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Southern Mining -
Southern Mining Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014149/06)
("Southern Mining" or "the Company")
(Share code: SMC ISIN number: ZAE000029799)
Preliminary report for the year ended 28 February 2003
Abridged consolidated income statement
for the year ended 28 February 2003
Audited Audited
2003 2002
R R
Operating (loss)/profit before exceptional
items, interest and taxation (9 177 655) 50 156 134
Exceptional items 466 599 545 (4 868 567)
Net interest received 6 812 577 8 418 031
Profit before taxation 464 234 467 53 705 598
Taxation - -
Net profit after taxation 464 234 467 53 705 598
Net profit for the year 464 234 467 53 705 598
Earnings per share (cents) 516,2 59,7
Headline (loss)/earnings per share (cents) (3,4) 59,7
Weighted average number of shares 89 926 106 89 929 905
Dividend per share (cents) 818 -
Consolidated balance sheet
as at 28 February 2003
Audited Audited
2003 2002
R R
ASSETS
Non-current assets
Mining rights, prospecting options,
deferred exploration expenditure - 180 044 643
Plant and equipment 166 300 220 087
Current assets
Proceeds from liquidation of Yangara
Investments Limited 22 948 400 -
Accounts receivable 194 366 806 187
Foreign Exchange Contract asset 22 801 079 -
Cash and cash equivalents 729 339 725 254 838 080
775 449 870 435 908 997
EQUITY AND LIABILITIES
Capital and reserves
Share capital 898 457 899 299
Share premium 7 037 506 178 298 525
Foreign currency translation reserve (36 917 727) 67 537 302
Retained earnings 37 197 767 168 706 239
Shareholders" equity 8 216 003 415 441 365
Non-current liabilities
Long-term environmental rehabilitation
provision - 500 000
Long-term borrowings - 5 287 694
Current liabilities
Accounts payable and provisions 639 400 14 679 938
Shareholders for dividend 766 594 467 0
755 449 870 435 908 997
Net asset value per share (cents) 9,1 462,0
Consolidated statement of changes in equity
for the year ended 28 February 2003
Share Share Foreign Retained Total
capital premium currency earnings/
translation (accumulated
reserve loss)
R R R R R
Balance at
28 February 2001 899 299 178 298 525 1 136 157 115 000 641 295 334 622
Foreign currency
translation
differences - - 66 401 145 - 66 401 145
Net profit for
the period - - - 53 705 598 53 705 598
Balance at
28 February 2002 899 299 178 298 525 67 537 302 168 706 239 415 441 365
Share buy-back (942) (472 391) - - (473 333)
Shares issued -
Share Incentive
Scheme 100 62 900 - - 63 000
Foreign currency
translation differences - - (104 455 029) - (104 455 029)
Net profit for
the period - - - 464 234 467 464 234 467
Dividend declared - - - (595 742 939)(595 742 939)
Section 90 payment
of capital - (170 851 528) - - (170 851 528)
Balance at
28 February 2003 898 457 7 037 506 (36 917 727) 37 197 767 8 216 003
Consolidated cash flow statement
for the year ended 28 February 2003
Audited Audited
2003 2002
R R
OPERATING ACTIVITIES (38 522 583) 69 961 694
Cash (utilised)/generated by
operating activities (45 335 160) 61 543 663
Interest received 6 833 297 8 450 937
Interest paid (20 720) (32 906)
INVESTING ACTIVITIES 615 099 402 (59 346 725)
Proceeds on disposal of subsidiary
Corridor Sands Limitada 634 542 324 -
Proceeds on disposal of exploration
project to Pangea Exploration (Pty) Ltd 1 632 097 -
Acquisition of plant and equipment (13 555) (213 254)
Disposal of plant and equipment - 179 410
Prospecting options acquired and
deferred exploration expenditure (21 061 464) (59 312 881)
FINANCING ACTIVITIES 2 379 855 4 837 557
Shares issued - Share Incentive Scheme 63 000 -
Share buy-back (473 333) -
Increase in long-term borrowings 2 790 188 4 837 557
NET MOVEMENT IN CASH FOR THE YEAR 578 956 674 15 452 526
(Decrease)/Increase in foreign
currency translation reserve (104 455 029) 66 401 145
NET MOVEMENT IN CASH AND
CASH EQUIVALENTS 474 501 645 81 583 671
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 254 838 080 172 984 409
CASH AND CASH EQUIVALENTS
AT END OF PERIOD 729 339 725 254 838 080
Represented by
Cash and short-term investments 729 339 725 254 838 080
Notes
1. Accounting policies
The financial statements have been prepared on the historical cost basis in
accordance with South African Generally Accepted Accounting Practice. These
accounting policies are consistent with those applied in previous financial
periods.
2. Audit of results
The results have been audited by KPMG Inc. A copy of their unqualified audit
opinion is available for inspection at the registered office of the company.
3. Headline earnings
2003 2002
R R
Net profit for the year 464 234 467 53 705 598
Adjusted for:
Profit on sale of Corridor
Sands Limitada (467 265 748) 0
Headline (loss)/earnings (3 031 281) 53 705 598
Comments
1. The disposal of the Corridor Sands Project and subsequent voluntary winding-
up
The last year saw the culmination of the progress of Southern Mining, with the
sale in December 2002 of the Company"s interests in the Corridor Sands Project
to WMC Limited of Australia. The full details of the sale transaction were
notified to shareholders in a circular on 14 January 2003. This circular, and
other company announcements are available on the Southern Mining website at
www.southern-mining.com.
In general meetings on 29 January and 24 February 2003, the members of the
Company approved this disposal. Furthermore, the shareholders resolved to
voluntarily wind-up the Company, and approved an advance dividend in
anticipation of the voluntary winding-up.
2. Dividends
On 17 March 2003, the first dividend of 818 cents per was paid amounting to R766
million, after adjusting for the 3 870 000 share options exercised subsequent to
year end. Of this amount, R171 million was deemed to be a payment to
shareholders in terms of section 90 of the Companies Act, and the balance of
R596 million was distributed out of divisible profits.
A second and probably final dividend is expected to be paid in early 2004. The
detail of the amount payable can be found in the circular.
3. Finance and administration
The Southern Mining Group recorded a profit after tax of R464 million. Non-
refundable contributions from WMC Limited to the Bankable Feasibility Study of
Corridor Sands amounted to R12 million. Together with the fair value profit on
WMC shares of R10 million, and after costs of R31 million, these resulted in an
operating loss of R9 million.
The exceptional items of R467 million relate to the profit on disposal of
Corridor Sands Limitada and the write-off of exploration expenditure.
Southern Mining"s effective cash resources increased by more than R511 million
to R752 million.
The exercise by management of 3 870 000 shares at an average price of 654 cents
generated R25 million in cash after year end.
4. Annual report
The annual report, together with notice of the Annual General Meeting scheduled
for 30 May 2003, will be mailed to shareholders today.
By order of the board
AMD Gnodde RG Still
Director Director
Randburg
6 May 2003
Secretary and registered office
SB Dalby
Unit C
Central Park Office Suites
Corner Main Street and Orchard Avenue
Bordeaux
Randburg 2195
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