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IST GROUP LIMITED
Share code: IST
ISIN: ZAE000015798
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED
31 AUGUST 2001
- Headline earnings increase from 1.26 to 6.10 cents per share
- Cash from operations exceed R21 million
- NAV up by R13 million to R108 million
CONSOLIDATED INCOME STATEMENT
6 Mths to % 6 Mths to Year to
31 Aug Change 31 Aug 28 Feb
2001 2000 2001
unaudited unaudited audited
Turnover 136 119 337 46% 93 285 206 213 703 752
- from continuing
operations 136 119 337 81 883 330 202 301 875
- from discontinued
operations - 11 401 876 11 401 877
Operating profit 15 091 594 149% 6 052 155 21 885 627
- from
continuing operations 15 091 594 11 542 487 27 375 959
- from discontinued
operations - (5 490 332) (5 490 332)
Depreciation and
amortisation (2 906 505) (2 337 310) (4 889 284)
Retrenchments
and restructuring
costs - (2 220 862) (3 261 281)
Interest 2 220 120 1 564 045 3 006 964
Profit from associates 350 000 335 167 392 723
Profit before taxation 14 755 209 335% 3 393 195 17 134 749
Taxation (4 435 612) (1 790 973) (6 198 801)
Profit after taxation 10 319 597 544% 1 602 222 10 935 948
Capital loss on sale of
discontinued operation - (214 335) (214 335)
Minority interest (865 801) 4 472 (259 924)
Net profit 9 453 796 579% 1 392 359 10 461 689
Calculation of headline
earnings
Profit attributable to
shareholders 9 453 796 1 392 359 10 461 689
Capital loss
on sale of discontinued
operation - 214 335 214 335
Amortisation
of goodwill 20 000 61 017 40 000
Headline earnings 9 473 796 468% 1 667 711 10 716 024
Weighted average
number of issued
shares 131 685 587 131 316 857 131 316 857
Fully diluted number of
issued shares 155 292 436 132 064 802 135 472 040
Headline earnings per share
(cents)
- basic 7.19 466% 1.27 8.16
- fully diluted 6.10 384% 1.26 7.91
Earnings per share (cents)
- basic 7.18 577% 1.06 7.97
- fully diluted 6.09 480% 1.05 7.72
CONSOLIDATED CASH FLOW STATEMENT
6 Mths to 6 Mths to Year to
31 Aug 31 Aug 28 Feb
2001 2000 2001
unaudited unaudited audited
Cash flows from
operating
activities 21 993 839 (1 084 547) 14 481 793
Cash receipts from
customers 139 908 199 80 283 445 220 538 730
Cash paid to suppliers and
employees (110 895 002) (79 769 316) (201 566 817)
Cash generated from
operations 29 013 197 514 129 18 971 913
Interest received 2 286 703 1 161 101 2 580 647
Interest paid (1 019 329) (927 923) (2 271 622)
Dividends paid (2 894 344) - -
Normal tax paid (5 392 388) (1 831 854) (4 799 145)
Cash flows from investing
activities (4 805 256) (3 827 899) (6 944 419)
Purchase of equipment (2 951 852) (2 006 703) (5 534 171)
Purchase of fixed assets (1 754 115) - -
Additional investment in
discontinued operations - - (448 151)
Investment in associate - - 88 839
Proceeds from investment in
associates - 32 530 -
Purchase of non-current
investment (179 573) 35 790 -
Proceeds from sale of
assets 80 284 790 795 918 542
Disposal of subsidiary,
net of cash disposed - (2 680 311) (2 680 311)
Decrease in non-current
receivables - - 710 833
Cash flows from financing
activities (785 088) (2 796 416) (2 279 290)
Proceeds from long term
borrowings (785 088) (2 796 416) (2 279 290)
16 403 495 (7 708 862) 5 258 084
Effects of exchange rate
differences 890 687 1 356 513 2 427 129
17 294 182 (6 352 349) 7 685 213
Cash at the beginning of
the period 28 199 490 20 514 277 20 514 277
Cash at the end of the period 45 493 672 14 161 928 28 199 490
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 Mths to 6 Mths to Year to
31 Aug 31 Aug 28 Feb
2001 2000 2001
unaudited unaudited audited
Balance at
beginning
of period 97 623 574 94 105 307 94 105 307
Consolidation of share purchase
trust
- transfer from
share premium - (1 082 055) (1 082 055)
- transfer to
non-distributable reserves - 151 487 151 487
- transfer to distributable
reserves - 1 110 221 1 110 221
Balance at beginning of period -
restated 97 623 574 94 284 960 94 284 960
Capitalisation Issue 13 409 - -
Increase in share premium 1 031 854 - -
Non-distributable reserves
- currency translation
differences 391 501 (202 969) (351 731)
- profit in associate 350 000 335 167 392 723
- deferred tax on revaluation - - (2 831 223)
Distributable reserves
- retained earnings 9 103 796 1 057 192 6 128 845
Balance at end of period 108 514 134 95 474 350 97 623 574
CONSOLIDATED BALANCE SHEET
At At At
31 Aug 31 Aug 28 Feb
2001 2000 2001
unaudited unaudited audited
Assets
Non current
assets 48 709 732 44 879 159 45 971 910
Property, plant
and equipment 35 192 049 31 253 402 32 769 052
Intangible
assets 2 460 386 3 796 978 3 128 682
Investment in
associate 4 228 000 3 820 444 3 878 000
Non current
receivables 6 829 297 6 008 335 6 196 176
Current assets 121 292 999 93 917 459 104 639 183
Inventories 26 429 038 26 596 380 26 316 652
Trade and other
receivables 49 370 289 53 159 151 50 123 041
Cash and cash
equivalents 45 493 672 14 161 928 28 199 490
Total assets 170 002 731 138 796 618 150 611 093
Equity and
liabilities
Shareholders'
interest 108 514 134 95 474 350 97 623 574
Share capital 1 326 358 1 312 949 1 312 949
Share premium 85 330 516 84 298 662 84 298 662
Non distributable
reserves 1 240 903 1 421 398 499 402
Distributable
reserve
- retained
income 20 616 357 8 441 341 11 512 561
Minority
interest 1 210 505 80 308 344 704
Non-current
liabilities 5 884 653 3 662 891 6 641 122
Interest bearing
borrowings 2 983 802 3 791 362 3 641 001
Deferred tax
liabilities 2 900 851 (128 471) 3 000 121
Current
liabilities 54 393 439 39 579 069 46 001 693
Trade and other
payables 37 123 010 30 828 272 33 244 261
Advance payments 13 601 683 5 907 823 4 163 683
Current tax
liabilities 893 557 607 896 1 751 063
Shareholders for
dividends 513 - 3 940 121
Current portion of
interest bearing
borrowings 2 774 676 2 235 078 2 902 565
Total equity and
liabilities 170 002 731 138 796 618 150 611 093
Issued shares at end of
period 132 657 693 131 316 857 131 316 857
Net asset value
per share (cents) 81.8 72.7 74.3
Tangible net asset value
per share (cents) 80.0 69.8 72.0
COMMENTS
REVIEW OF RESULTS
The turnaround in the group's performance which began last year continued
during the period under review. A strong effort by all divisions resulted
in a 46% increase in turnover to R136 million and a 149% rise in operating
profit. Net profit grew by 579% to R9.5 million and headline earnings
were up 468%. Fully diluted headline earnings per share increased by 384%
to 6.10 cents. Net cash flow from operating activities was R22 million
against a negative of R1 million for the corresponding six months in 2000
and R14.5 million for the full year to February 2001.
The group's balance sheet remained strong and debt-free, and its cash
reserves grew from R28 million to R45.4 million during the six months to
August. Tangible net asset value per share stood at 80 cents at the end
of August against 72 cents at the end of February 2001.
REVIEW OF OPERATIONS
Highlights of a successful period for the group were:
Electronics group
- the extension by Telkom of the contract for the UMC 1000 digital
loop carrier; and
- the extension of Eskom national contract for the supply of remote
terminal units and substation control systems;
Mechanical group
- appointment as turnkey contractor for the expansion of the compressed
air plant at the Mozal aluminium smelter;
- promising progress with the Pebble Bed Modular Reactor project where
IST has designed the three major subsystems for the feasibility study
currently being considered; and
- supply of fire directing systems to European and Middle Eastern
defence forces in terms of the contracts noted earlier.
The high level of activity throughout the group is indicated by the fact
that the Electronics group currently has tenders of more than R1 billion
under adjudication, while the Mechanical group has submitted tenders worth
more than R100 million.
DISPOSAL
During the period under review the group disposed of its 40% shareholding
in Pragma after concluding that this business did not fit into its current
activities.
DIVIDEND
It is IST's policy to consider dividend payments at the end of its
financial year.
ACCOUNTING POLICY
The accounting policies and methods of computation applied are consistent
with those applied in the financial statements for the year ended 28
February 2001 and are in compliance with Statements of Generally Accepted
Accounting Practice.
PROSPECTS
IST's operations are all well placed to sustain their robust performance.
The board is therefore confident that, provided the current international
unrest does not escalate, the group's earnings for the full year will
exceed 10 cents per share as forecast.
Gary Morolo Harry Coetzee
Chairman Chief Executive
Pretoria
22 October 2001
DIRECTORS
G MOROLO* (CHAIRMAN), L ROBERTSON (DEPUTY CHAIRMAN),
H COETZEE (GROUP CEO), J BLIGNAUT*, P FLACK*,
A MOFFAT*, T STEYN, E TOERIEN, P VAN NIEKERK*,
J VISAGIE.
* NON-EXECUTIVE DIRECTORS
G Serobe has resigned as director in the period under review.
IST GROUP LIMITED - REG NO: 1998/11521/06
ISIN NO: ZAE000015798 - SHARE CODE: IST
TRANSFER SECRETARIES
MERCANTILE REGISTRARS LIMITED,
11 DIAGONAL STREET, JOHANNESBURG 2001
REGISTERED OFFICE
IST BUILDING, 221 GARSTFONTEIN ROAD, MENLYN,
PRETORIA 0145
TEL: (012) 348 8705 - FAX: (012) 348 9472
E-MAIL: ist@ist.co.za - www.istltd.com
STAKEHOLDER AND MEDIA RELATIONS
FOR FURTHER INFORMATION CONTACT KATHY DU PLESSIS AT
TEL: (011) 728 4701 - FAX: (011) 728 2547
E-MAIL: ist@dpapr.com
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