|
MESSINA - AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
Messina Limited and its subsidiary
(Registration number 1950/035912/06)
Share code: MES
ISIN: ZAE000004438
("Messina" or "the company")
Audited results for the year ended 31 December 2003
Abridged Income Statement
For the year ended 31 December 2003
2003 2002
R"000 R"000
Revenue 65,747 -
Cost of sales (72,255) -
Gross loss (6,508) -
Other operating income 1,881 348
Distribution costs (2,031) -
Administration expenses (14,126) (785)
Other operating expenses (29,313) -
Loss from operations (50,097) (437)
Net finance costs (23,090) 2,180
Profit/(loss) before tax (73,187) 1,743
Taxation - -
Net Profit/(loss) for the year (73,187) 1,743
Earnings per share (cents):
Basic* (437.12) 13.13
-Loss on disposal of assets* 1.01
-Assets written-off* 2.72
Headline* (433.39) 13.13
*based on weighted average number of ordinary shares in issue
Abridged Balance Sheet
At 31 December 2003
Assets
Non-current Assets 1,128,105 881,099
- Property, plant and equipment 208,699 223,607
- Mining assets and development 902,236 656,815
costs
- Exploration projects 16,492 -
- Investments 678 677
Current Assets 70,133 43,113
- Inventories 7,960 8,903
- Receivables and pre-payments 61,036 34,030
- Cash and cash equivalents 1,137 180
1,198,238 924,212
Equity and Liabilities
Capital and Reserves 428,661 232,501
- Ordinary shares 10,035 7,779
- Share premium 442,384 175,293
- Reserves (23,758) 49,429
Non-current liabilities 435,244 468,606
- Ultimate Shareholder"s loan 53,914 53,852
- Interest-bearing borrowings 372,127 406,310
- Environmental obligation 9,203 8,444
Current Liabilities 334,333 223,105
- Trade and other payables 110,393 97,771
- Current portion of borrowings 106,852 29,437
- Bank overdraft 117,088 95,897
1,198,238 924,212
Net asset value per share (Rand) 21.36 14.94
Number of ordinary shares in 20,070 15,558
issue ("000)
Abridged Statement of Changes in Equity
For the year ended 31 December 2003
Non- Distribut
distr able
ibuta
ble
Reser Reserves
ves
Share Share Capit Retained
al
Capital Premium Redem Earnings Total
ption
R"000 R"000 R"000 R"000 R"000
Balance at 1 6,482 22,811 2,002 45,684 76,979
January 2002
Rights issue - 1,297 152,482 - - 153,779
11 November
2002
Profit for the - - - 1,743 1,743
year
Balance at 31 7,779 175,293 2,002 47,427 232,501
December 2002
Balance at 1 7,779 175,293 2,002 47,427 232,501
January 2003
Rights issue - 2,256 268,451 - - 270,707
10 October 2003
Share issue - (1,360) - - (1,360)
costs
Loss for the - - - (73,187) (73,187)
year
Balance at 31 10,035 442,384 2,002 (25,760) 428,661
December 2003
Abridged Cash Flow Statement
For the year ended 31 December 2003
2003 2002
R"000 R"000
Cash flows from operating
activities
Profit/(loss) before tax (73,187) 1,743
Adjusted for:
- Net finance costs 23,090 (2,180)
- Depreciation 4,629 -
- Amortisation 19,554 -
- Loss on disposal of 169 -
assets
- Assets written-off 456 -
Loss from operations (25,289) (437)
Changes in working capital (13,441) 32,024
Inventories 943 (7,418)
Receivables and pre- (27,006) (19,884)
payments
Trade and other receivables 12,622 59,326
Net finance costs (23,090) 2,180
Net cash flow from (61,820) 33,767
operating activities
Cash outflows from (271,814) (520,112)
investing activities
Purchase of property, plant (9,808) (152,318)
and equipment
Proceeds from disposal of 804 -
property, plant and
equipment
Increase in mining assets (246,317) (367,794)
and development costs
Increase in exploration (16,492) -
projects
Increase in non-current (1) -
investment
Cash inflows from financing 313,400 357,899
activities
Ultimate shareholder"s loan
- Increase during the year 207,871 83,558
- Converted to ordinary (207,809) (114,142)
shares
Proceeds from issue of 269,347 153,779
ordinary shares
Increase in long-term 43,232 234,704
borrowings
Increase in environmental 759 -
obligation
Net (decrease)/increase in (20,234) (128,446)
cash and cash equivalents
Cash and cash equivalents (95,717) 32,729
at beginning of the year
Cash and cash equivalents (115,951) (95,717)
at end of year
Notes to the abridged results
The abridged results have been derived from the company"s annual financial
statements for the year ended 31 December 2003, which have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice.
Accounting policies adopted by the company in preparing the abridged results
are consistent with the policies adopted in the preparation of the company"s
annual financial statements for the previous year.
Messina has begun to reflect the revenue from concentrate sales and the
associated operating costs in the income statement as it has deemed the
Voorspoed operation to be in commercial production with effect from the last
quarter of 2003.
The continued strength of the rand has impacted on revenues and profitability
negatively in 2003.
The operational shortfalls and development at Voorspoed have been funded by
means of a further rights issue concluded during the year and by extended
advances made and guarantees given by the company"s ultimate holding company,
SouthernEra Resources Limited of Canada which holds a 73,1% equity interest
in the company.
Non-current liabilities are principally made up of structured long-term
borrowings advanced by the company"s bankers and are secured over the assets
of the company, other debt, including the shareholder"s loan from
SouthernEra, being subordinate to bank debt. Overdraft facilities advanced to
the company are secured by issue of guarantees, supported by cash on deposit,
in favour of the company"s bankers, made by SouthernEra Resources Limited.
During the expected period of production build up to steady state at the
Voorspoed section, the company is and will remain dependant upon the
continued financial support of SouthernEra Resources Limited and the
company"s bankers, SouthernEra having warranted such support as may be
necessary to preserve the going concern status of the company.
The full results of the company have been audited by the company"s auditors,
PricewaterhouseCoopers Inc, as is required by the rules of the JSE Securities
Exchange South Africa. The auditor"s opinions on the full results of the
company and the abridged financial statements are available for inspection at
the company"s registered office.
The full annual report was posted to shareholders on 19 April 2004.
Notice of the annual general meeting
Notice is hereby given that the 54th annual general meeting of Messina
shareholders will be held at Taariq Crescent, 30 Jellicoe Avenue, Rosebank,
Johannesburg on 14 May 2004 at 16h00 to transact businesses as stated on the
notice of annual general meeting forming part of the annual financial
statements.
For and on behalf of the Board
CMH Jennings PC Evans
Director Director
21-Apr-04
Directors:
Dr. CMH Jennings - Chairman (Canadian)*, PC Evans - CEO, TC Dawson*, WM
Eksteen*, LJ Fox (USA)*, RR Mphahlele#
(* non-executive, # independant)
Secretary and registered office
MA Kritzinger
Taariq Crescent
30 Jellicoe Avenue
Rosebank 2196, Johannesburg
(PO Box 2668, Saxonwold, 2132)
Transfer secretaries
Computershare Limited
70 Marshall Street
Marshalltown
2001
(PO Box 61501, Marshalltown, 2000)
Date: 21/04/2004 05:39:48 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
