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Barnato Exploration Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/003756/06)
Share code BNX ISIN ZAE000000964
("Barnex" or "the company")
preliminary RESULTS for the YEAR ENDED 31 DECEMBER 2002
INCOME STATEMENT
Company Group
Year Year Year Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 31 Dec
2002 2001 2002 2001
Audited Audited Audited Audited
R000 R000 Notes R000 R000
16 053 3 052 Profit on disposal - realised 1 16 053 3 052
- - Working costs - (2 632)
- (1 984) Exploration expenditure - (2 207)
16 053 1 068 Operating profit/(loss) 16 053 (1 787)
12 283 4 637 Net interest received 12 283 4 639
33 991 17 077 Other income 2 33 991 22 106
(1 713) (965) Administration and other expenses (1 713) (1 366)
60 614 21 817 Profit before non-recurring costs 60 614 23 592
(19 493) (3 053) Non-recurring costs 3 (19 493) (3 053)
41 121 18 764 Profit before taxation 41 121 20 539
(6 768) (589) Taxation (6 768) (589)
34 353 18 175 Profit for the year 34 353 19 950
Earnings per share (cents) 4 32,7 19,0
Headline earnings/(loss)
per share (cents) 4 7,0 (0,2)
BALANCE SHEET
Year Year Year Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 31 Dec
2002 2001 2002 2001
Audited Audited Audited Audited
R000 R000 Notes R000 R000
Assets
111 304 40 338 Current assets 111 304 40 338
803 14 838 Cash and cash equivalents 803 14 838
4 391 7 Accounts receivable 4 391 7
275 - Taxation 275 -
105 835 25 493 Loan to JCI Gold Limited 5 105 835 25 493
- 36 563 Non-current assets - 36 563
- 17 070 Listed investment 2 - 17 070
- 19 493 Loan to Randfontein Estates Limited 3 - 19 493
111 304 76 901 Total assets 111 304 76 901
Liabilities and
shareholders" equity
284 234 Current liabilities 284 234
284 234 Accounts payable 284 234
111 020 76 667 Shareholders" equity 111 020 76 667
Total liabilities and shareholders"
111 304 76 901 equity 111 304 76 901
CASH FLOW STATEMENT
Company Group
Year Year Year Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 31 Dec
2002 2001 2002 2001
Audited Audited Audited Audited
R000 R000 Notes R000 R000
Cash flows generated by/
(applied to) operating activities
10 006 (3 146) Cash from/(applied to) operations 10 006 (3 208)
227 2 144 Interest received 227 2 146
(7 043) (1 790) Taxation paid (7 043) (1 790)
Cash inflow/(outflow) from
3 190 (2 792) operating activities 3 190 (2 852)
Cash flows (applied to)/generated
by investing activities
(68 286) (23 000) Loans advanced to JCI Gold Limited 5 (68 286) (23 000)
Proceeds on disposal of listed
51 061 - investment 2 51 061 -
(17 225) (23 000) Cash outflow from investing activities (17 225) (23 000)
Net decrease in cash and cash
(14 035) (25 792) equivalents (14 035) (25 852)
Cash and cash equivalents at beginning
14 838 40 630 of the period 14 838 40 807
Cash and cash equivalents of disposed
- - subsidiary - (117)
Cash and cash equivalents at end of
803 14 838 the period 803 14 838
STATEMENT OF CHANGE IN SHAREHOLDERS" EQUITY
Number of (Accumulated
ordinary loss)/
shares Share Share Retained
issued capital premium earnings Total
and paid R000 R000 R000 R000
Group
Balance at 31 December 2001 105 000 000 1 050 287 050 (211 433) 76 667
Attributable profit for the year - - - 34 353 34 353
Balance at 31 December 2002 105 000 000 1 050 287 050 (177 080) 111 020
Company
Balance at 31 December 2001 105 000 000 1 050 287 050 (211 433) 76 667
Attributable profit for the year - - - 34 353 34 353
Balance at 31 December 2002 105 000 000 1 050 287 050 (177 080) 111 020
Notes
1. The company receives a gold royalty from GSR on a quarterly basis. The
royalty forms part of the proceeds from the disposal of Barnex (IOM) Limited to
GSR.
2. The company disposed of 3,3 million GSR common shares during the year for a
consideration of R51million, resulting in a profit of R34 million.
3. A provision has been made against the loan to Randfontein Estates Limited,
due to the uncertainty with regard to the repayment.
4. Reconciliation of earnings to headline earnings:
Profit on ordinary
Activities Taxation Net profit/(loss)
2002 R000 R000 R000
Earnings per Income Statement 41 121 (6 768) 34 353
Profit on disposal of GSR common
shares (33 991) 3 597 (30 394)
Non-recurring costs 19 493 - 19 493
Realised profit on disposal (16 053) - (16 053)
Headline earnings 10 570 (3 171) 7 399
Profit on ordinary
Activities Taxation Net profit/(loss)
2002 R000 R000 R000
Earnings per Income Statement 20 539 (589) 19 950
Profit on disposal of Barnex
(IOM) Limited (20 127) - (20 127)
Non-recurring costs 3 053 - 3 053
Realised profit on disposal (3 052) - (3 052)
Headline earnings 413 (589) (176)
5. The loan was advanced to JCI during 2001 and 2002. It bears interest at prime
rate plus 1,5% and is secured by a reversionary pledge of seven million Western
Areas Limited shares, to the company. The repayment of the loan has been
extended to 30 June 2003.
COMMENTARY
Following the sale last year of the company"s interest in Ghana to Golden
Star Resources Limited("GSR"), Barnex has disposed of the 3,3 million GSR common
shares and received R16 million in royalties during the year.
A total of R51 million in cash was received from the disposal of the GSR
common shares, which resulted in the attributable profit of R30 million, net of
the attributable capital gains tax.
The company has subsequent to year end exercised the GSR warrants, sold the
relating 1,3 million GSR common shares and realised R10 million in cash.
The royalty was received in respect of 124 403 (2001: 28 010) ounces of gold
production at an average royalty of USD 12.60 (2001: 9.60). Barnex is entitled
to receive a royalty on another 847 587 (2001: 971 990) ounces from the Prestea
and Bogoso properties. The forecast production rates for the GSR operations
indicates that the residual of the royalty stream is anticipated to be received
over the next seven years.
The Barnex scheme of arrangement, proposed by JCI Limited ("JCI") in 2002,
whereby a Barnex shareholder will receive one JCI share and one JCI debenture
for every one Barnex share held, is in its final stages and implementation is
expected to take place in due course. The outcome of the scheme will constitute
Barnex as a wholly-owned subsidiary of JCI.
RB Kebble
Non-executive chairman
Johannesburg
31 March 2003
BASIS OF ACCOUNTING
The preliminary financial statements are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice, on a historical
cost basis.
The Group Financial Statements incorporate the assets, liabilities and
results of the operations of the company and its subsidiaries on a consolidated
basis.
The figures presented in this report have been audited by KPMG. The report of
the auditor is available for inspection at the company"s registered office.
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, 2000
Office of UK Transfer Secretaries
Capita Registrars
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
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