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(Registration number 1955/002109/06)
Share code: BRM ISIN number: ZAE000001137
Group audited results and dividend announcement for the year ended 31 March
2002
Operating profit + 66%
Profit before taxation + 75%
Earnings + 74%
Headline earnings + 67%
Dividends + 62%
Note: The performance is measured against the prior nine-month period.
Africa`s number 1 distributor for world class products and world class
service
Year Nine months
ended ended
31 March 31 March
2002 2001 Inc./
INCOME STATEMENT R000 R000 (Dec.)%
Revenue 756 002 524 665 44
Operating profit 101 616 61 222 66
Interest and foreign
exchange costs 17 909 11 914 50
Profit before abnormal items 83 707 49 308 70
Abnormal items - 1 442 (100)
Profit before taxation 83 707 47 866 75
Taxation 26 398 14 844 78
Earnings for the period 57 309 33 022 74
Determination of headline earnings
Earnings 57 309 33 022 74
Adjustments - after tax
where applicable
- Amortisation of goodwill 300 158
- Branch closure/restructure - 1 098
- (Profit)/Loss on disposal of
property, plant and equipment (32) 176
Headline earnings 57 577 34 454 67
Shares in issue
Weighted average (000`s) 105 641 105 641
At end of period (000`s) 105 641 105 641
Weighted average including
diluted shares (000`s) 113 648 113 648
Headline earnings
per share (cents) 54,5 32,6 67
Earnings per share (cents) 54,2 31,3 74
Diluted headline earnings
per share (cents) 50,9 31,0 64
Diluted earnings
per share (cents) 50,7 29,9 70
Dividends per share* 21,0 13,0 62
Interim (cents) 6,0 6,0 -
Final (cents) 15,0 7,0 114
*In accordance with Generally Accepted Accounting Practice Statement AC 107
the final dividends proposed by the directors has not been reflected in the
financial statements.
31 March 31 March
2002 2001
BALANCE SHEET R000 R000
ASSETS
Non-current 73 855 62 885
Property, plant and equipment 60 544 48 408
Intangible assets 2 583 2 966
Deferred tax asset 1 882 1 998
Staff incentive scheme loan 8 408 8 766
Long-term receivable 438 747
Current 412 818 327 665
Inventories 286 390 224 465
Accounts receivable 126 428 103 200
486 673 390 550
EQUITY AND LIABILITIES
Shareholders` interest 212 674 169 099
Non-current liabilities 13 289 16 030
Unsecured loans 10 405 11 894
Debentures 2 884 4 136
Current liabilities 260 710 205 421
Bank borrowings 63 249 68 591
Short-term borrowings 1 489 2 011
Other payables 195 972 134 819
486 673 390 550
Debt : equity (%) 37 51
Net asset value per share (cents) 201 160
Net tangible asset value
per share (cents) 199 157
Year Nine months
ended ended
31 March 31 March
2002 2001
CASH FLOW STATEMENT R000 R000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 732 232 512 764
Cash paid to suppliers and employees 651 875 464 166
Cash flows from operating activities 80 357 48 598
Interest paid (18 429) (12 205)
Taxation paid (14 752) (10 803)
Dividends paid (13 734) (12 676)
Net cash generated by
operating activities 33 442 12 914
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant
and equipment to maintain operations (25 845) (10 682)
Proceeds on disposal of property, plant
and equipment 2 703 2 861
Net repayment by/(advance to)
non-current receivable 309 (243)
Business acquisition (2 362) (34 992)
Net cash utilised in investing activities (25 195) (43 056)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of unsecured loans (2 011) (1 593)
Debenture loan portion - repaid (1 252) -
Repayment from share trust 358 30
Net cash utilised in financing activities (2 905) (1 563)
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS 5 342 31 705)
Cash and cash equivalents at
beginning of period (68 591) (36 886)
Cash and cash equivalents at end of period (63 249) (68 591)
Year Nine months
ended ended
31 March 31 March
2002 2001
CHANGES IN EQUITY STATEMENT R000 R000
Stated capital
Balance at beginning and end of period 57 031 57 031
Retained income
Balance at beginning of period 107 796 82 603
Cumulative adjustment following
adoption of AC 133 - (1 491)
As restated 107 796 81 112
Earnings for the period 57 309 33 022
Dividends* - prior year final (7 396) (6 338)
- current year interim (6 338) -
Balance at end of period 151 371 107 796
Compulsorily convertible debentures
Balance at beginning and end of period 4 272 4 272
Total shareholders` interest 212 674 169 099
*In accordance with Generally Accepted Accounting Practice Statement AC 107
the final dividend of 15 cents per share proposed by the directors has not
been reflected in the financial statements.
Registered office Transfer secretaries
Bearing Man House Mercantile Registrars Limited
105 West Street 7th Floor, 11 Diagonal Street
Durban 4001 Johannesburg 2001
Auditors
PricewaterhouseCoopers
Directors: DI Samuels (Chairman), GJ Till (Managing), A Goldstone,
M Rose-Innes, RE Sherrell
Company Secretary: DC Bassett
These results are available on Bearing Man`s Website - www.bearingman.co.za
COMMENTS
Bearing Man has continued to extend its position as the foremost supplier of
dynamic engineering consumables to industry in Southern Africa. Bearing Man
continues to enhance its range of quality products to market, and early this
year, introduced Fenner Motoline, a full range of electric motors, to its
portfolio.
The acquisition of Invicta Bearings in July 2000 has been bedded down, and
tangible benefits are expected to materialise in the current period. An
extensive range of complementary products, including power transmission and
seal consumables, and the Sumitomo range of SM Cyclo speed reducers has been
introduced. Coupled with the planned expansion of the branch network,
Invicta Bearings` contribution to bottom line earnings is expected to
improve significantly.
Results
The results presented are for the year ended 31 March 2002, and the
comparative figures are for the nine-month period to 31 March 2001.
Operating margins have improved by 1,8%, to a creditable 13,4%, largely
through management focus on gross margin preservation and improved cost
efficiencies.
Headline earnings per share have shown a consistently positive growth, from
26 cents for the year ended June 2000, to 33 cents for the nine months ended
March 2001, to the current year-end figure of 54 cents. This represents a
percentage growth of 25% and 66% respectively.
The debt to equity ratio has improved, reducing from 51% in March 2001, to
37% this year-end.
Accounting policies
The principal accounting policies, as outlined in the 2001 annual report,
have been consistently applied, with the exception of costs pertaining to
forward exchange contracts. These have been reflected as finance costs, with
comparative figures being adjusted accordingly. The financial statements
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
Capital expenditure
Capital expenditure amounting to R2 million (2001: R7 million) has been
authorised and contractually committed. The land that was purchased in the
La Lucia Ridge Business Park at a cost of R4,9 million has not yet been
developed any further, but it is the intention of the Company to develop a
head office and warehousing facility there in the near future.
Prospects
The Company will continue to focus on the provision of an extensive range of
quality goods and services, supplied at the right time and in the right
place, throughout sub-Saharan Africa. Diversification through the
introduction of new product ranges, and an expanded branch network, will
augment the existing base and provide further opportunities for growth.
Annual financial statements
The annual financial statements will be posted to shareholders on or about
25 June 2002.
For and on behalf of the board
DI Samuels GJ Till
Chairman Managing Director
Dividends
An interim dividend of 6 cents was declared and paid on 26 November 2001.
The directors have subsequent to year-end declared a further dividend
(number 28) of 15 cents per share payable to shareholders recorded as such
in the books of the Company at the close of business on the record date of
Friday, 7 June 2002. Last day to trade cum-entitlement will be Friday, 31
May 2002. Shares will be traded ex-entitlement from Monday, 3 June 2002.
Dividends will be paid to members on 10 June 2002.
Share certificates may not be dematerialised or rematerialised between
Monday, 27 May 2002 and Friday, 7 June 2002, both days inclusive.
By order of the board
DC Bassett
Company Secretary 15 May 2002
Date: 14/05/2002 09:00:00 AM Produced by the SENS Department
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