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AVGOLD LIMITED - UNAUDITED RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 31
DECEMBER 2002
Avgold Limited
("the company")
Registered Number: 1990/007025/06
(Incorporated in the Republic of South Africa)
Share code AVG
ISIN ZAE 0000 12175
UNAUDITED RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 31 DECEMBER 2002
* SIGNIFICANT FOREIGN EXCHANGE GAIN ON US DOLLAR BORROWINGS INCREASES HEADLINE
EARNINGS TO R67,5 MILLION
* NEGATIVE MARK-TO-MARKET VALUE OF HEDGE BOOK DECLINES BY 48 PER CENT
* NEGOTIATIONS PROCEEDING THAT COULD RESULT IN THE SALE OF ETC ASSETS TO A
CONSORTIUM WHICH INCLUDES A SIGNIFICANT BLACK ECONOMIC EMPOWERMENT COMPONENT
Avgold share price (cents)
Quarter ended Half-year ended
31 December 31 December
2002 2002
High: 1 100c 1 100c
Low: 815c 616c
Average: 830c 777c
Period end: 1 050c 1 050c
Source: JSE Securities Exchange SA
SAFETY AND HEALTH
The Board of Directors is pleased to announce an improvement in safety over the
past quarter. Target achieved one million fatality free shifts during the
quarter and was also awarded the Santa Barbara trophy (Anglovaal Mining`s in-
house safety award) for one million surface and underground fatality free
shifts. The lost day injury frequency rate per million man-hours worked for
Avgold is as follows:
Quarter ended Half-year ended
Dec` 02 Sep` 02 Dec` 02 June` 02
ETC 20,0 16,8 18,0 8,9
Target 8,8 21,3 15,2 10,9
Avgold 13,6 19,5 16,4 10,1
COMMENTARY
AVGOLD: THREE MONTHS ENDED 31 DECEMBER 2002
Largely as a result of a foreign exchange gain of R62,6 million, Avgold
Limited`s headline earnings increased to R67,5 million from R11,7 million in the
last quarter, which equates to earnings of 10 cents a share (30 September 2002:
2 cents a share). The foreign exchange gain of R62,6 million on the US$35
million borrowing resulted from the strengthening of the Rand against the US
dollar. The foreign exchange gain helped to offset the effects of a decline in
gold sold and the selling price, which reduced to R82 197/kg (R84 719/kg) or
US$296/oz (US$302/oz).
Total gold sold during the quarter was 2 934kg. (3 075kg), including 355kg
(170kg) of gold from Loraine clean-up. The resuction resulted from lower grades
at Target. Avgold`s cash costs increased to R59 838/kg from the prior quarter`s
R56 151/kg, or US$189/oz from US$168/oz.
Target`s Life of Mine plan was updated during the quarter. The new Life of Mine
is 18 years, compared to the previous life of 13 years. The revised Life of Mine
has resulted in a reduction in the amortisation rate.
The mark-to-market value of Avgold`s hedge book as at 31 December 2002 was a
negative R485 million, significantly lower than the prior quarter`s negative
R934 million and December 2001`s negative R1 036 million - as a result of the
strengthening of the Rand/US Dollar exchange rate and delivery into the hedge
book.
ETC continued its good performance with higher grades, lower cash costs and
increased gold sales. Avgold is involved in negotiations that could result in
the sale of its ETC assets to a consortium which includes a significant Black
Economic Empowerment component.
Cash balances increased to R133,4 million from R108,8 million.
AVGOLD: SIX MONTHS ENDED 31 DECEMBER 2002
Revenue increased substantially to R502,4 million (R128,1 million) as a result
of Target reaching full production capacity on 1 May 2002. Operating profit rose
to R49,6 million (R14,3 million), while costs and expenses were R452,8 million
(R113,8 million). Headline earnings were R79,1 million (R14,5 million), giving
headline earnings of 12 cents per share (2 cents per share). During the six-
month period, gold sold was 6 009kg (1 438kg), including 525kg (456kg) of gold
from Loraine clean-up, while Avgold received a lower average gold price of
R83 488/kg (R89 133/kg) as a result of proportionately less gold being sold at
spot.
TARGET: THREE MONTHS ENDED 31 DECEMBER 2002
Target milled 293 516 tonnes of ore during the quarter, up from 282 894 tonnes
in the prior quarter. Gold sold declined to 2 150kg (2 373kg), including 355kg
(170kg) of gold from Loraine clean-up, as a result of the decline in grade to
7,33g/t from 8,39g/t. This was largely as a result of lower grades in the narrow
reef mining area, which intersected faulting. The lower gold production
increased cash costs to R57 948/kg (R49 724/kg), or US$183/oz (US$149/oz).
Capital expenditure increased to R30,8 million from R15,7 million.
TARGET: SIX MONTHS ENDED 31 DECEMBER 2002
During the six months to December ore milled was 576 410 tonnes, while gold sold
was 4 524kg, including 525kg of gold from Loraine clean-up, from a yield of
7,85g/t. The cash cost was R53 634/kg, or US$165/02. Capital expenditure
amounted to R46,5 million (R345,9 million).
ETC: THREE MONTHS ENDED 31 DECEMBER 2002
The Sheba, New Consort and Fairview mines milled 83 107 tonnes at an average
yield of 9,43g/t during the quarter, compared to 79 641 tonnes with an average
yield of 8,82g/t prior quarter. Cash costs showed a substantial improvement,
falling to R65 027/kg (R77 871/kg), while gold sold totalled 784kg, up from
702kg.
Capital expenditure increased to R3,8 million from R3,1 million in the prior
quarter.
ETC: SIX MONTHS ENDED 31 DECEMBER 2002
The total ore milled during the six-month period amounted to 162 748 tonnes
compared to the previous period`s 169 759 tonnes. Yields improved to 9,13g/t
(8,47g/t), resulting in an increase in gold sales of 1 486kg (1 438kg). Cash
costs rose in Rand terms to R71 097/kg (R68 140/kg), but declined in dollar
terms to US$218/oz (US$233oz).
NORTHERN FREE STATE EXPLORATION
Exploration work continued on the Paradise area, immediately north of the Target
mine, including deflections from an existing surface borehole.
The mineral resource estimate was updated and audited externally. The pre-
feasibility work on a mine design using the updated geological model and the
latest mineral resource estimate is underway. The completed design and report
will be presented to the Board by 30 June 2003.
HEDGING
As at 31 December 2002, Avgold`s hedge book represented 58 per cent of forecast
gold production to June 2006 and had a mark-to-market value of a negative R485
million. This was calculated at a gold price of US$343,40 and an exchange rate
of US$1,00 : ZAR8,65. The bulk of these hedges were established as a requirement
to the five-year term facility arranged for the completion of the Target mine.
The hedges are un-margined and Avgold is maintaining its policy of not using
derivative instruments for speculative purposes. The negative value of the hedge
book represents an opportunity loss. The hedge book is represented as follows:
June June June June
Period ending 2003 2004 2005 2006
Dollar forward
sales contracts
Quantity sold kg 1 462 1 601 1 458 672
oz 47 019 51 481 46 885 21 620
US$/oz 313 298 284 290
Rand forward
sales contracts
Quantity sold kg 3 624 7 830 7 679 3 730
oz 116 506 251 733 246 876 119 923
R/kg 84 042 85 135 94 009 100 985
TRANSLATION INTO US DOLLARS
To assist international investors, a translation of convenience into United
States dollars is provided for the income statement, balance sheet and cash flow
statements. These translations are based on average rates of exchange for income
statement and cash flow statement items and those ruling at period end for the
balance sheet items.
The following rand/US dollar exchange rates were used to prepare the financial
results:
Year
Quarter ended Half-year ended ended
December December September December December June
2002 2001 2002 2002 2001 2002
Average rate for
the period 9,85 9,85 10,39 10,12 9,07 10,09
Spot rate at end
of period 8,65 11,93 10,55 8,65 11,93 10,25
ACCOUNTING POLICIES
The accounting policies used are in accordance with South African Statement of
Generally Accepted Accounting Policies and are consistent with those applied in
the previous financial year.
On behalf of the Board of Directors
Chairman
R P Menell
Managing Director
J C Steenkamp
Directors: R P Menell (Chairman), J C Steenkamp+ (Managing), D N Campbell+, J J
Geldenhuys, D N Murray, A N Lewis+, W A Nairn, G S Potgieter+, G J Robbertze, J
Thomas (Mrs)
+ Executive directors
Company secretary: S E Sather
Johannesburg
22 January 2003
INCOME STATEMENT - Rand thousand
Unaudited Unaudited Audited
Quarter Half-year Year
ended ended ended
December December September December December June
2002 2001 2002 2002 2001 2002
Revenue 241 635 62 670 260 728 502 363 128 155 363 802
- gold revenue 241 170 62 670 260 538 501 708 128 155 362 709
- by-products 465 - 190 655 - 1 093
Costs and
expenses 225 230 54 795 227 554 452 784 113 825 346 468
- gold operating 176 053 46 373 172 610 348 663 96 355 265 137
- retrenchments - - - - - 4 747
- amortisation 42 918 6 097 49 112 92 030 12 068 57 389
- administration
and general 6 259 2 325 5 832 12 091 5 402 19 195
Operating profit 16 405 7 875 33 174 49 579 14 330 17 334
Investment income 3 469 36 3 113 6 582 165 2 147
Finance cost 14 991 - 14 137 29 128 - 8 419
Unrealised foreign
Exchange
gain/(loss) 62 573 - (10 498) 52 075 - 30 335
Income before
taxation 67 456 7 911 11 652 79 108 14 495 41 397
Taxation - - - - - 5 000
Net earnings for
the period 67 456 7 911 11 652 79 108 14 495 36 397
Headline earnings 67 456 7 911 11 652 79 108 14 495 36 397
Headline earnings
per share (cents) 10 1 2 12 2 5
Earnings per
share (cents) 10 1 2 12 2 5
Weighted number of
shares in issue
(million) 674 670 673 674 669 670
BALANCE SHEET - Rand thousand
Unaudited Audited
31 December 30 June
2002 2002
ASSETS
Non-current assets 2 895 983 2 931 207
Fixed assets 2 848 112 2 883 336
Investments 47 871 47 871
Current assets 243 016 208 742
Inventories 55 501 44 761
Trade and other receivables 54 128 55 171
Deposits and cash 133 387 108 810
Total assets 3 138 999 3 139 949
EQUITY AND LIABILITIES
Capital and reserves
Share capital 6 751 6 729
Share premium 2 214 273 2 206 385
Reserves 92 765 16 958
Total shareholders` equity 2 313 789 2 230 072
Non-current liabilities 582 807 630 105
Long-term loans 501 581 548 072
Long-term provisions 81 226 82 033
Current liabilities 242 403 279 772
Trade and other payables 118 886 153 343
Derivative instruments 3 301 -
Overdrafts and short-term borrowings 120 216 126 429
Total equity and liabilities 3 138 999 3 139 949
CASH FLOW STATEMENT - Rand thousand
Unaudited Audited
Half-year ended Year ended
December 2002 December 2001 June 2002
Cash generated
from/(utilised by) operations
Operating profit 49 579 14 330 17 334
Non-cash items and adjustments
Amortisation and depreciation 92 030 12 068 57 389
Provisions (808) 2 929 7 788
140 801 29 327 82 511
Retrenchment payments - (1 126) (5 873)
Payments to environmental trust fund - (1 897) (4 151)
Investment income 6 582 165 2 147
Finance charges (29 128) - (8 419)
118 255 26 469 66 215
Cash provided by/(reinvested in)
working capital
Inventories (10 740) (16 003) (11 514)
Payables and provisions (34 457) (11 532) 10 155
Receivables 1 043 4 037 (7 303)
Net cash generated from
operating activities 74 101 2 971 57 553
Cash utilised in investment activities
Fixed assets acquired (58 584) (258 077) (345 645)
Investments acquired - - (1 124)
Fixed assets sold 1 777 681 5 531
(56 807) (257 396) (341 238)
Cash provided by financing activities
Net increase in shareholders` funding 7 910 14 485 22 868
Leased assets (691) (901) (1 634)
Increase in long-term loans - 243 530 191 952
Increase/(decrease) in overdrafts and
short-term borrowings 3 776 (660) 123 402
10 995 256 454 336 588
Increase in cash balances 28 289 2 029 52 903
Cash and cash equivalents at
beginning of period 108 810 55 907 55 907
Translation adjustment (3 712) - -
Cash and cash equivalents at
end of period 133 387 57 936 108 810
STATEMENT OF SHAREHOLDERS` EQUITY - Rand thousand
Ordinary Unaudited
share Audited Year
capital and Half-year ended ended
capital and Retained Equity December December June
premium income reserves 2002 2001 2002
Changes in
shareholders`
equity
Balance at
Beginning
of period 2 213 114 16 958 2 230 072 2 170 808 2 170 808
Share options
exercised 7 936 7 936 14 483 22 867
Expenses written
off against share
premium (26) (26) - -
Transfers to
equity reserves (3 301) (3 301) - -
Net earnings for
the period 79 108 79 108 14 495 36 397
Balance at
end of
period 2 221 024 96 066 (3 301) 2 313 789 2 199 786 2 230 072
INCOME STATEMENT - US dollar thousand
Unaudited Unaudited Audited
Quarter ended Half-year ended Year ended
December December September December December June
2002 2001 2002 2002 2001 2002
Revenue 24 523 6 362 25 094 49 632 14 128 36 060
- gold revenue 24 476 6 362 25 076 49 567 14 128 35 952
- by-products 47 - 18 65 - 108
Costs and expenses 22 858 5 563 21 901 44 734 12 548 34 342
- gold operating 17 867 4 708 16 613 34 447 10 622 26 280
- retrenchments - - - - - 470
- amortisation 4 356 619 4 727 9 092 1 330 5 689
- administration
and general 635 236 561 1 195 596 1 903
Operating profit 1 665 799 3 193 4 898 1 580 1 718
Investment income 352 4 300 650 18 213
Finance cost 1 521 - 1 361 2 878 - 835
Unrealised foreign
Exchange
gain/(loss) 6 350 - (1 010) 5 145 - 3 007
Income before
taxation 6 846 803 1 122 7 815 1 598 4 103
Taxation - - - - - 495
Net earnings for
the period 6 846 803 1 122 7 815 1 598 3 608
Headline earnings 6 846 803 1 122 7 815 1 598 3 608
Headline earnings
per share (cents) 1 - - 1 - 1
Earnings per share
(cents) 1 - - 1 - 1
Weighted number of
shares in issue
(million) 674 670 673 674 669 670
BALANCE SHEET - US dollar thousand
Unaudited Audited
31 December 30 June
2002 2002
ASSETS
Non-current assets 334 796 285 971
Fixed assets 329 262 281 301
Investments 5 534 4 670
Current assets 28 094 20 365
Inventories 6 416 4 367
Trade and other receivables 6 258 5 382
Deposits and cash 15 420 10 616
Total assets 362 890 306 336
EQUITY AND LIABILITIES
Capital and reserves
Share capital 781 656
Share premium 261 105 217 773
Reserves 5 604 (861)
Total shareholders` equity 267 490 217 568
Non-current liabilities 67 376 61 474
Long-term loans 57 986 53 471
Long-term provisions 9 390 8 003
Current liabilities 28 024 27 294
Trade and other payables 13 744 14 960
Derivative investments 382 -
Overdrafts and short-term borrowings 13 898 12 334
Total equity and liabilities 362 890 306 336
CASH FLOW STATEMENT - US dollar thousand
Unaudited Audited
Half-year ended Year ended
December 2002 December 2001 June 2002
Cash generated
from/(utilised by) operations
Operating profit 4 898 1 580 1 718
Non-cash items and adjustments:
Amortisation and depreciation 9 092 1 330 5 689
Provisions (79) 323 772
13 911 3 233 8 179
Retrenchment payments - (124) (582)
Payments to environmental trust fund - (209) (411)
Investment income 650 18 213
Finance charges (2 878) - (835)
11 683 2 918 6 564
Cash provided by/(reinvested in)
working capital
Inventories (1 061) (1 764) (1 141)
Payables and provisions (3 404) (1 271) 1 007
Receivables 103 445 (724)
Net cash generated from
operating activities 7 321 328 5 706
Cash utilised in investment activities
Fixed assets acquired (5 788) (28 451) (34 260)
Investments acquired - - (112)
Fixed assets sold 176 75 548
(5 612) (28 376) (33 824)
Cash provided by financing activities
Net increase in shareholders` funding 781 1 597 2 267
Leased assets (68) (99) (162)
Increase in long-term loans - 26 847 19 026
Increase/(decrease) in overdrafts
and short-term borrowings 373 (73) 12 232
1 086 28 272 33 363
Increase in cash balances 2 795 224 5 245
Cash and cash equivalents at
beginning of period 10 616 6 919 6 919
Translation adjustment 2 009 (2 287) (1 548)
Cash and cash equivalents at
end of period 15 420 4 856 10 616
STATEMENT OF SHAREHOLDERS` EQUITY - US dollar thousand
Ordinary Retained Unaudited Audited
share income/ Half-year Year
capital (acc ended ended
and umulated Equity December December June
premium loss) reserves 2002 2001 2002
Changes in
shareholders`
equity
Balance at
beginning of
period 218 429 (861) 217 568 268 664 268 664
Share options
exercised 784 784 1 470 2 267
Expenses written
off against
share premium (3) (3) - -
Transfers to
equity reserves (382) (382) - -
Net earnings for
the period 7 815 7 815 1 598 3 608
Translation
adjustment 42 676 (968) 41 708 (87 341) (56 971)
Balance at end
of period 261 886 5 986 (382) 267 490 184 391 217 568
AVGOLD TOTAL
Unaudited Unaudited Audited
Quarter Half-year Year
ended ended ended
December December September December December June
2002 2001 2002 2002 2001 2002
Metric
Ore milled tonnes 376 623 84 092 362 535 739 158 169 759 488 023
Gold sold kg 2 934 700 3 075 6 009 1 438 4 179
Yield g/t 7,79 8,33 8,48 8,13 8,47 8,56
Cash cost R/kg 59 838 67 139 56 151 57 951 68 140 64 277
Non-cash cost R/kg 16 733 11 108 17 782 17 269 11 026 18 375
Total cost R/kg 76 571 78 247 73 933 75 220 79 166 82 652
Capital
Expenditure
R000`s 37 977 214 512 20 037 58 014 368 832 437 514
Imperial
Ore milled tons 415 152 92 695 399 622 814 774 187 125 537 948
Gold sold oz 94 332 22 514 98 873 193 205 46 226 134 348
Yield oz/t 0,23 0,24 0,25 0,24 0,25 0,25
Cash cost US$/oz 189 212 168 178 233 198
Non-cash
cost US$/oz 53 35 53 53 38 57
Total cost US$/oz 242 247 221 231 271 255
Capital
Expenditure
US$000`s 3 854 21 777 1 928 5 732 40 661 43 495
ETC TOTAL
Metric
Ore milled tonnes 83 107 84 092 79 641 162 748 169 759 315 523
Gold sold kg 784 700 702 1 486 1 438 2 805
Yield g/t 9,43 8,33 8,82 9,13 8,47 8.89
Cash cost R/kg 65 027 67 139 77 871 71 097 68 140 69 805
Non-cash
cost R/kg 8 382 9 677 8 887 8 620 9 272 11 919
Total cost R/kg 73 409 76 816 86 758 79 717 77 412 81 724
Capital
Expenditure
R000`s 3 848 7 353 3 100 6 948 13 194 17 482
Development results:
Advanced m 1 939 2 042 1 797 3 735 4 382 7 909
Reef
development m 539 593 378 916 1 183 1 872
Sampled m 606 565 311 917 1 190 2 010
Channel width
cm 215 211 210 214 219 223
Channel
Value g/t 8,0 3,1 7,8 8,3 3,7 3,8
cm.g/t 1 714 663 1 638 1 774 802 854
Imperial
Ore milled tons 91 609 92 695 87 788 179 397 187 125 347 801
Gold sold oz 25 192 22 514 22 574 47 766 46 226 90 181
Yield oz/t 0,27 0,24 0,26 0,27 0,25 0,26
Cash cost US$/oz 205 212 233 218 233 215
Non-cash cost
US$/oz 27 31 27 27 32 37
Total cost US$/oz 232 243 260 245 265 252
Capital expenditure
US$000`s 391 746 298 686 1 455 1 733
TARGET TOTAL
Metric
Ore milled tonnes 293 516 - 282 894 576 410 - 172 500
Gold sold kg 2 150 - 2 373 4 524 - 1 374
Yield g/t 7,33 - 8,39 7,85 - 7,96
Cash cost R/kg 57 948 - 49 724 53 634 - 52 992
Non-cash cost R/kg 17 064 - 18 092 17 603 - 26 594
Total cost R/kg 75 012 - 67 816 71 237 - 79 586
Capital
Expenditure
R000`s 30 849 200 594 15 666 46 515 345 867 404 754
Development results:
Advanced m 1 986 1 410 1 903 3 909 2 419 5 933
Reef development m 1 744 756 1 125 2 889 1 091 2 561
Sampled m 437 355 673 1 110 619 1 377
Channel width cm 455 447 456 911 445 1 757
Channel value g/t 8,33 5,80 5,98 7,15 4,42 6,31
cm.g/t 3 790 2 593 2 727 6 517 1 967 11 083
Imperial
Ore milled tons 323 543 - 311 834 635 377 - 190 147
Gold sold oz 69 140 - 76 299 145 439 - 44 167
Yield oz/t 0,21 - 0,24 0,23 - 0,23
Cash cost US$/oz 183 - 149 165 - 156
Non-cash
cost US$/oz 54 - 54 54 - 78
Total cost US$/oz 237 - 203 219 - 234
Capital
Expenditure
US$000`s 3 131 20 364 1 508 4 596 38 129 40 119
PRODUCTION COST RECONCILIATION
AVGOLD TOTAL - rand
Unaudited Unaudited Audited
Quarter Half-year year
ended ended ended
December December September December December June
Rand thousand 2002 2001 2002 2002 2001 2002
Gold operating
costs per income
statement 176 053 46 373 172 610 348 663 96 355 265 137
Add: Revenue
from closed
operations - 643 - - 1 616 4 551
Less: Revenue
from by-products (465) - (190) (655) - (1 093)
Cash costs 175 588 47 016 172 420 348 008 97 971 268 595
Add:
- Retrenchments - - - - - 4 747
- Amortisation and
depreciation 42 918 6 097 49 112 92 030 12 068 57 389
- General and
administration 6 259 2 325 5 832 12 091 5 402 19 195
Less:
- Revenue from
closed operations - (643) - - (1 616) (4 551)
Non-cash costs 49 177 7 779 54 944 104 121 15 854 76 780
Total cost 224 765 54 795 227 364 452 129 113 825 345 375
Gold sold kg 2 934 700 3 075 6 009 1 438 4 179
Production cost:
Cash cost R/kg 59 838 67 139 56 151 57 951 68 140 64 277
Non-cash cost
R/kg 16 733 11 108 17 782 17 269 11 026 18 375
Total operating
cost R/kg 76 571 78 247 73 933 75 220 79 166 82 652
Gold price
realised R/kg 82 197 89 493 84 719 83 488 89 133 86 794
AVGOLD TOTAL - US dollar
Unaudited Unaudited Audited
Quarter Half-year year
ended ended ended
December December September December December June
US$ thousand 2002 2001 2002 2002 2001 2002
Gold operating
costs per income
statement 17 867 4 708 16 613 34 447 10 622 26 280
Add: Revenue from
closed operations - 65 - - 178 451
Less: Revenue from
by-products (47) - (18) (65) - (108)
Cash costs 17 820 4 773 16 595 34 382 10 800 26 623
Add:
- Retrenchments - - - - - 471
- Amortisation and
depreciation 4 356 619 4 727 9 092 1 330 5 689
- General and
administration 635 236 561 1 195 596 1 903
Less:
- Revenue from
closed operations - (65) - - (178) (451)
Non-cash costs 4 991 790 5 288 10 287 1 748 7 612
Total cost 22 811 5 563 21 883 44 669 12 548 34 235
Gold sold oz 94 332 22 514 98 873 193 205 46 226 134 348
Production cost:
Cash cost
US$/oz 189 212 168 178 233 198
Non-cash
cost US$/oz 53 35 53 53 38 57
Total operating
cost US$/oz 242 247 221 231 271 255
Gold price
realised
US$/oz 296 283 302 299 306 306
CONTACT DETAILS
EBRAHIM TAKOLIA
Direct line: (+27 11) 634-0333
Fax: (+27 11) 634-0278
Mobile: 083 291 3384
AVGOLD LIMITED
e-mail: ebrahimt@avmin.co.za
www.avgold.co.za
Date: 22/01/2003 12:00:00 PM Produced by the JSE SENS Department
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