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THABEX EXPLORATION LIMITED - UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 31
AUGUST 2004 AND FURTHER CAUTIONARY ANNOUNCEMENT
THABEX EXPLORATION LIMITED
(`Thabex` or `the Company`)
(Registration No 1988/000763/06)
JSE - Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004 AND FURTHER
CAUTIONARY ANNOUNCEMENT
CONSOLIDATED BALANCE SHEET Six months Six months Year ended
ended ended
31 August 31 August 29 February
2004 2003 2004
Unaudited Unaudited Audited
R`000 R`000 R`000
Assets Notes
Non-current assets 41 41 50
Mining assets and 41 41 50
equipment
Interest in - - -
associated companies
Current assets 20 952 2 158 2 355
Inventories 806 937 1 073
Trading investments 409 308 405
Trade and other 397 479 649
receivables
Cash and cash 1 19 340 434 228
equivalents
Total assets 20 993 2 199 2 405
Equity and
liabilities
Capital and reserves
Share capital 1 701 1 701 1 701
Share premium reserve 17 203 17 203 17 203
Accumulated loss (3 160) (16 941) (17 565)
Ordinary shareholders 15 744 1 963 1 339
funds
Outside shareholders` 10 11 11
interest
Non-current
liabilities
Non interest bearing Long- 245 68 226
term Liabilities
Current liabilities 4 994 157 829
Trade and other 433 157 820
payables
Provisions 2 4 561 - 9
Total equity and 20 993 2 199 2 405
liabilities
Shares in issue 17 006 887 17 006 887 17 006 887
Net asset value per 92.57 11.54 7.87
share (cents)
Net tangible asset 92.57 11.54 7.87
value (cents)
CONSOLIDATED INCOME
STATEMENT
Revenue 282 132 211
Net operating 430 (471) (876)
income/(loss)
Interest received 86 3 6
Impairment of investment in 111 - -
subsidiaries reversal
Impairment 342 - (226)
reversal/(losses)
Net profit/(loss) 969 (468) (1 096)
Outside shareholders` 1 4 4
interest
Net profit/(loss) attributable 970 (464) (1 092)
to ordinary shareholders
Weighted average of number of 17 006 887 17 006 887 17 006 887
shares in issue
Earnings/(loss) per 5.70 (2.73) (6.42)
share (cents)
Headline earnings/(loss) 3.04 (2.73) (5.09)
per share (cents)
RECONCILIATION OF HEADLINE EARNINGS/LOSS
Reconciliation between
earnings/(loss) and
Headline
earnings/(loss)
Income/(loss) attributable 970 (464) (1 092)
to ordinary shareholders
Impairment of investment in (111) - -
subsidiaries reversal
Impairment (342) - 226
losses/(reversal)
Headline 517 (464) (866)
earnings/(loss)
CONSOLIDATED CASHFLOW STATEMENT
Cash generated in 5 655 289 84
operating activities
Cash generated/(expended 13 465 - (151)
in) from investing
activities
Cash effects of (8) 4 154
financing activities
Increase in cash resources 19 112 293 88
Cash at beginning of 228 141 141
period
Cash at end of period 19 340 434 228
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital 1 701 1 701 1 701
Share Premium 17 203 17 203 17 203
Accumulated Loss (3 160) (16 941) (17 565)
Accumulated Loss at the (17 565) (16 473) (16 473)
beginning of period
Transfer from 3 13 435 - -
revaluation reserve
Net profit/(loss) 970 (468) (1 092)
period
Revaluation Reserve - - -
Impairment recoupment 19 085 - -
Adjustment for (5 650) - -
taxation
Transfer to equity (13 435) - -
Notes:
Contingent liability: The Company is at present in dispute with the South
African Reserve Bank (`SARB`) regarding an order in terms of Section 22C of the
Exchange Control Act prohibiting Thabex from utilising an amount of R19,23
million of the proceeds from the disposal of wholly owned Platinexco (Pty) Ltd
(`Platinexco`). Thabex has on the advice of its attorneys submitted detailed
representations, including a legal opinion, to the SARB in order to settle the
matter amicably and in an attempt to avoid potentially costly litigation.
Current taxation of R4,55 million is included in provisions.
An amount of R13,44 million has been transferred to equity, being the recoupment
of impairment losses of R19,09 million, provided for in the prior financial
years and adjusted for taxation of R5,65 million on disposal of Platinexco.
Review of operations and future prospects
On 14 July 2004 Thabex disposed of Platinexco to AIM Resources Ltd, a Junior
Mining company listed on the Australian Stock Exchange. However, as announced on
SENS on 19 August 2004, the SARB has issued an order on 2 July 2004 preventing
the Company from utilising the proceeds of the disposal. As a result Thabex
unfortunately had to suspend all its Black Economic Empowerment (`BEE`)
initiatives until the dispute with the SARB has been resolved. These include the
exploration activities by Taung Diamond Mines Ltd, a BEE associate of the
Company, in the Christiana, Taung and Lichtenburg districts of the North West
Province.
The renewal of Prospecting Permit number PP17/2003 on the farm Adjoining
Geelvloer 197 in the Kenhardt District of the Northern Cape Province will be
submitted to the Department of Mineral and Energy in the near future.
Dividend
No dividend has been declared for the period.
Accounting policies
The interim financial results have been prepared in accordance with the South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of the interim financial results are consistent
with those applied in the audited financial statements for the year ended 29
February 2004.
Further cautionary announcement
As a result of the dispute with the SARB, shareholders are herewith advised that
they should continue to exercise caution when dealing in the Company`s
securities until a further announcement, relating to the response of the SARB to
Thabex`s detailed representations, is published.
On behalf of the board
JR Rapoo Marius Welthagen
Chairman Chief Executive
Johannesburg 30 November 2004
Explore our website: www.thabex.com
E-mail: info@thabex.com
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Telephone number: 0860 THABEX (0860 843339)
Company secretaries:
SA Mineral Investments (Pty) Ltd,
51 Austin Street, Northcliff, Johannesburg, 2195
Transfer secretaries:
Ultra Registrars (Pty) Ltd,
11 Diagonal Street, Johannesburg, 2001
Attorneys:
Brink Cohen Le Roux, BCLR House, 19 West Street, Houghton, 2198
Auditors:
KPMG Inc, KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Sponsor:
PSG Capital Ltd,
1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
Directorate:
JR Rapoo*(Chairman), M Welthagen(CEO), JL Bosch*, Prof DL Reid*#,
AP Roux*
*non-executive directors, #New Zealand
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