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Sub Nigel Gold Mining Company Limited - Abridged Report For The Year Ended 30
Release Date: 30/11/2004 17:30:14 Code(s): SBN
SUB NIGEL GOLD MINING COMPANY LIMITED - ABRIDGED REPORT FOR THE YEAR ENDED 30
JUNE 2004 AND DETAILS OF ANNUAL GENERAL MEETING
SUB NIGEL GOLD MINING COMPANY LIMITED
(`the Company`)
(Reg. No. 1984/006179/06)
SHARECODE: SBN ISIN: ZAE000006391
ABRIDGED REPORT FOR THE YEAR ENDED 30 JUNE 2004 AND DETAILS OF ANNUAL GENERAL
MEETING
INCOME STATEMENT
Audited Reviewed Audited
year year year
ended ended ended
30-Jun 30-Jun 30-Jun
2004 2004 2003
R`000 R`000 R`000
Turnover - - -
Operating (2833) (779) (560)
(loss)/profit
Net finance (169) 21 24
(costs)/income
Net (loss) before (3002) (758) (536)
taxation
Taxation - - -
Net (loss) after (3002) (758) (536)
taxation
Ordinary shares in 66,705 66,831 50,631
issue (000`s)
Weighted average 59,324 59,450 47,798
number of shares
in issue (000`s)
(Loss)/earnings per (4.50) (1.28) (1.12)
share (cents)
Headline (4.50) (1.28) (1.12)
(loss)/earnings per
share (cents)
BALANCE SHEET
Audited Reviewed Audited
30-Jun 30-Jun 30-Jun
2004 2004 2003
R`000 R`000 R`000
ASSETS
Non-current assets 30,694 33,643 29,252
Current assets 1,395 1,395 485
32,089 35,038 29,737
EQUITY AND
LIABILITIES
Capital and reserves 31,129 34,409 28,192
Non-current 181 - 1,330
liabilities
Current liabilities 779 629 215
32,089 35,038 29,737
CASH FLOW STATEMENT
Audited Reviewed Audited
year year year
ended ended ended
30-Jun 30-Jun 30-Jun
2004 2004 2003
R`000 R`000 R`000
Cash flows from operating (2445) (352) 453
activities
Cash generated by/(utilised
by)
operating activities (2276) (373) 429
Net financing (169) 21 24
income/(costs)
Cash flows from investing
activities
Cash (expended on)/retained 322 (1,771) (864)
from investing activities
Cash flows from financing 3020 3,020 -
activities
Net increase in cash and 897 897 (411)
cash equivalents
STATEMENT OF CHANGES
IN EQUITY
Stated Non- Accumulated
Capital Distributable Profit Total
Reserve
R`000 R`000 R`000 R`000
Balance at 1 July 2002 22,250 4,743 351 27,344
Transfer to accumulated - (4743) 4,743 -
profit
Net loss for the year - - (536) (536)
Change in accounting policy (855) (855)
Share issues 1,203 - - 1,203
Balance at 1 July 2003 23,453 - 3,703 27,156
Net loss for the year (3,002) (3,002)
Share issues 6,975 - 6,975
Balance at 30 June 2004 30,428 - 701 31,129
NOTES
1 Basis of Preparation
The financial statements have been prepared in accordance
with South African
statements of Generally Accepted Accounting Practice (GAAP)
and the accounting
policies which are consistent
with the prior year.
2 Change in accounting
policy
2.1.1 During the year, the Group changed its accounting policy
with respect to the
consolidation of the Sub Nigel Share Incentive Trust. In
order to conform with the
requirements issued by the JSE Securities Exchange South
Africa, the Group now
consolidates the Sub Nigel Share Incentive Trust. There was
no major effect
relating to this
change.
During the year, the Group changed its accounting policy
reating to the
capitalisation of exploration costs. In the previous year,
the company`s exploration
costs were capitalised to the cost of the mining assets.
Under the new policy,
exploration costs are to be expensed as incurred. The major
effect of this change
is to record the exploration costs to the
income statement.
The effects of the restatement on the financial statements
are as follows:
2004 2003
R`000 R`000
Borrowings
Group
Balance reported under previous policy - 1,330
Consolidation of The Sub Nigel Share 181 181
Incentive Trust
Restated balance 181 1,511
Mining Assets
Group and Company
Balance reported under previous policy 32,992 29,241
Expensing of Exploration (2,314) (855)
costs
30,678 28,386
Income Statement and Statement of
Changes in Equity
Distributable Reserves
Group and Company
Restatement to distributable reserves 855 -
at the beginning of the year
Exploration costs expensed 855 -
Restatement to the income 1,459 855
statement
Exploration costs expensed 1,459 855
Restatement to distributable reserves 2,314 855
at the end of the year
Exploration costs expensed 2,314 855
Comments
Shareholders are refered to the reviewed provisional results for the year ended
30 June 2004 published on SENS on 29 September 2004. The 2004 annual report
will posted to shareholders shortly and contains changes to the reviewed
provisional results, this abridged report is published in terms of 3.21 of the
JSE listings requirement.
The major changes in the figures published by the company in the reviewed
provisional results and those incorporated in the audited financial statements
of the company can be summarised
as follows:
Income Statement 2004 2003
R`000 R`000
Provision for environmental 150,000 -
rehabilitation
Change in accounting policy - 2,094 855
exploration costs
152,094 855
Balance Sheet
Other than the effect of the balance sheet items due to the
income statement adjustments
detailed above, all other major differences relate to re-
allocations and reclassifications
between various categories.
DIVIDEND
No Dividend has been declared for the
year under review.
NOTICE OF ANNUAL GENERAL
MEETING
The 2004 annual report contains the notice of AGM and shareholders are
advised that the AGM
of Sub Nigel`s members will be held at Sub Nigel Head Office,
No.1Shaft, Nigel, 1490,
on Wednesday, 22 December 2004, at
10h00.
For and on behalf of the Board of
Directors
L G Holmes (Non-Executive
Chairman)
S T ward ( Chief executive
Officer)
Sponsor Registered
Office
Sasfin Corporate Finance 302 Satbel
Centre
(A division of Sasfin Bank 2 De Smidt
Limited) Street
Green
Point
8005
Transfer secretaries
Computershare Investor Services
2004 (Pty) Limited
70 Marshall Street
Johannesburg
2001
Directors: L G Holmes (Chairman)*, S T Ward (CEO), A C Reynolds,
H G Veldsman, P St G Glyn*
(*Non-Executive)
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