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SAM
SAM
SAM - Samroc - Reviewed interim group results: six months ended 31 December 2006
SA Mineral Resources Corporation Limited
Registration number 1993/000460/06
Incorporated in the Republic of South Africa
JSE share code: SAM
ISIN: ZAE000012019
("Samroc" or "the company")
SA Mineral Resources Corporation Limited - Reviewed interim group results for
the six months ended 31 December 2006
BALANCE SHEET
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2006
2006 2005
ASSETS
Non-current assets
- Property, plant and 10,937 14,384 11,377
equipment
Current assets 3,387 1,940 2,078
- Inventory 388 669 318
- Trade receivables 2,724 900 1,594
- Cash and cash 275 371 166
equivalents
Total assets 14,324 16,324 13,454
EQUITY AND LIABILITIES
Capital and reserves 1,245 5,423 1,958
- Share capital 3,743 3,743 3,743
- Share premium 27,152 27,152 27,152
- Accumulated loss (29,650) (25,472) (28,938)
Non-current liabilities 10,305 9,359 9,666
- Long-term liabilities 9,779 8,853 9,140
- Provision for 526 506 526
environmental
rehabilitation
Current liabilities 2,774 1,542 1,831
- Trade and other 2,774 1,007 1,823
payables
- Current portion of long- - 535 8
term liabilities
Total equity and 14,324 16,324 13,454
liabilities
INCOME STATEMENT
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2006
2006 2005
Revenue 6,997 2,592 9,144
Costs and expenses (7,068) (3,897) (10,960)
Profit / (loss) from (71) (1,305) (1,816)
operating activities
Net finance cost (641) (300) (655)
Impairment loss - - (2600)
Profit (loss) and (712) (1,605) (5,071)
headline profit (loss) for
the period
CASH FLOW STATEMENT
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2006
2006 2005
Net cash flow from (542) (1,253) (945)
operating activities
Net cash flow from 52 (20) (29)
investing activities
Net cash flow from 600 456 (48)
financing activities
Net increase / (decrease) 109 (817) (1,022)
in cash and cash
equivalents
Cash and cash equivalents 166 1,188 1188
at beginning of period
Cash and cash equivalents 275 371 166
at end of period
Ordinary shares in issue 374,275 374,275 374,275
at end of period (`000)
Net asset value per share 0.33 1.45 0.52
(cents)
Net profit / (loss) per (0.19) (0.43) 0.1
share (cents)
Headline profit / (loss) (0.19) (0.43) 0.1
per share
CHANGES IN EQUITY
(`000)
Share Share Accumulated Total
capital premium profit /
(deficit)
Balance at 31 December 3,743 27,152 (25,472) 5,423
2005
Net profit for the period 356 356
January 2006 to June 2006
Balance as at 30 June 2006 3,743 27,152 (28,938) 1,958
Net loss for the period (712) (712)
July 2006 to 31 December
2006
Balance at 31 December 3,743 27,152 (29,650) 1,245
2006
COMMENTARY
During the period under review, Namzinc, the company`s major customer suffered a
production setback due to a fire. This resulted in the absence of orders
from Namzinc for several weeks but sales levels had returned to normal by
period end. The weakening of the Rand during the period is insufficient to
provide Samroc with a competitive advantage to aggressively enter the
export market, leaving the company with limited alternative markets to
substitute the Namzinc sales.
GREENHILLS PLANT
The plant operated below capacity due to the reduced level of orders. Costs
were reduced where possible to accommodate the reduction in operating
activities, though certain large cost contributors such as raw materials
and labour remained unavoidable.
MARKETING
There were no significant changes in the local market during the six month
period and none are anticipated for the next six months, furthermore, no
significant overseas sales can occur unless the rand devalues to
approximately R8 : 1 US$.
FINANCIAL
The company recorded a loss of R712,270 for the six month period. The slight
increase in working capital was generated by a satisfactory level of sales
during the last two months of the period under review.
The events of the half year again emphasized Samroc`s exposure to client risk
and management is investigating ways in which the business can be
restructured in order to reduce the risk profile of the company.
GOING CONCERN
The directors are of the opinion that the company remains a going concern,
subject to the continued support from its major customer.
ACCOUNTING POLICY
The accounts set out herein are prepared in accordance with International
Financial Reporting Standards and are consistent with Samroc`s accounting
policies applied in the corresponding reporting period.
REVIEW OPINION
The financial information set out in these results has been reviewed by Samroc`s
auditors Moore Stephens MWM who issued a modified review opinion that the
going concern status of Samroc is subject to the continued support from
Samroc`s major customer. This matter indicates the existence of a material
uncertainty which may cast significant doubt about the group`s ability to
continue as a going concern. The review opinion is available for inspection
at the company`s registered office.
DIVIDEND
No dividend has been declared or recommended for this period.
For and on behalf of the Board
BH Christie SR Rowse
Non-Executive Director Executive Director
Johannesburg
30 March 2007
Directors: RJ Linnell (Chairman), SR Rowse (Executive), BH Christie*, SJ
Farrell** (*British, **Australian)
Registered office: 7 West Street, Houghton
Registered postal address: PO Box 7798, Centurion 0046
Transfer secretaries: Ultra Registrars (Pty) Ltd, PO Box 4844, Johannesburg 2000
Company Secretary: EM Taylor
Date: 30/03/2007 14:44:50 Produced by the JSE SENS Department.
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