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BDM
BDM
BDM - Buildmax Limited - Reviewed Interim Results for the six months ended 30
September 2007
Buildmax Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/012209/06)
Share code BDM ISIN ZAE000011250
("the Group")
Reviewed Interim Results for the six months ended 30 September 2007
The reviewed interim results of Buildmax Limited and its subsidiaries for the
six months ended 30 September 2007 are set out below:
BALANCE SHEET
6 months 6 months 12 months
30/09/2007 30/09/2006 31/03/2007
% (reviewed) (reviewed) (audited)
Change R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and 11 602 12 697 12 364
equipment
Investments - - -
Deferred taxation - 95 -
Current assets 53 652 44 896 54 650
Total assets 65 254 57 688 67 014
EQUITY AND LIABILITIES
Share capital and reserves 49 712 41 871 46 200
Long-term liabilities - 616 18
Deferred taxation 63 - 104
Current liabilities 15 479 15 201 20 692
Total equity and 65 254 57 688 67 014
liabilities
Net asset value per share 118,91 100,16 110,51
cents)
Share capital and reserves 49 712 41 871 46 200
Divided by weighted 41 806 41 806 41 806
average number of shares
in issue
Net tangible asset value 18,73 118,91 100,16 110,51
per share (cents)
CASH FLOW STATEMENT
Operating activities 2 326 (1 295) 4 440
Investing activities (323) (4 709) (5 495)
Financing activities 6 (78) (26)
Net cash 2 009 (6 082) (1 081)
(utilised)/generated
Cash and cash equivalents 10 821 11 902 11 902
beginning of period
Cash and cash equivalents 120,45 12 830 5 820 10 821
end of period
INCOME STATEMENT
Gross revenue 7,83 61 078 56 641 114 857
Operating profit 3 259 3 306 7 258
Net interest received 398 264 854
Profit before taxation 2,44 3 657 3 570 8 112
Taxation (1 145) (1 222) (1 435)
Net profit for the year 6,98 2 512 2 348 6 677
Exceptional item 1 000 - -
Profit on discontinued - 793 793
operations
Net earnings for the 11,81 3 512 3 141 7 470
period
Average number of shares 41 806 41 806 41 806
in issue (`000)
Earnings per share (cents) 11,81 8,40 7,51 17,87
Net profit for the 3 512 3 141 7 470
period
Divided by weighted 41 806 41 806 41 806
average number of
shares in issue
Headline earnings per 13,27 5,84 5,16 15,44
share (cents)
Profit before taxation 3 657 3 570 8 112
Adjusted for:
(Profit) on sale of (70) (192) (221)
property, plant and
equipment
Taxation (1 145) (1 222) (1 435)
Headline earnings 2 442 2 156 6 456
Divided by weighted 41 806 41 806 41 806
average number of
shares in issue
Reconciliation of earnings
and headline earnings per
share
Earnings per share 8,40 7,51 17,87
Adjusted for:
(Profit) on sale of (0,17) (0,45) (0,53)
property, plant and
equipment
Exceptional items (2,39) - -
Profit on discontinued - (1,90) (1,90)
operations
Headline earnings 5,84 5,16 15,44
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning of period 46 200 39 357 39 357
Net profit for the period 3 512 3 141 7 470
Dividend paid - (627) (627)
Equity end of period 18,73 49 712 41 871 46 200
COMMENTARY
Turnover increased by 7,83% for the comparative period. The increase in
operating costs resulted in an increase of 2,44% in operating profit. Earnings
per share improved by 11,81% as a result of the tax losses being utilised in
full during the prior financial year. During the period under review an
agreement was made to settle the claim from NRB Holdings for R1 million, this
resulted in an reversal of the exceptional item as declared in the 2005
financial year. Headline earnings increased by 13,27%.
The cash on hand improved by R2.009 million after the long-term loans have been
paid. The Group made a concerted effort to settle the long-term debt as soon a
possible while the level of working capital was maintained. Cash and cash
equivalents improved by 120,45% over the comparative period.
The net tangible asset value of the Group improved by 18,73% during the review
period.
OPERATIONAL REVIEW
The galvanised rainwater division went through a deflationary period and as a
result did not contribute to the growth of the group. High stock levels were
reduced to more acceptable levels.
The specialised rainwater division maintained its position in the market and
performed well under the deflationary situation in the steel market.
The timber division showed a slight decrease in turnover and profits generated.
The fluctuating Rand/Dollar had a negative effect on this division.
The concrete division performed exceptionally well during this period. The
existing block operations performed as expected in the building industry, while
the new paver operations contributed significantly to the growth of this
division.
The aluminium division showed modest growth in turnover as well as profit. This
division faced strong opposition in pricing of its products but managed to
maintain margins.
DIVIDEND
No dividend has been declared or recommended (2007: R nil).
ACCOUNTING POLICY
The results have been prepared in accordance with Internationally Financial
Reporting Standards ("IFRS") and IAS 34 applicable to interim financial
reporting and accounting policies applied are consistent with those of the prior
year.
The interim financial results have been reviewed in terms of Rule 3.23 of the
Listing Requirements of the JSE Limited by the Group`s auditors, Meagher
Moynihan. This review opinion is available for inspection at the registered
office of the Company.
PROSPECTS AND FURTHER CAUTIONARY
Shareholders are referred to the announcement on SENS regarding the acquisition
and reverse listing of certain assets into the company on 6 December 2007.
Shareholders are advise to continue to exercise caution when trading in Buildmax
shares until the publication and announcement of the details thereof.
For and on behalf of the board
IDP Burger NR Jansen
Chairman Acting CEO
Germiston
13 December 2007
Directors:
IDP Burger (Chairman)
NR Jansen (Acting CEO)
MD Lamola (Non-executive)
MD Smullen (Non-executive)
JPG Vorster (Executive)
Company Secretary:
Neville Toerien
Probity Business Services (Pty) Limited
3rd Floor, JHI House, Craddock Str, Rosebank
Registered Office:
Davey Street, Germiston, 1400
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
Sponsor:
Sasfin Capital, a division of Sasfin Bank Limited,
Sasfin Place, 13 - 15 Scott Street, Waverley, 2090
Date: 13/12/2007 15:22:04 Produced by the JSE SENS Department.
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