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Virotec Intl Ld (VTI)

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Friday 30 January, 2004

Virotec Intl Ld

Quarterly cash flow report

Virotec International Ld
30 January 2004

THIS REPORT IS PREPARED IN COMPLIANCE WITH THE AUSTRALIAN STOCK EXCHANGE
LISTING RULES
                                                                       

                                Quarterly report
                             for entities admitted
                          on the basis of commitments


Name of entity
Virotec International Ltd

ABN                          Quarter ended ('current quarter')
-------------------          ------------------
004 801 398                  31 December 2003
-------------------          ------------------

Consolidated statement of cash flows

                                                     ------------   ------------
Cash flows related to operating activities            Current        Year to
                                                      quarter        date
                                                      $A'000         (6 Months)
                                                                    $A'000
                                                       ------------ ------------
                                                                    
1.1   Receipts from customers                                 187          403
1.2   Payments for (a) staff costs                           (377)        (655)
      (b) advertising and marketing                           (47)         (96)
      (c) research and development                           (345)        (758)
      (d) leased assets                                         -            -
      (e) other working capital                            (1,170)      (1,856)
1.3   Dividends received                                        -            -
1.4   Interest and other items of a similar nature            165          240
      received
1.5   Interest and other costs of finance paid                  -            -
1.6   Income taxes paid                                         -            -
1.7   Other (mining interests costs)                          (79)        (136)
                                                       ------------ ------------
      Net operating cash flows                             (1,666)      (2,858)
----- -----------------------                          ------------ ------------

Cash flows related to investing activities
       
 1.9   Payment for acquisition of:                          
       businesses (item 5)                                  (132)         (132)
       equity investments                                      -             -
       intellectual property                                   -             -
       physical non-current assets                          (174)         (246)
       other non-current assets                                -             -
1.10   Proceeds from disposal of:                              
       businesses (item 5)                                     -             -
       equity investments                                      -             -
       intellectual property                                   -             -
       physical non-current assets                             -             1
       other non-current assets                                -             -
1.11   Loans to other entities                                 -           (61)
1.12   Loans repaid by other entities                         61            61
1.13   Other (provide details if material)                   (12)           11
                                                      ------------  ------------
       Net investing cash flows                             (257)         (366)
                                                      ------------  ------------
1.14   Total operating and investing cash flows           (1,923)       (3,224)
------ ----------------------                         ------------  ------------
       
Cash flows related to financing activities
       
1.15   Proceeds from issues of shares, options,                -         8,507
       etc.
1.16   Proceeds from sale of forfeited shares                  -             -
1.17   Proceeds from borrowings                                -             -
1.18   Repayment of borrowings                                 -             -
1.19   Dividends paid                                          -             -
1.20   Other (share issue costs)                               -          (288)
                                                      ------------  ------------
       Net financing cash flows                                -         8,219
------ ----------------------                         ------------  ------------
       Net increase (decrease) in cash held               (1.923)        4,995

1.21   Cash at beginning of quarter/year to date          13,373         6,454
1.22   Exchange rate adjustments to item 1.20                  -             -
                                                      ------------  ------------
1.23   Cash at end of quarter                             11,449        11,449
------ ----------------------                         ------------  ------------



Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related
entities

                                                                   -------------
                                                                    Current
                                                                    quarter
                                                                    $A'000
                                                                   -------------
                                                                   -------------
1.24   Aggregate amount of payments to the parties included in             294
       item 1.2                                                    -------------
1.25   Aggregate amount of loans to the parties included in item             -
        1.11                                                       -------------
       --------------------------------
1.26   Explanation necessary for an understanding of the transactions
       -------------------------------------------
       Director fees: $32,160
       Consultancy fees $261,918
       -------------------------------------------


Non-cash financing and investing activities

2.1   Details of financing and investing transactions which have had a material
      effect on consolidated assets and liabilities but did not involve cash
      flows
      --------------------------------------------
      Nil
      --------------------------------------------

2.2   Details of outlays made by other entities to establish or increase their
      share in businesses in which the reporting entity has an interest
      --------------------------------------------
      Nil
      --------------------------------------------


Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026
paragraph 12.2).
                                         -------------             -------------
                                         Amount available          Amount used
                                          $A'000                    $A'000
                                         -------------             -------------
3.1   Loan facilities                                -                  -
                                         -------------             -------------
3.2   Credit standby arrangements                    -                  -
----- -----------------------            -------------             -------------


Reconciliation of cash

-------------------------                             ------------ -------------
Reconciliation of cash at the end of the quarter (as  Current      Previous
shown in the consolidated statement of cash flows) to quarter      quarter
the related items in the accounts is as follows.
                                                      $A'000       $A'000
-------------------------                             ------------ -------------
                                                                   
4.1   Cash on hand and at bank                                49           223
                                                      ------------ -------------
4.2   Deposits at call                                    11,400        13,150
                                                      ------------ -------------
4.3   Bank overdraft                                           -             -
                                                      ------------ -------------
4.4   Other (provide details)                                  -             -
----- ----------------------                          ------------ -------------
      Total: cash at end of quarter (item 1.22)           11,449        13,373
----- ----------------------                          ------------ -------------

Acquisitions and disposals of business entities

                                      -----------------       ------------------
                                      Acquisitions            Disposals
                                      (Item 1.9(a))           (Item 1.10(a))
                                      -----------------       ------------------
                                                              ------------------
5.1   Name of entity                  Virotec EPT Limited                    -
                                      -----------------       ------------------
5.2   Place of incorporation or       UK                                     -
      registration                    -----------------       ------------------
5.3   Consideration for               $132k cash                             -
      acquisition or disposal
                                      -----------------       ------------------
5.4   Total net assets                ($119k) at 31 December                 -
                                      2003                    ------------------
                                      -----------------
5.5   Nature of business              Environmental                          -
                                      consulting              ------------------
                                      -----------------

Compliance statement

1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act (except to the extent
that information is not required because of note 2) or other standards
acceptable to ASX.

2 This statement does /does not* (delete one) give a true and fair view of the
matters disclosed.


Sign here: ........................................ Date: 30 January 2004
           (Company Secretary)

Print name: Angus Craig


Notes

1. The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.

2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows
apply to this report except for the paragraphs of the Standard set out below.

• 6.2 - reconciliation of cash flows arising from
        operating activities to operating profit or loss
• 9.2 - itemised disclosure relating to acquisitions
• 9.4 - itemised disclosure relating to disposals
• 12.1(a) - policy for classification of cash items
• 12.3 - disclosure of restrictions on use of cash
• 13.1 - comparative information

3. 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 any) must be complied with.






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