Interim Results
March 30 2005 - 11:32AM
UK Regulatory
STILFONTEIN
GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/033412/06)
Share code: STI ISIN: ZAE000007118
("the Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
AND FURTHER CAUTIONARY ANNOUNCEMENT
INCOME STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2004 2003 2004
R'000 R'000 R'000
Net operating loss for the (196) (202) (283)
period
Net finance income 300 376 573
Net income for the period 104 174 290
before taxation
Net income for the period 104 174 290
Earnings per share (cents)
� headline and attributable 0.8 1.3 2.2
Earnings per share calculation 13 026 920 13 026 920 13 026 920
is based on the average
weighted number of shares in
issue of
BALANCE SHEETS (ABRIDGED)
Unaudited Unaudited Audited
31 December 31 December 30 June
2004 2003 2004
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 7 876 7 881 7 876
Investments 131 131 130
8 007 8 012 8 006
Current assets 9 308 7 647 8 951
Total assets 17 315 15 659 16 957
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Non-interest bearing 7 647 6 228 7 393
Shareholders' equity 9 668 9 431 9 564
Total liabilities and 17 315 15 659 16 957
shareholders'equity
Net asset value per share 74.0 72.2 73.2
(cents)
STATEMENTS OF CHANGES IN EQUITY
Share Share Retained
capital premium earnings Total
R'000 R'000 R'000 R'000
Balance on 1 July 2003 6 531 1 514 1 208 9 253
Unclaimed dividends written-back � � 21 21
Net profit for the period � � 290 290
Balance on 1 July 2004 6 531 1 514 1 519 9 564
Net profit for the period � � 104 104
Balance on 31 December 2004 6 531 1 514 1 623 9 668
CASH FLOW STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2004 2003 2004
R'000 R'000 R'000
Net cash flows utilised in (533) (223) (1 117)
operating activities
Net cash flows from/(to) 132 35 (61)
investing activities
Net cash flow (to)/from (47) � 21
financing activities
Net decrease for the period (448) (188) (1 157)
Cash and cash equivalents at 5 639 6 796 6 796
beginning of period
Cash and cash equivalents at 5 191 6 608 5 639
end of period
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of accounting These results are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice ("GAAP") and
Schedule 4 of the Companies Act. These accounting policies are consistent with
those used in the annual financial statements of the year ended 30 June 2004.
2. There has been no change in contingent liabilities since 30 June 2004.
3. No provision for taxation has been made as the Company has a calculated
assessable loss
Cautionary announcement
During the period under review, the Company carried out pumping operations on
behalf of Hartebeesfontein Gold Mine, a division of Buffelsfontein Gold Mine
Limited, which is a subsidiary of DRD Gold Limited (DRD North West Operations).
Recent SENS releases and press announcements have stated that these operations
have been placed under provisional liquidation.
A cautionary announcement was issued on 23 March 2005 whereby shareholders were
advised that the full impact of the abovementioned action was being determined
and may have a material effect on the price of the Company's securities.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the Company's securities until a full announcement is made.
For and on behalf of the board
R A R Kebble H C Buitendag Johannesburg
Chairman Director 30 March 2005
Company Secretaries: Consolidated Mining Management Services Limited
Registered Office: 28 Harrison Street, Johannesburg, 2001
(PO Box 11165,Johannesburg, 2000)
Transfer Secretaries: Computershare Investor Services2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001 (PO Box61051, Marshalltown, 2107)
United Kingdom Registrars: Capita Registrars, The Registry, 34 Beckenham Road,
Kent BR3 4TU, Telephone: +44 (0870) 162 3100Telefax: +44 (20) 8639 2142
United Kingdom Secretaries: St. James's Corporate Services Limited
6 St James's Place, London. SW1A 1NP
Telephone: +9 44 20 7499 3916 Telefax: +9 44 20 7491 1989
French Agents: Euro Emetteurs Finance,
48 Boulevard des Batignolles, 75850 Paris, CEDEX 17, France
Telephone: +331 5530 5900 Telefax: +331 5530 5910
END
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