| Tue 19 Feb 2002, 0:00 | | Masonite - Preliminary Statement |
|
MASONITE (AFRICA) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1942/015502/06)
JSE Share code: MAS ISIN: ZAE000004289
("Masonite" or "the company")
Preliminary Statement
Results
Audited group earnings for the year ended December 31, 2001 and group
balance sheet at December 31, 2001 together with comparatives for 2000 are
reflected hereunder.
GROUP TRADING RESULTS
(R'000) YEAR TO 31 DECEMBER
2001 2000
GROUP INCOME STATEMENT
Revenue 282 489 255 202
Cost of sales (196 627) (182 028)
Gross profit 85 862 73 174
Other operating income 14 111 3 178
Distribution expenses and allowances (66 894) (55 563)
Selling and general administrative
expenses (16 137) (16 354)
Other operating expenses (5 473) (3 183)
Net plantation income 2 176 1 408
Profit from operations 13 645 2 660
Net financing costs (1 850) (1 547)
Profit before taxation 11 795 1 113
Income tax expense Note 2 (3 491) (157)
Net profit after tax 8 304 956
HEADLINE EARNINGS RECONCILIATION
Total net profit 8 304 956
Adjusted for:
Profit on sale of assets (133) (150)
Tax effect of adjustments 40 45
Headline earnings 8 211 851
Number of shares in issue 6 817 558 6 817 558
Earnings per share (cents)
Attributable basis 122 14
Headline basis 120 12
Fully diluted basis 121 14
Dividend per share
- Interim - -
- Final 31 -
GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 80 432 78 726
Investments 890 184
Loans receivable 170 183
Total non-current assets 81 492 79 093
Current assets
Inventories 29 743 38 287
Trade accounts receivables 43 241 38 351
Other receivables 5 695 5 138
Amounts due from group companies 1 551 2 423
Cash and cash equivalents 18 826 5 641
Total current assets 99 056 89 840
Total assets 180 548 168 933
EQUITY AND LIABILITIES
Capital and reserves
Share capital 5 471 5 471
Non-distributable reserve 700 700
Distributable reserves 102 676 96 485
Total shareholders' investment 108 847 102 656
Non-current liabilities
Long-term liabilities 345 314
Deferred taxation 5 159 6 813
Deferred investment allowances 163 249
Retirement benefit obligation 12 559 12 731
Total non-current liabilities 18 226 20 107
Current liabilities
Trade accounts and other payables 34 080 30 657
Bank overdrafts 12 893 14 910
Taxation 4 347 438
Payable to holding company 42 165
Shareholders for dividends 2 113 -
Total current liabilities 53 475 46 170
Total equity and liabilities 180 548 168 933
(R'000)
Non- Accu-
Share distributable mulated
capital reserve profit Total
GROUP STATEMENT OF CHANGES IN EQUITY
Balance at December 31, 1999 5 471 700 95 529 101
700
Balance as previously reported 96 228
Adjustment to post-retirement medical
benefit provision Note 3 (699)
Net profit for period 956 956
Balance at December 31, 2000 5 471 700 96 485 102
656
Balance as previously reported 97 129
Adjustment to post-retirement medical
benefit provision (644)
Net profit for year 8 304 8 304
Dividends paid (2 113) (2
113)
Balance at December 31, 2001 5 471 700 102 676 108
847
GROUP CASH FLOW STATEMENT
2001 2000
Cash flows from operating activities
Operating profit
before working capital changes 22 258 13 998
Working capital changes 7 269 (10 477)
Cash generated by operations 29 527 3 521
Interest received 288 242
Interest paid (2 138) (1 789)
Taxation (paid)/refunded (1 322) 1 644
Dividends paid - (886)
Net cash inflow
from operating activities 26 355 2 732
Cash flows from investing activities
Purchase of property,
plant and equipment
Expansion (3 045) (2 756)
Replacement (8 538) (3 780)
Proceeds from disposal of property,
plant and equipment 386 263
Decrease in loans receivable 13 7
Net cash outflow from
investing activities (11 184) (6 266)
Cash flows from financing activities
Increase/(Decrease) in
long-term borrowings 31 (3 374)
Net cash inflow/(outflow)
from financing activities 31 (3 374)
Net increase/(decrease) in cash
and cash equivalents 15 202 (6 908)
Net cash and cash equivalents
at beginning of year (9 269) (2 361)
Net cash and cash equivalents
at end of year (5 933) (9 269)
NOTES
1. Accounting policies
The financial information provided above has been prepared in accordance
with South African Statements of Generally Accepted Accounting Practice and
is consistent with those of the previous financial year.
2. Income tax expense
Current taxation (4 967) (1 187)
Deferred taxation 1 654 943
Deferred investment allowance 86 87
Secondary Tax on Companies (264) -
(3 491) (157)
3. Post-retirement medical benefit provision
The prior year adjustment was required due to incorrect data previously used
in computing this provision. Accordingly, the prior year comparatives have
been restated.
COMMENTS
Profit before interest and tax improved from R2,7 million to R13,6
million.
Both export and local markets were fairly static over the year as a
whole, although a seasonal upturn, improved prices and the rapidly
depreciating Rand in the second half contributed towards the improvement in
earnings.
The weakening Rand resulted in an improvement in export realisation of
R5,6 million.
Business conditions are not expected to change significantly this year
although export margins should be enhanced by a more favourable product mix
and continuing weakness of the Rand.
For and on behalf of the Board
MJ Slater Managing Director
DS Cooper Financial Director
DECLARATION OF FINAL ORDINARY DIVIDEND NO. 55
Notice is hereby given that a final dividend of 31 cents per ordinary
share has been declared in respect of the 12 months ended 31 December 2001.
Trading under the STRATE environment requires settlement in five business
days. In accordance with the settlement procedures of STRATE, Masonite has
determined the last day to trade to participate in the final dividend to be
Friday, 5 April 2002. The shares will commence trading ex-dividend on
Monday, 8 April 2002 and the record date will be Friday, 12 April 2002.
Payment will be made on Monday, 15 April 2002.
Share certificates may not be dematerialised or rematerialised between
Thursday, 28 March 2002 and Friday, 12 April 2002, both days inclusive.
By order of the Board
B van Maarseveen
Company Secretary February 19, 2002
DIRECTORS:
AH Wilson (Chairman), MJ Slater **(Managing), PA Bernards***, WP Coetzee,
DS Cooper, DG Ellis*, JU Morrison*, KMP Spencer, RV Tubbesing*, AG Venton
*USA ** British ***Canadian
Company Secretary:
B van Maarseveen
Investment Bank and Sponsor:
Nedcor Investment Bank Limited
TRANSFER SECRETARIES:
Mercantile Registrars Limited, PO Box 1053, Johannesburg, 2000,
11 Diagonal Street, Johannesburg, 2001, Republic of South Africa.
Telephone (011) 370 5000.
