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VILLAGE MAIN REEF GOLD MINING COMPANY (1934) LIMITED - AUDITED ANNUAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2004
Village Main Reef Gold Mining Company (1934) Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1934/005703/06)
(Share code: VIL ISIN: ZAE000007720)
(`the Company`)
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2004
Salient features
2004 2003
Financial results R000 R000
Loss from operations 716 701
Loss after taxation 264 51
Basic loss per share 4,4 cents 0,8 cents
Headline loss per share 4,4 cents 0,8 cents
Market price per share - high 37 cents 40 cents
Market price per share - low 25 cents 30 cents
Market price per share - year end 37 cents 30 cents
Balance sheet
at 30 June 2004
2004 2003
Note R000 R000
Assets
NON-CURRENT ASSETS
Property, plant and equipment 5 250 250
Environmental Rehabilitation Trust 6 840 943
Unlisted investment - at cost 7 1 1
Current assets
4 700 5 021
Trade and other receivables 25 -
Cash and cash equivalents 4 675 5 021
Total assets 5 791 6 215
Equity and liabilities
Share capital 8 758 758
Accumulated profits 3 789 4 053
4 547 4 811
Provision for rehabilitation 9 840 943
Current liabilities
404 461
Trade and other payables 107 106
Unclaimed dividends 297 355
Total equity and liabilities 5 791 6 215
Income statement
for the year ended 30 June 2004
2004 2003
Note R000 R000
Turnover - -
Loss from operations (716) (701)
Other income 452 650
Interest received 394 602
Sundry income 58 48
Loss before taxation 1 (264) (51)
Taxation 3 - -
Net loss for the year (264) (51)
Basic loss per share -- cents 4 (4,4) (0,8)
Headline loss per share -- cents 4 (4,4) (0,8)
Statement of changes in equity
for the year ended 30 June 2004
Share Accumulated
capital profits Total
R000 R000 R000
Balance at 30 June 2002 758 4 104 4 862
Net loss for the year - (51) (51)
Balance at 30 June 2003 758 4 053 4 811
Net loss for the year - (264) (264)
Balance at 30 June 2004 758 3 789 4 547
Cash flow statement
for the year ended 30 June 2004
2004 2003
Notes R000 R000
Cash flows from operating activities
Cash utilised by current operations, net of
changes in working capital 1 (740) (642)
Interest received 394 602
Cash outflows from operating activities (346) (40)
Cash flows from investing activities - 3
Proceeds from the sale of fixed asset - 3
Decrease in cash and cash equivalents (346) (37)
Cash and cash equivalents at the beginning of the year 5 021 5 058
Cash and cash equivalents at the end of the year 4 675 5 021
Notes to the cash flow statement
1. Cash generated by current operations is
arrived at as follows:
Loss before interest received, sundry income
and taxation per the income statement (716) (701)
Adjustment for:
Increase in provision for rehabilitation - (20)
Operating loss before working capital changes (716) (721)
(Increase)/decrease in debtors (25) 72
Increase in creditors 1 7
Cash utilised by operations (740) (642)
2. Unclaimed dividends
Amount owing at the beginning of the year (355) (400)
Per the income statement - -
Amount owing at the end of the year 297 355
(58) (45)
Dividends forfeited (58) 45
Dividends paid/received during the year - -
Accounting policies
The financial statements are prepared on the break-up basis and incorporate the
following accounting policies which are consistent with those of the previous
year.
The policies are in accordance with South African Statements of Generally
Accepted Accounting Practice. The principal accounting policies used by the
company are consistent with those of the previous year. The financial statements
have been audited by Ernst & Young whose qualified opinion is available for
inspection at the registered office of the Company.
1. Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated
depreciation and any impairment in value. Land is not depreciated.
The carrying values of property, plant and equipment are reviewed for
impairment when events or changes in circumstances indicate the carrying
value may not be recoverable. If any such indication exists and where the
carrying values exceed the estimated recoverable amount, the assets or
cash-generating units are written down to their recoverable amount.
2. Earnings per share
Earnings per share represent the profit in cents attributable to each equity
share based on profit after taxation.
3. Closure and rehabilitation costs
In accordance with statutory requirements, the Village Main Reef Gold Mining
Company Nature Conservation Trust (`the Trust`) has been established to
provide for the estimated cost of environmental control and rehabilitation
at the end of the life of the mine.
Contributions based on estimated costs are made into the Trust by the
Company on an annual basis.
4. Revenue recognition
Revenue is recognised when the economic benefits associated with a
transaction will flow to the Company and the amount of revenue can be
measured reliably.
5. Financial instruments
Financial instruments recognised on the balance sheet include cash and cash
equivalents, unlisted investments, accounts receivables and accounts
payables.
Financial instruments are initially measured at cost, including transaction
cost when the Company becomes party to a contractual arrangement.
Cash and cash equivalents are defined as cash on hand, demand on deposits
and short-term highly liquid investments readily convertible to known
amounts of cash and subject to insignificant risk of changes in value and
are subsequently measured at cost.
Unlisted investments are shown at fair value or, at cost when fair value
cannot be readily measured.
Trade and other receivables are subsequently measured at amortised cost
using the effective interest rate method. Trade and other receivables are
recognised and carried at original invoice amount as the effect of imputing
interest is considered to be insignificant.
Trade and other payables are subsequently carried at amortised cost using
the effective interest rate method. Trade payables being short-term in
nature are carried at cost as the effect of imputing interest is considered
to be insignificant.
A financial instrument will be derecognised and a gain or loss recognised
when the Company loses contractual rights or extinguishes the obligation
associated with such an instrument.
Notes to the financial statements
2004 2003
R000 R000
1. Loss before taxation
Loss before taxation is stated after:
Auditors` remuneration 42 65
Directors` emoluments for services as directors 15 17
R P Menell 5 5
F Abbott 1 -
M Arnold 3 3
D N Campbell 2 3
F W Human - 3
A N Lewis 3 -
D N Murray - 3
J C Steenkamp 1 -
Emoluments (fees) are paid to African Rainbow
Minerals Limited.
2. Fees
Fees paid include remuneration for technical, advisory,
secretarial and administrative services 98 82
3. Taxation
Normal taxation
Current year - -
Prior year - -
No taxation has been provided as the Company has an
estimated assessed loss of R402 444 (2003: R137 959).
4. Loss per share
Basic and headline loss per share are calculated using
loss of R264 000 (2003: loss of R51 000) and 6 068 446
shares in issue (2003: 6 068 446 shares
in issue).
5. Property, plant and equipment
Property, plant and equipment comprises the remaining 250 250
extent of Portion 97 (A Portion of Portion 51) of the
farm Turffontein 96IR, Gauteng province purchased
during 2001 for the storage of waste materials.
Notes to the financial statements (continued)
2004 2003
R000 R000
6. Environmental Rehabilitation Trust
The Village Main Reef Gold Mining Company Nature
Conservation Trust was created to provide for the
estimated cost of pollution control and rehabilitation
at the end of the life of the mine in accordance with
statutory requirements. The Company made no
contribution to the trust fund during the year
(2003: Nil).
At 30 June, the balance in the fund, including
interest was 840 943
7. Unlisted investment Number of shares held
Shares in service organisation
The Rand Mutual Assurance Company Limited
(Incorporated in the Republic of South Africa) 7 7
R000 R000
The directors` valuation of the unlisted investment
amounts to 1 1
8. Share capital
Authorised
8 000 000 shares of 12,5 cents each 1 000 1 000
Issued
6 068 446 shares of 12,5 cents each 758 758
9. Provision for rehabilitation
Opening balance 943 1 130
Less: Reduction in liability due to work performed 103 167
Less: Increase in provision - 20
Closing balance 840 943
10. Related party transactions
Transactions are entered into with African Rainbow Minerals Limited
(formerly Anglovaal Mining Limited), which is a related party due to their
significant holding in the Company.
These transactions relate to rent, directors` fees and other direct
charges for specific services rendered. Further, these transactions are
concluded at arm`s length and under terms and conditions that are no less
favourable than those arranged with third parties.
Five-year summary
2004 2003 2002 2001 2000
30 June R000 R000 R000 R000 R000
Financial results
Income statement
Working loss (716) (701) (479) (584) (610)
Interest received 394 602 444 496 577
Sundry income 58 48 84 45 29
Profit/(loss) before taxation (264) (51) 49 (43) (4)
Taxation - - - - 50
Capital recoupments - - - - -
Profit/(loss) available for
distribution (264) (51) 49 (43) (54)
Statistics
Basic profit/(loss) per
share - cents (4,4) (0,8) 0,8 (0,7) (0,9)
Headline profit/(loss) per
share - cents (4,4) (0,8)
Annual general meeting
Notice is hereby given that the annual general meeting of the Company will be
held at 10:00 on Thursday, 21 October 2004, at 24 Impala Road, Chislehurston,
Sandton, South Africa to transact the business stated in the notice of annual
general meeting.
For and on behalf of the board
R H Phillips (Secretary)
11 October 2004
Directors: R P Menell (Chairman), F Abbott, M Arnold, A N Lewis, J C Steenkamp
Secretaries: African Rainbow Minerals Limited
Registered office: ARM House, 29 Impala Road, Chislehurston, Sandton, 2146
Transfer secretaries
Computershare Investor Services 2004(Proprietary) Limited
70 Marshall Street
Johannesburg
Date: 11/10/2004 02:52:07 PM
Produced by the JSE SENS Department
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