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SCHARRIG MINING LIMITED - Audited Results for the year ended 31 March 2004
SCHARRIG MINING LIMITED
(Registration number 1992/001973/06)
(Incorporated in the Republic of South Africa)
(`Schamin` or `the Company`)
Share code:SCN ISIN: ZAE000006474
Audited Results for the year ended 31 March 2004
ABRIDGED CONSOLIDATED BALANCE SHEET
as at 31 March 2004
Audited at Audited at
31 March 2004 31 March 2003
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 450 175 368 363
450 175 368 363
Current assets
Inventories 6 614 13 256
Trade and other receivables 72 163 61 649
Bank balance and cash 16 922 400
95 699 75 305
TOTALASSETS 545 874 443 668
EQUITY AND LIABILITIES
Share capital and premium 84 657 87 403
Reserves 108 411 84 853
Total shareholders` funds 193 068 172 256
Non-current liabilities
Long-term borrowings 110 048 97 262
Deferred tax 59 276 51 185
169 324 148 447
Current liabilities
Trade and other payables 57 792 56 402
Current portion of long-term
borrowings 125 161 66 034
Taxation 529 529
183 482 122 965
TOTAL EQUITY AND LIABILITIES 545 874 443 668
Net asset value per share (cents) 151 135
RECONCILIATION OF HEADLINE EARNINGS
Audited Audited
year ended year ended
31 March 2004 31 March 2003
R000 R000
Earnings attributed to ordinary
shareholders 28 366 21 657
Profit on disposal of property,
plant and equipment (3 056)
Adjust for write-up of share trust loan (269)
Headline earnings attributed to
ordinary shareholders 28 366 18 332
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2004
Share Share Treasury Retained Non-
capital premium share earnings distributable
trust reserve Total
R000 R000 R000 R000 R000 R000
Balance at
31 March 2002
as previously
stated 1 276 87 639 49 021 15 755 153 691
Consolidation
of share
incentive
trust (1 166) (1 166)
Balance at
31 March 2002
restated 1 276 87 639 (1 166) 49 021 15 755 152 525
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 (1 166) 69 098 15 755 172 256
Share buyback (42) (2 920) (2 962)
Profit for the
year ended
31 March 2004 28 366 28 366
Share options
exercised 133 133
Dividend paid 83 (4 808) (4 725)
Balance at
31 March 2004 1 227 84 380 (950) 92 656 15 755 193 068
SEGMENTAL ANALYSIS
for the year ended 31 March 2004
2004 2003
Turnover Net profit Turnover Net profit
before before
taxation taxation
R000 R000 R000 R000
Coal Mining 544 530 41 436 330 687 36 433
Diamond Mining (675) 2 493 1 429
Second hand
equipment trading 4 768 (4 304) 37 404 (722)
ABRIDGED CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2004
Audited Audited
year ended year ended
31 March 31 March
2004 2003
R000 R000
Revenue 549 298 370 584
Operating profit before finance charges 59 707 53 600
Finance charges 23 250 16 460
Net profit before taxation 36 457 37 140
Taxation 8 091 15 483
Net profit after taxation 28 366 21 657
Earnings attributable to ordinary
shareholders 28 366 21 657
Attributable earnings per share (cents) 23,1 17,3
Headline earnings per share (cents) 23,1 14,6
Dividend per share (cents) 2,00 1,25
Shares in issue (000)
- at end of period 128 225 128 225
- weighted average for the year 122 545 125 014
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2004
Audited Audited
year ended year ended
31 March 31 March
2004 2003
R000 R000
Cash generated from operations 160 986 78 072
Interest paid (24 876) (16 460)
Interest received 1 626 10
Dividend paid (4 808) (2 813)
Taxation paid - (9)
Cash flows from operating activities 132 928 58 800
Cash flows from investing activities
Net cash effects of asset acquisitions (184 407) (169 662)
Cash flows from financing activities 68 001 96 504
Net cash effects of borrowings raised 70 963 96 850
Share buyback scheme (2 962) (346)
Net increase/(decrease) in cash and
cash equivalents 16 522 (14 358)
Cash and cash equivalents at the
beginning of year 400 14 758
Cash and cash equivalents at the end
of year 16 922 400
RESTATEMENT OF COMPARATIVES
A recent ruling given by the GAAP Monitoring Panel has provided more clarity
regarding the consolidation of share incentive scheme trusts.
Consequently the Group has changed its accounting policy in respect of its share
incentive trust (`share incentive trust`). The share trust is now consolidated
to the extent that the Group issued share capital is under the control of the
Group.These shares are shown as treasury shares. The prior year comparatives
have been restated as follows:
As previously
stated Adjustment Restated
R000 R000 R000
Balance sheet
Non-current assets
Share incentive trust loan 1 166 (1 166)
Treasury shares 1 166 1 166
Number of shares
Shares in issue -
weighted (000`s) 127 214 (2 200) 125 014
Earnings per share
Basic earnings per
share (cents) 17,0 0,3 17,3
Headline earnings per
share (cents) 14,4 0,2 14,6
Movement in share incentive trust
The movement in the shares in the share incentive trust for the periods under
review can be summarised as follows:
31 March 31 March
2004 2003
R000 R000
Opening balance 2 200 2 200
Share options exercised (245)
Closing balance 1 955 2 200
COMMENTS
Results
The results for the year ended 31 March 2004 mark another improvement over the
previous financial year.
Turnover has increased 48% over the same period in 2003. Earnings per share have
increased from 17,3 cents per share to 23,1 cents, a rise of 33,5%.
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 645068 shares
in Schamin. By March 2004 when the company entered into its closed period a
wholly owned subsidiary had purchased 4 177306 at a cost of R2 961924 giving an
average cost of 70,9 cents per share.
We shall continue to adopt a cautious approach to repurchases taking into
account the cost of capital as well as our cash requirements. Circumstances will
therefore dictate the extent of future repurchases.
Prospects
The current order book is sufficient to maintain current levels of
profitability. The Group will continue to look to new ventures that add value to
the current operations.
Dividend
A final dividend of 2,5 cents per share has been declared (1,75 cents - 2003)
subsequent to year-end and will be payable on Monday, 28 June 2004 to
shareholders recorded in the register as such at close of business on Friday, 25
June 2004, being the record date in order to participate in such dividend. The
last day to trade cum-dividend is Friday, 18 June 2004. The share will trade ex-
dividend from Monday, 21 June 2004. There will be no
rematerialisation/dematerialisation between Monday, 21 June 2004 and Friday, 25
June 2004, both days inclusive.
In accordance with Generally Accepted Accounting Practice Statement AC107, the
final dividend of 2,5 cents declared 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 AC132: Consolidated
Financial Statements and Accounting for Investments in Subsidiaries.This change
has been effected as a prior year adjustment. Save for this change and the
consolidation of the share incentive trust 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 2004. 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 3 June 2004
Directors: T. Scharrighuisen (Chairman), A.J. Reinecke (Managing), J. Holland
(Financial), T.R. Hendry, C. Moorcroft
TRANSFER SECRETARIES
Ultra Registrars (Pty) Limited
5th Floor
11 Diagonal Street
Johannesburg
2001
(PO Box 4844
Johannesburg 2000)
Tel (011) 832-2652
REGISTERED ADDRESS
28 Patrick Road
Jet Park
Boksburg
1459
(PO Box 30194
Jet Park 1469)
Tel (011) 397-3870
Date: 03/06/2004 01:32:26 PM Produced by the JSE SENS Department
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