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OLI
OLI
OLI - O-line Holdings - Interim results announcement for the six months
ended 31 December 2007
O-line Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/034685/06)
JSE share code: OLI
ISIN Number: ZAE000110730
("O-line" or "the O-line group" or "the company")
Interim results announcement
Condensed income statements
Six months Year ended 30
ended 31 June 2007
December 2007
Unaudited Audited
R`000 R`000
Revenue 83 699 -
Cost of sales (55 102) -
Gross profit 28 597 -
Other income 152 29 590
Operating expenses (17 914) -
Operating profit 10 835 29 590
Investment revenue 696 -
Finance costs (870) -
Profit before taxation 10 661 29 590
Taxation (3 162) -
Profit for the period 7 499 29 590
Reconciliation of basic to headline
earnings:
Profit on sale of fixed assets (38) -
Negative goodwill arising on the
acquisition of Hardware Industries
(Proprietary) Limited - (29 590))
Headline earnings 7 461 -
Number of shares in issue (`000) 150 000 100 000
Weighted average number of shares in 111 813 100 000
issue (`000)
Basic earnings per share (cents) 6.71 29.59
Basic headline earnings per share
(cents) 6.67 -
Fully diluted earnings per share
(cents) 6.71 29.59
Fully diluted headline earnings per
share (cents) 6.67 -
Condensed balance sheets
As at 31 As at 30 June
December 2007 2007
Unaudited Audited
R`000 R`000
ASSETS
Non-current assets 23 469 23 995
Property, plant and equipment 21 621 21 835
Goodwill 1 315 1 315
Other financial assets 12 12
Deferred taxation 521 833
Current assets 105 418 65 603
Inventories 31 407 32 972
Trade and other receivables 17 665 27 988
Cash and cash equivalents 56 346 4 643
TOTAL ASSETS 128 887 89 598
EQUITY AND LIABILITIES
Equity and reserves 84 462 29 590
Non-current liabilities 8 484 1 541
Other financial liabilities 7 167 -
Finance lease obligations 1 188 1 343
Deferred taxation 129 198
Current liabilities 35 941 58 467
Loans from shareholders 12 181 12 181
Other financial liabilities 2 000 3 987
Current taxes payable 2 262 4 829
Finance lease obligations 510 631
Trade and other payables 18 988 25 476
Bank overdraft - 11 363
TOTAL EQUITY AND LIABILITIES 128 887 89 598
Condensed statements of changes in equity
Share Share Retained Total
capital premium income equity
R`000 R`000 R`000 R`000
Balance at 1 July 2006 - - - -
Issue of shares * - - *
Net profit for the period - - 29 590 29 590
Balance at 1 July 2007 * - 29 590 29 590
Issue of shares * 47 373 - 47 373
Net profit for the period - - 7 499 7 499
Balance at 31 December
2007 * 47 373 37 089 84 462
* less than R1 000
Condensed cash flow statements
Six months ended Year ended 30
31 December 2007 June 2007
Unaudited Audited
R`000 R`000
Net cash flows from operating
activities 11 013 -
Cash generated from operations 16 672 -
Interest income 696 -
Finance costs (870) -
Taxation paid (5 485) -
Net cash flows from investing
activities (223) (18 902)
Purchases of property, plant and
equipment (261) -
Sale of property, plant and 38 -
equipment
Acquisition of businesses - (18 902)
Net cash flows from financing
activities 52 277 12 181
Proceeds on shares issued 47 373 -
Proceeds from shareholders loans - 12 181
Other financial liabilities raised 10 000 -
Repayment of other financial
liabilities (4 820) -
Finance lease payments (276) -
Total cash movement for period 63 067 (6 721)
Cash and cash equivalents at the
beginning of period (6 721) -
Cash and cash equivalents at end
of period 56 346 (6 721)
Segmental analysis
Segmental reporting is not required by the O-line group as the Directors
believe that the O-line group`s business is uniform and operations are
predominantly within South Africa (one geographical area).
Basis of preparation
The unaudited and unreviewed interim results for the six months ended 31
December 2007 have been prepared in accordance with International Financial
Reporting Standards and comply with IAS34: Interim Financial Reporting. The
accounting policies are consistent with those applied in the annual
financial statements for the year ended 30 June 2007.
Profile
O-line is a supplier and manufacturer of Cable Management and Support
Systems in both Commercial and Industrial related construction. The O-line
group boasts a sophisticated distribution network consisting of branch
offices and stockists in all main regions ensuring that the O-line brand of
products remains a household name throughout Southern Africa and parts of
the international arena.
Prospects and future plans
O-line`s future plans entails the expansion of the Brand further into
Africa through the establishment of satellite branches and manufacturing
facilities, ensuring the company`s products and services play a bigger part
in Africa`s infrastructure expansions. Furthermore, the company plans for
Vertical acquisitions in order to minimize the uncontrollable variables
related to process.
Financial overview
The O-line board is satisfied with the performance for the period under
review. Shortfalls on Net profit for the period can be contributed to a low
December month due to construction close down, resulting in a bottom line
effect. The company has recuperated in the months to date and even under
the current economic conditions remains on track to meet year end forecast
results.
Capital utilization
To date, O-line has already implemented improvements within its
manufacturing facility through the purchase of advanced machinery from
suppliers both locally and abroad with additional machinery in transit from
Germany. The company is also in finalization of the branch establishment in
Maputo, Mozambique, followed by the completion of feasibilities for the
Congo and Tanzania.
Black Economic Empowerment ("BEE")
O-line is in the process of establishing a BEE Trust for the benefit of its
employees.
For and on behalf of the board
G.S. Smart (Chief Executive Officer)
E.A. Jay (Chairman)
Johannesburg
25 March 2007
Designated Advisor:
QuestCo Sponsors (Proprietary) Limited
Date: 25/03/2008 08:41:17 Produced by the JSE SENS Department.
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