|
MTE
MTE
MTE - Monteagle - 2007 Interims And Dividend Announcement
Monteagle Holdings Societe Anonyme
("Monteagle")
(Incorporated in Luxembourg - RC Luxembourg No. B 19600)
Share Code: MTE & ISIN Code: LU0035797272
29th June 2007
Dear Shareholder,
We are pleased to be able to report a successful six month trading period
and further appreciation of the group`s investments.
Results
- Group revenue is up 7% to US$41,152,000 for the six months to 31st March
2007, compared to US$38,470,000.
- Profit before tax and exceptional items is up 36% to US$1,951,000 from
US$1,438,000.
- Earnings per share have increased 82% to US 22.8 cents from US 12.5 cents
last year.
- Headline earnings per share for this half year were US 5 cents compared to
US 3 cents in the first half of last year.
- We are proposing an interim dividend of US 1.85 cents payable in October.
- Net assets attributable to shareholders are up 11% to US$3.33 per share
from US$3.00 at 30 September 2006 of which US$2.44 (73%) are held in Europe
and USA. Our remaining assets of US$0.89 per share (27%) are now held
entirely in South Africa.
Import, Export & Distribution
Our food distribution business showed further growth during the six month
period, and is well positioned to again produce record results for the year.
This division continues to distribute private label food and non-food
products to the multiple retailers in South Africa and Australia, and we
continue to strive to be the supplier of choice in these markets.
Our hand tool, compressor and DIY distribution businesses produced
satisfactory results during the six months. The hardware market in South
Africa remains buoyant; however the Australian market is proving to be more
challenging, with margins constantly coming under pressure.
Property Portfolio
Our multi-tenanted property in California continues to produce satisfactory
returns. Demand for industrial space in the San Diego region remains strong
and the investment market, unlike the housing market, is showing little or
no signs of cooling. Our portfolio of commercial properties in South Africa
continues to perform well.
Investment Portfolio
This was another strong six months for the Group`s diverse portfolio of
equities, with all geographical regions showing meaningful appreciation. We
remain invested in quality equities in the major first world markets (see
note 5). Recent market volatility and interest rate pressures could point
to a re-pricing of certain asset classes and be a sign of more challenging
times ahead.
Conafex (listed associate)
Conafex Holdings Societe Anonyme is an African focussed agri-resource group
listed in Luxembourg and South Africa. Conafex takes strategic stakes in
businesses focused on horticulture and niche and value-added agriculture.
Current holdings include stakes in a fruit trading business, a cereal bar
manufacturer, an exporter of plant extracts and natural health products and
a coffee roasting business.
Halogen (listed associate)
Halogen Holdings Societe Anonyme continues to seek an established profitable
business in the United Kingdom in which it can re-invest its US$6.1 million
cash balances.
Acquisition of Marshalls Limited
Marshalls became a 70% subsidiary on 18 April 2007, following the share
offer that was sanctioned by Monteagle shareholders on 30 March 2007.
Both your directors and the Marshalls` directors are disappointed that not
all Marshalls` shareholders took the opportunity to switch to the parent
company shares. We emphasised to them the advantages of being invested in a
more diversified group holding both international equities and properties,
together with our trading divisions, whilst also maintaining a part of their
interest in Marshalls` assets.
The interim results of Monteagle for the half year to 31 March 2007 do not
contain any contribution from Marshalls. It is proposed that Marshalls`
year end will be changed to 30 September 2007, at which stage the balance
sheet will reflect the total consolidated group.
Group Staff
Once again we would like to thank all our employees for their hard work and
we appreciate their efforts and the contribution that they have made.
Net Assets
Group net assets have continued to increase and now stand at US$3.33 per
share (US$44,739,000), compared to US$3.00 per share (US$40,316,000) at 30th
September 2006 (net of minority interests and proposed dividends) and
US$3.08 per share (US$38,812,000) a year ago. Net assets outside Africa now
stand at US$32,859,000, which equates to US$2.44 per share compared to
US$2.10 per share (US$28,265,000 ex-dividend) at September 2006.
Interim dividend
We are pleased to announce that the Company has declared an interim dividend
of US 1.85 cents per share payable on 5 October 2007 to shareholders on the
register at the close of business on 13 July 2007. The equivalent for 2006
was US 1.75 cents.
Last day to trade (JSE) Friday 6 July 2007
Shares trade ex dividend (JSE) Monday 9 July 2007
Shares trade ex dividend (LuxSE and LSE) Wednesday 11 July 2007
Record date (JSE) Friday 13 July 2007
Record date (LuxSE and LSE) Friday 13 July 2007
Pay date Friday 5 October 2007
Currency conversion date Wednesday 27 June 2007
Shareholders are hereby advised that the exchange rate to be used will be
US$ 1.00 = R7.1580. This has been calculated as the average of the bid/ask
spread at the opening of business (United Kingdom time) on 27th June 2007.
Consequently the dividend of US 1.85 cents will be equal to 13.2423 South
African cents.
No dematerialisation and rematerialisation of share certificates may take
place between Monday 9 July 2007 and Friday 13 July 2007 or transfer of
shares between the registers in Luxembourg and SA and UK and SA may take
place between Friday, 29 June 2007 and Friday 13 July 2007, both days
inclusive.
Prospects
Following the acquisition of Marshalls` your group now has more critical
mass and further diversity. We are confident that the enlarged group and its
mix of businesses and investments will enable management to further enhance
shareholder value in the future.
J.M. Robotham, D.C. Marshall
Chairman Chief Executive
CONSOLIDATED GROUP INCOME STATEMENT
Half years ended 31 Year ended
March 30
September
2007 2006 2006
Notes Unaudited Unaudited Audited
US$000 US$000 US$000
Group revenue 2 41,152 38,470 78,859
Operating costs (39,037) (36,851) (74,021)
Operating profit 2,115 1,619 4,838
Share of associated
companies` results (118) (51) 156
Income from
investments
- dividends 261 102 380
- interest 137 115 189
2,395 1,785 5,563
Interest paid and
similar charges (439) (278) (1,316)
Realised exchange
losses (5) (69) (123)
Profit on ordinary
activities before
exceptional items and
taxation 1,951 1,438 4,124
Exceptional items 3 2,978 1,261 337
Profit before 2 4,929 2,699 4,461
taxation
Taxation (696) (637) (1,591)
Profit after taxation 4,233 2,062 2,870
Attributable to
outside shareholders (1,165) (464) (1,123)
PROFIT ATTRIBUTABLE
TO SHAREHOLDERS 3,069 1,598 1,747
Interim dividend per
share (US cents) 1.85c 1.75c 1.75c
Recommended final
dividend (US cents) n/a n/a 2.50c
Earnings per share
(US cents) - basic 4 23c 13c 14c
Headline earnings per 5c 3c 11c
share (US cents) 4
Reconciliation of
headline earnings per
share
Basic earnings per 23c 13c 14c
share (US cents)
Less exceptional items, net of (18)c (10)c (3)c
tax and minority interests (US
cents)
Headline earnings per 5c 3c 11c
share (US cents)
STATEMENT OF CHANGES IN EQUITY
Exchange differences (241) 239 (1,432)
Group share of unrealised
gains on investments and
property revaluations 1,901 134 3,154
Net gains not recognised in
the income statement 1,660 373 1,722
Profit attributable to
shareholders 3,069 1,598 1,747
Shares issued - - 630
Prior years` unclaimed
dividends forfeited - - 10
Final dividend approved for
the prior year (336) (441) (504)
Interim dividend declared (306) - (235)
4,087 1,530 3,370
Shareholders` funds at start
of period 40,652 37,282 37,282
Shareholders` funds at end of
period 44,739 38,812 40,652
CONSOLIDATED GROUP BALANCE SHEET
31 March 30
September
2007 2006 2006
Unaudited Unaudited Audited
US$000 US$000 US$000
Fixed assets
Tangible fixed assets 18,806 16,779 18,314
Investments
Listed associates 2,868 1,631 2,539
General portfolio - other 24,822 15,684 19,385
listed investments
Unlisted associates - 703 -
Other unlisted 500 731 547
Goodwill - 182 -
Intangibles - trade marks - 17 -
46,996 35,727 40,785
Current assets
Inventories 13,579 13,855 13,111
Accounts receivable 16,848 15,771 13,732
Cash 2,295 5,645 1,979
32,722 35,271 28,822
Current liabilities
Accounts payable (falling due
within one year) (18,790) (19,242) (18,286)
Net current assets 13,932 16,029 10,536
Total assets less current 60,928 51,756 51,321
liabilities
Accounts payable (falling due
after more than one year) (9,344) (5,704) (5,248)
Provisions for liabilities and
deferred taxation (96) (43) (129)
51,488 46,009 45,944
Capital and reserves
Share capital 20,160 9,450 20,160
Other reserves 12,576 14,198 11,141
Retained earnings 12,003 15,164 9,351
Shareholders` funds 44,739 38,812 40,652
Minority interests 6,749 7,197 5,292
51,488 46,009 45,944
CONSOLIDATED CASH FLOW STATEMENT
Half years ended Year ended
31 March 30
September
2007 2006 2006
Unaudited Unaudited Audited
US$000 US$000 US$000
Operating activities
Cash (absorbed by)/generated
from operating activities (290) (234) 3,069
Interest paid (439) (278) (1,316)
Taxation paid (981) (746) (1,702)
Net cash (outflow)/inflow from
operating activities (1,710) (1,258) 51
Investment activities
Purchase of tangible fixed
assets (492) (743) (1,345)
Purchase of investments (7,243) (3,219) (7,827)
Disposal of tangible fixed
assets 1 5 50
Disposal of investments 4,712 2,007 3,537
Interest received and other
investment income 397 216 569
Net cash outflow from
investment activities (2,625) (1,734) (5,016)
Net cash outflow before
financing (4,335) (2,992) (4,965)
Financing activities
Net increase/(decrease) in
long term debt 4,096 338 (83)
Dividends paid - (441) (504)
Net cash inflow/(outflow) from
financing activities 4,096 (103) (587)
Net decrease in funds (239) (3,095) (5,552)
Net funds at start of period (1,045) 4,431 4,431
Effect of foreign exchange
rates 75 109 76
Net funds at end of period (1,209) 1,445 (1,045)
Notes to the interim statement
1. The results and the cash flow statement for the half-year ended 31
March 2007 are unaudited and have been prepared on the basis of accounting
policies adopted in the accounts for the year ended 30 September 2006 and
comply with International Financial Reporting Standards and Luxembourg law.
The results for the year to 30 September 2006 are an abridged version of the
Group`s full accounts for that year, which have been filed with the relevant
authorities.
2. The segmental analysis of revenue and operating profit is as follows: -
Half years ended 31 March
2007 2006
US$000 US$000
Revenue Result Revenue Result
Analysed by
activity:-
Import/distribution 40,453 2,529 36,159 2,272
Property 699 110 704 102
Food production and - - 1,600 (21)
processing
Other - 2,738 7 459
41,152 5,377 38,470 2,812
Share of associated
companies results:-
Food production and
processing (85) 7
Other 1,597 (58)
Interest paid (439) (278)
Costs of bonus
issue, capital
increase and
Employee Benefit
Trust - -
Provisions
(charged)/released
against investments (1,521) 216
Profit before tax 4,929 2,699
Year ended 30 September
2006
US$000
Revenue Result
Analysed by activity:-
Import/distribution 73,963 5,681
Property 1,435 375
Food production and processing 3,461 174
Other - 1,035
78,859 7,265
Share of associated companies
results:-
Food production and processing 223
Other (67)
Interest paid (1,316)
Costs of bonus issue, capital
increase and Employee Benefit (925)
Trust
Provisions (charged)/released
against investments (719)
Profit before tax 4,461
3. The exceptional items arise from the following.
31 March 30
September
2007 2006 2006
US$000 US$000 US$000
Surplus on disposal of listed and
unlisted investments 1,631 1,056 1,405
Profit on disposal of investment in
Zimbabwean food producer 1,515 - -
Share of associates profit on disposal
of gold mining interests 1,630 - -
Property devaluation provision recovered - - 449
Surplus/(Loss) on disposals of tangible
fixed assets - 4 (9)
(Charge for)/Release of provisions
against investments (1,521) 216 (583)
Costs for restructuring long term
finance (277)
Costs relating to share bonus issue and
Employee Benefit Trust - (15) (925)
Net exceptional items 2,978 1,261 337
4. Earnings per share are based on profits attributable to members and on
the average of 13,440,000 shares in issue during the period. Headline
earnings per share exclude extraordinary items after tax net of minority
interests.
5. A geographical analysis of the General Portfolio of investments is as
follows:-
United Kingdom 6,735 5,641 6,193
United States of America 6,139 2,222 4,936
Europe, excluding the U.K. and 5,689 3,156 3,727
Switzerland
Switzerland 4,411 2,586 2,931
Japan 1,174 748 910
South Africa 674 1,271 448
Hong Kong - 240 240
24,822 15,864 19,385
6. Net assets per share are based on Shareholders` funds after allowance
for proposed dividends, divided by the number of shares in issue of
13,440,000 at the period end.
There was capital expenditure of US$492,000 during the period (2006 -
US$743,000). There was no contracted or outstanding authorised capital
expenditure at the balance sheet date.
Johannesburg
29 June 2007
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 29/06/2007 09:00:03 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||