| Thu 8 Feb 2001, 0:00 | | Dna - Interim Results For The Six Months Ended 31 |
|
DNA SUPPLY CHAIN INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004875/06)
("DNA")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2000
It helps to know the game plan.
Revenue up 56%
Headline earnings up 81%
Headline eps up 25%
Performance Review
DNA is a supply chain management group offering a comprehensive range of
services to blue chip customers. Our pleasing result at the halfway mark
leaves us both confident and reassured as to the validity of our long term
strategy. The DNA businesses integrate to provide a compelling service
offering to our clients. Our most recent acquisitions, Jumpoint and Sherwood
have been pivotal in this positioning.
The period's activities were characterised by:
* Organic growth through the expansion of existing customer relationships
* Strong performances from all our underlying businesses
* Acquisition of Jumpoint, the market leader in supply chain intellectual
capital and technology implementation
* An increasing awareness and demand from the market place for our supply chain
services on the back of competitive pressures facing existing and prospective
customers
Headline earnings of R26.975 million, an increase of 81% over the previous half
year were achieved on a 56% increase in revenue to R182.758 million.
Growth in headline earnings per share of 25% for the interim period firmly
positions us to achieve our forecast.
Consolidated Income Statement for the 6 months ended 31 December 2000
6 months ended 6 months ended Year ended
31 Dec 2000 31 Dec 1999 30 June 2000
(unaudited) (unaudited) (audited)
R'000's R'000's R'000's
Revenue 182,758 117,409 242,013
Operating income 39,152 22,822 50,921
Net finance charges 1,910 1,492 1,016
Income before taxation 37,242 21,330 49,905
Taxation 8,450 5,305 11,503
Income after taxation 28,792 16,025 38,402
Outside shareholders' interest 1,943 1,105 2,018
Attributable income 26,849 14,920 36,384
Earnings per share (cents) 5.5 4.4 * 8.6
Headline earnings per share (cents) 5.5 4.4 * 8.6
Fully diluted earnings per share (cents) 5.3 4.4 7.5
Fully diluted headline earnings per
share (cents) 5.4 4.4 7.5
Weighted average number of
shares (000's) 487,378 338,589 422,937
Fully diluted number of
shares (000's) 503,930 338,589 487,378
(In anticipation of warrants being achieved)
Headline earnings reconciliation
Attributable income 26,849 14,920 36,384
Adjustment for amortisation of goodwill 126 - -
Headline earnings 26,975 14,920 36,384
* The comparative figures for earnings and headline earnings per share as at
31 December 1999 have been restated from 5.5 cents to 4.4 cents in order to
reflect the effect of shares issued on the achievement of warranted profits.
# SEE PRESS FOR DETAILS
Consolidated Balance Sheet as at 31 December 2000
31 Dec 2000 31 Dec 1999 30 June 2000
(unaudited) (unaudited) (audited)
R'000's R'000's R'000's
ASSETS
Non - current assets
Fixed assets 23,127 12,880 20,452
Goodwill 2,392 - -
Investments and loans 20,744 3,992 3,974
Deferred taxation 1,151 - 1,046
Current assets
Inventories 18,947 13,261 19,673
Accounts receivable - trade 113,802 49,154 63,586
Recoverable disbursements (see note 7) 134,450 128,105 161,783
Bank balances 22,226 17,564 27,333
Total assets 336,839 224,956 297,847
EQUITY AND LIABILITIES
Capital & reserves
Share capital 54 27 54
Share premium 31,497 36,749 32,241
Non - distributable reserves 3,185 111 1,760
Retained income 63,924 15,611 37,075
Outside shareholders' interest 3,572 1,626 1,524
Non - current liabilities
Interest - bearing borrowings 3,348 2,836 1,835
Current liabilities
Bank overdraft 63,327 24,036 6,074
Other interest - bearing borrowings 9,926 - 6,958
Vendor for business acquired - - 35,580
Accounts payable 158,006 143,960 174,746
Total equity & liabilities 336,839 224,956 297,847
Net asset value per share (cents) 19.8 15.5 4.6
Net asset value per share (cents) 20.2 15.5 14.6
Issued number of shares 487,378 338,589 487,378
SEE PRESS FOR DETAILS
Statement of Changes in Equity
Share capital Retained Non distributable Total
& premium income reserves equity
R'000's R'000's R'000's R'000's
Opening balance - 1 July 2000 32,295 37,075 1,760 71,130
Share issue expenses (744) - - (744)
NDR - foreign currency translation
reserve - - 1,425 1,425
Attributable income for the six
months ended 31 December 2000 - 26,849 - 26,849
Balance - 31 December 2000 31,551 63,924 3,185 98,660
Consolidated Cash Flow Statement for the 6 months ended 31 December 2000
6 months ended 6 months ended Year ended
31 Dec 2000 31 Dec 1999 30 June 2000
(unaudited) (unaudited) ( audited )
R'000's R'000's R'000's
Cash flows from operating activities (4,807) (7,676) 23,560
Cash flows from operations 43,025 24,345 55,180
Increase in working capital (36,438) (27,911) (25,714)
Net finance charges (1,910) (1,492) (1,016)
Taxation (9,484) (2,618) (4,890)
Cash flows from investing activities (61,290) 363 (355,143)
Additions to fixed assets - net (7,166) (1,765) (13,638)
"(Increase) decrease in investments, (54,124) 2,128 33,970
loans and vendors for business
acquired
Businesses acquired - - (375,475)
Cash flows from financing activities 3,737 865 352,132
Increase in ordinary share capital - - 42
Increase in share premium - - 356,958
Pre - listing & share issue expenses (744) - (4,738)
Increase in redeemable preference shares - - 6
Increase (decrease) in
interest - bearing 4,481 865 (136)
borrowings
Net (decrease) increase in cash and
cash equivalents (62,360) (6,448) 20,549
Cash and cash equivalents at
beginning of period 21,259 (24) 710
Cash and cash equivalents at end
of period (41,101) (6,472) 21,259
Notes to the Interim Financial Statements
1. These Interim Financial Statements have been prepared in accordance with
Statements of Generally Accepted Accounting Practice.
2. The accounting policies used in the preparation of the Interim Financial
Statements are consistent with those used in the Annual Financial Statements
for the year ended 30 June 2000.
3. The accounting policy for goodwill has been changed in order to comply with
AC 131. With effect from 1 July 2000, goodwill is amortised on a straight line
basis over 10 years. Previously goodwill was written off against share premium
4. Depreciation and amortisation for the Group amounts to R4.617 million (June
2000: R4.259 million and December 1999: R2.009 million).
5. The group has no commitment for future capital expenditure.
6. Revenue is calculated by deducting statutory and other disbursements, made
on behalf of clients, from gross billings.
7. Included in current assets is an amount of approximately R134 million,
representing amounts owing by trade debtors for statutory and other
disbursements (June 2000: R 162 million and Dec 1999: R128 million). Certain
of these disbursements are as yet unpaid and are included in current
liabilities.
Directors
PH Jacobson* (Chairman), SA Conradie (Joint CEO), MJ Kaplan (Joint CEO), PM
Baker, Dr N Binedell*, L Brenner, AG Dandridge, J de Carvalho*, RC Pople, AB
Rubenstein*, M Smeiman, I Shongwe*, R Krishnasamy* (Alternate L Jen-Yuh*)
* non-executive
For and on behalf of the Board
7-Feb-2001
Stephen Conradie (Joint Chief Executive Officer)
Mark Kaplan (Joint Chief Executive Officer)
Registered Office
The Woodlands
Building 16, 1st Floor
Cnr Kelvin and Woodlands Drive
Woodmead
2199
Transfer Secretaries
Computershare Services Limited
Edura House 41 Fox Street
Johannesburg 2001
PO Box 61051 Marshalltown 2107
Visit our website: www.dnasc.com
