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Cenmag - The audited group results of Cenmag and its subsidiaries for
the 12 months ended 28 February, 2005.
Cenmag Holdings Limited
(Co.Reg.1987/004821/06)
Share Code: MG ISIN: ZAE000001533
THE AUDITED GROUP RESULTS OF CENMAG AND ITS SUBSIDIARIES
FOR THE 12 MONTHS ENDED 28 FEBRUARY, 2005.
12 MONTHS 12 MONTHS
GOUP INCOME 28 TH OF 28 TH OF
STATEMENT FEBRUARY FEBRUARY
2005 2004
R000 R000
GROSS REVENUE 26281 28766
COST OF SALES 20817 23685
GROSS PROFIT 5464 5081
OPERATING COSTS 4671 5223
OPERATING INCOME (LOSS) 793 -142
DEPRECIATION 314 446
OPERATING INCOME (LOSS) 479 -588
NET FINANCE COSTS 436 326
PROFIT(LOSS) BEFORE TAX 43 -914
TAXATION -50 -245
(LOSS) AFTER TAX -7 -669
MINORITY INTEREST 2 -1
(LOSS) ATTRIBUTABLE TO
SHAREHOLDERS -9 -668
12 MONTHS 12 MONTHS
ABRIDGED 28 TH OF 28 TH OF
BALANCE SHEET FEBRUARY FEBRUARY
2005 2004
R000 R000
ASSETS
NON-CURRENT ASSETS
FIXED ASSETS 2354 2673
LOANS RECEIVABLE 142 128
DEFERRED TAXATION 283 327
CURRENT ASSETS 10122 9984
12901 13112
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 5660 5669
MINORITY INTEREST 364 362
INTEREST BEARING LIABILITIES
LONG AND SHORT TERM 3538 4223
INTEREST FREE LIABILITIES 3339 2858
12901 13112
HEADLINE (LOSS) PER
SHARE -CENTS NIL -6.52
(LOSS) ON DISPOSAL OF
FIXED ASSETS NIL -0.44
(LOSS) PER SHARE
-CENTS NIL -6.96
STATEMENT OF
CHANGES IN
EQUITY
SHARE SHARE ACCUMULATED TOTAL
CAPITAL PREMIUM PROFIT
BALANCE 1.3.2004 96 2090 4247 6433
NET (LOSS)
FOR THE YEAR -668 -668
DIVIDENDS PAID -96 -96
BALANCE 28.2.2004 96 2090 3483 5669
NET (LOSS)
FOR 12 MONTHS -9 -9
BALANCE 28.02.2005 96 2090 3474 5660
GROUP CASH FLOW STATEMENT
2005 2004
R000 R000
Cash flows from operating
activities 706 53
Cash flows from investing
activities -5 -463
Cash effects of financing
activities -213 277
Net decrease in cash and
cash equivalents 488 -133
Cash overdraft at the
beginning of year -3004 -2871
Cash overdraft at the end of period -2516 -3004
COMMENT
Group profit before taxation of R43 000, is derived after
payment of retrenchment packages totalling R 200 000 ,
otherwise the profit should have been R 243 000 for the year.
The company in Vereeniging has been re-staffed and is
currently trading satisfactorily.
The group results have been prepared in accordance with South
African Statements of
Generally Accepted Practice and are consistent with those
applied in the previous year. The results have been audited by
Horwath Leveton Boner, whose unqualified report is available
for inspection at the registered office of the company.
Our outstanding quotations, currently stand in excess of R11
million, which leads us to anticipate a complete recovery with
healthy profits.
Johannesburg
27 May, 2005.
Registered Office: 12 Harold Flight Rd., Jet Park, Boksburg.
P.O.Box 870, Isando 1600.
Directors: V.Farkas, C.J.B. Le Roux, I.B.Mazibuko
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