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CMG
CMG
CMG - Cenmag Holdings Limited - Reviewed Results For The Year Ended 29 February
2008
CENMAG HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004821/06)
Share code: CMG & ISIN code: ZAE000001533
(`Cenmag" or `the company`)
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
GROUP BALANCE SHEET Reviewed Audited
29 February 28 February
2008 2007
R`000 R`000
ASSETS
Non-current assets 7 423 1 490
Fixed assets 7 422 1 197
Loans receivable --- 114
Deferred tax 1 179
Current assets 11 623 8 373
Total assets 19 046 9 863
EQUITY AND LIABILITIES
Capital and reserves 9 600 6 918
Minority Interest 422 382
Interest bearing liabilities - long 2 716 199
and short term
Interest free liabilities 6 308 2 364
Total equity and liabilities 19 046 9 863
Number of shares in issue (000`s) 9 600 9 600
Net asset value per share
information
Net asset value per share (cents) 100.00 72.06
Net tangible asset value per share 100.00 72.06
(cents)
GROUP INCOME STATEMENTS Reviewed Audited
year year
Ended ended
29 February 28 February
2008 2007
R`000 R`000
Gross Revenue 35 702 23 152
Cost of sales 25 346 17 974
Gross profit 10 356 5 178
Operating costs 6 442 4 379
Operating income 3 914 799
Depreciation 307 158
Operating income 3 607 641
Net finance (income) costs (237) 36
Profit before tax 3 844 605
Taxation 1 122 183
Profit after tax 2 722 422
Minority interest 40 8
Profit attributable to shareholders 2 682 414
Headline earnings 2 697 434
Earnings per share information
Number of shares in issue (000`s) 9 600 9 600
Attributable earnings per 27.93 4.31
ordinary share (cents)
(Loss) on disposal of (0.16) (0.22)
fixed assets
Headline earnings per share (cents) 28.09 4.53
ABRIDGED GROUP CASH Reviewed Audited
FLOW STATEMENTS 29 February 28 February
2008 2007
R`000 R`000
Cash flows from operating 6 291 2 792
activities
Cash flows from investing (6 545) 136
activities
Cash effects of financing 2 530 (40)
activities
Net increase in cash and 2 390 2 888
cash equivalents
Bank (overdraft) at beginning of 2 043 (845)
year
Cash at the end of period 4 433 2 043
SEGMENTAL REPORTING Reviewed Audited
year ended year
29 February ended
2008 28 February
R`000 2007
R`000
Revenue
Manufacturing and Service 16 542 9 594
Wholesaling 19 160 13 558
Total 35 702 23 152
Profit from operating activities
Manufacturing and Service 3 458 589
Wholesaling 456 210
Total 3 914 799
GROUP STATEMENT OF Share Share Retained Total
CHANGES IN EQUITY capital premium income
R`000 R`000 R`000 R`000
Balance at 01 March 96 2 090 4 318 6 504
2006
Net profit for the year -- -- 414 414
Balance at 28 February 96 2 090 4 732 6 918
2007
Net profit for the year -- -- 2 682 2 682
Balance at 29 February 96 2 090 7 414 9 600
2008
COMMENTARY
RESULTS
The board presents its reviewed results for the year ended 29 February 2008 in
accordance with IAS 34: Interim Financial Reporting. The company is an
investment holding company and its subsidiaries are primarily involved in the
manufacture and servicing of electromagnets and motor rewinding and the
wholesaling of electrical and related equipment.
BUSINESS OVERVIEW
In line with prevailing economic conditions, the group experienced an
exceptional increase in demand for its products. Group headline earnings per
share rose strongly by 520.01% on a 54.21% volume growth, from 4.53 cents
earnings per share to 28.09 cents earnings per share. Another major contributing
factor to our good results was the successful consolidation of two of our
manufacturing companies.
FUTURE PROSPECTS
Prospects for the year ending February 2009 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 to at least maintain its
earnings per share.
ACCOUNTING POLICIES
The financial results have been prepared in accordance with accounting policies
that comply with International Financial Reporting Standards ("IFRS") and the
Companies Act of 1973. The accounting policies and methods of measurement and
recognition are consistent with those applied in the previous financial period.
The results have been reviewed by Horwath Leveton Boner, whose unqualified
report is available for inspection at the registered office of the company.
GENERAL
1. No new shares were issued and no special resolutions were passed during the
period under review.
2. No dividends were recommended or declared for the period.
Johannesburg
30 May 2008
Company Secretary Registered Office
V. Farkas M. Econ C.A. (S.A.) 30 Bisset Road, Jet Park,
PO Box 870, Isando, 1600 Boksburg
PO Box 870, Isando, 1600
Directors
V.Farkas, C.J.B. Le Roux, B.I. Mazibuko, E.M. Greenblatt
Sponsor Transfer Office
Arcay Moela Sponsors Computershare Investor Services
(Proprietary) Limited (Proprietary) Limited
Date: 30/05/2008 12:52:02 Produced by the JSE SENS Department.
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