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Inmins Limited - Statement of results
Inmins Limited
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
(Share code: INM ISIN number: ZAE000003588)
Statement of results
The board announces the unaudited consolidated results of the group for the
six months ended 31 March 2002.
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
356 643 Revenue 167 382 169 132
12 245 Operating profit 4 975 5 527
(1 056) Goodwill amortisation (314) (474)
(918) Net finance costs (210) (317)
10 271 Profit before taxation 4 451 4 736
(1 673) Taxation (561) (665)
8 598 Net profit after taxation 3 890 4 071
(1) Outside shareholders` profit - -
Share of accumulated deficit
(2) of associate company - -
8 595 Ordinary shareholders` profit 3 890 4 071
9 651 Headline earnings* 4 204 4 545
Headline earnings per
25,0 share (cents)* 10,9 11,8
22,3 Earnings per share (cents) 10,1 10,6
Net asset value per
120,9 share (cents) 131,0 117,6
38 579 Shares in issue (000`s) 38 579 38 579
8,4 Dividend per share (cents) - -
Reconciliation of headline
earnings
8 595 Net profit 3 890 4 071
1 056 Amortisation of goodwill 314 474
9 651 4 204 4 545
Supplementary information
225 Capital commitments 1 191 -
1 624 Capital expenditure 693 826
1 794 Depreciation 914 855
12 588 Interest bearing borrowings 2 345 11 447
- Interest earning deposits 1 558 -
*Headline earnings are calculated as income attributable to ordinary
shareholders before dividends, after excluding exceptional items and
amortisation of goodwill.
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
Assets
Fixed and other non-current
10 951 assets 10 655 11 311
- Deferred taxation - 242
99 634 Current assets 92 076 99 072
110 585 Total assets 102 731 110 625
Equity and liabilities
44 887 Share capital and premium 44 887 44 887
1 768 Retained income 5 658 485
46 655 Shareholders` interest 50 545 45 372
Outside shareholders`
1 interest 1 -
46 656 Total equity 50 546 45 372
Non-current liabilities
1 519 - interest bearing 1 637 1 429
19 Deferred taxation 28 6
Current liabilities
11 069 - interest bearing 708 10 018
51 322 - non-interest bearing 49 812 53 800
Total equity and
110 585 liabilities 102 731 110 625
Summarised Consolidated Statement of Changes in Equity
Shareholders` funds at
41 301 beginning of period 46 656 41 301
8 595 Changes in retained income 3 890 4 071
(3 240) Dividend declared - -
Total equity at end
46 656 of period 50 546 45 372
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
Cash flow from/(used in)
(12 866) operating activities 11 691 (11 620)
Cash flow from investing
207 activities 101 56
Cash flow from financing
288 activities 177 192
Net increase/(decrease) in
(12 371) cash and cash equivalents 11 969 (11 372)
Cash and cash equivalents at
1 986 beginning of period (10 385) 1 986
Cash and cash equivalents
(10 385) at end of period 1 584 (9 386)
Review of results
Having had exceptionally good results in both halves of the previous
financial year, the current period profits for the six months to 31 March
2002, whilst also very good were slightly below those of the comparative
period last year. Headline earnings of 10,9 (2001: 11,8) cents per share
were achieved on a turnover of R167 million (2001: R169 million). Net asset
value grew by 11,4% to 131,0 cents per share. It is also pleasing to note
that there was a significant positive swing in the cash flow over the past
six months.
The mining division`s performance was slightly below that of the comparative
period, which was mainly due to a major project in Phalaborwa coming to an
end and, the fact that certain major contracts traditionally awarded in the
first half of each financial year have or will only be awarded in the second
half of this financial year.
The value added division again achieved excellent results, which were on a
par with the comparative period. The division is going forward into the
second half with a good order book.
The industrial division improved significantly, due to market share growth
in its relatively new trading venture which started two years ago, and a
turnaround on all the divisions` poor performers of the previous years`
comparative period.
Prospects
The group is performing well in all its markets, and with good order
books/anticipated contracts for the second half it expects to equal the
results of the previous financial year, which will be a highly satisfactory
achievement in view of such excellent results in the previous financial
year.
Accounting policies
The accounting policies of the group are consistent with those applied in
the most recent annual financial statements and with South African
Statements of Generally Accepted Accounting Practice.
Dividends
In line with the group policy, no interim dividends have been declared.
On behalf of the board
WAR Wenteler PJ Kruger
Chairman Managing Director
6 June 2002
Directors
WAR Wenteler (Chairman), JH Henderson* (Deputy Chairman),
PJ Kruger (Managing), DG Clarke, W Fourie, DB Mostert*,
CJ Pallas*
*(non-executive)
Company secretaries
Winhold Limited (Registration number 1945/019679/06)
Business address and registered office
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: winholdsec@inmins.co.za
Transfer secretaries
Computershare Investment Services Limited
8th Floor, 11 Diagonal Street, Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
E-mail: it@registrars.co.za
Date: 05/06/2002 05:02:00 PM Produced by the SENS Department
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