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SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code SIM ISIN ZAE000006722
("Simmers" or "the Company")
Directors: R A R Kebble (Chairman), M McChesney (CEO), H C Buitendag,
J Stratton (Australian)
RESULTS FOR the FINANCIAL YEAR ENDED 31 MARCH 2003
Abridged consolidated income statement
Year ended Year ended
31 March 2003 31 March 2002
(Reviewed) (Audited)
R"000 R"000
Revenue 51 909 46 129
Operating costs 44 200 40 884
Gross operating profit 7 709 5 245
Corporate expenses (2 393) (1 974)
Operating profit 5 316 3 271
Income from investments 602 126
Finance charges (4 634) (3 698)
Net profit/(loss) for the year 1 284 (301)
ABRIDGED CONSOLIDATED BALANCE SHEET
ASSETS
Non-current assets 62 221 53 294
Mining assets 60 677 51 866
Financial assets 1 200 1 200
Environmental Rehabilitation Trust Fund 344 228
Current assets 6 312 12 455
Other current assets 5 297 6 239
Cash and cash equivalents 1 015 6 216
68 533 65 749
EQUITY AND LIABILITIES
Equity capital and accumulated loss 36 400 35 116
Shareholders" interest 36 399 35 115
Minority shareholders" interest 1 1
Non-current liabilities 27 026 25 642
Interest bearing loans 310 14
Loan from holding company 26 077 25 052
Environmental rehabilitation provision 639 576
Current liabilities 5 107 4 991
Interest bearing borrowings 259 154
Trade and other payables 4 848 4 837
68 533 65 749
Shares in issue at year-end ("000) 215 432 215 432
Net asset value per share (cents) 16,9 16,3
Headline earnings per share (cents)* 0,6 (0,1)
Earnings per share (cents)* 0,6 (0,1)
* Based on weighted average number of shares
in issue 215 432 215 432
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating activities 6 716 3 198
Cash flows from investing activities (13 237) (468)
Cash flows from financing activities 1 320 3 176
Net (decrease)/increase in cash and cash
equivalents (5 201) 5 906
Cash and cash equivalents at beginning of year 6 216 310
Cash and cash equivalents at end of year 1 015 6 216
STATEMENT OF CHANGES IN EQUITY
Non-
Share Share distributable Accumulated
capital premium reserves profit/(loss) Total
R"000 R"000 R"000 R"000 R"000
Balance at
1 April 2001 4 307 106 543 17 357 (92 792) 35 416
Net loss for
the year (301) (301)
Transfer of
profits
appropriated
for capital (17 358) 17 358 -
Balance at
1 April 2002 4 307 106 543 - (75 735) 35 115
Net profit for
the year - - - 1 284 1 284
Balance at
31 March 2003 4 307 106 543 - (74 451) 36 399
Notes:
The financial results are prepared on the historical cost basis. Accounting
policies adopted by the group are in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with those of the
previous year. The financial results are prepared on the going concern basis.
The Company"s auditors, Grant Thornton Kessel Feinstein, have reviewed the
financial information for the 12-months ended 31 March 2003. Their report is
available at the registered office of the Company.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Johannesburg
27 June 2003
Transfer secretaries
South Africa United Kingdom
Computershare Investor Capita Registrars
Services Limited The Registry
Ground Floor 34 Beckenham Road
70 Marshall Street Beckenham
Johannesburg, 2001 Kent
BR3 4TU
England
Registered office Sponsor
3rd Floor River Sponsors
28 Harrison Street (Pty) Limited
Johannesburg, 2001 Suite 201
150 Brooks Street
Brooklyn, 0181
Pretoria
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