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SXR
SXR
Uranium One. - Unaudited Interim Consolidated Financial Statements for the
period ended June 30, 2006
sxr Uranium One Inc
(Formerly Southern Cross Resources Inc.)
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: SXR & ISIN: CA87112P1062
Share code on the TSX: SXR & ISIN: CA87112P1062
("Corporation")
Consolidated Balance Sheets
as at June 30, 2006 and December 31, 2005
(in US Dollars)
Unaudited Unaudited
as at as at
Jun 30, 2006 Dec 31, 2005
US$"000 US$"000
Notes
ASSETS
Current assets
Cash 88,969 10,891
Accounts receivable 12,510 8,823
Inventories 655 681
102,134 20,395
Non-current assets
Property, plant and equipment 2 208,995 157,255
Asset retirement fund 1,268 1,275
210,263 158,530
Total assets 312,397 178,925
LIABILITIES
Current liabilities
Accounts payable and accrued 16,301 15,045
liabilities
Current portion of lease 1,123 1,452
obligations
Short term loan 3 428 993
17,852 17,490
Non-current liabilities
Asset retirement obligation 4,038 4,094
Lease obligations 919 1,560
Future taxation liabilities 6 30,690 21,156
35,647 26,810
Non-controlling interest 4,401 -
SHAREHOLDERS" EQUITY
Share capital 4 358,253 216,123
Contributed surplus 5 17,546 11,367
Accumulated deficit (136,272) (114,399)
Currency translation adjustments 14,970 21,534
254,497 134,625
Total equity and liabilities 312,397 178,925
See accompanying notes to the Consolidated Financial Statements, including:
* Nature of operations and basis of presentation (note 1)
sxr Uranium One Inc.
Consolidated Statements of Operations and Deficit
for the 3 and 6 months ended June 30, 2006 and the 6 months ended June 30,
2005 (in US dollars)
Unaudited Unaudited Unaudited
6 months to 6 months to 3 months to
June 30 2006 June 30 June 30 2006
Notes US$"000 2005 US$"000
US$"000
Gold sales 1,942 - 921
Cost of sales (4,586) ( 726) (1,213)
Gross loss (2,644) ( 726) ( 292)
Sundry income 389 28 275
General and administrative (6,126) (1,767) (4,532)
expenditure
Share options expensed (7,000) ( 832) (3,799)
Exploration expenditure (4,045) (3,552) (1,448)
Operating loss (19,426) (6,849) (9,796)
Interest received 2,302 139 1,526
Interest paid ( 815) (1,181) ( 475)
Profit on disposal of 8 7,051 ( 1) -
investments
Dilution gain on disposal of 8 3,974 - 2,890
investments
Fair value adjustment of - 871 -
short-term investments
Foreign exchange losses on (14,183) - (14,183)
cash and cash equivalents
Non-controlling interest in 289 - 118
earnings of subsidiary
Loss before income taxes (20,808) (7,021) (19,920)
Provision for income taxes 6 (1,065) - ( 43)
Net loss (21,873) (7,021) (19,963)
Accumulated deficit at the (114,399) (72,659) (116,309)
beginning of the period
Accumulated deficit at the (136,272) (79,680) (136,272)
end of the period
Basic and fully diluted loss 7 ( 20.77) ( 11.40) ( 17.84)
per common share (cents)
Weighted average number of 7 105,295,317 61,601,638
basic common shares 111,904,866
outstanding
See accompanying notes to the Consolidated Financial Statements
sxr Uranium One Inc.
Consolidated Statement of Cash Flows
for the 3 and 6 months ended June 30, 2006 and the 6 months ended June 30,
2005
(in US Dollars)
Unaudited Unaudited Unaudited
6 months to 6 months to 3 months to
June 30 2006 June 30 June 30 2006
Notes US$"000 2005 US$"000
US$"000
Net Loss (21,873) (7,021) (19,963)
Add back: Net finance costs (1,487) 1,042 (1,051)
Add back: Non-cash items:
- Non-controlling interest ( 289) - ( 118)
in earnings of subsidiary
- Depreciation and 233 95 5
amortization
- Write down of inventory - 5 -
- Expensing share options 7,000 832 3,799
- Profit on disposal of - ( 195) -
property, plant and
equipment
- Provision for - 181 -
rehabilitation
- Finance charges on short- - 1,362 -
term loan
- Profit on disposal of (7,051) 1 -
investments
- Dilution gain on disposal (3,974) - (2,890)
of investments
- Fair value adjustment of - ( 871) -
listed investments
- Unrealized foreign 13,630 - 13,630
exchange losses on cash and
cash equivalents
- Future income taxes 1 023 - 1
(12,788) (4,569) (6,587)
Movement in working capital:
- Increase in inventories 35 ( 523) ( 17)
- Increase in trade (3,621) (2,238) (2,038)
receivables and prepayments
- Increase/(decrease) in 1,705 3,780 2,752
trade and other payables
Increase in rehabilitation ( 153) - 30
and cost closure obligations
Cash utilized by operations (14,822) (3,550) (5,860)
Net interest received 1,487 (1,042) 1,051
Cash flows from operating (13,335) (4,592) (4,809)
activities
Proceeds from disposal of - 195 -
property, plant and
equipment
Cash taken over from Sub- 8 1,933 - -
Nigel
Additions to property, plant (31,418) (7,276) (18,453)
and equipment
Increase in environmental 9 (10,610) 14
trust and other investments
Cash flows from investing (29,476) (17,691) (18,439)
activities
Net proceeds from the issue 139,628 5,341 21
of ordinary shares
Loan received during the ( 565) 11,840 (5,946)
year
Decrease in capital element ( 970) 2,303 ( 677)
of finance lease and other
long-term debt
Cash flows from financing 138,093 19,484 (6,602)
activities
Effects of exchange rate (17,204) 4,008 (16,111)
changes on cash held in
foreign currencies
Net increase in cash 78,078 1,209 (45,961)
Cash at the beginning of the 10,891 229 134,930
period
Cash at the end of the 88,969 1,438 88,969
period
See accompanying notes to the Consolidated Financial Statements
sxr Uranium One Inc.
Notes to the unaudited Interim Consolidated Financial Statements
June 30, 2006
1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION
These unaudited interim consolidated financial statements have been prepared
by the Corporation in accordance with Canadian generally accepted accounting
principles ("Canadian GAAP"). The preparation of the financial statements is
based on accounting policies and practices consistent with those used in the
preparation of the audited annual consolidated financial statements. The
accompanying unaudited interim consolidated financial statements should be
read in conjunction with the Notes to the Corporation"s audited annual
consolidated financial statements for the year ended December 31, 2005,
since they do not contain all disclosures required by Canadian GAAP for
annual financial statements. The unaudited interim consolidated financial
statements reflect all normal and recurring adjustments, which are, in the
opinion of management, necessary for a fair presentation of the interim
period presented.
sxr Uranium One Inc. (the "Corporation") is a Canadian corporation with a
primary listing on the Toronto Stock Exchange and a secondary listing on the
Johannesburg stock exchange, engaged in the acquisition, exploration and
development of properties for production of uranium in South Africa,
Australia and Canada and gold in South Africa.
The Corporation owns 100% of the Dominion Uranium Project in South Africa
and the permitted Honeymoon Uranium Project in South Australia. Through a
joint venture with Pitchstone Exploration Limited, the Corporation is also
engaged in uranium exploration activities in the Athabasca Basin of
Saskatchewan. The Corporation"s Uranium One Africa Limited (previously
Aflease Gold and Uranium Resources Limited) subsidiary holds 77% of Aflease
Gold Limited, that owns the Modder East gold property and related gold
assets in South Africa.
The exploration and development of mineral properties involves significant
financial risk. In the event these properties are determined to be
commercially viable, additional financing will be required.
Aflease Gold Limited
On January 10, 2006 Sub Nigel Gold Mining Company Limited ("Sub Nigel")
acquired all of the issued and outstanding ordinary shares of New
Kleinfontein Mining Company Limited ("New Kleinfontein"), a wholly-owned
subsidiary of Aflease Gold and Uranium Resources Limited (now Uranium One
Africa Limited "Uranium One Africa"), and all amounts due by New
Kleinfontein to Uranium One Africa on loan account. As Uranium One Africa
retained an effective 80% of New Kleinfontein through its subsequent holding
in Aflease Gold, the net assets so acquired had a carrying value of $3.0
million at December 31, 2005 and the purchase consideration was $10.7
million, settled by issuing 68,073,545 new Sub Nigel ordinary shares to
Uranium One Africa at 96 South African cents ($0.16) per share. Sub Nigel
subsequently changed its name to Aflease Gold Limited. Through this
transaction and subsequent dilution of Uranium One"s share holding in
Aflease Gold, Uranium One Africa now owns approximately 77% of Aflease Gold.
For accounting purposes, the transaction is considered a reverse takeover
whereby New Kleinfontein is considered the acquiring company as the
shareholders of Uranium One Africa acquired more than 50% of the issued and
outstanding shares of Sub Nigel. Uranium One therefore effectively sold 20%
of New Kleinfontein and recognized a $7.1 million gain on the disposal. The
results of operations of Sub Nigel were included with effect from January
11, 2006. The consolidated balance sheet at June 30, 2006 represents the
financial position of the entire Group.
Comparatives
The Ontario Securities Commission, as principal regulator of the
Corporation, issued a decision document dated May 4, 2006, pursuant to the
Mutual Reliance Review System for exemptive relief applications, granting
the Corporation an exemption from providing comparative financial
information for the three months ended June 30, 2006 as prior-period
information has not been prepared on a basis consistent with this period.
2 PROPERTY, PLANT AND EQUIPMENT
June 30, Dec 31,
2006 2005
Accumu- Accumu-
lated lated
Cost Amorti- Net Cost Amorti- Net
zation zation
US$"000 US$"000 US$"000 US$"000 US$"000 US$"000
Mine development 69,857 (1,777) 68,080 38,014 (3,676) 34,338
costs and mine
plant facilities
Undeveloped 139,950 - 139,950 122,639 - 122,639
properties
Motor vehicles 1,058 ( 289) 769 433 ( 316) 117
Office equipment 677 ( 481) 196 544 ( 383) 161
211,542 (2,547) 208,995 161,630 (4,375) 157,255
Owned assets 208,918 156,890
Leased assets 77 365
Total net carrying amount 208,995 157,255
as at the end of the
period
Mineral properties Undeveloped
properties
Undeveloped June 30, Dec 31, June 30, Dec 31,
properties 2006 2005 2006 2005
comprise:
US$"000 US$"000 US$"000 US$"000
New Kleinfontein - - 14,753 15,807
Sub-Nigel 294 - 15,117 -
Spaarwater - - 294 -
Honeymoon, 6,334 6,016 29,059 28,670
Australia
Goulds Dam, - - 24,930 24,921
Australia
Billeroo / - - 43,170 43,170
Karkarook,
Australia
Athabasca, 1,266 1,281 1,513 1,427
Canada
Loan guarantees, Native - - 3,220 1,347
Title and Project
Generation
7,894 7,297 132,056 115,342
Native title claims
The Corporation"s interests in the Honeymoon and Goulds Dam properties are
subject to two Native Title claims. Agreements have been secured with both
groups, whereby the Corporation pays annual administration fees to each
claimant group.
3 SHORT-TERM LOAN
June 30, 2006 Dec 31, 2005
US$"000 US$"000
Nedcor Securities loan 428 993
428 993
The Nedcor Securities loan represents draw-downs on a facility availed by
Nedcor Securities on the back of Uranium One Africa"s investment in Randgold
shares. This loan attracts interest in South African at a flat rate of ZAR
7.75% per annum. The loan has no fixed repayment terms.
4 SHARE CAPITAL
Number of shares Value of shares
Ordinary shares June 30, Dec 31, 2005 June 30, Dec 31,
2006 2006 2005
US$"000 US$"000
Opening balance of 89,103,814 336,451,321 216,123 80,736
common shares in issue
Common shares issued 22,380,830 50,325,405 139,628 29,288
in public or private
offering
Shares issued in - 21,535,107 - 9,312
settlement of
Eastbourne Capital
loan (refer note 10)
Exercise of stock 505,199 998,288 2,502 634
options
Closing balance of 111,989,843 409,310,121 358,253 119,970
issued and outstanding
shares (December 8,
2005)
Conversion of Aflease 368,379,109 119,970
shares to sxr Uranium
One Inc. shares at a
ratio of 0.9
Share consolidation: 1 73,675,822 119,970
share for every 5
shares held
Acquisition of 15,427,992 95,976
Southern Cross
Resources Inc.
Warrants issued after 177
December 8, 2005
Closing balance of 111,989,843 89,103,814 358,253 216,123
issued and outstanding
shares
5 CONTRIBUTED SURPLUS
Warrants Restricted Options TOTAL TOTAL
shares June 30, Dec 31,
2006 2005
US$"000 US$"000 US$"000 US$"000 US$"000
At the beginning of 1,813 - 9,554 11,367 2,790
the year
Share options - - 6,075 6,075 7,240
expensed
Share options - - ( 821) ( 821) ( 259)
exercised
Restricted shares - 925 - 925 -
expensed
Restricted shares - - - - -
exercised
Warrants issued to - - - - 1,773
BMO Nesbitt
Warrants exercised - - - - ( 177)
At the end of the 1,813 925 14,808 17,546 11,367
period
Options
The fair value of stock options used to calculate compensation expense has
been estimated using the binomial option pricing model with the following
assumptions:
June 30, 2006 Dec 31, 2005
Risk free interest rate 4.08% - 4.20% 3.70% -
4.12%
Expected dividend yield 0% 0%
Expected volatility of the Company"s share 47% 61%
price
Average expected life of option - for 4.74 years 3.88 years
options with 5 years to expiry
Average expected life of option - for 0.21 years 0.95 years
options with 1 year to expiry
Changes in the subjective input assumptions can materially affect the fair
value estimate, and therefore the existing models do not necessarily provide
a reliable measure of the fair value of the Company"s stock options.
The following is a summary of the Corporation"s options granted under its
stock-based compensation plan:
Weighted average
Number of options exercise price
June 30, 2006 Dec 31, 2005 June 30, Dec 31, 2005
2006
US $ US$
At the beginning of the 5,268,610 13,139,178 2.74 0.47
period
Granted during the period 1,855,279 12,759,147 6.88 0.46
Exercised during the (505,199) (997,130) 1.48 0.40
period
Forfeiture of share (97,969) (784,847) 3.13 0.36
options
6,520,721 24,116,348 3.82 0.47
Replacement options 4,340,943
issued to Aflease at a
conversion rate of 0.18
Southern Cross options 927,667
converted at a rate of
0.20
Outstanding options as at 6,520,721 5,268,610 3.82 2.74
the end of the period
The stock option compensation expense for the six months ended June 30, 2006
was $6.1 million (2005: $0.8 million). As at June 30, 2006 the aggregate
unexpensed fair value of unvested stock options granted amounted to $12.5
million (December 31, 2005: $6.4 million).
The following table summarizes certain information about the Corporations
stock options outstanding at June 30, 2006:
Options outstanding Options exercisable
Range of
exercise prices
US$
Number Weighted Weighted Number Weighted
outstanding average average exercisable average
as at remaining exercise as at exercise
June 30, life price June 30, 2006 price
2006 (years) US$ US$
1.15 to 1.59 2,097,873 4.34 1.45 1,207,085 1.43
2.19 to 2.85 314,814 4.24 2.31 209,108 2.30
3.13 to 3.84 1,636,548 3.75 3.51 1,268,727 3.53
4.05 to 4.92 537,040 4.22 4.11 300,192 4.12
5.52 to 8.52 1,934,446 4.65 6.81 662,784 6.78
6,520,721 4.27 3.82 3,647,896 3.40
Under the stock option plan, the exercise price of the options are
calculated as the closing share price on the grant date.
The following table summarizes the weighted average fair value of options
granted during the six months ended June 30, 2006:
Weighted average Weighted average
Number of options exercise price fair value
granted
Exercise June 30, Dec 31, June 30, Dec 31, June 30, Dec 31,
price in 2006 2005 2006 2005 2006 2005
relation to
market price US$"000 US$"000 US$"000 US$"000 US$"000 US$"000
on grant date
Exercise 1,827,679 6.86 3.07
price equals
market
Exercise 297,990 3.82 3.53
price exceeds
market price
Exercise 27,600 1,998,656 8.07 2.08 4.14 4.28
price below
market price
1,855,279 2,296,646 6.88 2.56 3.09 4.40
The number of options granted during 2005 was adjusted at a conversion rate
of 0.18.
Restricted shares
Under the Uranium One Restricted Share Plan, restricted share rights are
granted to eligible employees, contractors and directors. Each restricted
share right is exercisable for one common Uranium One share listed on the
Toronto stock exchange at the end of the restricted period. Common shares
issuable upon the exercise of restricted share rights are referred to as
restricted shares.
The following is a summary of the Corporation"s restricted shares issued
under the Restricted Share Plan:
Number of restricted
shares
June 30, Dec 31, 2005
2006
At the beginning of the year - -
Granted during the period 372,922 -
Exercised during the period - -
Forfeiture of restricted shares - -
Total restricted shares outstanding at 372,922 -
the end of the period
The grant date of the restricted shares was June, 2006. The share price on
grant date was $7.90.
The restricted shares can be exercised without any consideration. Restricted
shares will not expire while the participant is in the employ of Uranium
One.
The restricted share expense for the six months ended June 30, 2006 was $0.9
million (2005: $0 million). As at June 30, 2006 the aggregate unexpensed
fair value of unvested restricted shares granted amounted to $1.4 million
(December 31, 2005: $0 million).
Warrants
Average
Number of warrants Allocated value exercise price
June 30, Dec 31, June 30, Dec 31, June 30, Dec 31,
2006 2005 2006 2005 2006 2005
US$"000 US$"000 US$"000 US$"000 US$"000
At the 5,976,319 3,876,319 1,990 217 - 2.73
beginning of
the period
Issued to - 1,800,000 - 1,773 - 5.39
BMO Nesbitt
Warrants - 300,000 - - - 5.96
acquired
At the end 5,976,319 5,976,319 1,990 1,990
of the
period
The fair value of the Eastbourne warrants was valued, for Canadian GAAP
purposes, at $0.2 million on December 31, 2004. The warrants have a term of
3 years from the date of issue and expire on September 23, 2008.
The fair value of the BMO warrants was valued at $1.8 million on December
30, 2005 using the binomial option pricing model with the following
assumptions: United States zero coupon rates of between 4.39% and 4.83%,
expected dividend yield of nil, expected 90 day volatility of 51.5% and
expected warrants term of 1.18 years
The expiry date of the these warrants is the later of (i) March 5, 2007 and
(ii) the expiry of 12 months from the date on which ordinary SXR shares
become listed on Toronto Stock Exchange ("TSX").
Warrants acquired represent those acquired from Southern Cross through the
reverse take over. These warrants expire on September 17, 2007 and the
beneficiary is Pitchstone Exploration Ltd.
6 INCOME TAXES
6 months to 6 months to 3 months to
Jun 30, 2006 Jun 30, 2005 Jun 30, 2006
US$"000 US$"000 US$"000
South African taxation - 42 - 42
current
Future income taxes 1,023 - 1
Future taxes of $1 million were provided on the profit of $7.1 million on
disposal by Aflease of its investment in New Kleinfontein, which constitutes
a capital gain.
A fair value increment in mining assets of $17.7 million arose on the fair
valuation of the assets of Sub Nigel that formed part of the reverse take
over of Sub Nigel by New Kleinfontein. In compliance with accounting
practice, a future tax liability of $5.1 million was recognized on this
revaluation.
7 BASIC LOSS PER SHARE AND FULLY DILUTED LOSS PER SHARE
6 months to 6 months to 3 months to
Basic and fully diluted loss Jun 30, 2006 Jun 30, 2005 Jun 30, 2006
per share:
US$"000 US$"000 US$"000
The calculation of basic and
fully diluted basic loss per (21,873) (7,021) (19,963)
share is based on
net loss of the period of
($"000)
and a weighted average number 105,295,317 61,601,638 111,904,866
of shares outstanding of
The effect of warrants and employee stock options is not included in
computing the diluted per share amounts since, in the context of reported
losses for the period, such effect would be anti-dilutive.
8 REVERSE TAKE OVER OF SUB NIGEL
In the current financial year the merger between Sub Nigel and New
Kleinfontein was accomplished through the issue of Sub Nigel shares to
Aflease in payment for all of the issued and outstanding ordinary shares of
New Kleinfontein and all amounts due by New Kleinfontein to Aflease on loan
account, as detailed in note 1.
Except for the cash taken over, this transaction has been excluded from the
cash flow statement as it did not result in an exchange of cash.
The aggregate fair values of assets acquired and liabilities assumed on the
purchase of Sub Nigel were as follows:
US$"000
Property, plant and equipment 778
Undeveloped properties - Sub Nigel 17,717
Loan account 1,518
Receivables and prepayments 66
Inventory 9
Cash 1,933
Cost closure obligation ( 35)
Trade and other payables (1,069)
Future taxation liability (5,138)
Value of business combination 15,779
Non-controlling interest (2,999)
Cash taken over 1,933
Shares consideration (12,780)
Net cash flow 1,933
The terms of the purchase price were agreed between the parties in terms of
an agreement of acquisition dated August 23, 2005. The effective date of the
reverse take over was January 10, 2006.
Changes in the percentage shareholding from 79.92% on January 10, 2006 to
77.02% on June 30, 2006 resulted in a dilution gain of $4 million.
9 SEGMENTED INFORMATION
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are
different from those of other business segments. The Corporation is managed
according to the same segments.
For the 6 months ended June 30, 2006:
Jun 30, Jun 30,
2005 2005
South Australia Canada TOTAL South TOTAL
Africa Africa
US$"000 US$"000 US$"000 US$"000 US$"000 US$"000
Gold Sales 1,942 - - 1,942 - -
Cost of Sales (4,586) - - (4,586) ( 726) ( 726)
Gross loss (2,644) - - (2,644) ( 726) ( 726)
Sundry income 316 73 - 389 28 28
General and (2,289) ( 764) (3,073) (6,126) (1,767) (1,767)
administra-
tive
expenditure
Share options - - (7,000) (7,000) ( 832) ( 832)
& restricted
shares
expensed
Exploration (2,642) (1,403) - (4,045) (3,552) (3,552)
expenditure
Operating (7,259) (2,094) (10 073) (19,426) (6,849) (6,849)
loss
Interest 373 91 1,838 2,302 - -
received
Interest paid ( 814) ( 1) - ( 815) (1,042) (1,042)
Profit on 7,051 - - 7,051 ( 1) ( 1)
disposal of
investments
Dilution gain 3,974 - - 3,974 - -
on disposal
of
investments
Fair value - - - - 871 871
adjustment of
short-term
investments
Foreign - - (14,183) (14,183) - -
exchange
losses on
cash
Non- 289 - - 289 - -
controlling
interest in
earnings of
subsidiary
Profit / 3,614 (2,004) (22,418) (20,808) (7,021) (7,021)
(loss) before
income taxes
Provision for (1,040) - ( 25) (1,065) - -
income taxes
Net profit / 2,574 (2,004) (22,443) (21,873) (7,021) (7 021)
(loss)
Other segment
items
Capital 30,241 ( 737) 1,914 31,418 7,276 7,276
expenditure
Amortization 233 - - 233 95 95
and
depreciation
For the 3 months ended June 30, 2006:
South Africa Australia Canada TOTAL
US$"000 US$"000 US$"000 US$"000
Gold Sales 921 - - 921
Cost of Sales (1,375) 159 3 (1,213)
Gross loss ( 454) 159 3 ( 292)
Sundry income 205 70 - 275
General and (1,710) ( 522) (2,300) (4,532)
administrative
expenditure
Share options & - - (3,799) (3,799)
restricted shares
expensed
Exploration expenditure ( 958) ( 490) - (1,448)
Operating loss (2,917) ( 783) (6,096) (9,796)
Interest received 186 13 1,327 1,526
Interest paid (474) (1) - (475)
Profit on disposal of 2,890 - - 2,890
investments
Foreign exchange losses - - (14,183) (14,183)
on cash
Non-controlling 118 - - 118
interest in earnings of
subsidiary
Loss before income ( 197) ( 771) (18,952) (19,920)
taxes
Provision for income ( 18) - ( 25) ( 43)
taxes
Net loss ( 215) ( 771) (18,977) (19,963)
Other segment items
Capital expenditure 17,771 ( 765) 1447 18,453
Amortization and 80 (72) (3) 5
depreciation
As at June 30, 2006:
Total assets 49,842 66,858 195,697 312,397
Total liabilities (35,903) ( 286) (21,711) (57,900)
As at December 31,
2005:
Total assets 34,189 69,700 75,036 178,925
Total liabilities (20,178) (1,040) (23,082) (44,300)
Date: 15/08/2006 04:27:19 PM Produced by the JSE SENS Department
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