| Wed 12 Sep 2001, 0:00 | | Bateman Project Holdings Limited - Audited Group R |
|
30 June 2001
BATEMAN PROJECT HOLDINGS LIMITED
Registration number 1982/003648/06
Share Code : BTO
ISIN Code : ZAE000010450
www.bateman.co.za
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2001
HEADLINE EARNINGS UP BY 234%
DIVIDEND UP BY 58%
OUTLOOK IS PROMISING
GROUP INCOME STATEMENT
Audited Audite
30/6/20 d
01 30/6/2
R000 000
R000
Sales revenue * 2 605 1 569
948 450
Net operating costs * 2 554 1 558
750 086
Profit before abnormal 51 198 11 364
items
Abnormal items - 497
Profit from operations 51 198 11 861
Net treasury income 7 443 5 961
not related to
projects
Income/(Loss) from (7 664) 913
associates
Profit before tax 50 977 18 735
Income tax expense (9 881) (3
643)
Profit after tax 41 096 15 092
Minority interests (7 780) (4
606)
Net profit for the 33 316 10 486
year
Number of shares on
which earnings per 39 510 39 061
share are
Based (000s)
Earnings per share 84,3 26,9
(cents)
Headline earnings per 84,3 25,6
ordinary share (cents)
Dividends per ordinary 11,5 9,0
share (cents) -
Interim
20,0 11,0
- Final
Headline earnings item
Surplus on disposal of - 497
associate
Reconciliation of
headline earnings
Net Profit 33 316 10 486
Less as above - 497
Headline earnings 33 316 9 989
Note
Profit before abnormal
items is arrived at
after taking into (24 (22
account : 301) 503)
Depreciation and 677 208
amortisation
Surplus on sale of
equipment and vehicles
* Included in the sales revenue and net operating costs are notional sales
and costs respectively.
Notional sales represents the value of contract work handled for clients
where disbursements
for the related equipment supply and construction labour are made by the
client
BATEPRO
COMMENTS:
The group has achieved its expected recovery and has returned to acceptable
levels of profitability. Its evolving business strategy of providing
clients with comprehensive solutions for the conversion of natural resources
into marketable products has enhanced its business outlook and ensured a
solid order book for the foreseeable future.
The headline earnings, excluding abnormal and extraordinary items, increased
by 233,5% to R33,32 million (2000: R9,99 million). Headline earnings per
share increased by 229,3% to 84,3 cents per share (2000: 25,6 cents per
share) on a fully diluted basis.
A final dividend of 20,0 cents per ordinary share has been declared, giving
a total dividend for the year of 31,5 cents per ordinary share (2000: 20,0
cents per ordinary share). This represents an increase of 57,5% with a
dividend cover of 2,7.
The major organisational transformation over the past few years has
resulted in the renewal and redefinition of the group. A new area, Bateman
Enterprises, brings together the group's growing financial, commercial and
geocultural capabilities which augment its traditional technological,
engineering and project-management skills, greatly enhancing the value it
can bring to clients, and hence its ability to secure new work.
The consequences of operating at a higher level of activity have been
evaluated and a significant ramp-up in staff and financial resources is
being put into place.
Major focus is on the following markets:
Minerals & Metals. Ongoing platinum group metals (PGM) work and the
commencement of major new zinc, ferroalloy and diamond projects in Southern
Africa during the year necessitated a substantial increase in personnel in
the company. The modular-plants business once again excelled. Possible
nickel, diamond, iron-ore, cement and PGM projects in Russia, Iran, Nigeria
and RSA have the potential to contribute significantly in future years.
Oil & Gas. The company's Middle East operations yielded outstanding
contributions for the year from gas compression related projects being
executed in the Former Soviet Union. A further project of this type
commenced towards the end of the financial year which will add to future
earnings.
Engineered Technologies. Performance in this area was generally good and
further growth is expected in future years.
The group's new business model has strengthened its position as an
internationally respected process oriented engineering contractor,
functioning as a catalyst for the conversion of natural resources into
marketable products to convert locked-up wealth into disposable wealth.
This approach has resulted in an increasing proportion of turnover being
executed as large lump-sum turnkey projects in the developing regions of the
world. The major marketing efforts on several of these projects have
reached a stage of advanced negotiation and are anticipated to strongly
enhance the workload and profitability in future years.
Cautionary Announcement : Shareholders are referred to the previous
announcements dated 22 June 2001 and 03 August 2001 and are advised that
negotiations are still in progress which, if successful, could have an
impact on the price at which Batepro shares trade on the JSE Securities
Exchange South Africa. Accordingly, shareholders are advised to continue to
exercise caution when dealing in their Batepro shares until a further
announcement is made.
On behalf of the board
AG Fletcher - Chairman
Dr. JP Herselman - Chief Executive
Notice is hereby given that the directors of Batepro have resolved to
declare dividend No. 20 of 20,0 cents per share, being the final dividend
for the year ended 30 June 2001. The last day to trade "CUM" the dividend in
order to participate in the dividend will be Friday, 12 October 2001. The
shares of Batepro will commence trading "EX" the dividend from the
commencement of business on Monday, 15 October 2001 and the record date
will be Friday, 19 October 2001. Payment will be made on Monday, 22 October
2001.
Share Certificates may not be dematerialized from Monday 8 October 2001
until Friday 19th October 2001, both days inclusive
GROUP BALANCE SHEET
Audited Audited
30/6/20 30/6/20
01 00
R000 R000
ASSETS
Non current assets 164 610 98 010
Property, equipment and 86 167 71 093
vehicles
Intangible assets 12 479 3 390
Investments in 16 228 1 233
associates
Other investments 27 185 1 187
Long term debtors 7 502 10 888
Deferred tax assets 15 049 10 219
Current assets 1 210 794 610
106
Cash and investments 779 168 407 971
Other 430 938 386 639
Total assets 1 374 892 620
716
EQUITY AND LIABILITIES
Capital and reserves 134 661 113 819
Issued capital 23 693 23 693
Reserves 18 18
Accumulated profits 110 950 90 108
Minority interests 1 453 10 668
Non current liabilities 1 452 1 777
Long term liabilities 806 1 570
Deferred tax liabilities 646 207
Current liabilities 1 237 766 356
150
Interest bearing - bank 69 819 23 371
Interest bearing - other 1 884 1 921
Other 1 165 741 064
447
Total equity and 1 374 892 620
liabilities 716
Capital employed 137 566 126 264
Net current (27 28 254
(liabilities) / assets 044)
Ordinary shares in issue 39 510 39 510
(000s)
Net asset value per 340,8 288,1
share (cents)
On due date, dividends will, where applicable, be electronically transferred
to shareholders' bank accounts. In the absence of suitable mandates,
dividend cheques will be posted to shareholders.
By order of the board
Elbex (Pty) Limited Sponsor Investec Bank
Secretaries 100 Grayston Drive
Per : HAC Poole Sandown
Sandton 2146
Share Transfer Secretaries
Mercantile Registrars Limited
8th Floor, First National House
11 Diagonal Street
Johannesburg 2001
11 September 2001
GROUP CASH FLOW STATEMENT
Audit Audited
ed 30/6/20
30/6/ 00
2001 R000
R000
Cash flow from operations 79 33 659
266
Disposal of interest in - 497
investments
Working capital changes 368 39 135
593
Net treasury income 7 443 5 961
Equipment and vehicle (29 (37
replacements 044) 592)
Income tax paid (6 (12
958) 121)
419 29 539
300
Dividends paid * (25 (59
870) 037)
Cash inflow/(outflow)from 393 (29
operating activities 430 498)
Net increase in investment (71 (4 577)
activities 272)
322 (34
158 075)
Net cash inflow from 2 628 4 041
financing activities
Increase/(Decrease) in 324 (30
cash and cash equivalents 786 034)
Net cash and cash 382 412 713
equivalents at the 679
beginning of the year
Net cash and cash 707 382 679
equivalents at the end of 465
the year
* 2000 includes a special dividend of R39 212 000
STATEMENT OF CHANGES IN CAPITAL AND RESERVES
Issued Reserves Accumulated Total
Capital Profits
R000 R000 R000 R000
Balance at 23 693 18 90 108 113
beginning of 819
year
Earnings - - 33 316 33 316
attributable to
shareholders
Dividends - - (12 474) (12
474)
Balance at end 23 693 18 110 950 134
of year 661
