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Schamin - Audited Results
SCHARRIG MINING LIMITED
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
("Schamin")
Share Code: SCN ISIN code: ZAE000006474
Audited Results
for the twelve months ended 31 March 2003
Abridged Consolidated Balance Sheet
as at 31 March 2003
Audited at Audited at
31 March 31 March
2003 2002
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 368 363 238 521
Share incentive trust loan 1 166 946
369 529 239 467
Current assets
Inventories 13 256 5 007
Trade and other receivables 61 649 37 047
Bank balance and cash 400 14 758
75 305 56 812
TOTAL ASSETS 444 834 296 279
EQUITY AND LIABILITIES
Share capital and premium 88 589 88 915
Reserves 84 853 64 776
Ordinary shareholders" funds 173 422 153 691
Outside shareholders" interest 4 564
Total shareholders funds 173 422 158 255
Non-current liabilities
Long-term borrowings 97 262 51 104
Deferred taxation 51 185 35 901
148 447 87 005
Current liabilities
Trade and other payables 56 402 38 620
Current portion of long term borrowings 66 034 10 778
Shareholders for dividends 1 282
Taxation 529 339
122 965 51 019
Total equity and liabilities 444 834 296 279
Net asset value per share (cents) 135 120
Statement of Changes in Equity
for the twelve months ended 31 March 2003
Share Share Accumulated Non-
capital premium profit distributable
reserve Total
R000 R000 R000 R000 R000
Balance at
31 March 2001 1 312 89 280 39 432 15 755 145 779
Change in
accounting
policy (90) (90)
Restated balance 1 312 89 280 39 342 15 755 145 689
Share buyback (36) (1 641) (1 677)
Profit for the year
ended 31 March 2002 12 103 12 103
Dividend paid (2 424) (2 424)
Balance at
31 March 2002 1 276 87 639 49 021 15 755 153 691
Share buyback (7) (339) (346)
Profit for the
year ended
31 March 2003 21 657 21 657
Dividend paid (1 580) (1 580)
Balance at
31 March 2003 1 269 87 300 69 098 15 755 173 422
Abridged Consolidated Income Statement
for the twelve months ended 31 March 2003
Audited Audited
year ended year ended
31 March 2003 31 March 2002
R000 R000
Revenue 370 584 212 443
Operating profit before finance charges 53 600 13 837
Finance charges 16 460 1 099
Net profit before taxation 37 140 12 738
Taxation 15 483 4 213
Net profit after taxation 21 657 8 525
Earnings attributable to outside
shareholders (3 578)
Earnings attributable to ordinary
shareholders 21 657 12 103
Attributable earnings per share (cents) 17,0 9,0
Headline earnings per share (cents) 16,8 8,9
Dividend per share (cents) 1.25 2.0
Shares in issue (000)
- at end of period 128 225 128 225
- weighted average for the period 127 214 133 792
Reconciliation of headline earnings
Audited Audited
year ended year ended
31 March 2003 31 March 2002
R000 R000
Earnings attributed to ordinary
shareholders 21 657 12 103
Adjust for write-up of share trust loan (269) (248)
Headline earnings attributed to
ordinary shareholders 21 388 11 855
Abridged Consolidated Cash Flow Statement
for the twelve months ended 31 March 2003
Audited Audited
year ended year ended
31 March 2003 31 March 2002
R000 R000
Cash generated from operations 77 354 28 219
Interest paid (16 460) (1 099)
Dividend paid (2 813) (2 829)
Taxation paid (369)
Cash flows from operating activities 58 081 23 922
Cash flows from investing activities
Net cash effects of asset acquisitions (173 507) (75 606)
Cash flows from financing activities
Net cash effects of borrowings raised 101 068 38 528
Net decrease in cash and cash
equivalents (14 358) (13 156)
Cash and cash equivalents at
beginning of year 14 758 27 914
Cash and cash equivalents at the
end of year 400 14 758
Segmental analysis
for the twelve months ended 31 March 2003
2003 2002
R000 R000
R000 Net income R000 Net income
Turnover before taxation Turnover before taxation
Coal Mining 330 687 42 670 164 359 6 183
Diamond Mining 2 493 1 429 5 565 1 582
Second hand
equipment trading 37 403 (722)
COMMENTS
Results
The result for the year ended 31 March 2003 reflect a marked improvement over
the last financial year. Turnover has increased by 74% over the same period in
2002, this translates to an increase in earnings per share to 17,0 cents from
9,0 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 way of a general authority. By March 2003 when the company
entered into its closed period, a wholly owned subsidiary had purchased 1 376
565 shares at a cost of R487 152 giving an average cost of 35,4 cents per share.
We shall continue to adopt a cautious approach to repurchases taking into
account our cash requirements as well as the cost of capital. Circumstances will
therefore dictate the extent of future repurchases.
Prospects
Coal
The current order book and the size of the earthmoving fleet is sufficient to
maintain annual levels of profitability. The Group will continue to look to new
ventures that add value to the current operations.
Diamonds
The diamond venture has ceased operations. All the assets of the venture are
being disposed of.
Directorate
It is with deep regret that I advise you, the shareholders, of the death of
Gerald Balley after a long illness. Gerald served the Group with distinction and
shall be sorely missed. Mr. Arnoldus Jacobus (Koos) Reinecke has been appointed
acting Managing Director in the interim.
Dividend
A final dividend of 1,75 cents per share has been declared subsequent to year
end and will be payable on 30 June 2003 to shareholders recorded in the register
as such at the close of business on Friday 27 June 2003 being the record date in
order to participate in such dividend. The last day to trade cum- dividend is
Friday 20 June 2003. The share will trade ex-dividend from Monday 23 June 2003.
There will be no rematerialisation/dematerialisation of share certificates
between Monday 23 June 2003 and Friday 27 June 2003 both days inclusive.
In accordance with Generally Accepted Accounting Practice Statement AC 107, the
final dividend of 1,75 cents per share proposed by the directors has not been
reflected in the financial statements.
Accounting policies
These financial results are prepared 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 135 - Investment
Property. This change has been effected as a prior year adjustment. Save for the
foregoing the Accounting Policies are consistent with those applied in the
preparation of the audited financial results for the previous year.
Audit opinion
Our Auditors, Etchells James Kruger & Associates Inc. have issued their opinion
on the Group"s financial statements for the year ended 31 March 2003. A copy of
their unqualified report is available for inspection at the company"s registered
office.
On behalf of the board
J. Holland CA(SA) Boksburg
Financial Director 26 May 2003
Directors: T. Scharrighuisen (Chairman), J. Holland (Financial), A.J. Reinecke
(Operations and acting Managing), T.R. Hendry, C. Moorcroft
Transfer Secretaries:
Ultra Registrars (Pty) Ltd
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: 26/05/2003 04:46:40 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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