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Messina Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1950/035912/06)
(the "company")
Directors: Dr CMH Jennings** (Chairman), PC Evans, WM Eksteen,
LJ Fox*, JHR Karlson. (*American **Canadian)
Amended Interim Report
for the six months ended 30 June 2001
Abridged consolidated income statements
6 months to 6 months to 18 months to
30 June 30 June 31 December
2001 2000 2000
(Rm) (Unaudited) (Unaudited) (Audited)
Turnover - - -
Operating costs (0.3) (0.9) (2.1)
Investment income 0.6 3.5 9.1
Exceptional item - - 4.9
Profit before taxation 0.3 2.7 11.9
Taxation - (1.0) (2.3)
Net profit 0.3 1.7 9.6
Abridged consolidated balance sheets
30 June 30 June 31 December
2001 2000 2000
(Rm) (Unaudited) (Unaudited) (Audited)
Assets
Other current assets 10.2 4.1 5.1
Fixed assets 163.7 25.7 50.4
Investments 0.7 - 0.7
Cash and cash equivalents 8.4 50.5 29.8
183.0 80.3 86.0
Equity and liabilities
Ordinary shareholders'
equity 77.1 75.5 76.8
Shareholders loan
- interest bearing 33.8 - -
Long term loan
- interest bearing 31.4 - -
Environmental rehabilitation
provision 2.0 1.3 2.0
Current liabilites
- non-interest bearing 33.6 3.5 7.2
Current liabilities
-interest bearing 5.1 - -
183.0 80.3 86.0
Ordinary shares
in issue (000) 12,965 12,965 12,965
Basic earnings
per share (cents) 2.31 12.73 73.5
Headline earnings
per share (cents) 2.31 12.73 35.7
Abridged consolidated cash flow information
6 months to 6 months to 18 months to
30 June 30 June 31 December
2001 2000 2000
(Rm) (Unaudited) (Unaudited) (Audited)
- Inflow/(outflow)
Operating activities
including working capital 21.3 1.3 6.0
Financing activities 70.3 - -
Investing activities (113.0) (10.6) (36.0)
(Decrease) in cash and
cash equivalents (21.4) (9.3) (30.0)
Notes
Development of the Messina Platinum Mine project continued during the
period, this being funded from advances under long term and shareholders'
loans and extended terms from certain major project creditors.
Subsequent to 30 June 2001, the company concluded its long term funding
arrangements with Rand Merchant Bank (RMB), BOE Merchant Bank and the
Industrial Development Corporation. This long term project funding together
with other underwriting support from Messina's controlling shareholder,
SouthernEra Resources Limited of Canada, SouthernEra's largest shareholder,
Rio Tinto, a major automotive company and the South African lenders of the
long term loan mentioned above, has placed the company in a position to
settle its liability to project creditors and complete the Messina Platinum
Mine project.
Accounting policies have been consistently applied and conform with South
African Statements of Generally Accepted Accounting Practice and the change
in shareholders' equity relates to the results included in the income
statements.
By order of the Board
MA Kritzinger, Secretary
Secretary and registered office Transfer secretaries
MA Kritzinger Mercantile Registrars Limited
Nantai Crescent 8th Floor, 11 Diagonal Street
30 Jellicoe Avenue Johannesburg, 2001
Rosebank 2196, Johannesburg (PO Box 1053 Johannesburg, 2000)
(PO Box 2668, Saxonwold, 2132)
Johannesburg, 27 September 2001
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