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Zenith Concessions Limited - Interim Results For The Period Ended 31 December
2002 And Profit Warning
Zenith Concessions Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009012/06)
Share code: ZNT ISIN: ZAE000009064
("Zenith" or "the company")
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2002 AND PROFIT WARNING
SUMMARISED INCOME STATEMENTS
For the For the For the
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
Unaudited Unaudited Audited
R R R
Revenue and other income 1 176 - 306 697
Operating expenses (1 434 562) (434 591) (1 033 198)
Operating loss (1 433 387) (434 591) (726 501)
Finance costs (41 058) (3 153) (4 386)
Net loss before taxation (1 474 445) (437 744) (730 887)
Taxation - - -
Net loss for the period (1 474 445) (437 744) (730 887)
Shares in issue ("000) 265 552 44 210 44 210
Loss/headline loss per share (cents) (0.6) (1.0) (1,7)
SUMMARISED BALANCE SHEETS
As at As at As at
31 Dec 31 Dec 30 June
2002 2001 2002
Unaudited Unaudited Audited
R R R
Assets
Non-current assets 2 742 570 2 391 94 382
Property, plant and equipment 1 865 377 2 391 85 742
Intangible asset 877 193 - -
Loans receivable - - 8 640
Current assets 34 204 8 502 33 016
Trade and other receivables 4 501 8 501 4 501
Recoverable deposit 1 1 1
Cash and cash equivalents 29 702 - 28 514
Total assets 2 776 774 10 893 127 398
Equity and liabilities
Capital and reserves (739 388)(1 435 219) (1 728 362)
Share capital and premium 8 262 419 5 799 000 5 799 000
Accumulated loss (9 001 807)(7 234 219) (7 527 362)
Long-term borrowings 3 039 922 747 173 -
Shareholders" and directors" loans
- unsubordinated 751 756 747 173 -
Shareholders" and directors" loans
- subordinated 2 288 166 - -
Current liabilities 476 240 698 939 1 855 760
Trade and other payables 471 610 667 403 1 855 760
Bank overdraft 4 630 31 536 -
Total equity and liabilities 2 776 774 10 893 127 398
SUMMARISED CASH FLOW STATEMENTS
For the For the For the
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
Unaudited Unaudited Audited
R R R
Cash flow from operating activities (1 337 054) (437 265) (774 478)
Cash absorbed by operating activities (1 295 996) (434 112) (770 092)
Finance costs (41 058) (3 153) (4 386)
Cash flow from investing activities (2 165 765) - (85 239)
Additions to property, plant and equipment (1 788 572) - (85 239)
Acquisition of intangible asset (377 193) - -
Cash flows from financing activities 3 499 378 434 112 916 614
Loans advanced - - (8 640)
Long-term borrowings raised 3 499 378 434 112 925 254
Net movement in cash resources (3 442) (3 153) 56 897
Opening cash and cash equivalents 28 514 (28 383) (28 383)
Closing cash and cash equivalents 25 072 (31 536) 28 514
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
capital premium loss Total
R R R R
Balance at
1 July 2001 442 100 5 356 900 (6 796 475) (997 475)
Net loss for the year ended
30 June 2002 (730 887) (730 887)
Balance at 1July 2002 442 100 5 356 900 (7 527 362)1 728 362)
Net loss for the
period ended
31 December 2002 2 213 419 250 000 (1 474 445) 988 974
Balance at
31 December 2002 2 655 519 5 606 900 (9 001 807) (739 388)
COMMENTARY
Financial results and prospects
Following the approval by shareholders at the general meeting held on 26
September 2002 of the acquisition of diamond recovery rights in the Mafikeng
area and the relisting of Zenith on the JSE Securities Exchange South Africa on
14 October 2002, the equipment required for the Mafikeng project was delivered
and assembled on site. The company"s diamond recovery operations were due to
commence in November 2002 but, due to set-up delays the commissioning phase, was
only completed towards the end of December 2002 and operations commenced only in
January 2003. Initial sampling has indicated a lower grade than previously
anticipated, taken together with the lower than expected diamond price and the
fact that the Rand has strengthened substantially against the US Dollar, will
negatively impact on the profitability of the project and shareholders are
advised that the company is unlikely to achieve its forecast profit for the year
ending 30 June 2003, as contained in the circular to shareholders dated 4
September 2002. Directors are currently reassessing the company"s options.
On a positive note, the board is currently exploring a number of exiting new
opportunities to enhance the company"s operations and profitability. The board
is also assessing various opportunities to introduce empowerment shareholders to
the company to comply with the changes required by the Mineral and Petroleum
Resources Development Act.
Accounting policies
The interim financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice and are consistent
with the accounting policies used in the previous period.
Dividend
No dividend is declared.
D C Bird
Chairman
Johannesburg
31 March 2003
Transfer secretaries
Computershare Investor Services Limited
PO Box 61051
Marshalltown 2107
Directorate
Executive Chairman D C Bird, Managing Director S D Crossland,
Financial Director, W D Bailey and *M Weetman, (*Non-executive director)
Sponsor
Corporate and Merchant Advisors Limited
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