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Cenmag - The Audited Group Results Of Cenmag And Its Subsidiaries For The
Release Date: 28/05/2004 17:55:03 Code(s): CMG
Cenmag - The audited group results of Cenmag and it`s subsidiaries for the
12 months ended 28 February 2004
CENMAG HOLDINGS LIMITED
(CO.REG.1987/004821/06)
(`CMG`-ISIN:ZAE000001533)
SHARE CODE: CMG
ISIN: ZAE000001533
THE AUDITED GROUP RESULTS OF CENMAG AND IT`S SUBSIDIARIES FOR THE 12 MONTHS
ENDED 28 FEBRUARY 2004 ARE SET OUT BELOW
HEADLINE(LOSS) EARNINGS PER SHARE -6.52 28.02.04 2.64 28.02.03
-IN CENTS
(LOSS)/EARNINGS ON SALE OF FIXED -0.44 0.20
ASSETS
(LOSS) EARNINGS PER SHARE - IN -6.96 28.02.04 2.84 28.02.03
CENTS
GROUP INCOME STATEMENT FOR 12 MONTHS
28 TH OF
FEBRUARY
2004 2003
R 000 R 000
GROSS REVENUE 28766 33536
COST OF SALES 23685 26088
GROSS PROFIT 5081 7448
OPERATING COSTS 5223 6184
OPERATING (LOSS)INCOME -142 1264
DEPRECIATION 446 417
OPERATING (LOSS)INCOME -588 847
NET FINANCE COSTS 326 498
(LOSS)PROFIT BEF.TAX -914 349
TAXATION -245 75
(LOSS)PROFIT AFT.TAX -669 274
MINORITY INTEREST -1 1
(LOSS)PROFIT ATTRIBUTABLE
TO SHAREHOLDERS -668 273
ABRIDGED BALANCE SHEET AS AT
28 TH OF
FEBRUARY
2004 2003
R 000 R 000
ASSETS
NON-CURRENT ASSETS
FIXED 2673 2975
ASSETS
LOANS RECEIVABLE 128 231
CURRENT ASSETS 10311 11840
13112 15046
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 5669 6433
MINORITY INTEREST 362 363
INTEREST BEARING LIABILITIES
-LONG AND SHORT 4223 3916
INTEREST FREE LIABILITIES 2858 4334
13112 15046
STATEMENT OF CHANGES IN EQUITY SHARE SHARE ACCUMULATED TOTA
CAPITAL PREMIUM PROFIT
BALANCE 1 MARCH 2002 96 2090 3974 61
NET PROFIT FOR 12 MONTHS 273 2
BALANCE 1.3.2003 R`000 96 2090 4247 64
DIVIDEND PAID -96 -
NET LOSS FOR THE 12 MONTHS -668 -6
BALANCE 28.2.2004 96 2090 3483 56
2004 2003
GROUP CASH FLOW STATEMENT R`000 R`000
Cash flows from operating activities 53 743
Cash flows from investing activities -463 -276
Cash effects of financing activities 277 369
Net increse in cash and cash equivalents -133 836
Cash overdraft at the beginning of year -2871 -3707
Cash overdraft at the end of period -3004 -2871
COMMENT
Group operating loss includes a foreign exchange loss of R55000 and the
writing off of previously capitalised research and development expenses
of R284000. Most of the losses relate to our company in Vereeniging, as
a result of theft by former employees, which we have reported to the SA
Police Services.
The group results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
The results have been audited by Horwath Leveton Boner, whose
unqualified report is available for inspection at the registered office
of the company.
Our order book on hand, for our manufacturing companies, is in excess of
5 milion Rands,which leads us to anticipate a good and a profitable
year. We have also replaced most of our management team at our loss
making company.
Registered Office:
Cenmag House,12 Harold Flight,Jet Park,PO Box 870,Isando 1600
Directors: V.Farkas, C.J.B.Le Roux .B.I.Mazibuko
Johannesburg
28th May 2004
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