Interim Results

RNS Number:5465N
Simmer & Jack Mines Ld
22 November 2001

SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa) 
(Registration number 1924/007778/06) 
Share code SIM ISIN ZAE000006722


     INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
     
ABRIDGED CONSOLIDATED INCOME STATEMENTS 

                                  Six months ended   Six months ended Year ended
                                    30 Sept 2001        30 Sept 2000   31 March 
                                                                          2001  
                                       R'000               R'000       R'000
     
Turnover                               20 268              13 961     29 741 
Operating costs                        17 432              14 999     28 434


Operating profit/(loss)                 2 836              (1 038)     1 307 
Corporate expenses                       (830)               (641)    (1 719) 
Net finance charges                    (1 787)             (1 394)    (3 109)
     
Profit/(loss) for period before taxation  219              (3 073)    (3 521) 
Taxation                                   -                  -            -
     
Profit/(Loss) for period                  219              (3 073)    (3 521)
     
ABRIDGED CONSOLIDATED BALANCE SHEETS
ASSETS 
Non-current assets                    110 172             107 156    109 103
     
Mining assets                         108 715             106 899    107 646 
Land and buildings                        257                 257        257 
Share Incentive Trust loan account      1 200                 -        1 200
     
Current assets                          4 921               4 364      4 159
 
Other current assets                    4 146               4 076      3 686 
Funds on call, bank balances and cash     776                 288        473
     
                                      115 094             111 520    113 262
     
EQUITY AND LIABILITIES 
Equity capital and reserves            87 427              86 457     87 208
     
Shareholders' interest                 87 426              86 456     87 207 
Minority shareholders' interest             1                   1          1
     
Long-term liabilities                  23 625              19 676     21 890
     
Shareholder's loan - interest bearing  23 394              19 562     21 890 
Other long-term liabilities               231                 114        -
     
Current liabilities                     4 042               5 387      4 164
     
Current liabilities - non-interest
  bearing                               4 042               4 865      3 911 
Current portion of long-term liability 
 - interest bearing                       -                    -          90 
Bank overdraft                            -                   522        163
     
                                      115 094             111 520    113 262
     
Shares in issue at period-end ('000)  215 432             203 432    215 432
Net asset value per share (cents)        40,6                42,5       40,5 
Headline earnings par share (cents)*      0,1                (3,5)      (2,2) 
Earnings per share (cents)*               0,1                (3,5)      (2,2) 
*Based on weighted average number of 
 shares in Issue ('000)               215 432              87 558    161 492
     
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating activities    1 693             (34 818)    (5 494) 
Cash flows from investing activities   (1 068)             (2 654)    (1 446) 
Cash flows from finance activities       (159)             36 921      6 932
     
Net increase in cash and cash equivalents 466                (551)        (8) 
Cash and cash equivalents at beginning 
 of period                                310                 318        318
     
Cash and cash equivalents at end of period 776               (233)       310
     
STATEMENT OF CHANGES IN EQUITY 
                                             Non-
                         Share  Share       distributable    Accumulated        
                       capital  premium     reserves         loss          Total
                        R'000   R'000       R'000            R'000        R'000
     
Balance at 30 March 2000 2 467  75 183      17 358          (37 480)     57 528 
Issue of shares          1 840  31 360                                   33 200 
Loss for period                                              (3 521)     (3 521)
  
Balance at 30 March 2001 4 307 106 543      17 358          (41 001)     87 207 
Profit for period                                               219         219
     
Balance at 30 September 
 2001                    4 307 106 543      17 358           (40 782)    87 426
     

Notes:

The results have been prepared applying accounting policies consistent with 
those of the previous year and which comply with South Africa Statements of 
Generally Accepted Accounting Practice.

The performance of the Lily Mine continues to provide good results.  Cash 
operating costs for the period were US$213 per ounce.  

Production at TGME have shown a steady improvement and this operation is now 
profitable.  Cash operating costs for the period were US$263 per ounce.

Estimated capital expenditure for the next six months will be R1.2 million.

By order of the Board

Johannesbury
22 November 2001



Consolidated Mining Management Services Limited
Secretaries

Transfer secretaries                      Registered office      Sponsor
South Africa            United Kingdom
Mercantile Registrars   Capita IRG Plc    3rd Floor           Riverbank Sponsor
8th Floor               Balfour House     28 Harrison Street  Services (Pty) Ltd
11 Diagonal Street      390/398 High Road Johannesburg, 2001  Suit 201, 150
Johannesburg, 2001      Ilford            South Africa        Brooklyn, 0181
South Africa            Essex LG1 1NQ                         South Africa
                        England