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EERSTELING - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
EERSTELING GOLD MINING COMPANY LIMITED
(Registration number 1987/001814/06)
("Eersteling" or "the Company")
Share Code: ESL ISIN Number: ZAE000002473
INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2003
INCOME STATEMENT
2003 2002 2002
June June December
Unaudited Unaudited Audited
R"000 R"000 R"000
Gross revenue - 37 37
Operating costs (313) (64) (100)
Operating (loss) (313) (27) (63)
Finance costs recovered 11 893 14 156 30 313
Profit before taxation 11 580 14 129 30 250
Taxation - - -
Profit for the year 11 580 14 129 30 250
after taxation
-
Earnings per share 74.86 91.34 195.60
(cents)
Headline (loss) per (8.24) (6.40) (12.80)
share (cents)
Number of shares in 15 467 900 15 467 900 15 467 900
issue at end of period
Reconciliation of R"000 R"000
earnings to headline R"000
earnings
Profit for the year 11 580 14 129 30 250
after taxation
Exchange gain excluded (12 855) (15 119) (32 237)
Headline Loss (1 275) (990) (1 987)
BALANCE SHEET
2003 2002 2002
June June December
Unaudited Unaudited Audited
R"000 R"000 R"000
Assets
Non-current assets 107 310 103 633 107 301
362
Current assets 347 63
Total assets 107 657 103 696 107 663
Equity and liabilities
Capital and reserves 12 402 (15 299) 822
Non-current liabilities 92 309 117 228 104 952
Current liabilities 2 946 1 767 1 889
Total equity and 107 657 103 696 107 663
liabilities
CASH FLOW STATEMENT
2003 2002 2002
R"000 R"000 R"000
Cash flows from operating 12 646 (14 140) 30 338
activities
Cash flows from investing 0 57 57
activities
Cash flows from financing (12 643) (14 129) (30 313)
activities
(Decrease)/increase in cash 3 68 82
and cash equivalents
Cash and cash equivalents at 22 (60) (60)
beginning of the year
Cash and cash equivalents at 25 8 22
end of the year
STATEMENT OF CHANGES IN EQUITY
SHARE SHARE ACCUMULATED TOTAL
CAPITAL PREMIUM LOSS
R R R R
Balance at 1 155 67 415 (66 748) 822
January 2003
Profit for the half 11 580 11 580
year
Balance at 30 June 155 67 415 (55 168) 12 402
2003
COMMENTARY
General
The profit for the half year comprises interest of R962 500 (2002 - R962 500)
and unrealised foreign exchange gains R12 855 000 (2002 - R15 118 000), relating
to the holding company loan, and care and maintenance costs and operating
expenses of R313 000 (2002 - R64 000).
Future plans and prospects
The future of the mine is dependent on a sustainable economic gold price. The
holding company will continue to fund the operations of the company.
Basis of preparation of financial statements
These financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the accounting policies
used are consistent with the prior year.
Dividend
The board of directors have not declared a dividend.
For and on behalf of the board
SE Hayden, CEO
15 October 2003
Executive Directors:
SE Hayden, FC Harvey, J Johnstone, T N Pearton
Company secretary:
RM Stubbs
Company Registered address:
24 9th Street, Lower Houghton, 2198 (PO Box 587 Johannesburg, 2001)
Transfer Secretaries:
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg, 2001
Date: 15/10/2003 05:15:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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