| Thu 16 Aug 2001, 0:00 | | Msauli Asbes Beperk - Interim Results |
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Msauli Asbes Beperk
(Registration number 1951/001937/06)
(Incorporated in the Republic of South Africa)
Directors: H. P. Hart (Chairman), F. W. Knox, J. J. van Rensburg, P. A. van
Zyl
Interim report - 2001
The following are the unaudited consolidated results of the group for the
half-year ended 30 June 2001 together with comparative figures for the half-
year ended 30 June 2000 and the audited figures for the year ended 31
December 2000.
CONSOLIDATEd income statement
Six months Six months Twelve months
to 30-6-01 to 30-6-00 to 31-12-00
R'000 R'000 R'000
Revenue 13 970 12 236 29 207
Operating profit 1 995 1 650 5 622
Net interest earned 394 624 1 015
Net profit before
taxation 2 389 2 274 6 637
Taxation 868 923 2 465
Profit after taxation 1 521 1 351 4 172
Transfer from non-
distributable reserve 255 178 78
Increase in distributable
reserves for the
period 1 776 1 529 4 250
Earnings per share (cents)
Net profit after
taxation 23,6 20,9 64,7
Net profit after taxation
and transfer from
non-distributable
reserve 27,5 23,7 65,9
Dividends on ordinary
shares:
Amount (R'000) 64,5 806 2 742
Dividends per share
(cents) 10,0 12,5 42,5
Number of shares in
issue (R'000) 6 451 6 451 6 451
consolidated balance sheet
30-6-01 30-6-00 31-12-00
R'000 R'000 R'000
assets
Non-current assets 70 471 72 161 71 623
Mining assets 62 458 62 614 62 714
Environmental
Rehabilitation
Trust Fund 8 013 9 547 8 909
Current assets 26 272 26 599 28 277
Inventories 13 216 11 951 11 872
Accounts receivable 11 469 8 495 10 720
Bank balances 1 587 6 153 5 685
96 743 98 760 99 900
equity and liabilities
Capital and reserves
Shareholders equity 80 483 78 722 79 607
Long-term liabilities 11 723 13 902 13 245
Current liabilities 4 537 6 136 7 048
96 743 98 760 99 900
Contingent liability 194 201 194
cash flow statements
30-6-01 30-6-00 31-12-00
R'000 R'000 R'000
Cash (utilised)/generated
from operating
activities (925) 118 1 781
Net receipts from
mining assets 255 178 78
Cash (utilised)/generated from
operations (670) 296 1 859
Net interest received 394 624 1 015
Taxation paid (1 887) (2 096) (3 711)
Dividend paid (1 935) (4 838) (5 645)
Net cash applied in
operating activities (4 098) (6 014) (6 482)
Net decrease in cash
equivalents (4 098) (6 014) (6 482)
Cash and cash equivalents
at beginning of period 5 685 12 167 12 167
Cash and cash equivalents
at end of period 1 587 6 153 5 685
statements of changes in equity
for the period ended 30 June 2001
Share Non-distribu- Accumu-
capital table reserves lated profits Total
R'000 R'000 R'000 R'000
Balance at
31 December
2000 3 226 59 488 16 893 79 607
Net profit for
the period 1 521 1 521
Transfer to
accumulated profits
in respect of
decrease in mining
assets (255) 255
Dividends (645) (645)
Balance at
30 June 2001 3 226 59 233 18 024 80 483
Notes
1. GENERAL COMMENTS
As stated in the annual report, the mine would have to embark on further
rationalisation programs in an effort to reduce costs and to contain stock
levels.
Consequently, in view of the virtually depleted ore reserves, underground
mining operations were discontinued at the end of May 2001. Production will
henceforth continue until the surface ore stockpile, which is blended with
tailings, is depleted. This is expected to continue until closer to year
end.
Although sales volumes held up reasonably well, dollar prices declined by
approximately 12% compared to the previous year.
Results for the six months under review benefited however from a further
weakening of the rand and compare well with those of the corresponding
period of the previous year, notwithstanding the high cost of
rationalisation.
Having regard to prevailing circumstances, the directors resolved to declare
an interim dividend of 10 cents per share.
2. DIVIDENDS
An interim dividend of 10 cents (2000: 12,5 cents) per share was declared in
respect of the period under review.
3. PROSPECTS
The world market for asbestos continues to shrink and it is foreseen that
sales volumes for the current year will not match those of the previous
year.
Given the present state of the asbestos market the high stock levels are
being addressed as a matter of urgency.
Production of fibre is not expected to continue beyond the end of year 2001
and any residual fibre stocks will be disposed of to Msauli's traditional
customers.
Rehabilitation work is continuing in an effort to complete as much thereof
concomitant with the scaled down production activities.
Efforts are underway to dispose of redundant mining equipment following the
discontinuance of underground mining.
Shareholders should continue to consider dividend payments against the
background of a curtailed operation.
4. ASBESTOS AND HEALTH
There were no developments in this regard during the period under review as
far as this group is concerned.
The case against Cape Plc in the UK, which is in no way related to this
group, will now only start in April 2002.
The directors will continue to act in accordance with legal advice in the
event of any developments in the matter.
On behalf of the board
H. P. HART
P. A. VAN ZYL Directors
5. Declaration of dividend
(Msauli) (MSI) (ZAE000004719)
Notice is hereby given that an interim dividend No. 64 of 10 cents per
ordinary share (2000: 12,5 cents) has been declared payable to shareholders
in accordance with the undermentioned timetable. The dividend is declared in
the currency of the Republic of South Africa.
Last day to trade cum-dividend Friday 31 August 2001
Trading ex-dividend commences Monday 3 September 2001
Record date Friday 7 September 2001
Dividend payment date Monday 10 September 2001
By order of the board
A. J. C Gouws
Secretary
Johannesburg
16 August 2001
Registered office: Everite House, 20 De Korte Street, Braamfontein
Johannesburg 2001. (P.O. Box 1142 Florida Hills 1716)
Transfer secretaries: Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg 2001.
(P.O. Box 1053, Johannesburg 2000)
