| Wed 7 Feb 2001, 0:00 | | Concor - Interim Report For The Six Months Ended 3 |
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CONCOR LIMITED
(Registration number 1969/003076/06)
(Incorporated in the Republic of South Africa)
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 December 2000
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
six months six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
Revenue 583 509 577 331 1 080 770
Operating income/(loss) before
depreciation 19 356 (19 069) (22 390)
Depreciation 11 968 13 358 28 004
Operating income/(loss) 7 388 (32 427) (50 394)
Interest received 5 374 8 190 15 975
Interest paid (10 603) (4 663) (17 786)
Income/(Loss) before taxation 2 159 (28 900) 52 205)
Taxation 326 1 137 (6 451)
Income/(Loss) after taxation 1 833 (30 037) (45 754)
Share of associated companies' losses (820) (3 900) (7 585)
Outside shareholders' interest (247) (211) (633)
Earnings/(Loss) attributable to
ordinary shareholders 766 (34 148) (53 972)
Non-trading items - - -
Headline earnings/(loss) attributable
to ordinary shareholders 766 (34 148) (53 972)
Number of shares in issue 13 347 594 13 347 594 13 347 594
Headline earnings/(loss) per
share (cents) 5,7 (255,8) (404,4)
SUMMARISED CONSOLIDATED BALANCE SHEET
As at As at As at
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
Fixed assets 60 726 68 808 60 190
Unlisted investments 74 193 63 380 73 110
Deferred tax asset 9 471 - 9 652
Current assets 420 252 349 683 411 306
Deposits and cash 61 012 84 064 40 960
Other current assets 359 240 265 619 370 346
Total assets 564 642 481 871 554 258
Current liabilities 265 047 244 340 314 266
Employment of capital 299 595 237 531 239 992
Shareholders' equity 140 610 159 668 139 844
Outside shareholders' interest 3 530 3 051 3 283
Deferred taxation - - 311
Interest bearing debt 155 455 74 812 96 554
Capital employed 299 595 237 531 239 992
Net asset value per share (cents) 1 053 1 196 1 048
ABRIDGED CASH FLOW STATEMENT
Unaudited Unaudited
six months six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
Operating activities (26 236) (4 394) (46 407)
Cash generated/(utilised) by operations 17 562 (24 678) (23 315)
Net interest (paid)/received (5 229) 3 527 (1 811)
Working capital (utilised)/generated (38 237) 21 794 (10 397)
Taxation paid (332) (2 234) (8 081)
Dividends paid - (2 803) (2 803)
Investment activities (12 613) (20 939) (43 772)
Fixed assets net of disposals (10 710) (11 520) (16 848)
Associated companies and unlisted
investments (1 903) (9 419) (26 924)
Net cash utilised (38 849) (25 333) (90 179)
Financing activities
Increase in interest bearing debt 58 901 4 257 25 999
Increase/(Decrease) in deposits and cash 20 052 (21 076) (64 180)
STATEMENT OF CHANGES IN EQUITY
Non-
Share capital Retained distributable
and premium income reserves Total
R'000 R'000 R'000 R'000
Balance at 1 July 1999 58 314 134 164 1 338 193 816
Net loss attributable to shareholders
to 30 June 2000 (53 972) (53 972)
Losses in associates transferred 1 338 (1 338)
Balance at 1 July 2000 58 314 81 530 139 844
Net income attributable to shareholders
to 31 December 2000 766 766
Balance at 31 December 2000 58 314 82 296 140 610
Notes
1. Compliance with GAAP
These interim results have been compiled in accordance with Statements of
Generally Accepted
Accounting Practices in South Africa.
2. Accounting policies
The same accounting policies and methods of computation have been used in
the preparation of
these interim financial statements as were used in the annual financial
statements to 30 June
2000.
COMMENTS
PERFORMANCE
During the half year, Concor has made good progress towards a return to
profitability.
While the order book has improved, trading conditions in general remain
difficult. The repositioning of Concor however, to perform in difficult market
conditions, has been completed.
Highlights for the period
* Concor, with its Joint Venture partners, have secured the R400 million
Johannesburg International Airport Domestic Terminal contract. Construction has
commenced.
* The R300 million privatised Louis Trichardt Prison is now under construction
following the recently successfully completed R350 million Kokstad Prison.
* Development properties to the value of R120 million have been sold with a
further R50 million expected to be sold by year-end. As a consequence we
anticipate a reduction of R90 million in interest bearing debt by the end of
the year.
* The full closure cost of the Property Development division has been provided
for and is expected to be completed by year-end.
* Our Mining and Technicrete divisions have increased their volumes and made a
positive contribution to the Group.
* Final negotiations for the R2,7 billion N4 Platinum Toll Road, in joint
venture with others, have reached an advanced stage and the project is expected
to commence soon.
* Previously unresolved claims have been substantially settled except for the
Injaka Bridge dispute. In the interim all costs have been fully provided for.
Concor remains confident of a favourable outcome.
* The implementation of an ERP management and accounting system is well
advanced and will be completed by year-end.
PROSPECTS
There has been a marginal improvement in enquiry levels. Improved performance
will continue to come more from operational efficiency. Progress in securing
contracts outside the RSA borders is deliberate and showing some pleasing
results.
The order book has steadily improved to R650 million and is forecast to improve
further.
Hochtief, Concor's major shareholder continues to enhance its level of support
and assistance.
At the end of December, Mr Neill O Davies retired as Chairman of the Group and
will remain on the board as a non-executive director. Mr Gavin H Hardy was
appointed as Executive Chairman and Mr John V Willmott Chief Executive Officer
of the Concor Group.
GH Hardy JV Willmott
Executive Chairman Chief Executive Officer 6 February 2001
DISTRIBUTION TO SHAREHOLDERS
The board has decided not to declare a dividend.
By order of the board
RC Davies
Secretary
Directors: GH Hardy (Executive Chairman), JV Willmott (Chief Executive
Officer), AJ Bester,
PTW Curtis, NO Davies, PRA Ferguson, FW Keller, N Lommatzsch, GL Mullany,
Registered office: Concor House, 13 Church Street Ext, Crown Industria,
Johannesburg 2001
(PO Box 8259, Johannesburg 2000)
Transfer secretaries: Mercantile Registrars Limited, First National House, 11
Diagonal Street, Johannesburg 2001 (PO Box 1053, Johannesburg 2000)
