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Scharrig Mining Limited
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
("Schamin")
Share Code: SCN ISIN Code: ZAE 000006474
Unaudited Interim Results for the six months ended 30 September 2001
Abridged Consolidated Balance Sheet as at 30 September 2001
Unaudited six Unaudited six Audited at
months ended months ended 31 March
30 Sept. 2001 30 Sept. 2000 2001
R000 R000 R000
ASSETS
Non -current assets
Property, plant and equipment 194 285 197 764 193 742
Share incentive trust loan 748 352 748
195 033 198 116 194 490
Current assets
Inventories 3 732 11 599 5 150
Trade and other payables 26 732 18 960 19 634
Bank balance and cash 33 754 18 544 27 914
64 218 49 103 52 698
TOTAL ASSETS 259 251 247 219 247 188
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital and premium 89 168 92 863 90 592
Reserves 77 881 71 822 74 921
Ordinary shareholders funds 167 049 164 685 165 513
Outside shareholders interest 6 334 4 828
Total Shareholders funds 173 383 164 685 170 341
Non-current liabilities
Long-term borrowings 24 867 30 906 24 992
Deferred taxation 12 275 12 275 12 275
37 142 43 181 37 267
Current liabilities
Trade and other payables 47 105 32 706 37 456
Shareholders for dividends 1 282 1 737
Current portion of
long-term borrowings 6 477
Taxation 339 170 387
48 726 39 353 39 580
TOTAL EQUITY AND LIABILITIES 259 251 247 219 247 188
Net asset value per share (cents) 120 118 119
Statement of Changes in Equity for the six months ended 30 September 2001
Share Share Acumulated Non- Total
Capital Premium Profit distributable
Reserve
R000 R000 R000 R000 R000
Balance at
31 March 2000 1 390 91 473 54 996 15 755 163 614
Share repurchase (78) (2 193) (2 271)
Profit for the
year ended
31 March 2001 5 907 5 907
Dividend (1 737) (1 737)
Balance at
1 April 2001 1 312 89 280 59 166 15 755 165 513
Share repurchase (30) (1 394) (1 424)
Profit for the
period ended
30 September 2001 4 242 4 242
Dividend (1 282) (1 282)
Balance at
30 September 2001 1 282 87 886 62 126 15 755 167 049
Abridged Consolidated Income Statement for the six months ended 30 September
2001
Unaudited six Unaudited six Audited
months ended months ended year ended
30 Sept. 2001 30 Sept. 2000 31 March 2001
R000 R000 R000
Revenue 105 790 80 665 169 816
Operating profit before finance
charges 3 221 2 431 8 924
Net finance charges 494 1 360 2 631
Net profit before taxation 2 727 1 071 6 293
Taxation 160 217
Net profit after taxation 2 567 1 071 6 076
Loss attributable to outside
Shareholders 1 675 169
Earnings attributable to ordinary
shareholders 4 242 1 071 5 907
Attributable earnings per share (cents) 3.3 0.8 4.3
Headline earnings per share (cents) 3.3 0.8 4.0
Dividend per share (cents) 1.0 1.25
Shares in issue (000)
- at end of period 138 985 138 985 138 985
- weighted average for the period 130 409 138 985 137 382
Abridged Consolidated Cash Flow Statement for the six months ended 30
September 2001
Unaudited six Unaudited six Audited
months ended months ended year ended
30 Sept. 2001 30 Sept. 2000 31 March 2001
R000 R000 R000
Cash generated from operations 21 737 23 962 54 791
Interest paid (494) (1 360) (2 631)
Dividend paid (1 737)
Taxation paid (208)
Cash flows from operating activities 19 298 22 602 52 160
Cash flows from investing activities (11 909) (10 879) (20 734)
Cash flows from financing activities (1 549) (12 604) (22 937)
Net increase (decrease) in cash &
cash equivalents 5 840 (881) 8 489
Cash and cash equivalents at the
beginning of period 27 914 19 425 19 425
Cash and cash equivalents at the end
of period 33 754 18 544 27 914
COMMENTS
Results
The earnings attributable to ordinary shareholders for the period ended 30
September 2001, reflects a steady improvement for the group over the
corresponding period in 2000.
Turnover improved by 31% over the previous period. The increased turnover
together with the tight budgetary controls has seen earnings per share
increase to 3,3 cents from 0,8 cents per share.
Share repurchase
At the annual general meeting held on 24 August 2001, members passed a
special resolution authorising inter alia, the purchase of a maximum of 27
797 047 shares in Scharrig Mining Limited. By September 2001 when the
company entered into its closed period a wholly owned subsidiary purchased
10 815 096 shares at a cost of R3 694 852, giving an average cost of 34,2
cents per share.
The listing of 10 759 896 shares in Scharrig Mining Limited was withdrawn
from the JSE Securities Exchange on 12 October 2001, in terms of the share
repurchase scheme.
We will continue to adopt a cautious approach to repurchase taking into
account our cash requirements as well as the cost of capital. Circumstances
will therefore dictate the extent of the repurchasers.
PROSPECTS
Coal
The current order book held by the group promises to maintain current
profitably levels for the next year.
Diamonds
Despite the current down turn in the world diamond market, we are confident
that this aspect of the group's business will continue to perform.
Dividend
An interim dividend of 1 cent per share (2000: nil) has been declared,
payable on 11 March 2002 to shareholders registered as such at close of
business on Friday 8 March 2002, being the record date in order to
participate in such dividend.
The last day to trade cum dividend is Friday 1 March 2002. The share will
trade ex dividend from Monday 4 March 2002.
There will be no rematerialisation/dematerialisation between Monday 25
February 2002 and Friday 8 March 2002, both days inclusive.
On behalf of the board
J. Holland CA(SA) Boksburg
Financial Director 15 November 2001
Directors: T. Scharrighuisen (Chairman), G.C. Bailey (Managing), J. Holland
(Financial), A.J. Reinecke (Operations), T.R. Hendry, C. Moorcroft
Transfer Secretaries:
Ultra Registrars
Ground Floor
11 Diagonal Street
Johannesburg
2001
(P.O. Box 4844
Johannesburg 2000)
Registered Address:
28 Patrick Road,
Jet Park
Boksburg
1459
(P.O. Box 30194,
Jet Park 1469)
Auditor:
Etchells James Kruger
& Associates Inc.
Chartered Accountants (S.A.)
REGISTERED ACCOUNTANTS AND AUDITORS
Sponsor:
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
WEBSITE: www.schamin.co.za
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