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Iliad Africa Limited
Audited results for the year ended 31 December 2000
Abridged balance sheet
Audited Audited
31 December 31 December
R000 2000 1999
ASSETS
Non-current assets
Tangible assets 14 494 12 171
Financial assets 306 265
Deferred tax 14 782 15 564
Current assets 175 600 184 405
Total assets 205 182 212 405
EQUITIES AND LIABILITIES
Capital and reserves 73 534 47 320
Interest-bearing non-current liabilities 1 574 5 323
Interest-bearing current liabilities 22 566 42 734
Non interest-bearing current liabilities 107 508 117 028
Total equity and liabilities 205 182 212 405
Abridged income statement
Audited Audited
% 31 December 31 December
R000 change 2000 1999
Turnover 12 518 995 461 453
Operating profit 35 600 35 728
Financing charges (net) (4) 3 644 3 803
Profit before taxation 31 956 31 925
Taxation 7 510 9 341
Earnings for the year 8 24 446 22 584
Number of ordinary shares in issue
at 31 December 77 239 582 69 492 381
Restated weighted average number
of ordinary shares in issue 81 778 873 82 592 982
Earnings and headline earnings per
ordinary share (cents) - (EPS) 9 29,9 27,3
Proposed dividend per share (cents 30 7,0 5,4
Abridged cash flow statement
Audited Audited
31 December 31 December
R000 2000 1999
Cash flows from operating activities 132 29 173
Cash utilised in investment activities (6 462) (48 281)
Cash effects of financing activities (15 249) 15 694
Increase by cash and cash equivalent (21 579) (3 414)
Cash and cash equivalent at beginning of
the year 5 686 9 100
Cash and cash equivalent at end of the year (15 893) 5 686
Statement of changes in equity
Stated Retained
R000 capital income Total
Balance at 1 January 1999 106 700 9 869 116 569
New shares issued 13 731 13 731
Share issue expenses (31) (31)
Intangible assets written off
per special resolutions (104 756) (104 756)
Recovery in respect of reduced
amounts due to vendors of the
businesses 3 683 3 683
Retained income 18 124 18 124
Balance at 31 December 1999 19 327 27 993 47 320
New shares issued 10 444 10 444
Share issue expenses (20) (20)
Shares purchased per special
resolution (3 256) (3 256)
Earnings for the year 24 446 24 446
Dividend proposed
(1999 dividend paid - R4 460 021) (5 400) (5 400)
Balance at 31 December 2000 26 495 47 039 73 534
Supplementary information
Year ended Year ended
31 December 31 December
2000 1999
Tangible net asset value per share (cents) 95,2 68,1
Capital expenditure (R000) 6 847 5 068
Capital commitments (R000)
- approved and contracted 200 109
- approved not contracted 4 500 5 750
Contingent liabilities (R000) 4 803 3 202
Depreciation (R000) 4 206 3 119
Commentary
The 9% growth in EPS to 29,9 cents (27,3 cents) was achieved despite a
substantial loss incurred in the steel- forming operation. The Group has
reached agreement with a third party, relieving it of all liability for the
operation after the year-end.
The remaining divisions performed admirably despite a difficult market in the
first nine months of the year.
The continued low rating of the Group9s paper on the JSE convinced the Board to
pursue a strategy of repurchasing our own shares. At year-end 5,3 million
shares had been repurchased and cancelled. The full effect of this on EPS will
only be felt in 2001 as the bulk of our buy-back transpired from October 2000
thereby having little effect on the weighted average number of shares in issue.
The Group will continue purchasing its shares in 2001.
Three new stores were successfully opened in the period namely Tile Depot in
Alberton, The Knob & Knocker in Woodmead and Ferreira9s Dicor World in Umhlanga
Rocks. We anticipate opening four stores in 2001.
The major revamp of the Ferreira9s Dicor World showroom in Northriding was
completed on time and has proved to be a great success. We consider this to be
the premier ceramic tile, sanitaryware and accessories showroom in Southern
Africa.
In line with forecast the Group9s cash flow improved in the second half of the
year following the final payments to vendors made earlier in the year.
The drop in the tax rate is due mainly to the utilisation of an assessed loss.
The elimination of the steel-forming operation as a loss-making entity, an
improving market, the share buy-back programme and the continuing roll-out of
stores, augurs well for a period of sustainable earnings per share growth.
The financial statements are prepared in accordance with Generally Accepted
Accounting Practice.
Shareholders are advised that the company9s shares will be dematerialised with
effect from 16 April 2001, with electronic trading and settlement commencing on
7 May 2001 and 14 May 2001 respectively.
Dividend
The Board has declared a 7 cents (1999: 5,4 cents) dividend to shareholders
registered on 30 March 2001, payable on 11 May 2001.
For and on behalf of the Board
Ralph Patmore
Chief Executive Officer
Neil Goosen
Financial Director
15 March 2001
Registered address East Block First Floor Pineslopes Office Park
cnr Witkoppen Road and The Straight Lonehill
PO Box 2572 Honeydew 2040
Transfer secretaries Ultra Registrars (Pty) Limited
11 Diagonal Street Johannesburg 2001
PO Box 1844 Johannesburg 2000
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