| Tue 24 Apr 2001, 0:00 | | Combined Motor Holdings Limited - Profit Announcem |
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Combined Motor Holdings Limited
(Registration number 1965/000270/06)
Profit announcement for the year ended 28 February 2001
* Earnings up 33% * Dividends up 20%
* Turnover R2,050 billion * Exciting growth potential
* Headline earnings up 20% * New acquisitions
GROUP FINANCIAL HIGHLIGHTS
2001 2000 % Change
Total assets (R'000) 456 317 336 215 +36
Net tangible asset value per
share (cents) 728 572 +27
Turnover (R'000) 2 050 755 1 489 016 +38
Operating income before
finance costs (R'000) 61 677 45 814 +35
Attributable income (R'000) 39 434 29 649 +33
Operating income on average
ordinary shareholders'
interest (%) 43,7 40,7 +7
Earnings per ordinary share (cents) 193,4 145,4 +33
Headline earnings per share (cents) 193,4 161,5 +20
Dividends per ordinary share* (cents) 57,6 48,0 +20
*In accordance with the provisions of Generally Accepted Accounting Standards
Statement AC 130, the final dividend proposed, of 47,0 cents per share, has not
been reflected in the financial statements.
GROUP BALANCE SHEET
2001 2000
R'000 R'000
ASSETS
Fixed assets 17 317 11 648
Investments 3 384 3 762
Deferred taxation 7 466 6 964
Intangible assets 11 510 6 000
Current assets 416 640 307 841
Total assets 456 317 336 215
EQUITY AND LIABILITIES
Share capital and reserves 159 857 122 584
Interest bearing debt 12 002 9 600
Minority shareholders' interest 696 917
Other current liabilities 283 762 203 114
456 317 336 215
GROUP INCOME STATEMENT
2001 2000
R'000 R'000
Turnover 2 050 755 1 489 016
Operating income before finance costs 61 677 45 814
Finance costs 3 873 24
Taxation 19 615 16 380
Minority shareholders' interest (1 245) (239)
Income attributable to ordinary shareholders 39 434 29 649
GROUP CASH FLOW STATEMENT
2001 2000
R'000 R'000
Cash flow from operating activities 15 869 51 152
Cash flow from investing activities (20 197) (15 182)
Cash flow from financing activities 2 402 4 052
Movements in cash and cash equivalents (1 926) 40 022
Cash and cash equivalents at
beginning of year 74 035 34 013
Cash and cash equivalents at end of year 72 109 74 035
1. COMMENTARY
1.1 The Group has achieved a 32% compound growth in earnings since 1993 and
2001 represents the fourth successive year during which the Group has recorded
an increase in earnings in excess of 20%.
1.2 The balance sheet remains sound with low gearing and the Group ended the
year with cash resources of R72 million.
1.3 During the year the Group acquired the business of Bonerts, a dealer in
accident-damaged vehicles and, with effect from 1 March 2001, purchased two
large dealerships, BMW and Land Rover in Menlyn, Pretoria.
1.4 The directors believe that there are opportunities to further improve the
business during the new year and this growth, together with a contribution from
the new acquisitions, will provide a sound platform for continued success.
2. FINAL DIVIDEND
A final dividend of 47,0 cents per share will be paid on or about 22 June 2001
to members reflected in the share register of the Company at the close of
business on 25 May 2001.
By order of the Board of Directors
SK Jackson BCom (Hons) (Tax Law), CA(SA)
Secretary
24 April 2001
Registered office Transfer secretaries
1st Floor Mercantile Registrars Limited
CMH Building PO Box 1053
206 West Street Johannesburg, 2000
Durban, 4001
Directors: M Zimmerman (Chairman), JD McIntosh (Managing), MPD Conway, SK
Jackson, CL Odendaal, A Rogoff
