| Wed 20 Mar 2002, 0:00 | | Cfc - Audited Results 2001 And Dividend Declaratio |
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COMMERCIAL FINANCE COMPANY LIMITED
Registration no 1944/000264/06
SHARE CODE : CFC
ISIN : ZAE000001343
AUDITED RESULTS 2001 AND DIVIDEND DECLARATION
* HEADLINE EARNINGS PER SHARE INCREASED BY 39%
* CASH HEADLINE EARNINGS PER SHARE INCREASED BY 20%
* DIVIDENDS INCREASED BY 20%
* NET ASSET VALUE 4771 CENTS
The Group audited results for the year ended 31 December 2001 are as
follows:
Actual Proforma Actual
2001 2000 2000
(R000) (R000) (R000)
ABRIDGED GROUP INCOME STATEMENT
Profit from operations before
taking into account the
following items: 9,063 6,649 6,649
Depreciation (202) (222) (222)
Interest paid (1,134) (79) (79)
Operating profit 7,727 6,348 6,348
Dividends 10,503 8,977 8,977
Listed 10,503 8,180 8,180
Unlisted 0 797 797
Associated companies 12,494 7,510 (17,029)
Dividends 7,211 5,799 5,799
Retained earnings 5,281 1,381 3,929
Capital surplus 1,208 330 330
Intangibles amortised (1,206) 0 0
Exceptional items 0 0 (27,087)
Exceptional items (22,412) (663) (663)
Capital and other items 26,633 6,583 6,583
Profit before taxation 34,945 28,755 4,216
Taxation (2,404) (1,502) (1,502)
Profit after taxation 32,541 27,253 2,714
Preference and outside
shareholders 3,398 (1,634) (1,634)
Profit attributable to
ordinary shareholders 29,143 25,619 1,080
Reconciliation of headline earnings
Profit attributable to
ordinary shareholders 29,143 25,619 1,080
Capital and other items (2,095) (6,250) 20,837
Headline earnings 27,048 19,369 21,917
Ordinary shares issued
(000's) 10,170 9,920 9,920
Weighted average number of shares
(000's) 9,995 9,920 9,920
Headline earnings per
share (cents) 270.6 195.2 220.9
Cash Headline earnings
per share (cents) 217.8 181.3 181.3
Basic earnings per
ordinary share (cents) 291.6 258.2 10.9
Dividend
- per share (cents) 137.0 114.0 114.0
- times covered 1.9 1.7 1.9
ABRIDGED GROUP BALANCE SHEET
Ordinary shareholders
interest 225,033 205,465 206,194
Preference share capital 154 154 154
Outside shareholders
interest 11,613 9,104 9,104
Total shareholders
interest 236,800 214,723 215,452
Current liabilities 12,774 11,852 11,852
Total equity and
liabilities 249,574 226,575 227,304
Property, plant and
equipment 56,675 51,360 51,360
Investments 181,438 152,733 153,462
Listed 123,427 49,686 49,686
Associate companies 51,091 101,249 101,978
Unlisted 1,100 1,100 1,100
Loan 5,820 698 698
Current assets 11,461 22,482 22,482
Total assets 249,574 226,575 227,304
Net asset value per
Ordinary share
At book value (cents) 2213 1984 1991
At market value (cents) 4771 4905 4905
Investments
Listed at market
value (R000) 317,872 230,640 230,640
Associate companies at
directors valuation (R000) 94,187 184,370 184,370
Unlisted at directors
valuation (R000) 3,400 2,150 2,150
Land and buildings
Open market value
(directors valuation) (R000) 86,010 86,250 86,250
Capital expenditure (R000) 5,562 13,388 13,388
Capital expenditure committed
and authorised (R000) 3,681 6,094 6,094
Contingent liabilities (R000) 0 0 0
ABRIDGED CASH FLOW STATEMENTS
Net cash inflows from
operating activities 13,572 2,087 2,087
Net cash (out)/inflows from
(investing)/financing activities (23,079) 8,445 8,445
Net (decrease)/increase in cash
equivalents (9,507) 10,532 10,532
Cash and cash equivalents
At beginning of year 11,316 784 784
Cash and cash equivalents
at end of year 1,809 11,316 11,316
STATEMENT OF CHANGES IN EQUITY
Share capital, Capital
redemption reserve and
General reserve 2,237 549 549
Non-distributable reserve 16,289 80,170 80,899
Balance at beginning 80,899 78,460 103,728
Associates 5,237 1,710 (22,829)
Transfers (69,847) 0 0
Capital profits reserve 101,807 47,102 47,102
Balance at beginning 47,102 40,519 40,519
Capital profits 24,505 6,583 6,583
Transfers 30,200 0 0
Accumulated profit 104,700 77,644 77,644
Balance at beginning 77,644 69,941 69,941
Profit for year 29,143 25,619 1,080
Dividends (11,992) (9,623) (9,623)
Capital profits (24,505) (6,583) (6,583)
Associates (5,237) (1,710) 22,829
Transfers 39,647 0 0
Ordinary shareholders
interest 225,033 205,465 206,194
GROUP LISTED INVESTMENTS
Shares Held Market Value
31 Dec 01 31 Dec 00 31 Dec 01 31 Dec 00
(R000) (R000)
Anglo American PLC 309,800 309,800 57,756 31,677
Barloworld 0 21,164 0 1,007
BoE Ltd 33,519,898 20,245,881 127,040 90,499
EOH 3,069,339 0 3,438 0
HomeChoice 30,180,019 0 25,653 0
Idion Technology 2,502,500 0 2,377 0
Mr Price Group 17,070,342 16,946,161 81,084 62,362
Paramount 285,480 285,480 1,584 1,713
RMB Holdings 1,304,046 1,393,898 14,540 16,378
Tongaat-Hulett Group 100,000 700,146 5,400 26,711
Wilson Bayly Holmes
-Ovcon 0 71,370 0 293
317,872 230,640
GROUP ASSOCIATED COMPANIES
Associated companies
(Effective holdings of
listed investments)
Unlisted
My Prize Investments (Pty) Limited
(50% investment 2000 50%)
BoE Ltd 0 59,158,168 0 264,437
Preference share funding 0 (94,377)
0 170,060
Group share 0 85,030
Really Noble Investments
Limited
(30% investment 2000 30%)
BoE Ltd 42,058,111 42,058,111 159,400 188,000
Commercial Finance
Company Ltd 1,592,062 1,575,889 47,762 49,641
Congella Federation Ltd 4,652 4,652 379 377
Paramount 10,750 10,750 60 65
RMB Holdings Ltd 2,895,640 2,895,640 32,286 34,024
Congella Federation
6% pref 2,165 2,165 3 3
Cash 10,186 10,514
250,076 282,624
Group share 75,023 84,787
Listed
The Laser Group Ltd 8,332,249 8,085,004 19,164 14,553
(32.7% investment - 2000 31.7%)
94,187 184,370
GROUP UNLISTED INVESTMENTS
Foreign subsidiaries not consolidated
(Directors valuation) 3,400 2,150
COMMENT
Headline earnings attributable to ordinary shareholders increased by 39% to
270.6 cents per share (2000 pro forma - 195.2 cents per share).
The results include the equity accounted earnings of The Laser Group Limited
(32.7% holding) for the year to 30 September 2001. Although the Group has a
22.3% interest in HomeChoice Limited, this investment has not been equity
accounted as the Group has no significant influence in that company's
activities.
Cash Headline earnings increased by 20% to 217.8 cents per share. (2000 -
181.3 cents).
Significant changes in the investment portfolio include the acquisition of
30,180,019 shares in HomeChoice, 14,579,093 shares in BoE from the
unbundling of My Prize Investments and the disposal of 600,146 Tongaat-
Hulett shares. Property investments increased mainly through the completion
of the new development in Springfield Park, Durban which was completed early
in 2001.
The comparatives for pro forma 2000 have been adjusted to exclude all equity
accounted earnings of the BoE Group following the unbundling of that Group
in 2000.
GROUP STRATEGY
The Group is continuing on its stated policy to acquire strategic and/or
controlling interests in operating companies as opposed to investing in pure
portfolio investments.
PROSPECT
The Group is budgeting for a further increase in earnings per share for the
year.
ANNUAL REPORT
The Annual Report including the Financial Statements detailing the results
and activities of the Group is being mailed to shareholders on or about 27
March 2002.
DECLARATION OF DIVIDEND
A final ordinary dividend no. 161 of 102 cents (2000 : 85 cents) per share
has been declared payable to shareholders. The dividend will be paid on
Monday, 22 April 2002. To comply with the procedure of Strate the last day
to trade in the shares for the purpose of entitlement to the final dividend
is Friday 12 April 2002. The shares will commence trading ex dividend on
Monday, 15 April 2002 and the record date will be Friday, 19 April 2002.
Share certificates may not be dematerialised or rematerialised between
Monday, 8 April 2002 and Friday, 19 April 2002.
Durban By order of the Board
22 March 2002 C VAN DER POL (CHAIRMAN)
W J SWAIN (MANAGING DIRECTOR)
Registered Office Transfer Secretaries
1100 Mansion House Mercantile Registrars Ltd
Field Street, Durban P O Box 1053, Johannesburg
4001 2000
Directors: C van der Pol, D E Daugherty, W J McAdam, W J Swain
