| Tue 4 Dec 2001, 0:00 | | Inmins Limited - Statement Of Results |
|
INMINS LIMITED
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
ISIN number : ZAE000003588
Share code : INM
Statement of results
Highlights: - Revenue up 16%
- Operating profit up 29%
- Headline earnings up 30%
- Dividends per share up 20%
The board announces the audited consolidated results of the group for the
year ended 30 September 2001.
Consolidated Income Statement
Year ended
30 September
2001 2000
R'000 R'000
Revenue 356 632 307 733
Operating profit 12 245 9 454
Goodwill amortisation (1 056) (878)
Net finance costs (918) (941)
Exceptional items - 4 168
Profit before taxation 10 271 11 803
Taxation (1 673) (1 074)
Net profit after taxation 8 598 10 729
Outside shareholders' profit (1) -
Share of accumulated deficit of
associate company (2) -
Ordinary shareholders' profit 8 595 10 729
Headline earnings 9 651 7 439
Headline earnings per share (cents) 25,0 19,2
Earnings per share (cents) 22,3 27,8
Net asset value per share (cents) 120,9 107,0
Shares in issue (000's) 38 579 38 579
Dividends per share (cents) 8,4 7,0
Reconciliation of headline earnings
Net profit 8 595 10 729
Exceptional item
- profit on redemption of
convertible debentures - (4 168)
Amortisation of goodwill 1 056 878
9 651 7 439
Supplementary information
Capital commitments 225 -
Capital expenditure 1 624 1 449
Depreciation 1 794 1 642
Interest bearing borrowings 12 588 1 831
Interest earning deposits - 1 951
Summarised Consolidated Balance Sheet
Year ended
30 September
2001 2000
R'000 R'000
ASSETS
Fixed and other non-current assets 10 951 11 504
Deferred taxation - 242
Current assets 99 634 84 827
Total assets 110 585 96 573
EQUITY AND LIABILITIES
Share capital and premium 44 887 44 887
Retained income/(Accumulated
deficit) 1 768 (3 586)
Shareholders' interest 46 655 41 301
Outside shareholders' interest 1 -
Total equity 46 656 41 301
Non-current liabilities
- interest bearing 1 519 1 289
Deferred taxation 19 6
Current liabilities
- interest bearing 11 069 541
- non-interest bearing 51 322 53 436
Total equity and liabilities 110 585 96 573
Summarised Consolidated Statement of Changes in Equity
Shareholders' funds at
beginning of year 41 301 33 273
Changes in retained income 8 595 10 729
Dividend declared (3 240) (2 701)
Shareholders' funds at
end of year 46 656 41 301
Summarised Consolidated Cash Flow Statement
Cash flow (used in)/from
operating activities (12 866) 7 982
Cash flow from investing activities 207 221
Cash flow from/(used in)
financing activities 288 (6 114)
Net increase/(decrease) in cash
and cash equivalents (12 371) 2 089
Cash and cash equivalents at
beginning of year 1 986 (103)
Cash and cash equivalents at
end of year (10 385) 1 986
COMMENTARY
Overview
Best ever trading results were achieved for the past financial year. Revenue
increased by 16%, operating profit increased by 29%, headline earnings
increased by 30% and dividends increased by 20%. Net asset value grew to
120,9 cents per share.
Overall a very rewarding year with outstanding results achieved in a highly
competitive environment.
The value added division continued with their new developments which
resulted in increased orders from the mining sector. This coupled with
improved efficiencies and excellent service resulted in a best ever year for
this division.
The low cost, strategically placed mining trading branch network, together
with excellent service levels, resulted in best ever results in this
division as well.
Although the depressed market conditions in the industrial
division continued, corrective actions implemented, ensured improved
profitability. A new venture started two years ago
produced excellent results and enhanced the confidence originally shown in
this investment.
Prospects
Provided that the activity in the mining sector continues on its current
trend, the profitability of these divisions should continue. Corrective
action in the industrial division is showing promising results and should
lead to improved profitability.
Accounting policies
The accounting policies of the group are consistent with those applied in
the most recent annual financial statements and with South African
Statements of Generally Accepted Accounting Practice.
Dividends
Notice is hereby given that a dividend of 8,4 cents
(2000: 7,0 cents) per ordinary share for the year ended
30 September 2001 has been declared to holders of ordinary shares recorded
in the share register of the company at the close of business on 18 January
2002.
Last day to trade cum dividend is: Friday, 11 January 2002
Shares commence trading ex dividend from: Monday, 14 January 2002
Record date is: Friday, 18 January 2002
Payment date is: Monday, 21 January 2002
Share certificates may not be dematerialised/rematerialised between Monday,
7 January and Friday, 18 January 2002, both dates inclusive.
On behalf of the board
W A R Wenteler P J Kruger
Chairman Director
4 December 2001
Directors
W A R Wenteler (Chairman), D G Clarke, W Fourie, P J Kruger,
C J Pallas (Non-executive)
Company Secretaries and registered office
Winhold Limited (Registration number 1945/019679/06)
Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg, 2000)
e-mail: winsec@pop.co.za
Transfer Secretaries
Mercantile Registrars Limited
8th Floor, 11 Diagonal Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
e-mail: it@registrars.co.za
