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CMG
CMG
CMG - Cenmag Holdings Limited - Unaudited results for the six months ended 31
August 2007
CENMAG HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004821/06)
Share code: CMG & ISIN code: ZAE000001533
(`Cenmag" or `the company`)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
GROUP BALANCE SHEET Six months Six months Audited year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
ASSETS
Non-current assets 1 443 1 428 1 490
Fixed assets 1 329 1 319 1 376
Loans receivable 114 109 114
Current assets 12 524 8 690 8 373
Total assets 13 967 10 118 9 863
EQUITY AND LIABILITIES
Capital and reserves 7 892 6 803 6 918
Minority Interest 396 383 382
Interest bearing 470 248
liabilities - long and 199
short term
Interest free 5 209 2 684 2 364
liabilities
Total equity and 13 967 10 118 9 863
liabilities
Number of shares in 9 600 9 600 9 600
issue (000`s)
Net asset value per
share information
Net asset value per 82.21 70.86 72.06
share (cents)
Net tangible asset 145.49 105.40 102.74
value per share (cents)
GROUP INCOME STATEMENTS Six months Six months Audited year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Gross Revenue 18 312 10 518 23 152
Cost of sales 13 485 7 671 17 974
Gross profit 4 827 2 847 5 178
Operating costs 3 416 2 277 4 379
Operating income 1 411 570 799
Depreciation 118 71 158
Operating income 1 293 499 641
Net finance (income) (102) 75 36
costs
Profit before tax 1 395 424 605
Taxation 407 117 183
Profit after tax 988 307 422
Minority interest 14 8 8
Profit attributable to 974 299 414
shareholders
Headline earnings 974 299 414
Earnings per share
information
Number of shares in 9 600 9 600 9 600
issue (000`s)
Attributable earnings per 10.15 3.11 4.31
ordinary share (cents)
Headline earnings per 10.15 3.11 4.53
share (cents)
ABRIDGED GROUP CASH Six months Six months Audited year
FLOW STATEMENTS ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Cash flows from 2 301 674 2 792
operating activities
Cash flows from (250) 114 136
investing activities
Cash effects of 314 257 (40)
financing activities
Net increase in cash and 2 365 1 045 2 888
cash equivalents
Bank (overdraft) at 2 043 (845) (845)
beginning of year
Cash at the end of 4 408 200 2 043
period
SEGMENTAL REPORTING Six months Six months Audited
ended ended year ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Revenue
Manufacturing and 9 060 4 101 9 594
Service
Wholesaling 9 252 6 417 13 558
Total 18 312 10 518 23 152
Profit from operating
activities
Manufacturing and 1267 458 589
Service
Wholesaling 144 122 210
Total 1 411 570 799
GROUP STATEMENT OF Shar Share Accumulat Total
CHANGES IN EQUITY e premium ed profit
capi R`000 R`000 R`000
tal
R`00
0
Balance at 01 March 96 2 090 4 318 6 504
2006
Net profit for the year -- -- 414 414
Balance at 28 February 96 2 090 4 732 6 918
2007
Net profit for six -- -- 974 974
months
Balance at 31 August 96 2 090 5 706 7 892
2007
COMMENTARY
RESULTS
The board presents its unaudited results for the six months ended 31 August
2007.The company is an investment holding company and its subsidiaries are
primarily involved in the manufacture and servicing of electromagnets and motor
rewinding and the wholesaling of electrical and related equipment.
BUSINESS OVERVIEW
In line with prevailing economic conditions, the group experienced an increase
in local and overseas demand for its products. Group headline earnings per share
rose strongly by 225.75% on a 74.10% volume growth, from 3.11 cents earnings to
10.15 cents earnings. Another major contributing factor to our good results was
the successful consolidation of two of our manufacturing companies.
FUTURE PROSPECTS
Prospects for the year ending February 2008 are good, as the local and
international mining sectors continue to show increasing demand for material
handling goods. In view of the above, the directors are of the opinion, that
the positive performance will continue and anticipate further increase in
earnings per share and the resumption of our dividends payments in the
forthcoming year.
ACCOUNTING POLICIES
The accounting policies applied are in compliance with International Financial
Reporting Standards ("IFRS") and IAS 34 Interim Financial Reporting and the
Companies Act of 1973. The accounting policies and methods of measurement and
recognition are consistent with those applied in the previous financial period.
GENERAL
1.No new shares were issued and no special resolutions were passed during the
period under review
2.No dividends were recommended or declared for the period.
3.The company has complied with all the requirements requested by the JSE
Limited ("JSE") for the lifting of
the suspension of its listing and is currently awaiting the JSE to approve
same.
Johannesburg
19 November 2007
Company Secretary Registered Office
V. Farkas M. Econ C.A. (S.A.) 30 Bisset Road, Jet Park,
PO Box 870, Isando, 1600 Boksburg
PO Box 870, Isando, 1600
Directors
V.Farkas, C.J.B. Le Roux, B.I. Mazibuko, E.M. Greenblatt
Sponsor Transfer Office
Arcay Moela Sponsors Computershare Investor Services
(Proprietary) Limited 2004 (Proprietary) Limited
Date: 19/11/2007 14:44:35 Produced by the JSE SENS Department.
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