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Monteagle Holdings Societe Anonyme - Unaudited Interim Results for the half year
ended 31st March 2005
Unaudited Interim Results for the half year ended 31st March 2005
Monteagle Holdings Societe Anonyme
(`Monteagle`)
(Incorporated in Luxembourg - RC Luxembourg No. B 19600)
Share Code: MTE ISIN Code: LU0035797272
Registered Office:
6 rue Adolphe Fischer,
L-1520, Luxembourg
30 June 2005
Dear Shareholder,
INTERIM REPORT 2005
We are pleased to be able to report a successful half-year and further
significant growth in our import, export and distribution businesses, while
income from our investment portfolios in the form of dividends and interest also
increased.
Results
Group revenue is up 20% to US$36,689,000 for the six months to 31st March 2005,
compared to US$30,656,000.
Profit before tax and exceptional items is up 5% to US$1,569,000 from
US$1,493,000.
Exceptional income has increased 109% to US$1,340,000.
Earnings per share have increased 28% to US 27c from US 21c last year
Headline earnings per share for this half year were US 8c compared to US 2c for
the second half of last year and US$ 11c in the first half of last year.
Net assets attributable to shareholders are up 9% to US$5.55 per share from
US$5.11 at 30th September of which US$4.08 are held outside Africa. Our
remaining assets of US$1.47 per share are now held entirely in South Africa.
Import, Export & Distribution
Turnover and volumes at our shipping and distribution businesses have increased
considerably during the six month period under review. We are continuing our
policy of building a broad spread of long-term partnerships with suppliers and
customers on an international basis, driving substantial year on year growth in
private label food and non-food product sales. Our primary focus is to be the
global supplier of choice for private label business which is being achieved
through the effective establishment of strategic customer focused partnerships
with retailers and wholesalers in our core markets namely South Africa, Japan
and Australia.
Our tool import and distribution businesses in South Africa and Australia have
continued to show strong growth in sales and volumes during the six months under
review with the successful implementation of improved supply chain lead times
being a significant contributing factor. New product lines and ranges aligned to
the ever changing market requirements are being developed on a continual basis
to ensure that we remain competitive at all times in these markets.
Property Portfolio
Our multi-tenanted industrial property in California is fully let and producing
satisfactory returns. The property market in California remains buoyant and we
continue to search for another suitable property capable of generating the
required yield. Rental income from South Africa improved in US dollar terms.
Investment Portfolio
The Group`s diverse portfolio of equities appreciated in value during the past
six months and dividend income increased. We remain invested in quality
equities in the major first world markets. Our stance on equities is neutral
for the remainder of the year.
Conafex (listed subsidiary 62% owned)
Conafex Holdings Soci Anonyme (`Conafex`) sold its 50% stake in Coffee, Tea
and Chocolate Company (Pty) Limited, based in Cape Town during the period,
realising a gain before tax of US$543,000 on its cost in November 2003 of
US$1,114,000. US$500,000 has been invested to acquire a 26.86% holding in
Grassroots Group (Pty) Limited. The Grassroots Group, based in Cape Town, is
uniquely positioned as a leader in the field of aromatic and medicinal plants
indigenous to South Africa. It is structured into five divisions specialising
in essential oils, plant propagation, medical plants, honeybush tea, and the
harvesting, drying and packaging of natural products. Most of the group`s
products are exported.
Conafex`s other main investment is a 17.5% stake in Intertrading Limited, a
company listed on the JSE Securities Exchange South Africa. Intertrading
procures a range of fresh South African agricultural produce that it markets
internationally, and also provides freight forwarding and logistic services for
the export of perishable cargo from South Africa. Our concert party partner,
Katop International Soci Anonyme recently increased its shareholding to 35%
of Intertrading, giving us joint control.
Halogen (listed associate 49.95% owned)
Halogen Holdings Soci Anonyme (formerly Falcon Investment Holdings Soci
Anonyme) continues to seek an established profitable business in the United
Kingdom in which it can re-invest its US$3.8m cash balances.
The future of the gold mines in Zimbabwe remains dependent on that Government`s
policy for the amount that it pays to compulsorily acquire the gold that we
produce.
Group Staff
Once again we would like to thank all our employees for their hard work and the
contribution that they have made which has produced these excellent results.
Net Assets
Group net assets have increased substantially. They now stand at US$5.55 per
share (US$34,950,000 at market value, net of minority interests and proposed
dividends), compared to US$5.11 per share (US$32,166,000) at 30th September
2004, and US$5.08 per share (US$31,977,000) a year ago. Net assets outside
Africa now stand at US$25,682,000, which equates to US$4.08 per share compared
to US$3.86 per share (ex-dividend) at September 2004.
Prospects
Our investment in import, export and distribution businesses continues to show
good returns, and further progress is being made by Conafex and Halogen to
broaden the base and diversity of their investments.
J.M. Robotham, D.C. Marshall
Chairman Chief Executive
Consolidated group profit and loss account
Half years ended Year ended
31st 30th
March September
2005 2004 2004
Notes Unaudited Unaudited Audited
US$000 US$000 US$000
Group revenue 2 36,689 30,656 63,700
Operating costs (35,421) (29,283) (60,756)
Operating profit 1,268 1,373 2,944
Share of associated
companies` results 45 86 (1)
Income from Zimbabwean
investments
- dividends 7 - 131
Income from investments 149
- dividends 89 308
- interest 129 114 306
1,598 1,662 3,688
Interest paid and similar (344) (387) (969)
charges
Realised exchange 315 218 139
gains/(losses)
Profit on ordinary
activities before
exceptional items and
taxation 1,569 1,493 2,858
Exceptional items 3 1,340 640 1,539
Profit before taxation 2,909 2,133 4,397
Provision against
investment in Zimbabwe - - (8,444)
2 2,909 2,133 (4,047)
Taxation (567) (422) (1,168)
Profit after taxation 2,342 1,711 (5,215)
Attributable to outside
shareholders (617) (418) 2,261
PROFIT ATTRIBUTABLE TO
SHAREHOLDERS 1,725 1,293 (2,954)
Dividend per share (US
cents) - - 7.0 c
Earnings/(loss) per share 4
(US cents) - basic 27c 21c (47)
Headline earnings per 4
share (US cents) 8c 11c 13 c
Reconciliation of
headline earnings per
share
Basic earnings per share 27 c 21 c (47)c
(US cents)
Less exceptional items, net of (19)c (10)c (60)c
tax and minority interests (US
cents)
Headline earnings/(loss) per 8 c 11 c 13 c
share (US cents)
Changes in equity
Net profit/(loss) for the period 1,725 1,293 (2,954
)
Exchange differences 754 630 (237)
Group share of unrealised gains on 746 809 6,092
investments and property revaluations
Dividend approved for the prior year (441) (378) (378)
Total recognised profits 2,784 2,354 2,523
Shareholders` funds at start of period 32,166 29,643 29,643
Shareholders` funds at end of period 34,950 31,977 32,166
Consolidated group balance sheet
31st March 30th
September
2005 2004 2004
Unaudited Unaudited
US$000 US$000 US$000
Fixed assets
Tangible fixed assets 14,572 11,855 14,244
Investments
Listed associates 2,243 1,769 2,156
Listed - other 13,348 8,600 11,298
Unconsolidated - 8,444 -
subsidiary
Unlisted associates 799 1,172 259
Other unlisted 402 402 402
Intangibles - trade - 295 296
marks
31,364 32,537 28,655
Current assets
Inventories 10,471 7,903 9,841
Accounts receivable 13,981 12,594 13,231
Cash 6,284 7,226 7,857
30,736 27,723 30,929
Current liabilities
Accounts payable (16,550) (14,406) (17,628)
(falling due within one
year)
Net current assets 14,186 13,317 13,301
Total assets less 45,550 45,854 41,956
current liabilities
Accounts payable (5,095) (6,214) (5,116)
(falling due after more
than one year)
Provisions for 233 115 155
liabilities and deferred
taxation
40,688 39,755 36,995
Capital and reserves
Share capital 9,450 9,450 9,450
Other reserves 12,536 9,475 11,349
Retained earnings 12,964 13,052 11,367
Shareholders` funds 34,950 31,977 32,166
Minority interests 5,738 7,778 4,829
40,688 39,755 36,995
Net Assets per Share US$5.55 US$5.08 US$5.11
Consolidated cash flow statement
Half years ended Year ended
31st March 30th
September
2005 2004 2004
Unaudited Unaudited
US$000 US$000 US$000
Operating activities
Cash generated from 1,656 207 636
operating activities
Interest paid (344) (387) (969)
Taxation paid (604) (103) (807)
Net cash inflow/(outflow) 708 (283) (1,140)
from operating activities
Investment activities
Purchase of tangible fixed (238) (2,462) (2,149)
assets
Purchase of investments (3,477) (1,674) (3,085)
Disposal of tangible fixed 179 1,298 1,254
assets
Disposal of investments 901 627 3,243
Interest received and other 278 203 614
investment income
Dividends received from 7 - 131
Zimbabwe investments
Net cash (outflow)/inflow (2,350) (2,008) 8
from investment activities
Net cash outflow before (1,642) (2,291) (1,132)
financing
Financing activities
Net increase in long term 77 1,279 90
debt
Dividend paid - group - - (378)
- minority shareholders - (5) (22)
Net cash inflow/(outflow) 77 1,274 (310)
from financing activities
Net decrease in funds (1,565) (1,017) (1,442)
Net funds at start of period 4,957 6,314 6,314
Effect of foreign exchange (279) 128 85
rates
Net funds at end of period 3,113 5,425 4,957
Notes to the interim statement
1. The results and the cash flow statement for the half-year ended 31st March
2005 are unaudited and have been prepared on the basis of accounting policies
adopted in the accounts for the year ended 30th September 2004 and comply with
International Financial Reporting Standards and Luxembourg law. The results for
the year to 30th September 2004 are an abridged version of the Group`s full
accounts for that year, which have been filed with the relevant authorities.
2. The segmental analysis of revenue and operating profit is as follows: -
Half years ended 31st March Year ended
30th
September
2005 2004 2004
US$ 000 US$ 000 US$ 000
Revenue Result Reven Result Revenu Result
ue e
Analysed by
activity:-
Import/distribu 32,555 1,844 28,30 1,739 58,191 3,878
tion 3
Property 707 71 512 164 1,197 212
Food production 3,283 347 1,580 197 3,976 (176)
and processing
Other 144 939 261 409 336 501
36,689 3,201 30,65 2,509 63,700 4,415
6
Income from 7 - 131
Zimbabwean
investment
Share of
associated
companies
results:-
Food production 45 11 (26)
and processing
Mining - - 846
Exceptional
provision - - (8,444
against )
Zimbabwean
investment
Interest paid (344) (387) (969)
Profit before 2,909 2,133 (4,047
tax )
3. The exceptional items arise from the following.
31st March 30th
September
2005 2004 2004
US$000 US$000 US$000
Surplus on disposal of listed and 1,049 208 625
unlisted investments
Surplus on disposals of tangible fixed 2 65 28
assets
Release of/(charge for) provisions 326 367 883
against investments
Expenses of potential acquisitions (37)
Share of associated company`s exceptional - - 3
item, less provision
Net exceptional items 1,340 640 1,539
Earnings per share are based on profits attributable to members and on the
average of 6,300,000 shares in issue during the period. Headline earnings per
share exclude extraordinary items after tax net of minority interests.
5. Net assets per share are based on Shareholders` funds after allowance for
proposed dividends, divided by the number of shares in issue of 6,300,000 at the
period end.
6. There was capital expenditure of US$238,000 during the period (2004 -
US$2,462,000, including US$1,717,000 in respect of the acquisition of new
premises). There was no contracted, nor outstanding authorised capital
expenditure at the balance sheet date.
Date: 30/06/2005 07:57:53 AM
Produced by the JSE SENS Department
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