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Schamin - Unaudited Interim Results
SCHARRIG MINING LIMITED
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
("Schamin")
Share Code:SCN ISIN code: ZAE000006474
Unaudited Interim Results
for the six months ended 30 September 2002
Abridged Consolidated Balance Sheet
as at 30 September 2002
Audited
Unaudited at Unaudited at 31 March
30 Sept. 2002 30 Sept. 2001 2002
R000 R000 R000
ASSETS
Non-current assets
Property, plant and
equipment 312 303 194 285 238 640
Share incentive trust loan 924 748 946
313 227 195 033 239 586
Current assets
Inventories 11 966 3 732 5 007
Trade and other receivables 55 422 26 732 37 047
Bank balance and cash 9 207 33 754 14 758
76 595 64 218 56 812
TOTALASSETS 822 259 251 298 398
EQUITY AND LIABILITIES
CAPITALANDRESERVES
Share capital and premium 88 815 89 168 88 915
Reserves 68 736 77 881 64 895
Ordinary shareholders` funds 157 551 167 049 153 810
Outside shareholders`
interest 6 334 4 564
Total shareholders funds 157 551 173 383 158 374
Non-current liabilities
Long-term borrowings 112 130 24 867 51 104
Deferred taxation 36 707 12 275 35 901
148 837 37 142 87 005
Current liabilities
Trade and other payables 31 352 47 105 38 620
Shareholders for dividends 1 603 1 282 1 282
Current portion of
long-term borrowings 50 100 10 778
Taxation 379 339 339
83 434 48 726 51 019
TOTALEQUITYANDLIABILITIES 389 822 259 251 296 398
Net asset value per share
(cents) 124 120 120
Statement of Changes in Equity
for the six months ended 30 September 2002
Share Share Accumulated Non-
capital premium profit distributable
reserve Total
R000 R000 R000 R000 R000
Balance at
30 September 2001 1 282 87 886 42 392 15 755 147 315
Share buy-back (6) (247) (253)
Profit for the six
months ended 7 890 7 890
31 March 2002
Dividend (1 142) (1 142)
Balance at
1 April 2002 1 276 87 639 49 140 15 755 153 810
Share buy-back (2) (98) (100)
Profit for the
period ended
30 September 2002 5 444 5 444
Dividend (1 603) (1 603)
Balance at
30 September 2002 1 274 87 541 52 981 15 755 157 551
Abridged Consolidated Income Statement
for the six months ended 30 September 2002
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 30 Sept. 31 March
2002 2001 2002
R000 R000 R000
Revenue 188 938 105 790 212 443
Operating profit before
finance charges 10 924 3 221 13 866
Net finance charges 7 430 494 1 099
Net profit before taxation 3 494 2 727 12 767
Taxation 1 006 160 4 213
Net profit after taxation 2 488 2 567 8 554
Loss attributable to outside
shareholders 2 956 1 675 3 578
Earnings attributable to
ordinary shareholders 5 444 4 242 12 132
Attributable earnings
per share (cents) 4.3 3.3 9.1
Headline earnings per share
(cents) 4.3 3.3 8.9
Dividend per share (cents) 1.25 1.0 2.0
Shares in issue (000)
- at end of period 127 344 138 985 128 225
- weighted average for
the period 127 635 130 409 133 792
Abridged Consolidated Cash Flow Statement
for the six months ended 30 September 2002
Unaudited Unaudited Audited
six six twelve
months ended months ended months ended
30 Sept. 2002 30 Sept. 2001 31 March 2002
R000 R000 R000
Cash (applied to)/
generated from
operations (3 787) 21 737 28 219
Interest paid (7 430) (494) (1 099)
Dividend paid (1 282) (1 737) (2 829)
Taxation paid (160) (208) (369)
Cash flows from
operating activities (12 659) 19 298 23 922
Cash flows from
investing activities (92 067) (11 909) (75 606)
Cash flows from
financing activities 99 175 (1 549) 38 528
Net (decrease)/increase
in cash and cash
equivalents (5 551) 5 840 (13 156)
Cash and cash
equivalents at the
beginning of period 14 758 27 914 27 914
Cash and cash
equivalents at the end
of period 9 207 33 754 14 758
Reconciliation of headline earnings
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 2002 30 Sept. 2001 31 March 2002
R000 R000 R000
Earnings attributed to
ordinary shareholders 5 444 4 242 12 132
Adjust for write-up of
share trust loan 248
Headline earnings
attributed to ordinary
shareholders 5 444 4 242 11 884
Segmental analysis
for the six months ended
30 September 2002 R000 R000
Turnover Net income
before
taxation
Coal Mining 186 444 13 879
Diamond Mining 2 494 (10 268)
COMMENTS
Results
The results for the six months ended 30 September 2002 reflect an improvement
over the corresponding period in 2001. Turnover has increased by 78% over the
same period in 2001, and translates to an increase in operating profit before
finance charges of R6,8 million, the increase in interest rates over the period
has, however, adversely affected the earnings attributable to ordinary
shareholders.
Earnings per share has increased to 4,3 cents from 3,3 cents.
Share repurchase
At the annual general meeting held on 23 August 2002, members passed a special
resolution authorising inter alia, the purchase of a maximum of 25 645 068
shares in Schamin. By September 2002 when the company entered into its closed
period, a wholly owned subsidiary had purchased 236 655 shares at a cost of R100
482, giving an average cost of 42,5 cents per share.
We shall 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 future repurchasers.
PROSPECTS
Coal
The increased turnover expected over the current period has started to come into
effect, and is expected to continue to the end of the financial year. However,
any more increases in interest rates will continue to squeeze margins.
Diamonds
The restructuring of the diamond division has been completed and it is expected
that the benefits of this will bear fruit shortly.
Dividend
An interim dividend of 1.25 cents per share has been declared payable on 9
December 2002 to shareholders recorded in the register as such at close of
business on Friday 6 December 2002, being the record date in order to
participate in such dividend.
The last day to trade cum-dividend is Friday 29 November 2002. The shares will
trade ex-dividend on Monday 2 December 2002.
There will be no rematerialisation/dematerialisation of share certificates
between Monday 2 December 2002 and Friday 6 December 2002, both days inclusive.
Accounting policies
These financial results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and are consistent with those applied
in the preparation of the audited financial results for the previous period.
On behalf of the board
J. Holland CA(SA) Boksburg
Financial Director 13 November 2002
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.)
REGISTEREDACCOUNTANTS ANDAUDITORS
Sponsor:
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 12/11/2002 03:40:00 PM Produced by the JSE SENS Department
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