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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
Abridged consolidated income statements
Six months Six months Year
ended ended ended
30 Sept 2001 30 Sept 2000 31March
2001
R'000 R'000 R'000
Turnover 20 268 13 961 29 741
Operating costs 17 432 14 999 28 434
Operating profit/(loss) 2 836 (1 038) 1 307
Corporate expenses (830) (641) (1 719)
Net finance charges (1 787) (1 394) (3 109)
Profit/(loss) for period
before taxation 219 (3 073) (3 521)
Taxation - - -
Profit/(loss) for period 219 (3 073) (3 521)
Abridged consolidated balance sheets
Assets
Non-current assets 110 172 107 156 109 103
Mining assets 108 715 106 899 107 646
Land and buildings 257 257 257
Share Incentive Trust loan account 1 200 - 1 200
Current assets 4 921 4 364 4 159
Other current assets 4 146 4 076 3 686
Funds on call, bank balances and cash 776 288 473
115 094 111 520 113 262
Equity and Liabilities
Equity capital and reserves 87 427 86 457 87 208
Shareholders' interest 87 426 86 456 87 207
Minority shareholders' interest 1 1 1
Long-term liabilities 23 625 19 676 21 890
Shareholder's loan - interest bearing 23 394 19 562 21 890
Other long-term liabilities 231 114 -
Current liabilities 4 042 5 387 4 164
Current liabilities
- non-interest bearing 4 042 4 865 3 911
Current portion of long-term liability
- interest bearing - - 90
Bank overdraft - 522 163
115 094 111 520 113 262
Shares in issue at period-end ('000) 215 432 203 432 215 432
Net asset value per share (cents) 40,6 42,5 40,5
Headline earnings per share (cents)* 0,1 (3,5) (2,2)
Earnings per share (cents)* 0,1 (3,5) (2,2)
*based on weighted average number of
shares in issue ('000) 215 432 87 558 161 492
Abridged consolidated cash flow statement
Cash flows from operating activities 1 693 (34 818) (5 494)
Cash flows from investing activities (1 068) (2 654) (1 446)
Cash flows from finance activities (159) 36 921 6 932
Net increase in cash and
cash equivalents 466 (551) (8)
Cash and cash equivalents
at beginning of period 310 318 318
Cash and cash equivalents
at end of period 776 (233) 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 30 March 2000 2 467 75 183 17 358 (37 480) 57
528
Issue of shares 1 840 31 360 33
200
Loss for period (3 521) (3
521)
Balance at 30 March 2001 4 307 106 543 17 358 (41 001) 87
207
Profit for period 219 219
Balance at 30 September 2001 4 307 106 543 17 358 (40 782) 87
426
Notes:
The results have been prepared applying accounting policies consistent with
those of the previous year and which comply with South Africa statements of
generally accepted accounting Practice.
The performance of the Lily Mine continues to provide good results. Cash
operating costs for the period were US$213 per ounce.
Production at TGME have shown a steady improvement and this operation is now
profitable. Cash operating costs for the period were US$263 per ounce.
Estimated capital expenditure for the next six months will be R1,2 million
By order of the Board
Johannesburg
22 November 2001
Consolidated Mining Management Services Limited
Secretaries
Transfer secretaries
South Africa
Mercantile Registrars 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) Ltd
Suit 201, 150 Brooke Street
Brooklyn, 0181
South Africa
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