Interim Results
December 19 2003 - 2:01AM
UK Regulatory
SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa) (Registration number 1924/007778
/06)
Share code: SIM ISIN: ZAE000006722
("the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2003 2002 2003
R'000 R'000 R'000
Revenue 18 837 28 728 51 909
Operating costs (26 710) (25 176) (44 200)
Gross operating (loss)/profit (7 873) 3 552 7 709
Corporate expenses (1 006) (706) (2 393)
Operating (loss)/profit (8 879) 2 846 5 316
Income from investments 63 344 602
Net finance charges (2 633) (2 184) (4 634)
(Loss)/Profit for period (11 449) 1 006 1 284
ABRIDGED CONSOLIDATED BALANCE SHEETS
ASSETS
Non-current assets 63 481 56 223 62 221
Mining assets 62 083 54 722 60 677
Financial assets 1 200 1 200 1 200
Environmental Rehabilitation Trust 198 301 344
Fund
Current assets 5 231 10 738 6 312
Cash and cash equivalents 346 4 109 1 015
Other current assets 4 885 6 629 5 297
68 712 66 961 68 533
EQUITY AND LIABILITIES
Equity capital and accumulated 24 951 36 122 36 400
loss
Shareholders" interest 24 950 36 121 3 6 399
Minority shareholders" interest 1 1 1
Non-current liabilities 37 594 25 494 27 026
Interest bearing borrowings 431 682 310
Loan from holding company 36 524 24 236 26 077
Environmental Rehabilitation 639 576 639
provision
Current liabilities 6 167 5 345 5 107
Interest bearing borrowings 382 - 259
Other current liabilities 5 785 5 345 4 848
68 712 66 961 68 533
Shares in issue at period-end 215 432 215 432 215 432
("000)
Net asset value per share (cents) 11,6 16,8 16,9
Headline earnings and attributable
earnings per share (cents) (5,3) 0,5 0,6
Based on weighted average number
of shares in issue ("000) 215 432 215 432 215 432
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating (5 553) 4 863 6 716
activities
Cash flows from investing (3 210) (4 483) (13 237)
activities
Cash flows from financing 7 712 (2 487) 1 320
activities
Net decrease in cash and cash (1 051) (2 107) (5 201)
equivalents
Cash and cash equivalents at
beginning
of period 1 015 6 216 6 216
Cash and cash equivalents at end
of period (36) 4 109 1 015
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated Total
capital premium loss
R'000 R'000 R'000 R'000
Balance at 1 April 2002 4 307 106 543 (75 735) 35 115
Profit for the period - - 1 284 1 284
Balance at 31 March 2003 4 307 106 543 (74 451) 36 399
Loss for period - - (11 449) (11 449)
Balance at 30 September 4 307 106 543 (85 900) 24 950
2003
Notes:
The 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 Practice and are consistent with those of the
previous year.
Revenue was down due to lower gold production as a result of lower grade and a
lower Rand gold price. The low grade is of a temporary nature and remedial
steps are being taken to improve profitability.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 5 December 2003. With the publication of
these results, the cautionary is hereby withdrawn.
By order of the Board
Consolidated Mining Management Services Limited
Secretaries
Johannesburg
18 December 2003
Transfer Secretaries
South Africa United Kingdom
Computershare Limited Capita Registrars
Ground Floor The Registry
70 Marshall Street 34 Beckenham Road
Johannesburg, 2001 Beckenham
Republic of South Africa Kent, BR3 4TU
Sponsor
River Sponsors
Suite 202, Duncan Manor
150 Brooks Street, Brooklyn
Pretoria, 0181
Republic of South Africa
Investor Relations Registered Office
George Poole 28 Harrison Street
Tel: +2711 688 5100 Johannesburg, 2001
Fax: +2711 836 3757 Republic of South Africa
END