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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.
