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MST
MST
MST - Mustek Limited - Abridged audited financial results for the year
ended 30 June 2011
Mustek Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST
ISIN: ZAE000012373
("Mustek" the company "or "the Group")
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2011
Headline earnings per share up 55%
Dividend up by 42% to 17 cents per share
Net finance costs reduced by 44% to R21,3 million
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2011 2010
R 000 R 000
(Restated)
Revenue 3 506 373 3 409 515
Cost of sales (2 990 485) (2 923 883)
Gross profit 515 888 485 632
Other income 24 075 20 626
Distribution, administrative and (384 826) (378 227)
other operating expenses
Profit from operations 155 137 128 031
Investment revenues 7 302 15 269
Finance costs (28 627) (53 132)
Other losses (1 413) (2 480)
Share of profit of associates 263 -
Profit before tax 132 662 87 688
Income tax expense (36 624) (23 228)
Profit for the year 96 038 64 460
Other comprehensive income
Exchange losses on translation of (3 884) (2 322)
foreign operations
Other comprehensive income for the (3 884) (2 322)
year, net of tax
Total comprehensive income for the 92 154 62 138
year
Profit attributable to:
Equity holders of the parent 94 623 61 439
Non-controlling interest 1 415 3 021
96 038 64 460
Total comprehensive income
attributable to:
Equity holders of the parent 90 733 59 048
Non-controlling interest 1 421 3 090
92 154 62 138
Earnings and dividend per share
(cents)
Weighted number of ordinary shares in 109 547 165 110 254 438
issue
Ordinary shares in issue 109 547 165 109 547 165
Basic earnings per ordinary share 86,38 55,72
Diluted basic earnings per ordinary 86,38 55,72
share
Dividend per ordinary share - paid 12,00 10,00
Dividend per ordinary share - 17,00 12,00
proposed
Headline earnings per share (cents)
Headline earnings per ordinary share 89,39 57,84
Diluted headline earnings per 89,39 57,84
ordinary share
Reconciliation between basic and
headline earnings
Basic earnings attributable to equity 94 623 61 439
holders of the parent
Group`s share of loss on disposal of 1 672 742
property, plant and equipment
Loss on disposal of subsidiary - 1 595
Impairment of distribution right 1 757 -
Impairment of associate and other 2 036 -
loans
Foreign exchange gains on liquidation (2 167) -
of foreign subsidiary
Headline earnings 97 921 63 776
Net asset value per share (cents) 633,27 563,41
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2011 2010 2009
R 000 R 000 R 000
(Restated) (Restated)
ASSETS
Non-current assets
Property, plant and equipment 128 333 143 602 158 024
Intangible assets 67 813 72 114 64 667
Investments in associates 8 589 6 364 5 708
Other investments and loans 33 588 36 009 34 324
Deferred tax asset 23 925 22 025 24 376
Non-current trade and other - 2 619 15 652
receivables
262 248 282 733 302 751
Current assets
Inventories 646 023 574 479 652 115
Trade and other receivables 556 134 591 200 518 524
Foreign currency assets 1 620 2 057 1 604
Tax assets 7 727 12 884 2 890
Bank balances and cash 195 787 259 953 338 605
1 407 291 1 440 573 1 513 738
TOTAL ASSETS 1 669 539 1 723 306 1 816 489
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 877 877 884
Ordinary share premium 122 823 122 484 123 583
Retained earnings 576 181 492 818 442 424
Non-distributable reserve 2 725 4 116 4 116
Foreign currency translation (8 872) (3 096) (705)
reserve
Equity attributable to equity 693 734 617 199 570 302
holders of the parent
Non-controlling interest 18 940 24 552 18 488
Total equity 712 674 641 751 588 790
Non-current liabilities
Long-term borrowings 86 598 132 514 305 616
Deferred tax liabilities 5 243 3 591 2 192
91 841 136 105 307 808
Current liabilities
Short-term borrowings 58 741 77 518 115 138
Trade and other payables 723 604 732 538 628 833
Provisions 21 244 15 056 15 448
Foreign currency liabilities 2 185 161 36 846
Deferred income 22 479 20 507 26 034
Tax liabilities 5 066 13 847 6 818
Bank overdrafts 31 705 85 823 90 774
865 024 945 450 919 891
Total liabilities 956 865 1 081 555 1 227 699
TOTAL EQUITY AND LIABILITIES 1 669 539 1 723 306 1 816 489
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
2011 2010
R 000 R 000
Operating activities
Cash receipts from customers 3 531 452 3 353 070
Cash paid to suppliers and employees (3 405 981) (3 122 539)
Net cash from operations 125 471 230 531
Investment revenues received 7 302 14 553
Finance costs paid (28 627) (53 132)
Dividends received - 716
Dividends paid (13 146) (11 045)
Income taxes paid (40 507) (22 229)
Net cash from operating activities 50 493 159 394
Net cash used in investing activities (12 749) (23 062)
Net cash used in financing activities (101 910) (214 984)
Net decrease in cash and cash (64 166) (78 652)
equivalents
Cash and cash equivalents at beginning 259 953 338 605
of the year
Cash and cash equivalents at the end of 195 787 259 953
the year
CONDENSED SEGMENT ANALYSIS
Total Mustek
2011 2010 2011 2010
R 000 R 000 R 000 R 000
Business segments (Restated) (Restated)
Revenue 3 506 373 3 409 515 1 630 697 1 586 923
EBITDA* 178 804 154 513 114 551 84 979
Depreciation and (23 667) (26 482) (13 142) (15 401)
amortisation
Profit (loss) from 155 137 128 031 101 409 69 578
operations
Investment 7 302 15 269 10 437 18 459
revenues
Finance costs (28 627) (53 132) (8 058) (32 246)
Other losses (1 413) (2 480) (1 278) -
Share of profit of 263 - - -
associates
Profit (loss) 132 662 87 688 102 510 55 791
before tax
Income tax (36 624) (23 228) (28 906) (17 110)
(expense) benefit
Profit (loss) for 96 038 64 460 73 604 38 681
the year
Attributable to:
Equity holders of 94 623 61 439 75 780 38 612
the parent
Non-controlling 1 415 3 021 (2 176) 69
interest
96 038 64 460 73 604 38 681
*Earnings before interest, taxation, depreciation and amortisation
CONDENSED SEGMENT ANALYSIS (continued)
Rectron Comztek
2011 2010 2011 2010
Business segments R 000 R 000 R 000 R 000
Revenue 1 461 322 1 482 928 494 468 394 981
EBITDA* 59 055 68 846 17 725 10 593
Depreciation and (8 021) (9 381) (2 504) (1 700)
amortisation
Profit (loss) from 51 034 59 465 15 221 8 893
operations
Investment revenues 5 157 5 374 603 1 265
Finance costs (12 544) (13 484) (7 585) (6 103)
Other losses - - - -
Share of profit of - - - -
associates
Profit (loss) before tax 43 647 51 355 8 239 4 055
Income tax (expense) (12 220) (12 729) (1 584) 28
benefit
Profit (loss) for the 31 427 38 626 6 655 4 083
year
Attributable to:
Equity holders of the 28 615 35 440 5 876 4 317
parent
Non-controlling interest 2 812 3 186 779 (234)
31 427 38 626 6 655 4 083
*Earnings before interest, taxation, depreciation and amortisation
CONDENSED SEGMENT ANALYSIS (continued)
Group Eliminations
2011 2010 2011 2010
Business segments R 000 R 000 R 000 R 000
Revenue - - (80 114) (55 317)
EBITDA* (12 527) (9 905) - -
Depreciation and - - - -
amortisation
Profit (loss) from (12 527) (9 905) - -
operations
Investment revenues 276 563 (9 171) (10 392)
Finance costs (9 611) (11 691) 9 171 10 392
Other losses (135) (2 480) - -
Share of profit of 263 - - -
associates
Profit (loss) before (21 734) (23 513) - -
tax
Income tax (expense) 6 086 6 583 -
benefit
Profit (loss) for (15 648) (16 930) - -
the year
Attributable to:
Equity holders of (15 648) (16 930) - -
the parent
Non-controlling - - - -
interest
(15 648) (16 930) - -
*Earnings before interest, taxation, depreciation and amortisation
CONDENSED SEGMENT ANALYSIS (continued)
Total South Africa
2011 2010 2011 2010
R 000 R 000 R 000 R 000
Geographical (Restated)
segments
Revenue 3 506 373 3 409 515 3 256 012 3 181 285
Profit (loss) 132 662 87 688 127 462 86 900
before tax
Income tax (36 624) (23 228) (35 167) (22 944)
(expense)
benefit
Profit (loss) 96 038 64 460 92 295 63 956
for the year
Attributable to:
Equity holders 94 623 61 439 92 609 62 343
of the parent
Non-controlling 1 415 3 021 (314) 1 613
interest
96 038 64 460 92 295 63 956
CONDENSED SEGMENT ANALYSIS (continued)
Mustek East Africa Rectron Australia
2011 2010 2011 2010
R 000 R 000 R 000 R 000
Geographical (Restated)
segments
Revenue 24 652 27 200 124 455 121 937
Profit (loss) (407) (142) 4 091 2 860
before tax
Income tax 269 (675) (29)
(expense)
benefit
Profit (loss) (407) 127 3 416 2 831
for the year
Attributable
to:
Equity (407) 127 1 708 1 415
holders of
the parent
Non- - - 1 708 1 416
controlling
interest
(407) 127 3 416 2 831
CONDENSED SEGMENT ANALYSIS (continued)
Comztek Africa
2011 2010
R 000 R 000
Geographical segments
Revenue 101 254 79 093
Profit (loss) before tax 1 516 (1 930)
Income tax (expense) benefit (782) (524)
Profit (loss) for the year 734 (2 454)
Attributable to:
Equity holders of the parent 713 (2 446)
Non-controlling interest 21 (8)
734 (2 454)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Ordinary
share share Retained
capital premium earnings
R 000 R 000 R 000
Balance at 30 June 2009 - 884 123 583 447 294
As previously reported
Reversal of revaluation and - - -
deferred tax
Reclassification of at acquisition - - (4 870)
revaluations net of deferred tax
Balance at 30 June 2009 - Restated 884 123 583 442 424
Net profit for the year - - 61 439
Other comprehensive income - - -
Recognition of share-based payments - 1 421 -
Dividends paid - - (11 045)
Investment in subsidiary - - --
Buy back of ordinary shares (7) (2 520) -
Balance at 30 June 2010 877 122 484 492 818
Net profit for the year - - 94 623
Other comprehensive income - - -
Premium on acquisition of - - -
additional shareholding in a
controlled entity
Recognition of share-based payments - 339 -
Dividends paid - - (13 146)
Investment in subsidiary - - -
Disposal of subsidiary - - -
Realisation of foreign exchange -- - 985
gains on liquidation of foreign
subsidiary
Other adjustments - - 901
Balance at 30 June 2011 877 122 823 576 181
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Foreign
Property Non- currency
revaluation distributable translation
reserve reserve reserve
R 000 R 000 R 000
Balance at 30 June 2009 12 048 - (1 605)
- As previously reported
Reversal of revaluation (12 048) 146 -
and deferred tax
Reclassification of at - 3 970 900
acquisition revaluations
net of deferred tax
Balance at 30 June 2009 - 4 116 (705)
- Restated
Net profit for the year - - -
Other comprehensive - - (2 391)
income
Recognition of share- - - -
based payments
Dividends paid - - -
Investment in subsidiary - - -
Buy back of ordinary -- - -
shares
Balance at 30 June 2010 - 4 116 (3 096)
Net profit for the year - - 0
Other comprehensive - - (3 890)
income
Premium on acquisition - (1 391) -
of additional
shareholding in a
controlled entity
Recognition of share- - - -
based payments
Dividends paid - - -
Investment in subsidiary - - -
Disposal of subsidiary - - -
Realisation of foreign - - (985)
exchange gains on
liquidation of foreign
subsidiary
Other adjustments - - (901)
Balance at 30 June 2011 - 2 725 (8 872)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Attributable
to equity Non-
holders of controlling
the parent interest Total
R 000 R 000 R 000
Balance at 30 June 2009 - 582 204 18 488 600 692
As previously reported
Reversal of revaluation and (11 902) - (11 902)
deferred tax
Reclassification of at - - -
acquisition revaluations net
of deferred tax
Balance at 30 June 2009 - 570 302 18 488 588 790
Restated
Net profit for the year 61 439 3 021 64 460
Other comprehensive income (2 391) 69 (2 322)
Recognition of share-based 1 421 - 1 421
payments
Dividends paid (11 045) - (11 045)
Investment in subsidiary - 2 974 2 974
Buy back of ordinary shares (2 527) - (2 527)
Balance at 30 June 2010 617 199 24 552 641 751
Net profit for the year 94 623 1 415 96 038
Other comprehensive income (3 890) 6 (3 884)
Premium on acquisition of (1 391) - (1 391)
additional shareholding in a
controlled entity
Recognition of share-based 339 - 339
payments
Dividends paid (13 146) - (13 146)
Investment in subsidiary - (506) (506)
Disposal of subsidiary - (6 527) (6 527)
Realisation of foreign - - -
exchange gains on
liquidation of foreign
subsidiary
Other adjustments - - -
Balance at 30 June 2011 693 734 18 940 712 674
Commentary
1. Statement of compliance
These abridged financial statements for the year ended 30 June 2011 are
a summary of the Group`s unmodified audited annual 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 accounting policies applied in the preparation of the audited
financial statements and these abridged audited financial results, which
are based on reasonable judgements and estimates, are in accordance with
IFRS. These are consistent with those applied in the annual financial
statements for the year ended 30 June 2010, except for a change in the
accounting policy adopted for the measurement of property, plant and
equipment from the revaluation model to the cost model as allowed in IAS
16 - Property, Plant and Equipment, for the year ended 30 June 2011.
The change in accounting policy has resulted in the restatement of the
following statement of financial position balances as at 30 June 2009
and 30 June 2010 respectively:
Property, Deferred Deferred Property
R 000 plant and tax tax revaluation
Dr (Cr) equipment asset liability reserve
30 June 2009 - 171 616 24 044 (3 550) (12 048)
balance as
previously reported
Cumulative (13 592) 332 1 358 12 048
restatement impact
30 June 2009 - 158 024 24 376 (2 192) -
restated balance
30 June 2010 - 2010 182 499 21 545 (8 373) (34 159)
balance as
previously reported
Cumulative (38 897) 480 4 782 34 159
restatement impact
30 June 2010 - 143 602 22 025 (3 591) -
restated balance
Foreign
Non- currency
R 000 distributable Retained translation
Dr (Cr) reserve earnings reserve
30 June 2009 - balance as - (447 294) 1 605
previously reported
Cumulative restatement (4 116) 4 870 (900)
impact
30 June 2009 - restated (4 116) (442 424) 705
balance
30 June 2010 - 2010 - (497 623) 4 309
balance as previously
reported
Cumulative restatement (4 116) 4 805 (1 213)
impact
30 June 2010 - restated (4 116) (492 818) 3 096
balance
There was no effect on net cash flow resulting from the restatement.
3. Audit report
The consolidated financial statements for the year ended 30 June 2011
have been audited by Deloitte & Touche and their accompanying unmodified
audit report as well as their unmodified audit report for this set of
abridged 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
King III 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
No changes were made to the board during the year under review. Total
remuneration paid to directors for the year under review amounted to
R8,4 million (2010: R6,1 million) and share-based payments of R0,4
million (2010: R0,9 million) were expensed relating to directors.
7. Cash flow
Cash generated from operating activities of R50,5 million (2010: R159,4
million) was mainly used to reduce bank overdrafts and pay down short-
term debt and long-term debt. This resulted in a reduction in net
finance costs of 43,7%. Cash generated from the continued drive to
improve working capital management will be used to reduce short-term
borrowings further.
8. Corporate activities
The Group acquired a further 25% of Digital Surveillance Systems
(Proprietary) Limited on 1 December 2010 for R1,9 million and acquired a
40% stake in Continuous Power Systems (Proprietary) Limited on 14
December 2010 for a nominal amount after advancing a loan of R1,3
million.
On 1 January 2011, the Group disposed of its 60% stake in Corex IT
Distribution Dynamics (Proprietary) Limited for a total cash
consideration of R9,8 million.
9. Operating results
Headline earnings per share attributable to ordinary shareholders
increased by 54,5% to 89,39 cents (2010: 57,84 cents).
Volumes increased by approximately 10%, but a significantly stronger
average exchange rate of R7,01 to the US dollar compared to R7,59 in the
previous financial year, negatively affected revenue and restricted
revenue growth to 2,8%.
Despite the stronger rand, which normally leads to downward pressure on
gross profit margins, the Group managed to increase its gross profit
margin from 14,2% to 14,7%.
Distribution, administrative and other operating expenses (excluding
foreign exchange profits and losses) were well controlled and increased
by only 1,7%.
The Mustek segment contributed R75,8 million (2010: R38,6 million) to
the Group`s net profit despite tough trading conditions with technology
becoming more commoditised and consumers spending less. Sound financial
management, inventory optimisation and a renewed focus on customers
contributed to the continued success.
10. Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and
payments to the plan are expensed 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
Windows 7 has recently seen its first service pack and in the coming
months Microsoft will be lifting the wraps on Windows 8. Traditionally,
this has been the point in the operating system lifecycle where all of
those companies that have not yet made the switch to the latest
platforms begin their rollouts in earnest. As things stand, these
companies represent the largest portion of the local market and Mustek
believes the market can expect there to be a veritable surge in
activity.
It is not just about the software though. In order for them to account
for the more demanding nature of the software, companies will have to
embark on substantial upgrade projects, either increasing the RAM and
storage space available within their current PC fleets, or replacing
older hardware with new models. It is Mustek`s belief that the latter
will be the more likely route, considering that the average selling
prices of new notebooks and desktops haven`t been more attractive for
customers than what they are at present.
While on the topic of client computing, it has become obvious over the
past year to 18 months that the netbook is on its way out and the ultra-
portable platform will be the domain of the tablet computer. This is
great news for the market, because netbooks and notebooks were
challenging to divide into separate categories. Tablets are clearly
different from notebooks, so there is no confusion about what they are
ideal for. Tablets are predominantly media consumption devices, whereas
notebooks are for content creation. This means the two categories
complement each other well and it is plausible that users will in time
own one of each.
This trend will be further reinforced by the fact that wireless data
connectivity has finally become a viable alternative to terrestrial
connectivity for the masses. Cellular data connections are today far
more cost effective than ADSL in certain brackets, for example with
users with average usage between the 5GB and 10GB levels and no more
than R300 per month to spend on connectivity. Mustek is pleased to note
this kind of activity in the market, since it makes the Internet more
accessible to the average South African buyer and this in itself, lowers
the total cost of ownership (and increases the attractiveness)
associated with notebooks, desktops and the like. Interestingly enough,
operators` device bundling deals are not as attractive as they were in
previous years, leading Mustek to believe that customers will for the
foreseeable future procure their connectivity and hardware through
separate channels.
Rounding the market trends out, it seems as if the cloud era is finally
reaching South African shores. Due to trust issues associated with South
African corporate culture, Mustek sees large corporates and enterprise
customers experimenting by co-locating their infrastructure in their
ISP`s datacentre, but not yet fully taking the plunge by renting their
infrastructure like a utility. The SMB market is a different story
however. Here it is proving to be more cost-effective for a customer to
rent an e-mail account, and licences for collaboration software, ERP and
CRM packages from a single party each month than to install and maintain
those solutions, along with the underlying hardware on their own. For
this reason, Mustek is exploring ways to unlock this kind of
functionality for its channel and expects to have some exciting
announcements in the next two quarters.
12. Company outlook
The company is focusing on increasing volumes as it remains a driver of
performance across our operations.
The Group is placing increased focus on working capital management in
order to reduce finance costs further.
With the addition of Acer and Lenovo to Toshiba and Mecer over the past
six months, Mustek has become one of the most preferred distributors for
the local reseller community to do business with. Not only does the
company now have an expanded product portfolio to offer its customers,
it`s finally in a position to offer customers increased choice. For
customers that have relatively generic technology requirements, but
aren`t prepared to compromise on quality there`s Acer, Lenovo and
Toshiba - three of the world`s top brands - to choose from. For
customers that have more specific requirements and want to exercise a
deeper level of control over the hardware platforms, Mustek can build
configurations to exacting customer requirements through the Mecer
brand. The company believes this strategy will serve it extremely well
over the coming years.
Mustek`s outlook remains focused on sustainable growth. Opportunities
for further optimisation, improved production, further consolidation and
cost management are being pursued. Enhanced cash flow will be used
prudently to further reduce our debt.
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 commitment to optimal cash utilisation will mean that
cash generated by the operations will be used to fund growth and reduce
debt. To this end, the final dividend declared by the board of directors
for the financial year ended 30 June 2011 has been increased to 17 cents
(2010: 12 cents) per share.
Notice is hereby given that a final dividend of 17 cents per ordinary
share for the year ended 30 June 2011 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, 23 September 2011
First day to trade ex dividend Monday, 26 September 2011
Record date Friday, 30 September 2011
Payment date Monday, 3 October 2011
No share certificates may be dematerialised or rematerialised between
Monday, 26 September 2011 and Friday, 30 September 2011, 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. 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.
15. 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 Kan
Chief Executive Officer
Neels Coetzee
Financial Director
(preparer of abridged Group results)
26 August 2011
Corporate information: 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 Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
www.mustek.co.za
ltd@mustek.co.za
Date: 26/08/2011 12:13:00 Produced by the JSE SENS Department.
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