 June 2002 was
R45 million (six months to 30 June 2001:R9.4 million).
The Morila project continued to produce satisfactory results, and for the six
months to 30 June 2002, 299 122 ounces were produced at a total cash cost of
US$108 per ounce (six months to 30 June 2001: 324 410 ounces at a total cash
cost of US$95 per ounce).
The Syama mine is currently on a care and maintenance programme and included in
the Group`s profits before outside shareholders interest for the six months to
30 June 2002 is a loss of R26.4 million attributable to Syama (six months to 30
June 2001: loss of R58.3 million).
Shareholders are referred to the press announcement published today by Randgold
Resources for a more detailed review of results.
PROSPECTS
Randgold Resources continues to focus on new business, both internally generated
and with the aim of participating in the rationalisation taking place in the
gold mining industry. To this end, due diligence reviews of exploration and
mining opportunities have progressed.
In our South African operations, we remain committed to playing a positive role
in the development of the mining and exploration industry, as we have done since
1994. In this regard it is worth noting that Minrico continues to make good
progress with its strategy of developing and managing mineral resource
opportunities.
R A R Kebble
Chairman
Johannesburg
6 August 2002
RANDGOLD & EXPLORATION COMPANY LIMITED
Reg No 1992/005642/06
Sharecode : RNG
ISIN : ZAE000008819
NASDAQ trading symbol : RANGY
Website : www.randgold.co.za
Registered office :
5 Press Avenue, Selby, 2025, Johannesburg, PO Box 82291, Southdale, 2135,
Republic of South Africa,
Telephone +27(11) 309-6000, Telefax : +27(11) 837-2396,
e-mail : haddond@randgold.co.za
Share transfer secretaries :
Computershare Services Limited, Edura House, 41 Fox Street, Johannesburg, 2001,
P.O Box 62391, Marshalltown, 2107,
Republic of South Africa,
Telephone : 27(11) 370-7700, Telefax +27(11) 836-0792
Depository bank :
American Depository Receipts,
The Bank of New York, Shareholder Relations Department, 101 Barclay Street, New
York, NY 10286,
Telephone : 1 (800) 524-4458
Investor and media relations :
For further information contact Kathy du Plessis on Telephone +27(11) 728-4701,
Telefax +27(11) 728-2547,
e-mail : randgold@dpapr.com
DISCLAIMER:
Certain of the statements in this document are forward-looking in nature and are
based on certain assumptions which involve risks and uncertainty because they
relate to events and depend on circumstances that will occur in the future.
Randgold & Exploration undertakes no obligation to update any forward-looking
statements. Mining and exploration by its very nature, is a risky business and
one in which the producers have little influence over the price of their
product. Consequently investors should be mindful of the inherent risks
associated with all mineral development projects.
Date: 06/08/2002 12:45:00 PM Produced by the JSE SENS Department
Randgold & Exploration Company Limited - Playing A Positive Role In The
Randgold & Exploration Company Limited - Playing A Positive Role In The
Development Of Mining & Exploration
Randgold & Exploration Company Limited
Reg No 1992/005642/06
Sharecode : RNG
ISIN : ZAE000008819
NASDAQ trading symbol : RANGY
PLAYING A POSITIVE ROLE IN THE DEVELOPMENT OF MINING & EXPLORATION
Johannesburg, 6 August 2002 - Randgold & Exploration is committed to playing a
positive role in the development of the South African mining and exploration
industry, as it has since 1994, chairman Roger Kebble said today.
Speaking at the publication of the company`s interim results Kebble noted that
the objectives of its mineral rights subsidiary Minrico were in line with the
overall objectives of the South African Minerals and Petroleum Resources
Development Bill, and said Minrico was making good progress with its strategy of
developing and managing mineral resource opportunities. It had recently
concluded option and joint-venture arrangements involving potential diamond
projects and was assessing options for turning the PGM potential of the farm
Doornbosch in the eastern Bushveld to account. Minrico has approximately 4
million hectares under management, of which some 70% is actively being explored.
Kebble also said that following the recent share issue by its London and Nasdaq
listed subsidiary Randgold Resources, Randgold & Exploration`s holding in that
company had decreased from 59% to 48.9%.
"Last quarter the South African Reserve Bank eased its requirement that Randgold
& Exploration should hold at least 50.1% of Randgold Resources. At the time I
said the lifting of this restriction would enable Randgold Resources to improve
its liquidity and broaden its shareholder base, in line with the group`s overall
objective of enhancing shareholder value. This has now happened through last
month`s Nasdaq listing and the related share issue. I should perhaps stress
that from Randgold & Exploration`s point of view, dilution does not mean
diminishment. While our holding in Randgold Resources has decreased in
percentage terms, the value of the equity should improve to give an overall
increase in the value of the Group`s investment in Randgold Resources," he said.
For further information call:
Roger Kebble on +27(11) 309-6000
or mobile +27(0)83-444-3030
Issued on behalf of Randgold & Exploration by du Plessis Associates. dPA
contact Kathy du Plessis on 082 330 2034 or e-mail randgold@dpapr.com.
Date: 06/08/2002 12:46:00 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
