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Virotec Intl Ld (VTI)

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Friday 15 March, 2002

Virotec Intl Ld

Further re Interim Results

Virotec International Ld
15 March 2002



                                                                  Rules 4.1, 4.3

                            Appendix 4B (rule 4.13(b))

                      Half yearly/preliminary final report

Introduced 1/7/2000.  Amended 30/9/2001.


Name of entity
VIROTEC INTERNATIONAL LTD


ABN                            Half                  Preliminary                 Half year ended 
                               yearly                final (tick)              ('current period')
                               (tick)
81 004 801 398                  Yes                                               31 December 2001



For announcement to the market

Extracts from this report for announcement to the market (see note 1).                       $A'000

Revenues from ordinary activities (item 1.1)            Up                    32% to            775


Profit (loss)from ordinary activities after tax (before Down                  48% to          (1923)
amortisation of goodwill) attributable to members (item
1.20)


Profit (loss) from ordinary activities after tax        Down                  47% to          (1974)
attributable to members (item 1.23)

Profit (loss) from  extraordinary items after tax       gain (loss)           Nil
attributable to members (item 2.5(d))                   of


Net profit (loss) for the period  attributable to       Down                 47% to           (1974)
members (item 1.11)

Dividends (distributions)                               Amount per security   Franked amount per
                                                                                     security
Final dividend (Preliminary final report only - item
15.4)                                                                  N/a  c               N/a c
                                                                           
Interim dividend (Half yearly report only - item 15.6)

Previous corresponding period (Preliminary final report
- item 15.5; half yearly report  - item 15.7)                          N/a  c               N/a c
                                                                           



+Record date for determining entitlements to the   
dividend, (in the case of a trust, distribution) (see item 15.2)


Brief explanation of omission of directional and percentage changes to profit in
accordance with Note 1 and short details of any bonus or cash issue or other
item(s) of importance not previously released to the market:



Consolidated profit and loss account

                                                               Current period -   Previous corresponding
                                                                         $A'000            period $A'000


                                                                 


1.1       Revenues from ordinary activities                                  775                    527


1.2       Expenses from ordinary activities (see items                    (2749)                 (4265)
          1.24 + 12.5 + 12.6)


1.3       Borrowing costs                                                      -                      -


1.4       Share of net profit (loss) of associates and                         -                      -
          joint venture entities (see item 16.7)


1.5       Profit (loss) from ordinary activities before                   (1974)                 (3738)
          tax


1.6       Income tax on ordinary activities (see note                          -                      -
          4)


1.7       Profit (loss) from ordinary activities after
          tax                                                             (1974)                 (3738)
                                                                           


1.8       Profit (loss) from extraordinary items after
          tax (see item 2.5)                                                   -                       -
                                                                               


1.9       Net profit (loss)                                               (1974)                 (3738)


1.10      Net profit (loss) attributable to outside
          +equity interests                                                    -                       -
                                                                               


1.11      Net profit (loss) for the period attributable
          to members                                                      (1974)                 (3738)
                                                                           



Consolidated retained profits

1.12       Retained profits (accumulated losses) at the
           beginning of the financial period                             (47370)                (41932)
                                                                              


1.13       Net profit (loss) attributable to members (item               (1974)                  (3738)
           1.11)


1.14       Net transfers to and from reserves                                  -                       -


1.15       Net effect of changes in accounting policies                        -                       -


1.16       Dividends and other equity distributions paid or
           payable                                                             -                       -
                                                                               


1.17       Retained profits (accumulated losses) at end of
           financial period                                              (49344)                  (45671)
                                                                           





Profit restated to exclude                                        Current period  Previous corresponding
amortisation of goodwill                                                  $A'000                  period
                                                                                                  $A'000
                                                                                         
1.18      Profit (loss) from ordinary activities after
          tax before outside equity interests (items 1.7)
          and amortisation of goodwill                                    (1923)                  (3712)
                                                                  
1.19      Less (plus) outside +equity interests                                -                       -

1.20      Profit (loss) from ordinary activities after
          tax (before amortisation of goodwill)
          attributable to members                                         (1923)                  (3712)

                                                                  



Profit (loss) from ordinary activities attributable to members


                                                                  Current period   Previous corresponding
                                                                                                   period
                                                                          $A'000                   $A'000
                                                                                          
1.21      Profit (loss) from ordinary activities after
          tax (item 1.7)                                                  (1974)                   (3738)


          
1.22      Less (plus) outside +equity interests                                -                        -

1.23      Profit (loss) from ordinary activities after
          tax, attributable to members                                    (1974)                   (3738)
                                                                





Revenue and expenses from ordinary activities

AASB 1004 requires disclosure of specific categories of revenue and AASB 1018
requires disclosure of expenses from ordinary activities according to either
their nature of function.  Entities must report details of revenue and expenses
from ordinary activities using the layout employed in their accounts.  See also
items 12.1 to 12.6.


                                                                            
                                                                                     

                                                                                                  Previous 
                                                                      Current period  corresponding period
                                                                              $A'000                $A'000
1.24   Details of revenue and expenses


       Environmental consulting                                                  453                   107
       Tin sales                                                                  98                   268
       Other operating revenue                                                   224                   150

       Depreciation and amortisation                                           (129)                  (93)
       Research and development                                                (574)                 (373)
       Mining interests expenses                                               (214)                 (217)
       Employee and directors costs                                            (609)                (2413)
       Other operating costs                                                  (1223)                (1169)





Intangible and extraordinary items
                                                        Consolidated - current period

                                       Before tax      Related tax    Related outside  Amount (after tax)
                                                                     +equity interests  attributable to
                                         $A'000          $A'000                             members
                                                                          $A'000            $A'000
                                           (a)             (b)              (c)               (d)
2.1       Amortisation of goodwill         51               -                -                51
2.2       Amortisation of other             -               -                -                 -
          intangibles
2.3       Total amortisation of
          intangibles                      51               -                -                51
                                            
2.4       Extraordinary items
          (details)                         -               -                -                 -
                                            
2.5       Total extraordinary items         -               -                -                 -

                                            



                                                           Current year - $A'000     Previous year - $A'000
Comparison of half year profits

(Preliminary final report only)

3.1       Consolidated profit (loss) from ordinary
          activities after tax attributable to members
          reported for the 1st half year (item 1.23 in                      
          the half yearly report)

3.2       Consolidated profit (loss) from ordinary
          activities after tax attributable to members
          for the 2nd half year                                             




                                                 At end of current    As shown in last       As in last half
                                                   period $A'000        annual report          yearly report
                                                                              $A'000               $A'000

Consolidated balance sheet



            Current assets
4.1         Cash                                             13391                578                2050
4.2         Receivables                                        128                188                 311
4.3         Investments                                          -                  -                   -
4.4         Inventories                                         10                114                  32
4.5         Other (provide details if material)                124                473                 124
                                                             13653               1353                2517
4.6         Total current assets                             



            Non-current assets
4.7         Receivables                                        556                553                  69
4.8         Investments (equity accounted)                       -                  -                   -
4.9         Other investments                                    -                  -                   -
4.10        Inventories                                          -                  -                   -
4.11        Exploration and evaluation
            expenditure capitalised (see para
            .71 of AASB 1022)                                    -                  -                   -
4.12        Development properties (+mining
            entities)                                            -                  -                   -
4.13        Other property, plant and equipment
            (net)                                             1288               1077                1133
4.14        Intangibles (net)                                  901                953                1004
4.15        Other (provide details if material)                  -                  -                   -


4.16        Total  non-current  assets                        2744               2583                2206
                                                             16397               3936                4723
4.17        Total  assets                                    

            Current  liabilities
4.18        Payables                                           452                480                 307
4.19        Interest bearing liabilities                         -                  -                   -
4.20        Provisions                                          91                 77                  63
4.21        Other (provide details if material)                  -                  -                   -
                                                               
4.22        Total current liabilities                          544                556                 370

             Non-current  liabilities
4.23         Payables                                             -                 -                   -
4.24         Interest bearing liabilities                         -                 -                   -
4.25         Provisions                                         610               610                 510
4.26         Other (provide details if material)
                                                                610               610                 510
4.27         Total non-current liabilities                     
4.28         Total liabilities                                 1154              1166                 880
4.29         Net assets                                       15243              2770                3843



Consolidated balance sheet continued


            Equity
4.30        Capital/contributed equity                        62587              48141              47514
4.31        Reserves                                           2000               2000               2000
4.32        Retained profits (accumulated losses)           (49344)            (47371)            (45671)
                                                                 
4.33        Equity attributable to members of the
            parent entity                                     15243               2770               3843
                                                               
4.34        Outside +equity interests in controlled
            entities                                              -                  -                  -
                                                              
4.35        Total equity                                      15243               2770               3843 

4.36        Preference capital included as part of
            4.33                                                   -                 -                  -
                                                                     



Exploration and evaluation expenditure capitalised

To be completed only by entities with mining interests if amounts are material.
Include all expenditure incurred regardless of whether written off directly
against profit.
                                                                         Current period          Previous
                                                                                          corresponding period
                                                                               $A'000             -  $A'000
5.1       Opening balance                                                           -                     -

5.2       Expenditure incurred during current period                              214                  217

5.3       Expenditure written off during current period                         (214)                (217)

5.4       Acquisitions, disposals, revaluation increments, etc.                     -                    -

5.5       Expenditure transferred to Development Properties                         -                    -

5.6       Closing balance as shown in the consolidated balance
          sheet (item 4.11)                                                         -                    -
                                                                               


Development properties

(To be completed only by entities with mining interests if amounts are material)


                                                                       Current period            Previous
                                                                             $A'000            corresponding
                                                                                           period -  $A'000
6.1       Opening balance                                                     
6.2       Expenditure incurred during current period                             N/a                     N/a
6.3       Expenditure transferred from exploration and                            
          evaluation
6.4       Expenditure written off during current period                      
6.5       Acquisitions, disposals, revaluation increments, etc.              
6.6       Expenditure transferred to mine properties                         

6.7       Closing balance as shown in the consolidated balance
          sheet (item 4.12)                                           
                                                                              



Consolidated statement of cash flows


                                                           Current period $A'000  Previous corresponding
                                                                                     period -  $A'000
            Cash flows related to operating activities
7.1         Receipts from customers                                          638                   85
7.2         Payments to suppliers and employees                           (1844)                (1516)
7.3         Dividends received from associates                                 -                     -
7.4         Other dividends received                                           -                     -
7.5         Interest and other items of similar nature
            received                                                         197                   134
7.6         Interest and other costs of finance paid                           -                     -
7.7         Income taxes paid                                                  -                     -
7.8         Other (provide details if material)                                -                     -
                                                                         
7.9         Net  operating  cash  flows                                  (1009)                (1297)   
           

            Cash flows related to investing activities
7.10        Payment for purchases of property, plant and
            equipment                                                      (288)                 (308)
7.11        Proceeds from sale of property, plant and                          -                     -
            equipment
7.12        Payment for purchases of equity investments                        -                     -
7.13        Proceeds from sale of equity investments                           -                     -
7.14        Loans to other entities                                            -                     -
7.15        Loans repaid by other entities                                     -                     -
7.16        Other: Mining interests costs                                  (214)                 (217)
                   Research and development                                (574)                 (373)
                   Security deposits                                         (2)                     -
                                                                         
7.17        Net investing cash flows                                      (1079)                 (898)

             Cash flows related to financing  activities
7.18         Proceeds from issues of +securities (shares,
             options, etc.)                                                16047                   788
                                                                             
7.19         Proceeds from borrowings                                          -                     -
7.20         Repayment of borrowings                                           -                     -
7.21         Dividends paid                                                    -                     -
7.22         Other share issue costs                                      (1147)                     -

7.23         Net financing cash flows                                      14901                   788

7.24         Net increase (decrease) in cash held                          12813                (1408)
7.25         Cash at beginning of period                                     578                  3458
             (see Reconciliation of cash)
7.26         Exchange rate adjustments to item 7.25.                           -                     -
7.27         Cash at end of period
             (see Reconciliation of cash)                                  13391                  2050



Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect
on consolidated assets and liabilities but did not involve cash flows are as
follows.  If an amount is quantified, show comparative amount.

Nil



Reconciliation of cash

Reconciliation of cash at the end of the period               Current period                  Previous
(as shown in the consolidated statement of cash
flows) to the related items in the accounts is as                    $A'000                 corresponding
follows.
                                                                                           period  -  $A'000


8.1   Cash on hand and at bank                                         291                         200
8.2   Deposits at call                                               13100                        1850
8.3   Bank overdraft                                                     -                           -
8.4   Other (provide details)                                            -                           -
8.5   Total cash at end of period (item 7.27)                        13391                        2050


Ratios                                                 Current period      Previous corresponding period


      Profit before tax / revenue

9.1   Consolidated profit (loss) from ordinary
      activities before tax (item 1.5) as a
      percentage of revenue (item 1.1)                     354%                      809%

      Profit after tax / +equity interests
9.2   Consolidated net profit (loss) from
      ordinary activities after tax attributable
      to members (item 1.9) as a percentage of
      equity (similarly attributable) at the end
      of the period (item 4.33)                             15%                       97%





Earnings per security (EPS)                                    Current period         Previous corresponding
                                                                                               period


10.1   Calculation of  the following in
       accordance with AASB 1027:  Earnings per
       Share

       (a)        Basic EPS                                          (1.4 cents)              (3.8 cents)

       (b)        Diluted EPS (if materially                                   -                    -    
                  different from (a)) 

       (c)        Weighted average number of
       ordinary shares outstanding during the                        136,362,426               97,829,962
       period used in the calculation of the
       Basic EPS
                                                                


NTA backing                                             Current period         Previous corresponding
                                                                                       period
(see note 7)
11.1    Net tangible asset backing per +ordinary
        security                                             10.1 cents               2.8 cents
                                                             



Details of specific receipts/outlays, revenues/expenses


                                                                             
                                                                                
                                                                 Current period       Previous corresponding

                                                                      $A'000              period -  $A'000


12.1   Interest revenue included in determining                          196                   134
       item 1.5


12.2   Interest revenue included in item 12.1 but                          -                      -
       not yet received (if  material)


12.3   Interest costs excluded from borrowing                              -                      -
       costs, capitalised in asset values


12.4   Outlays (except those arising from the                              -                      -
       +acquisition of an existing business)
       capitalised in intangibles (if material)


12.5   Depreciation and amortisation (excluding                           78                     67
       amortisation of intangibles)


12.6   Other specific relevant items not shown in                          -                      -
       item 1.24
       (see note 15)






Control gained over entities having material effect


13.1    Name of entity (or group of entities)                                            N/A

13.2    Consolidated profit (loss) from ordinary activities and extraordinary
        items after tax of the entity (or group of entities) since the date in
        the current period on which control was +acquired                                 $

13.3    Date from which such profit has been calculated                             

13.4    Profit (loss) from ordinary activities and extraordinary items after tax
        of the entity (or group of entities) for the whole of the previous
        corresponding period                                                              $





Loss of control of entities having material effect


14.1    Name of entity (or group of entities)                                             N/A

14.2    Consolidated profit (loss) from ordinary activities and extraordinary
        items after tax of the entity (or group of entities) for the current
        period to the date of loss of control                                             $

14.3    Date to which the profit (loss) in item 14.2 has been calculated        

14.4    Consolidated profit (loss) from ordinary activities and extraordinary
        items after tax of the entity (or group of entities) while controlled
        during the whole of the previous corresponding period                             $

14.5    Contribution to consolidated profit (loss) from ordinary activities
        and extraordinary items from sale of interest leading to loss of
        control                                                                           $



Reports for industry and geographical segments

Information on the industry and geographical segments of the entity must be
reported for the current period in accordance with AASB 1005:  Segment
reporting.  Because of the different structures employed by entities, a pro
forma is not provided.  Segment information should be completed separately and
attached to this report.  However, the following is the presentation adopted in
the Appendices to AASB 1005 and indicates which amounts should agree with items
included elsewhere in this report.


Segments

Operating Revenue
Sales to customers outside the economic entity                                             See below
Inter-segment sales
Unallocated revenue
Total revenue
Segment result
Unallocated expenses
Consolidated profit (loss) from ordinary activities before tax (equal to item 1.5)


Segment assets                       )    Comparative data for segment assets
                                          should be as at the end of the
                                          previous corresponding period.
Unallocated assets                   )

Total assets (equal to item 4.17)    )
      

Dividends (in the case of a trust, distributions)


15.1    Date the dividend (distribution) is payable                                         N/A

15.2    +Record date to determine entitlements to the dividend
        (distribution) (ie, on the basis of  proper instruments of transfer 
        received by 5.00 pm if +securities are not +CHESS approved, or
        security holding balances established by 5.00 pm or such later
        time permitted by SCH Business Rules if +securities are +CHESS
        approved)                                                                       
                                                                                        

15.3    If it is a final dividend, has it been declared?
        (Preliminary final report only)                                                 



Amount per security


                                                            Amount per     Franked amount     Amount per
                                                             security     per security at    security of
                                                                              36% tax       foreign source
                                                                                               dividend
       (Preliminary final report only)

15.4   Final dividend:     Current year                         c                c                c
                                                                

15.5                       Previous year                        c                c                c
       (Half yearly and preliminary final reports)

15.6   Interim dividend: Current year                           c                c                c


15.7                       Previous year                        c                c                c
       




Total dividend (distribution) per security (interim plus final)

(Preliminary final report only)
                                                            Current year              Previous year


15.8      +Ordinary securities                                         c                          c


15.9      Preference +securities                                       c                          c



Half yearly report - interim dividend (distribution) on all securities  or
Preliminary final report - final dividend (distribution) on all securities


                                                           Current period         Previous corresponding

                                                               $A'000                period - $A'000


15.10     +Ordinary securities                                  N/a                            N/a
15.11     Preference +securities                           
15.12     Other equity instruments                         
15.13     Total                                            




The +dividend or distribution plans shown below are in operation.




The last date(s) for receipt of election notices for
the +dividend or distribution plans


Any other disclosures in relation to dividends (distributions)



Details of aggregate share of profits (losses) of associates and joint venture
entities

                                                        Current period       Previous corresponding
                                                                                     period
                                                            $A'000
                                                                                    - $A'000
16.1   Profit (loss) from ordinary activities                    -                         -
       before income tax                                
                                                        
16.2   Income tax on ordinary activities                         -                         -
                                                        
16.3   Profit (loss) from ordinary activities                    -                         -
       after income tax                                 
                                                        
16.4   Extraordinary items net of tax                            -                         -
                                                        
16.5   Net profit (loss)                                         -                         -
                                                        
16.6   Outside +equity interests                                 -                         -

16.7   Net profit (loss) attributable to members                 -                         -

                                                        


Material interests in entities which are not controlled entities

The economic entity has an interest (that is material to it) in the following
entities.  If the interest was acquired or disposed of during either the current
or previous corresponding period, indicate date of acquisition ('from xx/xx/xx')
or disposal ('to xx/xx/xx').


Name of entity             Percentage of ownership interest  Contribution to net profit (loss)
                           held at end of period or date of  (item 1.9)
                           disposal

17.1   Equity accounted    Current         Previous          Current period -   Previous
associates and joint                       corresponding                        corresponding
venture entities           period          period             $A'000            period- $A'000


                           -                    -                   -                  -

17.2   Total               -                    -                   -                  -

17.3   Other material
       interests           -                    -                   -                  -

17.4   Total               -                    -                   -                  -






Issued and quoted securities at end of current period
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
                                                                               Issue price  Amount paid
                                                                               per security up per
Category of +securities                Total number        Number quoted       (see note    security
                                                                               14) cents    (see note
                                                                                             14) cents
18.1      Preference +securities                
          (description)


18.2      Changes during current
          period
          (a)  Increases through
          issues                                
          (b)  Decreases through
          returns of capital,
          buybacks, redemptions


18.3      +Ordinary securities          162,739,011             162,739,011

18.4      Changes during current
          period                       see schedule            see schedule
          (a) Increases through               below                   below
          issues
          (b)  Decreases through                         
          returns of capital, buybacks

18.5      +Convertible debt securities
          (description and conversion
          factor)                                       


18.6      Changes during current
          period
          (a)  Increases through
          issues                                        
          (b)  Decreases through
          securities matured,
          converted


18.7      Options  (description and
          conversion factor)            33,050,000                   nil        Exercise price  Expiry date (if any)
                                
18.8      Issued during current 
          period                           See attached schedule (Below)

18.9      Exercised during current 
          period                    

18.10     Expired during current 
          period                    

18.11     Debentures (totals only)  

18,12     Unsecured notes 
          (totals only)             


Comments by directors
Comments on the following matters are required by ASX or, in relation to the 
half yearly report, by AASB 1029: Half Year Accounts and Consolidated Accounts.
The comments do not take the place of the directors' report and statement (as
required by the Corporations Act) and may be incorporated into the directors'
report and statement.  For both half yearly and preliminary final reports, if
there are no comments in a section,  state NIL.  If there is insufficient space
to comment, attach notes to this report.

Basis of accounts preparation
If this report is a half yearly report, it is a general purpose financial report
prepared in accordance with the listing rules and AASB 1029: Half-Year  Accounts
and Consolidated Accounts.  It should be read in conjunction  with  the last
+annual report and any  announcements to the market made by the entity during
the period. (Delete if preliminary final Statement.)

Material factors affecting the revenues and expenses of the economic entity for
the current period

Nil

A description of each event since the end of the current period which has had a
material effect and is not related to matters already reported, with financial
effect quantified (if possible)

NIL

Franking credits available and prospects for paying fully or partly franked
dividends for at least the next year

NIL

Changes in accounting policies since the fast annual report are disclosed as
follows: (Disclose changes in the half yearly report in accordance with
paragraph 15(c) of AASB 1029: Half-Year Accounts and Consolidated Accounts.
Disclose changes in the preliminary report in accordance with  AASB 1001:
Accounting Policies - Disclosure.

Application of AASB 1027 Earnings Per Share and AASB 1005 Segment Reporting per
accounting policy note in half year financial report.


Additional disclosure for trusts

19.1 Number of units held by the management 
     company or responsible entity or
     their related parties.

19.2 A statement of the fees and commissions
     payable to the management company or 
     responsible entity.


Identify:   
• initial service charges
• management fees
• other fees

Annual meeting
(Preliminary final report only)

  The annual meeting will be held as follows:

   Place                        

   Date                         
 
  Time                         

  Approximate date the +annual 
   report will be available     


Compliance statement

1    This report has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Law or other standards
acceptable to ASX (see note 12).

Identify other standards used

2   This report, and the +accounts upon which the report is based (if separate),
use the same accounting policies.

3    This report does give a true and fair view of the matters disclosed 
(see note 2).

4    This report is based on +accounts to which one of the following applies.

   
     The +accounts have been subject to review.

5. If the audit report or review by the auditor is not attached, details of any
qualifications will follow immediately they are available* 


6   The entity has a formally constituted audit committee.

    Date: 15 March 2002

    Print name: ANGUS CRAIG (Company secretary)
    

Notes

1.  For announcement to the market  The percentage changes referred to in this
section are the percentage changes calculated by comparing the current period's
figures with those for the previous corresponding period. Do not show percentage
changes if the change is from profit to loss or loss to profit, but still show
whether the change was up or down. If changes in accounting policies or
procedures have had a material effect on reported figures, do not show either
directional or percentage changes in profits. Explain the reason for the
omissions in the note at the end of the announcement section.

2.  True and fair view   If this report does not give a true and fair view of a
matter (for example, because compliance with an Accounting Standard is required)
the entity must attach a note providing additional information and explanations
to give a true and fair view.

3.  Consolidated profit and loss account

    Item 1.1 The definition of 'revenue' and an explanation of 'ordinary
             activities' are set out in AASB 1004: Revenue, and AASB 1018: 
             Statement of financial performance.
    Item 1.6 This item refers to the total tax attributable to the amount shown
             in item 1.5. Tax includes income tax and capital gains tax (if
             any) but excludes taxes treated as expenses from ordinary
             activities (eg, fringe benefits tax).

4.  Income  tax.  If  the  amount  provided for income  tax  in  this  report
differs  (or would differ but for compensatory items) by more than  15% from 
the  amount of income tax prima facie payable on the profit before tax, the
entity must explain in a note the major items responsible for the difference and
their amounts.

5.  Consolidated balance sheet
Format   The format of the consolidated balance sheet should he followed as 
closely as possible. However, additional items may be added if greater clarity 
of  exposition will be achieved, provided the disclosure  still meets the
requirements of AASB 102: Half-Year Accounts and Consolidated Accounts, and AASB
1040: Statement of Financial Position. Banking institutions, trusts and
financial institutions identified in an ASIC Class Order dated 2 September 1997
may substitute a clear liquidity ranking for the Current/Non-current
classification.

Basis of revaluation   If  there has been a  material  revaluation  of non-
current assets  (including investments)  since  the  last +annual report, the
entity must describe the basis of revaluation adopted. The description  must
meet the requirements of AASB 1010:  Accounting  for the  Revaluation  of  Non-
Current Assets. If the  entity has adopted a procedure  of  regular 
revaluation,  the  basis for which  has  been disclosed  and has not changed, no
additional disclosure is required.  Trusts should also note paragraph 10 of AASB
1029 and paragraph 11 of AASB 1030: Application of Accounting Standards etc.

6.  Consolidated statement of cash flows   For definitions of 'cash' and other
terms used in  this  report  see  AASB 1026: Statement of  Cash  Flows. 
Entities should  follow the form as closely as possible,  but variations are
permitted  if  the  directors  (in the case of a trust, the management company)
believe that this presentation is inappropriate. However,  the presentation
adopted must meet the requirements of AASB 1026.  +Mining exploration  entities
may use the form of cash flow statement in Appendix 5B.

7.  Net tangible  asset  backing    Net tangible assets are determined  by
deducting from  total  tangible assets all claims on those assets ranking  ahead
of  the  +ordinary  securities (ie,  all liabilities, preference  shares, 
outside +equity interests etc).  +Mining entities are  not  required to state a
net tangible asset backing per  +ordinary security.

8.  Gain  and  loss  of  control  over entities   The  gain or loss  must  be
disclosed  if  it has a material effect on the +accounts. Details  must
include  the  contribution  for each gain or  loss  that  increased  or
decreased  the  entity's  consolidated  profit  (loss)  from   ordinary
activities  and extraordinary items after tax by more than 5%  compared
to the previous corresponding period.

9.  Rounding  of  figures    This report  anticipates  that the information
required is given to the nearest $1,000. However, an entity may  report exact 
figures,  if  the  $A'000  headings  are  amended.  If  an entity qualifies 
under ASIC Class Order 98/0100 dated 10 July  1998,  it may report  to the
nearest million dollars, or to the nearest $100,000,  if the $A'000 headings are
amended.

10. Comparative  figures    Comparative figures  are  the unadjusted figures
from the previous corresponding period. However, if there is a lack  of
comparability, a note explaining the position should be attached.

11. Additional Information    An entity may disclose additional information
about  any matter, and must do so if the information is material to an
understanding  of the reports. The information may be an  expansion of the 
material contained in this report, or contained in a note attached to the 
report. The requirement under the listing rules for an entity to  complete  this
report does not prevent the entity issuing reports more frequently. Additional
material lodged with the +ASIC  under  the Corporations  Law must also be given
to ASX. For example, a  directors' report and statement, if lodged with the
+ASIC, must be given to ASX.

12. Accounting  Standards    ASX  will  accept,  for  example, the use  of
International  Accounting  Standards  for  foreign  entities.  If the standards
used do not address a topic, the Australian standard on  that topic (if one)
must be complied with.

13. Corporations Act financial statements As at 1/7/96, this report may be able
to be used by an entity required to comply with the Corporations Law as part of
its half-year financial statements if prepared in accordance with Australian
Accounting Standards.

14. Issued and quoted securities   The issue price and amount paid up is not
required in items 18.1 and 18.3 for fully paid securities.

15. Relevant Items AASB 1018 requires the separate disclosure of specific
revenues and expenses which are not extraordinary but which are of a size,
nature or incidence that disclosure is relevant in explaining the financial
performance of the reporting entity.  The term 'relevance' is defined in AASB
1018.  For foreign entities, there are similar requirements in other accounting
standards normally accepted by AXS.

16. $ Dollars  If reporting is not in A$, all references to $A must be changed
to the reporting currency.  If reporting is not in thousands of dollars, all
references to '000' must be changed to the reporting value.


+ See chapter 19 for defined terms.



Appendix 4B Page 19




                              VIROTEC INTERNATIONAL LTD
 
                              ATTACHMENT TO APPENDIX 4B

                                   31 DECEMBER 2001

SHARE CAPITAL
 
Ordinary Shares                                                         Number

Opening balance -1 July 2001                                         109,950,709

Ordinary shares issued at GBP£0.14 ($0.384) per share                 27,514,440

Exercise of options exercisable at $0.20                              21,055,089 

Exercise of options exercisable at $0.30                               4,218,773

Closing balance - 31 December 2001                                   162,739,011



Options

                                                                         Number

The following share options were on issue at 31 December 2001;        
Exercisable on or before 31 March 2002 at $0.20 each                  15,000,000   
Exercisable on or before 30 June 2002 at $1.00 each                      250,000
Exercisable on or before 30 June 2002 at $2.00 each                      500,000
Exercisable on or before 30 November 2002 at $0.75 each                1,000,000
Exercisable on or before 28 February 2003 at $0.20 each               10,000,000 
Exercisable on or before 31 August 2003 at $1.00  each                 2,700,000  
Exercisable on or before 30 November 2003 at $1.00 each                  900,000
Exercisable on or before 30 November 2003 at $0.56 each                  850,000 
Exercisable on or before 28 February 2004 at $0.47 each                  200,000
Exercisable on or before 30 July 2005 at $ 1.00 each                   1,100,000  
Exercisable on or before 30 July 2005 at $0.47 each                      150,000
Exercisable on or before 31 October 2005 at $0.61 each                   400,000
 
                                                                      33,050,000
 


Reconciliation of movements in options                                    Number
Opening balance - 1 July 2001                                         57,127,545

Add Options issued:

Exercisable on or before 28 February 2004 at $0.47 each                  200,000
Exercisable on or before 30 July 2005 at $1.00 each                    1,100,000
Exercisable on or before 30 July 2005 at $0.47 each                      150,000
Exercisable on or before 31 October 2005 at $0.61 each                   400,000
Deduct Options exercised:
Exercisable on or before 31 December 2001 at $0.20 each             (21,055,089)
Exercisable on or before 31 December 2001 at $0.30 each              (4,218,773)
Deduct Options lapsed:
Exercisable on or before 31 December 2001 at $0.30 each                (153,683)
Exercisable on or before 31 December 2001 at $1.00 each                (500,000)
 
                                                                      33,050,000



SEGMENT INFORMATION


                                  Environmental Consulting                 Research and
                                                                           development of
                                                               Mining and   Environmental
                           Laboratory   Fieldwork  Consulting  exploration  Remediation    Unallocated   Consolidated
31 December                                   A$      A$
2001                             A$                                   A$         A$               A$             A$

Total revenue                 361,121      52,818    39,437        101,162           -         220,605         775,143

Segment
operating results             120,639       5,620   (60,087)      (242,622)   (573,990)     (1,223,154)     (1,973,594)

Segment assets                942,549      37,718   901,075        212,183           -      14,303,438      16,396,963




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