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CMG
CMG
CMG - Cenmag Holdings Limited - Audited results of the group for the period
ended 28 February 2007
CENMAG HOLDINGS LIMITED
(Registration number 1987/004821/06)
Share code: CMG & ISIN: ZAE000001533)
("Cenmag")
AUDITED RESULTS OF THE GROUP FOR THE PERIOD ENDED 28 FEBRUARY 2007
28.02.2007 28.02.2006
(cents) (cents)
Headline earnings/(loss) per share 4.53 (16.71)
Profit/(loss) on disposal of assets (0.22) 24.37
Earnings per share 4.31 7.66
GROUP INCOME STATEMENT 28.02.2007 28.02.2006
R`000 R`000
Gross revenue 23 152 20 020
Cost of sales 17 974 14 998
Gross profit 5 178 5 022
Operating costs 4 379 3 857
Operating income 799 1 165
Depreciation 158 123
Operating income 641 1 042
Net finance costs 36 189
Profit before tax 605 853
Taxation (183) (108)
Profit/(loss) after taxation 422 745
Attributable to:
Equity holders of parent 414 735
Minority interest 8 10
ABRIDGED BALANCE SHEET 28.02.2007 28.02.2006
R`000 R`000
ASSETS
Non-current assets
- fixed assets 1 197 1 504
- loans receivable 114 109
- deferred tax 179 189
Current assets 8 373 9 404
9 863 11 206
EQUITY AND LIABILITIES
Capital and reserves 7 300 6 878
Interest-bearing liabilities
- short and long term 199 1 036
Interest-free liabilities 2 364 3 292
9 863 11 206
STATEMENT OF CHANGES IN EQUITY
Share Share Minority Accumulated Total
Capital Premium Interest Profit
R`000 R`000 R`000 R`000 R`000
Balance 28.02.05 96 2 090 364 3 583 6 133
Net profit for year 10 735 745
Balance 28.02.06 96 2 090 374 4 318 6 878
Net profit for year 8 414 422
Balance 28.02.07 96 2 090 382 4 732 7 300
GROUP CASH FLOW STATEMENT 28.02.2007 28.02.2006
R`000 R`000
Cash flows from operating activities 2 792 (753)
Cash flows from investing activities 136 3 222
Cash effects of financing activities (40) (798)
Net increase in cash and cash equivalents 2 888 1 671
Cash overdraft at beginning of year (845) (2 516)
Cash overdraft at end of period 2 043 (845)
COMMENTARY
In line with prevailing economic conditions, the group experienced an
increase in local and overseas demand for its products. Group headline
earnings per share rose strongly by 127.74% on a 15.64% volume growth, from
a 16.17 cent loss to 4.53 earnings. All business units made a positive
contribution to these results.
Further to our earlier cautionary announcement, we are in advanced
negotiations with a third party, which may affect the price of our shares.
In accordance with the JSE Limited`s Listings Requirements, the financial
statements have been prepared in accordance with International Financial
Reporting Standards.
The results have been audited by Howarth Leveton Boner, whose unqualified
report is available for inspection at the registered office of the company.
Prospects for the forthcoming year are good, as the local and international
mining sectors continue to show increasing demand for material handling
goods.
In view of the above, the directors are of the opinion that the positive
performance will continue and anticipate a further increase in earnings per
share and the resumption of dividend payments in the new year.
Isando
29 May 2007
Registered office: Cenmag House, 12 Harold Flight, Jet Park
P O Box 870, Isando, 1600
Directors: V Farkas, CJB le Roux, IB Mazibuko
Sponsor
Sansara Independent Sponsors (Pty) Limited
Date: 29/05/2007 07:15:00 Produced by the JSE SENS Department.
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