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Thabex - Audited Group Results For Year Ended 28 February 2003
THABEX EXPLORATION LIMITED
("Thabex" or "the Company")
(Registration No 1988/000763/06)
JSE - Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
AUDITED GROUP RESULTS FOR YEAR ENDED 28 FEBRUARY 2003
ABRIDGED CONSOLIDATED BALANCE SHEET Year ended Year ended
28 February 28 February
2003 2002
Audited Audited
R R
Assets Note
Non-current assets 53,704 72,952,899
Mining assets and 1 53,704 72,452,899
equipment
Interest in associated - 500,000
companies
Current assets 2,615,934 3,139,942
Inventories 1,005,108 1,179,327
Trading investments 380,123 174,200
Trade and other 1,089,883 880,064
receivables
Cash and cash 140,820 906,351
equivalents
Total assets 2,669,638 76,092,841
Equity and liabilities
Capital and reserves
Share capital 1,700,689 1,700,689
Share premium reserve 17,202,741 17,202,741
Revaluation reserve 1 - 63,536,000
Accumulated loss (16,472,876) (6,717,896)
Ordinary shareholders 2,430,554 75,721,534
funds
Non-current liabilities 82,719 194,774
Outside shareholders 14,479 23,420
interest
Long-term Liabilities 68,240 171,354
Current liabilities
Trade and other payables 156,365 176,533
Total equity and 2,669,638 76,092,841
liabilities
Shares in issue 17,006,887 17,006,887
Net asset value per share (cents) 14.29 445.24
CONSOLIDATED INCOME STATEMENT Year ended Year ended
28 February 28 February
2003 2002
Audited Audited
Note R R
Revenue 593,868 4,024,787
Net operating (loss)/profit (469,139) 2,538,537
Interest received 47,654 167,537
Interest paid (55) (5,538)
Impairment losses 1 (9,342,381) -
Outside shareholders" 8,941 -
interest
Net(loss)/income for (9,754,980) 2,700,536
the year
Weighted average of 17,006,887 17,006,887
number of shares in issue
(Loss)/earnings per (57.35) 15.88
share (cents)
Headline(loss)/earnings (2.43) 15.88
per share (cents)
RECONCILIATION OF HEADLINE Year ended Year ended
(LOSS)/EARNINGS
28 February 28 February
2003 2002
Audited Audited
R R
Reconciliation between
(loss)/earnings and
headline(loss)/earnings
Loss/income attributable (9,754,980) 2,700,144
to ordinary shareholders
Impairment losses 9,342,381 -
Headline(loss)/earnings (412,599) 2,700,144
CASHFLOW STATEMENT Year ended Year ended
28 February 28 February
2003 2002
Audited Audited
R R
Cash generated/(utilised)
in operating activities
Cash (utilised in)/generate by operations (478,148) 2,749,290
Cash (utilised in)/generated from working (214,092) (2,235,044)
capital
(692,240) 514,246
Cash (expended in)/generated from investing activities
Additions to mining assets (36,236) (111,413)
Proceeds on disposal of equipment 75,000 -
38,764 (111,413)
Cash effects of financing activities
Increase in long-term loan (103,114) 171,354
Decrease in minority shareholders" (8,941) (2,639)
interest
(112,055) 168,715
Increase/(Decrease) in cash resources (765,531) 571,548
Cash at beginning of year 906,351 334,803
Cash at end of year 140,820 906,351
STATEMENT OF CHANGES IN EQUITY Year ended Year ended
28 February 28 February
2003 2002
Audited Audited
Note R R
Share Capital 1,700,689 1,700,689
Share capital at beginning of period 1,700,689 1,700,689
Proceeds from issue of share - -
Share Premium 17,202,741 17,202,741
Share premium at beginning of period 17,202,741 17,202,741
Net share premium received - -
Accumulated Loss (16,472,876) (6,717,896)
Accumulated Loss at the beginning of (6,717,896) (9,418,040)
period
Net (loss)/profit for period (9,754,980) 2,700,144
Revaluation Reserve - 63,536,000
Revaluation reserve at beginning of 63,536,000 -
period
Deferred tax not provided in prior year (19,060,800) -
Additions to revaluation reserve 6,965,000 -
Impairment losses 1 (51,440,200) 63,536,000
Note 1: Thabex has re-valued the company"s options, mineral and participation
rights in accordance with the SAMREC Code. A total value of R82,72 million
(2002:R72,82 million) was attributed to these rights, with Adjoining Geelvloer
197, in the Kenhardt district in the Northern Cape Province valued at R61,78
million (2002:R61,78 million) and R20,44 million (2002:R10,48 million)
attributed to the Mokopane (Potgietersrus) Platreef rights in the Limpopo
Province. The board has considered the current risk factors influencing the
company"s options, mineral rights and participation rights and considered it
prudent to impair all these rights in view of the significant changes in mining
legislation and the market conditions for raising sufficient capital to turn to
account these rights.
Basis of Accounting and Audit Opinion
These consolidated financial statement were drawn up in compliance with South
African Statements of Generally Accepted Accounting Practice and the company has
complied with the requirements of the Companies Act, 1973 (Act 61 of 1973), as
amended.
The results for the year ended 28 February 2003 have been audited by KPMG Inc.
The unqualified audit opinion is available for inspection at the registered
office of the company.
Operating results
Thabex reports a headline loss of 2,43 cents per share compared to a profit of
15,88 cents per share in the 2002 financial year. Revenue decreased to R0,59
million from R4,02 million in 2002. The company impaired all its options,
mineral and participation rights to reflect the carrying value of these assets
at their recoverable amounts, the impairment has mainly resulted in the decrease
of the net asset value to 14,29 cents per share from 445,24 cents per share in
the previous year.
Future prospects
The company"s business strategy remains focused on trading and marketing quality
polished diamonds through its wholly owned subsidiary, Pure Diamonds Ltd ("Pure
Diamonds"). Pure Diamonds and its Black Economic Empowerment associate, Taung
Diamonds Mines Ltd ("Taung Diamonds"), are engaged in the exploration for
alluvial diamonds and provide technical consulting services to previously
disadvantaged communities. Taung Diamonds is investigating various alluvial
diamond projects in the Taung and Christiana districts of North West Province.
Thabex has appointed Lower Quartile Solutions (Pty) Ltd, as project consultants
to update the previous feasibility study for its Mokopane (Potgietersrus)
Platreef Project, with the view of producing a new bankable feasibility study
for the project. Preliminary results will be available during July 2003.
The Geelvloer Project"s indicated mineral resources will be re-modeled during
the current financial year in order to complete a pre-feasibility for the
project.
Dividends
No dividend has been declared.
Accounting policies
The accounting policies as set out in the 2002 Annual Report have been
consistently applied in producing these results.
Corporate governance
The company is searching for an appropriate candidate to act as non-executive
chairperson. Thabex will attempt to appoint a non-executive chairperson during
the next few months in order to ensure there is a division of responsibility and
functions between the chairperson and chief executive.
JSE Listing Requirements
The directors of the company ensured compliance with the requirements of the JSE
Listing Requirements during the year under review.
On behalf of the board
Marius Welthagen
(Chief Executive and Managing Director)
Johannesburg 30 May 2003
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Ultra Registrars (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: 0860 THABEX (0860 843339)
Sponsor:
PSG Capital Ltd
Directorate:
M Welthagen*, JL Bosch*, JR Rapoo, Prof DL Reid**, AP Roux
*Executive directors, ** New Zealand
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