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SCHARRIG MINING LIMITED
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
Audited Results
for the year ended 31 March 2001
Abridged Consolidated Balance Sheet
as at 31 March 2001
Audited at at Audited
31 March 2001 31 March 2000
R000 R000
ASSETS
Non -current assets
Property, plant and equipment 193 742 202 154
Share incentive trust loan 748 352
194 490 202 506
Current assets
Inventories 5 150 9 884
Trade and other receivables 19 634 20 416
Bank balance and cash 27 914 19 425
52 698 49 725
247 188 252 231
EQUITY AND LIABILITIES
Share capital and premium 90 592 92 863
Reserves 74 921 70 751
Ordinary shareholders funds 165 513 163 614
Outside shareholders interest 4 828 -
Total Shareholders funds 170 341 163 614
Non-current liabilities
Long-term borrowings 24 992 24 992
Deferred taxation 12 275 12 275
37 267 37 267
Current liabilities
Trade and other payables 37 456 28 243
Current portion of long-term
borrowings 22 937
Shareholders for dividends 1 737
Taxation 387 170
39 580 51 350
247 188 252 231
Net asset value per
share (cents) 119 118
Abridged Consolidated Income Statement
for the year ended 31 March 2001
Audited Audited
year ended year ended
31 March 2001 31 March 2000
R000 R000
Revenue 169 816 158 332
Operating profit before
finance charges 8 924 13 254
Net finance charges 2 631 9 029
Net profit before taxation 6 293 4 225
Taxation 217
Net profit after taxation 6 076 4 225
Earnings attributable to
outside shareholders 169
Earnings attributable to
ordinary shareholders 5 907 4 225
Attributable earnings per
share (cents) 4.3 3.0
Headline earnings per
share (cents) 4.0 3.0
Dividend per share (cents) 1.25
Shares in issue (000)
- at end of period 138 985 138 985
weighted average for
the year 137 382 138 985
Abridged Consolidated Cash Flow Statement
for the year ended 31 March 2001
Audited Audited
year ended year ended
31 March 2001 31 March 2000
R000 R000
Cash generated from operations 54 791 47 501
Interest paid (2 631) (9 029)
Cash flows from operating
activities 52 160 38 472
Cash flows from investing
activities (20 734) 2 026
Cash flows from financing
activities (22 937) (35 609)
Net increase in cash and cash equivalents 8 489 4 889
Cash and cash equivalents at
the beginning of year 19 425 14 536
Cash and cash equivalents at
the end of year 27 914 19 425
Statement of Changes in Equity
for the year ended 31 March 2001
Share Share Acumulated Non- Total
Capital Premium Profit distributable
Reserve
R000 R000 R000 R000 R000
Balance at 31 March
1999 1 390 91 473 50 771 15 755 159 389
Profit for the
year ended 31
March 2000 4 225 4 225
Balance at 31
March 2000 1 390 91 473 54 996 15 775 163 614
Share buy back (78) (2 193) (2 271)
Profit for the year
ended 31 March 2001 5 907 5 907
Dividend (1 737) (1 737)
Balance at 31 March 2001 1 312 89 280 59 166 15 755 165 513
COMMENTS
Results
The earnings attributable to ordinary shareholders for the year ended 31
March 2001, reflects a steady improvement for the group over the
corresponding period in 2000.
Turnover improved by 7% over the previous financial year. The decrease in
finance charges improved profitability for the group, this was however
countered by the increase in the price of diesel fuel.
The steadily increasing price of diesel fuel has continued to squeeze
margins at an ever-increasing rate, a trend that we believe will continue
for the foreseeable future.
Earnings per share increased by 43% from 3.0 cents per share to 4.3 cents
per share.
Capital expenditure
The groups' capital expenditure was limited to its expansion into the
diamond arena.
PROSPECTS
Diamonds
The diamond mining operations continues to improve. The new plant is now
fully operational and has had a positive effect on the volume of diamonds
being recovered. Ground has been broken on a new site and it is expected to
become operational within the first six months of the new financial year.
The continued fluctuations of the Rand against the USDollar represents a
double edge sword with higher Rand prices being received for diamonds versus
a higher diesel fuel price which in turn results in a higher operating cost.
- Coal
The current order book held by the group is sufficient to maintain the
current levels of profitability.
The groups' continuing strategy is one of tendering on both short term and
long term contracts that show the required level of profit.
Dividend
A final dividend of 1.25 cents per share (2000 : nil) has been declared,
payable on 28 September 2001 to shareholders registered at close of business
on 14 September 2001.
The last day to trade cum div is Friday, 7 September 2001. The share will
trade exdiv on Monday 10 September 2001.
On behalf of the board
J. Holland CA(SA) Boksburg
Financial Director 31 May 2001
Directors: T. Scharrighuisen (Chairman), G.C. Bailey (Managing), J. Holland
(Financial), T.R. Hendry, C. Moorcroft, A.J. Reinecke
Transfer Secretaries:
Ultra Registrars
Ground Floor
11 Diagonal Street
Johannesburg
2001
(P.O. Box 4844, Johannesburg 2000)
Registered Address:
28 Patrick Road,
Jet Park
1459
(P.O. Box 30194,
Jet Park 1469)
Etchells Kruger & Associates Inc.
Chartered Accountants (S.A.)
REGISTERED ACCOUNTANTS AND AUDITORS
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
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