Messina Limited - Audited Preliminary Results For The Year Ended 31 December
Release Date: 28/03/2002 08:32:32Code(s): MES © 2002 SharenetClick CODE for more details on the company2001
MESSINA LIMITED
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1950/035912/06)
Share code: MES ISIN: ZAE000004438
("Messina")
Audited Preliminary Results For The Year Ended 31 December 2001
Abridged Consolidated Income Statements
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000
(12 months) (18 months)
R'000 R'000
Income 1,369 9,075
Other Expenses (1,142) (2,100)
Exceptional item - 4,898
Profit before tax 227 11,873
Taxation - (2,342)
Net profit 227 9,531
Earnings per share (cents):
basic 1,75 73,5
headline 1,75 35,7
Abridged Consolidated Balance Sheets
AT 31 DECEMBER 2001
31-Dec-01 31-Dec-00
R'000 R'000
Assets
Non-current Assets 360,287 51,089
Property, plant and equipment 81,335 15,350
Mining Assets 278,275 35,062
Investments 677 677
Current Assets 48,360 34,888
Inventory 1,485 -
Receivables and prepayments 3,839 4,336
Current tax assets 10,307 720
Cash and cash equivalents 32,729 29,832
408,647 85,977
Equity and Liabilities
Capital and Reserves 76,979 76,752
Ordinary shares 6,482 6,482
Share premium 22,811 22,811
Reserves 47,686 47,459
Long term liabilities (note 2) 276,279 -
Shareholders' loan - interest bearing 84,436 -
Long term loans - interest bearing 191,843 -
Non-current Liabilities
Environmental obligation provision 7,744 2,005
Current Liabilities 47,645 7,220
Trade and other payables 38,445 7,202
Current portion of long
term loan - interest bearing 9,200 -
Current tax liabilities - 18
408,647 85,977
Net asset value per share (Rand) 5.93 5.92
Number of ordinary
shares in issue ('000) 12,965 12,965
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2001
Capital Reserves Total
Share Share Capital Retained
Capital Premium Redemption Earnings
R'000 R'000 R'000 R'000 R'000
Balance
at
31 December
2000 6,482 22,811 2,002 45,457 76,752
Profit for
the year 227 227
Balance
at
31 December
2001 6,482 22,811 2,002 45,684 76,979
Abridged Consolidated Cash Flow Statements
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000
(12 months) (18 months)
R'000 R'000
Cash flows from operating
activities
Profit before tax 227 11,873
Adjustments for:
Exceptional items - (4,898)
Finance income (1,182) (8,811)
Non cash flow items - 707
Loss from operations (955) (1,129)
Changes in working capital 20,650 2,309
Receivables & pre-payments (9,090) (4,328)
Trade & other payables 31,225 6,637
Inventory (1,485) -
Finance income 1,182 8,811
Taxation paid - (3,950)
Net cash flow from
operating activities 20,877 6,041
Cash outflows for investment
activities (303,459) (36,011)
Purchase of property, plant
and equipment (66,362) (272)
Increase in mining assets (237,097) (35,062)
Purchase of non-current investment - (677)
Cash inflows from financing
activities 285,479 -
Increase in shareholders' loan 84,436 -
Increase in borrowings 201,043 -
Net increase/(decrease) in
cash and cash equivalents 2,897 (29,970)
Cash and cash equivalents at
beginning of period 29,832 59,802
Cash and cash equivalents at
end of period 32,729 29,832
Notes to the preliminary results
1. During the year to December 2001, Messina continued with the development
of the Voorspoed section of the Messina Platinum Mine, completed and
commissioned the Advanced Production Initiative ("API") plant and commenced
production at the API.
2. Funding for the development of the Voorspoed project has been provided by
way of loans from Messina's controlling shareholder, SouthernEra Resources
Limited, a consortium of South African banks led by Rand Merchant Bank and a
South African public company. The loans are interest bearing at market
related interest rates. In the case of the shareholders' loan only, this
loan is denominated in United States dollars. The loans from the banking
consortium amounting to approximately R155 million at year end are secured
over all the assets of Messina. These activities have had no effect on the
calculation of earnings per share in the current year as all development
costs, including interest payable, are being capitalised.
3. Accounting policies adopted in the preparation of the preliminary results
above are consistent with the accounting policies adopted in the preparation
of Messina's previous years' financial statements and complies with
statements of Generally Accepted Accounting Practice in South Africa.
4. All income and expenditure has been capitalised in accordance with
Messina's accounting policies apart from rental income, certain non-
operating expenditure and interest received.
5. Messina has capital commitments to the value of R288 million that will be
financed through the funding arrangements as set out in note 2.
For and on behalf of the Board
CMH Jennings WM Eksteen
Director Director
28 March 2002 |
