|
AMLAC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/008727/06)
("Amlac")
Share code: ALC
ISIN: ZAE000011821
UNAUDITED INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2001
Highlights
Restructuring and refocus of the business has led to satisfactory results
under Amlac's new management:
Turnover up 32%
Headline earnings 35.3 cents per share at the interim
Net profit for the six months R7.1 million
Net asset value 95.5 cents per share
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2001 30 June 2000 31 December
2000
R R R
Revenue 30 819 908 23 272 114 42 272 942
Net income from 10 864 589 1 807 660 3 820 845
operations
Surplus on 0 0 7 000 000
restructuring of
company
Amortisation of (104 375) 0 (208 750)
trademark
Amortisation of (201 939) 0 0
Goodwill
Net finance costs (324 621) (1 460 793) (2 232 125)
Net income before 10 233 654 346 867 8 379 970
taxation
Taxation (3 130 678) 0 0
Net income after 7 102 976 346 867 8 379 970
taxation
Trading loss borne by (10 432) (88 325) (120 324)
outside shareholders
Net income 7 113 408 435 192 8 500 294
attributable to
shareholders
Earnings per share 33.9 2.0 40.5
(cents)
Adjusted headline 35.3 2.0 7.8
earnings per share
(cents)
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2001 30 June 2000 31 December
2000
R R R
Cash flow from 9 738 205 347 166 ( 793 450)
operating activities
Cash flow from 10 000 147 596 192 ( 526 133)
Investing activities
Cash flow from (5 578 11 945 1
financing activities 330) 224 464 403
Net cash flow for 14 160 022 12 888 582 144 820
period
Cash and equivalents (58 989) (13 092 391) ( 203 809)
at beginning of
period
Cash and equivalents 14 101 033 ( 203 809) ( 58 989)
at end of period
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
as at as at as at
30 June 2001 30 June 31 December
2000 2000
R R R
Assets
Non-current assets
at carrying value
Property 26 972 720 6 135 944 20 664 792
Plant and 7 042 870 3 791 403 3 349 331
equipment
Goodwill 1 3 836 843 4 038 782 4 038 782
Trademark 759 791 1 072 916 864 166
Investments 0 3 333 845 0
Current assets 18 339 669 16 450 135 13 730 425
Total assets 56 951 893 34 823 025 42 647 496
Equity and
liabilities
Equity
Shareholders' 20 611 432 5 432 922 13 498 024
equity
Accumulated ( 559 073) ( 757 290) ( 548 641)
trading loss borne
by outside
shareholders
Non-current
liabilities
Interest bearing 0 2 019 126 13 225 173
Non-interest 2 0 12 603 621
bearing 31 407 124
Deferred taxation 0 0 0
Current 5 492 410 28 128 267 3 869 319
liabilities
Total equity and 56 951 893 34 823 025 42 647 496
liabilities
Weighted number of 21 000 000 21 000 000 21 000 000
shares in issue
Net asset value 95.5 22.3 61.7
per share (cents)
Adjusted headline
earnings
Earnings 7 113 408 435 192 8 500 294
attributable to
ordinary
shareholders
Adjustments
Amortisation of 104 375 0 146 125
trade mark
Amortisation of 201 939 0 0
goodwill
Surplus on 0 0 (7 000 000)
restructuring
company
Adjusted headline 7 419 722 435 192 1 646 419
earnings
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2001 30 June 31 December
2000 2000
R R R
Balance at beginning 13 498 024 4 997 730 4 997 730
of year
Retained income 7 113 408 435 192 8 500 294
Balance at end of
period 20 611 432 5 432 922 13 498 024
Notes
1.The goodwill which arose on acquisition of subsidiaries in the group will
be amortised over a ten year period commencing 1 January 2001.
2.The loans are interest free. Details were contained in a published
announcement dated 02 July 2001.
Results
The team at Amlac has produced very pleasing results for the six months
ended 30 June 2001. All divisions contributed to this turnaround,
particularly Amlac Oils, which exceeded expectations.
The new team's approach to business that includes performance-related
remuneration for senior management, low gearing and improved product
margins, has arrested the previous decline in the health of Amlac and has
restored the necessary confidence and optimism amongst the staff.
The significant improvement in Amlac's performance is the direct result of
the restructuring and refocusing exercise the group has been involved with
since the Goodwill Trust acquired a controlling interest in the group with
effect from 22nd July 2000.
Prospects
Because the restructuring and new business focus of Amlac has borne fruit to
date, Amlac is now in a position to explore future growth strategies that
will include new product range development, as well as suitable acquisition
opportunities. These initiatives should enhance and build upon our already
improved customer and business base.
By order of the Board
FAZEL BHANA
Managing Director
Directors
S A Bhana (Executive Chairman),
F S Bhana (Managing)
V du Plessis (Financial) (Appointed 4 January 2001)
E C Brown (Non executive)
Sheik A A A Al-Zahim (Non executive) (Saudi Arabian)
Transfer secretaries
Computershare Services limited
Sponsor
The Janus Corporation (Pty) Ltd
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
