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Barnard Jacobs Mellet Holdings Ltd - Audited Results For The Year Ended 31
March 2002
Barnard Jacobs Mellet Holdings Limited
- Gross revenue up 17%
- Net asset value 367 cents
- Basic earnings 27,5 cps
- Final dividend 3,5 cents
(Incorporated in the Republic of South Africa) (Reg. no. 1995/004798/06)
Share code: BJM ISIN no: ZAE 0000/14262
(" the Group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2002
Consolidated income statement
for the year ended 31 March 2002
Year ended Year ended
31 March 31 March
2002 2001 Change
Audited Audited %
R`000 R`000
GROSS REVENUE 295 770 253 550 16.7
Operating expenses (233 660) (184 342) 26,7
Abnormal settlement costs - (29 810)
OPERATING INCOME BEFORE FINANCE
COSTS 62 110 39 398 57.6
Finance costs (38 707) (31 018) 24.8
OPERATING INCOME BEFORE INCOME
FROM INVESTMENTS 23 403 8 380
Investment income 1 416 18 147
Associate company share of loss (305) -
INCOME BEFORE TAXATION 24 514 26 527 (7.6)
Taxation 4 743 2 007
NET PROFIT FOR THE YEAR 29 257 28 534 2.5
Weighted average number of shares
in issue (`000) 106 402 105 461
Headline earnings per share (cents) 28.02 47.37 (40.8)
Fully diluted headline earnings
per share (cents) 27.96 44.04 (36.5)
Basic earnings per share (cents) 27.50 27.06 1.6
Fully diluted earnings per
share (cents) 27.44 25.21 8.8
Dividend per share (cents) 9 8 12.5
Net asset value per share (cents) 367 319 15.0
Reconciliation of headline earnings
per share 2002 2001
Fully diluted headline earnings 29 817 50 112
Interest on convertible debentures
after tax - (150)
Headline earnings 29 817 49 962
Abnormal settlement costs after tax - (20 867)
Goodwill amortisation (560) (561)
Basic earnings 29 257 28 534
Consolidated balance sheet
as at 31 March 2002
31 March 31 March
2002 2001
Audited Audited
R`000 R`000
ASSETS
NON-CURRENT ASSETS
Furniture and equipment 6 761 7 418
Investments 79 254 131 405
Interest in associate company 2 787 -
Goodwill 847 1 408
Deferred tax 20 899 10 130
110 548 150 361
CURRENT ASSETS 2 338 499 1 457 931
2 449 047 1 608 292
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital 1 067 1 061
Share premium 172 152 160 265
Equity portion of compulsory
convertible debenture - 25 071
Non-distributable reserves 71 723 27 578
Retained income 147 209 125 004
392 151 338 979
NON-CURRENT LIABILITIES 152 623 154 206
CURRENT LIABILITIES 1 904 273 1 115 107
2 449 047 1 608 292
Group statement of changes in equity
as at 31 March 2002
Equity
portion
of Non-
compulsory distribut-
Share Share convertible able Retained
capital premium debentures reserves income Total
Balance at
1 April 2000 1 052 159 834 25 071 11 710 106 898 304 565
Foreign
currency
translation
reserve - - - 13 983 - 13 983
Net profit for
the year - - - - 28 534 28 534
Issue of
ordinary
shares 9 431 - - - 440
Transfer to
conversion of
convertible
debenture
reserve - - - 1 885 (1 885) -
Dividends paid - - - - (8 543) (8 543)
Balance at
1 April 2001 1 061 160 265 25 071 27 578 125 004 338 979
Foreign
currency
translation
reserve - - - 47 933 - 47 933
Net profit for
the year - - - - 29 257 29 257
Issue of
ordinary
shares 81 31 312 (25 071) (4 929) - 1 393
Treasury stock (75) (19 425)- - - (19 500)
Transfer to
retained
income - - - 1 141 (1 141) -
Dividends paid - - - - (5 911) (5 911)
Balance at
31 March 2002 1 067 172 152 - 71 723 147 209 392 151
Consolidated cash flow statement
for the year ended 31 March 2002
Year ended Year ended
31 March 31 March
2002 2001
R`000 R`000
Cash utilised in operating activities (112 173) (255 634)
Cash generated from/(utilised in)
investing activities 59 464 (64 229)
Cash flows from financing activities (19 689) 61 854
Net (decrease)/increase in cash and
cash equivalents (72 398) (258 009)
Cash and cash equivalents at
beginning of year 356 028 591 387
Foreign currency translation reserve 42 989 22 650
Cash and cash equivalents at end of year 326 619 356 028
Segmental analysis
2002
Principal Fee
Business segments Commission activity income Interest
External 138 564 58 553 21 543 49 755
Internal 9 463 6 355
138 564 58 553 31 006 56 110
Business segments Other Eliminations Consolidated
External 27 355 295 770
Internal (15 818) -
27 355 (15 818) 295 770
Unallocated expenses (233 660)
Finance costs (38 707)
Investment income 1 416
Associate company loss (305)
Taxation 4 743
Attributable income 29 257
Geographical Africa International Total
Revenue 219 154 76 616 295 770
Attributable earnings 29 001 256 29 257
Assets 2 214 709 234 338 2 449 047
Liabilities 1 975 837 81 059 2 056 896
2001
Principal Fee
Business segments Commission activity income Interest
External 151 704 34 920 7 139 45 915
Internal 9 237
151 704 34 920 7 139 55 152
2001
Business segments Other Eliminations Consolidated
External 13 872 253 550
Internal 12 889 (22 126) -
26 761 (22 126) 253 550
Unallocated expenses (214 152)
Finance costs (31 018)
Investment income 18 147
Associate company loss -
Taxation 2 007
Attributable income 28 534
Geographical Africa International Total
Revenue 202 981 50 569 253 550
Attributable earnings 25 637 2 897 28 534
Assets 1 382 653 225 639 1 608 292
Liabilities 1 093 386 175 927 1 269 313
Review of results
Trading conditions in local and international financial markets remained
difficult during the 2002 financial year. Despite the Group recording a 17%
increase in revenue for the year, margins were reduced due to significantly
increased costs. Manpower costs in our South African businesses rose at a
rate well ahead of inflation, due to an expansion of our services as well as
the increased costs of retaining highly skilled people. The operating costs
of our international operations, expressed in hard currency, grew in line
with an expanding service base, but when expressed in rand, increased
significantly.
Despite these difficulties, most of the Group`s businesses recorded a
profit. The South African institutional stockbroking business continues to
be the biggest profit generator. The Group`s research team was rated No. 3
in South African equity coverage in the 2002 Financial Mail stockbroker
rankings.
The strenuous efforts which management has made to diversify internationally
as well as into complementary businesses locally have begun to bear fruit.
The international operations, based in the US and UK, delivered satisfactory
performance and are increasingly penetrating their market niches. In South
Africa, Private Client Services increased funds under administration to over
R4,5 billion from R2.8billion a year ago. Finsettle grew its client base
from 10 to 17 and the Corporate Finance team was highly rated in two
independent investment banking surveys. All of these operations were
profitable.
Our return on capital for the Group as a whole, however, remains poor. This
is partly attributable to our growth initiatives, where earnings growth has
been sacrificed in favour of infrastructure and team building. The most
accurate reflection of the Group`s performance is in the headline earnings
per share, which declined by some 40%. Our NAV as at 31 March 2002 was 367
cents per share.
These results have been prepared in accordance with Statements of Generally
Accepted Accounting Practice and the accounting policies used are consistent
with those used in the previous period.
Developments since year end
A focused drive is under way to add further strength to our various
businesses. Sidney Rebe, who headed Merrill Lynch in South Africa between
1997 and 2001, has been appointed CEO of BJM Securities. Sidney brings with
him a wealth of practical experience and skill that will add further value
to the BJM franchise
In addition, the Board has been reconstituted to take account of the
corporate governance guidelines of the King 2 Report. Those executives who
have left the Board have done so only to create the space for independent
non-executive directors and it is no reflection of the immense value which
they have and will continue to add to the decision-making process within the
Group. They all remain as CEOs of their respective areas of responsibility
and retain their executive roles.
In the UK, a team of pan-European analysts has been employed and, other than
in the dual-listed stocks, this will be the first direct approach to develop
UK and pan-European business.
Prospects
Trading conditions in financial markets remain extremely tough. The cost of
highly skilled employees continues to rise. Competition from the bulge
bracket brokers is intense and margins are therefore likely to remain under
pressure in the short to medium term. Nevertheless, trading in April and May
2002 was good. We remain cautious, however, in making any definitive
statement as to the level of earnings which might be achieved over the next
six months.
Dividends
Notice is hereby given that the Board has declared a final dividend of 3.5
cents per share in respect of the six months ended 31 March 2002. The
dividend will be paid on Monday, 15 July 2002.
To comply with the procedures of STRATE the last day to trade in the shares
for purposes of entitlement to the final dividend is Friday, 5 July 2002.
The shares will commence trading ex dividend on Monday, 8 July 2002 and the
record date will be Friday, 12 July 2002.
Share certificates may not be dematerialised or rematerialised between
Monday, 1 July 2002 and Friday, 12 July 2002.
Paul Barnard (Group Chief Executive) Sam O`Leary (Executive)
Johannesburg, 7 June 2002
Directors:
SDM Zungu (Chairman)*, PA Barnard (CEO), HSC Bester*, JA Bester*, KG Jacobs,
AM Mazwai*, SM Mellet*, AT Mokhobo*, JPS O`Leary
*Non-executive
Company Secretary:
NC Mhluzi
Registered office:
Barnard Jacobs Mellet House, 5 Sturdee Avenue, Rosebank, 2196
Transfer secretaries:
Computershare Services Limited, 4th floor, Edura House, 41 Fox Street,
Johannesburg
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