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SIMMERS - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
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 `Simmers`)
Directors: R A R Kebble (Non-executive), G T Miller (CEO), J Berry,
H C Buitendag, J Stratton (Australian)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited
Six months Six months Audited
ended ended year end
30 Sep 2004 30 Sep 2003 31 March 2004
Notes R`000 R`000 R`000
Revenue 23 205 18 837 38 381
Cost of sales (31 869) (26 710) (51 656)
Gross operating loss (8 664) (7 873) (13 275)
Corporate expenses (1 215) (1 006) (10 663)
Operating loss (9 879) (8 879) (23 938)
Income from
investments 34 63 95
Finance charges 3 (4 156) (2 633) (5 775)
Loss for the period (14 001) (11 449) (29 618)
ABRIDGED CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
as at as at as at
30 Sep 2004 30 Sep 2003 31 March 2004
Notes R`000 R`000 R`000
ASSETS
Non-current assets 63 481 62 281 62 207
Mining assets 63 153 62 083 61 879
Environmental
Rehabilitation
Trust Fund 328 198 328
Current assets 6 097 5 231 6 562
Cash and cash
equivalents 478 346 1 319
Other current assets 5 619 4 885 5 243
69 578 67 512 68 769
EQUITY AND
LIABILITIES
Equity capital and
accumulated loss (8 418) 23 751 5 583
Shareholders`
interest (8 419) 23 750 5 582
Minority
shareholders`
interest 1 1 1
Non-current
liabilities 69 097 37 594 56 357
Shareholder `s loan 2 66 555 36 524 53 853
Obligations under
instalment sale 1 742 431 1 704
Environmental
rehabilitation
provision 800 639 800
Current liabilities 8 899 6 167 6 829
Interest bearing
borrowings 3 757 382 777
Trade and other
payables 8 142 5 785 6 052
69 578 67 512 68 769
Ordinary shares in
issue (`000) 215 432 215 432 215 432
Treasury shares -
Share Incentive
Trust (`000) (11 990) (12 000) (12 000)
Adjusted shares in
issue at end of
period (`000) 203 442 203 432 203 432
Net asset value per
share (cents) (4,1) 11,7 2,7
Headline earnings
per share (cents)* (6,9) (5,6) (14,6)
Earnings per share
(cents)* (6,9) (5,6) (14,6)
*Based on weighted
average number of
shares
in issue (`000) 203 442 203 442 203 442
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited
Six months Six months Audited
ended ended year end
30 Sep 2004 30 Sep 2003 31 March 2004
Notes R`000 R`000 R`000
Cash flows from
operating
activities (6 173) (5 553) (15 454)
Cash flows from
investing
activities (3 386) (3 210) (13 413)
Cash flows from
finance activities 8 349 7 712 29 171
Net
(decrease)/increase
in cash and
cash equivalents (1 210) (1 051) 304
Cash and cash
equivalents at
beginning of period 1 319 1 015 1 015
Cash and cash
equivalents at
beginning of period 1 319 1 015 1 015
Cash and cash
equivalents at end
of period 109 (36) 1 319
STATEMENT OF CHANGES IN EQUITY
Treasury shares -
Share Share Share Incentive
capital premium Trust
R`000 R`000 R`000
Balance as at 1 April 2003 4 307 106 543 (1 200)
Net loss for the year
Treasury shares sold 1
Balance as at 31 March 2004 4 307 106 543 (1 199)
Net loss for the period
Balance as at 30 September 2004 4 307 106 543 (1 199)
Accumulated
loss Total
R`000 R`000
Balance as at 1 April 2003 (74 451) 35 199
Net loss for the year (29 618) (29 618)
Treasury shares sold 1
Balance as at 31 March 2004 (104 069) 5 582
Net loss for the period (14 001) (14 001)
Balance as at 30 September 2004 (118 070) (8 419)
Notes:
1. 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 Practices and are
consistent with those of the previous year.
2. The major shareholder has deferred its right to claim or accept any
repayment of this loan until the Group`s assets, fairly valued, exceed its
liabilities.
3. Included in interest bearing borrowings are bank overdrafts totalling
R369 000 (31/3/04: - Nil, 30/9/03: - R382 000).
Commentary
The last 18 months have been difficult from an operational perspective; a
situation that has been compounded by the ongoing strength of the Rand. The
board of directors has taken strong measures to rectify this loss-making
situation and the following steps have been implemented:
* On Monday 8 November 2004 the board of directors announced on SENS the
resignation of Mike McChesney and the appointments of Gordon Miller as Chief
Executive Officer and John Berry as an Executive Director. In view of the
restructured board, the board would like to take this opportunity of expressing
their appreciation to Mike for his valued contribution to Simmers. The board
wishes Mike every success in his future endeavours. Gordon joined the JCI Group
in 2003. His extensive operational and leadership experience will be invaluable
in achieving the growth objectives of Simmers. Additionally, John Berry, has
accepted the post of executive director. John has a legal background and has
been actively involved in the growth strategy of Randgold & Exploration Company
Limited.
* Skilled management is a pre-requisite for the success of the organisation. To
this end the board is committed to ensuring that the mine has a strong
management team, responsible for operations and growth opportunities in the
Pilgrims Rest area. A new and highly experienced management team has been
appointed to run the operations. This team will be headed up by Mark Glasspool,
formerly a mine manager with the Harmony Group, which he joined after working
for Gengold for a number of years. This arrangement will replace the management
contract with Cheston Minerals (Pty) Limited, which has been terminated with
effect from 1 December 2004.
* Makonjwaan Mining Company Limited, which operates the loss making Lily Mine,
has been disposed of for R3 million. The financial effects of this transaction
will be reflected in the results for the next six months.
* A detailed review of the operations at Transvaal Gold Mining Estates is being
undertaken, with particular emphasis on growing the ore reserve position and
reducing costs.
* Current investigations have determined numerous opportunities to increase gold
production and work is underway to establish detailed technical and financial
plans to convert these opportunities to reality.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 19 November 2004. With the publication of
these interim results, the cautionary is hereby withdrawn.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Johannesburg
24 November 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
Investor Relations Registered office
George Poole 3rd Floor
Tel +2711 688 5100 28 Harrison Street
Fax +2711 836 3757 Johannesburg, 2001
Email: gpoole@jci.co.za Republic of South Africa
Sponsor
RIVER GROUP
Block C, 1st Floor
Parcnouveau
225 Veale Street
Brooklyn
0181
Date: 24/11/2004 01:18:05 PM
Produced by the JSE SENS Department
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