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VILLAGE MAIN REEF GOLD MINING COMPANY (1934) LIMITED - ABRIDGED AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2003
VILLAGE MAIN REEF GOLD MINING COMPANY (1934) LIMITED
(Incorporated in the Republic of South Africa)
Share code: VIL
ISIN ZAE000007720
(Registration number 1934/005703/06)
("the Company")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
INCOME STATEMENT
2003 2002
R"000 R"000
Loss from operations (701) (479)
Other income 650 528
- interest received 602 444
- sundry income 48 84
Taxation - -
(Loss)/Earnings (51) 49
(Loss)/Earnings cents per share (0,8) 0,8
Headline(loss)/earnings cents per
share (0,8) 0,8
Number of shares in issue
through year 6 068 446 6 068 446
BALANCE SHEET
ASSETS
Fixed asset 250 250
Non-current asset
Environmental Rehabilitation Trust 943 1 110
Unlisted investment
- at cost 1 1
Current assets 5 021 5 130
Receivables - 72
Cash and cash equivalents 5 021 5 058
Total assets 6 215 6 491
EQUITY AND LIABILITIES
Share capital 758 758
Accumulated profit 4 053 4 104
4 811 4 862
Provision for rehabilitation 943 1 130
Current liabilities
- non-interest bearing 461 499
Total liabilities 6 215 6 491
Net asset value per share (cents) 76,7 80,1
CASH FLOW STATEMENT
Cash utilised by current operations,
net of changes in working capital (642) (529)
Interest and sundry income received 602 444
Cash utilised by current operations (40) (85)
Proceeds from sale of fixed assets 3 48
Taxation paid - -
(37) (37)
Dividends paid during the period - -
Decrease in cash (37) (37)
STATEMENT OF CHANGES IN EQUITY
Balance at beginning of year 4 862 4 813
(Loss)/Earnings (51) 49
Balance at end of year 4 811 4 862
Headline earnings
(Loss)/Earnings per
Income Statement (51) 49
Headline (loss)/earnings (51) 49
NOTES TO THE FINANCIAL STATEMENTS
The financial statements are prepared on the historical cost basis, are in
accordance with South African Statements of Generally Accepted Accounting
Practice, and have been prepared on the basis that operations have been
curtailed. The directors are of the opinion that the Company"s assets will
realise at least the values at which they are stated in the balance sheet.
The accounting policies are consistent with the prior year.
QUALIFIED AUDIT OPINION
The financial information set out in the audited results has been qualified by
the Company"s auditors Ernst & Young because of the uncertainty of the costs
involved to obtain clearance for rehabilitation in terms of the Nuclear Energy
Act. Their qualified opinion is available for inspection at the Company"s
registered office.
OPERATIONS
Rehabilitation activities continued during the period under review. These
activities will continue during the next financial year with the objective of
obtaining cancellation of the nuclear license as referred to in the annual
report for the year ended 30 June 2003.
ANNUAL GENERAL MEETING
The Company"s annual general meeting will be held at 56 Main Street,
Johannesburg, on 23 October 2003 at 10:00, to transact the business as stated in
the notice of the annual general meeting, forming part of the annual financial
statements.
DIVIDENDS
No dividend has been declared during the year under review and none is proposed.
For and behalf of the board:
R P Menell D N Campbell
Chairman Director
30 September 2003
Directors:
R P Menell (Chairman), M Arnold, D N Campbell, A N Lewis
Secretaries:
Anglovaal Mining Limited
Registered office:
56 Main Street
Johannesburg 2001
PO Box 62379
Marshalltown 2107
Sponsor:
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
Date: 30/09/2003 09:00:05 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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