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CLYDE INDUSTRIAL CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1919/005977/06
Preliminary report for the year ended 28 February 2001
Consolidated income statement
2001 2000
(Audited) (Audited)
R'000 R'000
Gross revenue 141 878 94 813
Operating profit before interest,
depreciation and taxation 8 256 3 469
Depreciation 846 594
Interest paid 1 444 878
Net profit before taxation 5 966 1 997
Taxation 1 842 647
SA normal 1 906 581
Deferred (152) 38
Secondary tax on companies 88 28
Net profit after taxation 4 124 1 350
Minority interest (59) 59
Net profit attributable to shareholders 4 183 1 291
Dividend 704 220
Retained profit for the year 3 479 1 071
Number of shares in issue (000) 17 600 17 600
Earnings per share (cents) 23,8 7,34
Dividends per share (cents) 4,00 1,25
ABRIDGED CONSOLIDATED BALANCE SHEET R'000 R'000
ASSETS
Non-current assets 6 701 6 433
Property, plant and equipment
Current assets 56 817 43 071
Inventories 29 378 19 661
Accounts receivable and cash 27 439 23 410
TOTAL ASSETS 63 518 49 504
EQUITY AND LIABILITIES
Capital and reserves 29 474 25 995
Minority interest - 59
Non-current liabilities 610 485
Interest-bearing 329 52
Deferred taxation 281 433
Current liabilities 33 434 22 965
Short-term loans 13 914 4 681
Accounts payable and shareholders
for dividends 19 520 18 284
TOTAL EQUITY AND LIABILITIES 63 518 49 504
Supplementary information
Capital expenditure
- expansion 2 030 2 135
- replacement 629 324
Capital commitments
The group has no commitments regarding
pending or future capital projects
Operating lease commitments 387 450
Net asset value per share (cents) 167,5 148,0
Comments
The benefits that were anticipated would accrue to the company from the
purchase of Stagger Blank and Pressings (Proprietary) Limited have not yet
materialised.
Both the trading and reconditioning sections of the business have, however,
enjoyed a far better than expected year. This was due mainly to these
divisions securing parcels of material which were profitably disposed of,
but which are unlikely to be repeated.
The rail reconditioning facility in Welkom together with certain
unprofitable sections of the business have been closed.
Prospects
Although progress in the establishment of the Stagger Blanking facility
which was added to our steel service centre has been slow and the conditions
in the steel trading division continue to be difficult, management is
confident that business in these areas will continue to improve.
The availability of raw material for the rail and pipe reconditioning
facilities is very sporadic. The company was, however, reasonably successful
in obtaining material during the past year. The prospects of achieving
similar results in this area for the coming year do not look very good at
present.
Dividends
Notice is hereby given that dividend (no 19) of 4 cents per share for the
year ended 28 February 2001 has been declared payable to shareholders
registered at the close of business on 1 June 2001. The share transfer books
and register will not be closed for the purposes of this dividend. Cheques
will be posted to shareholders at the end of June 2001.
By order of the board
G D Wilson (Chairman)
S J Roos (Group Marketing Director)
Registered Office
4 Boniface Road, Selection Park Industrial Sites, Springs 1559
PO Box 747, Springs 1560
Transfer Secretaries
Mercantile Registrars Limited
8th Floor, 11 Diagonal Street, Johannesburg 2001
PO Box 1053, Johannesburg 2000
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