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Barplats - Consolidated reviewed annual results Barplats Investments Limited Incorporated in the Republic of South Africa (Reg. no. 1987/004830/06) ISIN: ZAE000028692 JSE code: BPL (`Barplats`) Consolidated Reviewed Annual Results for the year ended 30 June 2004 Abridged Group Income Statement (R thousand) 2004 2003 Sales 112 893 154 558 Cost of sales 128 421 198 185 Contract mining cost 77 317 100 004 Contract concentrating costs 26 370 44 511 Amortisation 13 519 45 257 Other costs 11 215 8 413 Loss from operations (15 528) (43 627) Profit on disposal of mineral rights - 1 611 Net exploration (expenses)/income (494) 266 Other expenses (4 435) (4 744) Finance cost - net (21 545) (20 346) Loss before taxation (42 002) (66 840) Income tax expense 26 127 Net loss (42 028) (66 967) Basic and diluted loss per share (cents) (19) (30) Headline loss per share (cents) (19) (31) Dividend per share (cents) - - Abridged Group Balance Sheet (R thousand) 2004 2003 Assets Non-current assets 207 703 217 866 Property, plant & equipment 207 703 217 866 Current assets 2 909 30 785 Inventories 242 1 535 Receivables and prepayments 433 29 046 Cash and cash equivalents 880 204 Current taxation asset 1 354 - Total assets 210 612 248 651 EQUITY AND LIABILITIES Capital and reserves 60 187 102 215 Ordinary shares 2 225 2 225 Share premium 1 049 928 1 049 928 Accumulated loss (991 966) (949 938) Non-current liabilities 99 373 29 299 Borrowings 68 883 - Provision for environmental obligations 30 490 29 299 Current liabilities 51 052 117 137 Trade and other payables 5 130 36 015 Current taxation liabilities - 26 Borrowings 45 922 81 096 Total equity and liabilities 210 612 248 651 Net asset value per share (cents) 27 46 These financial statements were approved for issue by the Board of Directors on 27 August 2004. Statement of Changes in Equity Share Share Accumulated (R thousands) capital premium deficit Total Balance at 30 June 2 225 1 049 928 (882 971) 169 182 2002 Net loss (66 967) (66 967) Balance at 30 June 2 225 1 049 928 (949 938) 102 215 2003 Net Loss (42 028) (42 028) Balance at 30 June 2 225 1 049 928 (991 966) 60 187 2004 Abridged Group Cash Flow Statement (R thousands) 2004 2003 Cash flows from operating activities Cash (used in)/generated by operations (7 650) 29 154 Financial income 85 422 Interest paid (13 717) (10 126) Taxation paid (1 406) (188) Rehabilitation costs (6 989) (15 326) Net cash (used in)/generated by operating (29 677) 3 936 activities Cash flows from investing activities Purchase of property, plant and equipment (5 434) (43 603) Proceeds from sale of fixed assets 2 078 7 216 Net proceeds from sale of mineral rights - 1 611 Net cash utilised in investing activities (3 356) (34 776) Cash flows from financing activities Proceeds from borrowings 33 709 30 947 Net cash generated by financing activities 33 709 30 947 Net increase in cash and cash equivalents 676 107 Cash and cash equivalents at the beginning 204 97 of the year Cash and cash equivalents at the end of the 880 204 year Notes The principal accounting policies used by Barplats and its subsidiary companies (`the group`) are in accordance with the International Financial Reporting Standards of the International Accounting Standards Board, South African Statements of Generally Accepted Accounting Practice and the Companies Act, 61 of 1973 (as amended) and are consistent with those of the previous year. The financial statements have been reviewed by PricewaterhouseCoopers Inc., whose modified opinion, which includes an emphasis of matter regarding the group`s funding requirements for the twelve month period from 27 August 2004, isavailable for inspection at the group`s registered office. Finance costs includes an amount of R4.6 million for exchange adjustments as well as an interest expense of R13.7 million. Capital expenditure for the year amounted to R5.4 million (2003: R43.6 million).Borrowings comprise a loan of R114.8 million from Impala Platinum Limited. The loan bears interest at JIBAR plus 3% and is repayable as follows: 40% in June 2005; 30% in June 2006; and 30% in June 2007. The calculation of basic, diluted and headline earnings per share is derived from a net loss of R40.3 million (2003: R66.9 million). The number of shares in issue remains unchanged at 222 540 344. Nature of business Barplats is a platinum group metal (`PGM`) mining company whose core business isPGM mining and processing in South Africa`s world renowned Bushveld Igneous Complex (`the BIC`), the largest source of PGMs in the world. Barplats` two assets are: - the Crocodile River Mine (comprising the Zandfontein, Maroelabult and Krokodildrift Sections) on the Western Limb of the BIC in the North West Province; and - the Kennedy`s Vale Project on the Eastern Limb of the BIC near Steelpoort in Mpumalanga. Commentary on the results During the first half of the financial year the Crocodile River mine continued to incur substantial losses and the various options considered by the previous board of directors to restore viability of the operations proved unsuccessful. Consequently, the operations at Crocodile River Mine were suspended in January 2004 and the mine was placed on care-and-maintenance for the remainder of the financial year, while Impala Platinum Holdings Limited (`Implats`) sought to dispose of its 83% interest in the group. This is reflected in the significant decrease in capital expenditure during 2003. Prospects A consortium of investors purchased Implats` 83% shareholding in Barplats and subsequent to making an offer to the minority shareholders now holds 91% of Barplats` issued share capital. As a result a new management team took over effective control of the group from Implats in June 2004 and has initiated a structured plan to return the Crocodile River Mine to its rated capacity. Miningrecommenced on 28 July 2004 at the Maroelabult Section and refurbishment of the concentrator is underway. The development of a mine plan for the Zandfontein Section is in process and is expected to be approved for implementation during December 2004. In parallel, a review of the Kennedy`s Vale project is being undertaken to maximize value from this important asset. The group has secured an initial US$7.5 million credit facility to undertake theaforementioned short-term initiatives. Once the Zandfontein Section mining plan has been approved, the group`s ongoing funding requirements will be determined and negotiated. The group will require additional funding facilities in order to execute its future plans. On behalf of the board Loucas Pouroulis David Salter Chairman Managing Director 27 August 2004 Directors: L.C. Pouroulis * (Chairman), J.D. Salter + (Managing), J.A. Clark, P.J. Gard + J.M. Jansen van Vuuren * Cypriot + British Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, Ground Floor, 70 Marshall Street, Johannesburg, 2001 Secretary and Registered Office: KPMG Services (Pty) Ltd, 1226 Schoeman Street, Hatfield 0083
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