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PETMIN - Quarterly Results 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") Unaudited results for the quarter ended 31 March 2002 The Quarter under review Net profit up by 66%. Operating profit up by nearly 42%. Gold production up by 1,8%. Revenue per kilogram improved by 11,6%. Tonnage throughput 1% down. Overall recovered grade improved from 3.00 to 3.09 g/t. Underground production up by 3.5%. Cash costs in line with forecast. Productivity maintained above 100 m2 per total employee costed. Group Income Statement Quarter ended 31/3/02 31/12/01
R`000 R`000 Turnover 101 507 89 373 Operating profit from gold mining 21 322 15 037 operations Amortisation of gold mining assets 3 150 3 150 Profit on ordinary activities before 18 172 11 887 financing costs Financing costs 699 1 363 Profit for the period 17 473 10 524 Earnings and headline earnings per 21,84 13,16 ordinary share (cents) Number of ordinary shares in issue 80 80 (millions) Group Balance Sheet 31/3/02 31/12/01 R`000 R`000
Assets Non-current assets 205 458 199 167 Property, plant and equipment 193 908 187 976 Investments 11 550 11 191 Current assets 68 303 57 130 Inventories 20 556 20 424 Deferred stripping charges 2 567 2 788 Trade and other receivables 45 180 33 918 Total assets 273 761 256 297 Equity and liabilities Capital and reserves 170 244 152 771 Issued share capital 20 000 20 000 Share premium 101 287 101 287 Non-distributable reserve 6 000 6 000 Retained earnings 42 957 25 484 Non-current liabilities 24 320 24 375 Long-term liabilities 405 405 Long-term provisions 23 915 23 970 Current liabilities 79 197 79 151 Trade and other payables 69 098 70 315 Bank overdraft 9 703 8 440 Current portion of long-term 396 396 liabilities Total equity and liabilities 273 761 256 297 Group Cash Flow Statement Quarter ended 31/3/02 31/12/01 R`000 R`000
Net cash flows from operating 8 233 5 660 activities Net cash flows from investing (9 440) (1 802) activities Net cash flows from financing (56) (2 502) activities Net movement in cash (1 263) 1 356 Cash at beginning of period (8 440) (9 796) Cash at end of period (9 703) (8 440) Statement of changes in equity Share Share Retained capital premium Reserves earnings Total
R`000 R`000 R`000 R`000 R`000 Balance 30 June 2001/ 1 July 2001 20 000 101 287 6 000 13 485 140 772 Net profit 1 July 2001 to 31 December 2001 - - - 11 999 11 999 Balance 31 December 2001/1 January 2002 20 000 101 287 6 000 25 484 152 771 Net profit 1 January 2002 to 31 March 2002 - - - 17 473 17 473 Balance 31 March 2002 20 000 101 287 6 000 42 957 170 244 Quarterly Operating Results Actual Actual Forecast
Quarter Quarter % Quarter ended ended change ended 31/3/02 31/12/01 on actual 30/06/02 Tons milled 349 882 353 811 - 1.11 390 000 Yield - g/t 3,09 3,00 3 3.21 Gold produced - kg 1 080 1 061 1.79 1 250 Cash costs - R/kg 74 248 70 062 5.97 72 772 - R/ton 229 210 9.05 234
Revenue per kg 93 991 84 235 11.58 Capital expenditure 9 081 1 744 3 000 COMMENTS 1. 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. 2. FORWARD SELLING (HEDGING) The forward selling program has been revised and extended with 45 kilograms per week which have been forward sold as follows: - 12 September 2001 to 24 October 2001 = R72 973 per kg - 31 October 2001 to 28 November 2001 = R76 025 per kg - 5 December 2001 to 2 January 2002 = R78 320 per kg - 9 January 2002 to 6 February 2002 = R82 010 per kg - 13 February 2002 to 13 March 2002 = R85 300 per kg - 20 March 2002 to 19 March 2003 = R88 500 per kg 3. SKUKUZA PROJECT - The Marievale 4 shaft area was successfully completed. - Trial mining has started on the Gedex area. - The VRG area was started in March 2002. - The surface drilling program is continuing. 4. METALLURGICAL PLANT - The project to increase the monthly tonnage input from 120 000 tons to 140 000 tons has been successfully completed during April 2002. - The increase to 170 000 tons per month is on schedule for completion by the end of July 2002. 5. TAXATION No taxation has been provided for during the period under review, as no taxation is payable for the period due to unredeemed capital expenditure and accumulated tax losses. 6. DIVIDENDS No dividends have been declared for the period under review (2001: Nil). 7. PRESENTATION OF RESULTS The presentation of the results can be viewed on the Internet at www.corpcam.com. On behalf of the Board P.J. NEL P.F. DU PREEZ Director Director 16 May 2002 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: Mercantile Registrars, 11 Diagonal Street, Johannesburg. P O Box 1053, Johannesburg, 2000 Auditors: PricewaterhouseCoopers Inc. 32 Ida Street, Menlo Park. P O Box 35296, Menlo Park, 0102 Date: 15/05/2002 05:25:00 PM Produced by the SENS Department
