RNS Number:6574L
Lonmin PLC
29 May 2003
29 May 2003
LONMIN PLC
INTERIM STATEMENT - 31 MARCH 2003
Financial Highlights - Continuing 6 months to 6 months to
Operations 31 March 2003 31 March 2002
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Profits
(i) EBITDA $171m $155m
Operating profit $148m $136m
Profit before tax (including exceptionals) $157m $138m
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 March
2003 2002
$m $m
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Net cash inflow from operating activities 102 140
Interest (4) 6
Tax (34) (119)
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Trading cash flow 64 27
Capital expenditure - purchases (75) (52)
- sales 25 -
Minority dividends (13) (9)
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Free cash flow 1 (34)
Financial investments, acquisitions and disposals 13 -
Shares issued - 2
Shares bought back - (123)
Capital return - (357)
Equity dividends paid (59) (67)
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Cash outflow (45) (579)
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Trading cash flow per share 45.4c 16.5c
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Free cash flow per share 0.7c (20.8)c
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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 $209 million.
Dividend
The Board has declared an interim dividend of 30.0 cents per share for 2003
(2002 interim dividend of 30.0 cents per share). On an underlying earnings
basis, this represents a cover of 1.6 times in the 2003 interim period compared
with 1.2 times in the 2002 interim period whilst in terms of overall reported
earnings it represents a cover of 1.0 times compared with 2.1 times on earnings
for the corresponding period.
John Robinson
Finance Director
28 May 2003
STATISTICS
March March
2003 2002
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Platinum operations:
Tonnes milled (excluding slag) - underground (000) 5,610 5,481
- opencast (000) 1,254 -
- Total (000) 6,864 5,481
Tonnes mined - underground (000) 5,555 5,610
- opencast (000) 1,252 -
- Total (000) 6,807 5,610
Noble metals in matte (kg) 23,328 20,981
Refined production of (1) - platinum (oz) 337,880 336,579
- palladium (oz) 153,411 153,162
- rhodium (oz) 51,271 46,661
- ruthenium (oz) 78,930 86,002
- iridium (oz) 15,477 13,562
- gold (oz) 6,886 7,930
- Total PGM's + gold (oz) 643,855 643,896
Capital expenditure (R millions) 652 534
($ millions) 75 52
Average price received per ounce - platinum (R) 5,376 5,112
($) 614 460
- palladium (R) 2,249 4,116
($) 254 372
- rhodium (R) 5,297 10,260
($) 601 925
Cash cost per refined ounce of platinum (R) 3,537 3,687
($) 399 337
Cash cost per refined ounce of platinum
net of other metal revenue (R) 1,153 (330)
($) 130 (27)
Cash cost per refined ounce of PGM
(including royalties) (R) 1,856 1,927
($) 209 176
Cash cost per refined ounce of PGM
(excluding royalties)
- underground (R) 1,825 1,876
($) 206 171
- opencast (R) 1,976 -
($) 223 -
- Total (R) 1,843 1,876
($) 208 171
General:
Average exchange rates - Sterling (#/$) 0.63 0.70
- SA rand (R/$) 8.79 10.92
- Zimbabwe dollar (2) (z$/$) 1,000 285.05
Closing exchange rates - Sterling (#/$) 0.64 0.70
- SA rand (R/$) 8.00 11.48
- Zimbabwe dollar (2) (Z$/$) 1,000 308.17
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Notes:
(1) 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 to 6 months to
31 March 2003 31 March 2002
$m $m
-------------------------------------------------------------------------------
Turnover 308 306
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EBITDA (2) 171 155
Depreciation (22) (19)
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Group operating profit 149 136
Share of associate's operating loss (1) -
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Operating profit 148 136
Profit on sale of fixed assets 24 -
Loss on sale or termination of operations (2) -
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Profit before net interest (payable)/receivable
and similar items 170 136
Net interest (payable)/receivable and similar items (13) 2
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Profit before taxation 157 138
Taxation (95) 6
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Profit after taxation 62 144
Minority interest (19) (41)
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Profit for the period 43 103
Interim dividend (42) (42)
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Retained profit for the period 1 61
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Earnings per share 30.5c 63.1c
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Diluted earnings per share 30.4c 62.8c
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Interim dividend per share 30.0c 30.0c
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Financial ratios
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Tax rate (3) 32% 38%
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Net debt to EBITDA (4) 0.5 times 0.1 times
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Notes:
(1) The results for both periods relate to continuing operations.
(2) EBITDA is Group operating profit before interest, tax, depreciation and
amortisation.
(3) The tax rate has been calculated excluding exchange items as disclosed
in note 4 on page 13.
(4) 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
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Fixed assets
Tangible assets 920 887 808
Investments: 294 294 221
Associate 4 4 5
Other investments 290 290 216
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1,214 1,181 1,029
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Current assets
Stocks 106 41 31
Debtors 112 105 86
Investments 2 2 1
Cash and short-term deposits 6 34 17
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226 182 135
Creditors: amounts falling due within one year (176) (188) (110)
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Net current assets/(liabilities) 50 (6) 25
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Total assets less current liabilities 1,264 1,175 1,054
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Creditors: amounts falling due after more
than one year (154) (135) (75)
Provisions for liabilities and charges (221) (160) (124)
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889 880 855
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Capital and reserves
Called up share capital 141 141 141
Reserves 535 534 516
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Equity interests 676 675 657
Minority equity interest 213 205 198
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889 880 855
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Net borrowings 209 155 57
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Lonmin Plc
Consolidated Cash Flow Statement
6 months to 6 months to
31 March 31 March
2003 2002
$m $m
------------------------------------------------------------------------------
Net cash inflow from operating activities 102 140
Returns on investment and servicing of finance (17) (3)
Net interest (paid)/received (4) 6
Dividends paid to minority (13) (9)
Taxation (34) (119)
Capital expenditure and financial investment (51) (52)
Acquisitions and disposals 14 -
Equity dividends paid (59) (67)
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Net cash outflow before use of liquid
resources and financing (45) (101)
Management of liquid resources - 429
Financing 20 (409)
Short-term loans - (1)
Long-term loans 20 70
Issue of share capital - 2
Share buyback - (123)
Capital return - (357)
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Decrease in cash in the period (25) (81)
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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)
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Net cash inflow from operating activities 102 140
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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 2003 31 March 2002
$m $m
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Profit/(loss) for the period - Group 44 103
- Associate (1) -
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Total consolidated recognised gains relating to the period 43 103
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Reconciliation of Movement in Equity Interests
6 months to 6 months to
31 March 2003 31 March 2002
$m $m
------------------------------------------------------------------------------
Total consolidated recognised gains relating to the period 43 103
Dividend (42) (42)
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Retained profit for the period 1 61
Return of capital to shareholders - (360)
Share buyback - (123)
Shares issued on exercise of options - 2
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Net increase/(decrease) in equity interests in the period 1 (420)
Equity interests at 1 October 675 1,077
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Equity interests at 31 March 676 657
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Lonmin Plc
1 Segmental analysis
By business origin:
6 months to 31 March 2003
------------------------------------------------------------------------------
Operating Net operating
Turnover EBITDA profit PBE PBT assets
$m $m $m $m $m $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
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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
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308 171 148 135 157 1,140
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* PBE represents profit before taxation and exceptional items.
6 months to 31 March 2002
------------------------------------------------------------------------------
Operating Net operating
Turnover EBITDA profit PBE PBT assets
$m $m $m $m $m $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
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306 155 136 138 138 954
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South Africa 278 161 142 140 140 725
Zimbabwe 28 2 2 2 2 15
Ghana - - - - - 200
Other - (2) (2) (2) (2) 12
Corporate - (6) (6) (2) (2) 2
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306 155 136 138 138 954
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* PBE represents profit before taxation and exceptional items.
2 Net interest and similar items
6 months to 6 months
31 March 2003 31 March 2002
$m $m
------------------------------------------------------------------------------
Net interest payable/(receivable) 4 (3)
Exchange differences on net borrowings 9 1
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Net interest payable/(receivable) and similar items 13 (2)
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3 Exceptional items
6 months to 6 months to
31 March 2003 31 March 2002
$m $m
------------------------------------------------------------------------------
Profit on sale of fixed assets 24 -
Sale or termination of operations:
- Loss on sale of gold mining interests (2) -
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Exceptional items before taxation and minority interest 22 -
Taxation (3) -
Minority interest (6) -
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Net exceptional profit 13 -
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4 Taxation
6 months to 6 months to
31 March 2003 31 March 2002
$m $m
------------------------------------------------------------------------------
UK:
Corporation tax at 30% (March 2002 - 30%) - 18
Double tax relief - (18)
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- -
Overseas:
Current taxation 33 16
Excluding tax on local currency exchange profits 29 34
On local currency exchange profits (2) 6
Tax on exceptional items 3 -
Tax on dividends remitted - 8
Exchange on current taxation 3 (32)
Deferred taxation 62 (22)
Origination and reversal of timing differences 14 11
Exchange on deferred taxation 48 (33)
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Tax charge/(credit) 95 (6)
--------------------------------------- ----------- -----------
Tax charge excluding exceptional items and exchange 43 53
exchange
------------------------------------------------------------------------------
Effective tax rate excluding exceptional items
and exchange 32% 38%
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5 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.
6 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 for Number of Per share Profit for Number of Per share
the period shares amount the period shares amount
$m cents $m cents
---------------------------------------------------------------------------------------------
Basic EPS 43 140,984,432 30.5 103 163,343,509 63.1
Share option schemes - 344,251 (0.1) - 795,591 (0.3)
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Diluted EPS 43 141,328,683 30.4 103 164,139,100 62.8
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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 for Number of Per share Profit for Number of Per share
the period shares amount the period shares amount
$m cents $m cents
---------------------------------------------------------------------------------------------
Basic EPS 43 140,984,432 30.5 103 163,343,509 63.1
Exceptional items
before taxation
and minority interest (22) - (15.6) - - -
Taxation on
exceptional items 3 - 2.1 - - -
Exchange on tax balances 49 - 34.8 (59) - (36.1)
Minority interest (7) - (5.0) 16 - 9.7
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Underlying EPS 66 140,984,432 46.8 60 163,343,509 36.7
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7 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.
8 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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