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Virotec Intl Ld (VTI)

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Thursday 06 March, 2003

Virotec Intl Ld

Half yearly report

Virotec International Ld
06 March 2003

                                                                          Rules 4.1, 4.3 

THIS DOCUMENT IS PREPARED IN ACCORDANCE WITH THE AUSTRALIAN STOCK EXCHANGE LISTING RULES 
 
                                      Appendix 4B  
 
                          Half yearly/preliminary final report 


Introduced 30/6/2002.  
                                                                         
Name of entity             
                                              VIROTEC INTERNATIONAL LTD  
 

                                                                                                                      
  ABN or equivalent company         Half yearly        Preliminary final (tick)        Half year/financial year ended 
  reference                         (tick)                                             ('current period')             
                                                                                         
  81 004 801 398                     x                                                 31 December 2002  
                                                                                         
For announcement to the market 
Extracts from this report for announcement to the market (see note 1).                $A'000 

                                                                                                                      
                                                                                                                      
  Revenues from ordinary activities    up                                 22%                      to    951          
  (item 1.1)                                                                                                          
                                                                                                                      
  Profit (loss) from ordinary          down                               44%                      to    (2,835)      
  activities after tax attributable                                                                                   
  to members (item 1.22)                                                                                              
                                                                                                                      
  Profit (loss) from extraordinary     gain (loss) of                                                    -            
  items after tax attributable to                                                                                     
  members (item 2.5(d))                                                                                               
                                                                                                                      
  Net profit (loss) for the period     down                               44%                      to    (2,835)      
  attributable to members (item                                                                                       
  1.11)                                                                                                               
                                                                                                                      
  Dividends (distributions)                            Amount per security       Franked amount per security          
  Final dividend (Preliminary final report only -      n/a                       n/a                                  
  item 15.4)                                                                                                        
  Interim dividend (Half yearly report only - item     c                         c                                      
  15.6)                                                                                                               
  Previous corresponding period (Preliminary final     n/a                       n/a                                  
  report - item 15.5; half yearly report - item        c                         c                                    
  15.7)                                                                                                               
                                                                                                                      
  +Record date for              n/a                                                                                   
  determining entitlements to                                                                                         
  the dividend,                                                                                                       
  (in the case of a trust,                                                                                            
  distribution) (see item                                                                                             
  15.2)                                                                                                               
                                                                                                                      
  Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or cash issue or 
  other item(s) of importance not previously released to the market:                                                  
                                                                                                                      
                                                                                                                      
                                                                                                                      
 
If this is a half yearly report it is to be read in conjunction with the most recent annual financial report. 
Condensed consolidated statement of financial performance 

                                                                                                                      
                                                    Current period - $A'000    Previous corresponding period - $A'000 
                                                                                                                      
  1.1     Revenues from ordinary activities (see              951                               527                   
          items 1.23 -1.25)                                                                                           
                                                                                                                      
  1.2     Expenses from ordinary activities (see            (3,786)                           (2,749)                 
          items 1.26 & 1.27)                                                                                          
  1.3     Borrowing costs                                      -                                 -                    
  1.4     Share of net profits (losses) of                     -                                 -                    
          associates and joint venture entities                                                                       
          (see item 16.7)                                                                                             
                                                                                                                      
  1.5     Profit (loss) from ordinary activities            (2,835)                           (1,974)                 
          before tax                                                                                                  
                                                               -                                 -                    
  1.6     Income tax on ordinary activities (see                                                                      
          note 4)                                                                                                     
                                                                     
  1.7     Profit (loss) from ordinary activities            (2,835)                           (1,974)                   
          after tax                                                                                                   
                                                                                                                 
  1.8     Profit (loss) from extraordinary items                                                                      
          after tax (see item 2.5)                          -                                 -                         
                                                                                                                      
  1.9     Net profit (loss)                                 (2,835)                           (1,974)                 
                                                               -                                 -                    
  1.10    Net profit (loss) attributable to                                                                           
          outside +equity interests                                                                                   
                                                                                                                      
  1.11    Net profit (loss) for the period                  (2,835)                           (1,974)                 
          attributable to members                                                                                     
                                                                                 
                                        Non-owner transaction changes in equity  
                                                                                 
                                                                                                                     
    1.12    Increase (decrease) in revaluation reserves                                                      -    -  
    1.13    Net exchange differences recognised in equity                                                            
    1.14    Other revenue, expense and initial adjustments recognised directly in equity (attach details)            
            Initial adjustments from UIG transitional provisions                                                     
                                                                                                                     
    1.15                                                                                                             
    1.16    Total transactions and adjustments recognised directly in equity (items 1.12 to 1.15)            -    -  
    1.17    Total changes in equity not resulting from transactions with owners as owners                    -    -  
 

                                                                                                         
                                                               Current period    Previous corresponding  
                Earnings per security (EPS)                                      period                  
                                                                                                         
                1.18                           Basic EPS            (1.7)                 (1.4)          
                                                                                              
                1.19                           Diluted EPS            -                     -            
 
Notes to the condensed consolidated statement of financial performance 
 
Profit (loss) from ordinary activities attributable to members 
 

                                                                                                                      
                                                   Current period - $A'000    Previous corresponding period - $A'000  
  1.20    Profit (loss) from ordinary activities           (2,835)                            (1,974)                 
          after tax (item 1.7)                                                                                        
                                                                                                                      
  1.21    Less (plus) outside +equity interests                                                  -                    
  1.22    Profit (loss) from ordinary activities           (2,835)                            (1,974)                 
          after tax, attributable to members                                                                          
 
Revenue and expenses from ordinary activities 
(see note 15) 

                                                                                                                      
                                                           Current period - $A'000    Previous corresponding period - 
                                                                                      $A'000                          
  1.23                   Revenue from sales or services              627                            551               
  1.24                   Interest revenue                            264                            197               
  1.25                   Other relevant revenue                       60                            26                
                                                                                                                      
  1.26                   Details of relevant expenses                                                                 
                         Research and development                  (1,228)                         (574)              
                         Mining interests costs                     (138)                          (214)              
                         Employee and Directors                     (720)                          (609)              
                         remuneration costs                         (620)                          (318)              
                         Cost of rendering services                  (51)                          (51)               
                         Amortisation                               (924)                          (905)              
                         Other                                                                                        
                                                                                                                      
  1.27                   Depreciation and amortisation              (102)                          (78)               
                         excluding amortisation of                                                                    
                         intangibles (see item 2.3)                                                                   
                                                                                                                      
  Capitalised outlays                                                                                                 
  1.28                   Interest costs capitalised in                -                              -                
                         asset values                                                                                 
  1.29                   Outlays capitalised in                       -                              -                
                         intangibles (unless arising                                                                  
                         from an +acquisition of a                                                                    
                         business)                                                                                    
                                                                                                                      
 
Consolidated retained profits 

                                                                                                                      
                                                    Current period - $A'000    Previous corresponding period - $A'000 
  1.30    Retained profits (accumulated losses)             (50,487)                          (47,320)                
          at the beginning of the financial                                                                           
          period                                                                                                      
                                                                                                                      
  1.31    Net profit (loss) attributable to                 (2,835)                           (1,974)                 
          members (item 1.11)                                                                                         
                                                                                                 -                    
  1.32    Net transfers from (to) reserves                                                                            
          (details if material)                                                                                       
                                                               -                                 -                    
  1.33    Net effect of changes in accounting                                                                         
          policies                                                                                                    
                                                               -                                 -                    
  1.34    Dividends and other equity                                                                                  
          distributions paid or payable                                                                               
                                                                                                                      
  1.35    Retained profits (accumulated losses)             (53,322)                          (49,344)                
          at end of financial period                                                                                  
 
 
Intangible and extraordinary items 
 

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

                                                                                                                      
  Comparison of half year profits                                    Current year - $A'000    Previous year - $A'000  
  (Preliminary final report only)                                                                                     
                                                                                                                      
  3.1                               Consolidated profit (loss)                                                        
                                    from ordinary activities after            n/a                       n/a           
                                    tax attributable to members                                                       
                                    reported for the 1st half year                                                    
                                    (item 1.22 in the half yearly                                                     
                                    report)                                                                           
                                                                                                                      
  3.2                               Consolidated profit (loss)                                                        
                                    from ordinary activities after            n/a                       n/a           
                                    tax attributable to members                                                       
                                    for the 2nd half year                                                             
                                                                                                                      
 
 

                                                                                                                      
  Condensed consolidated statement of financial         At end of current     As shown in last     As in last half    
  position                                              period $A'000         annual report        yearly report      
                                                                              $A'000               $A'000             
                             Current assets                                                                           
  4.1                        Cash                              8,771                11,897               13,391       
  4.2                        Receivables                        287                  178                  128         
  4.3                        Investments                         -                    -                    -          
  4.4                        Inventories                        17                    17                   10         
  4.5                        Tax assets                          -                    -                    -          
  4.6                        Other (provide details             51                   107                  124         
                             if material)                                                                             
  4.7                        Total current assets              9,127                12,199               13,653       
                             Non-current assets                                                                       
  4.8                        Receivables                        556                  556                  556         
  4.9                        Investments (equity                 -                    -                    -          
                             accounted)                                                                               
  4.10                       Other investments                   -                    -                    -          
  4.11                       Inventories                         -                    -                    -          
  4.12                       Exploration and                     -                    -                    -          
                             evaluation expenditure                                                                   
                             capitalised (see para                                                                    
                             .71 of AASB 1022)                                                                        
  4.13                       Development properties              -                    -                    -          
                             (+mining entities)                                                                       
  4.14                       Other property, plant             1,283                1,267                1,288        
                             and equipment (net)                                                                      
  4.15                       Intangibles (net)                  798                  849                  901         
  4.16                       Tax assets                          -                    -                    -          
  4.17                       Other (provide details              -                    -                    -          
                             if material)                                                                             
  4.18                       Total non-current assets          2,637                2,672                2,744        
  4.19                       Total assets                     11,763                14,871               16,397       
                             Current liabilities                                                                      
  4.20                       Payables                           504                  780                  452         
  4.21                       Interest bearing                    -                    -                    -          
                             liabilities                                                                              
  4.22                       Tax liabilities                     -                    -                    -          
  4.23                       Provisions exc. tax                113                  110                   91         
                             liabilities                                                                              
  4.24                       Other (provide details              -                    -                    -          
                             if material)                                                                             
  4.25                       Total current                      617                  890                  544         
                             liabilities                                                                              
                             Non-current liabilities                                                                  
  4.26                       Payables                            -                    -                    -          
  4.27                       Interest bearing                    -                    -                    -          
                             liabilities                                                                              
  4.28                       Tax liabilities                     -                    -                    -          
  4.29                       Provisions exc. tax                790                  790                  610         
                             liabilities                                                                              
  4.30                       Other (provide details              -                    -                    -          
                             if material)                                                                             
  4.31                       Total non-current                  790                  790                  610         
                             liabilities                                                                              
  4.32                       Total liabilities                 1,407                1,680                1,154        
  4.33                       Net assets                       10,356                13,191               15,243       
 
Condensed consolidated statement of financial position continued 
 

                                                                                                             
                    Equity                                                                                   
            4.34    Capital/contributed equity                              63,678      63,678      62,587   
            4.35    Reserves                                                   -           -         2,000   
            4.36    Retained profits (accumulated losses)                  (53,322)    (50,487)    (49,344)  
            4.37    Equity attributable to members of the parent entity     10,356      13,191      15,243   
            4.38    Outside +equity interests in controlled entities           -           -           -     
            4.39    Total equity                                            10,356      13,191      15,243   
                                                                                                             
            4.40    Preference capital included as part of 4.37                -           -           -     
 
Notes to the condensed consolidated statement of financial position 
 
Exploration and evaluation expenditure capitalised 
(To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.) 
 

                                                                                                                      
                                                     Current period $A'000    Previous corresponding period - $A'000  
  5.1    Opening balance                                       -                                 -                    
                                                                                                                      
  5.2    Expenditure incurred during current                  138                               214                   
         period                                                                                                       
                                                                                                                      
  5.3    Expenditure written off during current              (138)                             (214)                  
         period                                                                                                       
                                                                                                                      
  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 4.12)                                                                       
 
Development properties 
(To be completed only by entities with mining interests if amounts are material) 

                                                                                       
                                      Current period $A'000    Previous corresponding  
                                                               period - $A'000         
                                                                                                         
                6.1    Opening balance                                                           -    -  
                6.2    Expenditure incurred during current period                                -    -  
                6.3    Expenditure transferred from exploration and evaluation                   -    -  
                6.4    Expenditure written off during current period                             -    -  
                6.5    Acquisitions, disposals, revaluation etc.                                 -    -  
                6.6    Expenditure transferred to mine properties                                -    -  
                6.7    Closing balance as shown in the consolidated balance sheet (item 4.13)    -    -  
 
 
Condensed 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                             518                               638                   
  7.2     Payments to suppliers and employees               (2,415)                           (1,844)                 
  7.3     Dividends received from associates                   -                                 -                    
  7.4     Other dividends received                             -                                 -                    
  7.5     Interest and other items of similar                 264                               197                   
          nature received                                                                                             
  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                          (1,633)                           (1,009)                 
          Cash flows related to investing                                                                             
          activities                                                                                                  
  7.10    Payment for purchases of property, plant           (191)                             (288)                  
          and equipment                                                                                               
  7.11    Proceeds from sale of property, plant                64                                -                    
          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                      (138)                             (214)                  
          Research and development                          (1,227)                            (574)                  
          Other                                                -                                (2)                   
  7.17    Net investing cash flows                          (1,493)                           (1,079)                 
          Cash flows related to financing                                                                             
          activities                                                                                                  
  7.18    Proceeds from issues of +securities                  -                              16,047                  
          (shares, options, etc.)                                                                                     
  7.19    Proceeds from borrowings                             -                                 -                    
  7.20    Repayment of borrowings                              -                                 -                    
  7.21    Dividends paid                                       -                                 -                    
  7.22    Other (share issue costs)                            -                              (1,147)                 
  7.23    Net financing cash flows                             -                              14,901                  
  7.24    Net increase (decrease) in cash held              (3,126)                           12,813                  
  7.25    Cash at beginning of period                                                                                 
          (see Reconciliation of cash)                       11,897                             578                   
  7.26    Exchange rate adjustments to item 7.25.              -                                 -                    
  7.27    Cash at end of period                                                                                       
          (see Reconciliation of cash)                       8,771                            13,391                  
 
 
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 (as shown in the   Current period $A'000    Previous corresponding  
  consolidated statement of cash flows) to the related items in                               period - $A'000         
  the accounts is as follows.                                                                                         
                                                                                                                      
  8.1                                 Cash on hand and at bank                121                       291           
                                                                                                                      
  8.2                                 Deposits at call                       8,650                    13,100          
                                                                                                                      
  8.3                                 Bank overdraft                           -                         -            
                                                                                                                      
  8.4                                 Other (provide details)                  -                         -            
                                                                                                                      
  8.5                                 Total cash at end of period            8,771                    13,391          
                                      (item 7.27)                                                                     
 
Other notes to the condensed financial statements 
 

                                                                                                                      
  Ratios                                                                    Current period    Previous corresponding  
                                                                                              period                  
            Profit before tax / revenue                                                                               
  9.1       Consolidated profit (loss) from ordinary activities before           298%                  354%           
            tax (item 1.5) as a percentage of revenue (item 1.1)                                                      
            Profit after tax / +equity interests                                                                      
  9.2       Consolidated net profit (loss) from ordinary activities after                                             
            tax attributable to members (item 1.11) as a percentage of            27%                   15%           
            equity (similarly attributable) at the end of the period                                                  
            (item 4.37)                                                                                               
 
 
Earnings per security (EPS) 
 

                                                                                                                      
  10.    Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of AASB 1027:     
         Earnings Per Share are as follows.                                                                           
                                                                                                                      
                                                                                                                      
                                                                                                                      
  Weighted average number of ordinary shares outstanding used in the calculation of EPS: 2002 - 168,193,841           
  2001 - 136,362,426                                                                                                  
                                                                                                                      
  Option on issue noted in item 18 are potential ordinary shares, however all potential ordinary shares at the end of 
  the period were not dilutive and accordingly diluted EPS is not disclosed.                                          
                                                                                                                      
 
 

                                                                                                                     
  NTA backing                                                              Current period    Previous corresponding  
  (see note 7)                                                                               period                  
                                                                                                                     
  11.1            Net tangible asset backing per +ordinary security           6.2 cents            10.1 cents        
                                                                                                                     
 
Discontinuing Operations  
(Entities must report a description of any significant activities or events relating to discontinuing operations in
accordance with paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinuing
operations they have disclosed in their accounts in accordance with AASB 1042: Discontinuing Operations (see note
17).) 
 
12.1      Discontinuing Operations 

                                                               
                                                         
              N/A  
                                                               
 
 
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                
          controlled 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 controlled 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                
          controlled 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                
          controlled 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                                                                  $-  
 
 
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      n/a  
          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?                                                       n/a  
          (Preliminary final report only)                                                                             
 
Amount per security 
 

                                                                                                                      
                                                  Amount per security    Franked amount per     Amount per security   
                                                                         security at % tax      of foreign source     
                                                                         (see note 4)           dividend              
              (Preliminary final report only)                                                                         
  15.4        Final dividend:      Current year          n/a c                  n/a c                   n/a c         
                                                                                                                      
  15.5                  Previous year                    n/a c                  n/a c                   n/a c         
              (Half yearly and preliminary                                                                            
  15.6        final reports)                             n/a c                  n/a c                   n/a c         
              Interim dividend:     Current                                                                           
              year                                                                                                    
                                                                                                                      
  15.7                  Previous year                    n/a c                  n/a c                   n/a c         
 
Total dividend (distribution) per security (interim plus final) 
(Preliminary final report only) 

                                                                                             
                                                              Current year    Previous year  
                                                                                             
                            15.8    +Ordinary securities          Nil c           Nil c      
                                                                                             
                            15.9    Preference +securities        Nil c           Nil c      
 
Half yearly report - interim dividend (distribution) on all securities or 
Preliminary final report - final dividend (distribution) on all securities 
 

                                                                                                                   
                                                                  Current period $A'000    Previous corresponding  
                                                                                           period - $A'000         
     15.10    +Ordinary securities (each class separately)                  -                         -            
                                                                            -                         -            
     15.11    Preference +securities (each class separately)                                                       
                                                                            -                         -            
     15.12    Other equity instruments (each class separately)                                                     
                                                                           Nil                       Nil           
     15.13    Total                                                                                                
 

                                                                                                                      
  The +dividend or distribution plans shown below are in operation.                                                   
  Nil                                                                                                                 
                                                                                                                      
                                                                                                                      
  The last date(s) for receipt of election notices for the +dividend or distribution plans                       n/a  
                                                                                                                      
                                                                                                                      
  Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide details in        
  accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)                                          
                                                                                                                      
                                                                                                                      
 
Details of aggregate share of profits (losses) of associates and joint venture entities 

                                                                                                                      
                                                                Current period $A'000    Previous corresponding       
  Group's share of associates' and joint venture entities':                              period - $A'000              
  16.1                          Profit (loss) from ordinary              n/a                         n/a              
                                activities before tax                                                                 
  16.2                          Income tax on ordinary                   n/a                         n/a              
                                activities                                                                            
  16.3                          Profit (loss) from ordinary              n/a                         n/a              
                                activities after tax                                                                  
  16.4                          Extraordinary items net of               n/a                         n/a              
                                tax                                                                                   
  16.5                          Net profit (loss)                        n/a                         n/a              
  16.6                          Adjustments                              n/a                         n/a              
  16.7                          Share of net profit (loss) of            n/a                         n/a              
                                associates and joint venture                                                          
                                entities                                                                              
 
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
dd/mm/yy') or disposal ('to dd/mm/yy').) 
 

                                                                                                                      
  Name of entity            Percentage of ownership interest held at     Contribution to net profit (loss) (item 1.9) 
                            end of period or date of disposal                                                         
  17.1     Equity           Current              Previous                Current period         Previous              
  accounted associates      period               corresponding period    $A'000                 corresponding period  
  and joint venture                                                                             - $A'000              
  entities                                                                                                            
                            Nil                  Nil                     Nil                    Nil                   
  17.2     Total                                                                                                      
                                                                                                                      
  17.3     Other material                                                                                             
           interests                                                                                                    
                                                                                                                      
  17.4     Total                                                                                                      
 
Issued and quoted securities at end of current period 
(Description must include rate of interest and any redemption or conversion rights together with prices and dates) 

                                                                                                                      
                                                                                     Issue price per   Amount paid up 
  Category of +securities                      Total number         Number quoted    security (see     per security   
                                                                                     note 14)          (see note 14)  
                                                                                     (cents)           (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      168,193,841        168,193,841                                      
                                                                                                                      
  18.4                  Changes during         See attached                                                           
                        current period         schedule                                                               
                        (a) Increases                                                                                 
                        through 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                                         Exercise          Expiry         
                        and conversion             6,250,000              -          price             date           
                        factor)                                                                        (if any)       
                                                                                                                      
  18.8                  Issued during          See attached                                                           
                        current period         schedule                                                               
                                                                                                                      
  18.9                  Exercised during                                                                              
                        current period                                                                                
  18.10                 Expired during                                                                                
                        current period                                                                                
                                                                                                                      
  18.11                 Debentures                     -                  -                                           
  18.12                 (description)                                                                                 
                        Changes during                 -                  -                                           
                        current period                                                                                
  18.13                 Unsecured notes                -                  -                                           
  18.14                 Changes during                                                                                
                        current period                 -                  -                                           
 
 
Segment reporting 
(Information on the business and geographical segments of the entity must be reported for the current period in
accordance with AASB 1005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting.
Because entities employ different structures a pro forma cannot be provided. Segment information in the layout
employed in the entity's +accounts should be reported separately and attached to this report.) 
 
Comments by directors 
(Comments on the following matters are required by ASX or, in relation to the half yearly report, by AASB 1029:
Interim Financial Reporting. 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 financial report preparation  
19.1 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: Interim Financial Reporting. It should be read in conjunction with the last +annual
report and any announcements to the market made by the entity during the period. The financial statements in this
report are 'condensed financial statements' as defined in AASB 1029: Interim Financial Reporting. This report does
not include all the notes of the type normally included in an annual financial report. (Delete if preliminary final
report.) 
 
19.2     Material factors affecting the revenues and expenses of the economic entity for the current period. In a
half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations. 
 

                                                                                                                     
                                                                                                                     
   Please refer to the review of operations in the half year financial reports to 31 December 2002 lodged with ASX.  
                                                                                                                     
                                                                                                                     
                                                                                                                     
                                                                                                                     
 
19.3     A description of each event since the end of the current period which has had a material effect and which is
not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible). 
 

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

                                                               
                                                               
                                                          N/A  
                                                               
                                                               
 
19.5     Unless disclosed below, the accounting policies, estimation methods and measurement bases used in this
report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods
and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the
half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies
in the preliminary final report in accordance with AASB 1001: Accounting Policies-Disclosure). 
 

                                                               
                                                               
                                                          n/a  
                                                               
                                                               
 
19.6      Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature
and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a
material effect in this half year. 
 

                                                               
                                                               
                                                          nil  
                                                               
 
19.7     Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and
contingent assets since the last + annual report. 

                                                               
                                                               
                                                          Nil  
                                                               
Additional disclosure for trusts 
 

                                                                                                                     
    20.1    Number of units held by the management company or responsible entity or their related parties.      n/a  
                                                                                                                     
    20.2    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 in accordance with AASB Standards, other AASB authoritative pronouncements and
Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12).  
 

                                                                               
                                         Identify other standards used    n/a  
                                                                               
 
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. 
(Tick one) 

                                                                                                                      
      The +accounts have been audited.                      x    The +accounts have been subject to review.           
                                                                                                                      
      The +accounts are in the process of being audited          The +accounts have not yet been audited or reviewed. 
      or 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. 
 
 
 
Sign here:      ............................................................     Date: 6 March 2003 
(Company Secretary) 
 
 
Print name:      ANGUS CRAIG 
 
 
 
 
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. Entities are encouraged to attach notes or fuller explanations of any significant changes
to any of the items in page 1. The area at the end of the announcement section can be used to provide a cross
reference to any such attachment. 
 
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.     Condensed consolidated statement of financial performance 
 
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. The rate of tax applicable to the
franking amount per dividend should be inserted in the heading for the column 'Franked amount per security at % tax'
for items 15.4 to 15.7. 
 
5.     Condensed consolidated statement of financial position 
 
     Format The format of the consolidated statement of financial position should be 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 1029: Interim Financial Reporting, and AASB 1040: Statement of Financial
Position. Also, banking institutions, trusts and financial institutions 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.  
 
6.     Condensed 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. If
an entity reports exact figures, the $A'000 headings must be 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, and the $A'000
headings must be amended. 
 
10.     Comparative figures Comparative figures are to be presented in accordance with AASB 1018 or AASB 1029 Interim
Financial Reporting as appropriate and are the unadjusted figures from the latest annual or half year report as
appropriate. However, if an adjustment has been made in accordance with an accounting standard or other reason or if
there is a lack of comparability, a note explaining the position should be attached. For the statement of financial
performance, AASB 1029 Interim Financial Reporting requires information on a year to date basis in addition to the
current interim period. Normally an Appendix 4B to which AASB 1029 Interim Financial Reporting applies would be for
the half year and consequently the information in the current period is also the year to date. If an Appendix 4B Half
yearly version is produced for an additional interim period (eg because of a change of reporting period), the entity
must provide the year to date information and comparatives required by AASB 1029 Interim Financial Reporting. This
should be in the form of a multi-column version of the consolidated statement of financial performance as an
attachment to the additional Appendix 4B. 
 
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 Act must also be given to ASX. For example, a director's report and
declaration, 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 exists) must be
complied with. 
 
13. Corporations Act financial statements This report may be able to be used by an entity required to comply with the
Corporations Act 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     Details of expenses AASB 1018 requires disclosure of expenses from ordinary activities according to either
their nature or function. For foreign entities, there are similar requirements in other accounting standards accepted
by ASX. AASB ED 105 clarifies that the disclosures required by AASB 1018 must be either all according to nature or
all according to function. Entities must disclose details of expenses using the layout (by nature or function)
employed in their +accounts.  
 
The information in lines 1.23 to 1.27 may be provided in an attachment to Appendix 4B. 
 
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. There is an equivalent requirement
in AASB 1029: Interim Financial Reporting. For foreign entities, there are similar requirements in other accounting
standards accepted by ASX. 
 
 
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. 
 
17.     Discontinuing operations 
 
Half yearly report 
 
All entities must provide the information required in paragraph 12 for half years beginning on or after 1 July 2001.  
 
Preliminary final report 
 
Entities must either provide a description of any significant activities or events relating to discontinuing
operations equivalent to that required by paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the
details of discontinuing operations they are required to disclose in their +accounts in accordance with AASB 1042
Discontinuing Operations. 
 
In any case the information may be provided as an attachment to this Appendix 4B. 
 
 
18. Format 
 
This form is a Word document but an entity can re-format the document into Excel or similar applications for
submission to the Companies Announcements Office in ASX. 
 
 
VIROTEC INTERNATIONAL LTD 
 
ATTACHMENT TO ASX APPENDIX 4B 
 
 
ISSUED SECURITIES 

                                                                                                 
                      Ordinary shares                             Total Number    Number Quoted  
                      Balance at 1 July 2002                       168,193,841     168,193,841   
                      Add the following share issues: -                                          
                      Nil                                               -               -        
                      Closing balance at 31 December 2002          163,193,841     163,193,841   
 
 

                                                                                                           
              Options                                                                                      
                                                                            Total Number    Number Quoted  
              The following options were on issue at 31 December 2002: -                                   
              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          700,000            -        
              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            -        
              Exercisable on or before 31 March 2005 at $0.30 each.            100,000            -        
                                                                             16,250,000           -        
The following movements are included in the above table: 
 
Options issued during the period: 

                                                                                               
                         Exercisable on or before 31 March 2005 at $0.30 each     100,000    -  
 
Options expired during the period: 

                                                                                                 
                      Exercisable on or before 30 November 2002 at $0.75 each   1,000,000    -  
                      Exercisable on or before 30 November 2003 at $0.56 each     150,000    -  
 
No options were exercised during the period.  
 
Option movements since the end of the period: 
 
Options expired since the end of the period: 

                                                                                                  
                      Exercisable on or before 28 February 2003 at $0.20 each  10,000,000    -  
 
 
 
SEGMENT REPORTING 
 
 

                                                                                                                      
                     Environmental          Mining and            Research and           Unallocated    Consolidated  
                     Consulting             exploration           development of                                      
                                                                  Environmental                                       
                                                                  Technologies                                        
  31 December 2002            $                      $                     $                  $               $       
  Total revenue            626,501                  480                    -               323,581         950,562    
  Segment                  (45,014)              (138,849)            (1,227,907)        (1,422,978)     (2,834,748)  
  operating                                                                                                           
  results                                                                                                             
  Segment assets          1,845,502               69,772                   -              9,848,036      11,763,310   
                                                                                                                      
  31 December 2001                                                                                                    
  Total revenue            453,376                101,162                  -               220,605         775,143    
  Segment                   66,172               (242,622)             (573,990)         (1,223,154)     (1,973,594)  
  operating                                                                                                           
  results                                                                                                             
  Segment assets          1,881,342               212,183                  -              14,303,438     16,396,963   
 
 
Ends.  
 
 
END  

                                                                  



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