| Thu 27 Aug 2009, 17:05 | | MST - Mustek Limited - Audited financial results for the year ended 30 June 2009 |
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MST
MST
MST - Mustek Limited - Audited financial results for the year ended 30 June 2009
MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST ISIN: ZAE000012373 ("Mustek" or "the Group")
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2009
- NET ASSET VALUE OF 527 CENTS PER SHARE
- DIVIDEND OF 10 CENTS PER SHARE
CONSOLIDATED INCOME STATEMENT
2009 2008
R000 R000
Continuing operations
Revenue 3 481 903 3 408 704
Cost of sales (2 916 547) (2 842 966)
Gross profit 565 356 565 738
Other income 14 858 16 187
Distribution, administrative and other (463 623) (420 516)
operating expenses
Share of profit from associates - 6 120
Profit from operations 116 591 167 529
Investment revenues 20 800 24 930
Finance costs (66 051) (59 103)
Other gains 2 319 -
Profit before tax 73 659 133 356
Income tax expense (21 224) (45 293)
Profit for the year from continuing 52 435 88 063
operations
Discontinued operations
Loss for the year from discontinued - (457)
operations
Profit for the period 52 435 87 606
Attributable to:
Equity holders of the parent 54 731 81 385
Minority interest (2 296) 6 221
52 435 87 606
Earnings and dividend per share (cents)
Weighted number of ordinary shares in issue 110 449 804 110 303 273
Ordinary shares in issue 110 449 804 110 449 804
From continuing and discontinued operations:
Basic earnings per ordinary share 49,55 73,78
Diluted basic earnings per ordinary share 49,55 73,67
Dividend per ordinary share - paid 10,00 50,00
Dividend per ordinary share - proposed 10,00 10,00
From continuing operations:
Basic earnings per ordinary share 49,55 74,19
Diluted basic earnings per ordinary share 49,55 74,09
Headline earnings per share (cents)
From continuing and discontinued operations:
Headline earnings per ordinary share 48,65 73,73
Diluted headline earnings per ordinary share 48,65 73,62
From continuing operations:
Headline earnings per ordinary share 48,65 76,34
Diluted headline earnings per ordinary share 48,65 76,23
Reconciliation between basic and headline
earnings
Basic earnings attributable to equity
holders of the parent 54 731 81 385
Realisation of foreign currency translation 1 477 (2 869)
reserve
Loss on disposal of subsidiary - 451
Group`s share of (profit) loss on disposal (2 475) 2 363
of property, plant and equipment
Headline earnings 53 733 81 330
Net asset value per share (cents) 527,12 497,44
CONSOLIDATED BALANCE SHEET
2009 2008
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 181 376 177 514
Intangible assets 54 907 50 590
Investments in associates 5 708 6 940
Investment in joint venture - 1 000
Other investments and loans 34 324 46 656
Deferred tax asset 24 044 25 159
Non-current trade and other receivables 15 652 25 667
316 011 333 526
Current assets
Inventories 652 115 772 690
Trade and other receivables 518 524 503 416
Foreign currency assets 1 604 3 065
Tax assets 2 890 1 505
Bank balances and cash 338 605 420 103
1 513 738 1 700 779
TOTAL ASSETS 1 829 749 2 034 305
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 884 884
Ordinary share premium 123 583 121 031
Retained earnings 447 294 403 608
Property revaluation reserve 12 048 7 794
Investment revaluation reserve - 8 465
Foreign currency translation reserve (1 605) 7 634
Equity attributable to equity holders of the 582 204 549 416
parent
Minority interest 18 488 19 408
Total equity 600 692 568 824
Non-current liabilities
Long-term borrowings 305 616 318 542
Deferred tax liabilities 3 550 921
309 166 319 463
Current liabilities
Short-term borrowings 115 138 63 900
Trade and other payables 628 833 918 549
Provisions 15 448 12 953
Foreign currency liabilities 36 846 361
Deferred income 26 034 28 001
Tax liabilities 6 818 23 719
Bank overdrafts 90 774 98 535
919 891 1 146 018
Total liabilities 1 229 057 1 465 481
TOTAL EQUITY AND LIABILITIES 1 829 749 2 034 305
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
2009 2008
R000 R000
Operating activities
Cash receipts from customers 3 472 696 3 368 220
Cash paid to suppliers and employees (3 461 717) (3 194 483)
Net cash from operations 10 979 173 737
Investment revenues received 11 504 18 648
Finance costs paid (66 051) (59 103)
Dividends received 1 748 6 282
Dividends paid (11 045) (55 525)
Income taxes paid (35 642) (10 265)
Net cash (used in) from operating activities (88 507) 73 774
Net cash used in investing activities (30 986) (103 484)
Net cash from financing activities 37 995 81 020
Net (decrease) increase in cash and cash (81 498) 51 310
equivalents
Cash and cash equivalents at beginning of 420 103 368 793
the year
Cash and cash equivalents at end of the year 338 605 420 103
CONSOLIDATED SEGMENT ANALYSIS
Total Mustek
2009 2008 2009 2008#
Business segments R000 R000 R000 R000
Continuing operations
Revenue 3 481 903 3 408 704 1 746 463 1 661 178
EBITDA* 142 479 183 709 78 585 100 387
Depreciation (25 888) (22 300) (15 281) (12 052)
Share of profit from - 6 120 - -
associate
Profit (loss) from 116 591 167 529 63 304 88 335
operations
Investment revenues 20 800 24 930 24 736 29 201
Finance costs (66 051) (59 103) (36 241) (25 559)
Other gains (losses) 2 319 - 1 916 -
Profit (loss) before 73 659 133 356 53 715 91 977
tax
Income tax expense (21 224) (45 293) (15 537) (32 542)
Profit (loss) for the 52 435 88 063 38 178 59 435
year from continuing
operations
Discontinued
operations
Loss for the year - (457) - (457)
from discontinued
operations
Profit (loss) for the 52 435 87 606 38 178 58 978
period
Attributable to:
Equity holders of the 54 731 81 385 40 208 59 129
parent
Minority interest (2 296) 6 221 (2 030) (151)
52 435 87 606 38 178 58 978
*Earnings before interest taxation depreciation and amortisation
#The prior year segment information has been restated to enhance comparability
of the Mustek Group reportable segments
CONSOLIDATED SEGMENT ANALYSIS (CONTINUED)
Rectron Comztek
2009 2008 2009 2008
Business segments R000 R000 R000 R000
Continuing operations
Revenue 1 367 947 1 402 993 428 964 425 064
EBITDA* 72 417 72 824 14 917 19 311
Depreciation (9 423) (9 362) (1 184) (886)
Share of profit from - - - -
associate
Profit (loss) from 62 994 63 462 13 733 18 425
operations
Investment revenues 2 031 8 445 1 106 3 480
Finance costs (20 993) (22 964) (7 946) (9 240)
Other gains (losses) - - (4 718) -
Profit (loss) before 44 032 48 943 2 175 12 665
tax
Income tax expense (13 069) (14 035) (1 240) (2 871)
Profit (loss) for the 30 963 34 908 935 9 794
year from continuing
operations
Discontinued
operations
Loss for the year - - - -
from discontinued
operations
Profit (loss) for the 30 963 34 908 935 9 794
period
Attributable to:
Equity holders of the 32 159 30 617 5 7 713
parent
Minority interest (1 196) 4 291 930 2 081
30 963 34 908 935 9 794
*Earnings before interest taxation depreciation and amortisation
#The prior year segment information has been restated to enhance comparability
of the Mustek Group reportable segments
CONSOLIDATED SEGMENT ANALYSIS (CONTINUED)
Group Eliminations
2009 2008# 2009 2008#
Business segments R000 R000 R000 R000
Continuing operations
Revenue - - (61 471) (80 531)
EBITDA* (23 440) (8 813) - -
Depreciation - - - -
Share of profit from - 6 120 - -
associate
Profit (loss) from (23 440) (2 693) - -
operations
Investment revenues 8 854 - (15 927) (16 196)
Finance costs (16 798) (17 536) 15 927 16 196
Other gains (losses) 5 121 - - -
Profit (loss) before (26 263) (20 229) - -
tax
Income tax expense 8 622 4 155 - -
Profit (loss) for the (17 641) (16 074) - -
year from continuing
operations
Discontinued
operations
Loss for the year - - - -
from discontinued
operations
Profit (loss) for the (17 641) (16 074) - -
period
Attributable to:
Equity holders of the (17 641) (16 074) - -
parent
Minority interest - - -
(17 641) (16 074) - -
*Earnings before interest taxation depreciation and amortisation
#The prior year segment information has been restated to enhance comparability
of the Mustek Group reportable segments
Total South Africa
2009 2008 2009 2008
Geographical segments R000 R000 R000 R000
Continuing operations
Revenue 3 481 903 3 408 704 3 238 044 3 197 815
Profit (loss) before 73 659 133 356 75 183 117 994
tax
Income tax (expense) (21 224) (45 293) (20 443) (41 163)
benefit
Profit (loss) from 52 435 88 063 54 740 76 831
continuing operations
Discontinued
operations
Loss from discontinued - (457) - -
operations
Profit (loss) for the 52 435 87 606 54 740 76 831
period
Attributable to:
Equity holders of the 54 731 81 385 53 928 74 688
parent
Minority interest (2 296) 6 221 812 2 143
52 435 87 606 54 740 76 831
Mecer South America Mecer East Africa
2009 2008 2009 2008
Geographical segments R000 R000 R000 R000
Continuing operations
Revenue - - 25 157 17 129
Profit (loss) before - - 787 2 136
tax
Income tax (expense) - - 934 (748)
benefit
Profit (loss) from - - 1 721 1 388
continuing operations
Discontinued
operations
Loss from discontinued - (457) - -
operations
Profit (loss) for the - (457) 1 721 1 388
period
Attributable to:
Equity holders of the - (457) 1 721 1 388
parent
Minority interest - - - -
- (457) 1 721 1 388
Rectron Australia Comztek Africa
2009 2008 2009 2008
Geographical segments R000 R000 R000 R000
Continuing operations
Revenue 134 405 143 313 84 297 50 447
Profit (loss) before (950) 6 203 (1 361) 903
tax
Income tax (expense) (1 720) (3 382) 5 -
benefit
Profit (loss) from (2 670) 2 821 (1 356) 903
continuing operations
Discontinued
operations
Loss from discontinued - - - -
operations
Profit (loss) for the (2 670) 2 821 (1 356) 903
period
Attributable to:
Equity holders of the 291 (932) (1 209) 578
parent
Minority interest (2 961) 3 753 (147) 325
(2 670) 2 821 (1 356) 903
Nigeria
2009 2008
Geographical segments R000 R000
Continuing operations
Revenue - -
Profit (loss) before - 6 120
tax
Income tax (expense) - -
benefit
Profit (loss) from - 6 120
continuing operations
Discontinued
operations
Loss from discontinued - -
operations
Profit (loss) for the - 6 120
period
Attributable to:
Equity holders of the - 6 120
parent
Minority interest - -
- 6 120
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Ordinary Investments
share share Retained revaluation
capital premium earnings reserve
R000 R000 R000 R000
Balance at 30 June 877 111 198 377 748 21 925
2007
Profit for the year - - 81 385 -
Shares issued in terms 7 4 164 - -
of option scheme
Recognition of share- - 5 669 - -
based payments
Dividends paid - - (55 525) -
Asset revaluation - - - (13 460)
Realisation of foreign - - - -
currency translation
reserve
Net foreign currency - - - -
translation reserve -
foreign entities
Investment in - - - -
subsidiary
Balance at 30 June 884 121 031 403 608 8 465
2008
Profit for the year - - 54 731 -
Recognition of share- - 2 552 - -
based payments
Dividends paid - - (11 045) -
Asset revaluation - - - (8 465)
Asset revaluation - - - -
realised on sale of
property
Realisation of foreign - - - -
currency translation
reserve
Net foreign currency - - - -
translation reserve -
foreign entities
Investment in - - - -
subsidiary
Balance at 30 June 884 123 583 447 294 -
2009
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Property Foreign Attributable Minority Total
revaluation currency to equity interest
reserve translation holders of
reserve the parent
R000 R000 R000 R000 R000
Balance at 30 5 205 4 968 521 921 10 187 532 108
June 2007
Profit for the - - 81 385 6 221 87 606
year
Shares issued - - 4 171 - 4 171
in terms of
option scheme
Recognition of - - 5 669 - 5 669
share-based
payments
Dividends paid - - (55 525) - (55 525)
Asset 2 589 (10 871) - (10 871)
revaluation
Realisation of - (2 869) (2 869) - (2 869)
foreign
currency
translation
reserve
Net foreign - 5 535 5 535 - 5 535
currency
translation
reserve -
foreign
entities
Investment in - - - 3 000 3 000
subsidiary
Balance at 30 7 794 7 634 549 416 19 408 568 824
June 2008
Profit for the - - 54 731 (2 296) 52 435
year
Recognition of - - 2 552 - 2 552
share-based
payments
Dividends paid - - (11 045) (613) (11 658)
Asset 6 605 (1 860) - (1 860)
revaluation
Asset (2 351) - (2 351) - (2 351)
revaluation
realised on
sale of
property
Realisation of - 1 477 1 477 - 1 477
foreign
currency
translation
reserve
Net foreign - (10 716) (10 716) (102) (10 818)
currency
translation
reserve -
foreign
entities
Investment in - - - 2 091 2 091
subsidiary
Balance at 30 12 048 (1 605) 582 204 18 488 600 692
June 2009
COMMENTARY
1. STATEMENT OF COMPLIANCE
These condensed financial statements for the year ended 30 June 2009 are a
summary of the Group`s unmodified audited financial statements and are prepared
in accordance with International Financial Reporting Standards ("IFRS")
applicable to interim financial reporting (IAS 34), the Listings requirements of
the JSE Limited and the Companies Act of South Africa.
2. ACCOUNTING POLICIES
The audited results for the year ended 30 June 2009 have been prepared in
accordance with the Group`s accounting policies which comply with IFRS. The
accounting policies adopted are consistent with those applied in the preparation
of the audited annual financial statements for the year ended 30 June 2008.
3. AUDIT REPORT
The consolidated financial statements for the year have been audited by Deloitte
& Touche and their accompanying unmodified audit report as well as their
unmodified audit report for this set of summarised financial information, is
available for inspection at the company`s registered address.
4. CORPORATE GOVERNANCE
The group subscribes to and complies in all material aspects with the Code on
Corporate Governance Practices and Conduct as contained in the second King
Report on Corporate Governance.
5. TRANSFORMATION
Management has continued to meaningfully extend its initiatives in employment
equity, skills development and corporate social investment during the period.
The Group is committed to a process of further transformation and economic
empowerment of its stakeholders, such that an acceptable balance between the
operatives and commercial benefits of such a process can be achieved, thereby
ensuring the sustainability of the Group in a competitive market sector.
6. BOARD OF DIRECTORS
Neels Coetzee was appointed to the board as financial director on
29 August 2008 and Thembisa Dingaan was appointed as an independent non-
executive director on 6 February 2009. Total remuneration paid to directors for
the year under review amounted to R5,2 million (2008: R3,3 million) and share-
based payments of R1,6 million (2008: R2,4 million) were expensed relating to
directors.
7. CASH FLOW
Bank balances and cash remained strong at R338,6 million (2008: R420,1 million)
due to focused working capital management. A significant reduction in both trade
and other payables and inventory levels resulted in R11,0 million cash from
operations (2008: R173,7 million). Cash generated from the continued drive to
further reduce inventory levels will be used to reduce short-term borrowings.
8. CORPORATE ACTIVITIES
The group acquired 51% of Ballena Trading 29 (Pty) Ltd on 1 May 2009 for R5,3
million and 100% of Mustek Middle East FZCO on 6 October 2008 for R1,4 million.
9. OPERATING RESULTS
Turnover increased by 2,1% to R3,482 billion compared to the previous
corresponding period and the gross profit percentage was relatively stable at
16,2%. Included in distribution, administrative and other operating expenses is
R67,8 million relating to realised and unrealised foreign exchange losses (2008:
R18,5 million).
Accounting standards do not allow the fair valuation of inventory, but require
the corresponding foreign accounts payable to be stated at the closing spot
rate. As long as this is the case and the Rand remains as volatile as it was,
reported earnings will remain volatile.
A review of the overall structure of Mustek has identified various
inefficiencies and duplication of functions. The early identification and
implementation of corrective action has placed Mustek ahead of the curve with
respect to cost containment. As the process is not completed, further benefits
are expected to be achieved in the foreseeable future. Excluding forex losses,
distribution, administrative and other operating expenses decreased by 0,8%.
Further benefits include improved inventory management, reduced working capital
requirements and an elimination of inefficiencies and duplication.
Comztek`s results have been negatively affected by the impairment of certain
loans.
Rectron`s contribution to profit attributable to equity holders of the parent
increased due to improved gross and operating margins.
10. RETIREMENT BENEFIT PLAN
The Mustek Group Retirement Fund is a defined contribution fund and payments to
the plan are charged as an expense as they fall due. The majority of the group`s
employees belong to this fund. The Group does not provide additional post-
retirement benefits.
11. INDUSTRY OUTLOOK
Possibly the single biggest IT event of the coming year will be the launch of
Windows 7, Microsoft`s Vista replacement. Pre-release versions of Windows 7 have
received positive reviews from journalists who had heavily criticised the Vista
operating system. Its consumer launch in October 2009 should be a highpoint for
our industry, with Windows 7 expected to drive sales of hardware capable of
operating its new features such as multi-touch and home networking.
In the same month Microsoft also intends launching new releases of its popular
IT `back-end` products Server 2008 and Exchange 2010, which are being designed
to take advantage of new Windows 7 capabilities. These releases should further
stimulate the corporate market.
Similar waves of excitement in the IT market are being generated by the imminent
launch of Microsoft Office 2010, which appears to be the best version yet. This
compelling upgrade, available in native 64 bit, will probably accelerate the
move to 64 bit computing. With Random Access Memory (RAM) chip prices dropping
to previously unheard of levels, PCs with 8GB of RAM will become commonplace,
paving the way for a general migration to 64 bit computing. Mustek should
benefit from businesses and consumers upgrading to hardware able to handle more
than the current 4GB RAM limitation.
With so many home devices capable of communicating with each other, Windows 7`s
outstanding home networking feature is highly important. The ability to
effortlessly share printers, internet connections and files will open up a new
market for home networking equipment. We are already seeing traditional consumer
electronics vendors forming alliances with IT vendors to produce equipment for
this market. It is logical for a consumer to want to play a movie stored on his
computer directly on his large screen TV without having to solve myriad
networking issues. Mustek is actively working with these alliances to develop
products that can harness these features.
As the price of flash memory continues to fall, Solid State Hard Drives will
become commonplace in high end mobile computing. Much has been written about the
superior speed of Solid State drives and how little power these consume compared
to traditional hard drives. A key advantage is the enhanced level of data
security and reliability these offer, as with no moving components these drives
are not susceptible to the dreaded `head crash` of traditional hard disk drives.
By 2011 Solid State drives will be commonplace in notebooks.
The current corporate trend of not replacing aging hardware, but rather
upgrading memory and perhaps hard drives, cannot be sustained indefinitely. We
perceive the current South African installed base of corporate hardware to be at
its upgrade limit and due for replacement. Although Windows XP is reliable, it
is an eight year old operating system and won`t be upgraded to handle incoming
technologies.
Intel`s release of its Atom processor and the launch of the Netbook have proven
to be more than a fad, with the corporate and consumer markets both embracing
these small, power thrifty mobile PCs, even though these offer less features
than traditional notebooks. With Windows 7 capable of running on netbooks, the
venerable Windows XP will start being phased out of this platform.
The landing of the Seacom undersea cable in KwaZulu-Natal and the plugging into
the national broadband grid of its 10X current bandwidth has sparked great
excitement among South Africa`s bandwidth service providers. Mustek believes
that Seacom is only the beginning of a massive broadening of South Africa`s
international connectivity, with more undersea cables scheduled to land on our
shores in the next few years. This unfolding positive development will place
immense pressure on the provision of the so-called `last mile` of connectivity
between providers and consumers. South Africa`s online opportunities - and real
economy - can be boosted if the Independent Communications Authority of South
Africa (ICASA) makes more band spectrum available, unbundles the local loop and
puts massive downward pressure on interconnect charges between the cellphone
service providers.
With vastly increased bandwidth and reduced costs, South Africa can conceivably
become a credible provider of Business Process Outsourcing and Call Centres,
which would greatly benefit our local IT industry.
12. COMPANY OUTLOOK
The company is undertaking a review of the overall structure and operations with
a view to further improve efficiency and profitability. The emphasis on
increasing volumes remains a driver of performance across our operations. Key
risks affecting future profitability include the continued electricity supply,
the ongoing skills shortage and significant fluctuations in the rand/dollar
exchange rate.
Mustek has been and will remain an acquisitive company should opportunities
exist or arise.
Mustek`s outlook remains focused on sustainable growth. Opportunities for
further optimisation, improved production and cost management will be explored.
Enhanced cash flow will be used prudently to reduce our debt and finance new
capacity and other growth initiatives.
13. DIVIDEND
The declaration of cash dividends will continue to be considered by the board in
conjunction with an evaluation of current and future funding requirements, and
will be adjusted to levels considered appropriate at the time of declaration.
Mustek`s continued commitments to optimal cash utilisation will mean that cash
generated by the operations will be used to fund our growth and reduce our debt.
To this end, the final dividend declared by the Board of Directors for the
financial year ended 30 June 2009 has been maintained at 10 cents per share.
Notice is hereby given that a final dividend of 10 cents per ordinary share for
the year ended 30 June 2009 is declared, payable to shareholders recorded in the
books of the company at the close of business on the record date appearing
below. The salient dates applicable to the final dividend are as follows:
Last day of trade cum dividend Friday, 25 September 2009
First day to trade ex dividend Monday, 28 September 2009
Record date Friday, 2 October 2009
Payment date Monday, 5 October 2009
No share certificates may be dematerialised or rematerialised between Monday, 28
September 2009 and Friday, 2 October 2009, both days inclusive.
Where applicable, payment in respect of certificated shareholders will be
transferred electronically to shareholders` bank accounts on the payment date.
In the absence of specific mandates, payment cheques will be posted to
certificated shareholders at their risk on the payment date. Shareholders who
have dematerialised their shares will have their accounts at their Central
Securities Depository Participant or broker credited on the payment date.
14. ZINOX TECHNOLOGIES LIMITED ("ZINOX")
On 29 August 2008, it was reported that Zinox had acquired two Nigerian
distribution companies with the intention of undertaking a private placement and
applying to the Nigerian Stock Exchange for a listing during December 2008. The
current economic climate led to the postponement of the private placement and
listing. The board believes that it is not in the best interest of Mustek and
all its stakeholders to go ahead in the current environment but remain committed
to see the listing through as it should unlock value for shareholders. The
investment is currently disclosed at cost plus equity accounted earnings at
R28,1 million in terms of the exception allowed by paragraph 46 (c) of IAS 39,
Financial Instruments: Recognition and Measurement.
15. ANNUAL GENERAL MEETING
The notice of the annual general meeting will be included in the annual report
that will be posted to shareholders in due course.
16. POST BALANCE SHEET EVENTS
There have been no significant events subsequent to year-end up until the date
of this report that requires adjustment or disclosure.
On behalf of the board of directors
David C Kan Chief Executive Officer Vulindlela Wilson Cuba Chairman
27 August 2009
Corporate information www.mustek.co.za
Company secretary: Neels Coetzee.
Transfer secretaries: Computershare Investor Services (Pty) Ltd.
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107, South
Africa
Telephone: (011) 370-5000.
Registered office: 322 15th Road, Randjespark, Midrand, 1685.
Postal address: PO Box 1638, Parklands, 2121.
Contact numbers: Telephone: +27 (0) 11 237-1000
Facsimile: +27 (0) 11 314-5039
Email: ltd@mustek.co.za
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 27/08/2009 17:05:02 Produced by the JSE SENS Department.
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