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Village Main Reef Gold Mining Company (1934) Limited - Reviewed Interim Report
For The Half-Year Ended 31 December 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")
REVIEWED INTERIM REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2003
Balance sheet
Reviewed Audited
31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Assets
Fixed asset 250 250 250
Non-current assets
Environmental
Rehabilitation Trust 948 938 943
Unlisted investment - at cost 1 1 1
Current assets 4 900 5 202 5 021
Receivables 27 34 -
Cash and cash equivalents 4 873 5168 5 021
Total assets 6 099 6 391 6 215
Equity and liabilities
Share capital 758 758 758
Accumulated profit 4 011 4 206 4 053
4 769 4 964 4 811
Provision for rehabilitation 948 938 943
Current liabilities
- non-interest bearing 382 489 461
Creditors 27 89 106
Unclaimed dividends 355 400 355
Total liabilities 6 099 6 391 6 215
Net asset value
per share (cents) 78,6 81,8 79,3
Statement of changes in equity
Balance at beginning of period 4 811 4 862 4 862
Earnings/(loss) (42) 102 (51)
Balance at end
of period 4 769 4 964 4 811
Headline earnings
Earnings/(loss) per
income statement (42) 102 (51)
Headline earnings/(loss) (42) 102 (51)
Income statement
Reviewed Audited
Half-year Year
ended ended
31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Loss from operations (270) (196) (701)
Other income 228 298 650
- interest received 228 298 602
- sundry income - - 48
Taxation - - -
Earnings/(loss) (42) 102 (51)
Earnings/(loss) per share
(cents) (0,7) 1,7 (0,8)
Headline earnings/(loss)
per share (cents) (0,7) 1,7 (0,8)
Number of shares in issue
throughout
period 6 068 446 6 068 446 6 068 446
Cash flow statement
Cash utilised by current
operations, net of changes
in working capital (376) (188) (642)
Interest and sundry
income received 228 298 602
Cash generated/(utilised)
by current operations (148) 110 (40)
Proceeds from sale of
fixed assets - - 3
(148) 110 (37)
Dividends paid during
the period - - -
Increase/(decrease) in cash (148) 110 (37)
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.
Review by auditors
The financial information set out in the reviewed results has been reviewed by
the Company"s auditors Ernst & Young. They draw attention to the accounting
policy note which states that the financial statements have been drawn up on a
break-up basis. Their qualified opinion is available for inspection at the
Company"s registered office.
Operations
Negotiations are progressing on the disposal of all remaining mine dumps and
land, together with associated environmental liabilities that are the
responsibility of the Company. With the exception of one small dump, all dumps
are well vegetated and require minimum maintenance.
Application to cancel the Nuclear licence will be made once government
promulgates the new Nuclear regulations.
For and behalf of the board
R P Menell (Chairman) D N Campbell (Director)
4 March 2004
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
Date: 04/03/2004 08:00:13 AM Produced by the JSE SENS Department
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