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Village Main - Reviewed Interim Report For The Half-Year Ended 31 December 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`)
REVIEWED INTERIM REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2004
BALANCE SHEET
Reviewed Audited
31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Assets
Fixed assets 250 250 250
Non-current assets
Environmental Rehabilitation Trust 872 948 840
Unlisted investment - at cost 1 1 1
Current assets 4 615 4 900 4 700
Receivables 23 27 25
Cash and cash equivalents 4 592 4 873 4 675
Total assets 5 738 6 099 5 791
Equity and liabilities
Share capital 758 758 758
Accumulated profit 1 628 4 011 3 789
2 386 4 769 4 547
Provision for rehabilitation 3 000 948 840
Current liabilities
- Non-interest bearing 352 382 404
Creditors 55 27 107
Unclaimed dividends 297 355 297
Total liabilities 5 738 6 099 5 791
Net asset value per share (cents) 39,3 78,6 74,9
Statement of changes in equity
Balance at beginning of period 4 547 4 811 4 811
Loss (2 161) (42) (264)
Balance at end of period 2 386 4 769 4 547
Headline earnings
Loss per income statement (2 161) (42) (264)
Headline loss (2 161) (42) (264)
INCOME STATEMENT
Reviewed Audited
Half-year Year
ended ended
31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Loss from operations (2 338) (270) (716)
Other income 177 228 452
- interest received 155 228 394
- sundry income 22 - 58
Taxation - - -
Loss (2 161) (42) (264)
Loss per share (cents) (35,6) (0,7) (4,4)
Headline loss per share (cents) (35,6) (0,7) (4,4)
Number of shares in issue 6 068 446 6 068 446 6 068 446
CASH FLOW STATEMENT
Cash utilised by current operations, net
of changes in working capital (238) (376) 740
Interest received 155 228 394
Cash utilised by current operations (83) (148) (346)
Decrease in cash (83) (148) (346)
ACCOUNTING POLICY AND NOTES TO THE FINANCIAL STATEMENTS
The financial statements are prepared on the historical cost basis, are in
accordance with South African Statements of Generally Accepted Accounting
Practice, and have been prepared on a break-up basis. The directors are of the
opinion that the Company`s assets will realise at least the values at which they
are stated in the balance sheet. The accounting policies are consistent with the
prior year.
REVIEW BY AUDITORS
The financial information set out in the reviewed results has been reviewed by
the Company`s auditors Ernst & Young. Their qualified opinion is available for
inspection at the Company`s registered office. They draw attention to the
accounting policy note which states that the financial statements have been
drawn up on a break-up basis.
Their qualification reads as follows: `As stated in the operations note in the
interim financial statements the Company could have potential groundwater and
radiation rehabilitation liabilities. As these costs cannot be quantified at
this stage, we are uncertain whether or not adequate provision for the potential
costs have been made in these financial statements.`
OPERATIONS
During the period the Company commissioned an independent review of potential
environmental liabilities. Based upon recommendations from this review the
Company has increased its provision for care and maintenance of the dumps and
closure of certain footprints of old removed dumps to R3 million. The allocation
of funds to the rehabilitation trust will be similarly increased. A potential
exposure may exist to rehabilitate the ground water, and any radiation that may
exist, which is not determinable. Accordingly, no provision has been made for
this exposure.
For and behalf of the board
R P Menell (Chairman) F Abbott (Director)
31 March 2005
Directors:
R P Menell (Chairman), F Abbott, M Arnold, A N Lewis, J C Steenkamp
Secretaries:
African Rainbow Minerals Limited (Formerly Anglovaal Mining Limited)
Registered office:
29 Impala Road, Chislehurston, Sandton, 2196
Postal Address P O Box 786136 Sandton 2146
Sponsor
Deutsche Securities
Date: 31/03/2005 05:30:47 PM
Produced by the JSE SENS Department
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