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OTR MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/006508/06)
Share code: OTR ISIN: ZAE000025830
Share code: OTRO ISIN: ZAE000033056
("OTR" or "the company)
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2002
GROUP BALANCE SHEETS
31 August 31 August
2002 2001
R`000 R`000
ASSETS
Non-current assets 63 30,459
FIXED ASSETS 63 2,689
INVESTMENTS IN SUBSIDIARIES - -
GOODWILL 0 27,770
Current assets 473 1,334
ACCOUNTS RECEIVABLE 438 713
CASH AND BANK BALANCES 35 621
Total assets 536 31,793
EQUITY AND LIABILITIES
Capital and reserves (2,165) 30,973
SHARE CAPITAL AND PREMIUM 58,375 58,375
ACCUMULATED LOSS (60,540) (27,402)
Non -current liabilities
LONG TERM LIABILITIES - -
Current liabilities 2,701 820
SHORT-TERM PORTION OF LONG-TERM - -
LIABILITIES
BANK - -
ACCOUNTS PAYABLE 2,701 820
Total equity and liabilities 536 31,793
Net asset value per share (cents) (4,1) 58,7
Tangible net asset value per share (4,1) 5,7
(cents)
GROUP INCOME STATEMENTS
Year ended 18 months
31 August ended
2002 31
August2001
R`000 R`000
REVENUE 46 409
Operating costs 3,116 5,475
Operating loss (3,070) (5,066)
Depreciation (2,310) (1,467)
Amortisation of goodwill (27,770) (3,086)
Write Down Investment in Subsidiary
Investment income 15 211
Finance costs (3) (242)
LOSS for the period (33,138) (9,650)
ISSUED ORDINARY SHARES 52,764,586 52,764,586
ISSUED SHARE OPTIONS 41,764,586 41,764,586
(LOSS) PER SHARE (CENTS) (63) (23)
FULLY DILUTED (LOSS) PER SHARE (35) (14)
HEADLINE (LOSS) PER SHARE (CENTS) (10) (16)
FULLY DILUTED HEADLINE (LOSS) PER (6) (9)
SHARE (CENTS)
Reconciliation of earnings and headline loss
Loss (33,138) (9,650)
Add: Amortisation of goodwill 27,770 3,086
Headline loss (5,368) (6,564)
Group Statements of Changes in Equity
Share Share Accumulat
capital premium ed loss Total
R`000 R`000 R`000 R`000
Balance at 01 March 1 19,344 (17,729) 1,616
2000
Net loss for the (9,673) (9,673)
period
Issue of share capital 2 39,028 39,030
Balance at 31 August 3 58,372 (27,402) 30,973
2001
Net loss for the (33,138) (33,138)
period
Balance at 31 August 3 58,372 (60,540) (2,165)
2002
Group Cash Flows
Year ended 18 months
31 August ended
2002 31 August
2001
R`000 R`000
Cash flows from operatng activities
Net cash from operating activites (716) (6,619)
Cash receipts from customers 0 556
Cash paid to suppliers and employees (728) (7,144)
Cash utilised in operating activites (728) (6,588)
Interest received 15 211
Interest paid (3) (242)
Cash flows from investing activities
Net cash used in investing activities 130 (31,044)
Expenditure to maintain operating
capacity
Purchase of fixed assets 0 (384)
Proceeds on disposal of fixed assets 130 196
Expenditure for expansion
Purchase of goodwill 0 (30,856)
Investments in subsidiary -
Cash flows from financing activities
Net cash generated by financing 0 38,392
activities
Capital raised 0 39,030
Loans repaid 0 (638)
Increase in cash and cash equivalents (586) 729
Cash and cash equivalents at beginning 621 (108)
of period
Cash and cash equivalents at end of 35 621
period
Commentary
The limited cash resources severely hampered the company`s ability to operate
successfully. This was further complicated by delays in implementing the planned
rescue operation.
Post Year End Events
OTR has succeeded in securing an extension of its option in respect of only 25%
of the Palmietfontein mineral rights. Its previous option expired on 30
September 2002. It continues in its efforts to secure the other 75%.
As a result of OTR not being in control of a major asset, it does not comply
with the Listings requirements of the JSE Securities Exchange South Africa ("the
JSE"), and the JSE has given notice that OTR`s continued listing is under threat
if it does not acquire suitable assets.
Prospects
The directors continue in their endeavour to secure new assets for the company.
In addition to Palmietfontein, there are a number of interesting opportunities
which are being pursued.
It is hoped that an announcement will be made early in 2003.
Dividends
No dividend is recommended by the directors.
Accounting Policies
The financial statements have been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice on the historical cost
basis and are consistent with the company`s accounting policies.
Qualification
The company`s auditors, Harbour Grenville Inc. have qualified their opinion on
the company`s financial statements as follows:
"The company`s ability to continue as a going concern is dependent on the
resumption of future profitable operations and the continuation of existing
levels of finance by major creditors and financiers, until the company is able
to meet its obligations in the ordinary course of business".
A copy of their report is available at the registered office of the company.
For and on behalf of the board
23 December 2002
Directors: G de Decker, R van Zanten, A Gardner
Company Secretary: Ernestine Holloway
Registerd office: Craigavon House, Broadacres Centre, cnr Cedar and
Valley Roads, Fourways
(P O Box 10756, Fourways East, 2055)
Transfer Secretaries: Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg (P O Box 1053 Johannesburg, 2000)
Date: 27/12/2002 04:00:00 PM Produced by the JSE SENS Department
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