| THABEX EXPLORATION LIMITED |
| ("Thabex" or "the Company") |
| (Registration No 1988/000763/06) |
JSE – Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
| THABEX
- AUDITED GROUP RESULTS FOR YEAR ENDED 28 FEBRUARY 2003 |
|
CONSOLIDATED
BALANCE SHEET as at |
|
|
28
February 2003 |
|
28
February 2002 |
|
|
|
|
Audited |
|
Audited |
|
|
|
|
R |
|
R |
|
Assets |
Note
|
|
|
|
|
|
Non-current
assets |
|
|
53,704 |
|
72,952,899
|
|
Mining assets and equipment |
1 |
|
53,704 |
|
72,452,899
|
|
Interest in Associated Companies |
|
- |
|
500,000
|
|
Current
Assets |
|
|
2,615,934 |
|
3,139,942
|
|
Inventories |
|
|
1,005,108 |
|
1,179,327
|
|
Trading Investments |
|
|
380,123 |
|
174,200
|
|
Trade and other receivables |
|
|
1,089,883 |
|
880,064
|
|
Cash and cash equivalents |
|
|
140,820 |
|
906,351
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,669,638 |
|
76,092,841
|
|
Equity
and liabilities |
|
|
|
|
|
|
Capital
and reserves |
|
|
|
|
|
|
Share
capital |
|
|
1,700,689 |
|
1,700,689
|
|
Share
Premium Reserve |
|
|
17,202,741 |
|
17,202,741
|
|
Revaluation
Reserve |
|
|
- |
|
63,536,000
|
|
Accumulated
Loss |
|
|
(16,472,876) |
|
(6,717,896) |
|
Ordinary
Shareholders funds |
|
|
2,430,554 |
|
75,721,534
|
|
Non-current
liabilities |
|
|
82,719 |
|
194,774
|
|
Outside Shareholders Interest |
|
|
14,479 |
|
23,420
|
|
Long-term Liabilities |
|
|
68,240 |
|
171,354
|
|
Current
Liabilities |
|
|
|
|
|
|
Trade
and other payables |
|
|
156,365 |
|
176,533
|
|
Total
equity and liabilities |
|
|
2,669,638 |
|
76,092,841
|
|
Shares
in issue |
|
|
17,006,887
|
|
17,006,887
|
|
Net
asset value per share (cents) |
|
|
14.27 |
|
445.24
|
|
|
|
|
|
|
|
|
CONSOLIDATED
INCOME STATEMENT for year ended |
|
28
February 2003 |
|
28
February 2002 |
|
|
|
|
Audited |
|
Audited |
|
|
|
|
R |
|
R |
|
Revenue |
|
|
593,868 |
|
4,024,787
|
|
Net
Operating Profit |
|
|
(469,139) |
|
2,538,537 |
|
Interest
received |
|
|
47,654 |
|
167,537 |
|
Interest
paid |
|
|
(55) |
|
(5,538) |
|
Impairment
losses |
1 |
|
(9,342,381) |
|
- |
|
Outside
shareholders' interest |
|
|
8,941 |
|
- |
|
Net
(loss)/iIncome |
|
|
(9,754,980) |
|
2,700,536 |
|
(Loss)/earnings
per share (cents) |
|
|
(57.35) |
|
15.88
|
|
Headline
(Loss)/earning per share (cents) |
|
(2.43) |
|
15.88
|
|
Weighted
average number of shares in issue for the year |
|
17,006,887
|
|
17,006,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION
OF HEADLINE(LOSS)/EARNINGS |
|
28
February 2003 |
|
28
February 2002 |
|
|
|
|
Audited |
|
Audited |
|
|
|
|
R |
|
R |
|
Recnociliation
between (loss)/earnings and |
|
|
|
|
|
|
headline(loss)/earnings |
|
|
(9,754,980) |
|
2,700,144
|
|
Impairment
losses |
|
|
9,342,381 |
|
- |
|
Headline(loss)/earnings |
|
|
(412,599) |
|
2,700,144
|
|
|
|
|
|
|
|
|
CASHFLOW
STATEMENT for the year ended |
|
|
28
February 2003 |
|
28
February 2002 |
|
|
|
|
Audited |
|
Audited |
|
|
|
|
R |
|
R |
|
Cash
generated/(utilised) in operating activities |
|
|
|
|
|
Cash
(utilised in)/generated by operations |
|
(478,148) |
|
2,749,290
|
|
Cash
(utilised in )/generated from working capital |
|
(214,092) |
|
(2,235,044) |
|
|
|
|
(692,240) |
|
514,246
|
|
Cash
(expended in)/generated from investing activities |
|
|
|
|
|
Addisiones
to mining assets |
|
|
(36,236) |
|
(111,413) |
|
Proceeds
from disposal of equipment |
|
75,000 |
|
- |
|
|
|
|
38,764 |
|
(111,413) |
|
Cash
effects of financing activities |
|
|
|
|
|
Increase
in long-term loan |
|
|
(103,114) |
|
171,354
|
|
Decrease
in minority shareholders' interest |
|
(8,941) |
|
(2,639) |
|
|
|
|
(112,055) |
|
168,715
|
|
Increase
in cash and cash equivalents |
|
(765,531) |
|
571,548
|
|
Cash
and cash equivalents at beginning of year |
|
|
906,351 |
|
334,803
|
|
Cash
and cash equivalents at end of year |
|
|
140,820 |
|
906,351
|
|
|
|
|
|
|
|
|
STATEMENT
OF CHANGES IN EQUITY for the year ended |
|
28
February 2003 |
|
28
February 2002 |
|
|
|
|
Audited |
|
Audited |
|
|
|
|
R |
|
R |
|
Share
Capital |
|
|
1,700,689
|
|
1,700,689
|
|
Share
Capital at beginning of year |
|
1,700,689
|
|
1,700,689
|
|
Proceeds
from issue of share |
|
- |
|
- |
|
|
|
|
|
|
|
|
Share
Premium |
|
|
17,202,741
|
|
17,202,741
|
|
Share
premium at beginning of year |
|
17,202,741
|
|
17,202,741
|
|
Net
share premium received |
|
- |
|
- |
|
|
|
|
|
|
|
|
Accumulated
Loss |
|
|
(16,472,876) |
|
(6,717,896) |
|
Accumulated
Loss at the beginning of year |
|
(6,717,896) |
|
(9,418,040) |
|
Net
Profit/(loss) for period |
|
|
(9,754,980) |
|
2,700,144
|
|
|
|
|
|
|
|
|
Revaluation
Reserve |
|
|
- |
|
63,536,000
|
|
Revaluation
reserve at beginning of period |
|
63,536,000 |
|
- |
|
Deferred
tax not provided for in prior year |
|
(19,060,800) |
|
- |
|
Additions
to revaluation reserve |
|
6,965,000 |
|
- |
|
Impairment
losses |
1 |
|
(51,440,200) |
|
63,536,000
|
Note 1: Thabex
has re-valued the company’s options, mineral and participation rights
in accordance with the SAMREC Code. A total value of R82,72 million (2002:R72,82
million) was attributed to these rights, with Adjoining Geelvloer 197,
in the Kenhardt district in the Northern Cape Province valued at R61,78
million (2002:R61,78 million) and R20,44 million (2002:R10,48 million)
attributed to the Mokopane (Potgietersrus) Platreef rights in the Limpopo
Province.
The board has considered the current risk factors influencing the company’s
options, mineral rights and participation rights and considered it prudent
to impair all these rights in view of the significant changes in mining
legislation and the market conditions for raising sufficient capital to
turn to account these rights.
Basis of Accounting and Audit Opinion
These consolidated financial statement 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.
The results for the year ended 28 February 2003 have been audited
by KPMG Inc. The unqualified audit
opinion is available for inspection at the registered office of the company.
Operating
results
Thabex reports a
headline loss of 2,43 cents per share compared to a profit of 15,88 cents
per share in the 2002 financial year. Revenue decreased to R0,59 million
from R4,02 million in 2002. The company impaired all its options, mineral
and participation rights to reflect the carrying value of these assets
at their recoverable amounts. The impairment has mainly resulted in the
decrease of the net asset value to 14,29 cents per share from 445,24 cents
per share in the previous year.
Future
prospects
The company’s business strategy
remains focused on trading and marketing quality polished diamonds through
its wholly owned subsidiary, Pure Diamonds Ltd (“Pure Diamonds”). Pure
Diamonds and its Black Economic Empowerment associate, Taung Diamonds
Mines Ltd (“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 and Christiana districts of North West Province.
Thabex
has appointed Lower Quartile Solutions (Pty) Ltd, as project consultants
to update the previous feasibility study for its Mokopane (Potgietersrus)
Platreef Project, with the view of producing a new bankable feasibility
study for the project. Preliminary results will be available during July
2003.
The
Geelvloer Project’s indicated mineral resources will be re-modeled during
the current financial year in order to complete a pre-feasibility for
the project.
Dividends
No dividend has been declared.
Accounting
policies
The accounting policies as
set out in the 2002 Annual Report have been consistently applied in producing
these results.
Corporate
governance
The company is searching for
an appropriate candidate to act as non-executive chairperson. Thabex will
attempt to appoint a non-executive chairperson during the next few months
in order to ensure there is a division of responsibility and functions
between the chairperson and chief executive.
JSE
Listing Requirements
The directors of the company
ensured compliance with the requirements of the JSE Listing Requirements
during the year under review.
On
behalf of the board
Marius
Welthagen
(Chief Executive and Managing
Director)
Johannesburg
30 May 2003
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:
M
Welthagen*, JL Bosch*, JR Rapoo, Prof DL Reid**, AP Roux
*Executive
directors, ** New Zealand
|
