|
Scharrig Mining Limited - Unaudited Interim Results For The Six Months
Release Date: 07/11/2003 09:00:02 Code(s): SCN
SCHARRIG MINING LIMITED - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2003
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 2003
Abridged Consolidated Balance Sheet
as at 30 September 2003
Audited
Unaudited at Unaudited at 31 March
30 Sept. 2003 30 Sept. 2002 2003
R000 R000 R000
ASSETS
Non-current assets
Property, plant and
equipment 469 885 312 303 368 363
Share incentive trust loan 1 127 924 1 166
471 012 313 227 369 529
Current assets
Inventories 10 596 11 966 13 256
Trade and other receivables 73 320 55 422 61 649
Bank balance and cash 39 053 9 207 400
122 969 76 595 75 305
TOTALASSETS 593 981 389 822 444 834
EQUITY AND LIABILITIES
CAPITALANDRESERVES
Share capital and premium 85 861 88 815 88 569
Reserves 94 369 68 736 84 853
Ordinary shareholders"
funds 180 230 157 551 173 422
Non-current liabilities
Long-term borrowings 161 067 112 130 97 262
Deferred taxation 51 188 36 707 51 185
212 255 148 837 148 447
Current liabilities
Trade and other payables 79 314 31 352 56 402
Shareholders for dividends 1 603
Current portion of
long-term borrowings 121 653 50 100 66 034
Taxation 529 379 529
201 496 83 434 122 965
TOTALEQUITYAND
LIABILITIES 593 981 389 822 444 834
Net asset value per
share (cents) 140 124 135
Statement of Changes in Equity
for the six months ended 30 September 2003
Share Share Accumulated Non-
capital premium profit distributable
reserve Total
R000 R000 R000 R000 R000
Balance at
30 September 2002 1 274 87 541 52 981 15 755 157 551
Share buy-back (5) (241) (246)
Profit for the six
months ended
31 March 2003 16 117 16 117
Balance at
1 April 2003 1 269 87 300 69 098 15 755 173 422
Share buy-back (38) (2 670) (2 708)
Profit for the
period ended
30 September 2003 11 760 11 760
Dividend (2 244) (2 244)
Balance at
30 September 2003 1 231 84 630 78 614 15 755 180 230
Abridged Consolidated Income Statement
for the six months ended 30 September 2003
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 2003 30 Sept. 2002 31 March 2003
R000 R000 R000
Revenue 264 114 188 938 370 584
Operating profit before
finance charges 26 089 10 924 53 600
Finance charges 14 326 7 430 16 460
Net profit before
taxation 11 763 3 494 37 140
Taxation 3 1 006 15 483
Net profit after
taxation 11 760 2 488 21 657
Loss attributable to
outside shareholders 2 956
Earnings attributable
to ordinary shareholders 11 760 5 444 21 657
Attributable earnings
per share (cents) 9,3 4,3 17,0
Headline earnings per
share (cents) 9,3 4,3 14,4
Dividend per share
(cents) 2,0 1,25 3,0
Shares in issue (000)
- at end of period 128 225 127 344 128 225
- weighted average for
the period 126 344 127 635 127 214
Abridged Consolidated Cash Flow Statement
for the six months ended 30 September 2003
Unaudited six Unaudited six Audited twelve
months ended months ended months ended
30 Sept. 2003 30 Sept. 2002 31 March 2003
R000 R000 R000
Cash generated/(applied
to) from operations 95 282 (3 787) 78 072
Interest paid (14 326) (7 430) (16 450)
Dividend paid (2 244) (1 282) (2 813)
Taxation paid (160) (9)
Cash flows from
operating activities 78 712 (12 659) 58 800
Cash flows from
investing activities (142 405) (92 067) (169 662)
Cash flows from
financing activities 102 346 99 175 96 504
Net increase/(decrease)
in cash and cash
equivalents 38 653 (5 551) (14 358)
Cash and cash equivalents
at the beginning
of period 400 14 758 14 758
Cash and cash equivalents
at the end of period 39 053 9 207 400
Reconciliation of headline earnings
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 2003 30 Sept. 2002 31 March 2003
R000 R000 R000
Earnings attributed to
ordinary shareholders 11 760 5 444 21 657
Adjust for write-up of
share trust loan (269)
Profit on disposal of
property, plant and
equipment (3 056)
Headline earnings
attributed to ordinary
shareholders 11 760 5 444 18 332
Segmental analysis
for the six months ended 30 September 2003
R000 R000
Turnover Net income
before taxation
Coal Mining 257 979 11 948
Diamond Mining (675)
Second hand equipment trading 6 135 490
264 114 11 763
COMMENTS
Results
The results for the year ended 30 September 2003, reflect a continued
improvement for the Group. Turnover has increased by 39.8 % over the
same period in 2002 and operating profit before finance charges has
increased to R26million from R10.9 million.
Earnings per share has increased to 9.3 cents from 4,3 cents.
Share Repurchase
At the annual general meeting held on 4 September 2003 members passed
a special resolution authorising, inter alia, the purchase of a
maximum of 25 645 068 shares in Schamin.
By September 2003 when the Company entered into its closed period, a
wholly owned subsidy had purchased 3 858506 shares at a cost of
R2 707 824, giving an average cost of 70,2 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.
Circumstance will therefore dictate the extent of future repurchases.
Prospects
The current level of turnover experienced is expected to hold to the
end of the financial year and the downward trend of interest rates
will maintain the current levels of profitability.
Dividend
A final dividend of 1,75 cents per share in respect of the year ended
31 March 2003 was paid during the period
An interim dividend of 2,0 cents per share has been declared
subsequent to 30 September 2003 and will be payable on Monday 1
December 2003 to shareholders recorded in the register as such at the
close of business on Friday 28 November 2003, being the record date,
in order to participate in such dividend. The last day to trade cum-
dividend is Friday 21 November 2003. The shares will trade ex-dividend
from Monday 24 November 2003. There will be no dematerialisation /
rematerialisation of share certificates between Monday 24 November
2003 and Friday 28 November, both days inclusive. In accordance with
Generally Accepted Accounting Practice Statement AC 107, the interim
dividend of 2,0 cents per share proposed by the Directors has not been
reflected in the interim financial statements.
Accounting Policies
These financial results are prepared in accordance with South African
Statement 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 7 November 2003
Directors: T. Scharrighuisen (Chairman), A.J. Reinecke (Managing), J.
Holland (Financial), T.R. Hendry, C. Moorcroft
Transfer Secretaries:
Ultra Registrars (Pty) Ltd.
5th Floor
11 Diagonal Street
Johannesburg
2001
(P.O. Box 4844
Johannesburg 2000)
Sponsor:
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Registered Address:
28 Patrick Road,
Jet Park
Boksburg
1459
(P.O. Box 30194,
Jet Park 1469)
| 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 ] | |||||||||||||
|
|||||||||||||
