| Thu 1 Mar 2001, 0:00 | | Sondor Preliminary Audited Results |
|
SONDOR INDUSTRIES LIMITED
("Sondor")
Registration number 1987/003475/06
(Incorporated in the Republic of South Africa)
Preliminary Audited Results for the Year Ended 31 December 2000
Abridged Income Statement
Audited Unaudited Audited
12 months 12 months 9 months
ended ended ended
31.12.2000 31.12.1999 31.12.1999
R'000 R'000 R'000
Turnover 65 457 53 671 41 275
Operating profit 9 664 7 422 7 214
Loss on Zimbabwe investment (292) - -
Profit on sale of Tapes Division - 1 500 -
Depreciation (2 132) (1 892) (1 434)
Net financing income 843 560 432
Net income before taxation 8 083 7 590 6 212
Taxation 2 629 1 835 1 518
Net income after taxation 5 454 5 755 4 694
Dividends 1 308 - -
4 146 5 755 4 694
Transfer to non-distributable reserve (22) - -
Retained earnings at
beginning of period 24 346 18 591 19 652
Retained earnings at end of period 28 470 24 346 24 346
Earnings per share (cents) 22,6 23,98 19,6
Headline earnings per share (cents) 23,9 21,4 21,0
Abridged Balance Sheet
capital employed
Shareholders' equity 30 360 27 114 27 114
Deferred taxation 1 925 2 030 2 030
Long term liabilities (interest
bearing) 163 343 343
32 448 29 487 29 487
EMPLOYMENT OF CAPITAL
Fixed assets 14 040 15 122 15 122
Net current assets 18 408 14 365 14 365
Current assets 16 912 13 364 13 364
Bank and cash 12 639 6 891 6 891
Current liabilities (interest bearing) (180) (180) (180)
Current liabilities (non-interest
bearing) (10 963) (5 710) (5 710)
32 448 29 487 29 487
Net asset value per share (cents) 126,5 113,0 113,0
Abridged Cash Flow
Cash generated from sale of
Tapes Division - 10 454 -
Cash generated by operating
activities 6 974 3 287 3 698
Cashflow from investing activities (1 047) (3 176) (2 804)
Cashflow from financing activities (180) (4 234) (3 434)
Net cashflow 5 747 6 331 (2 540)
Cash and cash equivalents at
beginning of period 6 892 561 9 432
Cash and cash equivalents at end of
period 12 639 6 892 6 892
Changes in Shareholders' Equity
Shareholders' equity at beginning
of period 27 114 23 759 24 220
Net income after taxation 5 454 5 755 4 694
Distribution to shareholders (2 208) (2 400) (1 800)
Shareholders' equity at end of period 30 360 27 114 27 114
Capital expenditure 1 149 3 198 2 800
Capital commitments 3 658 2 665 2 665
Operating lease commitments 19 110 21 600 21 600
Financial Results
Owing to the change in our financial year end last year from March to December,
and, in order to facilitate meaningful comparison, the 12 month comparative
comprises audited figures for the 9 months ended 31 December 1999 and the
remaining 3 months from the audited results for the year ended 31 March 1999.
The Company achieved excellent results for the year under review, as follows:
- Turnover up by 21,9%.
- Operating profit increased by 30,2%.
- Headline earnings increased by 11,7% to 23,9c/share.
The Group's results improved due to both the growth in exports and the
fabrication of insulation foam.
Prospects
We are increasingly focusing on exports and to this end plan to install
additional manufacturing capacity in the near future. New processes introduced
into our local branches will also enhance turnover.
Debenture/Dividend Distribution
The directors are pleased to announce a payment of R1 680 000 to shareholders
(7c per share) of which R372 000 (7,75c per debenture or 1,55c per share)
represents our final debenture distribution.
The balance of R1 308 000 constitutes a dividend of 5,45c per share. Payment
will be made to shareholders registered in the books of the Company at the
close of business on 16 March 2001.
Cheques in respect of the above, payable in
South African Rands, will be posted on or about 23 March 2001.
Notes
1. The calculation of earnings per share is based on the Group's net profit
after taxation and is calculated on the basis of 24 000 000 shares in issue.
2. Headline earnings per share are calculated as per the requirements of AC306
on the basis of 24 000 000 shares in issue.
3. Exceptional items comprise:
12 months 12 months 9 months
31.12.00 31.12.99 31.12.99
R'000 R'000 R'000
Restructuring costs - (1 094) (478)
Goodwill written off - (130) -
Loss on Zimbabwe
investment (292) - -
Profit on sale of
Tapes Division - 1 500 -
(292) 276 (478)
4. Segmental information and seasonality of operations is not applicable due to
the nature of the business.
On behalf of the Board
D A BUCHANAN B D TILNEY
Chairman Chief Executive
Cape Town, 2 March 2001
Secretary and Registered Office
Helen J Middleton
22 Inyoni Street, Nodabeni
Maitland, 7405
Transfer and Certification Office
Computershare Services Limited
PO Box 61051
Marshalltown 2107
These results can be viewed on the Internet at
www.sondor.co.za
