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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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department
