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Release Date: 28/03/2003 17:05:02 Code(s): PET
PETRA MINING LIMITED - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
Petra Mining Limited
(Reg No. 1972/001062/06)
(Incorporated in the Republic of South Africa)
(JSE share code: PET
ISIN: ZAE000010237
("Petmin" or "the Company")
Interim results for the six months ended 31 December 2002
Highlights
* Gold mining assets held by subsidiaries sold.
* Listing on the JSE Securities Exchange transferred to "Industrial Sector -
Speciality and other finance".
* Dividend of 590 cents per share paid during the period.
* A further 126,5 cents per share was paid by way of a reduction in the
Company"s share premium account on 17 February 2003.
Abridged Income Statement
Unaudited Audited
Six months year
ended ended
31/12/02 31/12/01 30/06/02
R"000 R"000 R"000
Turnover 10 942 - -
Net operating profit 400 - -
Exceptional item (note 2) 517 709 - -
Net profit before taxation 518 109 - -
Taxation (note 3) 64 238 - -
Net profit after taxation 453 871 - -
Earnings and dividend
per ordinary share
Shares in issue (millions) 80 80 80
Earnings per share
Net profit attributable to
ordinary shareholders (R"000) 453 871 - -
Earnings per share (cents) 567.3 - -
Headline earnings per share
Net profit attributable to
ordinary shareholders (R"000) 453 871 - -
Exceptional Item (R"000) (517 709) - -
Capital gains taxation (R"000) 6 471 - -
Secondary taxation on
companies (R"000) 57 647 - -
280 - -
Headline earnings per share 0,0 0,0 0,0
(cents)
Dividends paid per share
Dividends paid (R"000) 472 000 - -
Dividends paid per share (cents) 590,0 0,0 0,0
Abridged Balance Sheet
Unaudited Audited
31/12/02 31/12/01 30/06/02
R"000 R"000 R"000
Assets
Non-current assets
Investments - 129 404 141 404
Current assets 194 952 - -
Trade and other receivables 972 - -
Cash resources 193 980 - -
Total assets 194 952 129 404 141 404
Equity and liabilities
Capital and reserves 123 275 129 404 141 404
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 (4 012) 2 117 14 117
Current liabilities 71 677 - -
Trade and other payables 7 439 - -
Taxation (note 3) 64 238 - -
Total equity and liabilities 194 952 129 404 141 404
Abridged Cash Flow Statement
Unaudited Audited
Six months year
ended ended
31/12/02 31/12/01 30/06/02
R"000 R"000 R"000
Net cash flows from operating (458 662) - -
activities
Net cash flows from investing 652 642 - -
activities
Net movement in cash 193 980 - -
Cash at beginning of period/year - - -
Cash at end of period/year 193 980 - -
Abridged Statement of Changes in Equity
Share Share Retained
capital premium Reserves earnings Total
Balance at 20 000 101 287 6 000 2 117 129 404
31 Dec 2001
Balance at 20 000 101 287 6 000 14 117 141 404
30 June 2002
Balance at 20 000 101 287 6 000 14 117 141 404
1 July 2002
- Net profit - - - 453 871 453 871
for the period
- Dividends - - - (472 000) (472 000)
paid
Balance at 20 000 101 287 6 000 (4 012) 123 275
31 Dec 2002
Comments
1. Outlook
As announced in the press, the disposal of all the gold mining assets held by
subsidiaries of Petmin was concluded on 30 September 2002. The Company listing
on the JSE Securities Exchange has subsequently been transferred to the
"Industrial Sector - Speciality and other finance." The Company is currently a
cash shell and the directors are reviewing various options with regards to the
future of the Company. An announcement in this regard will be made shortly.
2. Exceptional item
The exceptional item represents the profit on the sale of the gold mining assets
after accounting for transaction expenses
3. Taxation
The following taxation has been provided for:
R"000
- Capital gains taxation 6 471
- Secondary taxation on companies 57 647
- Normal taxation 120
64 238
4. Dividend
The results include the payment of two special dividends. A dividend of 15 cents
per share was paid on 2 September 2002 and a dividend of 575 cents per share was
paid on 2 December 2002. A further 126,5 cents per share was paid by way of a
reduction in the Company"s share premium account on 17 February 2003.
5. Comparative figures
The effective date of the disposal of the gold mining assets held by
subsidiaries was 29 June 2002, therefore the results have been disclosed for the
Company and not for the Petmin Group as at previous reporting dates.
6. 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. The methods of computations and accounting
policies are consistent with those used in previous periods.
On behalf of the Board
P.J. NEL P.F. DU PREEZ
Director Director
28 March 2003
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: Computershare Investor Services Limited, 70 Marshall
Street, Marshalltown. PO Box 1053, Johannesburg 2000.
Auditors: PriceWaterhouseCoopers Inc, 32 Ida Street, Menlo Park, Pretoria. P.O.
Box 35296, Menlo Park, 0120.
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