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OZZ Limited - Audited Group Results For the year ended 31 March 2002
OZZ Limited
Incorporated in the Republic of South Africa
Registration No 1946/024058/06
Share code: OZZ
ISIN code : ZAE000005211
Comments
Nature of business
Ozz`s business activities are conducted in South Africa and eighteen
countries around the globe. The group manufactures and distributes
consumable wearparts which are used in applications in processing mineral
ores and aggregate in roadmaking and construction.
Financial results
The group continued to enhance its position as a major player in the
wearparts industry. This is reflected in the commendable results achieved in
the past year, salient features of which are as follows:
(a) Headline earnings per share increased by 47% to 303 cents from 206
cents. Growth in turnover and operating income was 18% and 50% respectively.
(b) Net finance income includes a dividend of R3,8 million distributed by
Allan Gray Property Trust ("Grayprop"). 24 million Grayprop units were
received as the consideration for the sale of our major property
investments, 75% of Randburg Waterfront and 25% of Bruma Boardwalk. By the
end of April 2002 all Grayprop units were sold.
(c) Cash generated by operating activities was 507 cents per share
highlighting management`s ability to control working capital requirements.
(d) The group`s long-term dividend policy is to declare a dividend covered
approximately 2,5 times by headline earnings. The dividend per ordinary
share increase of 204% to 273,5 cents
(2001 - 90 cents) was covered 1,1 times by headline earnings per share.
Future dividends will be declared based upon the board`s assessment of the
best utilisation of the group`s cash resources.
These consolidated abridged annual financial statements were drawn up in
compliance with South African Statements of Generally Accepted Accounting
Practice and the company has complied with the requirements of the Companies
Act 1973 (Act 61 of 1973) as amended. The Group has changed its accounting
policy relating to owner-occupied properties.
Prospects
The year ahead is fraught with uncertainty in a volatile business
environment. Our aim is to enhance our strong position in the markets we
serve by offering our products at competitive prices accompanied by world-
class quality and delivery. We have the ability to add further value to our
customers` requirements which is supported by our proven management teams
and versatile technical skills. The local mining industry should benefit
from the devaluation of the rand, underpinning volume throughout for our
South African activities.
The group goes forward into the new year with confidence and our business
plan indicates an improvement on the past year`s results. Given no major
change from the current status quo, it is expected that headline earnings
for the 2003 financial year-end will show growth on those for 2002.
A review of the 2002 results and prospects for the year ending 31 March 2003
will be dealt with in the 2002 annual report which will be mailed to
shareholders in due course.
Dividend declaration
Notice is hereby given that a final ordinary dividend of 250 cents per share
has been declared in respect of the year ended
31 March 2002, payable on 29 July 2002. The last day to trade to participate
in the dividend will be 19 July 2002. The ordinary shares will commence
trading ex the dividend from the commencement of business on 22 July 2002,
and the record date will be 26 July 2002.
Share certificates may not be dematerialised or rematerialised between
Monday 15 July 2002 and Friday 26 July 2002, both days inclusive.
By order of the board
I H STERN
Secretary
6 June 2002
Balance sheet
2002 2001
Rm Rm
ASSETS
Non-current assets 103,1 193,6
Tangible assets 103,1 163,6
Financial assets 30,0
Current assets 359,8 211,8
Financial assets 32,0
Inventories 80,4 80,3
Trade and other 135,2 109,1
receivables
Cash and cash 112,2 22,4
equivalents
Total assets 462,9 405,4
EQUITY AND
LIABILITIES
Equity capital and 339,4 308,5
reserves
Stated capital 89,8 92,3
Non-distributable 33,4 37,6
reserves
Distributable
reserves
- retained income 237,6 199,3
360,8 329,2
Buyback of shares (25,5) (25,5)
Ordinary 335,3 303,7
shareholders`
interest
Preference share 4,1 4,8
capital and premium
Non-current 35,8 35,5
liabilites
Long-term 25,9 26,0
liabilities
Deferred taxation 9,9 9,5
Current liabilities 87,7 61,4
Taxation 15,2 4,6
Trade and other 72,5 56,8
payables
Total equity and 462,9 405,4
liabilities
Number of shares in
issue (millions)
- ordinary* 18,1 18,3
- convertible 0,4 0,5
preference
Net asset value per 1 833 1 643
share (cents)*
Current asset ratio 4,1 3,5
*after taking into account buyback of shares
Statement of changes in equity
Preference Non-distri-
Stated share butable Retained
capital capital reserves income Total
Balance at 119,0 5,1 59,6 177,8 361,5
31 March
2000
Shares 0,1 0,1
issued
Shares
repurchased
and (29,4) (29,4)
cancelled
Shares (0,4) (0,4)
redeemed
Shares
purchased
by (22,8) (22,8)
subsidiary
Transfer (22,2) 22,2
Surplus on
revaluation
of fixed 0,2 0,2
property
Depreciation
charge for
change in
accounting
policy (0,6) (0,6)
Net profit 20,9 20,9
for the year
Dividends
paid:
- ordinary (20,4) (20,4)
- preference (0,6) (0,6)
Balance at 66,8 4,8 37,6 199,3 308,5
31 March
2001
Shares
issued
upon 0,4 (0,4)
conversion
Shares
repurchased
and (2,9) (2,9)
cancelled
Shares (0,3) (0,3)
redeemed
Transfer (4,2) 4,2
Net profit 52,0 52,0
for the year
Dividends
paid:
- ordinary (17,4) (17,4)
- preference (0,5) (0,5)
Balance at 64,3 4,1 33,4 237,6 339,4
31 March
2002
Income statement
2002 Change 2001
Rm % Rm
Turnover 553,0 +18 466,7
Operating 81,5 +50 54,2
income
Net finance 5,8 3,2
income
Income before 87,3 57,4
taxation
Taxation (31,0) (14,3)
Headline 56,3 +31 43,1
earnings
Revaluation of
properties to
selling price (0,1) (22,2)
Loss on
disposal of
investment
(Grayprop (4,2)
units)
Ordinary 52,0 (20,9)
earnings
Shares in issue
(weighted
average number)
(million)*
- undiluted 18,1 20,5
- fully diluted 18,6 20,9
Headline
earnings per
share (cents)
- undiluted 310,2 210,3
- fully diluted 302,9 +47 205,8
Ordinary
earnings per
share (cents)
- undiluted 286,6 102,3
- fully diluted 279,9 100,1
Interim
ordinary
dividend
per share 23,5 18,0
(cents)
Final ordinary
dividend
per share 250,0 72,0
(cents)
Total ordinary
dividend
per share 273,5 +204 90,0
(cents)
Dividend cover 1,1 2,3
(times)
Segmental analysis
2002 2001
Rm Rm
Turnover
- Engineering 553,0 452,8
- Property 13,9
investment
553,0 466,7
Operating income
- Engineering 81,5 50,6
- Property 3,6
investment
81,5 54,2
Cash flow statement
2002 2001
Rm Rm
Cash generated by 94,1 59,0
operating activities
Cepcor acquisition (15,0)
Finance costs (4,2) (4,3)
Taxation paid (20,0) (12,0)
Cash available from 69,9 27,7
operating activities
Dividends paid
- ordinary (17,4) (20,4)
- preference (0,5) (0,6)
Net cash flow from 52,0 6,7
operating activities
Net cash 40,9 (8,0)
inflow/(outflow)
from investing
activities
Maintain operations (6,1) (5,6)
Expand operations (1,4) (2,4)
Disposal of property 48,4
investments
Financing activities (3,2) (35,0)
Preference shares (0,3) (0,3)
redeemed
Borrowings raised 17,5
Buyback of shares (2,9) (52,2)
Net cash 89,7 (36,3)
inflow/(outflow)
OZZ LIMITED
Incorporated in the Republic of South Africa
Registration No 1946/024058/06
Share code: Ozz ISIN code: ZAE000005211
Registered office: 53 Central Street, Houghton Estate, 2198
Transfer secretaries: Computershare Investor Services Limited,
11 Diagonal Street, Johannesburg, 2001
Directors: G Zulberg (Chairman), J Becker, M Becker, B J R Burt, K E
Haskell, C L Lambooy,
E Magid JP, I H Stern, C Zulberg Secretary: I H Stern
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