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SCL - SacOil Holdings - Unaudited interim results for the six months ended 31

Release Date: 23/10/2009 07:05:02      Code(s): SCL
SCL - SacOil Holdings - Unaudited interim results for the six months ended 31   
August 2009                                                                     
SacOil Holdings limited                                                         
Formerly SA Mineral Resources Corporation Limited                               
Registration No 1993/000460/06                                                  
Share code: SCL                                                                 
ISIN Number: ZAE000127460                                                       
Incorporated in the Republic of South Africa                                    
("SacOil Holdings" or "the Company")                                            
Unaudited interim results for the six months ended 31 August 2009               
Income statement                                                                
Unaudited   Unaudited     Audited                 
                              Six         Six           Eight                   
                              months to  months to     months to                
                              31 Aug      31 Dec       28 Feb                   
2009        2008          2009                    
                              R 000`s    R 000`s       R 000`s                  
Revenue                         16,106     16,730        20,802                 
Cost of sales                   (10,051)   (13,611)      (16,395)               
Gross profit                    6,055      3,119         4,407                  
Operating costs                 (4,914)    (5,623)       (7,850)                
Profit/(loss) from operations   1,141      (2,504)       (3,443)                
Share based payment expense     -          -             (23,754)               
Impairment loss                 -          -             (383)                  
Investment income               327        423           557                    
Interest paid                   (1)        (93)          (93)                   
Profit/(loss) before tax        1,467      (2,174)       (27,115)               
Taxation                        -          -             -                      
Profit/(loss) after tax         1,467      (2,174)       (27,115)               
Weighted average number of      313,293    313,293       313,293                
shares (000`s)                                                                  
Profit/(loss) per share         0.47       (0.69)        (8.65)                 
Diluted profit/(loss) per       0.47       (0.69)        (8.64)                 
share (cents)                                                                   

Reconciliation of headline                                                      
Profit/(loss) attributable to   1,467      (2,174)       (27,115)               
Headline profit/(loss)          1,467      (2,174)       (27,115)               
Headline profit/(loss) per      0.47       (0.69)        (8.65)                 
share (cents)                                                                   
Diluted headline                0.47       (0.69)        (8.64)                 
profit/(loss) per share                                                         
Balance sheet                                                                   
31 Aug       31 Dec       28 Feb                  
                             2009         2008         2009                     
                              R 000`s      R 000`s      R 000`s                 
Non-current assets             7,784        36,176       7,709                  
Property, plant and equipment  4,785        5,119        4,838                  
Loans receivable               2,999        31,057       2,871                  
Current assets                 41,210       13,764       40,369                 
Loans receivable               27,867       -            27,867                 
Inventory                      2,199        1,603        2,048                  
Trade accounts receivable      5,399        3,868        2,628                  
Sundry accounts receivable     368          800          970                    
Cash & cash equivalents        5,377        7,493        6,856                  
Total assets                   48,994       49,940       48,078                 
Equity & liabilities                                                            
Equity attributable to equity  42,532       42,252       41,064                 
Stated capital                 83,726       83,726       83,726                 
Share based payment reserve    23,754       -            23,754                 
Accumulated loss               (64,948)     (41,474)     (66,415)               
Non-current liabilities        1,075        3,189        706                    
Long term liabilities          310          2,503        -                      
Provision for environmental    765          686          706                    
Current liabilities            5,387        4,499        6,308                  
Loans payable                  2,503        -            2,503                  
Accounts payable               2,643        4,358        3,537                  
Sundry accounts payable        241          141          268                    
Total equity & liabilities     48,994       49,940       48,078                 
Number of shares in issue      313,293      313,293      313,293                
Net asset value per share      13.58        13.49        13.11                  
Cash flow statement                                                             
                                Six          Six         Eight                  
                                months to   months to   months to               
31 Aug       31 Dec     28 Feb                  
                                2009         2008        2009                   
                                R 000`s     R 000`s     R 000`s                 
Cash (utilised) operating         (1,723)     (1,414)     (2,155)               
Investment income                 198         423         494                   
Interest paid                     (1)         (93)        (93)                  
Net cash flows from operating     (1,526)     (1,084)     (1,754)               
Net cash flows from investing     (263)       (52)        (19)                  
Net cash flows from financing     310         (3,190)     (3,190)               
Net (decrease)/increase in cash   (1,479)     (4,326)     (4,963)               
and cash equivalents                                                            
Cash and cash equivalents at the  6,856       11,819      11,819                
beginning of the year                                                           
Cash and cash equivalents at the  5,377       7,493       6,856                 
end of the year                                                                 
Statement of changes in equity                                                  
Six           Six          Eight                   
                             months to    months to    months to                
                             31 Aug        31 Dec      28 Feb                   
                             2009          2008         2009                    
R 000`s      R 000`s      R 000`s                  
Stated Capital                                                                  
Opening balance                83,726       83,726       83,726                 
Closing balance                83,726       83,726       83,726                 
Share based payment reserve                                                     
Opening balance                23,754      -             -                      
Share based payment expense    -            -            23,754                 
Closing balance                23,754       -            23,754                 
Accumulated loss                                                                
Opening balance                (66,415)     (39,300)     (39,300)               
Net profit/(loss) for the      1,467        (2,174)      (27,115)               
Closing balance                (64,948)     (41,474)     (66,415)               
1. Basis of preparation                                                         
    The interim financial statements of the group for the six months ended 31   
    August 2009 have been prepared in accordance with the group`s accounting    
policies, which comply with International Financial Reporting Standards and 
    are consistent with those of the previous year. This interim report         
    complies with International Accounting Standard 34 - Interim Financial      
    Reporting. They have been prepared on a going concern basis.                
Comparative information represents interim results for the six months to 31 
    December 2008. The company changed its year end from June to February       
    during the period under review. The comparative amounts are therefore not   
    entirely comparable.                                                        
All monetary information and figures presented in these interim financial   
    statements are stated in thousands of Rand (R`000), unless otherwise        
2.   Commentary on the results                                                  
Earnings of 0,47 (2008: loss of 0,69) cents, headline earnings of 0,47      
    (2008: loss of 0,69) cents and a net asset value of 13,58 (2008: 13,49)     
    cents per share were reported.                                              
    The Company managed to trade out of a loss of 8,65 cents per share for the  
eight months ended 28 February 2009 into earnings of 0,47 cents per share   
    for the six months to 31 August 2009. Of this increase of 9,12 cents, 7,58  
    cents relates to a share based payment expense in an amount of R23 754      
    million that was recognised in the results for the eight months ended 28    
February 2009.                                                              
    The Greenhills plant managed to increase sales levels significantly. Export 
    sales increased as well as orders from the Company`s anchor client. Margins 
    increased as a result of improved financial management including a new      
stock costing system to ensure effective control over stock levels,         
    improved control over expenses, regular reviews of prices on raw materials  
    and consumables without compromising on the quality of these products and   
    quarterly reviews of selling prices.                                        
During November 2008 expenses paid by SacOil Holdings on behalf of Pioneer  
    Coal Limited ("Pioneer") in an amount of R1,19 million were debited to a    
    loan account. A further loan was made in December 2008, in an amount of R2  
    million. The purpose of these loans is to provide Pioneer with seed capital 
to set up the company as a coal exploration company. These loans are        
    interest free for a period of one year and have no fixed repayment terms.   
3.   Investment in South Africa Congo Oil Company (Proprietary) Limited         
Following previous announcements regarding the company`s investment in      
    South Africa Congo Oil Company (Proprietary) Limited, the date for          
    fulfilment of the conditions precedent to the agreements referred to        
    therein has been extended to 31 January 2010. The last condition            
outstanding is the receipt of Presidential Decree on the oil exploration    
    assets from the President of the Democratic Republic of the Congo.          
    Following meetings with the relevant authorities, the directors are         
    confident this condition will be fulfilled by 31 January 2010.              
4.   Dividend                                                                   
    The board has resolved not to declare any dividend to shareholders for the  
    period under review.                                                        
5.   Changes to the board                                                       
In compliance with section 3.59 of the Listings Requirements of the JSE     
    Limited, Mr R Vela`s designation on the SacOil board has been changed from  
    executive director to financial director with effect from 7 May 2009.       
    Mr. B Christie has resigned as non-executive director of the board of       
SacOil with effect from 1 September 2009. Mr G. Moseneke was appointed as   
    non-executive director with effect from 1 September 2009. Mr. Moseneke will 
    also serve on the audit committee of the company.                           
6.   Future direction                                                           
Further to the company`s recent announcements with regard to its new focus  
    on oil and gas, the company is actively and on a continuous basis           
    evaluating and considering a number of producing and near producing oil and 
    gas acquisition opportunities which could add value to its financial and    
technical resource base thereby enhancing shareholder returns. The company  
    expects to make a further announcement shortly.                             
By order of the board                                                           
Melinda van den Berg                                                            
Fusion Corporate Secretarial Services (Proprietary) Limited                     
Company secretary                                                               
23 October 2009                                                                 
Directors: RJ Linnell (Chairman), RT Vela (Executive)*                          
C Bird*, G Moseneke (*British)                                                  
Registered office: 119 Rosen Office Park,                                       
37 Invicta Road, Midrand, 1685                                                  
Registered postal address: P.O. Box 8439, Halfway House, 1685                   
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)                     
Corporate Advisers: Lonsa Corporate Finance (Proprietary) Limited               
Transfer secretaries: Link Market Services SA (Proprietary) Limited             
Company secretary: Melinda van den Berg - Fusion Corporate Secretarial Services 
(Proprietary) Limited                                                           
Date: 23/10/2009 07:05:01 Supplied by www.sharenet.co.za                     
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