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Messina Limited - Interim Report
Messina Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1950/035912/06)
Share code: MES ISIN: ZAE000004438
(the "company")
Directors: Dr CMH Jennings** (Chairman), PC Evans, WM Eksteen,
LJ Fox*, JHR Karlson. (*USA **Canadian)
Interim Report
for the six months ended 30 June 2002
Abridged consolidated income statements
6 months to 6 months to 12 months to
30 June 30 June 31 December
2002 2001 2001
(Rm) (Unaudited) (Unaudited) (Audited)
Turnover - - -
Operating costs (0.0) (0.3) (1.2)
Other income - rentals and 1.9 0.6 1.4
interest
Profit before taxation 1.9 0.3 0.2
Taxation - - -
Net profit 1.9 0.3 0.2
Abridged consolidated balance sheets
30 June 30 June 31 December
2002 2001 2001
(Rm) (Unaudited) (Unaudited) (Audited)
Assets
Current assets 74.2 18.6 48.3
Fixed assets 618.4 163.7 359.5
Investments 0.7 0.7 0.7
693.3 183.0 408.5
Equity and liabilities
Ordinary shareholders` 78.9 77.1 77.0
equity
Ultimate shareholders loan 156.0 33.8 84.4
- interest bearing
Long-term loan - interest 330.8 31.4 191.8
bearing
Environmental 7.7 2.0 7.7
rehabilitation provision
Current liabilities - non- 57.5 33.6 38.4
interest bearing
Current liabilities - 62.4 5.1 9.2
interest bearing
693.3 183.0 408.5
Ordinary shares in issue 12,965 12,965 12,965
(000)
Basic earnings per share 14.50 2.31 1.75
(cents)
Headline earnings per share 14.50 2.31 1.75
(cents)
ABRIDGED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
6 months to 6 months to 12 months to
30 June 30 June 31 December
2002 2001 2001
(Rm) (Unaudited) (Unaudited) (Audited)
Equity at beginning of 77.0 76.8 76.8
period
Net profit for the period 1.9 0.3 0.2
Equity at end of period 78.9 77.1 77.0
Abridged consolidated cash flow information
6 months to 6 months to 12 months to
30 June 30 June 31 December
2002 2001 2001
(Rm) (Unaudited) (Unaudited) (Audited)
- Inflow/(outflow)
Operating activities 1.1 21.3 20.9
including working capital
Financing activities 247.4 70.3 285.5
Investing activities (258.9) (113.0) (303.5)
(Decrease)/Increase in (10.4) (21.4) 2.9
cash and cash equivalents
Notes
Development at the Messina Platinum Mine Voorspoed Project has
continued. This is reflected in the increase in fixed assets in the
balance sheet. The development has been funded from advances from the
company`s bankers and its holding company, SouthernEra Resources Limited
of Canada.
The company remains dependent upon the continued support of its bankers
and its holding company for the completion of the project which is
progressing essentially in line with expectations.
Revenue generated from PGM sales during project construction is
capitalised.
The interim report has been prepared in terms of Generally Accepted
Accounting Practices adopted in the mining industry in South Africa. The
same accounting policies applied in the most recent annual financial
statements have been applied in the interim report.
For and on behalf of the Board
WM Eksteen PC Evans
Director Director
Secretary and registered office Transfer secretaries
MA Kritzinger Computershare Investor Services Limited
Nantai Crescent 8th Floor
30 Jellicoe Road 11 Diagonal Street
Rosebank 2196, Johannesburg Johannesburg, 2001
(PO Box 2668, Saxonwold, 2132) (PO Box 1053, Johannesburg, 2000)
Johannesburg, 30 September 2002
Date: 01/10/2002 07:12:00 AM Produced by the JSE SENS Department
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