| Thu 27 Dec 2001, 0:00 | | Buildmax Limited - Unaudited Interim |
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Buildmax Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/012209/06)
Share code BDM ISIN ZAE000011250
("the group")
Unaudited interim results for the six months ended 30 September 2001
The unaudited results of Buildmax Limited and its subsidiaries for the six
months ended 30 September 2001 are set out below:
6 months 12 months 6 months
30/09/2001 31/03/2001 30/09/2000
(unaudited) (audited) (unaudited
Balance sheet R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and
equipment 13 155 15 152 15 913
Investments 3296 3 956 4 448
Deferred taxation 397 397 -
Current assets 38 231 51 990 56 714
Total assets 55 079 71 495 77 075
EQUITY AND LIABILITIES
Share capital
and reserves 39 694 30 690 30 422
Non-current liabilities
Long-term liabilities 4 13 4 601
Current liabilities 15 381 40 792 42 052
Total equity
and liabilities 55 079 71 495 77 075
Net asset value per
share (cents) 95,0 73,4 72,8
Net tangible asset value
per share (cents) 95,0 73,4 72,8
CASH FLOW STATEMENT
Operating activities 9 152 1 771 (822)
Investing activities 1 539 1 191 1 630
Financing activities (3 963) (8 415) (3 736)
Net cash generated/
(utilised) 6 728 (5 453) (2 928)
Cash and cash equivalents
at beginning of period 1 045 6 498 6 498
Cash and cash equivalents
at end of period 7 773 1 045 3 570
INCOME STATEMENT
Gross revenue 36 987 83 641 43 629
Continuing operations 28 980 83 641 43 629
Discontinued operations 8 007 - -
Operating profits 3 833 3 106 1 923
Continuing operations 51 3 106 1 923
Discontinued operations 3 782 - -
Profit of sale of
discontinued operations 5 874 - -
Profit on ordinary activities
before interest 9 707 3 106 1 923
Net interest paid (493) (1 356) (785)
Profit on ordinary
activities
before taxation 9 214 1 750 1 138
Taxation (210) 556 -
Net profit for
the period 9 004 2 306 1 138
Average number of
shares in issue ('000) 41 806 41 806 41 806
Earnings per
share (cents) 21,5 5,5 2,7
Headline earnings
per share (cents) 7,5 5,5 2,7
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning
of period 30 690 28 384 28 384
Net profit for
the period 9 004 2 306 1 138
Equity end of period 39 694 30 690 29 522
COMMENTARY
The level of economic activity during the period under review continues to
challenge most businesses in South Africa.
The Rand has depreciated significantly during this year and has lost 30% and
19% against the Dollar and Euro respectively. Any further weakening of the
Rand will impose additional pressure on the fiscus to raise interest rates,
which would ultimately have a negative effect on domestic growth. The impact
of the terrorist attack in the USA on 11 September 2001, has yet to be
reflected in most of the current domestic economic indicators, which could
adversely affect future trading conditions in this country.
Turnover for the six months ended 30 September 2001 of R36,987 million Rand,
is lower than that of the corresponding period for last year of R43,629
million Rand. This reduction in turnover is attributable mainly to the
discontinued operation of the tile business and the lower market demand for
rainwater goods.
The cash generated from the sale of certain assets of Watson Tile & Concrete
(Pty) Limited in April 2001, enabled the group to eliminate all bank
borrowings and increase its working capital. This resulted in savings in
finance charges during the current interim reporting period. These savings
will be more evident at the end of the current financial year and in future
financial periods.
Operating profits reflect an improvement for the six months ended 30
September 2001, with an increase in earnings per share to 21,5 cents, (net
profit for the period, dividend by the average number of shares in issue)
whilst headline earnings increased to 7,5 cents (net profit for the period,
less profit on sale of discontinued operations, divided by average number of
shares in issue) per share. Net asset value increased to 95,0 cents per
share.
During the interim reporting period, there has been no material change in
the focus of the group's operating business. Continuous efforts are being
made to explore opportunities in alternative value added products,
synergistic to the current operations of the business. Paving blocks and
retaining wall systems have recently been added to the concrete business'
product portfolio.
There is a fair amount of uncertainty as to how the domestic market and
economy will develop in 2002. The group constantly strives to contain costs
and improve market share.
Barring any unforeseen circumstances, the group expects to produce a
positive result for the financial year ending 31 March 2002.
Dividend
No dividend has been declared or recommended for this period.
Accounting policies
The results were prepared in accordance with the Statements of Generally
Accepted Accounting Practices and are consistent with the group's accounting
policies.
For and on behalf of the board
N Samad N B Egan
Director Director
28 December 2001
Directors:
Dato' A H Samsudin* (Chairman), Nazar Samad* (Group CEO), J H Catsavis, L J
Nyembe, R K Selvanayagam*, N B Egan * Malaysian
Company secretary: N B Egan
Registered office:
SMG Holdings Limited, 108 Johan Avenue, Corner Katherine Street, Sandton,
2196
Transfer secretaries:
Computershare Services Limited, 4th Floor, Edura House, 41 Fox Street,
Johannesburg, 2001
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
Share code: SFN ISIN: ZAW000006565
("Sasfin" or "the Company")
