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CMG
CMG
CMG - Cenmag Holdings - Unaudited results for the six months ended 31 August
2009
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`)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
GROUP BALANCE SHEETS Six months Six months Audited year
ended ended ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
ASSETS
Non-current assets 6 965 7 270 7 142
Fixed assets 6 965 7 270 7 029
Deferred tax 113
Current assets 15 944 12 254 16 041
Total assets 22 909 19 524 23 183
EQUITY AND LIABILITIES
Capital and reserves 14 625 10 518 13 757
Minority Interest 471 435 452
Interest bearing 593 2 472
liabilities - long and 2 536
short term
Interest free 7 220 6 099 6 438
liabilities
Total equity and 22 909 19 524 23 183
liabilities
Number of shares in 9 600 9 600 9 600
issue (000`s)
Net asset value per
share information
Net asset value per 152.34 109.56 143.30
share (cents)
Net tangible asset 152.34 109.56 143.30
value per share (cents)
GROUP INCOME STATEMENTS Six months Six months Audited year
ended ended ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Gross Revenue 19 205 17 339 36 286
Cost of sales 14 316 12 622 23 913
Gross profit 4 889 4 717 12 373
Operating costs 3 774 3 424 6 545
Operating income 1 115 1 293 5 828
Depreciation 208 153 379
Operating income 907 1 140 5 449
Net finance (income) (323) (171) (431)
costs
Profit before tax 1 230 1 311 5 880
Taxation 344 380 1 693
Profit after tax 886 931 4 187
Minority interest 18 13 30
Profit attributable to 868 918 4 157
shareholders
Headline earnings 868 918 4 157
Earnings per share
information
Number of shares in 9 600 9 600 9 600
issue (000`s)
Attributable earnings per 9.04 43.30
ordinary share (cents) 9.56
Headline earnings per 9.04 43.48
share (cents) 9.56
ABRIDGED GROUP CASH Six months Six months Audited year
FLOW STATEMENTS ended ended ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Cash flows from 2 014 1 242 4 840
operating activities
Cash flows from (243) (2) (3)
investing activities
Cash effects of (2 309) (214) (377)
financing activities
Net decrease in cash and (538) 1 026 4 460
cash equivalents
Bank Balance at 8 893 4 433 4 433
beginning of year
Cash at the end of 8 355 5 459 8 893
period
SEGMENTAL REPORTING Six months Six months Audited
ended ended year ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Revenue
Manufacturing and 7 634 7 379 16 510
Service
Wholesaling 11 571 9 960 19 776
Total 19 204 17 339 36 286
Contribution to
operating income
Manufacturing and 847 1 121 5 566
Service
Wholesaling 268 172 262
Total 1 115 1 293 5 828
GROUP STATEMENT OF Share Share Accumulated Total
CHANGES IN EQUITY capital premium profit
R`000 R`000 R`000 R`000
Balance at 01 March 96 2 090 7 414 9 600
2008
Net profit for the year -- -- 4 157 4 157
Balance at 28 February 96 2 090 11 571 13 757
2009
Net profit for six -- -- 868 868
months
Balance at 31 August 96 2 090 12 439 14 625
2009
COMMENTARY
RESULTS
The board presents its unaudited results for the six months ended 31 August
2009. 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. The unaudited
abridged results are presented in accordance with IAS 34: Interim Financial
Reporting and the JSE Listings Requirements.
BUSINESS OVERVIEW
In line with prevailing economic conditions, the group experienced a small
increase in local and overseas demand for its products. Group headline earnings
per share declined by 5.44% on a 10.76% volume increase, from 9.56 cents
earnings to 9.04 cents earnings. We have experienced a more competitive market
and a reduced profit margin, mainly due to recession pressures and tighter
competition.
FUTURE PROSPECTS
Prospects for the year ending February 2010 are fair to good, as the local and
international mining sectors are expected partly to recover from the current
global crises. In view of the above, the directors are of the opinion, that the
second half of the year`s performance will be better then the first half of the
year.
ACCOUNTING POLICIES
The accounting policies applied are in compliance with International Financial
Reporting Standards ("IFRS"). The accounting policies and methods of
measurement and recognition are consistent with those applied in the previous
financial period.
CHANGES TO THE BOARD
Mr JJ Farkas was appointed to the board with effect from 16 September 2009 in
order to fill the casual vacancy that had arisen as a result of Ms I Mazibuko
not being re-elected as a director at the Annual General Meeting of the company
held on 7 September 2009.
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.
RENEWAL OF CAUTIONAY ANNOUNCEMENT
Shareholders are referred to the cautionary announcements dated 02 July 2009, 14
July 2009, 27 August 2009 and 9 October 2009 and are advised to continue to
exercise caution in dealing in the company`s securities until such time as an
election has been made by Aurora Empowerment Systems (Proprietary) Limited to
nominate Cenmag as the purchaser of the Redwood Timber Merchants Group of
Companies and the associated pro forma financial effects of the acquisition have
been announced on SENS.
Johannesburg
23 November 2009
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, J.J.Farkas, E.M. Greenblatt*
(*Non-executive)
Sponsor Transfer Office
Arcay Moela Sponsors Computershare Investor Services
(Proprietary) Limited (Proprietary) Limited
Date: 24/11/2009 07:05:43 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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