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the six months ended 30 June 2001
S A Mineral Resources Corporation Limited
Registration number 1993/000460/06
Incorporated in the Republic of South Africa
JSE share code : SAM
ISIN number : ZAE000012019
Unaudited Summarised Interim Group Results for the six
months ended 30 June 2001
Balance Sheet Unaudited Unaudited Audited
(R000's) 30/06/01 30/06/00 31/12/00
ASSETS
Non-current assets 15 794 15 719 16 085
Property, plant and
equipment 15 794 15 719 16 085
Current assets 2 002 4 501 1 847
Inventory 577 560
Trade and other
receivables 725 351 752
Cash and cash
equivalents 700 4 150 535
Total assets 17 796 20 220 17 932
EQUITY AND LIABILITIES
Capital and reserves 8 530 13 010 10 916
Share capital 2 844 2 844 2 844
Share premium 21 150 21 150 21 150
Non-distributable reserve 27
Accumulated loss (15 464) (11 011) (13 078)
Non-current liabilities
Long term liabilities 6 170 5 287 4 870
Current liabilities
Trade and other payables 3 096 1 923 2 146
Total equity and
liabilities 17 796 20 220 17 932
Income Statement
Unaudited Unaudited Audited
(R000's) Jan - Jun Jan - Jun Full year
2001 2000 2000
Revenue 2 964 1 298
Costs and expenses (5 056) ( 794) (3 837)
Loss from operating
activities (2 092) ( 794) (2 539)
Net finance cost ( 294) 12 ( 337)
Loss for the period (2 386) ( 782) (2 876)
Cash Flow Statement
(R000's)
Net cash flows from
operating activities (1 065) ( 414) (3 336)
Net cash flows from
investment activities ( 70) (2 786) (3 524)
Net cash flows from
financing activities 1 300 3 808 3 853
Net increase in cash
and cash equivalents 165 608 (3 007)
Cash and cash
equivalents at the
beginning of the period 535 3 542 3 542
Cash and cash
equivalents at end
of period 700 4 150 535
Commentary
Nature of business
Samroc is a resource company whose particular focus is
the manufacture of manganese chemicals. It owns the
rights to an extensive manganese deposit near Graskop,
Mpumalanga and operates the Greenhills manganese
chemicals plant, which is located adjacent to the mineral
deposit.
Operations
The plant was commissioned in mid 2000 and the production
rate has been building up over the past year. Full
production capacity was reached in August 2001. The
focus for the remainder of the year will be on optimising
efficiencies and reducing input costs. Attention will be
given to the planning of the expansion of production
capacity as soon as it can be seen that the demand
situation warrants it
Comment on results
Turnover for the six months to 30 June 2001 was R2,96
million reflecting the gradual build-up to full
production during the period. An attributable loss of
R2,39 million was recorded. However, in the 2 months
since the end of the period under review, the plant has
been generating positive cash flow and, as projected in
the financial statements for the prior financial year, is
expected to be profitable in the half year to 31 December
2001.
Marketing
Sales of the company's products have been strong and
while operating at full capacity a slight backlog of
production to orders has been experienced, which augers
well for the future of the plant. Efforts to secure long
term supply contracts with those customers prepared to
purchase under such arrangements are continuing.
Prospects
With the Greenhills plant now providing a solid platform
for growth, management's longer-term planning will be
focused on other manganese products that offer higher
margins than the present more basic products. This
planning includes the electrolytic manganese dioxide
(EMD) project, where the pre-feasibility study carried
out earlier this year in conjunction with Mintek has
proved very encouraging.
On behalf of the board
B H Christie NR Kaner
Executive Chairman Managing Director
27 September 2001
Registered office Transfer secretaries
Block 3 Mercantile Registrars
Southern Implants Office Park 11 Diagonal Street
1 Albert Road PO Box 1053
Irene, 0062 Johannesburg, 2000
Directors : B H Christie*(Chairman), N R
Kaner*(Managing), KJJ de Rooster**, J J Byrne***, P J
Cronshaw
Company Secretary : J M Walkenshaw (*British,
**Belgian, ***Australian)
N R Kaner
Managing Director
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