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Ended 30 June 2001
SUBNIGEL GOLD MINING COMPANY LIMITED
Reg. No. 1984/006179/06
Share Code: SBN ISIN Code: 0822326176
Audited Annual Results for the year ended 30 June 2001
BALANCE SHEET 2001 2000
at 30 June 2001 R000 R000
Assets
Mining assets 27 233 27 267
Current assets 747 847
Accounts receivable 12 4
Cash at bank and on deposit 735 843
27 980 28 114
Equity and liabilities
Capital and reserves 27 899 28 064
Share capital 22 440 22 440
Non-distributable reserve 4 793 4 827
Distributable reserve 666 797
Current liabilities
Accounts payable 81 50
27 980 28 114
INCOME STATEMENT 2001 2000
for the year ended 30 June 2001 R000 R000
Revenue - -
Expenditure (414) (331)
Operating loss (414) (331)
Investment income 76 110
Other income 173 -
Loss before taxation (165) (221)
Taxation - -
Loss after taxation (165) (221)
Loss per share (cents) (0,37) (0,50)
Headline loss per share (cents) (0,76) (0,50)
Number of shares in issue 44 631 492 44 631
492
Reconciliation of headline loss
Loss attributable to shareholders (165) (221)
Insurance claim (173) -
Headline loss (338) (221)
STATEMENT OF CHANGES IN EQUITY Non-
for the year ended 30 June 2001 Stated distributable
Distributable
capital reserve reserve
Balance at 1 July 1999 22 440 4 903 942
Net loss for the year - - (221)
Reversal of income appropriated
against expenditure on mining assets - (76) 76
Balance at 1 July 2000 22 440 4 827 797
Net loss for the year - - (165)
Reversal of income appropriated
against expenditure on mining assets - (34) 34
Balance at 30 June 2001 22 440 4 793 666
CASH FLOW STATEMENT 2001 2000
for the year ended 30 June 2001 R000 R000
Cash utilised by operating activities (142) (240)
Cash utilised by operations (241) (331)
Investment income 76 110
Utilised to (increase)/decrease
working capital 23 (19)
Cash utilised by operating activities (142) (240)
Finance costs - -
Cash retained from investing activities
Net disposal of mining assets 34 76
Movement of cash and cash equivalents (108) (164)
Cash and cash equivalents at beginning
of year 843 1 007
Cash and cash equivalents at end of year 735 843
COMMENTARY
Directors' report
Nature of business and developments during the year
The company continued to operate on a care and maintenance basis during the
year. The possible disposal of the mineral rights is still under
consideration.
The directors have continued their investigation of possible alternative
business opportunities for the company during the year. Despite market
conditions not being favourable, the directors are confident that the
resources sector still offers good business opportunities and have been
aggressively exploring this sector. To this end HG Veldsman has rejoined the
board of directors and we welcome his valued contributions. Promising
discussions are currently in progress with various parties but have not
reached a sufficiently advanced stage to warrant formal communication to the
shareholders. Announcements will only be made in this regard should
conclusive negotiations be entered into with these parties.
Dividends
No dividend was declared in respect of the year ended 30 June 2001, nor is
one proposed (2000: R nil).
Accounting policies
The summarised audited results for the year ended 30 June 2001 have been
prepared using accounting policies which are in accordance with historical
cost basis, in conformity with South African Statements of GAAP and
consistent with those adopted in the prior year.
STRATE
In line with the developments of the JSE Securities Exchange South Africa
the company has decided to dematerialise its share certificates and go on
the STRATE system. The date for dematerialisation has been set for 3
December 2001.
LG Holmes
Chairman
Cape Town, 28 September 2001
Transfer Secretaries
Mercantile Registrars Limited
11 Diagonal Street, Johannesburg, 2001, Republic of South Africa
Registered Office
302 Satbel Centre, 2 De Smidt Street, Green Point, Cape Town, 8001
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