|
2001
METAIR INVESTMENTS LIMITED
(Reg.No. 1948/031013/06)
Share code: MTA
ISIN code: ZAE000004743
Interim Report for the 6 months ended 30 June 2001
GROUP INCOME Six months ended Year
STATEMENTS ended
30 June % 30 June 31 Dec
2001 Change 2000 2000
R'000 R'000 R'000
Unaudite Unaudited Audited
d
Sales 603 533 12.8 534 885 1 085 882
Cost of sales (450 (16.5) (386 847) (788 152)
706)
Gross profit 152 827 3.2 148 038 297 730
Other operating 7 730 32.3 5 841 10 947
income
Distribution, (100 (11.5) (90 114) (179 247)
administrative 434)
and other expenses
Operating profit 60 123 (5.7) 63 765 129 430
Depreciation and (12 234) (7.6) (11 368) (21 080)
amortisation
Finance costs (605) 25.9 (817) 2 177
Share of results of 3 121 (43.2) 5 495 6 823
associates
Exceptional items 0 9 213 9 213
Profit before tax 50 405 (24.0) 66 288 126 563
Tax (16 409) 10.6 (18 345) (35 085)
Net profit 33 996 (29.1) 47 943 91 478
Earnings per share 585 (29.3) 827 1 578
(cents)
Headline earnings 585 (12.4) 668 1 419
per share (cents)
Weighted number of 5 812 5 798 5 798
ordinary shares in
issue (`000)
GROUP CASH FLOW Six months ended Year
STATEMENTS ended
30 June 30 June 31 Dec
2001 2000 2000
R'000 R'000 R'000
Unaudited Unaudited Audited
Net cash available from (23 678) (13 655) 32 170
operating activities
Net cash used in (25 596) (11 966) (31 015)
investing activities
Net cash used in 18 369 35 295 20 468
financing activities
(Decrease)/increase in (30 905) 9 674 21 623
cash
and cash equivalents
Net cash
At beginning of period 55 489 33 866 33 866
At end of interim 24 584 43 540 55 489
period
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share Retained Non- Total
capital earnings distri- R'000
and R'000 butable
premium reserve
R'000 R'000
Balance at 1 January 30 430 378 358 22 021 430 809
2001
Net profit 33 996 33 996
Issue of share capital 1 392 1 392
Transfer to non- (3 121) 3 121
distributable reserve
Balance at 30 June 2001 31 822 409 233 25 142 466 197
NOTES TO THE CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS
Accounting policies
These consolidated condensed interim financial statements are prepared in
accordance with AC127 Interim Financial Reporting and Statements of
Generally Accepted Accounting Practice in South Africa. The accounting
policies used in the preparation of the interim financial statements are
consistent with those used in the annual financial statements for the year
ended 31 December 2000.
Contingencies
The bank and other guarantees given by the Group to third parties amounted
to R49,8 million as at 30 June 2001 (R49,8 million as at 30 June 2000).
Borrowings 30 June 30 June 31 Dec
2001 2000 2000
R'000 R'000 R'000
Current 1 959 21 899 4 780
Non-current 39 975 21 907 39 256
41 934 43 806 44 036
The movement in the borrowings can be analysed as follows:
Six months ended June 2001
Opening amount (40 826)
Repayment of borrowings 1 504
Other movements (2 612)
Closing amount (41 934)
GROUP BALANCE SHEETS
30 June 30 June 31 Dec
2001 2000 2000
R'000 R'000 R'000
Unaudited Unaudited Audited
Assets
Non-current assets 224 628 196 483 210 063
Property, plant and 157 988 151 003 144 988
equipment
Intangible assets 3 332 4 936 3 359
Investments:
- investment in 25 737 24 124 24 050
associate companies
- investment in listed 37 571 16 420 37 666
and other companies
Current assets 441 400 447 294 433 050
Inventories 200 069 172 426 197 178
Receivables and 216 747 231 328 180 383
prepayments
Cash and cash equivalents 24 584 43 540 55 489
Total assets 666 028 643 777 643 113
EQUITY AND LIABILITIES
Capital and reserves 466 197 432 731 430 809
Share capital and premium 31 822 30 430 30 430
Retained earnings and 434 375 402 301 400 379
reserves
Non-current liabilities 47 122 29 253 46 083
Borrowings 39 975 21 907 39 256
Deferred taxation 7 147 7 346 6 827
Current liabilities 152 709 181 793 166 221
Borrowings 1 959 21 899 4 780
Provisions for 12 036 12 025 16 328
liabilities
and charges
Other current liabilities 138 714 147 869 145 113
Total liabilities 199 831 211 046 212 304
Total equity and 666 028 643 777 643 113
liabilities
Net asset value per share 8 021 7 463 7 430
(cents)
Capital expenditure 25 309 9 316 40 599
Capital commitments
- contracted 43 129 19 849 33 543
- authorised but not 3 379 6 316 9 299
contracted
COMMENTS
Conditions in the motor industry in the first six months of 2001 were
positive but the industry remains very susceptible to changes in GDP growth
and fluctuations in exchange rates. The industry is also restructuring, as
required by the Motor Industry Development Programme, and changes in
procurement patterns are becoming evident.
Domestic sales of new passenger and light commercial vehicles (LCV's) grew
by 10% compared to the first six months of 2000 although some of this growth
resulted from increased imports of vehicles. Exports of built-up vehicles
also accelerated and the total local production of passenger and LCV's
increased by 16% creating higher demand for local components.
OPERATING RESULTS
The turnover of the group increased by 12,8% but headline earnings reduced
to 585 cents per share compared to 668 cents per share in 2000.
Margins were under pressure and the benefits achieved from the favourable
lead price and Rand/Euro exchange rate in 2000 were not repeated. Supreme
Spring has not yet returned to profitability and in addition, some operating
costs were incurred in implementing the capital projects referred to in the
last Annual Report.
On the balance sheet, current assets were reasonably well controlled and
increased by only 3,2% compared to the 12,8% increase in turnover, but
further attention is being given to improve cash flow. The balance sheet
remains strong with shareholder's equity representing 70% of total assets.
The capital expenditure planned for the second six months will not
substantially affect this ratio.
FORECAST
Expectations for GDP growth have been revised slightly downwards for the
balance of 2001. Sales of new passenger vehicles were already reflecting
this trend towards the end of the second quarter and the strike of vehicle
manufacturers, other industrial action and the national stayaways will have
a further negative impact. The recent reduction of 1% in interest rates may
underpin demand. Export competitiveness has been enhanced by the weak Rand
and exports, both direct and indirect, are having a greater influence on
Group turnover.
As predicted in the last Annual Report, growth in earnings over 2000 will be
deferred until 2002.
TRANSFER SECRETARIES Signed on behalf of the board
Mercantile Registrars Limited E Le R BRADLEY - Chairman
11 Diagonal Street A D PLUMMER - Managing Director
JOHANNESBURG
2001 JOHANNESBURG, 7 September 2001
DIRECTORS: E le R Bradley (Chairman); A D Plummer (Managing)*;
L Soanes*; G J Strydom; C I J van der Merwe (Finance)
*British
COMPANY SECRETARY: S M Vermaak
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
