Final Results
June 30 2003 - 6:52AM
UK Regulatory
SIMMER AND JACK MINES, LIMITED - RESULTS FOR the FINANCIAL YEAR ENDED 31 MARCH
2003
SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code SIM ISIN ZAE000006722
(Simmers or the Company)
Directors: R A R Kebble (Chairman), M McChesney (CEO), H C Buitendag, J
Stratton (Australian)
Abridged consolidated income statement
Year ended Year ended
31 March 2003 31 March 2002
(Reviewed) (Audited)
R`000 R`000
Revenue 51 909 46 129
Operating costs 44 200 40 884
Gross operating profit 7 709 5 245
Corporate expenses (2 393) (1 974)
Operating profit 5 316 3 271
Income from investments 602 126
Finance charges (4 634) (3 698)
Net profit/(loss) for the 1 284 (301)
year
ABRIDGED CONSOLIDATED BALANCE SHEET
ASSETS
Non- current assets 62 221 53 294
Mining assets 60 677 51 866
Financial assets 1 200 1 200
Environmental Rehabilitation 344 228
Trust Fund
Current assets 6 312 12 455
Other current assets 5 297 6 239
Cash and cash equivalents 1 015 6 216
68 533 65 749
EQUITY AND LIABILITIES
Equity capital and 36 400 35 116
accumulated loss
Shareholders` interest 36 399 35 115
Minority shareholders` 1 1
interest
Non-current liabilities 27 026 25 642
Interest bearing loans 310 14
Loan from holding company 26 077 25 052
Environmental rehabilitation 639 576
provision
Current liabilities 5 107 4 991
Interest bearing borrowings 259 154
Trade and other payables 4 848 4 837
68 533 65 749
Shares in issue at year-end 215 432 215 432
(`000)
Net asset value per share 16,9 16,3
(cents)
Headline earnings per share 0,6 (0,1)
(cents)*
Earnings per share (cents)* 0,6 (0,1)
* Based on weighted average number of shares in issue 215 432 215 432
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating 6 716 3 198
activities
Cash flows from investing (13 237) (468)
activities
Cash flows from financing 1 320 3 176
activities
Net (decrease)/increase in (5 201) 5 906
cash and cash
equivalents
Cash and cash equivalents at 6 216 310
beginning of year
Cash and cash equivalents at 1 015 6 216
end of year
Statement of Changes in Equity
Non-
Share Share distributable Accumulated
capital premium reserves profit/ Total
(loss)
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 4 307 106 543 17 357 (92 792) 35 416
2001
Net loss for the year (301) (301)
Transfer of profits (17 358) 17 358 -
appropriated
for capital
Balance at 1 April 4 307 106 543 - (75 735) 35 115
2002
Net profit for the - - - 1 284 1 284
year
Balance at 31 March 4 307 106 543 - (74 451) 36 399
2003
Notes:
The financial results are prepared on the historical cost basis. Accounting
policies adopted by the group are in accordance with South African Statements
of Generally Accepted Accounting Practice and are consistent with those of the
previous year. The financial results are prepared on the going concern basis.
The Company`s auditors, Grant Thornton Kessel Feinstein, have reviewed the
financial information for the 12-months ended 31 March 2003. Their report is
available at the registered office of the Company.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Johannesburg
27 June 2003
Transfer secretaries
South Africa United Kingdom
Computershare Investor Services Limited Capita Registrars
Ground Floor The Registry
70 Marshall Street 34 Beckenham Road
Johannesburg, 2001 Beckenham
Kent BR3 4TU
England
Registered office Sponsor
3rd Floor River Sponsors (Pty) Limited
28 Harrison Street Suite 201
Johannesburg, 2001 150 Brooks Street
Brooklyn, 0181
Pretoria
END