Wrap Text
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)
(cents)
Diluted profit/(loss) per 0.47 (0.69) (8.64)
share (cents)
Reconciliation of headline
earnings:
Profit/(loss) attributable to 1,467 (2,174) (27,115)
shareholders
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
(cents)
Balance sheet
31 Aug 31 Dec 28 Feb
2009 2008 2009
R 000`s R 000`s R 000`s
Assets
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
holders
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
rehabilitation
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
(`000)
Net asset value per share 13.58 13.49 13.11
(cents)
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)
activities
Investment income 198 423 494
Interest paid (1) (93) (93)
Net cash flows from operating (1,526) (1,084) (1,754)
activities
Net cash flows from investing (263) (52) (19)
activities
Net cash flows from financing 310 (3,190) (3,190)
activities
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)
year
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
indicated.
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
("SacOil")
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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