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DLV
DLV
DLV - Dorbyl Limited - Interim Group Results For The Six Months Ended 30
September 2007
Dorbyl Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1911/001510/06)
Share code: DLV & ISIN Code: ZAE000002184
INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2007 2006 2007
R000 R000 R000
Continuing operations:
Revenue 475 258 474 036 962 069
Operating (loss)/income before (24 996) 7 934 11 448
impairment of assets and
provision for benefit funds
Impairment of assets reversal - - 113
Increase in provision for - - (3 381)
retirement funds
Restructuring and retrenchment - (21 103) (20 776)
costs
Operating loss (24 996) (13 169) (12 596)
Net financial income 8 716 10 505 20 769
Financial income 10 761 15 290 26 829
Financial costs (2 045) (4 785) (6 060)
Income - associate - 209 91
(Loss)/income before taxation (16 280) (2 455) 8 264
Income Tax - normal and 3 430 (1 521) 1 578
deferred
Income Tax - Secondary Tax on (306) (414) (1 342)
Companies
(Loss)/income after taxation (13 156) (4 390) 8 500
from continuing operations
(Loss)/profit on sale of (172) 4 402 9 436
discontinued operations, net
of taxation
(Loss)/profit for the period (13 328) 12 17 936
Attributable to:
Equity holders of the parent (13 455) (3 192) 13 603
Minority interest 127 3 204 4 333
(13 328) 12 17 936
Earnings per share (cents)
Basic (loss)/earnings per (39.7) (9.4) 40.1
share
Continuing operations (39.2) (22.4) 12.3
Discontinued operations (0.5) 13.1 27.8
Headline (loss)/earnings per (38.9) (27.3) 7.3
share
Continuing operations (38.9) (27.3) 7.3
Discontinued operations 0.0 0.0 0.0
Dividends paid per ordinary 10 10 20
share (cents)
Final - year ended 31 March 10 10 10
2007 (2006)
Interim - period ended 30 - 10
September 2006
Dividends declared per - 10 10
ordinary share (cents)
subsequent to period end
Headline earnings
reconciliation
(Loss)/earnings per the income (13 455) (3 192) 13 603
statement
Adjusted for: 255 (6 059) (11 129)
Loss/(profit) on sale of 172 (4 402) (9 436)
discontinued operations
Impairment of fixed assets - - (113)
reversal
Loss/(profit) on sale of other 83 (1 657) (1 903)
fixed assets
Tax charge attributable to - - 323
adjustments
Headline (loss)/earnings (13 200) (9 251) 2 474
Depreciation and amortisation 11 663 35 028 21 210
Financial income 10 761 15 290 26 829
Interest received 9 970 11 106 21 765
Foreign exchange gains 791 4 184 5 064
Financial cost (2 045) (4 785) (6 060)
Interest paid (50) (52) (266)
Foreign exchange losses (1 889) (4 627) (5 582)
Preference dividends (106) (106) (212)
ABRIDGED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2007 2006 2007
R000 R000 R000
Net cash utilised by (8 663) (2 289) (67 165)
operations
Operating cash flow (15 140) 403 13 685
Movement in working capital (5 980) (11 453) (96 812)
Net interest received 9 814 10 948 21 287
Taxation refunded/(paid) 2 643 (2 187) (5 325)
Net cash effect from investing (17 720) (9 805) (21 745)
activities
Capital expenditure (17 813) (14 272) (26 847)
Disposals of fixed assets 93 4 509 4 844
Decrease/(increase) in - (42) 258
advances
Net cash effect from financing (3 392) (3 392) (10 500)
activities
Dividends paid to equity (3 392) (3 392) (6 785)
holders
Dividends paid to minority - - (3 715)
interest
Net cash outflow (29 775) (15 486) (99 410)
Cash and cash equivalents at 259 909 359 319 359 319
beginning of period
Cash and cash equivalents at 230 134 343 833 259 909
end of period
SEGMENTAL ANALYSIS
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2007 2006 2007
R000 R000 R000
Segment Revenue
Continuing operations
Automotive Manufacturing 475 258 474 036 962 069
Segment Result
Continuing operations
Automotive Manufacturing (22 524) 15 327 14 915
Automotive Manufacturing (22 524) 15 327 14 802
before impairment of assets
Impairment of assets reversal - - 113
Corporate and consolidation (2 472) (28 496) (27 511)
Corporate and consolidation (2 472) (28 496) (24 130)
before provision for benefit
funds
Provision for benefit funds - - (3 381)
Total Segment Result (24 996) (13 169) (12 596)
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2007 2006 2007
R000 R000 R000
Balance at beginning of period 519 257 512 105 512 105
Direct movement in reserves - (278) (284)
Profit for the period (13 328) 12 17 936
Ordinary dividends (3 392) (3 392) (10 500)
Balance at end of period 502 537 508 447 519 257
ABRIDGED BALANCE SHEET
Unaudited Unaudited Audited
30 Sept 30 Sept 31 Mar
2007 2006 2007
R000 R000 R000
ASSETS
Non-current assets 230 000 219 765 220 434
Property, plant and equipment 220 784 212 263 214 810
Investment in associate 286 1 451 286
Deferred tax assets 8 930 6 051 5 338
Current assets 520 465 606 178 526 887
Inventories 163 592 132 532 130 488
Trade and other receivables 126 739 129 813 136 490
Cash and cash equivalents 230 134 343 833 259 909
Total assets 750 465 825 943 747 321
EQUITY AND LIABILITIES
Total equity 502 537 508 447 519 257
Equity attributable to equity 454 229 457 674 471 076
holders of the parent
Minority interest 48 308 50 773 48 181
Non-current liabilities 42 931 43 449 42 781
Deferred tax liabilities 11 163 13 268 11 139
Preference share capital 3 980 3 980 3 980
Provisions 27 788 26 201 27 662
Current liabilities 204 997 274 047 185 283
Trade and other payables 185 846 254 047 165 387
Provisions 19 151 20 000 19 896
Total equity and liabilities 750 465 825 943 747 321
Capital commitments authorised 24 848 6 737 9 846
Contracted for 24 848 6 585 9 846
Not contracted for - 152 -
Operating lease commitments 16 542 22 345 18 987
Operating lease receivables 9 362 12 594 11 827
Investment and advances to 286 1 451 286
associate at valuation
Net asset value per share (cents) 1 339 1 349 1 389
Unaudited Unaudited Audited
6 Months to 6 Months to 12 Months to
30 September 30 September 31 March
2007 2006 2007
R000 R000 R000
Capital expenditure
Expansion 6 614 3 797 6 856
Replacement 11 199 10 475 19 991
Ordinary shares (000)
Issued (excluding 33 924 33 924 33 924
Treasury shares)
Weighted average 33 924 33 924 33 924
(excluding Treasury
shares)
Review of operations
Financial Results
The Group reflected an earnings loss for the six month period of R13,5 million
or 39,7 cents per share, which includes a loss of R0,2 million or 0,5 cents
per share relating to discontinued operations.
Turnover for the period was virtually unchanged at R475 million. Continuing
industry pressure on prices adversely impacted on margins and the
profitability of most of the operations during the period.
Net financial income (including forex profits and losses) amounted to R8,7
million for the six months compared to R10,5 million for the corresponding six
months last year as cash resources were used to fund operating losses and
capital expenditure requirements.
The loss on the sale of discontinued operations of R0,2 million represents
legal costs in respect of a prior business disposal.
The net cash position of R230,1 million at 30 September 2007 was R29,8 million
lower than the position at 31 March 2007.
Basis of preparation and accounting policies
The results for the six months ended 30 September 2007 have been prepared in
accordance with International Financial Reporting Standards (IFRS), and are
consistent with the prior comparative period and comply with IAS 34 - Interim
Financial Reporting.
Review of operations
Trading conditions in the Automotive sector for the six month period under
review were not only difficult but were also adversely affected by a number of
abnormal issues which had a significant negative impact on the results for the
period under review.
Despite significant productivity improvements, these were not sufficient to
off-set the negative impact of global price pressures coupled to inflationary
factors which were not recoverable from the customer base with the resultant
negative effect on the trading results. In addition to this, the export
programmes have been adversely affected by the strength of the SA Rand.
These factors were further exacerbated by a number of vehicle model changes
which, by their nature disrupt the regular supply flow of product during the
run-out and ramp-up periods. These problems were further compounded by the
numerous labour strikes, both in the component and the motor vehicle
manufacturing sector, experienced during the first six months.
However, management is continuing with the re-structuring process which was
alluded to in the last Annual Report. In addition, a strategy relating to
growing the business through capital investment and new product development in
conjunction with off-shore partners has already commenced.
These interventions, which will necessitate additional costs in the second
half of the year and the advent of a number of new vehicle model launches, are
expected to have a positive impact on the company in the medium term, with
further opportunities also being reviewed for further growth in the long term.
Dorbyl Pension Fund - Surplus Apportionment
As alluded to in the Preliminary Profit Statement and in the Annual Report for
the year ended 31 March 2007, the original valuation was rejected by the
Financial Services Board and it`s decision was taken on appeal. This dispute
has now been settled and the current provision of R18,8 million in respect of
the deficit, is in the opinion of the Directors adequate. In terms of the
settlement agreement, the Fund will submit to the Registrar a revised report
on the valuation of the fund.
DIVIDEND
In view of the adverse results for the period under review, the Board has
decided not to declare a dividend.
On behalf of the board
J E Newbury (Chairman)
R F Rohrs (Chief Executive)
15 November 2007
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
(P O Box 61051, Marshalltown, 2107).
Company secretary and registered office:
BD Bhikha,
Lincoln Road, Industrial Sites,
Benoni South, 1501.
PO Box 5500, Benoni South, 1502
Directors: JE Newbury (Chairman)**,
RF Rohrs (Group Chief Executive)*,
JB Magwaza**, T van Wyk***, PM Bester**.
* Executive director ** Independent non-executive directors
*** Non-executive director
Sponsor: PSG Capital (Proprietary) Limited
Building 8, Woodmead Office Park, 1 Woodmead Drive, Woodmead
PO Box 987, Parklands, 2121
Date: 15/11/2007 17:05:01 Produced by the JSE SENS Department.
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