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Sub Nigel - Abridged Report for the year ended 30 June 2004 and
SUB NIGEL GOLD MINING COMPANY LIMITED
(`the Company`)
(Reg. No. 1984/006179/06)
JSE SHARE CODE: SBN
ISIN: ZAE000006391
Abridged Report for the year ended 30 June 2004 and
Details of Annual General Meeting
Shareholders are referred to the Abridged Report for the year ended 30 June
2004, which was published on SENS on 30 November 2004 and are advised that the
comparative figures relating to the year ended 30 June 2003 reflected therein
did not take into consideration the change in accounting policy as set out in
paragraph 2.1.1 below. The correct audited results for the year ended 30 June
2003 are set out below.
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 loss (2,833) (779) (1,415)
Net finance (169) 21 24
(costs)/income
Net loss before (3,002) (758) (1,391)
taxation
Taxation - - -
Net loss after (3,002) (758) (1,391)
taxation
Ordinary shares in 66,705 66,831 50,505
issue (000`s)
Weighted average 59,324 59,450 47,672
number of shares
in issue (000`s)
Loss per share (4.50) (1.13) (2.75)
(cents)
Headline loss per (4.50) (1.13) (2.75)
share (cents)
Weighted average (5.06) (1.28) (2.92)
loss per shares
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 28,397
Current assets 1,395 1,395 485
32,089 35,038 28,882
EQUITY AND
LIABILITIES
Capital and reserves 31,129 34,409 27,156
Non-current 181 - 1,511
liabilities
Current liabilities 779 629 215
32,089 35,038 28,882
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 (2,445) (352) (402)
activities
Cash generated by/(utilised
by)
operating activities (2,276) (373) (426)
Net financing (169) 21 24
income/(costs)
Cash flows from investing
activities
Cash (expended on)/retained 322 (1,771) (9)
from investing activities
Cash flows from financing 3,020 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 - (4,743) 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 relating 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 33,627 29,241
Expensing of Exploration (2,949) (855)
costs
Restated balance 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 2,094 855
statement
Exploration costs expensed 2,094 855
Restatement to distributable reserves 2,949 855
at the end of the year
Exploration costs expensed 2,949 855
Comments
Shareholders are referred 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
Net loss before taxation (758) (536)
(per reviewed results)
Provision for environmental (150) -
rehabilitation
Change in accounting policy - (2,094) (855)
exploration costs expensed
Net loss before taxation (3,002) (1,391)
(per audited financial
statements)
Balance Sheet
Other than the effect of the balance sheet items due to the change in accounting
policy as detailed above and the provision for environmental rehabilitation,
there are no other differences.
DIVIDEND
No dividend has been declared for the year under review.
AUDITORS REPORT
These results have been audited by the company`s auditors, Moores Rowland, and
the auditor`s report is available for inspection at the company`s registered
office.
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
S T ward ( Chief executive Officer)
Registered Office
Sub Nigel Head Office
No. 1 Shaft
Nigel
1490
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg
2001
Sponsor
Sasfin Corporate Finance
(A division of Sasfin Bank Limited)
Directors: S T Ward (CEO), A C Reynolds, H G Veldsman, P St G Glyn*
(*Non-Executive)
Date: 02/12/2004 09:51:25 AM Produced by the JSE SENS Department
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