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Msauli Asbes Beperk
(Registration number 1951/001937/06)
(Incorporated in the Republic of South Africa)
Directors: H. P. Hart (Chairman), J. J. van Rensburg, F. W. Knox,
P. A. van Zyl
Audited financial results for the year ended 31 December 2000
CONSOLIDATED INCOME STATEMENT
Year Year
ended ended
31-12-2000 31-12-1999
R'000 R'000
Revenue 29 207 41 273
Operating profit 5 622 7 052
Net interest earned 1 015 2 287
Net profit before taxation 6 637 9 339
Taxation 2 465 3 669
Profit after taxation 4 172 5 670
Transfer from non-distributable
reserve 78 173
Increase in distributable
reserve for period 4 250 5 843
Earnings per share (cents)
Net profit after taxation 64,7 87,9
Net profit after taxation and
transfer from non-distributable
reserve 65,9 90,6
Dividends on ordinary shares:
Amount (R'000) 2 742 7 096
Dividends per share (cents) 42,5 110
Number of shares in issue ('000) 6 451 6 451
CONSOLIDATED BALANCE SHEET
R'000 R'000
ASSETS
Non-current assets
Mining assets 62 714 62 792
Current assets 28 277 30 997
Inventories 11 872 8 750
Accounts receivable 10 720 10 080
Bank balances 5 685 12 167
90 991 93 789
EQUITY AND LIABILITIES
Capital and reserves
Shareholders' equity 79 607 78 177
Long-term liabilities 3 336 3 385
Current liabilities 8 048 12 227
90 991 93 789
Contingent liability 194 207
CASH FLOW STATEMENTS
R'000 R'000
CASH FLOW FROM OPERATING
ACTIVITIES
Cash receipts from customers 28 845 41 399
Cash paid to suppliers and
employees (27 015) (28 916)
Cash generated from operations 1 830 12 483
Net interest received 1 015 2 287
Taxation paid (3 711) (2 767)
Dividend paid (5 645) (4 838)
Net cash (applied in) from
operating activities (6 511) 7 165
CASH FLOW FROM FINANCING
ACTIVITIES
Net (expenditure) receipts on
mining assets 78 173
CASH FLOW FROM
FINANCING ACTIVITIES
Decrease in long-term provision (49) (101)
(49) (101)
Net (decrease) increase in
cash equivalents (6 482) 7 237
Bank balances and cash at
beginning of period 12 167 4 930
Bank balances and cash at
end of period 5 685 12 167
NOTES
1. GENERAL COMMENTS
Sales volumes for the year declined by approximately 33% compared to the
previous year, and reflects the continued shrinkage of the international
asbestos markets. U.S. Dollar prices were also under further pressure as a
result of the oversupply situation, and declined by 7%.
The only positive development was the decline in the value of the Rand,
particularly towards year-end. This resulted in a 6% increase in rand income
per ton.
Notwithstanding the fact that production was scaled down during the previous
year, the lower sales caused stock levels to increase once more to a point
where a further cut-back may be unavoidable. Production costs were well
controlled during the year, notwithstanding the lower operating levels.
Although after tax profits are 26% lower than in the previous year, it was
still possible to distribute a final dividend of 30 cents per share.
2. DIVIDENDS
A final dividend of 30 cents (1999: 75 cents) per share was declared in respect
of the period under review.
3. PROSPECTS
With continued pressure on both sales volumes and dollar prices, the mine will
be hard pressed to retain a meaningful share of the short fibre market, at
optimum prices.
The mine will have to embark on a further rationalisation plan in order to
reduce stock levels.
Rehabilitation work at the mine is continuing with a view to complete as much
thereof as possible concurrently with the curtailed continuing operations.
It is not expected that profits for the ensuing year will match those of the
year under review, also taking into account the cost of further
rationalisation. Shareholders should therefore consider dividend prospects
against the backdrop of a "twilight years" operation.
4. ASBESTOS AND HEALTH
The attention of shareholders is once again drawn to previous comments
regarding this matter. The case against Cape PLC in England is not likely to
commence before the second half of 2001.
This case is in no ways related to the Msauli group, but the directors will
continue to monitor it as well as any local developments. The board will act
strictly in accordance with legal advice regarding any adverse developments.
On behalf of the board
H. P. HART
P. A. VAN ZYL Directors
5. DECLARATION OF DIVIDEND
Notice is hereby given that a final dividend, No 63 of 30 cents (42,5 cents for
the year) per share, has been declared to ordinary shareholders in respect of
the financial year ended 31 December 2000.
The dividend is declared in the currency of the Republic of South Africa and is
payable to shareholders registered in the books of the Company at the close of
business on 16 March 2001. Payment will be made by the transfer secretaries
mentioned below, on or about 23 April 2001.
By order of the board
A.J.C. Gouws
Secretary
Johannesburg
26 February 2001
Registered office: Transfer secretaries:
Everite House Mercantile Registrars Limited
20 De Korte Street 11 Diagonal Street
Braamfontein Johannesburg 2001
Johannesburg 2001 (P.O.Box 1053
(P.O.Box 1142 Johannesburg 2000)
Florida Hills 1716)
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