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BUILDMAX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/012209/06)
JSE Share code: BDM ISIN: ZAE000011250
("Buildmax")
Preliminary audited results for the year ended 31 March 2002
The consolidated audited results of Buildmax and its subsidiaries
for the year ended 31 March 2002 are set out below:
31/03/2002 31/03/2001
(audited) (audited)
BALANCE SHEET R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 12 563 15 152
Investments 3 594 3 956
Deferred taxation 397 397
Current assets 32 180 51 990
Total assets 48 734 71 495
EQUITY AND LIABILITIES
Share capital and reserves 39 992 30 690
Non-current liabilities
Long-term liabilities - 13
Current liabilities 8 742 40 792
Total equity and liabilities 48 734 71 495
Net asset value
per share (cents) 95,7 73,4
Net tangible asset value
per share (cents) 95,7 73,4
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning of year 30 690 28 384
Net profit for the year 9 302 2 306
Equity end of year 39 992 30 690
INCOME STATEMENT
Gross revenue 73 584 83 641
Continuing operations 65 577 83 641
Discontinued operations 8 007 -
Operating profits 4 196 1 750
Continuing operations 414 1 750
Discontinued operations 3 782 -
Profit on sale of discontinued
operations 5 860 -
Profit before taxation 10 056 1 750
Taxation (754) 556
Net profit for the year 9 302 2 306
Average number of
shares in issue (`000) 41 806 41 806
Earnings per share (cents) 22,3 5,5
Headline earnings
per share (cents) 8,2 5,5
CASH FLOW STATEMENT
Operating activities 4 598 1 771
Investing activities 7 445 1 191
Financing activities (5 735) (8 415)
Net cash generated/(utilised) 6 308 (5 453)
Cash and cash equivalents
beginning of year 1 045 6 498
Cash and cash equivalents end of year 7 353 1 045
COMMENTARY
The results of the group for the 12 months ended 31 March 2002 continue
to prove that the decision by the directors to restructure the group during
the previous financial periods was correct and has resulted in this group
producing positive results for the period under review.
Turnover of R73,5 million (2001 - R83,6 million) for this reporting
period compares favourably to previous reporting periods, taking in to
account that the group sold certain assets of Watson Tile and Concrete (Pty)
Limited and ceased to produce concrete roof tiles from April 2001. The
increase in earnings per share to 22,3 cents, (net profit for the year,
divided by the average number of shares in issue) headline earnings per
share to 8,2 cents, (net profit for the period, less profit on sale of
discontinued operations, divided by average number of shares in issue) and
net asset value to 95,7 cents per share confirms the directors confidence in
the group`s activities.
PROSPECTS
The group continues to expand its market share in the markets it services
and it is pleasing to report that many customers who recently ceased using
the group`s products have reconsidered their position and they are again
supporting this group. The group does not have any overdraft facility and
has been self reliant on cash to achieve its budget expectations and barring
any unforeseen circumstances the directors believe that the budgets for the
financial period ending 31 March 2003 will be met.
DIVIDENDS
No dividend has been declared or recommended for the financial year ended
31 March 2002.
ACCOUNTING POLICIES
The results comply with all the Statements of Generally Accepted
Accounting Practices and are consistent with the group`s policies.
For and on behalf of the board
NB Egan
Company Secretary 28 June 2002
Directors:
Dato` AH Samsudin* (Chairman), Datin MV Samsudin, NB Egan (Group CEO),
LJ Nyembe. *Malaysian
Company secretary:
NB Egan
Registered office:
SMG Holdings Limited,
108 Johan Avenue, Corner Katherine Street, Sandton, 2196
Transfer secretaries:
Computershare Investor Services Limited,
4th Floor, Edura House, 41 Fox Street, Johannesburg, 2001
Sponsor:
Sasfin Bank Limited,
Sasfin Place, 13 - 15 Scott Street, Waverley, 2090
Date: 27/06/2002 05:10:00 PM Produced by the SENS Department
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