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Simmer And Jack Mines, Limited -Reviewed Provisional Results
Simmer And Jack Mines, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM ISIN: ZAE000006722
(`the Group` or `the Company`)
Directors: R A R Kebble (Chairman), M McChesney (CEO), H C Buitendag,
J Stratton (Australian)
REVIEWED PROVISIONAL RESULTS FOR THE FINANCIAL YEAR ENDED
31 MARCH 2004 and withdrawal of cautionary announcement
ABRIDGED CONSOLIDATED INCOME STATEMENT
Year ended Year ended
31 March 2004 31 March 2003
(Reviewed) (Audited)
R`000 R`000
Revenue 38 381 51 909
Cost of sales (51 656) (44 200)
Operating (loss)/profit (13 275) 7 709
Corporate expenses (10 663) (2 393)
Operating profit/(loss) (23 938) 5 316
Income from investments 95 602
Finance charges (5 775) (4 634)
(Loss)/profit before taxation (29 618) 1 284
Taxation - -
(Loss)/profit for the year (29 618) 1 284
ABRIDGED CONSOLIDATED BALANCE SHEET ASSETS
Non-current assets 62 207 61 021
Mining assets 61 879 60 677
Environmental Rehabilitation Trust Fund 328 344
Current assets 6 562 6 312
Other current assets 5 243 5 297
Cash and cash equivalents 1 319 1 015
68 769 67 333
EQUITY AND LIABILITIES
Equity capital and accumulated loss 5 583 35 200
Shareholders` interest 5 582 35 199
Minority shareholders` interest 1 1
Non-current liabilities 56 357 27 026
Interest bearing borrowings 1 704 310
Shareholder`s loan 53 853 26 077
Environmental Rehabilitation provision 800 639
Current liabilities 6 829 5 107
Interest bearing borrowings 777 259
Trade and other payables 6 052 4 848
68 769 67 333
Ordinary shares in issue (`000) 215 432 215 432
Treasury shares - Share Incentive Trust (`000) (11 990) (12 000)
Adjusted shares in issue at year end (`000) 203 442 203 432
Net asset value per share (cents) 2,7 17,3
Headline earnings per share (cents)* (14,6) 0,6
Earnings per share (cents)* (14,6) 0,6
*Based on weighted average number of
shares in issue 203 442 203 432
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash flows (to)/from operating activities (15 454) 6 716
Cash flows from investing activities (13 412) (13 237)
Cash flows from finance activities 29 170 1 320
Net increase/(decrease) in cash
and cash equivalents 304 (5 201)
Cash and cash equivalents at beginning of year 1 015 6 216
Cash and cash equivalents at end of year 1 319 1 015
STATEMENT OF CHANGES IN EQUITY
Treasury
share -
Share Share Share Accumulated
capital premium Incentive loss Total
R`000 R`000 Trust R`000 R`000
Balance at 1 April
2002 4 307 106 543 (1 200) (75 735) 33 915
Net profit for the
year - - - 1 284 1 284
Balance as at 1
April 2003 4 307 106 543 (1 200) (74 451) 35 199
Net loss for the
year - - - (29 618) (29 618)
Treasury shares
sold - - 1 - 1
Balance as at 31
March 2004 4 307 106 543 (1 199) (104 069) 5 582
Notes:
The provisional results are prepared on the historical cost basis. The
accounting policies adopted by the Group are in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those of the previous year, except as noted below.
During the year the Group changed its accounting policy with respect to the
treatment of its Share Incentive Trust. In accordance with the JSE Securities
Exchange South Africa Listings Requirements, the Group has now consolidated
its Share Incentive Trust. The comparative amounts have been appropriately
restated. Treasury shares are netted off against the equity of the Group.
There was no effect on the profit or opening reserves of the Group.
Earnings decreased as a result of lower gold production and the lower
Rand/gold price due to the strength of the Rand. Remedial steps have been
taken to expand production to enhance revenue and reduce unit costs.
Unqualified auditors` review
The provisional results have been reviewed by the Group`s auditors, Grant
Thornton. A copy of their unqualified review on the abridged financial
statements contained in this provisional report is available for inspection at
the Company`s registered office.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 14 June 2004. With the publication of these
provisional results, the cautionary is hereby withdrawn.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Johannesburg
30 June 2004
Transfer secretaries
South Africa United Kingdom
Computershare Investor Capita Registrars
Services 2004 (Pty) Ltd The Registry
Ground Floor 34 Beckenham Road
70 Marshall Street Beckenham
Johannesburg, 2001 Kent, BR3 4TU
Republic of South Africa
Sponsor
Investor Relations Registered office Block C, 1st Floor
George Poole 3rd Floor Parcnouveau
Tel +2711 688 5100 28 Harrison Street 225 Veale Street
Fax +2711 836 3757 Johannesburg, 2001 Brooklyn
Email: gpoole@jci.co.za Republic of South Africa 0181
Date: 30/06/2004 05:31:17 PM Produced by the JSE SENS Department
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