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Southern Mining Corporation Limited - Interim Report For The Six Months Ended 31
Release Date: 21/11/2003 07:00:09 Code(s): SMC
Southern Mining Corporation Limited - INTERIM REPORT FOR THE SIX MONTHS ENDED 31
AUGUST 2003
Southern Mining Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014149/06)
("Southern Mining")
(Share Code: SMC ISIN number: ZAE000029799)
(In liquidation)
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 AUGUST 2003
CONSOLIDATED INCOME STATEMENT Unaudited
Six months Audited
ended Year ended
31 August 28 February
2003 2003
Operating loss before interest
and tax (3 523 034) (9 177 655)
Net interest received 1 693 358 6 812 577
Exceptional items - 466 599 545
Net (loss)/profit before taxation (1 829 676) 464 234 467
Taxation - -
Net (loss)/profit after taxation (1 829 676) 464 234 467
Dividend declared - (595 742 939)
Retained earnings brought forward 37 197 767 168 706 239
Accumulated profit 35 368 091 37 197 767
CONSOLIDATED BALANCE SHEET Unaudited
Six monthhs Audited
ended Year ended
31 August 28 February
2003 2003
ASSETS
Non-current assets
Fixed assets - 166 300
Current assets
Proceeds from liquidation of 22 948 400 22 948 400
Yangara
Accounts receivable 441 880 194 366
Cash and short-term investments 9 041 350 729 339 725
Foreign exchange contract asset - 22 801 079
Total assets 32 431 630 775 449 870
EQUITY AND LIABILITIES
Capital and reserves
Share capital 937 157 898 457
Share premium 32 225 940 7 037 506
Foreign currency translation (36 191 232) (36 917 727)
reserve
Retained earnings 35 368 091 37 197 767
Capital and reserves 32 339 956 8 216 003
Current liabilities
Accounts payable 91 674 639 400
Shareholders for dividend - 766 594 467
Total equity and liabilities 32 431 630 775 449 870
Weighted average shares in issue 93 694 500 89 926 106
Headline loss per share (cents) (2,0) (3,4)
(Loss)/Earnings per share (cents) (2,0) 516,2
Net asset value per share (cents) 34,2 9,1
CONSOLIDATED CASH FLOW STATEMENT Unaudited
Six months Audited
ended Year ended
31 August 28 February
2003 2003
Operating activities (746 354 594) (38 522 583)
Cash generated/(utilised) by
operating activities 18 546 515 (45 335 160)
Dividend paid (766 594 467) -
Interest received 1 725 885 6 833 297
Interest paid (32 527) (20 720)
Investing activities 102 590 615 099 402
Proceeds on disposal of WMC
shares received for sale of
interest in Corridor Sands
Limitada - 634 542 324
Disposal of project - 1 632 097
Acquisition of plant and
equipment - (13 555)
Proceeds on disposal of plant
and equipment 102 590 -
Prospecting options acquired and
deferred exploration expenditure - (21 061 464)
Financing activities 25 227 134 2 379 855
Shares issued - Share Incentive
Scheme 25 227 134 63 000
Share buyback - (473 333)
Decrease in long-term borrowings - 2 790 188
Net movement in cash and cash
equivalents (721 024 870) 578 956 674
Increase/(Decrease) in foreign
currency translation reserve 726 495 (104 455 029)
Net movement in cash and cash
equivalents (720 298 375) 474 501 645
Cash and cash equivalents at
beginning of period 729 339 725 254 838 080
Cash and cash equivalents at end
of period 9 041 350 729 339 725
Represented by:
Cash and short-term investments 9 041 350 729 339 725
STATEMENT OF CHANGES IN EQUITY
Foreign Retained
Ordinary currency earnings/
share Share translati (accumula
on red
capital premium reserve loss) Total
Balance at
28 February 899 299 178 298 67 537 168 706 415 441
2002 525 302 239 365
Foreign
currency
translation
differences (104 455 (104 455
029) 029)
Net profit
for the 464 234 464 234
period 467 467
Shares
acquired in
terms of
Share
Incentive 100 62 900 - - 63 000
Scheme
Share (942) (472 391) - - (473 333)
buyback
Dividend (595 742 (595 742
declared 939) 939)
Section 90
payment of
capital/ - (170 851 - - (170 851
(dividend) 528) 528)
Balance at
28 February 898 457 7 037 506 (36 917 37 197 8 216 003
2003 727) 767
Foreign
currency
translation
differences 726 495 726 495
Share options
exercised 38 700 25 188 25 227
434 134
Net profit
for
the period (1 829 (1 829
676) 676)
Balance at
31 August 937 157 32 225 (36 191 35 368 32 339
2003 940 232) 091 956
COMMENTS
Voluntary winding-up process
As announced in the Company"s Annual Report 2003, the Board considered that the
Company"s primary purpose had been accomplished with the sale of the Corridor
Sands Project ("Corridor Sands") to WMC Limited ("WMC"). Consequently, the
shareholders resolved in general meeting on 24 February 2003 to place the
Company in voluntary liquidation.
Mr P W M Reynolds of Deloitte and Touche Trust (Pty) Limited was appointed as
Liquidator by the Master of the High Court on 6 October 2003.
Accordingly, in this six-month period, the Company has adopted a plan of
liquidation pursuant to which it has terminated its business and all activities
are limited to realising its assets, paying its debts, and distributing any
balance of its assets to its shareholders, pursuant to which a dividend of R767
million, being R8,18 per share was paid to shareholders on 17 March 2003.
In terms of the Corridor Sands sale agreement, a further amount is payable. This
amount approximates US$25 million and is subject to terms and conditions set out
in the 2003 Annual Report. Following receipt of this further amount, expected in
the first quarter of 2004, a final liquidation dividend is expected to be
distributed to shareholders in mid-2004 following approval of the final
liquidation and distribution accounts.
The shares of the Company will continue to be traded on the JSE Securities
Exchange South Africa ("JSE"), as normal until the final liquidation dividend
has been declared.
General
These financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those applied in the previous financial period.
These financial statements have been reviewed by the Company"s auditors, KPMG
Inc. The review opinion is available for inspection at the Company"s registered
office.
By order of the board
AMD Gnodde
RG Still Directors
Randburg
21 November 2003
Registered office
Pangea House, Central Park Suites
Cnr Main Street and Orchard Avenue
Bordeaux, Randburg, 2194
(PO Box 3968, Randburg, 2125)
Transfer secretaries
Computershare Limited
9th Floor
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Investor relations
Tel (+27 11) 781-0375
Fax (+27 11) 886-7020
E-mail general@southern-mining.com
www.southern-mining.com
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