Audited Results for the year
27 Juni 2002 - 6:21PM
UK Regulatory
RNS Number:8676X
Simmer & Jack Mines Ld
27 June 2002
SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
JSE share code: SIM ISIN: ZAE000006722
("Simmers" or "the company")
Directors: R A R Kebble (Chairman), M McChesney (CEO), H C Buitendag,
J Stratton (Australian)
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002
Abridged consolidated income statement
Year ended Year ended
31 March 2002 31 March 2001
R'000 R'000
Revenue 46 129 29 741
Operating costs 40 884 32 128
Gross operating profit/(loss) 5 245 (2 387)
Corporate expenses (1 974) (895)
Operating profit/(loss) 3 271 (3 282)
Income from investments 126 39
Finance charges (3 698) (3 149)
Loss before taxation (301) (6 392)
Taxation - -
Loss for year (301) (6 392)
ABRIDGED CONSOLIDATED BALANCE SHEET
31 March 2002 31 March 2001
R'000 R'000
ASSETS
Non-current assets 53 294 56 483
Mining assets 51 866 55 283
Financial assets 1 200 1 200
Environmental Rehabilitation Trust Fund 228 -
Current assets 12 455 4 987
Other current assets 6 239 4 514
Cash and cash equivalents 6 216 473
65 749 61 470
EQUITY AND LIABILITIES
Equity capital and accumulated loss 35 116 35 417
Shareholders' interest 35 115 35 416
Minority shareholders' interest 1 1
Non-current liabilities 25 642 22 209
Interest bearing borrowings 14 -
Loan from holding company 25 052 21 890
Environmental Rehabilitation provision 576 319
Current liabilities 4 991 3 844
Interest bearing borrowings 154 90
Other current liabilities 4 837 3 591
Bank overdraft - 163
65 749 61 470
Shares in issue at year-end ('000) 215 432 215 432
Net asset value per share (cents) 16,3 16,4
Headline earnings per share (cents)* (0,1) (3,0)
Attributable earnings
per share (cents)* (0,1) (3,0)
* Based on weighted average number
of shares in issue 215 432 215 432
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating activities 3 198 (5 492)
Cash flows from investing activities (468) (1 448)
Cash flows from finance activities 3 176 6 932
Net increase in cash and
cash equivalents 5 906 (8)
Cash and cash equivalents at
beginning of year 310 318
Cash and cash equivalents at
end of year 6 216 310
Statement of Changes in Equity
Non-dis
Share Share tributable Accumulated
capital premium reserves loss Total
R'000 R'000 R'000 R'000 R'000
Balance at 1 April 2000 2 467 75 183 17 358 (37 480) 57 528
Prior year adjustment -
mining assets - - - (48 920) (48 920)
Restated balance 2 467 75 183 17 358 (86 400) 8 608
Net loss for year - - - (6 392) (6 392)
Issue of share capital 1 840 31 360 - - 33 200
4 307 106 543 17 358 (92 792) 35 416
Balance at 1 April 2001
As previously reported 4 307 106 543 17 358 (41 001) 87 207
Prior year adjustment -
mining assets - - - (52 619) (52 619)
Prior year adjustment -
gold-in-process - - - 828 828
As restated 4 307 106 543 17 358 (92 792) 35 416
Transfer of profits
appropriated for
capital expenditure - - (17 358) 17 358 -
Net loss for year - - - (301) (301)
Balance at
31 March 2002 4 307 106 543 - (75 735) 35 115
Notes:
The group changed the accounting policy from the appropriation method to
compliance with International Accounting Standards. The principal effects of
this change are that mining assets are now amortised over the lives of the mines
and gold-in-process has been brought to account. The effect of this change is as
follows:
Reduction in net profit before and after tax due to increase in amortisation
charge for mining assets and accounting for gold-in-process:
2002 R3,16 million
2001 R2,87 million
Restatement of opening accumulated loss in respect of prior year adjustment to
mining assets and gold-in-process:
2002 R51,79 million
2001 R48,92 million
The operating performance of the group continued to improve reflecting a
significant turnaround in operating profit and a small loss for the financial
year.
By order of the Board
Johannesburg
27 June 2002
Consolidated Mining Management Services Limited
Secretaries
Transfer secretaries
South Africa
Computershare Investor Services Limited
8th Floor, 11 Diagonal Street, Johannesburg, 2001
South Africa
United Kingdom
Capita IRG Plc
Balfour house, 390/398 High Road, Ilford, Essex LG1 1NQ
England
Registered office
3rd Floor, 28 Harrison Street, Johannesburg, 2001
South Africa
Sponsor
Riverbank Sponsor Services (Pty) Limited
Suit 201, 150 Brooks Street, Brooklyn, 0181
South Africa
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