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Stilfontein Gold Mining Company Limited - Reviewed Preliminary Report For The
Release Date: 10/10/2003 17:15:01 Code(s): STI
STILFONTEIN GOLD MINING COMPANY LIMITED - REVIEWED PRELIMINARY REPORT FOR THE
YEAR ENDED 30 JUNE 2003
STILFONTEIN GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/033412/06)
Share code: STI ISIN: ZAE000007118
("the Company")
REVIEWED PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 2003
INCOME STATEMENTS (ABRIDGED)
Reviewed Audited
Year Year
ended ended
30 June 30 June
2003 2002
R"000 R"000
Net operating income/(loss) for year 25 (490)
Provision for environmental rehabilitation (3 564) -
Net finance income 309 527
Net (loss)/income for year before taxation (3 230) 37
Taxation 3 159
Net loss for year (3 233) (122)
Earnings/(Loss) per share - (cents)
- headline earnings (24,7) (0,9)
- attributable earnings (24,7) (0,9)
- before exceptional item 2,5 (0,9)
Earnings/(Loss) per share calculation is
based on the average weighted number of
shares in issue of 13 026 920 13 026 920
BALANCE SHEETS (ABRIDGED)
Reviewed Audited
30 June 30 June
2003 2002
R"000 R"000
ASSETS
Non-current assets
- Property, plant and equipment 7 916 7 966
- Investments 29 29
7 945 7 995
Current assets 9 431 5 949
Total assets 17 376 13 944
LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities 8 122 2 235
- non-interest bearing
Shareholders" equity 9 254 11 709
Total liabilities and shareholders" equity 17 376 13 944
Net asset value per share (cents) 70,8 89,6
STATEMENT OF CHANGES IN EQUITY
Share Share Retained
capital premium earnings Total
R"000 R"000 R"000 R"000
Balance on 1 July 2001 6 531 1 514 3 786 11 831
Net loss for year - - (122) (122)
Balance on 1 July 2002 6 531 1 514 3 664 11 709
Net loss for year - - (3 233) (3 233)
Dividends forfeited - - 778 778
Balance on 30 June 2003 6 531 1 514 1 209 9 254
CASH FLOW STATEMENTS (ABRIDGED)
Reviewed Audited
Year Year
ended ended
30 June 30 June
2003 2002
R"000 R"000
Net cash flows from operating activities 818 4 894
Net cash flows from investing activities 50 -
Net cash flows from financing activities 778 -
Net increase for year 1 646 4 894
Net cash at bank at beginning of year 5 150 256
Net cash at bank at end of year 6 796 5 150
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of accounting
These results are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice ("GAAP") and
Schedule 4 of the Companies Act. These accounting policies are
consistent with those used in the annual financial statements for
the year ended 30 June 2002.
2. During a previous financial year, the Company sold all its
properties to a third party. It was a specific condition of the sale
agreement that the buyer of those properties will be responsible for
the environmental rehabilitation. Since the Company has not yet
obtained the necessary approval from the Department of Minerals and
Energy to transfer its obligations to the third party with the
disposal of the properties, the Company could be held responsible by
the Department of Minerals and Energy to rehabilitate the mining
area.
3. There has been no change in contingent liabilities since 30 June
2002.
COMMENTS
1. During the year under review, the Company continued pumping
operations on behalf of Hartebeestfontein Gold Mining Company
Limited.
2. Provision has been made for taxation on non-mining income at a
rate of 30%.
Auditors" report
The preliminary results of the Company as set out above have been
reviewed by the Company"s auditors, KPMG Inc. Their report is
available for inspection at the Company"s registered office.
For and on behalf of the board
R A R Kebble H C Buitendag
Non-Executive Chairman Non-Executive Director
Johannesburg
10 October 2003
Company Secretary: P B Beale
Investor Relations: G W Poole
Tel +27 11 688 5100
Fax +27 11 836 3757
E-mail gpoole@jci.co.za
Registered Office: 28 Harrison Street
Johannesburg, 2001
(PO Box 11165, Johannesburg, 2000)
Transfer Secretaries: Computershare Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
United Kingdom Registrars: Capita Registrars
The Registry
34 Beckenham Road
Kent BR3 4TU
Telephone: (+087) 0162 3100
Telefax: (+020) 8639 2342
United Kingdom Secretaries: St James"s Corporate Services Limited
6 St James"s Place
London, SW1A 1NP
Telephone: (+020) 7491 1889
Telefax: (+020) 7491 1989
French Agents: Euro Emetteurs Finance
48 Boulevard des Batignolles
75850 Paris, CEDEX 17, France
Telephone: (+331) 5530 5900
Telefax: (+331) 5530 5910
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