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YEAR ENDED 31 MARCH 2001
SIMMER AND JACK MINES, LIMITED
(Registration number 1901/007778/06)
(Incorporated in the Republic of South Africa)
("Simmers" or "the company")
Directors: RAR Kebble (Chairman), M McChesney (CEO), HC Buitendag,
RG Rainey, J Stratton (Australian)
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR FINANCIAL YEAR ENDED 31 MARCH 2001
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Nine months
Year ended ended
31 March 31 March
(Unaudited) (Audited)
2001 2000
R'000 R'000
Turnover 29 751 10 348
Operating costs 30 163 14 684
Operating loss (412) (4 336)
Net finance charges (3 109) (1 291)
Loss for the period before taxation (3 521) (5 627)
Taxation - -
Loss for the year/period (3 521) (5 627)
ABRIDGED CONSOLIDATED BALANCE SHEETS
Assets
Non-current assets 109 103 106 454
Mining assets 107 646 106 101
Land and buildings 257 353
Share Incentive Trust Loan account 1 200 -
Current assets 4 158 3 127
Other current asests 3 687 2 557
Funds on call,
bank balances and cash 471 570
113 261 109 581
Equity and Liabilities
Equity capital and reserves 87 211 57 529
Shareholders' interest
- interest bearing 87 210 57 528
Minority shareholders' interest 1 1
Long-term liabilities 21 890 14 458
Shareholders' loan 21 890 14 355
Other long-term liabilities - 103
Current liabilities 4 160 37 594
Current liabilities
- non-interest bearing 3 907 4 421
Current portion of long-term liability
- interest bearing 90 421
Vendor liability to be settled
by issue of shares - 32 500
Bank overdraft 163 252
113 261 109 581
Shares in issue at period-end ('000) 215 432 123 432
Net asset value per share (cents) 40 47
Headline earnings per share (cents)* (2) (5)
*Based on weighted average number
of shares in issue.
Abridged consolidated cash flow statements
Net cash flow (absorbed) generated by:
Operating activities (412) (2 346)
Working capital activities (34 475) 19
Investment activities (2 649) (13 813)
Financing activities 37 526 14 830
Net movement in cash and
cash equivalents (10) (1 310)
Notes:
The Lily open pit mine continues to perform at better than expected levels
of contribution and the problems with metallurgical recovery at the TGME
underground mine were largely resolved in the last quarter of the financial
year.
Losses for the year have, for the second consecutive year, been reduced and
profitability was restored in the last quarter of the year in line with
expectations.
Despite these improvements, the company remains dependant upon the financial
suport of its controlling shareholder.
These results have been reviewed by the company's auditors and have been
prepared applying accounting policies consistent with the previous year
which comply with South African Statements of Generally Accepted Accounting
Practice.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Transfer secretaries Registered office
South Africa United Kingdom
Mercantile Registrars Limited Independent Registrars 28 Harrison Street
11 Diagonal Street Bourne House Johannesburg, 2001
Johannesburg, 2001 32 - 34 Beckenham Road South Africa
South Africa Beckenham, Kent BR3 4TU
England
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