| Fri 28 Sep 2001, 0:00 | | Petmin - Provisional Abridged Results For The Year |
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Provisional Abridged results for the year and quarter ended
30 June 2001
Group Income Statement
Audited
Reviewed Sixteen Unaudited
Year months Quarter
ended ended ended
(R'000) 30/06/2001 30/06/2000 30/06/2001 31/03/2001
Turnover 281 908 342 583 75 526 66 558
Operating profit from
gold mining
operations 20 222 26 807 4 631 4 273
Amortisation of gold
mining assets 14 934 19 822 3 984 3 650
Profit on ordinary
activities before
financing
costs 5 288 6 985 647 623
Financing costs 4 655 1 919 948 1 318
Profit/(loss) for
the year/period 633 5 066 (301) (695)
Earnings and headline
earnings per
ordinary share
(cents) 0.8 6.3 (0.4) (0.9)
Weighted average number of
ordinary shares in
issue (millions) 80 80 80 80
Group Balance Sheet
Reviewed Audited Unaudited
(R'000) 30/06/2001 30/06/2000 31/03/2001
Assets
Non-current assets 219 631 197 152 200 288
Property, plant and
equipment 208 556 187 526 190 515
Investments 11 075 9 626 9 773
Current assets 61 663 62 757 54 985
Inventories 24 192 25 040 29 469
Deferred stripping charges 2 188 - -
Trade and other receivables 35 247 36 916 25 516
Cash resources 36 801 -
Total assets 281 294 259 909 255 273
Equity and liabilities
Capital and reserves 159 651 138 558 142 948
Issued share capital 20 000 20 000 20 000
Share premium 101 287 101 287 101 287
Non-distributable reserve 6 000 6 000 6 000
Retained earnings 32 364 11 271 15 661
Non-current liabilities 23 734 26 364 26 445
Long-term liabilities 405 584 584
Long-term provisions 23 329 25 780 25 861
Current liabilities 97 909 94 987 85 880
Trade and other payables 83 390 75 569 68 483
Bank overdraft 7 123 7 982 17 180
Short-term loan 7 000 - -
Current portion of long-term
liabilities 396 11 436 217
Total equity and liabilities 281 294 259 909 255 273
Group Cash Flow Statement
Audited
Reviewed Sixteen Unaudited
Year months Quarter
ended ended ended
(R'000) 30/06/2001 30/06/2000 30/06/2001 31/03/2001
Net cash flows from
operating activities 22 008 12 909 9 137 6 917
Net cash flows from
investing
activities (17 214) (14 197) (1 750) (4 831)
Net cash flows from
financing
activities (4 700) (19 589) 2 706 -
Net movement in cash 94 (21 377) 10 093 2 086
Cash at beginning of
year/period (7 181) (14 196) (17 180) (19 266)
Cash at end of
year/period (7 087) (7 181) (7 087) (17 180)
Operating Results
Sixteen
Year months Quarter
ended ended ended
30/06/2001 30/06/2000 30/06/2001 31/03/2001
Tons milled 1 420 808 1 546 000 372 182 308 757
Yield - g/t 2,98 3,18 2,91 3,17
Gold produced - kg 4 227 5 745 1 084 980
Cash cost - R/kg 61 908 54 961 65 401 63 556
- R/ton 184 204 190 202
Revenue per kg 66 692 59 632 69 673 67 916
Statement of Changes in Equity
Non-
Share Share distributable Retained
(R'000) capital premium reserve earnings Total
Balance at
28/02/1999 20 000 101 287 6 000 6 205 133 492
Profit for
the period - - - 5 066 5 066
Balance at
30/06/2000 20 000 101 287 6 000 11 271 138 558
Profit for
the year - - - 633 633
Change in
accounting policy - - - 20 460 20 460
Balance at
30/06/2001 20 000 101 287 6 000 32 364 159 651
Comments
1. Accounting policies
The provisional results are prepared according to the historical cost
accounting convention.
The unaudited results for the year ended 30 June 2001 have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice.
The rehabilitation liability is shown at the previous years value and will
be recalculated and finalised with the audited results. The calculation
should not have a material effect on the provisional results.
Amortisation of the gold mining assets is calculated on a Life of Mine
determined by using Measured and Indicated Resources as at 30 June 2001.
2. Year results
The year results are less favourable than expected as a result of the lower
production, both in tons and yield (g/t), at the Skukuza Project. The
problems encountered have been addressed and the production results are
improving.
Revenue per kilogram was higher than expected as a result of the higher Rand
gold price for the past six months and the forward selling program. Cost per
kilogram and cost per ton was higher than forecast because of the lower
production at the Skukuza Project.
3. Quarterly results
The kilograms produced have improved by 10% from the last quarter and
tonnage output improved by 20%. The yield has dropped by 8% to 2,91 grams
per ton.
4. Forward selling (hedging)
The forward selling program has been revised and extended as reported in the
31 March 2001 quarterly report. 45 kilograms per week have been forward sold
at R69 575 per kilogram until September 2001 and at R72 973 per kilogram
until 14 August 2002.
5. Water subsidy
The water subsidy from the State has been approved until March 2002.
6. Dividends
No dividends have been paid or declared during the year under review.
7. Taxation
No taxation has been provided for during the year under review, as no
taxation is payable for the year.
8. Provisional results
The provisional results have been reviewed by the auditors. The
rehabilitation liability and the amortisation of gold mining assets has not
been finalised. The qualified report, regarding the abovementioned
rehabilitation and amortisation, is available at the registered office for
inspection.
9. Audited results
Audited results will be published before the end of November 2001.
On behalf of the Board
P.J. NEL P.F. DU PREEZ
Director Director 28 September 2001
Directors: P J Nel, P F du Preez, J A Strijdom, H V W Chapman
Registered Office: 28 Visagie Street, Guarantee House, 5th Floor. P O Box
9446, Pretoria, 0001
Secretary: D H Warmenhoven Attorneys, 28 Visagie Street, Guarantee House,
Pretoria, P O Box 899, Groenkloof, 0027
Transfer Secretaries: Mercantile Registrars, 11 Diagonal Street,
Johannesburg. P O Box 1053, Johannesburg, 2000
Auditors: PriceWaterhouseCoopers Inc. 32 Ida Street, Menlo Park. P O Box
35296, Menlopark, 0102
