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VIL
VIL
Village - Abridged Audited Results for the year ended 30 June 2006
Village Main Reef Gold Mining Company (1934) Limited
(Incorporated in the Republic of South Africa)
Share code: VIL
ISIN: ZAE000007720
(Registration number 1934/005703/06)
("the company")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2006
INCOME STATEMENT 2006 2005
R"000 R"000
Loss from operations (446) (2 787)
Other income
interest received 154 294
sundry income - 22
Taxation - -
Net loss for the year (292) (2 471)
Basic loss per share - cents (4,8) (40,7)
Headline loss cents per share (4,8) (41,0)
Number of shares in issue through 6 068 446 6 086 446
year
BALANCE SHEET
Assets
Non-current asset
Asset held for sale 250 250
Environmental Rehabilitation Trust 3 165 869
Current assets
Trade and other receivables - 29
Cash and cash equivalents 1 829 4 348
Total assets 5 244 5 496
Equity and liabilities
Share capital 758 758
Accumulated profits 1 323 1 318
Total shareholders" interest 2 081 2 076
Non-Current liabilities
Provision for rehabilitation 3 000 3 000
Current liabilities
Trade and other payables 163 123
Unclaimed dividends - 297
Total equity and liabilities 5 244 5 496
Net asset value per share (cents) Nil Nil
CASH FLOW STATEMENT
Cash flows from operating activities
Cash utilized by current operations (377) (643)
Interest received 154 294
Cash outflows from operating (223) (349)
activities
Cash flows from investing activities
Proceeds from sale of fixed assets - 22
2006 2005
R000 R000
Increase in investment in (2 296) (327)
rehabilitation trust fund
Decrease in cash and cash (2 519) (327)
equivalents
Cash and cash equivalents at the 4 348 4 675
beginning of the year
Cash and cash equivalents at the end 1 829 4 348
of the year
STATEMENT OF CHANGES IN EQUITY
Balance at 30 June 2004 4 547
Net loss for the year (2 471)
Balance at 30 June 2005 2 076
Net loss for the year (292)
Unclaimed dividends forfeited 297
Balance at 30 June 2006 2 081
RECONCILIATION OF BASIC AND HEADLINE LOSS PER SHARE
The calculation of basic loss for the year is based on basic loss of R292 000
(2005: R2 471 000) and a weighted average of 6 068 446 (2005: 6 068 446) shares
in issue during the period.
Headline loss 2006 2005
R000 R000
Loss per income statement (292) (2 471)
Profit on sale of fixed assets - (22)
Taxation - 6
(292) (2 487)
NOTES TO THE FINANCIAL STATEMENTS
The financial statements are prepared on the historical cost basis, are in
accordance with International Financial Reporting Standards as adopted by the
International Accounting Standards Board and applicable legislation, and have
been prepared on the basis that operations have been curtailed. The accounting
policies are consistent with the prior year.
QUALIFIED AUDIT OPINION
The financial information set out in the audited results has been qualified by
the Company"s auditors Ernst & Young because of the uncertainty of the costs
involved to obtain clearance for rehabilitation of groundwater and radiation
that may exist where the Company used to operate. Their qualified opinion is
available for inspection at the Company"s registered office.
OPERATIONS
Rehabilitation activities continued during the period under review. These
activities will continue during the next financial year with the objective of
obtaining cancellation of the license as referred to in the annual report for
the year ended 30 June 2006
ANNUAL GENERAL MEETING
The Company"s annual general meeting will be held at 12:00 on Friday 10 November
2006 at Harmony Gold Mining Company Limited, Harmony Gold Corporate Offices,
Randfontein Office Park, Corner Main Reef Road and Ward Avenue, Randfontein to
transact the business as stated in the notice of the annual general meeting,
forming part of the annual financial statements.
POSTING OF ANNUAL REPORT
The annual report was posted to shareholders on 2 October 2006 and contains no
modifications to the published audited results.
DIVIDENDS
No dividends have been declared during the year under review and none is
proposed.
For and on behalf of the board:
RP Menell F Abbott
Chairman Director
30 September 2006
Directors:
RP Menell (Chairman), F Abbott, M Arnold, AN Lewis, J C Steenkam
Secretaries:
African Rainbow Minerals Limited
Registered office:
29 Impala Road
Chislehurston
Sandton
PO Box 786136
Sandton
2146
Sponsor:
Nedbank Capital
A division of Nedbank Limited
Date: 09/10/2006 02:50:08 PM Produced by the JSE SENS Department
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