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SAM
SAM
Samroc- Reviewed interim group results for the six months ended 31 December 2005
SA Mineral Resources Corporation Limited
Registration number 1993/000460/06
Incorporated in the Republic of South Africa
JSE share code: SAM
ISIN: ZAE000012019
("Samroc" or "the company")
Reviewed interim group results for the six months ended 31 December 2005
BALANCE SHEET
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2005
2005 2004
ASSETS
Non-current assets
- Property, plant and 14,384 15,145 14,784
equipment
Current assets 1,940 2,709 3,462
- Inventory 669 681 316
- Trade and other 900 1,309 1,958
receivables
- Cash and cash 371 719 1,188
equivalents
Total assets 16,324 17,854 18,246
EQUITY AND LIABILITIES
Capital and reserves 5,423 6,672 7,029
- Share capital 3,743 3,743 3,743
- Share premium 27,152 27,152 27,152
- Accumulated loss (25,472) (24,223) (23,867)
Non-current liabilities 9,359 7,207 9,374
- Long-term liabilities 8,853 6,742 8,888
- Provision for 506 465 486
environmental
rehabilitation
Current liabilities 1,542 3,975 1,843
- Trade and other 1,507 1,667 1,799
payables
- Current portion of long- 35 2,308 44
term liabilities
Total equity and 16,324 17,854 18,246
liabilities
INCOME STATEMENT
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2005
2005 2004
Revenue 2,592 7,139 14,208
Costs and expenses (3,897) (6,623) (13,315)
Profit / (loss) from (1,305) 516 893
operating activities
Net finance cost (300) (513) (534)
Profit / (loss) and
headline profit / (loss) (1,605) 3 359
for the period
CASH FLOW STATEMENT
(`000)
Reviewed Reviewed Audited
31 31 30 June
December December 2005
2005 2004
Net cash flow from (753) 117 747
operating activities
Net cash flow from (20) (26) (69)
investing activities
Net cash flow from (44) 500 382
financing activities
Net increase / (decrease)
in cash and cash (817) 591 1,060
equivalents
Cash and cash equivalents 1,188 128 128
at beginning of period
Cash and cash equivalents 371 719 1,188
at end of period
Ordinary shares in issue 374,275 374,275 374,275
at end of period (`000)
Net asset value per share 1.45 1.78 1.88
(cents)
Net profit / (loss) per (0.43) 0.00 0.10
share (cents)
Headline profit / (loss) (0.43) 0.00 0.10
per share
CHANGES IN EQUITY
(`000)
Share Share Accumulated Total
capital premium profit /
(deficit)
Balance at 31 December 2004 3,743 27,152 (24,223) 6,672
Net profit for the period 356 356
January 2005 to June 2005
Balance as at 30 June 2005 3,743 27,152 (23,867) 7,029
Net loss for the period July (1,605) (1,605)
2005 to 31 December 2005
Balance at 31 December 2005 3,743 27,152 (25,472) 5,423
COMMENTARY
The company was severely affected by the absence of orders from its major client
Namzinc, which suffered a production setback during the period under review.
The testing of Samroc"s product by Namzinc was completed towards the end of the
half year and orders resumed at normal levels during February 2006. The
continued strengthening of the Rand again resulted in Samroc not being able to
enter the export market leaving the company with no alternative markets to
substitute the Namzinc sales.
GREENHILLS PLANT
The plant operated below capacity due to the absence of orders. Costs were
reduced as far as possible to accommodate the reduction in operating activities,
though certain large cost contributors such as labour remained unavoidable.
MARKETING
There were no significant changes in the local market during the six month
period and none are anticipated for the next six months, furthermore, no
significant overseas sales can occur unless the rand devalues to R7.5: 1 US$.
Sales to Namzinc have resumed and the company is expected to resume normal
levels of trade during the second six months of the year.
FINANCIAL
The company recorded a loss of R1 605 000 for the period under review. The
resulting working capital shortfall was funded with a short term facility, which
should be repaid in the next financial period, which has started off on a
satisfactory level of sales.
The events of the half year again emphasized Samroc"s exposure to client risk
and management is investigating ways in which the business can be restructured
in order to reduce the risk profile of the company.
GOING CONCERN
The directors are of the opinion that the company remains a going concern,
subject to the continued support from its major customer.
ACCOUNTING POLICY
The accounts set out herein are prepared in accordance with International
Financial Reporting Standards and are consistent with Samroc"s accounting
policies applied in the corresponding reporting period. No restatement of prior
period results was necessary.
REVIEW OPINION
The financial information set out in these results has been reviewed by Samroc"s
auditors Moore Stephens MWM Inc who issued a modified review opinion that the
going concern status of Samroc is subject to the continued support from Samroc"s
major customer. This matter indicates the existence of a material uncertainty
which may cast significant doubt about the group"s ability to continue as a
going concern.
DIVIDEND
No dividend has been declared or recommended for this period.
For and on behalf of the Board
RJ Linnell AH Jonker
Chairman Managing Director
Johannesburg
30 March 2006
Directors: RJ Linnell (Chairman), AH Jonker (Managing), KJJ de Rooster*, BH
Christie**, SJ Farrell*** (*Belgian, **British, ***Australian)
Registered office: 7 West Street, Houghton
Registered postal address: PO Box 7798, Centurion 0046
Transfer secretaries: Ultra Registrars (Pty) Ltd, PO Box 4844, Johannesburg 2000
Company Secretary: EM Taylor
Date: 30/03/2006 01:19:08 PM Produced by the JSE SENS Department
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