| Thu 14 Oct 2004, 13:45 | | REPORT FOR THE YEAR ENDED 30 JUNE 2004 |
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STILFONTEIN GOLD MINING COMPANY LIMITED - PRELIMINARY REPORT FOR THE YEAR ENDED
30 JUNE 2004
STILFONTEIN GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/033412/06)
Share code: STI ISIN: ZAE000007118
(`the Company`)
PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 2004
INCOME STATEMENTS (ABRIDGED) Reviewed Audited
year ended year ended
30-Jun 2004 30-Jun 2003
R`000 R`000
Net operating profit for the year 741 334
Provision for environmental rehabilitation (451) (3,564)
Net profit/(loss) for the period before taxation 290 (3,230)
Taxation - (3)
Net profit/(loss) for the year 290 (3,233)
Attributable earnings/(loss) per ordinary share
(cents) 2,2 (24,8)
Headline earnings/(loss) per ordinary share
(cents) 2,2 (24,8)
The calculation of both attributable and headline earnings/(loss) per ordinary
share is based on a profit of R290 000 (2003: a loss of R3 233 000) and a
weighted average of 13 062 920 (2003:13 062 920) ordinary shares in issue
during the year.
BALANCE SHEETS (ABRIDGED) Reviewed Audited
30-Jun 2004 30-Jun 2003
R`000 R`000
ASSETS
Non-current assets
- Property, plant and equipment 7 876 7 916
- Investments 130 29
8 006 7 945
Current assets 8 951 7 962
Total assets 16 957 15 907
EQUITY AND LIABILITIES
Shareholders` equity 9 564 9 253
Current liabilities
- non interest bearing 7 393 6 654
Total liabilities and equity 16 957 15 907
Net asset value per share (cents) 73,2 70,8
CASH FLOW STATEMENTS (ABRIDGED) Reviewed Audited
year ended year ended
30-Jun 2004 30-Jun 2003
R`000 R`000
Cash flows from operating activities (1 117) 818
Cash flows from investing activities (61) 50
Cash flows from financing activities 21 778
Net (decrease)/increase in cash resources (1 157) 1 646
Cash and cash equivalents at beginning of year 6 796 5 150
Cash and cash equivalents at end of year 5 639 6 796
STATEMENT OF CHANGES IN EQUITY Share Share Retained
capital premium earnings Total
R`000 R`000 R`000 R`000
Balance on 1 July 2002 6 531 1 514 3 663 11 708
Net loss for the year - - (3 233) (3 233)
Forfeited dividends - - 778 778
Balance on 30 June 2003 6 531 1 514 1 208 9 253
Net profit for the year - - 290 290
Forfeited dividends - - 21 21
Balance on 30 June 2004 6 531 1 514 1 519 9 564
NOTES TO THE FINANCIAL STATEMENTS
Basis of accounting
These results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice (`GAAP`) and schedule 4 of the Companies
Act 1973, as amended. These accounting policies are consistent with those used
in the annual financial statements for the year ended 30 June 2003.
COMMENTS
During the current financial year, the Company continued pumping operations on
behalf of Hartebeestfontein Gold Mining Company Limited. No provision for
taxation has been made as the Company has a calculated assessable loss.
AUDITORS REVIEW
These results have been reviewed by KPMG Inc. and the review report is
available for inspection at the Company`s registered office.
CONTINGENT LIABILITIES
1. The Company sold the majority of its properties to a third party. It was a
specific condition of the sale agreement that the buyer of those properties
will be responsible for the environmental rehabilitation.
Since the Company is still in the process of obtaining the necessary
approval from the Department of Minerals and Energy to transfer the
environmental obligations relating to those properties to the third party,
the Company could be held responsible by the Department of Mineral and
Energy to rehabilitate the mining area should the third party fail. The cost
to rehabilitate this area is estimated at approximately R27 million. The
Directors of the Company are of the opinion that no payment will
materialise.
2. Guarantees given to The National Nuclear Regulator amounts to R250,000
(2003:R250,000)
For and on behalf of the board
R A R Kebble H C Buitendag
Chair man Director
Johannesburg
14 October 2004
Secretaries: Consolidated Mining Management Services Limited
Registered Office: 28 Harrison Street,
Johannesburg, 2001
(PO Box 11165, Johannesburg, 2000 )
Transfer Secretaries: Computershare Investor Services 2004
(Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
United Kingdom Registrars: Capita Registrars,
The Registry,
34 Beckenham Road, Kent BR3 4TU
Telephone: +44 (0870) 162 3100
Telefax: +44 (20) 8639 2142
United Kingdom Secretaries: St. James`s Corporate Services Limited,
6 St James`s Place, London. SW1A 1NP
Telephone: +9 44 20 7499 3916
Telefax: +9 44 20 7491 1989
French Agents: Euro Emetteurs Finance,
48 Boulevard des Batignolles,
75850 Paris, CEDEX 17, France
Telephone: +331 5530 5900
Telefax: +331 5530 5910
Date: 14/10/2004 01:29:14 PM
Produced by the JSE SENS Department
