| Tue 20 Mar 2001, 0:00 | | Metje & Ziegler Ltd Unaudited Results For 6 Months |
|
METJE & ZIEGLER LIMITED
The unaudited results of the Group for the six months ended 31 December 2000
are as follows:
N$' 000 unless otherwise stated
GROUP INCOME STATEMENT
(Audited)
6 months to 6 months to Year to
REVENUE 243,747 168,234 414,001
Cost of sales (209,356) (140,859) (353,278)
GROSS PROFIT 34,391 27,375 60,723
Other operating income 3,020 1,504 5,107
Staff costs (19,282) (13,069) (29,398)
Depreciation (1,439) (931) (2,402)
Other operating expenses (15,114) (11,432) (23,975)
Profit from operations 1,576 3,447 10,055
Interest paid (2,725) (944) (3,579)
(Loss) / profit before
exceptional items (1,149) 2,503 6,476
Exceptional items 500 39 39
(LOSS) / PROFIT BEFORE
TAXATION (649) 2,542 6,515
Taxation - - (1,944)
(LOSS) / PROFIT AFTER
TAXATION (649) 2,542 4,571
Ordinary shares in issue
('000) 6,485 6,485 6,485
Earnings / (loss) per
share (Cents)
(10.1) 39.1 70.3
(17.8) 38.5 69.7
(10.1) 38.9 70.0
GROUP BALANCE SHEET
(Audited)
31/12/00 31/12/99 30/06/00
ASSETS
NON-CURRENT ASSETS
Fixed assets 41,898 37,719 39,486
Investments - 714 -
41,898 38,433 39,486
CURRENT ASSETS
Inventories 51,573 44,790 49,320
Trade and other receivables 43,078 24,725 42,948
Bank balances and cash 42 40 43
94,693 69,555 92,311
TOTAL ASSETS 136,591 107,988 131,797
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital and premium 21,750 21,750 21,750
Distributable reserves 32,039 31,967 33,991
Ordinary shareholders' interest 53,789 53,717 55,741
Preference share capital 200 200 200
Shareholders' funds 53,989 53,917 55,941
NON-CURRENT LIABILITIES
Deferred taxation 1,874 - 1,874
Long term liabilities 4,563 9,357 7,037
6,437 9,357 8,911
CURRENT LIABILITIES
Short term borrowings 32,389 16,014 20,293
Trade and other payables 43,706 28,700 46,582
Taxation 70 - 70
76,165 44,714 66,945
TOTAL EQUITY AND LIABILITIES 136,591 107,988 131,797
Net asset value per
ordinary share (Cents) 829 828 860
GROUP STATEMENT OF CHANGES IN EQUITY
(Audited)
31/12/00 31/12/99 30/06/00
Balance at beginning of period 55,941 51,381 51,381
Net (loss) / profit for the period (649) 2,542 4,571
Dividends paid
- Preference (6) (6) (11)
-Ordinary (1,297) - -
Balance at end of period 53,989 53,917 55,941
GROUP CASH FLOW
(Audited)
6 months to 6 months to Year to
31/12/00 31/12/99 30/06/00
Cash (absorbed) / generated from
operations (2,338) (2,899) 3,442
Interest paid (2,725) (944) (3,579)
Dividends paid (1,303) (6) (11)
Taxation paid - - -
Net cash outflow from operating activities (6,366) (3,849) (148)
Capital expenditure (4,696) (6,440) (9,189)
Proceeds on disposal of fixed assets 1,438 510 1,180
Acquisition of associate - - (2,497)
Cash flows from financing activities (2,554) (2,463) (5,339)
Net (decrease)/increase in
cash and cash equivalents (12,178) (12,242) (15,993)
Cash and cash equivalents
at beginning of period (13,736) 2,257 2,257
Cash and cash equivalents
at end of period (25,914) (9,985) (13,736)
SEGMENT RESULTS
Revenue
-General merchandise 36,328 26,420 57,334
-Motor 203,700 138,356 349,587
-Property 3,719 3,458 7,080
243,747 168,234 414,001
Net operating profit
-General merchandise 1,439 675 2,350
-Motor (923) 1,546 4,288
-Property 3,596 3,223 6,932
4,112 5,444 13,570
-Unallocated corporate expenses (2,536) (1,997) (3,515)
1,576 3,447 10,055
ADDITIONAL INFORMATION
Exceptional items
Surplus on sale of property 500 39 39
Headline earnings
(Loss) / profit after taxation (649) 2,542 4,571
Preference dividend (6) (6) (11)
Net (loss) / profit attributable to
ordinary shareholders (655) 2,536 4,560
Exceptional items (500) (39) (39)
(1,155) 2,497 4,521
Investments
Unlisted - 714 -
Directors' valuation - 714 -
(Audited)
31/12/00 31/12/99 30/06/00
Short term borrowings
Current portion of long term liabilities 6,433 5,989 6,514
Bank overdraft 25,956 10,025 13,779
32,389 16,014 20,293
Interest bearing borrowings
Long term liabilities 4,563 9,357 7,037
Short term borrowings 32,389 16,014 20,293
36,952 25,371 27,330
Capital Expenditure
-Incurred 4,696 6,440 9,189
-Contracted - 451 1,371
-Approved but not contracted 1,000 446 3,359
Contingent liabilities - 194 130
COMMENTS
Accounting policies
The interim report is prepared on the historical cost basis.The accounting
policies used comply with Statements of Generally Accepted Accounting Practice
in Namibia and South Africa and are consistent with those applied at the
previous year end.
Results and prospects
Previous expectations of continuing growth in profits have not been realised
during the period under review. This is mainly due to disappointing trading
results at the recently acquired Freightliner operations and to a corresponding
increase in the company's borrowings and interest burden. Accordingly budgeted
profits for the financial year will not be achieved and no dividend is
anticipated.
RAA Gower F Uys
Chairman Managing director
"Windhoek, 1 March 2001"
