SENS Note - 25 October 2011

Infrasors Holdings Limited - Unaudited interims for 6 months ended 31 August 2011


Infrasors Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/002405/06)
Share Code on the JSE: IRA ISIN: ZAE 000101507
("Infrasors", "the Company" or "the Group")


UNAUDITED CONDENSED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011
Highlights
Revenue up 4,8%
Gross profit up 3,9%
Net profit up 5,1%


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited
six months ended six months ended
31 August 2011 31 August 2010
R000's R000's
Revenue 130 862 124 834
Gross profit 37 468 36 062
Net administration and other (15 458) (15 478)
operating expenses
Depreciation and amortisation (8 196) (5 957)
Net finance costs (2 592) (3 540)
Operating profit 11 222 11 087
Income tax expense (3 214) (3 468)
Net profit for the period 8 008 7 619
Total comprehensive income for the 8 008 7 619
period
Earnings per share (cents) - basic 4,4 4,2
and diluted

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
as at as at
31 August 2011 28 February 2011
R000's R000's
Non-current assets 554 358 548 367
Property, plant and equipment 295 782 292 075
Investment property 87 495 87 483
Mineral rights 91 604 91 604
Investment in associate 7 000 7 000
Deferred tax assets 12 626 11 823
Held to maturity investment 46 949 46 949
Other financial assets 12 902 11 433
Current assets 87 017 74 279
Inventories 19 569 17 016
Trade and other receivables 43 033 39 251
Cash resources 24 415 17 044
Current tax receivable - 968
Total assets 641 375 622 646
Capital and reserves
Total equity 440 827 432 819
Issued share capital and premium 255 620 255 620
Revaluation reserve 6 150 6 150
Retained earnings 179 057 171 049
Non-current liabilities 141 113 138 237
Borrowings 64 053 63 798
Environmental rehabilitation 10 802 10 802
provision
Deferred tax liabilities 66 258 63 637
Current liabilities 59 435 51 590
Borrowings 23 891 22 724
Current tax payable 10 24
Trade and other payables 35 534 28 842
Total equity and liabilities 641 375 622 646
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited
six months ended six months ended
31 August 2011 31 August 2010
R000's R000's
Cash flows generated from operations 22 472 13 782
Cash flows from operating activities 20 366 13 321
Cash flows from investing activities (13 385) (16 397)
Cash flows from financing activities 390 (912)
Net increase/(decrease) in cash and 7 371 (3 988)
cash equivalents
Cash and cash equivalents at the 17 044 22 614
beginning of the period
Cash and cash equivalents at the end 24 415 18 626
of the period


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited
six months ended six months ended
31 August 2011 31 August 2010
R000's R000's
Share capital 918 903
Balance at the beginning of the 918 865
period
Issue of shares - 38
Share premium 254 702 252 957
Balance at the beginning of the 254 702 246 850
period
Issue of shares - 6 107
Revaluation reserve 6 150 6 150
Retained income 179 057 149 577
Balance at the beginning of the 171 049 141 958
period
Profit for the period in total 8 008 7 619
comprehensive income
Balance at end of the period 440 827 409 587


CONDENSED SEGMENT RESULTS
Segment information is presented in the condensed unaudited
consolidated financial statements in respect of the Group's business
segments.
The business segment reporting format reflects the Group's management
and internal reporting structure. Segment results include items
directly attributable to a segment as well as those that can be
allocated on a reasonable basis.
Dolomite &
Silica limestone Other Total
R000's R000's R000's R000's
31 August 2011
Turnover from external 41 607 87 368 - 128 975
customers
Inter-segment revenues - - 7 200 7 200
Net profit before tax 5 210 11 538 (5 526) 11 222
31 August 2010
Turnover from external 40 047 82 835 282 123 164
customers
Inter-segment revenues 42 - 3 600 3 642
Net profit before tax 5 588 12 724 (7 225) 11 087
Product volumes
Silica Dolomite
2011 2010 2011 2010
Tons sold 146 230 140 408 568 732 563 636
Tons produced 152 385 141 369 554 608 555 888
Limestone Total
2011 2010 2011 2010
Tons sold 186 719 180 954 901 681 884 998
Tons produced 195 831 182 124 902 824 879 381

MANAGEMENT COMMENTARY

Infrasors
Infrasors is a South African mining resources company, mining and producing a spread of minerals for the industrial, mining and construction sectors. Its operations are conducted at its Lyttelton Centurion mine, Marble Hall mine, Delf Sand mine and its Delf Tongaat facility. The Group is currently focused on moving forward its proposed Delf Cullinan and Pienaarspoort mines to serve the local silica markets. Financial review Revenue for the period under review was R130,9 million (2010: R124,8 million). The gross profit from operating activities for the period under review was R37,5 million (2010: R36,1 million), an increase of R1,4 million (3,9%). The profit before taxation for operations for the