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PETRA MINING LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003 AND
FURTHER CAUTIONARY ANNOUNCEMENT
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")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003 AND FURTHER CAUTIONARY
ANNOUNCEMENT
Highlights:
* Gold mining assets sold
* Dividend of 590 cents per share paid to shareholders during the year
* A further 126,5 cents per share paid to shareholders during the year by way
of reduction in share premium
Income Statement
Year ended Year ended
30 June 2003 30 June 2002
Note R"000 R"000
Revenue 14 966 -
Operating expenses 3 550 -
Net operating profit 11 416 -
Profit on sale of subsidiary 6 514 271 -
Dividend received - 12 000
Net profit before taxation 525 687 12 000
Taxation 7 67 499 -
Net profit after taxation 458 188 12 000
Earnings per ordinary share 8 572.74 15.00
(cents)
Headline earnings per
ordinary share (cents) 8 9.99 15.00
Balance Sheet
As at As at
30 June 2003 30 June 2002
R"000 R"000
ASSETS
Non-current assets
Interest in subsidiaries - 141 404
Current assets
Receivables and prepayments 673 -
Cash and cash equivalents 36 805 -
37 478 -
Total assets 37 478 141 404
Equity and Liabilities
Capital and reserves
Share capital 20 000 20 000
Share premium 87 101 287
Reserves 6 000 6 000
Retained earnings 305 14 117
26 392 141 404
Current liabilities
Trade and other payables 465 -
Shareholders for dividends 768 -
Taxation 9 853 -
11 086 -
Total equity and liabilities 37 478 141 404
Statement of Changes in Equity
Share Share Retained
R"000 capital premium Reserves earnings Total
Balance at 1 20 000 101 287 6 000 2 117 129 404
July 2001
- Net profit - - - 12 000 12 000
for the year
Balance at 30
June/
1 July 2002 20 000 101 287 6 000 14 117 141 404
- Net profit - - - 458 188 458 188
for the year
- Reduction in
share premium - (101 200) - - (101 200)
- Dividend - - - (472 000) (472 000)
paid
Balance at 30 20 000 87 6 000 305 26 392
June 2003
Abridged Cash Flow Statement
Year ended Year ended
30 June 2003 30 June 2002
R"000 R"000
Net cash flows from operating activities (612 442) 12 000
Net cash flows from investing activities 649 247 (12 000)
Net increase in cash and cash 36 805 -
equivalents
Cash and cash equivalents at beginning - -
of year
Cash and cash equivalents at end of year 36 805 -
Notes to the Financial Statements
1. Overview of results
The company concluded an agreement on 30 September 2003, whereby Chimera
Mines and Minerals Corporation Limited (a company registered in the Cayman
Islands and a subsidiary of Canadian EAGC Ventures Incorporated) purchased
the total issued share capital of and all loan accounts against Petrex
(Proprietary) Limited (a full subsidiary of the Company). The purchase
price of US$66 666 667 was paid in cash. The company paid out the proceeds
by the way of dividends and the company is currently a cash shell.
2. DIVIDENDS
A dividend of 575 cents per share (2002: 15 cents per share proposed)
amounting to R460 million (2002: R12 million proposed) was declared and
paid during the year. A dividend of 15 cents per share proposed in the
previous year was declared and paid during the year.
3. REDUCTION OF SHARE PREMIUM
126,5 cents per share (2002: nil) was paid during the year by way of a
reduction in the company"s share premium account.
4. AUDITORS" REPORT
PricewaterhouseCoopers Incorporated has audited the financial results and
their unqualified report is available at the Company"s registered office.
5. ACCOUNTING POLICIES
The financial statements are prepared in accordance with and comply with
Statements of Generally Accepted Accounting Practice in South Africa
(GAAP). The financial statements are prepared under the historical cost
convention.
6. PROFIT ON SALE OF SUBSIDIARY
30 June 2003 30 June 2002
R"000 R"000
Proceeds from disposal 667 320 -
Investment in subsidiary (129 404) -
Expenses related to disposal (23 645) -
514 271 -
7. TAXATION
The Company had the following taxation liabilities for the year:
Secondary Taxation on 57 500 -
Companies
Interest paid thereon 147 -
Capital Gains Taxation 6 428 -
Normal Taxation 3 424 -
67 499 -
8. EARNINGS PER ORDINARY SHARE
Earnings per share are calculated by dividing the net profit attributable
to shareholders by the weighted average number of ordinary shares in issue
during the year.
Year ended Year ended
30 June 2003 30 June 2002
Basic
earnings per
share
Net profit 458 188 12 000
attributable
to ordinary
shareholders
(R"000)
Weighted 80 000 80 000
average
number of
ordinary
shares in
issue
(thousands)
Basic 572.74 15.00
earnings per
share (cents)
Year Year
ended ended
30 June 30 June
Profit 2003 2002
before tax Taxation Headline Headline
R"000 R"000 R"000 R"000
Headline
earnings per
share
As reported 525 687 (67 499) 458 188 12 000
in the
financial
statements
Adjustments:
- Profit on (514 271) 64 075 (450 -
sale of 196)
subsidiary
11 416 (3 424) 7 992 12 000
Headline 9.99 15.00
earnings per
share (cents)
Further Cautionary Announcement
Further to the cautionary announcement by the Company dated 15 September 2003,
shareholders are advised that the Company is in negotiations, which may have a
material effect on the share price of the Company. Shareholders are advised to
exercise caution in their dealings in the Company"s shares.
For and on behalf of the board
PF Du Preez PJ Nel
Director Director
25 September 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, Pretoria.
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 Limited,
70 Marshall Street, Johannesburg 2001.
P O Box 1053, Johannesburg 2000.
Auditors:
PriceWaterhouseCoopers Inc,
32 Ida Street, Menlo Park, Pretoria.
P.O. Box 35296, Menlo Park, 0120.
Sponsor:
River Sponsors (Pty) Ltd,
Suite 201, 150 Brooks Street, Brooklyn, Pretoria, 0181
Date: 25/09/2003 03:01:13 PM Produced by the JSE SENS Department
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