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Argent Audited Results for the year ended 312 March 2002
ARGENT INDUSTRIAL LIMITED
Reg no 1993/002054/06
(Incorporated in the Republic of South Africa)
("Argent")
Share code : ART
ISIN code : ZAE 000019188
Audited Results for the year ended 31 March 2002
REVENUE UP 31%
ATTRIBUTABLE EARNINGS UP 43%
HEADLINE EARNINGS PER SHARE UP 38%
Abridged Consolidated Balance Sheet
as at 31 March 2002
Audited at Audited at
31 March 31 March
2002 2001
R000
ASSETS
Non-current assets
Property, plant and equipment 99 483 97 434
Intangibles 607 675
Employee share incentive scheme 695 987
100 785 99 096
Current assets
Inventories 60 944 45 025
Trade and other receivables 101 378 57 897
Taxation - 67
Bank balance and cash 10 493 358
172 815 103 347
Total assets 273 600 202 443
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 5 125 3 023
Reserves 24 045 26 013
Accumulated profits 105 468 87 653
Ordinary shareholders` funds 134 638 116 689
Minority interest 3 824 5 325
Total shareholders` fund 138 462 122 014
Non current liabilities
Long-term borrowings 18 416 18 856
Deferred taxation 4 094 3 549
22 510 22 405
Current liabilities
Trade and other payables 98 255 48 962
Taxation 3 828 -
Shareholders for dividends 3 108 2 429
Current portion of long-term borrowings 7 437 6 633
112 628 58 024
Total equity and liabilities 273 600 202 443
Net asset value per share (cents) 303,2 288,2
Statement of Changes
in Equity for the year
ended 31 March 2002
Share Share Revalu- Accum- Total
Capital Premium ation ulated
Reserve Profit
R000
Balance at
31 March 2000 1 966 31 267 75 565 108 798
Shares issued 58 999 1 057
Reversal of revaluation
of properties (5 254) (5 254)
Net profit for the year
ended 31 March 2001 16 946 16 946
Dividends (4 858) (4 858)
Balance at
31 March 2001 2 024 999 26 013 87 653 116 689
Shares issued 196 1 906 2 102
Reversal of revaluation
of properties (1 968) (1 968)
Net profit for the year
ended 31 March 2002 24 268 24 268
Dividends (6 453) (6 453)
Balance at
31 March 2002 2 220 2 905 24 045 105 468 134 638
Abridged Consolidated
Income Statement
for the year ended 31 March 2002
Audited Audited
year ended year ended
31 March 31 March
2002 2001
R000
Revenue 371 644 283 221
Operating profit before finance charges 34 012 26 049
Net finance charges 4 641 5 463
Net profit before taxation 29 371 20 586
Taxation 4 502 2 977
Net profit after taxation 24 869 17 609
Earnings attributable to outside
shareholders 601 663
Earnings attributable to ordinary
shareholders 24 268 16 946
Attributable earnings per share (cents) 55,1 42,7
Headline earnings per share (cents) 55,8 44,9
Dividends per share (cents) 14,0 12,0
Shares in issue (000)
- at end of period 44 409 40 486
- weighted average for the year 44 082 39 703
Calculation of Headline Earnings (R000)
Attributable earnings 24 268 16 946
Adjustments for:
Profit on disposal of property, plant and
equipment (780) (850)
Loss on disposal of subsidiary - 293
Loss on disposal of property, plant and
equipment 1 126 1 440
Headline adjustments 346 883
Headline earnings 24 614 17 829
Abridged Consolidated
Cash Flow Statement
for the year ended 31 March 2002
Audited Audited
year ended year ended
31 March 31 March
2002 2001
R000
Cash generated from operations 27 769 24 557
Interest paid (8 267) (8 670)
Interest received 3 626 3 207
Dividends paid (5 774) (3 215)
Taxation paid (62) (2 621)
Cash flows from operating activities 17 292 13 258
Cash flows from investing activities (9 623) (12 656)
Cash flows from financing activities 2 466 160
Net increase in cash and
cash equivalents 10 135 762
Cash and cash equivalents at
beginning of year 358 (404)
Cash and cash equivalents at
end of year 10 493 358
COMMENTARY
A highly commendable performance for the year ended 31 March 2002. Evidence
of our success in this endeavour is found in almost every part of our
business. The Group continues its strategy to deliver outstanding
shareholder value.
Salient features of the results
Attributable earnings increased by 43% to R24.2 million for the period under
review (2001 - R16,9 million)
Headline earnings per share increased by 38% to 55,8 cents per share over
the same period (2001 - 44,9 cents)
Group gearing decreased to 18,6% (2001 - 20,9%)
Divisional Performance
Steel and Steel Processing
The Group`s Steel Companies had an excellent year. The Strategic branches
established in Richardsbay and Mpumalanga have performed to expectations,
and current expansion of our warehouses in both areas are expected to be
completed by August 2002. This will further enhance customer service and
bottom line performance for the 2003 financial year. Further geographic
expansion is planned in growth areas in this year and the Group has already
started a new steel merchanting operation in East London which will also
handle the logistics between Mercedes Benz and Giflo Engineering. Phoenix
Steel has upgraded its coil handling facility and plans to modernise its
processing equipment during the financial year. Kochs Cut & Supply is in the
process of upgrading its plant and machinery with the objective of
increasing its capacity. Performance in growth areas will be carefully
monitored to gauge its impact on results.
Fabrication
Bavarian Metal Industries (BMI) had a good year and currently sits with a
very satisfactory order book. The company is getting far more support from
Meiller Germany, the supplier of the Meiller tipper body hydraulics. This
increased support will help BMI increase its market share.
Hendor Mining Supplies has maintained its share of an increased market and
intends to focus its efforts on exporting to Zambia as this has significant
growth potential for the company.
Precision Engineering
Giflo Engineering has had a great year. The decreased Rand value has
provided endless opportunities both locally and abroad. Giflo has purchased
an adjacent fourteen thousand square meters of land and will continue to
expand to meet the needs of its ever-increasing client base. We are
confident that this operation will continue to contribute meaningfully to
growth in 2003 and beyond. Giflo currently exports various components to
Brazil, the United Kingdom and the United States of America.
New Joules Engineering North America Inc. has sufficient orders to take them
through to February 2003. The company has come a long way and is now totally
self-sufficient.
New Joules has an exciting future and will increase its turnover by 50% in
the coming financial year.
NWN, is now totally settled in Pinetown and is a consistant contributor to
the Group`s bottom line.
Concrete and Stone
Megamix has had a fantastic year. The company has a good growth potential
and is well on track to becoming a significant player in the Cape Town-
Somerset West area.
Materials Handling
Barker Flynn has had an exceptional year and enters the new period with R142
million on its order book. All of the current contracts are on schedule and
are running within their budgeted margins. Barker Flynn has approximately
R250 million on tender. The majority of the tenders relate to the 2004
financial year.
Accounting Policy
The accounting policies adopted by the Group remain consistant with those
applied in the previous financial year.
The financial statements have been prepared on historical cost basis and in
accordance with South African standards of generally accepted accounting
practice, except for non-compliance with AC 135.
The effect of non-compliance with the statement is considered to be
immaterial and the external Auditors conclude that fair presentation is
achieved in the Financial Statements
Prospects
We will continue to focus on export markets. The Group is properly geared to
deliver above average returns on shareholders equity and has a strong
platform for future growth.
Dividend
A final dividend of 7 cents per share has been declared, payable on Monday 5
August 2002 to shareholders registered as such at close of business on
Friday 2_August 2002, being the record date in order to participate in such
dividend.
The last day to trade cum dividend is Friday 26 July 2002. The share will
trade ex dividend on Monday 29 July 2002.
There will be no dematerialisation / rematerialisation between Monday 22
July 2002 and Friday 2 August 2002.
On Behalf of the board
T.R. HENDRY CA (SA)
Chief Executive Officer
Germiston
5 June 2002
Registered Address:
13 Jack Pienaar Street
Germiston South
Extension 7
Germiston
1411
Tel:_(011) 876 - 4000
(PO Box 14461, Wadeville 1422)
Attorney:
Rossouws
Attorneys, Notaries and Conveyers
Auditors:
Etchells James Kruger
& Associates Inc.
Sponsor:
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Transfer Secretary:
Ultra Registrars
Ground Floor
11 Diagonal Street
Johannesburg, 2001
(PO Box 4844, Johannesburg 2000)
Company Secretary - N. Glover (Mrs)
Directors:
T. Scharrighuisen (Chairman)
T.R. Hendry (C.E.O)
S.J. Cox (Ms) (Financial)
P.A. Day ( Executive)
M.J. Antonic (New Business Development)
G. Youngman (Alternate - Exceutive)
D. Smith (Alternate - New Business Development)
Website: www.argent.co.za
Date: 05/06/2002 08:00:00 AM Produced by the SENS Department
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