| Mon 17 Sep 2001, 0:00 | | Chet - Interim Unaudited Results For The Ten Month |
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Chet Industries Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1997/013498/06)
Share code: CET ISIN code: ZAE 0000 28312)
("Chet")
Interim unaudited results for the ten months ended 30 June 2001
Group Balance Sheet
30 June 01 28 Feb 01 31 Aug 00
R'000
Assets
Non-current assets 28,600 28,896 30,395
Property, plant and
equipment 23,104 23,438 24,091
Deferred taxation 5,496 5,458 6,304
Current assets 89,515 82,210 82,224
Inventory 38,610 35,709 32,265
Trade and other
receivables 50,221 45,661 49,689
Taxation 667 816 243
Cash resources 17 24 27
Total assets 118,115 111,106 112,619
Equity and
liabilities
Capital and reserves 61,299 61,088 58,698
Non-current
liabilities 16 34 61
Long term liabilities 16 34 61
Current liabilities 56,800 49,984 53,860
Trade and other
payables 49,204 36,742 45,978
Short term debt
including bank
Overdrafts 7,596 13,242 7,882
Total equity and
liabilities 118,115 111,106 112,619
Net asset value
per share (cents) 32,8 32,7 31,4
Group Statement of Changes in Equity
30 Jun 01 28 Feb 01 31 Aug 00
R'000
Capital and reserves
Share capital 1,868 1,868 1,868
Share premium 31,958 31,958 31,958
Balance at
beginning of year 31,958 31,958 32,746
Goodwill and
trademarks set off - - (788)
Accumulated profit 27,473 27,262 24,872
Balance at
beginning of year 24,872 24,872 20,637
Attributable profit
for the period 2,601 2,390 4,235
Total capital and
reserves 61,299 61,088 58,698
Abridged Group Cash Flow Statement
Ten months Six months Year ended
ended ended ended
30 Jun 01 28 Feb 01 31 Aug 00
R'000
Cash flow from
operating activities 1,682 (4,609) 4,220
Cash utilised by
investing activities (1,360) (729) (13,914)
Cash flows from
financing activities (79) (26) (159)
Net increase/
(decrease) in cash
resources 243 (5,364) (9,853)
Cash resources at
beginning of period (7,769) (7,769) 2,084
Cash resources at
end of period (7,526) (13,133) (7,769)
Group Income Statement
Ten Six months Year
months ended ended
ended
30 Jun 01 28 Feb 01 31 Aug 00
R'000
Revenue 245,671 151,117 297,475
Operating profit 4,866 4,161 6,665
Net finance cost (1,092) (706) (560)
Profit before
taxation 3,774 3,455 6,105
Taxation 1,173 1,065 1,870
Attributable profit 2,601 2,390 4,235
Weighted average
Number of shares in
issue (`000) 186,778 186,778 186,778
Earnings per share
(cents) 1,4 1,3 2,3
Headline earnings per
share (cents) 1,4 1,3 2,9
Notes
Determination of
headline earnings 2,601 2,390 5,374
Attributable profit 2,601 2,390 4,235
Redevelopment costs - - 1,139
Comments
The financial year end of Chet has been changed to 31 December to bring it
in line with Chester Investment Holdings Limited ("Chester") which holds in
excess of 60% of the issued share capital of Chet. Accordingly, the
financial period will cover 16 months to 31 December 2001.
Chester is reporting its interim results for the six months to 30 June 2001,
which require the incorporation of the results of Chet. Therefore, the
results of Chet for the ten months to 30 June 2001 are presented bringing
them into line with those of Chester.
During the period, the group finalised the development of its toiletries and
cosmetics facility and has now entered the market with the newly developed
range of product. Customer reaction has been favourable and it is expected
that this division will begin contributing to profit.
The household chemicals division continues to operate at acceptable levels.
Your board anticipates that the Plastoria business, part of the industrial
division, will be disposed of in the near future. The Ampol division
continues to trade profitably in a difficult market.
Shareholders of both Chester and Chet are referred to the cautionary
announcement dated 13 September 2001 advising that proposals regarding the
possible delisting of Chet are being considered. It is anticipated that an
announcement will be made shortly.
No dividend is being proposed in respect of the period under review.
By order of the board
Larry Kessler
Secretary
17 September 2001
Directors: MZ Levine (Chairman), MR Kessler (Chief Executive), AS Bloom, GL
Christiane,
LF Christiane (Alternate)*, FJ de Klerk, L Freidus*,
LM Kessler, P Vallet*
*Non-executive
Registered Office: 40 Steel Road, Spartan Industrial Township, Kempton Park
PO Box 257 Kempton Park 1620
Tel: (011) 970-3720 Fax: (011) 975-0716
Email: chet@chetind.com Website: www.chetind.com
