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Anglovaal Mining Limited - Unaudited Group Interim Results for the half-year
ended 31 December 2003.
Anglovaal Mining Limited
("Avmin" or the "Company")
Registration Number 1933/004580/06,
Incorporated in the Republic of South Africa
JSE Securities Exchange, South Africa ("the JSE")
Share code: AIN
ISIN: ZAE000017141
and London Stock Exchange: AGM
Overview
* Headline earnings** down 27% to R77 million
* Net cash flow from operating activities up 464% to R237 million following
the disposal of Chambishi
* Nkomati, now 100% owned, delivers strong operational performance
* Net gearing reduced to 11%
* US$ borrowings fully repaid by 31 August 2003
(** before unrealised non-hedge derivatives)
Rick Menell, Chairman commented:
"The last six months has been a period of significant progress with the
completion of our strategic review and the announcement of a pioneering
transaction to transform Avmin into the largest fully empowered, diversified
mining company in South Africa.
"At our operations, the Nkomati nickel mine performed exceptionally well, taking
full advantage of high nickel prices, and the new Target gold mine delivered
improved results.
"However, our earnings have been severely impacted by the strength of the rand,
especially at our ferrous metals division. Despite the strong rand we were
strongly cash generative and our balance sheet shows low gearing levels.
"We are excited about the future prospects of the company and look forward to
unlocking the value inherent in our operations and new projects."
Unaudited group interim results for the half-year ended 31 December 2003.
BALANCE SHEET
Audited
Year ended
30 June
2003
Rm
ASSETS
Non-current assets
Tangible assets 4 786
Intangible assets 6
Deferred tax assets 12
Environmental rehabilitation trust funds 45
Investments 215
5 064
Current assets
Inventories 896
Trade and other receivables 936
Taxation -
Deposits and cash 265
2 097
Total assets 7 161
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 6
Share premium 79
Reserves 218
Retained earnings 2 208
Shareholders" interest in capital
and reserves 2 511
Minority interest 2 451
Total shareholders" interest 4 962
Non-current liabilities
Long-term borrowings -
Deferred tax liabilities 519
Long-term provisions 153
Non-hedge derivatives 103
775
Current liabilities
Trade and other payables 521
Provisions 39
Taxation 42
Derivative instruments -
Overdrafts and short-term borrowings 822
1 424
Total equity and liabilities 7 161
Unaudited Unaudited
Half-year ended Half-year ended
31 December 31 December
2003 2002 %
Rm Rm change
ASSETS
Non-current assets
Tangible assets 4 857 5 627
Intangible assets 6 7
Deferred tax assets 10 38
Environmental rehabilitation
trust funds 45 64
Investments 167 215
5 085 5 951 (15)
Current assets
Inventories 1 030 1 148
Trade and other receivables 831 986
Taxation 21 -
Deposits and cash 219 905
2 101 3 039 (31)
Total assets 7 186 8 990 (20)
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 6 6
Share premium 122 69
Reserves 171 184
Retained earnings 2 207 2 531
Shareholders" interest in
Capital and reserves 2 506 2 790
Minority interest 2 402 2 134
Total shareholders" interest 4 908 4 924 -
Non-current liabilities
Long-term borrowings - 1 367
Deferred tax liabilities 542 524
Long-term provisions 156 219
Non-hedge derivatives 286 -
984 2 110 53
Current liabilities
Trade and other payables 468 523
Provisions 40 60
Taxation 42 68
Derivative instruments - 3
Overdrafts and short-term borrowings 744 1 302
1 294 1 956 34
Total equity and liabilities 7 186 8 990 20
Audited
Year ended
30 June
2003
Rm
INCOME STATEMENT
Revenue 4 896
Cost of sales (3 882)
Gross profit 1 014
Other operating income 424
Other operating expenses (814)
624
Unrealised loss on non-hedge derivatives (103)
(Loss)/Profit from operations 521
Income from investments 83
Finance costs (180)
(Loss)/Profit before taxation and
exceptional items 424
Exceptional items (388)
- Loss on disposal of discontinued operation (649)
- Other exceptional items 261
(Loss)/Profit before taxation 36
Taxation (147)
(Loss)/Profit after tax (111)
Minority interest (80)
(Loss)/Earnings (191)
Additional information:
Headline earnings before unrealised
non-hedge derivatives 241
Headline earnings per share before unrealised
non-hedge derivatives (cents) 215
Headline (loss)/earnings 197
Headline (loss)/earnings per share (cents) 176
Basic attributable (loss)/earnings
per share (cents) (170)
Fully diluted attributable (loss)/earnings
per share (cents) (169)
Number of shares in issue at end of
year (thousands) 112 602
Weighted average number of shares in
issue (thousands) 112 046
Shareholder s interest 2 511
Net asset value per share (cents) 2 230
Unaudited Unaudited
Half-year Half-year
ended ended
31 December 31 December
2003 2002 %
Rm Rm change
Revenue 2 004 2 340 (14)
Cost of sales (1 681) (1 828) 8
Gross profit 323 512 (37)
Other operating income 23 234
Other operating expenses (167) (354)
179 392 (54)
Unrealised loss on non-hedge
derivatives (184) -
(Loss)/Profit from operations (5) 392
Income from investments 12 47
Finance costs (38) (113)
(Loss)/Profit before taxation and
exceptional items (31) 326 (110)
Exceptional items 4 13
- Loss on disposal of discontinued
operations - -
- Other exceptional items 4 13
(Loss)/Profit before taxation (27) 339 (108)
Taxation (49) (128)
(Loss)/Profit after tax (76) 211 (136)
Minority interest 75 (93)
(Loss)/Earnings (1) 118 (101)
Additional information:
Headline earnings before unrealised
non-hedge derivatives 77 105 (27)
Headline earnings per share before
unrealised
non-hedge derivatives (cents) 67 93 (28)
Headline (loss)/earnings (1) 105 (100)
Headline (loss)/earnings per share
(cents) (1) 93 (101)
Basic attributable (loss)/earnings
per share (cents) (1) 106 (100)
Fully diluted attributable
(loss)/earnings
per share (cents) (1) 104 (100)
Number of shares in issue at end of
year (thousands) 114 128 112 225
Weighted average number of shares in
issue (thousands) 113 713 111 783 2
Shareholder s interest 2 506 2 790 (10)
Net asset value per share (cents) 2 196 2 486 (12)
STATEMENT OF CHANGES IN EQUITY
Rm Total
Half-year ended 31 December 2003
Balance at 30 June 2003 2 511
Revaluation of listed
investments (47)
Loss (1)
Share options exercised 43
Balance at 31 December 2003 2 506
Foreign
Share capital currency Revaluation Retained
and premium translation surplus Other earnings
Balance at 30 June 2003 85 - 181 37 2 208
Revaluation of listed
investments - - (47) - -
Loss - - - - (1)
Share options exercised 43 - - - -
Balance at 31 December 2003 128 - 134 37 2 207
Total
Half-year ended 31 December 2002
Balance at 30 June 2002 2 579
Earnings 118
Foreign currency translation
reserve 32
Revaluation of listed investments 40
Share options exercised 7
Allocation to minority
shareholder s (10)
Unrealised gain on currency
derivative contracts 24
Other -
Balance at 31 December 2002 2 790
Foreign
Share capital currency Revaluation Retained
and premium translation surplus Other earnings
Balance at 30 June 2002 68 (42) 141 11 2 401
Earnings - - - - 118
Foreign currency translation
reserve - 32 - - -
Revaluation of listed investments - - 40 - -
Share options exercised 7 - - - -
Allocation to minority
shareholder s - (24) - - 14
Unrealised gain on currency
derivative contracts - - - 24 -
Other - - - 2 (2)
Balance at 31 December 2002 75 (34) 181 37 2 531
Year ended 30 June 2003 Total
Balance at 30 June 2002 2 579
Loss (191)
Revaluation of listed investments 39
Translation of foreign subsidiary 24
Realisation of reserve on disposal
of Chambishi 18
Reversal of derivative instruments 26
Share options exercised 17
Transfer to insurance contingency
reserve -
Other (1)
Balance at 30 June 2003 2 511
Foreign
Share capital currency Revaluation Retained
and premium translation surplus Other earnings
Balance at 30 June 2002 68 (42) 141 11 2 401
Loss - - - - (191)
Revaluation of listed investments - - 39 - -
Translation of foreign subsidiary - 24 - - -
Realisation of reserve on disposal
of Chambishi - 18 - - -
Reversal of derivative instruments - - - 26 -
Share options exercised 17 - - - -
Transfer to insurance contingency
reserve - - - 2 (2)
Other - - 1 (2) -
Balance at 30 June 2003 85 - 181 37 2 208
CASH FLOW STATEMENT
Audited
Year ended
30 June
2003
Rm
CASH FLOW FROM OPERATING
ACTIVITIES
Cash receipts from customers 5 009
Cash paid to supplier s and employees (4 160)
Cash generated from operations 849
Interest received 80
Interest paid (180)
Dividends received 3
Dividends paid (21)
Taxation paid (101)
Net cash inflow from operating
activities 630
Unaudited Unaudited
Half-year ended Half-year ended
31 December 31 December
2003 2002 %
Rm Rm change
Cash receipts from customers 2 128 2 399
Cash paid to supplier s and employees (1 812) (2 201)
Cash generated from operations 316 198 60
Interest received 12 46
Interest paid (38) (113)
Dividends received - 1
Dividends paid (9) (12)
Taxation paid (44) (78)
Net cash inflow from operating
activities 237 42 464
Audited
Year ended
30 June
2003
Rm
CASH FLOW FROM INVESTING
ACTIVITIES
Additions to fixed assets to maintain
operations (420)
Additions to fixed assets to expand
operations (132)
Net cash effect on sale of Chambishi (67)
Net proceeds from sale of ETC mine 252
Proceeds on disposal of fixed assets 8
Proceeds on disposal of investments -
Proceeds on dilution of interest in
investment in subsidiaries 564
Net cash (outflow)/inflow from
investing activities 205
Unaudited Unaudited
Half-year ended Half-year ended
31 December 31 December
2003 2002 %
Rm Rm change
Additions to fixed assets to maintain
operations (250) (199)
Additions to fixed assets to expand
operations (49) (58)
Net cash effect on sale of Chambishi - -
Net proceeds from sale of ETC mine - -
Proceeds on disposal of fixed assets 13
Proceeds on disposal of investments - 13
Proceeds on dilution of interest in
investment in subsidiaries - -
Net cash (outflow)/inflow from
investing activities (286) (244) (17)
Audited
Year ended
30 June
2003
Rm
CASH FLOW FROM FINANCING
ACTIVITIES
Increase in shareholder funding 17
Funding received from minority
shareholders 11
Long-term borrowings raised -
Long-term borrowings repaid (901)
(Decrease)/Increase in short-term
borrowings (476)
Net cash inflow/(outflow) from
financing activities (1 349)
Net (decrease)/increase in cash
and cash equivalents (514)
Cash and cash equivalents at beginning of period 779
Cash and cash equivalents at end of period 265
Cash generated from operations:
per share (cents) 758
Unaudited Unaudited
Half-year ended Half-year ended
31 December 31 December
2003 2002 %
Rm Rm change
Increase in shareholder funding 43 7 514
Funding received from minority
shareholders 37 8 362
Long-term borrowings raised 348
Long-term borrowings repaid (62)
(Decrease)/Increase in short-term
borrowings (77) 27 (385)
Net cash inflow/(outflow) from
financing activities 3 328 (99)
Net (decrease)/increase in cash
and cash equivalents (46) 126
Cash and cash equivalents at
beginning of period 265 779
Cash and cash equivalents at
end of period 219 905 (76)
Cash generated from operations:
per share (cents) 278 177 57
NOTES TO FINANCIAL STATEMENTS
Audited
Year ended
30 June
2003
Rm
HEADLINE EARNINGS
(Loss)/Earnings per income statement (191)
- Surplus on disposal of mine properties - ETC mine -
- Surplus on disposal of investments and
mineral rights (261)
- Loss on sale of Chambishi 649
197
- Taxation 4
- Minority interest (4)
Headline earnings/(loss) 197
Add non-hedge derivates 103
Less minority interest (59)
Headline earnings before unrealised
non-hedge derivates 241
EXCEPTIONAL ITEMS
Surplus on disposal of mine
properties - ETC mine -
Surplus on disposal of Avgold Limited shares 241
Surplus on disposal - other 20
Loss on sale of Chambishi (649)
Exceptional items per income statement (388)
Taxation 4
Minority interest (4)
Net exceptional items (388)
Unaudited Unaudited
Half-year Half-year
ended ended
31 December 31 December
2003 2002
Rm Rm
(Loss)/Earnings per income statement (1) 118
- Surplus on disposal of mine
properties - ETC mine (4) -
- Surplus on disposal of investments and
mineral rights - (13)
- Loss on sale of Chambishi
(5) 105
- Taxation 4 -
- Minority interest - -
Headline earnings/(loss) (1) 105
Add non-hedge derivates 184 -
Less minority interest (106) -
Headline earnings before unrealised
non-hedge derivates 77 105
EXCEPTIONAL ITEMS
Surplus on disposal of mine
proper ties - ETC mine 4 -
Surplus on disposal of Avgold Limited shares - -
Surplus on disposal - other - 13
Loss on sale of Chambishi - -
Exceptional items per income statement 4 13
Taxation (4)
Minority interest -
Net exceptional items - 13
Basis of preparation and accounting policies
The financial information for the half-year ended 31 December 2003 has been
prepared adopting the same accounting policies used in the most recent annual
financial statements which are in accordance with South African Statements of
Generally Accepted Accounting Practice and International Financial Reporting
Standards. The accounting policies are consistent with the year ended 30 June
2003.
These condensed financial statements are prepared in accordance with AC 127 -
interim reporting, and are prepared on the historical cost basis as adjusted
for financial instruments and investment proper ties. These are accounted for
on the fair value, or amortised cost basis.
Primary segmental information
Rm Total
Half-year ended 31 December 2003
Revenue
External revenue 2 004
Cost of sales (1 681)
Contribution to earnings (1)
Contribution to headline earnings (1)
Contribution to headline earnings before
unrealised non-hedge derivatives 77
Consolidated total assets 7 186
Consolidated total liabilities 2 278
Capital expenditure 299
Amortisation and depreciation 216
Precious Ferrous Corporate
Rm metals metals Nickel and other
Half-year ended
31 December 2003
Revenue
External revenue 447 1 333 224 -
Cost of sales (385) (1 195) (101) -
Contribution to earnings (58) 34 77 (54)
Contribution to headline earnings (58) 34 77 (54)
Contribution to headline
earnings before unrealised
non-hedge derivatives 20 34 77 (54)
Consolidated total assets 2 644 3 867 250 425
Consolidated total liabilities 423 1 592 54 209
Capital expenditure 86 208 5 -
Amortisation and depreciation 127 81 8 -
COMMENTARY
Strategic transformation update
Following a review of the strategic direction and future structure of Avmin,
an announcement was made on 13 November 2003 which will result in the creation
of the largest black controlled mining company in South Africa after a series
of transactions between Avmin, African Rainbow Minerals & Exploration
Investments (Proprietary) Limited and Harmony Gold Mining Company Limited
("Harmony").
On 23 March 2004 a circular containing details of the transactions and revised
listing particulars was posted to shareholders. Subject to the requisite
shareholder, regulatory and other approvals Avmin will change its name to
African Rainbow Minerals Limited and the board, management and strategy will
be reconstituted to reflect the new ethos of the Company.
Group results
A major determinant of the financial performance during the six months was the
rand/US dollar exchange rate , which averaged US$/R7,13 compared to the
Corresponding 2002 period"s US$/R10,10. This represents a 29 per cent
strengthening of the average exchange rate between the two periods. The
stronger rand has affected Avmin"s results in two ways; firstly by lowering
revenue and income earned by Group operations, and secondly by lowering earnings
as a result of a significant unrealised charge to the income statement
from non-hedge derivatives resulting from the conversion of rand gold hedges
to US$ gold hedges by Avgold. Shareholders were informed that the value of
the rand would negatively affect results in the trading update issued on 27
November 2003.
The Group"s revenue declined by 14 per cent to R2,0 billion (2002: R2,3
billion). Costs of production were, however, well contained during the period.
Headline earnings before unrealised non-hedge derivatives weakened by 28 per
cent to 67 cents per share (93 cents per share). Taking into account the AC133
adjustment of R184 million (Nil) a headline loss of R1 million was recorded.
A net cash flow from operating activities of R237 million (R42 million) was
recorded for the period. This increase was primarily as a result of reduced cash
demands relating to Chambishi and increased cash distribution from Nkomati.
Outflows from investing activities were dominated by the continued heavy capital
expenditure in ferrous metals, and totaled R299 million (R257 million). There
was a net decrease in cash and cash equivalents of R46 million to R219 million
at 31 December 2003.
The Group"s net debt-to-total-equity ratio showed another significant
improvement, declining to 11 percent (36 percent) when comparing to the
periods ended 31 December 2003 and 2002, whereas the ratio remained constant at
11 per cent as at 30 June and 31 December 2003.
Operationally, Avgold Limited"s ("Avgold"s") Target gold mine continues to
perform well and during the six months exceeded its planned pro-rated annual
production levels of 175 000 ounces of gold.
Shortly after the end of the half-year, Avmin acquired the remaining 25 per
cent of the Nkomati joint venture from Anglo Operations Limited, a subsidiary
of Anglo American plc. This acquisition provides Avmin with the strategic
flexibility required to advance plans currently being considered for a
significant expansion of Nkomati. A strong operational performance and robust
US$ nickel price saw the mine"s contribution to earnings increase from R57
million to R77 million.
Safety, health and sustainable development
Management is pleased to announce that operations showed a significant decrease
in reportable incidents compared to the previous corresponding period.
Avmin continues to proactively manage the Group"s HIV/AIDS exposure by ongoing
monitoring and management of the impact the pandemic may have on its businesses.
Ferrous metals
Despite increased sales volumes for all products, earnings were substantially
lower than the corresponding period of the previous year as cautioned in the
trading update issued on 13 November 2003.
Assmang"s products are priced principally in US dollar s and the period under
review has seen a significant strengthening of the rand with the average
exchange rate realised on the group"s export proceeds being R6,98 to the US
dollar against R10,02 in the equivalent previous period. In the competitive
markets in which the group"s products trade , and like most other resource
companies in South Africa at present, a change of this extent seriously
affects profitability and was sufficient to completely negate the higher unit
prices achieved in US dollars for ferro-alloys and the strong volume sales
performances achieved in the group"s products as summarised in the table below:
Assmang product sales:
Six months to: 31 December 2003 31 December 2002 % change
Manganese ore (tons) 662 867 409 443 62
Iron ore (tons) 2 493 824 2 259 433 10
Manganese alloys (tons) 100 489 96 908 4
Charge chrome (tons) 126 860 103 641 22
Assmang"s revenue for the half-year ended 31 December 2003 declined by 1,4 per
cent to R1 332,7 million (R1 351,2 million). Attributable earnings decreased
by 97,0 per cent to R4,1 million (R137,7 million), equivalent to R1,15 per
share (R38,75 per share). The tax charge for the period of R14,9 million is
high in relation to profit before tax due to charges for the State"s share of
profit on the manganese mining operations and Secondary Tax on Companies.
Assmang continued its significant capital programme, spending R208,1 million
(R139,6 million) during the period under review, of which R77,0 million was
spent on its new shaft complex at the Nchwaning manganese mine . Production
from this shaft is expected to commence during May 2004 and capital expenditure
will be substantially completed by December 2004 thereby providing ore reserves
for more than 20 years. The cost of the new shaft complex is estimated at
R690 million. Planned production levels from the existing and new Nchwaning
shaft complex will be adequate to satisfy customer demand taking account of
rail and harbour logistical constraints.
Current enhancement projects include the completion of the Nchwaning shaft
complex, the construction of an underground mine at Dwarsrivier Chrome Mine
to replace the existing opencast mine and the development of additional reserves
at the iron ore division.
Demand for the group"s products remains buoyant and tonnages over the balance
of the financial year are expected to approximate those of the period under
review.
US dollar prices for the group"s products are also expected to be higher which,
given a stable rand/US dollar exchange rate , could cause earnings to increase
in the second half. Shareholders are however reminded that earnings performance
will continue to be largely dependant upon the rand/US dollar exchange
rate and, to a lesser extent, upon cost savings achieved by the operating
divisions.
Gold
Avgold"s comparative results for the half-year ended 31 December 2002 include
ETC . The sale of ETC in May 2003 combined with the lower average rand/ US
dollar exchange rate of R7,13 (R10,12) resulted in a decrease in revenue to
R446,9 million (R502,4 million).
Gold sold decreased marginally to 5 986kg (6 009kg), while the yield increased
significantly to 11,08g/t (8,13g/t) as a result of the higher gold grades mined
from areas identified as part of the redesigned mining plan - based on rock
mechanics design criteria. These grades (11,08g/t) will reduce in future in
line with this mining plan.
Cash costs decreased 25 per cent to R43 461/kg (R57 951/kg). The increase in
operating profit to R51,8 million (R49,6 million), despite the lower revenue ,
reflects the efficiencies of the mechanised mining methods employed at Target.
Capital expenditure increased marginally to R47,9 million (R46,5 million).
Avgold operating results:
Six months to: 31 December 2003 31 December 2002* % change
Gold sold Kg 5 986 6 009 -
Cash costs R/kg 43 461 57 951 (25)
US$/oz 190 178 7
Yield g/t 11,08 8,13 36
*Includes ETC
Following the announcement on 13 November 2003 regarding Avmin"s proposed sale
of its stake in Avgold to Harmony, a joint team has been formed to refine
plans for the exploitation of the northern Free State resources.
Nickel
Avmin has acquired the 25 per cent of Nkomati that it did not already own from
Anglo Operations Limited for R260 million with effect from 1 February 2004. The
transaction values Nkomati at just over R1 billion and will be value
enhancing, allowing for improved cash flow into Avmin.
Operationally, Nkomati recorded another strong performance for the half year
to 31 December 2003. Ore treated increased 21 per cent to 169 000 tons (140 000
tons), producing 28 700 tons (28 900 tons) of concentrates with average grades
of 10,0 per cent (10,2 per cent) for nickel and 6,0 per cent (6,5 per cent) for
copper.
Nkomati sales volumes:
Six months to: 31 December 2003 31 December 2002 % change
Nickel (tons) 2 440 2 620 (7)
Copper (tons) 1 590 1 670 (5)
Cobalt (tons) 28 33 (15)
PGMs (ounces) 19 800 19 040 4
Excluding nickel, other metals contributed 24 per cent of the mine"s total
revenue . The mine remains cost competitive with a nickel production cost, net
of by-product credits, of US$1,15/lb, while the average nickel price over the
period amounted to US$4,94/lb (US$3,16/lb).
Platinum
The Two Rivers project team, currently assessing the viability of a new
platinum group metals venture in a partner ship between Avmin and Impala
Platinum Holdings Limited, has been given board approval to proceed with
small-scale trial mining. Full project release is conditional on the outcome of
the current programme and the outlook of the rand.
Dividends
In light of the Company"s financial performance, the board does not consider it
appropriate to declare a dividend for the six months ended 31 December 2003.
Future prospects
Demand for the Group"s products is at present strong and is expected to remain
so. However, volatility of the rand/US dollar exchange rate will affect the
results significantly.
Directorate changes
Mr PC Pienaar, a non-executive director, resigned from the board on
4 February 2004.
R P Menell J C Steenkamp
Chair man Chief Executive Officer
Johannesburg
23 March 2004
Executive directors: R P Menell (chairman),
J C Steenkamp (chief executive officer),D N Campbell
Non-executive directors: D E Jowell, K W Maxwell, J R McAlpine, PT Motsepe,
D N Murray, M Z Nkosi, Z B Swanepoel
Group company secretary: R H Phillips
Anglovaal Mining Limited ("Avmin" or the "Company"),
Registration Number 1933/004580/06,
Incorporated in the Republic of South Africa,
JSE Share code: AIN ISIN: ZAE000017141
and London Stock Exchange: AGM
Registered Office:
56 Main Street,
Johannesburg 2001,
PO Box 62379,
Marshalltown 2107,
South Africa
For further information:
Ebrahim Takolia: General Manager Investor Relations,
Tel: (+27 11) 634 0333, e-mail ebrahimt@avmin.co.za.
Date: 24/03/2004 07:00:26 AM Produced by the JSE SENS Department
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