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ASSMANG LIMITED - Group Financial Results
Assmang Limited
(Incorporated in the Republic of South Africa)
(Registration number 1935/007343/06)
Share code: ASG ISIN: ZAE000030789
("the Group")
SALIENT FEATURES:
- HEADLINE EARNINGS INCREASED BY 14 PER CENT TO R138 MILLION
- NCHWANING MANGANESE SHAFT COMPLEX ON SCHEDULE BUT ESTIMATED COST HAS
INCREASED BY R68 MILLION TO R585 MILLION
- HIGHER SALES VOLUMES FOR ALL PRODUCTS
Group financial results for the half-year ended 31 December 2002
Group balance sheet
(Unaudited) (Audited)
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
ASSETS
Non-current assets
Fixed assets 1 949 355 1 756 864 1 877 833
Deferred tax assets 15 466 6 822 11 204
Environmental rehabilitation
trust fund 10 385 8 150 10 385
Current assets
Inventories 894 823 661 956 709 936
Trade and other receivables 620 201 395 763 714 413
Deposits and cash 7 769 5 597 14 877
Total assets 3 497 999 2 835 152 3 338 648
EQUITY AND LIABILITIES
Total shareholders` interest 2 239 899 1 835 472 2 127 254
Non-current liabilities
Long-term borrowings 62 3 633 692
Deferred tax liabilities 414 319 296 488 379 801
Long-term provisions 33 378 28 685 31 197
Current liabilities
Trade and other payables 136 413 240 978 187 581
Overdrafts and short-term
borrowings 656 213 423 697 576 849
Taxation 17 715 6 199 35 274
Total equity and liabilities 3 497 999 2 835 152 3 338 648
Group income statement
(Audited)
(Unaudited) Year
Half-year ended ended
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Turnover 1 351 235 1 162 369 2 809 352
Net operating profit before
depreciation 326 891 283 063 873 983
Depreciation 68 104 51 912 115 609
Operating profit 258 787 231 151 758 374
Interest received 1 196 653 3 518
Finance costs 42 069 43 328 72 160
Profit before exceptional item 217 914 188 476 689 732
Exceptional item - 543 759 543 720
Profit before taxation and
State`s share of profit 217 914 732 235 1 233 452
Taxation and State`s share
of profit 80 432 67 636 246 911
Earnings 137 482 664 599 986 541
Determination of headline
earnings
Earnings 137 482 664 599 986 541
(Loss)/profit on disposal of
assets (172) 543 906 544 152
Headline earnings 137 654 120 693 442 389
Number of ordinary shares
in issue (`000) 3 548 3 548 3 548
Earnings per share (cents)
- Attributable 3 875 18 730 27 804
- Headline 3 880 3 402 12 468
Dividends per share (cents) 700 500 1 350
Group cash flow statement
(Audited)
(Unaudited) Year
Half-year ended ended
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Cash flow from
operating activities
Cash generated from operations 187 398 238 097 410 157
Interest received 1 196 653 3 518
Interest paid (42 069) (43 328) (72 160)
Dividends paid (24 837) (17 741) (47 901)
Taxation paid (67 732) (59 789) (131 058)
Net cash in-flow from
operating activities 53 956 117 892 162 556
cash flow from
INVESTING activities
Additions to fixed assets to
maintain operations (131 048) (108 909) (280 809)
Additions to fixed assets to
expand operations (8 578) (77 561) (91 503)
Disposal of mineral rights
and other assets (172) 543 906 544 152
Net cash (out)/in-flow from
investing activities (139 798) 357 436 171 840
Cash flow from
financing activities
Long-term borrowings
(repaid)/raised (630) 802 (1 909)
Increase/(decrease) in
short-term borrowings 79 364 (486 070) (333 147)
Net cash in/(out)-flow from
financing activities 78 734 (485 268) (335 056)
Net decrease in cash and
cash equivalents (7 108) (9 940) (660)
Cash and cash equivalents
at beginning of period 14 877 15 537 15 537
Cash and cash equivalents
at end of period 7 769 5 597 14 877
at end of period 7 769 5 597 14 877
Group statement of changes in shareholders` equity
Stated Retained
Capital earnings Total
R`000 R`000 R`000
Balance at beginning of period
(audited) 13 385 2 113 869 2 127 254
Earnings for the period 137 482 137 482
Ordinary dividends paid (24 837) (24 837)
Balance at end of period
(unaudited) 13 385 2 226 514 2 239 899
Results
The results have been prepared in accordance with accounting standards issued
by the International Accounting Standards Committee and The South African
Institute of Chartered Accountants. The methods of computation and accounting
policies are consistent with those used previously.
The Group`s results for the half-year reflect a 14 per cent increase in
headline earnings to R137,6 million compared with R120,7 million for the
corresponding period in the previous year. The increase in headline earnings is
mainly attributable to higher US dollar prices received for manganese alloys and
increased sales volumes for all products.
Sales volumes of manganese ore, excluding intra-Group sales, rose by 7 per cent
to 409 443 tons (382 007 tons) while sales of iron ore rose by 5 per cent to 2
259 433 tons (2 148 962 tons) and sales for ferro-manganese rose by 14 per cent
to 96 908 tons (85 368 tons) and ferro-chrome sales increased by 17 per cent to
103 641 tons (88 916 tons).
(Unaudited) (Audited)
At 31 December At 30 June
2002 2001 2002
R`000 R`000 R`000
Commitments for future
capital expenditure
- contracted for 467 342 364 544 137 008
- authorised, but not
contracted for 291 179 394 464 560 044
758 521 759 008 697 052
Major projects
Capital expenditure to maintain and improve operations during the period
under review amounted to R139,6 million (R186,5 million) and was spent mainly on
the following major projects:
* The development of the Nchwaning III shaft complex: This project is scheduled
for completion by the end of the current calendar year. Problems and delays
associated, inter alia, with poor ground conditions and commissioning of the
2,2km long decline conveyor have caused the final estimated cost to completion
to increase by R68 million to R585 million.
* The chrome division`s new 54 MVA furnace and 350 000 ton per annum pelletising
plant which was commissioned in 2001: Technical problems have delayed achieving
sustainable planned production levels but, these have been addressed and it is
anticipated that full operational productivity will be reached during the March
2003 quarter.
Borrowings
Short-term borrowings at 31 December 2002 increased by R79,4 million to R656,2
million, compared to R576,8 million at the end of the 30 June 2002 financial
year.
Fatalities
The Board regrets to report that three employees tragically lost their lives
in two seperate accidents at the Nchwaning and Beeshoek mines during December
2002. The Board extends it`s condolences to the bereaved families and friends.
Outlook for the next six months
Prices and sales volumes for the remaining half of the year ending 30 June 2003
are not expected to vary materially from those achieved during the period under
review. Earnings, however, will be largely dependent upon the SA rand/US dollar
exchange rate applicable during the period.
Dividends
The results include a final dividend of R7,00 per share which was paid on 30
September 2002.
The dividend in the previous year included a distribution in respect of the
proceeds on the sale of the Dwars Rivier Platinum Group mineral rights.
An interim dividend of 500 cents per share (850 cents per share) is proposed
to be declared before the end of March 2003.
Anglovaal Mining Limited
Secretaries:
per: A Jepson
Registered office: 56 Main Street, Johannesburg, 2001
20 February 2003
Directors: Desmond Sacco (Chairman), R. P. Menell (Deputy Chairman),
R. J. Carpenter, C. J. Cory, P. C. Crous, D. N. Murray,
B. R. Broekman, J. C. Steenkamp.
Alternate directors: B. J. Funston, G. C. Butler*, A. McAdam*,
A. D. Stalker*, F. H. Kalp, J. W. Lewis*,
B. B. M. Menell, M. J. N. Uys. *British
Company secretary: Anglovaal Mining Limited
Date: 20/02/2003 04:00:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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