| Thu 15 Mar 2001, 0:00 | | Edward L Bateman interim results and dividend ann |
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Edward L Bateman Limited
(Registration number 1930/002553/06)
Interim Results and Dividend Announcement
For the six months ended 31 December 2000
Group Income statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31/12/00 31/12/99 30/06/00
R000 R000 R000
Sales revenue
(including notional sales) 1 064 600 631 930 1 779 575
Net operating costs (1 048 534) (625 704) (1 780 368)
Profit/(loss) before abnormal
items 16 066 6 226 (793)
Abnormal items 319 (9 792) (24 206)
Profit/(loss) from operations 16 385 (3 566) (24 999)
Net treasury income not related
to projects 15 091 5 381 19 781
Income from associates 1 381 1 755 1 028
Profit/(loss) before tax 32 857 3 570 (4 190)
Income tax expense (2 694) (3 375) (2 404)
Profit/(loss) after tax 30 163 195 (6 594)
Preference dividends - - (1)
Minority interest (7 316) (3 266) (4 882)
Net profit/(loss) for the period 22 847 (3 071) (11 477)
Headline earnings/(loss) 21 989 (3 399) (11 805)
Headline earnings before
abnormal items 22 646 4 697 11 157
Earnings/(loss) per ordinary
share (cents) 76,5 (10,9) (39,6)
Headline earnings/(loss) per
ordinary share (cents) 73,6 (12,1) (40,8)
Headline earnings before
abnormal trading
items per
ordinary share (cents) 75,8 16,7 38,5
Dividends per ordinary share
(cents) 17,0 9,0 25,0
Group Balance Sheet
Unaudited Unaudited Audited
31/12/00 31/12/99 30/06/00
R000 R000 R000
Assets
Non current assets 199 034 179 767 180 037
Property, plant and equipment 161 956 143 909 146 123
Intangible assets 7 586 9 948 6 420
Investments in associates 3 057 2 528 1 676
Other investments 1 187 1 078 1 187
Long term debtors 12 100 15 624 12 423
Deferred tax asset 13 148 6 680 12 208
Current assets 1 040 409 915 777 1 066 447
Cash 493 607 390 114 529 359
Other 546 802 525 663 537 088
Total assets 1 239 443 1 095 544 1 246 484
EQUITY AND LIABILITIES
Capital and reserves 268 379 291 552 250 610
Issued capital 8 570 8 634 8 570
Reserves 2 130 21 721 2 130
Accumulated profits 257 679 261 197 239 910
Preference shares 13 14 13
Minority interest 79 213 61 324 73 436
Non current liabilities 18 605 2 180 2 905
Interest bearing borrowings 16 373 1 584 1 237
Non interest bearing borrowings 1 515 196 1 356
Deferred tax liability 717 400 312
Current liabilities 873 233 740 474 919 520
Interest bearing - banks 44 365 46 525 55 815
Interest bearing - other 30 895 58 322 13 984
Other 797 973 635 627 849 721
Total equity and liabilities 1 239 443 1 095 544 1 246 484
Capital employed 366 210 355 070 326 964
Net current assets 167 176 175 303 146 927
Ordinary shares in issue (000's) 29 869 29 869 29 869
Net asset value per
share (cents) 899 976 839
Group Cash Flow Statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31/12/00 31/12/99 30/06/00
R000 R000 R000
Cash flows from operating
activities
Profit before abnormal items 16 066 6 226 (793)
Abnormal items (539) (2 641) (2 950)
Non cash adjustments and
changes in
working capital (25 569) (77 790) 84 816
Net treasury income
not related to projects 15 091 5 381 19 781
Dividend received from associate - - 125
Replacement of equipment and
vehicles (15 430) (19 333) (44 173)
Goodwill arising during
the period - - (9 519)
Income tax paid (1 549) (7 796) (10 000)
Cash (outflow)/inflow from
operating activities before
dividends paid (11 930) (95 953) 37 287
Dividends paid (10 465) (34 794) (38 690)
Cash outflow from operating
activities (22 395) (130 747) (1 403)
Cash flows from investment
activities (17 529) (30 381) (54 587)
Cash outflow before financing
activities (39 924) (161 128) (55 990)
Cash flows from financing
activities 15 622 (16 446) 8 371
Decrease in cash and cash
equivalents (24 302) (177 574) (47 619)
Cash and cash equivalents at
the beginning of the period 473 544 521 163 521 163
Cash and cash equivalents at
the end of the period 449 242 343 589 473 544
Reconciliation to balance sheet
Current assets: cash 493 607 390 114 529 359
Current liabilities:
interest bearing
bank borrowings (44 365) (46 525) (55 815)
Net cash and cash equivalents 449 242 343 589 473 544
GROUP STATEMENT OF CHANGES IN CAPITAL AND RESERVES
Unaudited Unaudited Audited
Issued Accumulated Total Total Total
capital Reserves profits 31/12/00 31/12/99 30/06/00
R000 R000 R000 R000 R000 R000
Balance at
the beginning
of the period 8 570 2 130 239 910 250 610 304 422 304 422
Movements in
issued capital
Net
increase arising
from the
issue of shares - - 2 085 2 020
Direct movements
in reserves
Foreign currency
translation - - (600) 328
Property revaluation
(reversal) - - - (15 303)
Movements in
accumulated profit
Net profit/(loss)
for the period 22 847 22 847 (3 071) (11 477)
Minority interest in
Safbin Systems (Pty)
Limited - - (6 910) (4 285)
Share incentive
scheme trust loan in
subsidiary
written down - - (736) (736)
Deficit on issue of
incentive shares in
subsidiary - - (950) (907)
Goodwill written off - (15 985)
Ordinary dividends (5 078) (5 078) (2 688) (7 467)
Balance at the end
of the period 8 570 2 130 257 679 268 379 291 552 250 610
DECLARATION OF DIVIDENDS
PREFERENCE DIVIDEND NO 100
Notice is hereby given that a preference dividend at the rate of 6% per annum on the 6% fixed cumulative redeemable preference shares of R2 each equivalent to 6 cents per share, has been declared for the half year ended 28 February 2001 payable to shareholders registered in the books of the company at the close of business on Friday, 30 March 2001.
Dividend cheques will be posted from the registered office on or about Thursday, 12 April 2001.
ORDINARY DIVIDEND NO 106
Notice is hereby given that an ordinary dividend of 17 cents per share has been declared payable on Thursday, 12 April 2001 to shareholders registered in the books of the company at the close of business on Friday, 30 March 2001. On due date, dividends will, where applicable, be electronically transferred to shareholders' bank accounts. In the absence of suitable mandates, dividend cheques will be posted to shareholders.
By order of the board
HAC Poole
Secretary
Boksburg
13 March 2001
COMMENTS
INTRODUCTION
ELB's investments consist of the following:
- 66% of Bateman Project Holdings ("Batepro").
- 63% of Safbin Systems ("Safbin").
- 100% of Bateman Industrial Holdings ("BIH").
FINANCIAL RESULTS
The Bateman Group continues to focus on increasing profitability at operating level and the profit before net treasury income and tax of R16,39 million (1999: loss R3,57 million) continues to show a healthy improvement.
SEGMENT ANALYSIS
Six months ended Year ended
31 December 30 June
2000 1999 2000
R000 R000 R000
The segmental analysis of
sales revenue after
eliminating inter company
sales is:
Batepro 890 500 485 311 1 466 628
Safbin 43 228 7 503 27 208
BIH 130 872 139 116 285 739
Total 1 064 600 631 930 1 779 575
The segmental analysis of
the headline
earnings/(loss)
which is calculated after
abnormal
items, net treasury
income, tax and minority
interest is as follows:
Batepro 8 784 7 048 6 705
Safbin (1 541) (2 879) (649)
BIH 14 746 (7 568) (17 861)
Headline earnings/(loss) 21 989 (3 399) (11 805)
Batepro - the international process orientated engineering, contracting and project management group has had a satisfactory six months, being particularly successful in acquiring a significant amount of new work. Current forecasts indicate that Batepro will return to normal levels of profitability for the full year.
Safbin - is a company licensed to manufacture in South Africa and lease on a worldwide basis a newly developed fruit bin. This is a start up operation and has made good progress opening up opportunities in South Africa, Europe and the USA. The current level of activity suggests that this business could be profitable for the full year.
BIH - has had a good six months characterised by the return to profitability of the restructured Bateman Earthmoving Equipment. The remaining divisions continued to produce satisfactory results. BIH will remain profitable for the full year.
PROSPECTS
Current forecasts indicate that the group will continue the trend of the first six months and return to an acceptable level of profitability for the full year to 30 June 2001.
ACCOUNTING POLICIES
The same accounting policies outlined in the 2000 annual report apply to these interim results.
DIVIDENDS
As an investment holding company, ELB will distribute to its shareholders the dividends received from the three companies in which it has an investment. ELB has therefore declared an interim dividend of 17 cents per share (1999: 9 cents per share).
On behalf of the board
AG Fletcher
Chairman
Share transfer secretaries Sponsor
Mercantile Registrars Limited Rand Merchant Bank
8th Floor, First National House Corporate Finance Division
11 Diagonal Street 1 Merchant Place
Johannesburg 2001 Cnr Fredman Drive & Rivonia Road Sandton 2196
