| Tue 11 Sep 2001, 0:00 | | Concor Limited - Audited Results For The Year Ende |
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Concor Limited
(Registration number 1969/003076/06)
(Incorporated in the Republic of South Africa)
SHARE CODE: CNC
ISIN CODE: ZAE000001616
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2001
Summarised Consolidated Income Statement
Year Year
ended ended
30 June 30 June
2001 2000
R'000 R'000
Revenue 1 135 501 1 080 770
Operating income/(loss)
before depreciation 45 065 (22 390)
Depreciation 27 785 28 004
Operating income/(loss) 17 280 (50 394)
Interest received 11 613 15 975
Interest paid (15 524) (17 786)
Income/(Loss) before taxation 13 369 (52 205)
Taxation 2 664 (6 451)
Income/(Loss) after taxation 10 705 (45 754)
Share of associated companies' losses (2 192) (7 585)
Outside shareholders' interest (269) (633)
Earnings/(Loss) attributable to
ordinary shareholders 8 244 (53 972)
Number of shares in issue 13 347 594 13 347 594
Earnings/(Loss) per share (cents) 61,8 (404,4)
Headline earnings/(loss) per
share (cents) 61,8 (404,4)
Summarised Consolidated Balance Sheet
As at As at
30 June 30 June
2001 2000
R'000 R'000
Fixed assets 78 523 60 190
Unlisted investments 53 283 73 110
Deferred tax asset 8 068 9 652
Current assets 433 176 411 306
Deposits and cash 101 834 40 960
Other current assets 331 342 370 346
Total assets 573 050 554 258
Current liabilities 365 981 314 266
Employment of capital 207 069 239 992
Shareholders' equity 148 088 139 844
Outside shareholders' interest 366 3 283
Deferred taxation - 311
Interest bearing debt 58 615 96 554
Capital employed 207 069 239 992
Net asset value per share (Rand) 11,10 10,48
Gearing (%) 40 69
Capital expenditure: Rm Rm
- Spent during the year 47,4 21,6
- Authorised for the following year 35,0 6,3
Abridged Cash Flow Statement
Year Year
ended ended
30 June 30 June
2001 2000
R'000 R'000
Operating activities 132 713 (46 407)
Cash generated/(utilised) by operations 45 277 (23 315)
Net interest (paid) (3 911) (1 811)
Working capital generated/(utilised) 90 719 (10 397)
Taxation refunded/(paid) 628 (8 081)
Dividends paid - (2 803)
Net investment activities (33 900) (43 772)
Net cash generated/(utilised) 98 813 (90 179)
Financing activities
(Decrease)/Increase in interest
bearing debt (37 939) 25 999
Increase/(Decrease) in deposits and cash 60 874 (64 180)
Segmental Information
Year Year
ended ended
30 June 30 June
2001 2000
% R'000 % R'000
Turnover 76 861 756 78 837 339
Manufacturing 20 222 866 16 176 895
Property development 4 50 879 5 55 503
Discontinued operations - - 1 11 033
100 1 135 501 100 1 080 770
Net income/(loss) before
taxation including
associates' net loss
Construction 62 6 956 20 (11 862)
Manufacturing 110 12 324 (4) 2 543
Property development (72) (8 103) 52 (31 331)
Discontinued operations - - 19 (11 515)
Lesotho Highlands Venture - - 13 (7 625)
100 11 177 100 (59 790)
Geographical turnover
Republic of South Africa 83 946 745 83 897 045
Rest of Africa 17 188 756 17 183 725
100 1 135 501 100 1 080 770
Statement of Changes
in Equity
Share capital Retained
and premium income Total
R'000 R'000 R'000
Balance at 1 July 2000 58 314 81 530 139 844
Net earnings attributable to
shareholders to 30 June 2001 - 8 244 8 244
Balance at 30 June 2001 58 314 89 774 148 088
Note
1. Accounting policies and compliance with GAAP
The accounting policies used in the preparation of these preliminary
financial statements are consistent with those used in the annual financial
statements for the year ended 30 June 2000 and are in accordance with South
African Statements of Generally Accepted Accounting Practice.
Comments
Performance
During the year under review a number of actions were taken, which would,
over a three-year period, return the Group to acceptable returns and provide
the foundation for its future growth and development.
We are pleased to announce that the Group has returned to profit and has
ended the year with a substantially improved balance sheet.
DISPOSALS
- The decision to cease all Property Development activities was taken in
January 2001, which resulted in the closure of the division and a programme
for the sale of all property investments. Good progress has been made with
the sale of the developments and we expect to conclude the sale of the
remaining properties within the next year.
- The sale of Concor's interests in Mandirk and Time Botswana was concluded
during the year.
HIGHLIGHTS - OPERATIONAL REVIEW
- Headline earnings of 61,8 cents per share.
- Interest bearing debt reduced from R155 million in December 2000 to R59
million at year-end.
- Cash increased by R60 million to R102 million during the year under
review.
- Concor Technicrete, our manufacturing division, produced excellent
results, improved its product range and market penetration.
- Underground Mining, Surface Mining, Engineering and Facility Management
produced results in line with expectations.
- Civils performed below expectations, however is in a reasonable position
for the forthcoming year.
- Building improved substantially on the previous year and is, after major
restructuring, now well focused.
- Roads performed to expectation and has substantially increased its order
book.
- Properties incurred further losses in the year because the provisions
previously raised were inadequate.
- The implementation of a new ERP management information system is 80%
complete.
PROSPECTS
- We believe the building and construction sector is showing signs of
growth due to the low interest rates and depreciating rand which is a boost
for the mining and export markets.
- The N4 Bakwena Platinum Toll Road has reached financial closure and
construction has commenced.
- The Mozal Phase II project in Mozambique has commenced.
- Concor is well placed on major projects including the Sasol Mozambique
Gas Pipeline, Durban Pier, Protea Parkway Toll Road in Cape Town, several
new roads in Zambia, Botswana and Mozambique and other mining and industrial
projects.
- The work on hand at year-end was R750 million.
As at 1 July 2001 the Concor Limited Board was reconstituted. The Board
would like to thank the retiring Directors for their contribution and
guidance in the repositioning of Concor.
DIVIDEND
- The Board has decided that no dividend will be paid in respect of the
year ended 30 June 2001. It is expected that the achievement of the Group's
growth and performance objectives will enable the resumption of dividend
payments in 2002.
STRATE (Share Transactions Totally Electronic)
- The JSE Securities Exchange South Africa has advised that the Company's
shares were dematerialised on 2 April 2001 and electronic trading commenced
on 9 April 2001.
JV Willmott FW Keller
Chief Executive Officer Chairman
RC Davies 11 September 2001
Secretary
Directors: FW Keller (Chairman), JV Willmott (Chief Executive Officer),
AJ Bester, M Lommatzsch
Registered office: Concor House, 13 Church Street Ext, Crown Industria,
Johannesburg 2001 (PO Box 8259, Johannesburg 2000)
Transfer secretaries: Mercantile Registrars Limited, First National House,
11 Diagonal Street, Johannesburg 2001 (PO Box 1053, Johannesburg 2000)
