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TBX
TBX
Thabex - Abridged audited group results for the year ended 28 February 2006
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
ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2006
CONSOLIDATED BALANCE SHEET
Year ended Year ended
28 February 28 February
2006 2005
Audited Audited
Note R R
Assets
Non-current assets 926,556 33,737
Mining assets and equipment 926,556 33,737
Interest in associated companies - -
Current assets 13,476,367 21,117,833
Inventories 1,558,708 661,357
Investments 782,001 467,361
Trade and other receivables 2,289,638 105,995
Taxation 1 4,285,098 -
refundable
Cash and cash equivalents 4,560,922 19,883,120
Total assets 14,402,923 21,151,570
Equity and
liabilities
Capital and reserves
Share capital 1,700,689 1,700,689
Share premium 17,202,741 17,202,741
Treasury shares (240,900) -
Accumulated loss (4,657,135) (1,198,428)
Total equity attributable to equity of 14,005,395 17,705,002
the parent
Minority interest - 146
Total equity 14,005,395 17,705,148
Non-current
liabilities
Non interest bearing non-current - 66,540
liabilities
Current liabilities 397,528 3,379,882
Trade and other payables 397,528 1,368,401
Provisions - 2,011,481
Total equity and liabilities 14,402,923 21,151,570
Shares in issue 17,006,887 17,006,887
Net asset value per share (cents) 82.35 104.10
Net tangible asset value per share 82.35 104.10
(cents)
CONSOLIDATED INCOME STATEMENT
Revenue 45,754 427,445
Cost of sales (43,297) (456,444)
Gross Income/(Loss) 2,457 (29,999)
Other operating 130,544 19,746,584
income
Administration expenditure (1,731,390) (2,084,524)
Other operating (2,887,262) (2,043,093)
expenses
Operating 2 (4,485,651) 15,559,827
(loss)/profit
Income from 1,026,933 807,053
investments
(Loss)/profit before taxation (3,458,718) 16,366,880
Taxation - -
(Loss)/profit for the year (3,458,718) 16,366,880
Attributable to:
Equity holders of the parent (3,458,572) 16,377,312
Minority interest (146) (10,432)
Weighted average of number of shares 17,006,887 17,006,887
in issue
Basic (Loss)/earnings per share (20.34) 96,24
(cents)
Diluted (loss)/profit per share (20.34) 96,24
(cents)
Headline loss per share (cents) (17.99) (16.81)
RECONCILIATION OF HEADLINE
(LOSS)/EARNINGS
Reconciliation between (loss)/earnings
and headline(loss)/earnings
(Loss)/income attributable to ordinary (3,458,718) 16,366,880
shareholders
Profit on disposal of investment in - (19,232,912)
subsidiary
Impairment of 400,003 2,117
goodwill
Impairment losses - 4,756
Headline loss (3,058,715) (2,859,159)
CONSOLIDATED CASHFLOW STATEMENT
Cash utilised in operating activities (13,559,507) (599,951)
Cash outflow from investing activities (1,762,691) (19,215,027)
Cash outflow from financing activities - (160,200)
Net (Decrease)/increase in cash (15,322,198) 19,654,778
resources
Cash at beginning of period 19,883,120 228,342
Cash and cash equivalents end of year 4,560,922 19,883,120
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Equity 18,662,530 18,903,430
Share Capital 1,700,689 1,700,689
Share Premium 17,202,741 17,202,741
Treasury shares (240,900) -
Accumulated Loss (4,657,291) (1,198,573)
Accumulated Loss at the beginning of (1,198,573) (17,575,885)
year
Net(loss)/profit for the year (3,458,718) 16,377,312
Minority interest - 146
Minority interest at the beginning of 146 10,578
year
Minority interest in loss of (146) (10,432)
subsidiary
Basis of accounting
These are the Group"s first consolidated financial statements prepared in
accordance with International Financial Reporting Standards (IFRS). The
accounting policies set out in the notes to the consolidated financial
statements have been applied in preparing the financial statements for the year
ended 28 February 2006, the comparative information presented in these financial
statements for the year ended 28 February 2005 and in the preparation of an
opening IFRS balance sheet at 1 March 2004 (the Group"s date of transition). In
preparing its opening IFRS balance sheet, the group has adjusted amounts
reported previously in financial statements prepared in accordance with its old
basis of accounting (Previous GAAP). An explanation of how the transition from
previous GAAP to IFRS has affected the group"s financial position, financial
performance and cash flows is set out in the notes to the Annual Financial
Statements.
Explanation of material adjustments to equity
The group elected to adopt the cost model to account for mining assets. These
assets were previously revalued on a regular basis. The change in accounting
policy did not result in any material adjustments to net equity at 1 March 2004.
The change in accounting policy from revaluation of mineral and prospecting
rights to the cost basis of accounting did not impact net equity at 1 March 2004
and 28 February 2005 due to these assets being impaired.
Note 1
Taxation on the sale of subsidiaries was previously incorrectly recorded as
revenue in nature in the tax computation. The calculations have been revised to
calculate the Capital Gains on the transactions and the tax charge adjusted
accordingly. The adjustment increased the net asset value per share and tangible
net asset value per share at 28 February 2005 from 78 cents per share to 104
cents per share.
Note 2
The increase in profit on sale of Platinexco, from R30 141 to R19 232 912 is as
a result of adopting the cost model for the valuation of both mining assets as
well as investments in subsidiaries. This difference in profit was previously
reflected in the statement of changes in equity.
Dividends
No dividend has been declared.
Audit of results
KPMG Inc. has audited the results for the year ended 28 February 2006. Their
unqualified audit opinion is available for inspection at the Company"s
registered office.
Notice of Annual General Meeting
Notice is hereby given that the sixteenth Annual General Meeting of members of
Thabex Exploration Ltd will be held at KPMG Forum, 1226 Schoeman Street,
Hatfield, Pretoria on Wednesday, 6 October 2006, at 10:00.
Mailing of Annual Report
Thabex"s annual Report for 2006 will be mailed to shareholders on Thursday,
7 September 2006.
By order of the board
Jeffrey Rapoo
Chairman
Marius Welthagen
Chief Executive
Johannesburg
5 September 2006
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Auditors:
KPMG Inc.
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Link Market Services South Africa Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239)
Sponsor:
PSG Capital Ltd
Directorate:
JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux
*Executive director, ** New Zealand
Date: 05/09/2006 03:35:18 PM Produced by the JSE SENS Department
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