Interim Results
28 March 2003 - 2:39AM
UK Regulatory
STILFONTEIN GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/033412/06)
Share code: STI ISIN: ZAE000007118
("the company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
Issued Capital 13 062 920 Ordinary Shares of 50 cents each
INCOME STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 December 31 December 30 June
2002 2001 2002
R'000 R'000 R'000
Net operating loss for the period (52) (52)
(490)
Net finance income 9 395 527
Dividends forfeited 606 - -
Net income for the period before taxation 563 343 37
Taxation 3 103 159
Net income/(loss) for the period 560 240
(122)
Earnings/(loss) per share - (cents)
- headline earnings (0,4) 1,8
(0,9)
- attributable earnings 4,3 1,8
(0,9)
Headline earnings are calculated as follows:
Net income/(loss) for the period 560 240
(122)
Dividends forfeited (606) - -
(46) 240
(122)
BALANCE SHEETS (ABRIDGED)
Unaudited Unaudited Audited
31 December 31 December 30 June
2002 2001 2002
R'000 R'000 R'000
Assets
Non-current assets
- Property, plant and equipment 7 916 7 966 7 966
- Investments 29 29 29
7 945 7 995 7 995
Current assets 7 390 5 172 5 949
Total assets 15 335 13 167 13 944
Liabilities and shareholders' equity
Current liabilities
- non-interest bearing 3 066 1 096 2 235
Total liabilities 3 066 1 096 1 781
Shareholders' equity 12 269 12 071 11 709
Total liabilities and equity 15 335 13 167 13 944
Net asset value per share (cents) 93,9 92,4 89,6
CASH FLOW STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 December 31 December 30 June
2002 2001 2002
R'000 R'000 R'000
Cash flows from operating activities 1 264 909 4 894
Net cash at bank at beginning of period 5 150 256 256
Net cash at bank at end of period 6 414 1 165 5 150
STATEMENT OF CHANGES IN EQUITY
R'000 R'000 R'000
Share Share Retained
capital premium earnings Total
R'000 R'000 R'000 R'000
Balance on 1 July 2001 6 531 1 514 3 786 11 831
Net earnings for the year - - (122)
(122)
Balance on 1 July 2002 6 531 1 514 3 664 11 709
Net earnings for the year - - 560 560
Balance on 31 December 2002 6 531 1 514 4 224 12 269
NOTES TO THE FINANCIAL STATEMENTS
Basis of accounting
These results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice ("GAAP") and Schedule 4 of the Companies
Act. These accounting policies are consistent with those used in the annual
financial statements for the year ended 30 June 2002.
No material events, which have not been reflected in the interim financial
statements, have occurred subsequent to the end of the financial period.
There has been no change in contingent liabilities since 30 June 2002.
COMMENTS
1. During the period under review, the company continued pumping operations on
behalf of Hartebeestfontein Gold Mining Company Limited.
2. Provision has been made for taxation on non-mining income at a rate of 30
per cent.
For and on behalf of the board
R A R Kebble H C Buitendag
Executive Chairman Executive Director
Johannesburg
28 March 2003
Company Secretary: P B Beale
Investor Relations: G W Poole
TEL:+27 11 688 5100
Fax +27 11 836 3757
E-mail gpoole@jci.co.za
Registered Office: 28 Harrison Street
Johannesburg 2001
(PO Box 11165, Johannesburg, 2000)
Transfer Secretaries: Computershare Investor Services Limited
70 Marshall Street
Johannesburg 2001
(PO Box 1053, Johannesburg, 2000)
Republic of South Africa
Telephone: +27 11 370-5000
Facsimile: +27 11 370-5271/2
United Kingdom Registrars: Capita Registrars
Balfour House
390 - 398 High Road
Ilford, Essex IG1 1NQ
Telephone (020) 8639 1139
Telefax (020) 8553 0784
United Kingdom Secretaries:St James's Corporate Services Limited
6 St James's Place
London, SW1A 1NP
Telephone (020) 7499 3916
Telefax (020) 7491 1989
Paris representative agents: Euro Emetteurs Finance
48 Boulevard des Batignolles
75850 Paris
CEDEX 17, France
Telephone (+331) 5530 5900
Telefax (+331) 5530 5910
END