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THABEX EXPLORATION LIMITED - THABEX - REVIEWED PROVISIONAL GROUP RESULTS FOR
YEAR ENDED 29 FEBRUARY 2004 AND FURTHER CAUTIONARY ANNOUNCEMENT
THABEX EXPLORATION LIMITED
(`Thabex or the Company`)
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
Young Lions Exploring Africa
JSE share code: TBX
ISIN Code: ZAE000013686
THABEX - REVIEWED PROVISIONAL GROUP RESULTS FOR YEAR ENDED 29 FEBRUARY 2004 AND
FURTHER CAUTIONARY ANNOUNCEMENT
CONSOLIDATED BALANCE SHEET Year ended Year ended
29 February 2004 28 February
2003
Reviewed Audited
R R
Assets Note
Non-current assets
Mining assets and 1 49 882 53 704
equipment
Current assets 2 355 469 2 615 934
Inventories 1 073 347 1 005 108
Trading investments 405 057 380 123
Trade and other 648 723 1 089 883
receivables
Cash and cash equivalents 228 342 140 820
Total assets 2 405 351 2 669 638
Equity and liabilities
Capital and reserves
Share capital 1 700 689 1 700 689
Share premium 17 202 741 17 202 741
Accumulated loss (17 565 307) (16 472 876)
Ordinary shareholders` 1 338 123 2 430 554
funds
Outside shareholders` 10 578 14 479
interest
Non-current liabilities
Non-interest bearing long- 226 740 68 240
term liabilities
Current liabilities 829 910 156 365
Trade and other payables 820 546 156 365
Provisions 9 364 -
Total equity and 2 405 351 2 669 638
liabilities
Shares in issue 17 006 887 17 006 887
Net asset value per share (cents) 7.87 14.29
Net tangible asset value per 7.87 14.29
share (cents)
CONSOLIDATED INCOME Year ended Year ended
STATEMENT
29 February 2004 28 February
2003
Reviewed Audited
R R
Revenue 211 101 593 868
Net operating loss (876 329) (469 139)
Interest received 5 930 47 654
Interest paid (73) (55)
Impairment losses (225 859) (9 342 381)
Net (loss) for the year (1 096 331) (9 763 921)
before outside
shareholders` interest
Outside shareholders` 3 900 8 941
interest
Net loss for the year attributable (1 092 431) (9 754 980)
to ordinary shareholders
Weighted average of number of 17 006 887 17 006 887
shares in issue
Loss per share (cents) (6.42) (57.36)
Headline loss per share (cents) (5.10) (2.43)
RECONCILIATION OF HEADLINE LOSS Year ended Year ended
29 February 2004 28 February
2003
Reviewed Audited
R R
Reconciliation between loss and
headline loss
Loss attributable to ordinary (1 092 431) (9 754 980)
shareholders
Impairment losses 225 859 9 342 381
Headline loss (866 572) (412 599)
CASHFLOW STATEMENT Year ended Year ended
29 February 2004 28 February
2003
Reviewed Audited
R R
Cash generated by/(utilised in)
operating activities
Cash utilised in operations (850 285) (478 148)
Cash generated by /(utilised in) 933 933 (214 092)
working capital
83 648 (692 240)
Cash (expended in)/generated
from investing activities
Additions to mining assets (150 726) (36 236)
and equipment
Proceeds on disposal of equipment - 75 000
(150 726) 38 764
Cash effects of financing
activities
Increase/(decrease) in long- 158 500 (103 114)
term loan
Decrease in minority (3 900) (8 941)
shareholders` interest
154 600 (112 055)
Increase/(decrease) in cash 87 522 (765 531)
resources
Cash at beginning of year 140 820 906 351
Cash at end of year 228 342 140 820
STATEMENT OF CHANGES IN Year ended Year ended
EQUITY
29 February 2004 28 February
2003
Reviewed Audited
R R
Share Capital 1 700 689 1 700 689
Share capital at beginning of 1 700 689 1 700 689
year
Proceeds from issue of share - -
Share Premium 17 202 741 17 202 741
Share premium at beginning of 17 202 741 17 202 741
year
Net share premium received - -
Accumulated Loss (17 565 307) (16 472 876)
Accumulated Loss at the beginning (16 472 876) (6 717 896)
of year
Net loss for the year (1 092 431) (9 754 980)
Revaluation Reserve - -
Revaluation reserve at beginning - 63 536 000
of year
Deferred tax not provided in - (19 060 800)
prior year
Additions to revaluation - 6 965 000
reserve
Impairment losses 1 - (51 440 200)
Note 1: Thabex has revalued the company`s options, mineral and participation
rights in accordance with the SAMREC Code. A total value of R82,26
million (2003:R82,22 million) was attributed to these rights, with
Adjoining Geelvloer 197, in the Kenhardt district in the Northern Cape
Province valued at R61,78 million (2003:R61,78 million) and R20,48
million (2003:R20,44 million) attributed to the Mokopane Platreef
rights in the Limpopo Province. The board has considered the current
risk factors relating to the company`s options, mineral rights and
participation rights. The mining and exploration rights will remain
impaired in view of the significant changes in mining legislation and
the market conditions for raising sufficient capital to turn to
account these rights. Thabex has entered into an agreement with AIM
Resources Limited (`AIM`) to dispose of the Mokopane Platreef rights
held by Platinexco (Pty) Ltd (`Platinexco`), by way of a sale of
shares of Platinexco, for R20 million. Full details of this
transaction are set out in the circular to shareholders dated 13 April
2004.
Basis of Accounting
These consolidated financial statements 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.
Operating results
Thabex reports a headline loss of 5,10 cents per share compared to a loss
of 2,43 cents per share in the 2003 financial year. Revenue decreased to
R0,21 million from R0,59 million in 2003. The net asset value of the group
decreased from 14,29 in 2003 to 7,87 cents per share. This is mainly due to
further capital costs incurred relating to exploration activities impaired
in the current year and an increase in administration and selling costs, in
particular, costs relating to the possible disposal of Platinexco.
Identity of related parties
M Welthagen, the chief executive of Thabex, holds directorships in each of
the Group subsidiaries. M Welthagen, furthermore holds directorships and
has a controlling shareholding in the following companies not controlled by
Thabex: Maxzon Fusion (Pty) Ltd (`MZF`), Maxzon Investments (Pty) Ltd
(`MZN`), MiningWeb (Pty) Ltd (`MiningWeb`), SA Mineral Investments (Pty)
Ltd#(`SA Minerals`) (Group Secretaries), Southern Mineral Brokers (Pty) Ltd
(`SMB`) and SA Mineral Investment Corporation Ltd*# (`Saminco`). M
Welthagen, JL Bosch and GA Takang are directors of Taung Diamond Mines Ltd
(`Taung Diamonds`), an associate company controlled by Pure Diamonds Ltd
(`Pure Diamonds`).
*Directors JR Rapoo and *#AP Roux also hold directorships in these
companies.
Material Related Party Transactions
- Directors Remuneration paid by Thabex and its subsidiaries for managerial
services - R331 982 (2003:R172 000).
- Polished diamond sales to the value of R173 000 to SMB by Thabex at a net
profit of R12 260. Polished diamond purchases by Thabex from SMB to the
value of R152 800 for the year.
- Secretarial fees of R48 000 and consulting fees of R150 000 (`CPR report`)
paid by Thabex to SA Minerals.
- Website fees paid by Thabex to MXF, MiningWeb and MZN amounted to R20 340.
- Included in loans and accounts receivables, are related party receivables
amounting to R564 706.
- Included in loans and accounts payable, are related party payables
amounting to R379 532.
Future prospects
The company`s business strategy remains focused on trading and marketing
quality polished diamonds through its wholly owned subsidiary, Pure
Diamonds. Pure Diamonds and its Black Economic Empowerment (`BEE`)
associate, 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, Christiana and Lichtenburg districts of
North West Province.
Once the Thabex has disposed of its Platinum interests, it will focus on
the above alluvial diamond projects of its BEE associates, the Geelvloer
Project and exploration opportunities in Africa.
As announced on SENS on 4 February 2004 Thabex entered in to an agreement
to acquire 100% of the equity of Cresta Mining Company (U) Ltd (`Cresta`)
for R425 000 against the issue of 850 000 ordinary shares in the share
capital of the Company at 50 cents per share. The agreement is subject to
South African Reserve Bank (`SARB`) approval. Cresta has the rights to 10
Exclusive Prospecting Licenses (`EPL`s`) in Uganda. Thabex has completed a
due diligence on these EPL`s during March and was independently advised
that the EPL`s are prospective and should be explored further. To date SARB
approval has not been obtained.
Dividends
No dividend has been declared.
Accounting policies
The accounting policies as set out in the 2003 Annual Report have been
consistently applied in producing the reviewed provisional results.
Review of results
The provisional financial results have been reviewed by KPMG Inc. and their
review report is available for inspection at the Company`s registered
office.
Further Cautionary announcement
Shareholders are referred to the announcement published on SENS on 14 May
2004 dealing with the exercise by AIM of its option to purchase Platinexco
for R20 million. This transaction is still subject to SARB approval. As a
result, shareholders are herewith advised that they should continue to
exercise caution when dealing in the Company`s securities until a further
announcement relating to this transaction is published.
On behalf of the board
Jeffrey Rapoo Marius Welthagen
Chairman Chief Executive
Johannesburg 31 May 2004
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:
JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux
*Executive director, ** New Zealand
Date: 31/05/2004 11:04:07 AM Produced by the JSE SENS Department
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