| Tue 16 Oct 2001, 0:00 | | Combined Motor Holdings Limited - Interim Report F |
|
August 2001
Combined Motor Holdings Limited
(Registration number 1965/000270/06)
Share Code: CMH ISIN number: ZAE000001541
www.cmh.co.za
Interim report for the six months ended 31 August 2001
*21% increase in headline earnings
GROUP FINANCIAL HIGHLIGHTS
6 months 6 months 12 months
31 Aug 31 Aug Incr 28 Feb
2001 2000 % 2001
Turnover (R'000) 1 039 054 875 697 19 2 050 755
Operating income
before interest (R'000) 22 348 18 306 22 61 677
Weighted average
number of shares
in issue ('000) 20 386 20 386 - 20 386
Headline earnings
per ordinary share (cents) 60,0 49,5 21 193,4
Basic earnings per
ordinary share (cents) 45,5 39,7 15 193,4
Dividends per
ordinary share (cents) 12,0 10,6 13 10,6
Total assets (R'000) 488 681 379 372 29 456 317
Net tangible asset
value per share (cents) 691 586 18 728
GROUP INCOME STATEMENT
6 months 6 months 12 months
31 Aug 31 Aug 28 Feb
2001 2000 Incr 2001
R'000 R'000 % R'000
Turnover 1 039 054 875 697 19 2 050 755
Operating income 22 348 18 306 22 61 677
Net interest paid 4 050 3 250 25 3 873
Taxation 5 819 4 788 22 19 615
Minority shareholders'
share of income (240) (182) 32 1 245
Headline earnings 12 239 10 086 21 39 434
Amortisation of goodwill 2 970 2 000 49 5 756
Capital profit on sale of
business - - - (5 756)
Income attributable to
ordinary shareholders 9 269 8 086 15 39 434
GROUP CASH FLOW STATEMENT
31 Aug 31 Aug 28 Feb
2001 2000 Incr 2001
R'000 R'000 % R'000
Cash flow from operating
activities 5 158 10 020 (49) 15 869
Cash flow from investing
activities (27 217) (6 983) 290 (20 197)
Cash flow from financing
activities (3 286) (3 295) - 2 402
Net cash flow for period (25 345) (258) (1 926)
Cash and cash equivalents at
beginning of year 72 109 74 035 74 035
Cash and cash equivalents at
end of year 46 764 73 777 72 109
GROUP BALANCE SHEET
31 Aug 31 Aug 28 Feb
2001 2000 2001
R'000 R'000 R'000
Long-term assets
Fixed assets 22 113 13 452 17 317
Amount owing by share trust 3 184 2 985 3 384
Intangible assets 18 740 9 000 11 510
Deferred taxation 6 455 6 875 7 466
50 492 32 312 39 677
Current assets 438 189 347 060 416 640
Total assets 488 681 379 372 456 317
Equity and liabilities
Total share capital
and reserves 159 545 128 504 159 857
Minority shareholders'
interest 936 1 099 696
Total shareholders' funding 160 481 129 603 160 553
Current liabilities 328 200 249 769 295 764
488 681 379 372 456 317
COMMENTS ON RESULTS
1. The directors are proud of the 21% increase in headline earnings achieved
during the period under review. The period was one during which the national
year-on-year new vehicle sales increased by 8%, interest rates remained
stable, and the only negative was the impact of the industrial strike at
manufacturer level.
2. With effect from March 2001 the Group acquired a BMW and a Land Rover
dealership and, during June 2001, erected an additional Volvo outlet, all in
Menlyn, Pretoria. In addition, a Volvo heavy vehicle franchise was developed
at the Group's premises in Westmead, KwaZulu-Natal. These additions were
financed from internal resources.
3. This planned expansion has reduced the Group's cash resources. However,
the Group balance sheet remains sound and the existing cash reserves and
facilities are adequate to fund future growth plans.
4. Trading has reduced noticeably since the attacks in the USA, but it is
still too early to predict whether this is a temporary situation or the
start of a medium term slowdown. What is clear however, is that the impact
on our currency is likely to herald significant vehicle price increases and
this may result in a fall in new vehicle sales volumes. The Group's hire car
sector, which is now a positive contributor to earnings, may also be
affected by a reduction in both local and international travel.
5. An interim dividend (dividend number 29) of 12,0 cents per share will be
paid on 18 December 2001 to members reflected in the share register of the
Company at the close of business on the record date (14 December 2001).Last
day to trade cum entitlement 7 December 2001. First day to trade ex
entitlement 10 December 2001. No rematerialisation/dematerialisation orders
may be processed from 3 December 2001 to 14 December 2001 both days
inclusive.
By order of the Board of Directors
SK Jackson BCom (Hons) (Tax Law), CA(SA)
Secretary
16 October 2001
Registered office
1st Floor
CMH Building
206 West Street
Durban, 4001
Transfer secretaries
Mercantile Registrars Limited
PO Box 1053
Johannesburg, 2000
Directors: M Zimmerman (Chairman), JD McIntosh (Managing), MPD Conway,
SK Jackson,RTAC Nethercott, CL Odendaal, A Rogoff
--------------------------------------------------------------------------------
