| Wed 13 Jun 2001, 0:00 | | Inmins Limited - Financial Report |
|
INMINS LIMITED
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
Statement of results
Highlights: - Revenue up 19%
- Operating profit up 55%
- Headline earnings up 47%
The board announces the unaudited consolidated results of the group for the
six months ended 31 March 2001.
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2000 2001 2000
R000 R000 R000
307 733 Revenue 169 132 141 724
9 454 Operating profit 5 527 3 568
(878) Goodwill amortisation (474) (356)
(941) Net finance costs (317) (481)
4 168 Exceptional items - -
11 803 Profit before taxation 4 736 2 731
(1 074) Taxation (665) -
10 729 Net profit 4 071 2 731
7 439 Headline earnings 4 545 3 087
Headline earnings per
19,2 share (cents) 11,8 8,0
27,8 Earnings per share (cents) 10,6 7,0
107,0 Net asset value per share (cents) 117,6 93,3
38 579 Shares in issue (000's) 38 579 38 579
7,0 Dividend per share (cents) - -
Reconciliation of headline earnings
10 729 Net profit 4 071 2 731
Exceptional item - profit on redemption of
(4 168) convertible debentures - -
878 Amortisation of goodwill 474 356
7 439 4 545 3 087
Supplementary information
1 449 Capital expenditure 826 938
1 642 Depreciation 855 800
1 830 Interest bearing borrowings 11 447 2 024
1 951 Interest earning deposits - 2 527
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2000 2001 2000
R000 R000 R000
Assets
11 504 Fixed and other non-current assets 11 311 12 179
242 Deferred taxation 242 -
84 827 Current assets 99 072 77 662
96 573 Total assets 110 625 89 841
Equity and liabilities
44 887 Share capital and premium 44 887 44 887
Retained income/
(3 586) (accumulated deficit) 485 (8 883)
41 301 Total equity 45 372 36 004
- Convertible debentures - 10 227
Non-current liabilities
1 289 - interest bearing 1 429 1 463
6 Deferred taxation 6 4
Current liabilities
541 - interest bearing 10 018 562
53 436 - non-interest bearing 53 800 41 581
96 573 Total equity and liabilities 110 625 89 841
Summarised Consolidated Statement of Changes in Equity
Shareholders' funds at
33 273 beginning of year 41 301 33 273
10 729 Changes in accumulated deficit 4 071 2 731
(2 701) Dividend declared - -
41 301 Shareholders' funds at end of year 45 372 36 004
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2000 2001 2000
R000 R000 R000
Cash flow (used in)/from
7 982 operating activities (11 620) 2 586
221 Cash flow from investing activities 56 37
Cash flow from/(used in)
*(6 114) financing activities 192 41
Net (decrease)/increase in cash
2 089 and cash equivalents (11 372) 2 664
Cash and cash equivalents at
(103) beginning of year 1 986 (103)
Cash and cash equivalents at
1 986 end of year (9 386) 2 561
*The cash flow used in financing activities as reported at 30 September 2000
included an amount of R6 061 000 for the redemption of the convertible
debentures.
Review of results
Best ever results were achieved for the first six months of the financial
year. Revenue increased by 19%, operating profit increased by 55% and
headline earnings per share increased by 47%.
The value added division, as well as the trading branches who both deal in
the mining industry, continued to do well in an extremely competitive
environment. Low cost structures and good service levels produced pleasing
results.
In the industrial division certain promising improvements were obtained.
However, the Natal and Western Cape regions continued to operate under very
depressed conditions. Corrective actions were implemented.
Accounting policies
The accounting policies of the group are consistent with those applied in
the most recent annual financial statements and with South African
Statements of Generally Accepted Accounting Practice.
Commitments
The group has no material outstanding commitments at the date of this
report.
Dividends
In line with the group policy, no interim dividends have been declared.
Prospects
It is expected that the second half of the financial year should continue to
be as profitable as the first half, unless economic conditions deteriorate
considerably.
STRATE
In accordance with the new listing requirements of the JSE Securities
Exchange of South Africa, the company went onto the STRATE (Share
Transactions Totally Electronic) system with effect from 7 May 2001. A
circular in this regard was posted to shareholders on 2 April 2001.
Cautionary announcement
The boards of directors of the Winbel Group, which includes Winbel Limited,
Winhold Limited, Gundle Limited and Inmins Limited, have for some time been
considering proposals to unbundle/restructure the Winbel Group in order to:
(1) simplify the group structure;
(2) effect a reduction in the significant costs associated with maintaining
multiple listings; and
(3) fall in line with the JSE guidelines on pyramid company structures.
In addition, it is expected that the proposed restructure will enhance the
liquidity in trading in the shares of the Winbel Group.
The directors have now decided to proceed with the implementation thereof.
Accordingly, shareholders are advised to exercise caution in dealing in
their shares.
Shareholders will be notified shortly of the intended processes.
On behalf of the board
WAR Wenteler DG Clarke
Chairman Director
13 June 2001
Directors
WAR Wenteler (Chairman), DG Clarke, W Fourie, PJ Kruger, CJ Pallas (Non-
executive)
E-mail: winbel@pixie.co.za
Company secretaries and registered office
Winhold Limited (Registration number 1945/019679/06)
Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: winsec@pop.co.za
Transfer secretaries
Mercantile Registrars Limited
8th Floor, 11 Diagonal Street, Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
E-mail: it@registrars.co.za
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