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LONMIN PLC - INTERIM STATEMENT - 31 MARCH 2003
ISSUED BY LONMIN PLC
4 GROSVENOR PLACE, LONDON SW1X 7YL
TEL 020 7201 6000 FAX 020 7201 6100
ISIN code: GB0031192486
INTERIM STATEMENT - 31 MARCH 2003
NEWS RELEASE
Financial Highlights - Continuing 6 months to 6 months
Operations 31 March 2003 to
31 March
2002
Profits
(i) EBITDA $171m $155m
Operating profit $148m $136m
Profit before tax (including $157m $138m
exceptionals)
Earnings per share 30.5c 63.1c
(ii) Underlying earnings per share 46.8c 36.7c
(iii) Interim dividend per share 30.0c 30.0c
Cash flow
Trading cash flow per share 45.4c 16.5c
Free cash flow per share 0.7c (20.8)c
Balance sheet
Equity interests $676m $657m
Net borrowings $209m $57m
(iv) Gearing 24% 7%
Commenting on the figures, the Chief Executive, Edward Haslam said:
"The Group has performed well through a period of considerable challenge and
current trading continues to be satisfactory.
We remain confident in our ability to complete our stated target of an
annualised 1 million ounces of platinum by the year 2008 and in the platinum
group metal markets" capacity to absorb this additional production at prices
which will maintain attractive operating margins".
NOTES ON HIGHLIGHTS
(i) EBITDA is Group operating profit before interest, tax, depreciation and
amortisation.
(ii) Underlying earnings per share is calculated on attributable profit
excluding exceptional items and exchange adjustments on tax.
(iii) The interim dividend will be paid on 15 August 2003 to shareholders
on the registers on 18 July 2003.
(iv) Gearing is calculated on the equity and minority interests of the Group.
Press enquiries: Anthony Cardew/Jackie Range, Cardew Chancery- +44 (0)20 7930
0777
This press release is available on http://www.lonmin.com
CHIEF EXECUTIVE"S STATEMENT
Introduction
I am pleased to be able to report half-year increases over the corresponding
period in EBITDA of 10% and in profit before tax of 14%. These increases were
achieved despite some major challenges, both operational and economic. An
explosion in December at our No 1 furnace put the unit out of operation for
the rest of the period and a 24% appreciation of the South African Rand
against the US dollar led to an increase in US dollar unit costs and to a tax
charge of $95 million compared with a tax credit of $6 million during the
previous period. Net cash inflow from operations was $102 million, down 27%
over the previous corresponding period caused mainly by the increase in
working capital due to higher stock levels.
Any introduction of a BEE equity partner into Lonplats needs to take into
account the existing relationship between Impala and ourselves. We have been
in dialogue for some months with Impala who has engaged constructively and I
am pleased to report that significant progress has been made. An audit of
our employment equity, social and corporate investment and procurement plans
produced a very positive report and we believe that we will achieve timely
compliance with the scorecard requirements in these three areas.
The most recent appointment of Mr Brian Gilbertson as a consultant to the
Board will assist us in implementing and expediting the best BEE solution to
protect shareholder interests.
Platinum Operations
Safety remains the paramount priority in our mines and I am happy to report
that, although there still remains scope for further improvement, all three
mines achieved the coveted 1 million fatality free shift status during the
same half-year and there were no fatalities at all during the first four
months of the period.
Regrettably, in the last two months of the period there were four fatalities.
Our sympathies and material support have been extended to the families.
An analysis of these accidents, two of which occurred on surface, indicates
that all four should have been avoided and we will only be satisfied by a
fatal free operation. Notwithstanding these setbacks the Group"s safety
record outperforms industry averages in all the major measures.
The mines all performed well during the period and of particular note are the
half-year on half-year increases of 21% in tonnes mined and 25% in tonnes
milled. The furnace explosion had a negative impact on refined production
but notwithstanding this we were able to equal last year"s first half output
with the balance of mined production held in stocks of PGM concentrates. The
investigation into the causes of the explosion is substantially complete.
The full cost of repairs, modifications and improvements is expected to be in
the region of $12 million and discussions with our insurance underwriters
continue. Repairs and appropriate modifications are well in hand and we
still expect the new furnace to make a full contribution to the forthcoming
financial year. In the meantime our published expansion programme remains on
track to produce not less than 840,000 tr. oz of platinum in the full year to
2003 and one million tr. oz by 2008.
Exploration
Australia
The Panton Sill resource estimate was recently updated and is now some 10
million tonnes at an average grade of 5.8g/t (Pt + Pd + Au). The Feasibility
Study is now scheduled for completion during the year.
In March, we elected to withdraw from further involvement in the Munni Munni
project as our evaluation indicated that it would not meet our criteria. The
sale of our 11.8% equity stake in Helix Resources Limited is under discussion
with that party.
North America
The minimum commitment of US$4.5 million for our Sudbury exploration joint
venture was met during March. We have committed a further US$2.4 million for
the balance of this financial year. The priority target is Windy Lake where
we are continuing to explore the contact zone. We have also committed US$1
million to an early stage exploration programme in the Union Bay area of S.E.
Alaska after identifying encouraging platinum mineralisation.
Tanzania
Based on the positive results of the 2002 exploration programme at the
Mibango joint venture, we have committed a further US$2.7 million for the
2003 field season.
Markets
Our confidence in the platinum market remains undiminished. The legislation
requiring ever cleaner vehicle emissions is now being extended to the diesel
engines used in both automobiles and trucks. The result of this will be a
significant increase in forecast demand which will be met from expansion
programmes currently underway.
Whilst the platinum price has been maintained at high levels this has not
been the case for the other group metals. An over supply of palladium has
brought about a sharp drop in the price, which is now returning to more
traditional levels.
Gold
Zimbabwe
The sale of our Zimbabwean gold assets to a South African BEE group was
completed in October and we were able to realise substantially all of the
book value for the assets despite the well publicised operating difficulties
in that country.
Ashanti - Ghana
The financial support we extended last year has helped to bring about a
significant improvement in Ashanti"s financial performance. This has now been
recognised in the market and at the time of writing the Ashanti management
have announced that they are in discussions with Anglogold regarding a
possible merger of their interests. Our investment in Ashanti remains non-
core and discussions concerning our shareholding with Anglogold continue.
Outlook and Dividend
Current trading continues to be satisfactory but the outcome for the year
will be subject to the movement of the Rand against the US dollar. We remain
confident in our ability to complete our stated expansion programme on time
and in the platinum group metal markets" capacity to absorb this additional
production at prices which will maintain attractive operating margins. Our
best current estimates of the full year on year Rand unit cash cost increase
is nearer to 16% than the 20% previously announced. We are making good
progress towards obtaining a `new order mining licence" and are confident we
shall achieve this objective whilst protecting shareholders" interests.
Taking into account the projected cash requirements, and consistent with its
established policy to reward shareholders wherever possible, the Board has
taken the decision to maintain the interim dividend at 30 cents per share
demonstrating its confidence in the longer term prospects for the Group.
Finally I would like to express my thanks to employees at every level for
their continuing efforts and support throughout these challenging times.
Edward Haslam
Chief Executive
28 May 2003
FINANCIAL REVIEW
Basis of preparation
The interim financial information presented has been prepared on the same
basis and using the same accounting policies which were used to prepare the
financial statements of the Lonmin Group for the year ended 30 September
2002.
Profits
Turnover increased slightly to $308 million from $306 million in the six
months to 31 March 2002. This arose from an increase of $26 million in
turnover from the South African platinum operations offset by a reduction of
$24 million in turnover from the Zimbabwe gold operations which were sold
during October 2002. The increase in turnover from the platinum operations
resulted from a higher average price realised for the basket of metals sold
of 10% against that achieved during the last half-year. Production costs in
US dollars were higher than the corresponding period even though PGM ounces
produced were similar at 643,855 ounces (March 2002 - 643,896 ounces). This
was due to a combination of the strengthening of the South African rand by
24% during the six months to 31 March 2003 and higher smelting costs
following the explosion of the new smelter in December 2002. The effect on
the profit and loss account in the six months has been mitigated by higher
closing stock values at 31 March 2003 due to a build up of concentrate
following the smelter incident. This situation is expected to reverse in the
second half. The resulting EBITDA for the six months to 31 March 2003
amounted to $171 million, an increase of 10% over the corresponding period"s
EBITDA of $155 million. Profit before exceptional items was $135 million for
the six months to 31 March 2003 compared with $138 million for the six months
to 31 March 2002.
Exceptional items for the six months to 31 March 2003 included a profit of
$24 million on the sale of Brakspruit surface and mineral rights in South
Africa sold in March 2003 together with a loss on the sale of the Zimbabwe
gold mining operations in October 2002 of $2 million.
Tax for the six months to 31 March 2003 was a charge of $95 million compared
with a credit of $6 million in the six months to 31 March 2002. Included in
the interim 2003 tax charge were exchange losses of $49 million against $59
million of exchange profits during the last interim period. The effective
tax rate, excluding all exchange effects and a tax charge on the Brakspruit
exceptional profit this half-year of $3 million, was 32% compared with 38% in
the corresponding period in 2002. The reduction was due principally to the
deferment of dividend declarations from South Africa this half-year because
of the working capital requirements arising from the smelter incident.
The attributable profit for the period fell by 58% to $43 million from $103
million for the corresponding period. Earnings per share were 30.5 cents
based on a weighted average number of shares outstanding of 141 million
compared with 63.1 cents for the corresponding period based on a weighted
average number of shares outstanding of 163 million. Excluding net
exceptional items of $13 million, earnings per share were 21.3 cents.
Underlying earnings per share, based on the attributable profit for the
period excluding exceptional items and exchange on tax balances, were 46.8
cents for the six months to 31 March 2003, an increase of 28% on the 36.7
cents in the corresponding period last year.
Balance Sheet
Equity interests were $676 million at 31 March 2003, an increase of $1
million over that at 30 September 2002, reflecting the attributable profit of
$43 million earned in the period offset by an interim dividend declared of
$42 million. Net borrowings amounted to $209 million at 31 March 2003 (31
March 2002 - $57 million) with gearing of 31% on equity interests and 24% on
equity and minority interests (31 March 2002 - 9% on equity interests and 7%
on equity and minority interests). Higher concentrate stock levels following
the smelter incident in December 2002 resulted in stocks of $106 million
being carried at 31 March 2003 compared with $31 million at 31 March 2002 and
$41 million at 30 September 2002.
Cash flow
The following table summarises the main components of the cash flow during
the period:
March 2003 March
2002
$m $m
Net cash inflow from 102 140
operating activities
Interest (4) 6
Tax (34) (119)
Trading cash flow 64 27
Capital - purchases (75) (52)
expenditure
- sales 25 -
Minority (13) (9)
dividends
Free cash flow 1 (34)
Financial investments, acquisitions 13 -
and disposals
Shares issued - 2
Shares bought back - (123)
Capital return - (357)
Equity dividends paid (59) (67)
Cash outflow (45) (579)
Trading cash flow per 45.4c 16.5c
share
Free cash flow per share 0.7c (20.8)c
Note: the difference between the opening net borrowings of $155 million at 1
October 2002 and the closing net borrowings of $209 million was made up of a
cash outflow of $45 million as shown above and an exchange loss of $9
million.
Net cash inflow from operating activities was $102 million, a 27% decrease on
the corresponding period of $140 million. The reduction arises primarily due
to the increase in working capital during the period as a result of the
higher stock levels at 31 March 2003. After tax payments of $34 million (31
March 2002 - $119 million) and interest paid of $4 million (31 March 2002 -
interest received of $6 million), trading cash flow was $64 million compared
with $27 million for the corresponding period. Trading cash flow per share
amounted to 45.4 cents for the 2003 interim period against 16.5 cents for the
corresponding period.
Capital expenditure of $75 million showed an increase of 44% on the
corresponding period and sales of fixed assets represented the sale proceeds
of $25 million received on the sale of Brakspruit during March 2003. After
minority dividends paid during the period amounting to $13 million, free cash
flow was $1 million and free cash flow per share was 0.7 cents (March 2002 -
a negative 20.8 cents). After accounting for equity dividends paid of $59
million, the cash outflow was $45 million for the 2003 interim period and net
borrowings amounted to $209 million.
Dividend
The Board has declared an interim dividend of 30.0 cents per share for 2003
(2002 interim dividend of 30.0 cents per share). On an underlying earnings
basis, this represents a cover of 1.6 times in the 2003 interim period
compared with 1.2 times in the 2002 interim period whilst in terms of overall
reported earnings it represents a cover of 1.0 times compared with 2.1 times
on earnings for the corresponding period.
John Robinson
Finance Director
28 May 2003
STATISTICS
March March
2003
2002
Platinum operations:
Tonnes milled (excluding slag) (000) 5,610 5,481
- underground (000) 1,254 -
- opencast (000) 6,864 5,481
- Total (000) 5,555 5,610
Tonnes mined - underground (000) 1,252 -
- opencast (000) 6,807 5,610
- Total (kg) 23,328 20,981
Noble metals in matte (oz) 337,880 336,57
Refined production of (1) - (oz) 153,411 9
platinum (oz) 51,271 153,16
- palladium (oz) 78,930 2
- rhodium (oz) 15,477 46,661
- ruthenium (oz) 6,886 86,002
- iridium (oz) 643,855 13,562
- gold (R millions) 652 7,930
- Total PGM"s + gold ($ millions) 75 643,89
Capital expenditure (R) 5,376 6
($) 614 534
Average price received per ounce (R) 2,249 52
- platinum ($) 254 5,112
(R) 5,297 460
- palladium ($) 601 4,116
(R) 3,537 372
- rhodium ($) 399 10,260
(R) 1,153 925
Cash cost per refined ounce of ($) 130 3,687
platinum (R) 1,856 337
($) 209 (330)
Cash cost per refined ounce of (27)
platinum net of other metal revenue (R) 1,825 1,927
($) 206 176
Cash cost per refined ounce of (R) 1,976
PGM (including royalties) ($) 223 1,876
(R) 1,843 171
Cash cost per refined ounce of ($) 208 -
PGM (excluding royalties) -
- underground 1,876
(GBP/$) 0.63 171
- opencast (R/$) 8.79
(z$/$) 1,000
- Total (GBP/$) 0.64 0.70
(R/$) 8.00 10.92
(Z$/$) 1,000 285.05
General: 0.70
Average exchange rates - 11.48
Sterling 308.17
- SA rand
- Zimbabwe dollar (2)
Closing exchange rates -
Sterling
- SA rand
- Zimbabwe dollar (2)
Notes:
The statistics for 2003 include refined production of metals sold in
concentrate form of:
Platinum 9,650 ozs
Palladium 4,490 ozs
Rhodium 1,481 ozs
(2) The Zimbabwe dollar 2003 exchange rate is applicable for the month of
October 2002 only up to the date of disposal of the gold mining interests.
Independent Review Report by KPMG Audit Plc to Lonmin Plc
Introduction
We have been engaged by the Company to review the financial information set
out on pages 8 to 14 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to
it in this report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the
Company for our review work, for this report, or for the conclusions we have
reached.
Directors" responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The
Directors are responsible for preparing the interim report in accordance with
the Listing Rules which require that the accounting policies and presentation
applied to the interim figures should be consistent with those applied in
preparing the preceding annual accounts except where they are to be changed
in the next annual accounts in which case any changes, and the reasons for
them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing
Practices Board for use in the United Kingdom. A review consists principally
of making enquiries of Group management and applying analytical procedures to
the financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially
less in scope than an audit performed in accordance with Auditing Standards
and therefore provides a lower level of assurance than an audit. Accordingly
we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 31 March 2003.
KPMG Audit Plc
Chartered Accountants
London
28 May 2003
Lonmin Plc
Consolidated Profit and Loss Account
6 months 6 months
to to
31 March 31 March
2003 2002
$m $m
Turnover 308 306
EBITDA (2) 171 155
Depreciation (22) (19)
Group operating profit 149 136
Share of associate"s operating loss (1) -
Operating profit 148 136
Profit on sale of fixed assets 24 -
Loss on sale or termination of (2) -
operations
Profit before net interest 170 136
(payable)/receivable and similar items (13) 2
Net interest (payable)/receivable and
similar items
Profit before taxation 157 138
Taxation (95) 6
Profit after taxation 62 144
Minority interest (19) (41)
Profit for the period 43 103
Interim dividend (42) (42)
Retained profit for the period 1 61
30.5c 63.1c
Earnings per share
Diluted earnings per share 30.4c 62.8c
Interim dividend per share 30.0c 30.0c
Financial ratios
Tax rate (3) 32% 38%
Net debt to EBITDA (4) 0.5 times 0.1 times
Notes:
(1) The results for both periods relate to continuing operations.
EBITDA is Group operating profit before interest, tax, depreciation and
amortisation.
The tax rate has been calculated excluding exchange items as disclosed in
note 4 on page 13.
EBITDAs used in this calculation are for the 12 month periods to March 2003
and 2002.
Lonmin Plc
Consolidated Balance Sheet
As at As at As at
31 March 30 Sept 31 March
2003 2002 2002
$m $m $m
Fixed assets
Tangible assets 920 887 808
Investments: 294 294 221
Associate
Other investments
4 4 5
290 290 216
1,214 1,181 1,029
Current assets
Stocks 106 41 31
Debtors 112 105 86
Investments 2 2 1
Cash and short-term deposits 6 34 17
226 182 135
Creditors: amounts falling due within one (176) (188) (110)
year
Net current assets/(liabilities) 50 (6) 25
Total assets less current liabilities 1,264 1,175 1,054
Creditors: amounts falling due after (154) (135) (75)
more than one year (221) (160) (124)
Provisions for liabilities and charges
889 880 855
Capital and reserves
Called up share capital 141 141 141
Reserves 535 534 516
Equity interests 676 675 657
Minority equity interest 213 205 198
889 880 855
Net borrowings 209 155 57
Lonmin Plc
Consolidated Cash Flow Statement
6 months 6 months
to to
31 March 31 March
2003 2002
$m $m
Net cash inflow from operating 102 140
activities
(17) (3)
Returns on investment and servicing of
finance
Net interest (paid)/received (4) 6
Dividends paid to minority (13) (9)
Taxation (34) (119)
Capital expenditure and financial (51) (52)
investment
14 -
Acquisitions and disposals
(59) (67)
Equity dividends paid
Net cash outflow before use of liquid (45) (101)
resources and financing
- 429
Management of liquid resources
20 (409)
Financing
Short-term loans - (1)
Long-term loans 20 70
Issue of share capital - 2
Share buyback - (123)
Capital return - (357)
Decrease in cash in the period (25) (81)
Reconciliation of Group operating profit to net cash
inflow from operating activities:
Group operating profit 149 136
Depreciation charge 22 19
Increase in working capital (71) (8)
Other items 2 (7)
Net cash inflow from operating activities 102 140
Note:
The cash flows for both periods relate to continuing operations.
Lonmin Plc
Statement of Total Consolidated Recognised Gains and Losses
6 months to 6 months to
31 March 31 March
2003 2002
$m $m
Group 44 103
Profit/(loss) for Associate (1) -
the period
Total consolidated recognised gains relating 43 103
to the period
Reconciliation of Movement in Equity Interests
6 months to 6 months to
31 March 2003 31 March
$m 2002
$m
Total consolidated recognised gains relating 43 103
to the period (42) (42)
Dividend
Retained profit for the period 1 61
Return of capital to shareholders - (360)
Share buyback - (123)
Shares issued on exercise of options - 2
Net increase/(decrease) in equity interests in 1 (420)
the period
Equity interests at 1 October 675 1,077
Equity interests at 31 March 676 657
Lonmin Plc
Segmental analysis
By business origin:
6 months to 31 March 2003
Operating Net
Turnover EBITDA profit PBE PBT operati
$m $m $m $m $m assets
$m
Platinum 304 180 157 145 169 860
Gold 4 1 1 1 (1) 277
Exploration - (4) (4) (4) (4) -
Other - 1 1 1 1 -
Corporate - (7) (7) (8) (8) 3
308 171 148 135 157 1,140
South Africa 304 174 152 140 164 852
Zimbabwe 4 1 1 1 (1) -
Ghana - - - - - 277
Other - 3 2 2 2 8
Corporate - (7) (7) (8) (8) 3
308 171 148 135 157 1,140
* PBE represents profit before taxation and exceptional items.
6 months to 31 March 2002
Operating Net
Turnover EBITDA profit PBE PBT operating
$m $m $m $m $m assets
$m
Platinum 278 164 145 143 143 737
Gold 28 2 2 2 2 215
Exploration - (3) (3) (3) (3) -
Other - (2) (2) (2) (2) -
Corporate - (6) (6) (2) (2) 2
306 155 136 138 138 954
South 278 161 142 140 140 725
Africa 28 2 2 2 2 15
Zimbabwe - - - - - 200
Ghana - (2) (2) (2) (2) 12
Other - (6) (6) (2) (2) 2
Corporate
306 155 136 138 138 954
* PBE represents profit before taxation and exceptional items.
Net interest and similar items
6 months to 6 months
31 March to
2003 31 March
$m 2002
$m
Net interest payable/(receivable) 4 (3)
Exchange differences on net borrowings 9 1
Net interest payable/(receivable) and similar 13 (2)
items
Lonmin Plc
Exceptional items
6 months to 6 months to
31 March 31 March
2003 2002
$m $m
Profit on sale of fixed assets 24 -
Sale or termination of operations:
- Loss on sale of gold mining interests (2) -
Exceptional items before taxation and 22 -
minority interest (3) -
Taxation (6) -
Minority interest
Net exceptional profit 13 -
Taxation
6 months 6 months
to to
31 March 31 March
2003 2002
$m $m
UK:
Corporation tax at 30% (March 2002 - 30%) - 18
Double tax relief - (18)
- -
Overseas:
Current taxation 33 16
Excluding tax on local currency exchange profits
On local currency exchange profits
Tax on exceptional items
Tax on dividends remitted
Exchange on current taxation
Deferred taxation
Origination and reversal of timing differences
Exchange on deferred taxation
29 34
(2) 6
3 -
- 8
3 (32)
62 (22)
14 11
48 (33)
Tax charge/(credit) 95 (6)
Tax charge excluding exceptional items and 43 53
exchange
Effective tax rate excluding exceptional 32% 38%
items and exchange
Dividend
An interim dividend of 30.0 cents per share (30.0 cents per share for the six
months to 31 March 2002) will be paid on 15 August 2003 to shareholders on
the registers on 18 July 2003.
Lonmin Plc
Earnings per share
The calculation of earnings per share is based on a weighted average number
of 140,984,432 ordinary shares in issue for the six months to 31 March 2003
(163,343,509 ordinary shares in issue for the six months to 31 March 2002).
Diluted earnings per share are based on the weighted average number of
ordinary shares in issue adjusted by dilutive outstanding share options
during the period as follows:
6 months to 31 March 2003 6 months to 31 March 2002
Profit Number Per Profit Number Per
for of share for of share
the shares amount the shares amount
period cents period cents
$m $m
Basic EPS 43 140,984 30.5 103 163,343, 63.1
Share option - ,432 (0.1) - 509 (0.3)
schemes 344,251 795,591
Diluted EPS 43 141,328 30.4 103 164,139, 62.8
,683 100
Underlying earnings per share are based on the profit for the period adjusted
to exclude exceptional items and exchange on tax balances as follows:
6 months to 31 March 2003 6 months to 31 March 2002
Profit Number of Per Profit Number of Per
for shares share for shares share
the amount the amount
period cents period cents
$m $m
Basic EPS 43 140,984,432 30.5 103 163,343,50 63.1
Exceptional 9
items before (22) - (15.6) - -
taxation and 3 - 2.1 - - -
minority 49 - 34.8 (59) - (36.1)
interest (7) - (5.0) 16 - 9.7
Taxation on -
exceptional
items
Exchange on tax
balances
Minority
interest
Underlying EPS 66 140,984,432 46.8 60 163,343,50 36.7
9
Sale of gold mining interests
On 28 October 2002, the Company sold its gold mining interests in Zimbabwe to
Pemberton International Investments Limited for $15.5 million paid in full on
completion.
Statutory Disclosure
The balance sheet at 30 September 2002 is taken from, but does not
constitute, the Company"s statutory accounts for the year ended 30 September
2002. Accounts for that year have been delivered to the Registrar of
Companies. The Auditors made an unqualified report thereon and such report
did not contain a statement under section 237(2) or (3) of the Companies Act
1985.
Date: 29/05/2003 08:55:48 AM Supplied by www.sharenet.co.za
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