Audited Results for the year

RNS Number:8676X
Simmer & Jack Mines Ld
27 June 2002

SIMMER AND JACK MINES, LIMITED

   (Incorporated in the Republic of South Africa)

   (Registration number 1924/007778/06)

   JSE share code: SIM   ISIN: ZAE000006722

   ("Simmers" or "the company")

Directors: R A R Kebble (Chairman), M McChesney (CEO), H C Buitendag,

           J Stratton (Australian)

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002

Abridged consolidated income statement

                                        Year ended      Year ended

                                        31 March 2002   31 March 2001

                                        R'000           R'000

Revenue                                 46 129          29 741

Operating costs                         40 884          32 128

Gross operating profit/(loss)           5 245           (2 387)

Corporate expenses                      (1 974)         (895)

Operating profit/(loss)                 3 271           (3 282)

Income from investments                 126             39

Finance charges                         (3 698)         (3 149)

Loss before taxation                    (301)           (6 392)

Taxation                                -               -

Loss for year                           (301)           (6 392)



ABRIDGED CONSOLIDATED BALANCE SHEET

                                        31 March 2002   31 March 2001

                                        R'000           R'000

ASSETS

Non-current assets                      53 294          56 483

Mining assets                           51 866          55 283

Financial assets                        1 200           1 200

Environmental Rehabilitation Trust Fund 228             -

Current assets                          12 455          4 987

Other current assets                    6 239           4 514

Cash and cash equivalents               6 216           473

                                        65 749          61 470

EQUITY AND LIABILITIES

Equity capital and accumulated loss     35 116          35 417

Shareholders' interest                  35 115          35 416

Minority shareholders' interest         1               1

Non-current liabilities                 25 642          22 209

Interest bearing borrowings             14              -

Loan from holding company               25 052          21 890

Environmental Rehabilitation provision  576             319

Current liabilities                     4 991           3 844

Interest bearing borrowings             154             90

Other current liabilities               4 837           3 591

Bank overdraft                          -               163

                                        65 749          61 470

Shares in issue at year-end ('000)      215 432         215 432

Net asset value per share (cents)       16,3            16,4

Headline earnings per share (cents)*    (0,1)           (3,0)

Attributable earnings

  per share (cents)*                    (0,1)           (3,0)

* Based on weighted average number

  of shares in issue                    215 432         215 432


ABRIDGED CONSOLIDATED CASH FLOW STATEMENT

Cash flows from operating activities    3 198           (5 492)

Cash flows from investing activities    (468)           (1 448)

Cash flows from finance activities      3 176           6 932

Net increase in cash and

  cash equivalents                      5 906           (8)

Cash and cash equivalents at

  beginning of year                     310             318

Cash and cash equivalents at

  end of year                           6 216           310


Statement of Changes in Equity

                                             Non-dis

                         Share     Share     tributable Accumulated

                         capital   premium   reserves   loss        Total

                         R'000     R'000     R'000      R'000       R'000

Balance at 1 April 2000  2 467     75 183    17 358     (37 480)    57 528

Prior year adjustment -

  mining assets          -         -         -          (48 920)    (48 920)

Restated balance         2 467     75 183    17 358     (86 400)    8 608

Net loss for year        -         -         -          (6 392)     (6 392)

Issue of share capital   1 840     31 360    -          -           33 200

                         4 307     106 543   17 358     (92 792)    35 416

Balance at 1 April 2001

As previously reported   4 307     106 543   17 358     (41 001)    87 207

Prior year adjustment -

  mining assets          -         -         -          (52 619)    (52 619)

Prior year adjustment -

  gold-in-process        -         -         -          828         828

As restated              4 307     106 543   17 358     (92 792)    35 416

Transfer of profits

  appropriated for

  capital expenditure    -         -         (17 358)   17 358      -

Net loss for year        -         -         -          (301)       (301)

Balance at

  31 March 2002          4 307     106 543   -          (75 735)    35 115

Notes:

The group changed the accounting policy from the appropriation method  to
compliance with International Accounting Standards. The principal effects of
this change are that mining assets are now amortised over the lives of the mines
and gold-in-process has been brought to account. The effect of this change is as
follows:

Reduction in net profit before and after tax due to increase in amortisation
charge for mining assets and accounting for gold-in-process:

2002   R3,16 million

2001   R2,87 million

Restatement of opening accumulated loss in respect of prior year adjustment to
mining assets and gold-in-process:

2002   R51,79 million

2001   R48,92 million

The operating performance of the group continued to improve reflecting a
significant turnaround in operating profit and a small loss for the financial
year.

  By order of the Board

  Johannesburg

  27 June 2002

Consolidated Mining Management Services Limited

  Secretaries

Transfer secretaries

South Africa

   Computershare Investor Services Limited

   8th Floor, 11 Diagonal Street, Johannesburg, 2001

   South Africa

United Kingdom

   Capita IRG Plc

   Balfour house, 390/398 High Road, Ilford, Essex LG1 1NQ

   England

Registered office

   3rd Floor, 28 Harrison Street, Johannesburg, 2001

   South Africa

Sponsor

   Riverbank Sponsor Services (Pty) Limited

   Suit 201, 150 Brooks Street, Brooklyn, 0181

   South Africa



                      This information is provided by RNS
            The company news service from the London Stock Exchange