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2002
AUDITED RESULTS for the 12 months ended 31 March 2002
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
("Schamin" "the company" or "the group")
Share Code:SCN ISINCode: ZAE 000006474
ABRIDGED CONSOLIDATED BALANCE SHEET
as at 31 March 2002
Audited at Audited at
31 March 2002 31 March 2001
R000 R000
ASSETS
Non current assets
Property, plant and equipment 238 640 193 742
Share incentive trust loan 946 748
239 586 194 490
Current assets
Inventories 5 007 5 150
Trade and other payables 37 047 19 634
Bank balance and cash 14 758 27 914
56 812 52 698
TOTAL ASSETS 296 398 247 188
EQUITY AND LIABILITIES
Share capital and premium 88 915 90 592
Reserves 64 895 55 188
Ordinary shareholders funds 153 810 145 780
Outside shareholders interest 4 564 4 828
Total Shareholders funds 158 374 150 608
Non-current liabilities
Long-term borrowings 51 104 24 992
Deferred taxation 35 901 32 008
87 005 57 000
Current liabilities
Trade and other payables 38 620 37 456
Shareholders for dividends 1 282 1 737
Current portion of long-term borrowings 10 778
Taxation 339 387
51 019 39 580
TOTAL EQUITY AND LIABILITIES 296 398 247 188
Net asset value per share (cents) 120 105
STATEMENT OF CHANGES IN EQUITY
for the 12 months ended 31 March 2002 Non-
Share Share Acumulated distribut Total
capital premium profit able
reserve
R000 R000 R000 R000 R000
Balance at
31 March 2000 1 390 91 473 54 996 15 755 163 614
Prior year
adjustment for
deferred
taxation (20 442) (20 442)
Restated balance
at 31 March 2000 1 390 91 473 34 554 15 755 143 172
Share buyback (78) (2 193) (2 271)
Profit for the
year ended
31 March 2001 6 615 6 615
Dividend (1 737) (1 737)
Balance at
31 March 2001 1 312 89 280 39 432 15 755 145 779
Share buyback (36) (1 641) (1 677)
Profit for the
year ended
31 March 2002 12 132 12 132
Dividend (2 424) (2 424)
Balance at
31 March 2002 1 276 87 639 49 140 15 755 153 810
ABRIDGED CONSOLIDATED INCOME STATEMENT
for the 12 months ended 31 March 2002
Audited Audited
year ended year ended
31 March 2002 31 March 2001
R000 R000
Revenue 212 443 169 816
Operating profit before finance charges 13 866 8 924
Net finance charges 1 099 2 631
Net profit before taxation 12 767 6 293
Taxation 4 213 (491)
Net profit after taxation 8 554 6 784
Earning attributable to outside
shareholders (3 578) 169
Earnings attributable to ordinary
shareholders 12 132 6 615
Attributable earnings per share (cents) 9.1 4.8
Headline earnings per share (cents) 8.9 4.5
Dividend per share (cents) 2.0 1.25
Shares in issue (000)
- at end of period 128 225 138 985
- weighted average for the period 133 792 137 382
RECONCILIATION OF HEADLINE EARNINGS
2002 2001
Earnings attributed to
ordinary shareholders 12 132 6 615
Adjust for write-up of share
trust loan (248) (396)
Headline earnings attributable
to ordinary shareholders 11 884 6 219
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
for the 12 months ended 31 March 2002
Audited Audited
year ended year ended
31 March 2002 31 March 2001
R000 R000
Cash generated from operations 28 219 55 008
Interest paid (1 099) (2 631)
Dividend paid (2 829)
Taxation paid (369)
Cash flows from operating activities 23 922 52 377
Cash flows from investing activities (75 606) (18 680)
Cash flows from financing activities 38 528 (25 208)
Net (decrease) increase in cash &
cash equivalents (13 156) 8 489
Cash and cash equivalents at the
beginning of period 27 914 19 425
Cash and cash equivalents at the
end of period 14 758 27,914
COMMENTS
Results
The earnings attributable to ordinary sharesholders for the year ended 31
March 2002 reflects an improvement over the previous financial year.
Turnover has improved by 25% over the previous year. The increased turnover
together with the continued tight budgetry controls has seen earnings per
share increase to 9.1 cents from 4.8 cents a 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 Schamin.
The listing of 10 759 896 shares in Schamin were withdrawn from the JSE
Securities Exchange on 12 October 2001, in terms of the share repurchase
scheme.
By March 2002 when the company entered into its closed period a wholly owned
subsidiary had purchased an additional 644 971 shares at a cost of R275 990,
giving an average cost of 42.7 cents per share.
PROSPECTS
Coal
The current order book held by the group is expected to see an increase in
the turnover of the group in the next financial year.
Diamonds
The diamond division has experienced numerous problems over the last six
months of the financial year, a restructuring is in progress which is
expected to turn things around within the first six months of the new
financial year.
Dividend
A final dividend of 1.0 cent (2001:1.25 cents) per share was declared on the
31 March 2002, payable on 19 August 2002 to shareholders recorded in the
register as such at close of business on Friday 16 August 2002, being the
record date in order to participate in such dividend.
The last day to trade cum-dividend is Thursday 8 August 2002. The share will
trade ex-dividend on Monday 12 August 2002.
There will be no rematerialisation/dematerialisation of share certificates
between Friday, 2 August 2002 and Friday, 16 August 2002 both days
inclusive.
ACCOUNTING POLICIES
This report is prepared on the historical cost basis in accordance with
South African Statements of Generally Accepted Accounting Practice. The
group's accounting policies have been altered in order to comply with the
requirements of AC.102. this change has been effected as a prior year
adjustment. Save for the foregoing, the accounting policies are consistent
with those applied in the last annual report.
On behalf of the board
J. Holland CA(SA) Boksburg
Financial director 13 June 2002
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)
Date: 12/06/2002 05:54:04 PM Produced by the SENS Department
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