|
SAMROC -
SA Mineral Resources Corporation Limited
Registration number 1993/000460/06 -
Incorporated in the Republic of South Africa
JSE Share code : SAM ISIN number : ZAE000012019
("Samroc")
Balance Sheet
(R000"s)
Unaudited Unaudited Audited
ASSETS 31 Dec 02 30 June 02 31 Dec 01
Non-current 16,309 15,293 15,620
assets
Property, 16,309 15,293 15,620
plant and
equipment
Current assets 2,534 3,090 1,860
Inventory 852 606 438
Trade 683 338 1,119
receivables
Cash and cash 999 2,146 303
equivalents
Total assets 18,843 18,383 17,480
EQUITY AND
LIABLITIES
Capital and 10,386 8,892 6,821
reserves
Share capital 3,742 3,269 2,844
Share premium 27,152 23,838 21,150
Accumulated 20,508 18,215 17,173
loss
Non-current
liabilities
Long term 6,141 2,942 2,942
liabilities
Current
liabilities
Trade and 2,316 6,549 7,717
other payables
TOTAL EQUITY AND 18,843 18,383 17,480
LIABILITIES
Income Unaudited Unaudited Audited
Statement
(R000"s) July - Jan - Jan -
Dec02 June02 Dec01
Revenue 3,612 4,908 8,772
Costs and 5,384 5,441 12,093
expenses
Loss from 1,772 533 3,321
operating
activities
Net finance 521 509 775
costs
Loss for the 2,293 1,042 4,096
period
Cash Flow Unaudited Unaudited Audited
Statement
(R000"s) 31 Dec 02 30 June 02 31 Dec 01
Net cash flows -6,760 -1,236 -1,698
from operating
activities
Net cash flows -1,373 -34 -256
from
investment
activities
Net cash flows 6,986 3,113 1,722
from financing
activities
Net in/(-de) -1,147 1,843 -232
crease in cash
and cash
equivalents
Cash and cash 2,146 303 535
equivalents at
the
beginning of
the period
Cash and cash 999 2,146 303
equivalents at
end of period
Ordinary 374,275 326,918 284,419
shares in
issue (000"s)
Weighted 349,053 292,209 284,419
average
ordinary
shares in
issue (000"s)
Net asset 2,77 2,72 2,40
value per
share (cents)
Net loss per 0,66 0,36 1,44
share (cents)
Headline loss 0,66 0,36 1,44
per share
(cents)
Statement of Share Share Accum- Total
Changes in
Equity
(R000"s) capital premium ulated
deficit
Balance at 31 2,844 21,150 -17,173 6,821
December 2001
Shares issued 425 2,688 3,113
Net loss for -1,042 -1,042
the period Jan
- Jun 2002
Balance at 30 3,269 23,838 -18,215 8,892
June 2002
Shares issued 473 3,314 3,787
Net loss for -2,293 -2,293
the period Jul
- Dec 2002
Balance at 31 3,742 27,152 -20,508 10,386
Dec 2002
Commentary
Change of year-end
In order to align its year-end with that of its major shareholders, Samroc has
changed its year-end from 31 December to 30 June. The next reporting period
will accordingly be the 18 months ending 30 June 2003.
Accounting policies
The results were prepared in accordance with the Statement of Generally Accepted
Accounting Practice and are consistent with Samroc"s accounting policies.
Comment on results
The company showed a loss of R2,29 million for the six months ended 31 December
2002. Turnover declined by R1,3 million compared to the prior 6 months due to
lower sales of manganese sulphate solution and manganous oxide. This was offset
to some extent by increased sales of manganese sulphate powder but not to the
extent previously forecast. Revenue from export sales towards the end of the
year was affected by the strengthening of the Rand against its trading
currencies.
Sales of manganese sulphate solution are to a single customer and this customer
underwent a global destocking exercise following a major acquisition. This
adversly affected offtake from April to December 2002. The destocking is now
complete and the average monthly offtake for 2003 is expected to be higher than
it was before the destocking. The project to increase solution production
capacity by 50 % at the Greenhills plant was successfully completed in January
2003 and will permit greater operational flexibility and efficiency.
Manganous oxide sales decreased due to the cessation of low margin bulk
deliveries to a single customer in midyear but this did not significantly
contribute to the loss recorded.
Although manganese sulphate powder sales increased by 49 % in the second half of
the year this was still significantly lower than planned. A drying plant
upgrade that was due to be completed by the end of the third quarter was only
completed by the end of the year due to the necessity for more extended trials
and customer interaction than originally anticipated. Although late, the
objective of improving product quality was achieved.
Prospects
The strength of the Rand is seriously affecting margins of exported product and
as a result Samroc is only expected to break even for the first six months of
2003.
Not withstanding that, the Greenhills plant is now producing manganese sulphate
powder of premium quality that is acceptable to European customers. With
further market development and the improved efficiencies that will be derived
from the plant upgrade a profitable operation is achievable even at current
exchange rates.
However Samroc"s directors are aware that even at full production and sales, the
profitability of the existing plant is not of a size that justifies a listing on
the JSE Securities Exchange South Africa. The directors are not contemplating a
delisting, however, but are examining initiatives that will enhance and increase
the size of the business. One such initiative is the building of a much larger
plant to accommodate the requirements of an international customer, which is
considering a proposal by Samroc to be its principal supplier. Another is a
proposal to become the vehicle for a major black empowerment transaction in the
mining sector. These proposals, which are not mutually exclusive and may
complement each other, are at an early stage and no further information can be
provided until there are more substantial details to disclose to the market.
Dividend
No dividend has been declared or recommended for this period.
For and on behalf of the board
BH Christie NR Kaner
Executive Chairman Managing Director
31 March 2003
Registered office :
Block 3, Southern Implants Office Park, 1 Albert Road, Irene 0062
Registered postal address : PO Box 7798, Centurion 0046
Transfer Secretaries : Ultra Registrars, PO Box 4844, Johannesburg 2000
Company Secretary : J M Walkenshaw
Directors : B H Christie*(Chairman), N R Kaner*(Managing), KJJ de Rooster***,
RJ Linnell, SJ Farrell****
(*British, ***Belgian, ****Australian)
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
