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SCHARRIG MINING LIMITED - UNAUDITED INTERIM RESULTS
SCHARRIG MINING LIMITED
(Registration number 1992/001973/06)
(Incorporated in the Republic of South Africa)
(`Schamin`)
Share code: SCN ISIN: ZAE000006474
Unaudited Interim Results
Abridged Consolidated Balance Sheet
as at 30 September 2004
Audited
Unaudited at Unaudited at 31 March
30 Sept. 2004 30 Sept. 2003 2004
R000 R000 R000
ASSETS
Non-current assets
Property, plant
and equipment 523 003 469 885 450 175
523 003 469 885 450 175
Current assets
Inventories 7 804 10 596 6 614
Trade and other
receivables 59 964 73 320 72 163
Bank balance
and cash 29 919 39 053 16 922
97 687 122 969 95 699
TOTALASSETS 620 690 592 854 545 874
EQUITY AND
LIABILITIES
CAPITALAND
RESERVES
Share capital
and premium 90 986 84 734 84 657
Reserves 130 877 94 369 108 411
Ordinary
shareholders` funds 221 863 179 103 193 068
Non-current
liabilities
Long-term borrowings 134 182 161 067 110 048
Deferred taxation 70 567 51 188 59 276
204 749 212 255 169 324
Current liabilities
Trade and
other payables 18 984 79 314 57 792
Bank overdraft 627
Current portion of
long-term borrowings 173 991 121 653 125 161
Taxation 476 529 529
194 078 201 496 183 482
TOTALEQUITY
ANDLIABILITIES 620 690 592 854 545 874
Net asset value
per share (cents) 183 141 157
Statement of Changes in Equity
for the six months ended 30 September 2004
Accumu-
Share Share Treasury lated Non-
capital premium shares profit distributable
reserve Total
R000 R000 R000 R000 R000 R000
Balance at
30 September
2003 1 231 84 630 (1 127) 78 614 15 755 179 103
Share buy-back (4) (250) (254)
Dividends paid 44 (2 564) (2 520)
Share options
exercised 133 133
Profit for the
six months ended
31 March 2004 16 606 16 606
Balance at
1 April 2004 1 227 84 380 (950) 92 656 15 755 193 068
Share options
exercised 77 77
Shares issued 52 6 195 6 247
Profit for the
period ended
30 September 2004 25 495 25 495
Dividends paid 5 (3 029) (3 024)
Balance at
30 September
2004 1 279 90 575 (868) 115 122 15 755 221 863
Abridged Consolidated Income Statement
for the six months ended 30 September 2004
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 2004 30 Sept. 2003 31 March 2004
R000 R000 R000
Revenue 276 821 264 114 549 298
Operating profit
before finance
charges 49 349 26 089 61 333
Finance charges 11 762 14 326 24 876
Net profit
before taxation 37 587 11 763 36 457
Taxation 12 092 3 8 091
Net profit
after taxation 25 495 11 760 28 366
Earnings
attributable
to ordinary
shareholders 25 495 11 760 28 366
Attributable
earnings per
share (cents) 20,9 9,3 23,1
Headline
earnings per
share (cents) 20,9 9,3 23,1
Dividend per
share (cents) 2,5 2,0 2,0
Shares in
issue (000)
- at end of
period 133 431 128 225 128 225
- weighted
average for
the period 121 467 126 344 122 545
Abridged Consolidated Cash Flow Statement
for the six months ended 30 September 2004
Unaudited six Unaudited six Audited twelve
months ended months ended months ended
30 Sept. 2004 30 Sept. 2003 31 March 2004
R000 R000 R000
Cash generated/
(applied to)
from operations 115 541 95 282 160 986
Interest paid (11 761) (14 326) (23 250)
Dividend paid (3 029) (2 244) (4 808)
Taxation paid (854)
Cash flows
from operating
activities 99 897 78 712 132 928
Cash flows
from investing
activities (119 377) (142 405) (184 407)
Cash flows
from financing
activities 31 850 102 346 68 001
Net increase
in cash and
cash
equivalents 12 370 38 653 16 522
Cash and
cash equivalents
at the beginning
of period 16 922 400 400
Cash and
cash equivalents
at the end
of period 29 292 39 053 16 922
Reconciliation of Headline Earnings
Unaudited six Unaudited six
months ended months ended Audited
30 Sept. 2004 30 Sept. 2003 31 March 2004
R000 R000 R000
Earnings
attributed to
ordinary
shareholders 25 495 11 760 28 366
Headline
earnings
attributed
to ordinary
shareholders 25 495 11 760 28 366
Segmental Analysis
for the six months
ended 30 September 2004 R000 R000
Turnover Net income
before taxation
Coal Mining 275 382 37 005
Second hand equipment trading 1 439 582
276 821 37 587
COMMENTS
Results
The earnings attributable to ordinary shareholders for the period ended 30
September 2004 reflect an increase over the corresponding period in 2003.
Earnings per share have increased to 20,9 cents per share from 9,3 cents per
share.
Turnover has increased by 4,8% over the previous period. During the period under
review the basis on which clients are charged was changed. Turnover was
previously based on a `wet` rate, which is a rate that includes a charge for
diesel usage. This has now been changed to a `dry` rate, which entails the
client now supplying the diesel that is used. The result is that the rand value
of the turnover has decreased but brings a corresponding decrease in cost.
Therefore comparing like to like turnover has increased in the region of 30%
over the previous period. The increase in turnover and the continual monitoring
and controlling of costs has contributed to the improved results.
Directorate
Mr Arnoldus Jacobus (Koos) Reinecke has resigned from the Schamin board of
directors (the `board`) with effect from 19 October 2004. We wish him well in
his future endeavours.
Prospects
The Group will continue to look for new ventures that will add value to the
existing operations. The current order book is sufficient to maintain the
current levels of trading.
Accounting policies
These financial results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and the accounting policies applied
are consistent with those of the audited financial results for the previous
period.
Dividend
The board of directors has resolved to declare an interim dividend of 3,5 cents
(2003: 2,0 cents) in respect of the interim period ended 30 September 2004,
payable on Monday, 6 December 2004 to those shareholders recorded in the
register of the company at the close of business on Friday, 3 December 2004. The
salient dates of the interim dividend are as follows:
Last date to trade `cum` dividend Friday, 26 November 2004
Shares trade `ex` dividend Monday, 29 Novemebr 2004
Record date Friday, 3 December 2004
Payment date Monday, 6 December 2004
No dematerialisation or rematerialisation of shares may take place between
Monday, 29 November 2004 and Friday, 3 December 2004, both dates inclusive.
On behalf of the board
J. Holland Boksburg
Managing/Financial Director 10 November 2004
Directors: T. Scharrighuisen* (Chairman), J. Holland (Managing/Financial), T.R.
Hendry*, C. Moorcroft, P.A. Day* *non-executive
Transfer Secretaries:
Ultra Registrars (Pty) Ltd.
5th Floor
11 Diagonal Street
Johannesburg
2001
(P.O. Box 4844
Johannesburg 2000)
Tel (011) 832 2652
Sponsor:
Sasfin Corporate Finance
A Division of Sasfin Bank Limited
Registered Address:
28 Patrick Road
Jet Park
Boksburg
1459
(P.O. Box 30194
Jet Park 1469)
Tel (011) 397 3870
Date: 09/11/2004 05:00:09 PM
Produced by the JSE SENS Department
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