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PETMIN - Audited results

Release Date: 29/11/2001 17:03
Code(s): PET
Wrap Text
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")
Audited results for the year ended 30 June 2001
Group Income Statement

Audited Audited Sixteen Year months ended ended (R'000) 30/06/2001 30/06/2000 Turnover 279 614 342 583 Operating profit from gold mining
operations 19 472 26 807 Amortisation of gold mining assets 12 605 19 822 Profit on ordinary activities before
financing costs 6 867 6 985 Financing costs 4 655 1 919 Profit for the year/period 2 212 5 066 Basic earnings per ordinary share (cents) 2,77 6,33 Headline earnings per ordinary share (cents) 2,77 5.07 Weighted average number of ordinary shares
in issue (millions) 80 80 Group Balance Sheet
Audited Audited (R'000) 30/06/2001 30/06/2000 Assets
Non-current assets 201 501 197 152 Property, plant and equipment 190 426 187 526 Investments 11 075 9 626 Current assets 61 663 62 757 Inventories 24 192 25 040 Trade and other receivables 37 435 36 916 Cash resources 36 801 Total assets 263 164 259 909 Equity and liabilities
Capital and reserves 140 770 138 558 Issued share capital 20 000 20 000 Share premium 101 287 101 287 Non-distributable reserve 6 000 6 000 Retained earnings 13 483 11 271 Non-current liabilities 24 325 26 364 Long-term liabilities 405 584 Long-term provisions 23 920 25 780 Current liabilities 98 069 94 987 Trade and other payables 83 550 75 569 Bank overdraft 7 123 7 982 Short-term loan 7 000 - Current portion of long-term liabilities 396 11 436 Total equity and liabilities 263 164 259 909 Abridged Group Cash Flow Statement
Audited
Audited Sixteen
Year months
ended ended
(R'000) 30/06/2001 30/06/2000
Net cash flows from operating activities 22 009 12 409
Net cash flows from investing activities (17 214) (14 197)
Net cash flows from financing activities (4 701) (19 589)
Net movement in cash 94 (21 377)
Cash at beginning of year/period (7 181) 14 196
Cash at end of year/period (7 087) (7 181) Statement of Changes in Equity Non- distri-
Share Share butable Retained
(R'000) capital premium reserve earnings Total Balance at
28/02/1999 20 000 101 287 6 000 6 205 133 492 Profit for the
period - - - 5 066 5 066 Balance at
30/06/2000 20 000 101 287 6 000 11 271 138 558 Profit for the
year - - - 2 212 2 272 Balance at
30/06/2001 20 000 101 287 6 000 13 483 140 770 Comments 1. Accounting policies
The audited 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.
Amortisation of the gold mining assets is calculated on a Life of Mine determined by using Measured and Indicated Resources as at 30 June 2001. 2. Year results
A total of 1 420 808 (2000: 1 546 000) tons were milled at a grade of 2,98 (2000: 3,18) grams per ton producing 4 327 (2000: 5 745) kilograms of gold. The results are less favourable than expected as a result of the lower production, both in tons and yield (g/t), at the Skukuza Project. The problems encountered have been addressed and the production results are improving.
Revenue of R64 621 (2000: R59 632) per kilogram was higher than expected as a result of the higher Rand gold price for the past six months and the forward selling program. The cash cost of R61 908 (2000: R54 961) per kilogram gold produced and R184 (2000: R204) per ton milled was higher than forecast because of the lower production at the Skukuza Project. 3. Forward selling (hedging)
The forward selling program has been revised and extended as reported in the provisional 30 June 2001 report. 45 kilograms per week was forward sold at R69 575 per kilogram until 11 September 2001 and at R72 973 per kilogram from 12 September 2001 until 30 October 2001.45 kilograms per week have been forward sold at R76 025 per kilogram from 31 October 2001 until 23 October 2002. 4. Water subsidy
The water subsidy from the State has been approved. 5. Dividends
No dividends have been paid or declared during the year under review (2000: R nil). 6. Taxation
No taxation has been provided for during the year under review, as no taxation is payable for the year (2000: R nil). 7. Annual report
The annual report will be posted to the shareholders before the end of December 2001. On behalf of the Board P.J. NEL P.F. DU PREEZ
Director Director 30 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. 32 Ida Street, Menlo Park. P O Box 35296, Menlopark, 0102

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