| Tue 20 Nov 2001, 0:00 | | Petmin - Results For The Quarter Ended 30 Septembe |
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PETMIN PETRA MINING LIMITED
(Reg No. 1972/001062/06)
(Incorporated in the Republic of South Africa)
(JSE share code: PET ISIN Code: ZAE000010237
("Petmin" or "the Company")
results for the quarter ended 30 September 2001
Quarterly review
- Operating profit up by 56% from previous quarter.
- A net profit of R1,475 million for the September 2001 quarter from a loss
of R217 000 in the June 2001 quarter.
- Gold production 2,86% down from the June 2001 quarter as a result of lower
than expected grades. Grades are expected to increase in the next quarter.
- Cash cost per ton down by 4,75% to R181 per ton as a result of the tonnage
input that increased by 6%.
- Cash cost per kilogram increased by 4% to R68 197/kg.
- Skukuza still under performing, but borehole results in new virgin areas
are encouraging.
- Underground development has been increased and underground production is
expected to increase from the March 2002 quarter.
Group Income Statement
Unaudited
Quarter ended
30/09/01 30/06/01
R'000 R'000
Turnover 77 852 75 526
Operating profit from
gold mining operations 6 044 3 881
Amortisation of gold
mining assets 3 150 3 150
Profit on ordinary activities
before financing costs 2 894 731
Financing costs 1 419 948
Profit/(loss) for the period 1 475 (217)
Earnings and headline earnings
per ordinary share (cents) 1,8 (0,3)
Number of ordinary shares
in issue (millions) 80 80
Group Balance Sheet
Unaudited Audited
30/09/01 30/06/01
R'000 R'000
Assets
Non-current assets 200 513 201 501
Property, plant and equipment 189 379 190 426
Investments 11 134 11 075
Current assets 55 408 61 663
Inventories 23 217 24 192
Deferred stripping charges 3 288 2 188
Trade and other receivables 28 837 35 247
Cash resources 66 36
Total assets 255 921 263 164
Equity and liabilities
Capital and reserves 142 245 140 771
Issued share capital 20 000 20 000
Share premium 101 287 101 287
Non-distributable reserve 6 000 6 000
Retained earnings 14 958 13 484
Non-current liabilities 24 409 24 324
Long-term liabilities 405 405
Long-term provisions 24 004 23 919
Current liabilities 89 267 98 069
Trade and other payables 76 509 83 550
Bank overdraft 9 862 7 123
Short-term loan 2 500 7 000
Current portion of long-term liabilities 396 396
Total equity and liabilities 255 921 263 164
Group Cash Flow Statement
Unaudited
Quarter ended
30/09/01 30/06/01
R'000 R'000
Net cash flows from operating
activities 4 625 9 137
Net cash flows from investing activities (2 162) (1 750)
Net cash flows from financing activities (5 172) 2 706
Net movement in cash (2 709) 10 093
Cash at beginning of period (7 087) (17 180)
Cash at end of period (9 796) (7 087)
Quarterly Operating Results
Forecast
Quarter Quarter
ended % ended
30/09/01 30/06/01 change 31/12/01
Tons milled 396 076 372 182 +6,4 340 000
Yield - g/t 2,66 2,91 -8,6 3,131
Gold produced - kg 1 053 1 084 -2,9 1 065
Cash costs - R/kg 68 197 65 401 +4,3 67 371
- R/ton 181 190 -4,7 210
Revenue per kg 73 936 69 673 +6,1
Capital expenditure 2 103 1 505 3 000
Comments
1. ACCOUNTING POLICIES
The results are prepared according to the historical cost accounting
convention and have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
2. forward selling (hedging)
The forward selling program has been revised and extended as reported in the
30 June 2001 quarterly report. 45 kilograms per week was forward sold at R69
575 per kilogram from 1 July 2001 to 11 September 2001. As from 12 September
2001 until 30 October 2001 45 kilograms per week was forward sold at R72 973
per kilogram. 45 kilograms per week have been forward sold at R76 025 per
kilogram from 31 October 2001 until 23 October 2002.
3.taxation
No taxation has been provided for during the period under review, as no
taxation is payable for the period.
4. quarterly presentation
The quarterly presentation can be viewed on the Internet at www.corpcam.com.
On behalf of the Board
P.J. NEL P.F. DU PREEZ
Director Director
21 November 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 W Secretarial Services (Pty) Limited,
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. 83 Lois Avenue, Menlyn.
P O Box 35296, Menlopark, 0102
