3rd Quarter Results-Part 2
Centamin Egypt Limited
30 April 2004
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Centamin Egypt Limited
ABN Quarter ended ('current quarter')
------------------- ------------------
86 007 700 352 31 March 2004
------------------- ------------------
Consolidated statement of cash flows
Centamin Egypt Ltd
Pharaoh Gold Mines NL (100%)
Viking Resources Ltd (100%)
North African Resources (100%)
Eucalyptus Nickel NL (100%)
Egyptian Pharaoh Investments (50%)
----------- -----------
Cash flows related to operating Current quarter Year to date (.9..months)
activities
$A'000 $A'000
----------- -----------
-----------
1.1 Receipts from product sales
and related debtors
1.2 Payments for (a) (587) (2,139)
exploration and
evaluation
(b) development (4) (125)
(c) production
(d) administration (211) (649)
1.3 Dividends received
1.4 Interest and other items of 254 752
a similar nature received
1.5 Interest and other costs of
finance paid
1.6 Income taxes paid
1.7 Other (provide details if (200)
material) ----------- -----------
Net Operating Cash Flows (548) (2,361)
------ -------------------------- ----------- -----------
Cash flows related to
investing activities
1.8 Payment for purchases of:
(a) prospects
(b) equity investments (31) (31)
(c) other fixed assets (38)
1.9 Proceeds from sale of: (a)
prospects
(b) equity investments
(c) other fixed assets 6
1.10 Loans to other entities * (364) (364)
(Refer Note 1)
1.11 Loans repaid by other
entities
1.12 Other (provide details if
material) ----------- -----------
Net investing cash flows (395) (427)
----------- -----------
1.13 Total operating and (943) (2,788)
------ investing cash flows ----------- -----------
(carried forward)
--------------------------
------ ----------------------------- ----------- -----------
1.13 Total operating and investing cash flows (brought (943) (2,788)
------ forward) ----------- -----------
-----------------------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings *(Refer Note 1) 372 372
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
----------- -----------
Net financing cash flows 372 372
------ ----------------------------- ----------- -----------
Net increase (decrease) in cash held (571) (2,416)
1.20 Cash at beginning of quarter/year to date 22,526 24,627
1.21 Exchange rate adjustments to item 1.20 106 (150)
----------- -----------
1.22 Cash at end of quarter 22,061 22,061
------ ----------------------------- ----------- -----------
*Note 1 - To improve disclosure, from the March 2004 Quarter onwards the funding
of exploration expenditure by the Holding Company to its subsidiaries will be
disclosed as an inter entity loan under sections 1.10 and 1.16 respectively.
-----------
Payments to directors of the entity and associates of the Current quarter
directors
Payments to related entities of the entity and associates of $A'000
the related entities -----------
-----------
1.23 Aggregate amount of payments to the parties included (208)
in item 1.2 -----------
1.24 Aggregate amount of loans to the parties included in
------ item 1.10 -----------
-------------------------------------
1.25 Explanation necessary for an understanding of the transactions
----- ------------------------------------------
(a) Mr S El-Raghy, a director, and an employee of Pharaoh Gold Mines
NL received salary for the quarter amounting to $98,812.
(b) Mr J El-Raghy, a director and employee of the Company received
salary and superannuation for the quarter amounting to
$56,650.
(c) Sami El-Raghy is also a Director and Shareholder of El-Raghy
Kriewaldt Pty Ltd ('El-Raghy Kriewaldt'). El-Raghy Kriewaldt
provides office premises to the Company. All dealings with
El-Raghy Kriewaldt are in the ordinary course of business and on
normal terms and conditions. Rent paid to El-Raghy Kriewaldt
during the current quarter amounted to $12,706.
(d) Fees and superannuation paid during the quarter amounted to
$19,875.
(e) Services
Dr T Elder, a non-executive director provides additional
----- consulting services to the Company. All dealings with Dr T Elder
are in the ordinary course of business and on normal terms and
conditions. Consulting fees paid to Dr T Elder during the
current quarter amounted to $14,394.
------------------------------------------
(f) Insurance
Mr C Cowden, a non-executive director, is also a director and
----- shareholder of Cowden Limited. Cowden Limited provides insurance
broking services to the Company. All dealings with Cowden
Limited are in the ordinary course of business and on normal
terms and conditions. Insurance premiums paid to Cowden Limited
during the current quarter amounted to $5,472.
------------------------------------------
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
-----------------------------------------------
-----------------------------------------------
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
-----------------------------------------------
-----------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
----------- -----------
Amount available Amount used
----------- -----------
$A'000 $A'000
----------- -----------
3.1 Loan facilities
----------- -----------
3.2 Credit standby arrangements
----- -------------------------- ----------- -----------
Estimated cash outflows for next quarter
-----------
$A'000
-----------
4.1 Exploration and evaluation 1,000
-----------
4.2 Development 30
----- ----------------------------------- -----------
Total 1,030
----- ----------------------------------- -----------
Reconciliation of cash
---------------------------- ----------- -----------
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related
items in the accounts is as follows.
$A'000 $A'000
---------------------------- ----------- -----------
-----------
5.1 Cash on hand and at bank 441 647
----------- -----------
5.2 Deposits at call 6,679 7,201
----------- -----------
5.3 Bank overdraft
----------- -----------
5.4 Term Deposits 14,941 14,678
----- ------------------------- ----------- -----------
Total: cash at end of quarter (item 22,061 22,526
----- 1.22) ----------- -----------
-------------------------
Changes in interests in mining tenements
-------- --------------- -------- --------
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning end of
of quarter quarter
-------- --------------- -------- --------
6.1 Interests in
mining -------- --------------- -------- --------
tenements
relinquished,
reduced or
lapsed
6.2 Interests in
mining -------- --------------- -------- --------
tenements
acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
------------ ---------- ----------- -----------
Total number Number quoted Issue price per Amount paid up per
--------------
security (see note 3) security (see note 3)
(cents) (cents)
------------ ---------- ----------- -----------
7.1 Preference
+securities ------------ ---------- ----------- -----------
(description)
7.2 Changes
------ during ------------ ---------- ----------- -----------
quarter
----------
(a) Increases
through ------------ ---------- ----------- -----------
issues
(b) Decreases
through ------------ ---------- ----------- -----------
returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary 501,910,369 501,910,369
securities ------------ ---------- ----------- -----------
7.4 Changes
------ during ------------ ---------- ----------- -----------
quarter
----------
(a) Increases
------ through ------------ ---------- ----------- -----------
issues
----------
(b) Decreases
------ through ------------ ---------- ----------- -----------
returns of
capital,
buy-backs
----------
7.5 +Convertible
debt ------------ ---------- ----------- -----------
securities
(description)
7.6 Changes
------ during ------------ ---------- ----------- -----------
quarter
----------
(a) Increases
------ through ------------ ---------- ----------- -----------
issues
----------
(b) Decreases
------ through ------------ ---------- ----------- -----------
securities
matured,
converted
----------
7.7 Options Employee Exercise price Expiry date
Option
(description Plan 2002
and
conversion 250,000 NIL 29.00 cents 11/11/2005
factor) 1,160,000 NIL 23.10 cents 12/11/2006
130,000 NIL 23.10 cents 17/11/2006
750,000 NIL 35.49 cents 15/12/2006
------------ ---------- ----------- -----------
CURRENT
QUARTER
Options
issued
pursuant to
Employee
Service
Agreement
------------ ---------- ----------- -----------
7.8 Issued 3,000,000 NIL 23.62 cents 10/03/2009
during
quarter
------------ ---------- ----------- -----------
7.9 Exercised
during
quarter
------------ ---------- ----------- -----------
7.10 Expired
during
quarter
------ ---------- ------------ ---------- ----------- -----------
7.11 Debentures
(totals only)
------ ------------ ----------
----------
7.12 Unsecured
notes (totals ------------ ----------
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Company Secretary Date: *
Print name: Cecilia Tyndall
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 'Nature of interest' (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the
reporting period. If the entity is involved in a joint venture agreement and
there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 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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