Interim Results
26th September 2003
BISICHI MINING PLC
Financial Results for the Six Months to 30th June 2003
RECORD TURNOVER, PROFITS AND EARNINGS
6 months 6 months Year ended
ended 30th ended 30th 31st December
June 2003 June 2002 2002
Turnover up 76% £4,163,000 £2,368,000 £5,310,000
Earnings before tax, depreciation and
amortisation up 114% £1,166,000 £546,000 £1,225,000
Profit before tax up 133% £746,000 £320,000 £628,000
Diluted earnings per share up 118% 4.73 p 2.17 p 4.43 p
Diluted net assets per share up 21% 84.5 p 69.6 p 78.8 p
Michael Heller, chairman of Bisichi Mining said:
'These excellent results are a direct result of significant developments at our
South African coal mining subsidiary and the growth in our UK retail property
portfolio income. Black Wattle Colliery is recognised in South Africa as being
at the forefront of Black Empowerment which is creating new opportunities for
us and our local partners in terms of both export and additional reserves.
Because of all these opportunities, the prospects for Black Wattle have never
been more exciting. Barring any unforeseen geological problems at Black Wattle,
I anticipate that the results for the full year will be good.'
- more -
For further information, please call:
Andrew Heller/
Robert Corry, Bisichi Mining PLC 020 7415 5000
CHAIRMAN'S REVIEW
I am pleased to report that in the six months ended 30 June 2003, Bisichi
Mining plc made a profit on ordinary activities before taxation, depreciation
and amortisation of £1,166,000, compared to £546,000 in the comparable period
last year. Diluted net assets per share increased to 84.5 pence at 30 June 2003
from 69.6 pence, both figures include listed shares at market value. These
excellent results are a direct result of significant developments at our South
African coal mining subsidiary and the growth in our UK retail property
portfolio income.
Black Wattle Colliery (Pty) Ltd, our 62.5% owned coal mining subsidiary located
near Middelburg, South Africa now produces approximately 1 million tonnes of
coal per year; only two years ago our annual production was less than half that
figure. This significant improvement in production is a direct result of
improved mining techniques, better equipment, the strength of our local
management and the additional coal rights that we have acquired. We have
recently acquired additional machinery which will increase production in 2004.
Black Wattle remains one of the largest producers of low phosphorous coal in
South Africa, which commands a premium price. It is recognised in South Africa
as being at the forefront of Black Empowerment which is creating new
opportunities for us and our local partners in terms of both export and
additional reserves. Because of all these opportunities, the prospects for
Black Wattle have never been more exciting.
Our UK retail property portfolio, which is managed by London & Associated
Properties plc and which underpins out mining activities, continues to perform
very well. Vacancies are negligible and the property comprising 17 shops that
we acquired in the centre of Northampton last October has performed well ahead
of our budgets.
Barring any unforeseen geological problems at Black Wattle, I anticipate that
the results for the full year will be good.
MICHAEL HELLER
Chairman 26th September 2002
BISICHI MINING PLC
Consolidated profit and loss
account
six months ended 30th June 2003
6 months 6 months Year ended
ended 30th ended 30th 31st December
June 2003 June 2002 2002
Note £'000 £'000 £'000
Turnover 1 4,163 2,368 5,310
Operating costs (3,160) (2,006) (4,525)
Operating profit 1 1,003 362 785
Income from interests in joint (40) 37 69
venture
Interest receivable 4 16 6
Interest payable (221) (95) (232)
Profit on ordinary activities 746 320 628
before taxation
Taxation 2 (219) (80) (206)
Profit after taxation 527 240 422
Minority interest (30) (13) 41
Profit for the financial 497 227 463
period
Earnings per share - basic 3 4.76 p 2.17 p 4.43 p
- diluted 4.73 p 2.17 p 4.43 p
Dividends per share - - 1.50 p
Cost of net dividend - - 157
The turnover and operating profit for the period derive from continuing
operations and are made up as follows:
Turnover
Mining 3,599 1,966 4,423
Property 532 390 842
Share dealing 31 12 36
Other investments 1 - 9
4,163 2,368 5,310
Operating Profit
Mining 768 232 504
Goodwill (42) (42) (84)
726 190 420
Property 252 168 349
Share Dealing 24 4 9
Other investments 1 - 7
1,003 362 785
BISICHI MINING PLC
Consolidated balance sheet
As at 30thJune 2003
30thJune 30th June 31st December
2003 2002 2002
Note £'000 £'000 £'000
Fixed assets
Intangible assets 90 174 132
Properties and other 4 13,682 8,888 13,307
tangible assets
Investment in joint
venture
Share of gross assets 2,227 2,587 2,458
Share of gross (1,176) (1,684) (1,349)
liabilities
1,051 903 1,109
Other investments 314 258 299
15,137 10,223 14,847
Current assets
Stocks 80 65 46
Debtors 1,772 803 1,039
Investments (Market value £ 465 463 490
487,000) 5
Bank balances 191 122 80
2,508 1,453 1,655
Creditors - falling due (3,871) (2,775) (3,200)
within one year
Net current liabilities (1,363) (1,322) (1,545)
Total assets less current 13,774 8,901 13,302
liabilities
Creditors - falling due (4,959) (1,816) (5,174)
after one year
Provisions for liabilities (60) (50) (70)
and charges
Minority interests 122 120 138
Net assets 8,877 7,155 8,196
Financed by:
Equity shareholders' funds 8,877 7,155 8,196
Statement of total recognised
gains and losses
six months ended 30th June
2003
6 months 6 months Year ended
ended 30th ended 30th 31st December
June 2003 June 2002 2002
£'000 £'000 £'000
The company 448 152 309
Subsidiary and joint venture 49 75 154
Profit for the period 497 227 463
Revaluation of investment
properties
- company - - 492
- joint venture - - 228
Exchange adjustments 184 76 227
Total gains and losses relating 681 303 1,410
to the period
BISICHI MINING PLC
Group cash flow statement
six months ended 30th June
2003
6 months 6 months Year ended
ended 30th ended 30th 31st December
June 2003 June 2002 2002
£'000 £'000 £'000
Net cash inflow from operating
activities
Operating profit 1,003 362 785
Depreciation charges and 420 226 597
goodwill amortised
Profit on sale of current (22) (4) (8)
asset investments
(Increase) decrease in (85) 220 254
current assets
1,316 804 1,628
Dividend from joint venture - - 40
Returns on investments and (217) (79) (226)
servicing of finance
Taxation - - (80)
Capital expenditure and financial (492) (389) (4,615)
investment
Equity dividends paid - - (105)
Cash inflow (outflow) before 607 336 (3,358)
financing
Financing (414) (127) 3,460
193 209 102
Reconciliation of net cash flow to movement in
net debt
Increase in cash in the 193 209 102
period
Net cash flow from 414 127 (3,460)
changes in debt
Movement in net debt in the 607 336 (3,358)
period
Net debt at 1 January 2003 (6,221) (2,863) (2,863)
Net debt at 30 June 2003 (5,614) (2,527) (6,221)
Analysis of net debt
Bank balances in hand 191 122 80
Bank overdraft (687) (701) (769)
Debt due within one (159) (132) (358)
year
Debt due after one year (4,959) (1,816) (5,174)
(5,614) (2,527) (6,221)
BISICHI MINING PLC
Notes to the interim results
six months ended 30th June
2003
6 months 6 months Year ended
ended 30th ended 30th 31st December
June 2003 June 2002 2002
£'000 £'000 £'000
1. Geographical analysis
Turnover
United Kingdom 564 402 887
Southern Africa 3,599 1,966 4,423
4,163 2,368 5,310
Operating profit
United Kingdom 277 172 365
Southern Africa 726 190 420
1,003 362 785
2. Taxation
Based on the results
for the period:
Corporation tax at 30% (2002 211 72 181
: 30%)
Joint venture 18 7 22
229 79 203
Deferred taxation (10) 1 3
219 80 206
3. Earnings per share
Both the basic and diluted earnings per share calculations are based on a
profit of £497,000 (2002: £227,000). The basic earnings per share has been
calculated on 10,451,506 (2002: 10,451,506) ordinary shares being in issue
during the period. The diluted earnings per share has been calculated on
the number of shares in issue of 10,451,506 (2002: 10,451,506) plus the
dilutive potential ordinary shares arising from share options of 48,602
(2002: Nil) totalling 10,500,108 (2002: 10,451,506).
4. Properties are included at valuation at 31st December
2002.
5. Investments held as current
assets
Listed Investment Portfolio at lower of
cost and net realisable 465 463 490
value
Listed Investment Portfolio 487 584 531
at market value
Unrealised surplus of market 22 121 41
value over cost
6. Financial information
The above financial information does not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985. The figures
for the year ended 31st December 2002 are based upon the latest statutory
accounts which have been delivered to the Registrar of Companies; the
report of the auditors on those accounts was unqualified and did not
contain a statement under Section 237(2) or (3) of the Companies Act 1985.
The six months figures use the same accounting policies as for the year
ended 31December 2002, and have not been audited or subject to review by
the auditors.
7. Board approval
These interim results were approved by the Board of Bisichi Mining PLC on
26th September 2003.
8. Posting to
shareholders.
The interim statement will be posted to shareholders shortly. Copies are
available at the Company's Registered Office: 8-10 New Fetter Lane, London
EC4A 1AF.
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