Wrap Text
SIM - Simmer & Jack Mines Limited - Reviewed condensed provisional
consolidated financial results for the 15 months ended 30 June 2011
Simmer & Jack Mines Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1924/007778/06)
JSE code: SIM ISIN code: ZAE000006722
("Simmers" or "the company")
REVIEWED CONDENSED PROVISIONAL CONSOLIDATED FINANCIAL RESULTS FOR THE 15
MONTHS ENDED 30 JUNE 2011
Salient features
- Simmer & Jack Mines Limited successfully concludes the disposal of the
majority of its assets to Village Main Reef Limited (Village) effective 27
June 2011.
- Simmers receive 597 512 158 Village shares as consideration for the
disposal group assets.
- On 27 June 2011, all Village shares received by Simmers as consideration
successfully distributed to Simmers shareholders, resulting in Simmers
shareholders holding some 66% of Village.
- Simmers transformed into a cash company, with its only remaining assets,
R20 million in cash and a discontinued operation in the form of Transvaal
Gold Mining Estates Limited (TGME).
- The TGME disposal remains subject to the fulfilment of certain
conditions, in particular the conversion of mineral rights under section
11.
- The comprehensive income statement reflects a loss on disposal of the
majority of the Simmers assets to Village of R407,6 million.
- Simmer & Jack changed year-end from 31 March to 30 June, accordingly
Simmers will have a 15 month reporting period for this financial year
ending 30 June 2011.
Post period-end
- Stonewall Mining (Proprietary) Limited undertook to deposit the full
purchase price of R25 million in relation to TGME in an attorney`s trust
account for the benefit of Simmers, subject to both parties signing the
second addendum to the sale agreement.
Accounting implications of the Village transaction
The results for this reporting period have been prepared on a liquidation
basis as the merger between Simmers and Village successfully concluded.
This basis of reporting requires the asset, liabilities, income and
expenditures of those entities forming part of the transaction, to be
disclosed as assets available for sale and losses on non-current assets
held for sale, respectively. This basis of accounting requires that all
assets and liabilities are accounted for at fair value less costs to sell.
This is a departure from the valuation methodology applied in the previous
financial year in relation to the investment in FIU, which were accounted
for on the value in use basis.
The change in the basis of preparation required Simmers to reclassify all
information contained in the statement of comprehensive income into profit
and loss from continuing and discontinued operations.
The reviewed condensed financial statements have been reviewed by Grant
Thornton whose modified review report is available for inspection at the
Group`s registered office. The modification relates to the fact that the
condensed provisional financial statements have been prepared on the
liquidation basis. Extracts from their report states the following:
"Without qualifying our conclusion, we draw attention to the fact that at
period end, the group`s main assets are cash and a discontinued operation.
The condensed provisional statements have been prepared on the liquidation
basis."
The condensed financial information was prepared by the company for the
period ending 30 June 2011 and was supervised by Mr A Avis (B.Compt. (Hons)
CTA.) and was reviewed by Mrs C Pretorius, CA (SA) of Grant Thornton
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Ground Floor, 10 Marshall Street, Johannesburg, 2001
Auditor
Grant Thornton, 137 Daisy Street. Sandown, 2196
Registered office
Isle of Houghton, Harrow Court 3, 13 Boundary Road, Houghton Estate,
Johannesburg, 2198
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited), 1 Merchant
Place, Cnr Fredman Dr & Rivonia Road, Sandton, 2196
More detail disclosure and notes are available on SENS.
Reviewed condensed provisional consolidated statement of financial position
at 30 June 2011 with no dividend declaration
30 June 31 March
2011 2010
Notes R`000 R`000
Assets
Non-current assets
Investment property - 37,376
Property, plant and equipment 3 - 583,803
Investments in subsidiaries - -
Investment in associate - 2,001,030
Financial assets - 21,852
Environmental rehabilitation trust fund - 123,424
- 2,767,485
Current assets
Loans to group companies and associate - 110,594
Financial assets 2,865 -
Current tax receivable - 18
Inventories - 26,565
Trade and other receivables - 71,436
Reimbursive asset - 71,227
Cash and cash equivalents 4 20,000 632,798
22,865 912,638
Non-current assets held for sale 5 29,605 4,903
Total assets 52,470 3,685,026
Equity and liabilities
Equity
Equity attributable to owners of the parent
Share capital and premium 581,648 1,231,913
Reserves 340,082 420,185
Retained income (899,457) 1,464,136
Equity attributable to owners of the parent 22,273 3,116,234
Non-controlling interest 1 1
22,274 3,116,235
Liabilities
Non-current liabilities
Finance lease obligation - 4,024
Environmental rehabilitation provision - 219,316
Financial liabilities - 210,044
- 433,384
Current liabilities
Finance lease obligation - 2,933
Financial liabilities - 13,657
Loans from group companies and associate - -
Trade and other payables 4,760 118,817
4,760 135,407
Non-current liabilities held for sale 5 25,436 -
Total liabilities 30,196 568,791
Total equity and liabilities 52,470 3,685,026
Reviewed Condensed Provisional Consolidated
Statement of Comprehensive Income
for the 15 months ended 30 June 2011
15 months 12 months
ended Ended
30 June 31 March
2011 2010
Figures in Rand thousand Notes R`000 R`000
Loss from disposal of assets and 6 (407,634) -
subsidiaries
Loss on interest in subsidiary 7 (268,880) -
TGME disposal group 8 (23,424) (340,457)
Simmers disposal group 8 (1,663,654) (395,906)
Loss for the period from discontinued (2,363,593) (736,363)
operations
Other comprehensive income
Share of other comprehensive
income of discontinued operations - 89,765
Movement in available-for-sale
financial instruments - 7,658
Other comprehensive income for
the period, net of taxation - 97,423
Total comprehensive loss for
the period (2,363,593) (638,940)
Other comprehensive income for the 97,243
period from discontinued operations,
net of taxation
Total comprehensive loss for the
period (2,363,593) (736,363)
Total comprehensive loss
attributable to:
Owners of the parent (2,363,593) (638,940)
Non-controlling interest - -
(2,363,593) (638,940)
Earnings per share from continuing
operations
Basic (loss)/earnings per
share (cents) 0.00 0.00
Diluted (loss)/earnings per
share (cents) 0.00 0.00
Earnings per share from discontinued
operations
Basic (loss)/earnings per
share (cents) 10 (190.88) (61.51)
Diluted (loss)/earnings per
share (cents) 10 (190.88) (61.51)
Headline loss per share (cents) 10 (91.06) (40.90)
Diluted headline loss per
share (cents) 10 (91.06) (40.90)
Reviewed condensed provisional consolidated
Statement of changes in equity
for the 15 months ended 30 June 2011
Attributable to owners of the parent
Figures in Rand thousand Share Share Share- Available-
capital premium based for-sale
payment valuation
reserve
Balance at 1 April 2009 21,757 930,090 264,782 4,080
Comprehensive profit for
the year - - - 7,658
Issue of shares for cash 2,199 286,970 - -
Share issue cost written
off against share - (9,103) - -
premium
Exercise of call and put
options - - 3,762 -
Share-based payments - - 50,138 -
Total changes for the year 2,199 277,867 53,900 7,658
Balance at 31 March 2010 23,956 1,207,957 318,682 11,738
Comprehensive loss for
the year - - - -
Issue of shares for cash 791 36,083 - -
Share-based payments - - 21,400 -
Capital distribution - (687,139) - -
Disposal of assets and
subsidiary - - - (11,738)
Total changes for the year 791 (651,056) 21,400 (11,738)
Balance at 30 June 2011 24,747 556,901 340,082 -
Reviewed Condensed Provisional Consolidated
Statement of Changes in Equity
for the 15 months ended 30 June 2011 (continued)
Attributable to owners of the parent
Figures in Rand thousand Other Accumulated Total
reserves (loss)/retaine attributable
d income to owners of
the parent
Balance at 1 April 2009 - 2,200,499 3,421,208
Comprehensive profit for
the year 89,765 (736,363) (638,940)
Issue of shares for cash - - 289,169
Share issue cost written
off against share premium - - (9,103)
Exercise of call and
put options - - 3,762
Share based payments - - 50,138
Total changes for the year 89,765 (736,363) (304,974)
Balance at 31 March 2010 89,765 1,464,136 3,116,234
Comprehensive loss for
the year - (2,363,593) (2,363,593)
Issue of shares for cash - - 36,874
Share based payments - - 21,400
Capital distribution - - (687,139)
Disposal of assets and
subsidiary (89,765) - (101,503)
Total changes for the year (89,765) (2,363,593) (3,093,961)
Balance at 30 June 2011 - (899,457) 22,273
Reviewed Condensed Provisional Consolidated
Statement of Changes in Equity
for the 15 months ended 30 June 2011 (continued)
Figures in Rand thousand Non- Total equity
controlling
interest
Balance at 1 April 2009 1 3,492,941
Comprehensive profit for the year - (638,940)
Issue of shares for cash - 289,169
Share issue cost written off against
share premium - (9,103)
Exercise of call and put options - 3,762
Share based payments - 50,138
Total changes for the year - (304,974)
Balance at 31 March 2010 1 3,116,235
Comprehensive loss for the year - (2,363,593)
Issue of shares for cash - 36,874
Share based payments - 21,400
Capital distribution - (687,139)
Disposal of assets and subsidiary - (101,503)
Total changes for the year - (3,093,961)
Balance at 30 June 2011 1 22,274
Reviewed Condensed Provisional Consolidated
Statement of Cash Flows
for the 15 months ended 30 June 2011
15 months 12 months
ended ended
30 June 31 March
2011 2010
Notes R`000 R`000
Cash flows from operating activities
Cash generated / (absorbed) by operations 9 1,031,480 (199,320)
Finance income - 76,908
Finance charges - (9,101)
Tax paid - (54)
Net cash from operating activities 1,040,830 (131,567)
Cash flows from investing activities
Purchase of property, plant and equipment - (165,311)
Sale of property, plant and equipment - 19
Net movement in discontinued operations (911,974) -
Net movement in loans to Group companies
and associates - (175,269)
Net increase in financial assets (2,865) -
Net movement in environmental
rehabilitation trust fund - (1,500)
Proceeds on disposal of assets
held for sale - 180
Cash flows from investing activities (914,839) (341,881)
Cash flows from financing activities
Proceeds from shares issued 36,874 279,596
Repayment of share premium (687,139) -
Repayments to Aberdeen - (13,291)
Finance lease entered into - -
Repayment of finance lease - (2,737)
Cash flows from financing activities (650,265) 263,568
Net decrease in cash and cash equivalents (533,624) (209,880)
Cash and cash equivalents at the
beginning of the period/year 632,798 842,678
Included in disposal group (79,174) -
Total cash and cash equivalents at
end of the period/year 4 20,000 632,798
Notes to the reviewed condensed
provisional financial statements
for the 15 months ended 30 June 2011
1 Accounting policies
1.1 General information
Simmer and Jack Mines, Limited (`the Company`) and its subsidiaries
(together `the Group`) are a holding company whose main assets are cash and
a discontinued operation.
Simmers disposed of its assets, including Simmer and Jack Investments
(Proprietary) Limited (`SJ&I`), its investment in First Uranium Corporation
Limited (`FIU`), as well as 392 874 secured convertible Rand denominated
notes issued by Mine Waste Solutions (Proprietary) Limited with face value
of R1000 each (`MWS Rand Notes`), to Village Main Reef Limited (`Village`),
during the period under review (`collectively referred to as the Village
transaction or disposal group`). SJ&I is the owner of Buffelsfontein Gold
Mines Limited (`BGM`), who in turn holds 100% of Buffelsfontein Mine
(`Buffels`) and Tau Lekoa Mine (`Tau Lekoa`).
1.2 Presentation of financial statements
The reviewed condensed provisional consolidated financial statements have
been prepared in accordance with International Accounting Standard (IAS)
34: Interim Financial Reporting, JSE Listings Requirements and the
requirement of the Companies Act of South Africa They should be read in
conjunction with the annual financial statements for the year ended 31
March 2010, which have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting
Standards Board (IFRS) and are consistent with those applied in the annual
report. The financial statements have been prepared on the liquidation
basis.
These accounting policies are consistent with the previous year. The fact
that the financial statements have been prepared on the liquidation basis
has no material impact on the 30 June 2011 Statement of Financial Position.
The financial information has been reviewed by Grant Thornton whose
modified report is available for inspection at the Group`s registered
office. The modification relates to the fact that the condensed financial
statements have been prepared on the liquidation basis. Extract from their
report states the following: "Without qualifying our conclusion, we draw
attention to the fact that at period end, the group`s main assets are cash
and a discontinued operation. The condensed provisional consolidated
financial statements have been prepared on the liquidation basis."
1.3 Basis of consolidation
Subsidiaries are entities controlled by the Company. Control exists when
the Company has the power, directly or indirectly, to govern the financial
and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently
are exercisable or convertible, are taken into account. The financial
statements of subsidiaries are included in the consolidated financial
statements from the date that control commences, until the date that
control ceases. Subsidiaries are recognised at cost less impairment losses
in the Company`s separate accounts.
Intra-group balances and any unrealised gains and losses or income and
expenses arising from intra-group transactions are eliminated in preparing
the consolidated financial statements. Unrealised gains arising from
transactions with associates and jointly controlled entities are eliminated
to the extent of the Group`s interest in equity. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
2. Statements and interpretations not yet effective
At the date of authorisation of these financial statements, certain new
standards, amendments and interpretations to existing standards have been
published but are not yet effective, and have not been early adopted by the
Group.
Management anticipates that all of the pronouncements will be adopted in
the Group`s accounting policies for the first period beginning after the
effective date of the pronouncement. Management does not expect the new
standards and interpretations that have been issued to date to have a
material impact on the Group financial statements.
3. Property, plant and equipment
2011
Cost Accumulated Carrying
deprecia- value
tion and
impairment
R`000 R`000 R`000
Land and buildings - - -
Plant and equipment - - -
Furniture and fixtures - - -
Motor vehicles - - -
Mining assets - - -
Computer equipment and software - - -
Development and infrastructure - - -
Mining rights - - -
Exploration costs - - -
Total - - -
3. Property, plant and equipment (continued)
2010
Cost Accumulated Carrying
deprecia- value
tion and
impairment
R`000 R`000 R`000
Land and buildings 8,553 (2,142) 6,411
Plant and equipment 286,391 (189,795) 96,596
Furniture and fixtures 25,583 (8,905) 16,678
Motor vehicles 1,589 (605) 984
Mining assets 574,894 (115,943) 458,951
Computer equipment and software 12,058 (9,312) 2,746
Development and infrastructure 134,866 (134,866) -
Mining rights 6,485 (6,485) -
Exploration costs 1,437 - 1,437
Total 1,051,856 (468,053) 583,803
Reconciliation of property, plant and equipment - 2011
Carrying Additions Disposals
value
beginning of
year
R`000 R`000 R`000
Land and buildings 6,411 42,610 (46,493)
Plant and equipment 96,696 12,124 (102,941)
Furniture and fixtures 16,678 9,027 (20,666)
Motor vehicles 984 319 (1,114)
Mining assets 458,951 623,639 (981,106)
Computer equipment and software 2,746 1,182 (1,561)
Development and infrastructure - - -
Mining rights - - -
Exploration costs 1,437 2,233 (3,670)
Total 583,903 691,134 (1,157,551)
Reconciliation of property, plant and equipment - 2011 (continued)
Depreciation Transfer to Carrying
assets held value at 30
for sale June 2011
R`000 R`000 R`000
Land and buildings (2,128) (400) -
Plant and equipment (4,548) (1,331) -
Furniture and fixtures (5,035) (4) -
Motor vehicles (130) (59) -
Mining assets (91,632) (9,852) -
Computer equipment and software (2,316) (51) -
Development and infrastructure - - -
Mining rights - - -
Exploration costs - - -
Total (105,789) (11,698) -
4. Cash and cash equivalents
15 months 12 months
ended Ended
30 June 31 March
2011 2010
Cash and cash equivalents consist of: R`000 R`000
Cash on hand - 82
Bank balances 20,000 632,716
20,000 632,798
5. Non-current assets held for sale
Investment property
The non-current assets held-for-sale in the - 4,903
prior year consist of residential houses and
property in Stilfontein, which is part of the
BGM reporting segment. These houses are held
at fair value and are to be sold within the
next 12 months.
Balance at beginning of the year 4,903 1,969
Transferred from investment property 3,924 4,304
Fair value adjustment (903) (960)
Disposals - (410)
Transferred to Simmers disposal group included (7,924) -
in assets held-for-sale
Closing balance - 4,903
Transvaal Gold Mining Estate Ltd
On 9 September 2010, Simmers entered into an
agreement with Stonewall Mining (Proprietary)
Limited (Stonewall) to acquire Transvaal Gold
Mining Estates Ltd (TGME), Sabie Mines
(Proprietary) Limited and Vanaxe Shareblock
(Proprietary) Limited for R25 million. The
sale is subject to a number of conditions,
which must be fulfilled by no later than 28
February 2012.
In terms of the agreement, Stonewall has
assumed all care and maintenance costs as from
1 September 2010.
The carrying amounts of assets and liabilities
in the TGME disposal group as at year-end is
summarised as follows:
Non-current assets
Investment properties 6,206 -
Property, plant and equipment 11,698 -
Environmental rehabilitation trust fund 5,796 -
Current assets
Inventories 2,014 -
Trade and other receivables 3,589 -
Cash and cash equivalents 302 -
Assets classified as held for sale 29,605 -
Non-current liabilities - -
- -
Finance lease obligation (442) -
Environmental rehabilitation provision (8,692) -
Current liabilities
Finance lease obligation (2,916) -
Trade and other payables (13,386) -
Liabilities classified as held for sale (25,436) -
6 Disposal of Simmers disposal group
A merger transaction between Simmers and Village Main Reef Limited
(`Village`) was approved by the Simmers and Village shareholders on 25
March 2011. In terms of the merger Simmers and Village had entered into an
agreement in terms of which Village would acquire the majority of the
Simmers assets in exchange for Village sharers, which Village shares would
be unbundled to Simmers` shareholders.
The sale assets (collectively referred to as the Simmers disposal group)
consisted of:
- 100% shareholding in and claims on loan account against Simmer and Jack
Investments (Proprietary) Limited, which is the holding company of
Buffelsfontein Gold Mines Limited, which, in turn, owns the Buffelsfontein
Gold Mine, Hartebeesfontein Gold Mine and the Tau Lekoa Mine;
- 60,622,653 common shares in First Uranium Corporation (FIU); and
- 392 874 Mine Waste Solutions (Proprietary) Limited (MWS) Notes
The liabilities assumed by Village were as follows:
- all of Simmers` rights and obligations under the Absa Note Programme
- all of Simmers` rights and obligations under the Forward Gold Purchase
Transaction
- payment by Village to Simmers of any amount which is or becomes or will
become due, owing and payable by Simmers to any other person under, in
terms of or arising out of the Absa Note Programme Documents
- payment by Village to Simmers of any amount which is or becomes or will
become due, owing and payable by Simmers to any other person under, in
terms of or arising out of the Forward Gold Purchase Transaction Documents
- all loss, liability, damage or expense which Simmers may suffer as a
result of or which may be attributable to any claims arising out of, or
connected with, the Aberdeen loan agreement
This transactions was finalised and became effective on the 27 June 2011
15 months 12 months
ended ended
30 June 31 March
2011 2010
R`000 R`000
Carrying value of assets sold
Investment properties 28,859 -
Property, plant and equipment 1,157,551 -
Environmental rehabilitation 119,853 -
trust fund
Financial assets 321,101 -
Available for sale investments 242,674 -
Total non-current assets 1,870,038
Financial asset 4,750 -
Reimbursive assets 70,553 -
Loan ceded to Village 249,839 -
Inventories 28,221 -
Trade and other receivables 36,780 -
Cash and cash equivalents (R96 96,000 -
million is not available for
general use)
Total current assets 486,143
Non-current assets held for sale 31,581 -
Financial liabilities (230,809) -
Environmental rehabilitation (239,063) -
provision
Total non-current liabilities (469,872) -
(328,767) -
Trade and other payables
Financial liabilities (162,955) -
Bank overdraft (16,862)
Total current liabilities (508,548) -
Non-current liabilities held for (45,689) -
sale
Total net assets, excluding cash
disposed of 1,363,653 -
Consideration received 956,019 -
Net consideration received 956,019
Loss on disposal of subsidiaries
and associate (407,634) -
7. Loss on investment of
subsidiary
On 17 June 2011 Simmer and Jack
Mine, Limited received 597 512
158 shares in Village Main Reef
Limited as consideration for the
sale of the disposal assets as
shown above. These shares were
unbundled to the shareholders on
27 June 2011.
Value of shares on 17 June 2011
597 512 158 at R1.60 per share 956,019 -
Value of shares on 27 June 2011
597 512 158 at R1.15 per share 687,139 -
Loss on unbundling 268,880 -
8. Disposal groups classified as
held-for-sale and discontinued
operations
Transvaal Gold Mining Estates
Limited Group disposal
On 9 September 2010 Simmers
agreed to sell its wholly owned
subsidiary, Transvaal Gold
Mining Estates Ltd (TGME) Sabie
Mines (Proprietary) Limited and
Vanaxe Shareblock (Proprietary)
Limited to Stonewall Mining
(Proprietary) Limited
(Stonewall) for R25 million. The
sale is subject to a number of
conditions, which must be
fulfilled by no later than 28
February 2012.
In terms of the agreement,
Stonewall has assumed all care
and maintenance costs as from 1
September 2010.
Revenue 10,451 73,372
Cost of production (34,120) (129,578)
Gross loss (23,669) (56,206)
Other income 4,651 3,556
Operating expenses,
administrative
and general expenses (4,038) (11,702)
Impairments - (269,176)
Operating loss (23,056) (333,528)
Investment revenue 43 171
Restructuring costs (876) (4,830)
Fair value adjustments 2,043 (1,262)
Finance cost (739) (1,008)
Loss from discontinued
operations
before tax (22,585) (340,457)
Tax expense - -
Loss for the period/year (22,585) (340,457)
Remeasurement to fair value less
cost to sell (839) -
Tax expense on loss on - -
remeasurement
Loss for the period/year from
discontinued operations (23,424) (340,457)
Simmers disposal group
Operating results for the
current and prior period until
the date of disposal is
summarised as follows:
Revenue 1,755,258 867,395
Cost of production (1,685,090) (923,432)
Gross profit/(loss) 70,168 (56,037)
Other income 70,107 36,102
Operating expenses,
administrative
and general expenses (20,088) (190,540)
Impairments (30,905) 2,127
Operating loss 89,283 (208,348)
Finance income 187,337 133,292
Loss from equity-accounted (873,476) (291,770)
investment
Restructuring costs (49,629) (3,650)
Fair value adjustments 36,156 9,740
Loss on impairment of investment
in associate (972,126) -
Loss/gain on non-current assets
held for sale - (230)
Finance charges (178,622) (34,940)
Loss before taxation (1,761,077) (395,906)
Taxation - -
Loss for the period/year (1,761,077) (395,906)
Remeasurement to fair value less
cost to sell - -
Transfer from Other 97,423 -
Comprehensive Income from
previous periods
Loss for the period/year from
discontinued operations (1,663,654) (395,906)
9. Cash absorbed by operations
Comprehensive loss before income (2,363,593) (638,940)
tax
Adjustments for:
Depreciation and amortisation - 48,637
Loss/(profit) on sale of assets - (10)
Loss/(gain) on non-current
assets
held for sale - 230
Loss from equity accounted 873,476 291,770
investment
Movement in Aberdeen liability - (43,367)
Finance income - (133,463)
Non-cash portion included in - 56,555
finance income
Finance charges - 35,948
Non-cash finance charges - (26,847)
Non-cash items on Rehabilitation - 16,607
Trust Fund
Fair value adjustments - (7,241)
Impairment of investment in 972,126 -
associate
Impairment loss - 267,049
Share option costs 14,403 39,794
Share of other comprehensive
income of
equity accounted investment - (89,765)
Net movement from sale of 1,551,124 -
disposal group
Movement in treasury shares - 470
Increase in financial asset - (7,658)
Increase in environmental
rehabilitation
provision - 29,019
Increase in finance lease - 5,220
Changes in working capital:
Net movement in inventories 26,565 11,386
relating to the disposal group
and assets held-for-sale
Net movement in trade and other 71,436 1,263
receivables relating to the
disposal group and assets held-
for sale
Net movement in trade and other (118,817) -
payables relating to the
disposal group and assets held-
for sale
Trade and other payables 4,760 (55,977)
1,031,480 (199,320)
10. Headline loss
Reconciliation between
earnings/(loss) and
headline loss:
Basic (loss)/earnings for the (2,363,593) (736,363)
year
Add back:
Non-controlling interest - -
Attributable to the owners of (2,363,593) (736,363)
the parent
Impairment of property, plant 6,311 253,667
and equipment
Disposal of property, plant and
equipment - (gain)/loss (1,865) (10)
Impairment on investment in
associate 972,126 230
Loss on disposal of Simmers 407,634
disposal group
Part disposal of investment in (50,401) -
associates
Reclassification of gains on (97,423) -
available-for-sale financial
assets
Post-tax loss recognised on
measurement
to fair value less cost to 1,100 -
sell
Fair value adjustment - (1,442) (8,201)
investment property
Impairment of assets - -
Fair value adjustment on held-
for-sale
Assets - 960
Headline loss for the year (1,127,553) (489,717)
Basic (loss)/profit per share (190.88) (61.51)
(cents)*
Diluted (loss)/profit per share (190.88) (61.51)
(cents)*
Headline loss per share (cents)* (91.06) (40.90)
Diluted headline loss per share (91.06) (40.90)
(cents)*
Net asset value per share 1.77 255.15
(cents)
* Based on weighted average
number of shares in issue
Reconciliation of number of `000 `000
shares issued
Reported at 1 April 1,221,318 1,111,368
Shares issued to Simmers Share - -
Trust
Shares issued for cash 39,540 109,950
Shares issued at 30 June 1,260,858 1,221,318
Weighted average number of
ordinary
shares in issue 1,238,239 1,197,219
Adjusted for:
- Share options - -
Weighted average number of
ordinary shares
for diluted earnings per share 1,238,239 1,197,219
Basic earnings per share are
calculated by dividing the
profit attributable to equity
holders of the Company by the
weighted average number of
ordinary shares in issue during
the year.
Date: 22/09/2011 09:00:01 Supplied by www.sharenet.co.za
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