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Samroc - Unaudited Interim Group Results for the six months ended 30
June 2002
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
("Samroc")
Unaudited Interim Group Results for the six months ended 30 June 2002
Balance Sheet
(R000`s)
Unaudited Unaudited Audited
ASSETS 30 Jun 02 30 Jun 01 31 Dec 01
Non-current assets 15 293 15 794 15 620
Property, plant and 15 293 15 794 15 620
equipment
Current assets 3 090 2 002 1 860
Inventory 606 577 438
Trade receivables 338 725 1 119
Cash and cash 2 146 700 303
equivalents
Total assets 18 383 17 796 17 480
EQUITY AND
LIABILITIES
Capital and 8 892 8 530 6 821
reserves
Share capital 3 269 2 844 2 844
Share premium 23 838 21 150 21 150
Accumulated loss (18 215) (15 464) (17 173)
Non-current
liabilities
Long term 2 942 6 170 2 942
liabilities
Current liabilities
Trade and other 6 549 3 096 7 717
payables
Total equity and 18 383 17 796 17 480
liabilities
Income Statement Unaudited Unaudited Audited
(R000`s) Jan - Jun 02 Jan - Jun `01 Jan - Dec `01
Revenue 4 908 2 964 8 772
Costs and expenses (5 441) (5 056) (12 093)
Loss from operating ( 533) (2 092) (3 321)
activities
Net finance cost ( 509) ( 294) ( 775)
Loss for the period (1 042) (2 386) (4 096)
Cash Flow Statement Unaudited Unaudited Audited
(R000`s) 30 Jun 02 30 Jun 01 31 Dec 01
Net cash flows from (1 236) (1 065) (1 698)
operating
activities
Net cash flows from ( 34) ( 70) ( 256)
investment
activities
Net cash flows from 3 113 1 300 1 722
financing
activities
Net in/(de)crease 1 843 165 (232)
in cash and cash
equivalents
Cash and cash
equivalents at the
beginning of the 303 535 535
period
Cash and cash 2 146 700 303
equivalents at end
of period
Ordinary shares in 326,918 284,419 284,419
issue (000`s)
Net asset value per 2,71 2,99 2,39
share (cents)
Net loss per share 0,32 0,83 1,44
(cents)
Headline loss per 0,32 0,83 1,44
share (cents)
Statement of
Changes in Equity
(R000`s)
Share Share Accumulated Total
capital premium deficit
Balance at 31 2 844 21 150 (13 077) 10 917
December 2000
Net loss for the (4 096) (4 096)
year 2001
Balance at 31 2 844 21 150 (17 173) 6 821
December 2001
Shares issued 425 2 688 3 113
Net loss for the (1 042) (1 042)
2002 period
Balance at 3o 3 269 23 838 (18 215) 8 892
June 2002
Commentary
Nature of business
Samroc is a resources company engaged in the manufacture of value added
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.
Comment on results
Samroc recorded a loss of R1,04 million for the six months ended 30 June
2002. Sales were lower than expected for the reasons referred to below.
Operations are expected to show a profit in the second half of the year.
Operational review
Samroc has experienced reduced local and export sales in the middle of
this year. The two principal causes for this are both positive
for Samroc in the longer term, namely:
- Reduced offtake by Dow Agroscience`s Mancozeb plant at Sasolburg as a
consequence of preparing for a higher rate of production from October
2002, and
- Reduced production at Samroc`s own Greenhills plant during the R2,76
million capital improvement and reconfiguration programme previously
announced.
Dow is Samroc`s principal local customer, accounting for about 47% of
overall sales.
Both the above programmes are scheduled to be completed early in the
last quarter of 2002.
The testing of an improved drying system has been successfully completed
and samples have been sent to customers for their evaluation. Monthly
production and sales volumes for the last quarter are expected to be
approximately double the monthly figures of the first half of 2002.
Preliminary discussions have been held with Dow regarding a proposal to
supply Dow`s worldwide requirements of manganese sulphate solution. This
would involve a multiple increase in the existing supply arrangements.
The initial response has been encouraging and Samroc has commenced a
prefeasibility investigation into the optimum manner for fulfilling such
supply arrangement.
Funding
Samroc raised R400 000 in March 2002 by the issue of 8 million shares at
5 cents each under a general authority and a further R2 760 000 in June
2002 by the issue of 34,5 million shares at 8 cents each. The purpose of
this latter issue was to enable Samroc to reconfigure, upgrade and
expand the Greenhills plant.
A R3,5 million working capital facility was granted by the Industrial
Development Corporation in May 2002. No part of this facility had been
utilised during the period under review.
On 10 June 2002 it was announced that the shareholders` and directors`
loans advanced during the past 2 years would be retired by the issue,
under a specific authority, of 47 356 380 shares at 8 cents each.
Documentation has been posted to shareholders and the general meeting to
approve the specific issue is scheduled to be held on 2 October 2002.
The funding steps referred to above have put the company in a
financially healthy position to operate profitably in the future.
Changes to the board of directors
It was announced on 15 August 2002 that Golden Valley Mines Limited, an
Australian public listed company, had purchased 113 million shares
(34,6%) in Samroc at 9 cents per share. In order to reflect the change
in shareholding, two directors of Golden Valley Mines Limited, namely
Messrs. SJ Farrell and R Linnell have been invited to join the Samroc
board. Messrs. JJ Byrne and PJ Cronshaw have accordingly agreed to
stand down from the board. Their respective contributions over the
years have been greatly valued and appreciated.
Dividend
No dividend has been declared or recommended for this period.
Accounting policies
The results were prepared in accordance with the Statements of Generally
Accepted Accounting Practices and are consistent with Samroc`s policies.
For and on behalf of the board
B H Christie
Executive Chairman
19 September 2002
Directors:
B H Christie*(Chairman), N R Kaner*(Managing), KJJ de Rooster,**
PJ Cronshaw, JJ Byrne.*** (*British, **Belgian, ***Australian)
Company Secretary: J M Walkenshaw
Registered office:
Block 3, Southern Implants Office Park, 1 Albert Road, Irene 0062
Registered postal address:
PO Box 7798, Centurion 0046
Transfer Secretaries:
Computershare Investor Services, PO Box 1053, Johannesburg 2000
Date: 18/09/2002 05:15:00 PM Produced by the JSE SENS Department
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