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Cullinan Holdings Limited - Interim results for the six months ended 31 March
2002
Cullinan Holdings Limited
(Registration number 1902/001808/06)
(Share code: CUL ISIN number: ZAE000013710)
Interim results for the six months ended 31 March 2002
Group balance sheet
Unaudited Audited
31 March 31 March 30 September
2002 2001 2001
R`000 R`000 R`000
ASSETS
Property, plant and equipment 14 588 56 824 53 808
Goodwill 12 003 10 121 11 219
Deferred taxation 3 000 3 000 3 000
Current assets 189 084 267 510 256 499
- Inventories 9 135 73 044 68 412
- Accounts receivable 94 674 126 309 117 898
- Cash resources 85 275 68 157 70 189
Total assets 218 675 337 455 324 526
EQUITY AND LIABILITIES
Ordinary shareholders` equity 14 104 41 029 7 110
Minority interest 917 7 609 11 720
Interest bearing term loans 29 555 40 588 39 814
Preference share capital 26 046 26 046 26 046
Long-term loans 472 10 971 8 393
Short-term loans 3 037 3 571 5 375
Current liabilities 174 099 248 229 265 882
Accounts payable 119 708 157 464 170 508
Bank overdrafts 54 391 90 765 95 374
Total equity and liabilities 218 675 337 455 324 526
Financial statistics
Gearing (%) - 129,9 345,0
Current ratio 1,1:1 1,1:1 1,0:1
Net asset value per share (cents) 2,1 5,6 1,0
Group income statement
Unaudited Audited
six months ended year ended
31 March 31 March 30 September
2002 2001 2001
R`000 R`000 R`000
Revenue 65 538 167 356 428 321
Operating income/(loss)
- Continuing operations 9 583 8 750 14 928
- Discontinuing operations - (3 940) (10 583)
Exceptional items (574) 618 (26 109)
Net operating income/(loss) 9 009 5 428 (21 764)
Net financing charges (1 409) (3 524) (7 657)
Income/(Loss) before taxation 7 600 1 904 (29 421)
Taxation - STC 149 232 431
Net income/(loss) after taxation 7 451 1 672 (29 852)
Minority interest (457) (532) (427)
Net attributable income/(loss) 6 994 1 140 (30 279)
Ordinary shares (000`s)
- In issue 684 638 734 638 684 638
Income/(Loss) per ordinary
share (cents) 1,0 0,2 (4,4)
Headline income/(loss) per ordinary
share (cents) 1,1 0,1 (0,6)
Determination of headline earnings
Net attributable income 6 994 1 140 (30 279)
Profit on sale of subsidiaries,
plant and equipment - 1 917 23 820
Reconstruction, reorganisation and
other expenses 574 (2 535) 2 289
Headline income/(loss) 7 568 522 (4 170)
Group statement of changes in equity
Unaudited Audited
six months ended year ended
31 March 31 March 30 September
2002 2001 2001
R`000 R`000 R`000
Ordinary share capital
Balance at beginning and
end of period 6 846 7 346 6 846
Share premium
Balance at beginning and
end of period 58 865 60 865 58 865
Revaluation reserve
Balance at beginning and
end of period 232 232 232
Share capital redemption
reserve fund
Balance at beginning and
end of period 20 876 20 876 20 876
Capital redemption reserve fund
Balance at beginning and
end of period 4 4 4
Accumulated loss
Balance at beginning of period (79 713) (49 434) (49 434)
Attributable income/(loss)
for the period 6 994 1 140 (30 279)
Balance at end of period (72 719) (48 294) (79 713)
Ordinary shareholders` equity 14 104 41 029 7 110
Summarised group cash flow statement
Unaudited Audited
six months ended year ended
31 March 31 March 30 September
2002 2001 2001
R`000 R`000 R`000
Cash flows from operating activities
Operating income/(loss) 9 009 5 428 (21 764)
Depreciation 2 706 5 940 15 029
Restructuring provisions and
exceptional items - - 21 649
Other non-cash items 268 653 657
Decrease in working capital 2 649 11 364 4 109
Cash generated from operating
activities 14 632 23 385 19 680
Net interest paid (218) (1 684) (4 523)
Taxation (paid)/refund (149) (232) 1 350
Preference dividends paid (1 191) (1 840) (3 155)
Net cash inflow from operating
activities 13 074 19 629 13 352
Cash flows from investing activities
Investment to maintain operations:
Goodwill on acquisitions (1 052) - -
Replacement of property, plant
and equipment (420) (8 426) (21 784)
Net proceeds from disposal of
property, plant and equipm - 2 286 8 824
Net proceeds from disposal of
subsidiaries and investments 45 421 - 7 646
Net cash outflow from investing
activities 43 949 (6 140) (5 314)
Cash flows from financing
activities
Long-term liabilities
(repaid)/raised (954) 7 (7 428)
Paid to Thompsons Vendors - (12 500) -
Ordinary share capital repurchased - - (2 500)
Redemption of preference shares - (20 000) (20 000)
Outside shareholders` funding - (309) -
Net cash outflow from financing
activities (954) (32 802) (29 928)
(Decrease)/Increase in cash
and cash equivalents 56 069 (19 313) (21 890)
Cash and cash equivalents
at beginning of period (25 185) (3 295) (3 295)
Cash and cash equivalents
at end of period 30 884 (22 608) (25 185)
Notes
1. Accounting policies
The accounting policies used in the preparation of the interim financial
statements for the six months to March 2002 are the same as those used in the
audited results for the financial year ended September 2001.
The interim financial statements comply with Statements of Generally Accepted
Accounting Practice.
2. Segmental reporting
The directors are of the opinion that a segmental report is no longer required
as the Group`s Outdoor Lifestyle interests were sold 1 October 2001.
3. Disposal of subsidiaries and investments
The value of the assets and liabilities sold were as follows:
R`000
Property, plant and equipment 36 934
Inventories 59 225
Accounts receivable 69 466
Accounts payable (71 595)
Long-term liabilities (9 305)
Bank overdrafts (45 421)
39 304
Minorities interest (10 554)
Total purchase price 28 750
Add overdrafts disposed of 45 421
Cash flow on disposal 74 171
Less: Proceeds outstanding at 31 March 2002 (28 750)
Net proceeds from disposal of subsidiaries
and investments 45 421
Comments
These results reflect for the first time the Cullinan group excluding the
Outdoor Lifestyle interests that were sold with effect from 1 October 2001. The
proceeds of this disposal (R28,7 million) will be received once formalities are
completed which is expected to be by the end of July 2002. The delayed receipt
of these proceeds has naturally influenced the finance charges for the period.
After the disposal of both Karrimor and Cadac, the group will be focused on
Travel and Tourism in Southern Africa. The spread of interests includes Incoming
and Outgoing wholesalers, and Leisure and Corporate retailers that trade under
the brand names of Thompsons and Pentravel. Profits for this period reflect a
good performance by all of the divisions within the Thompsons group and Manex,
and a small loss from Pentravel.
The group`s gearing has been eliminated by the sale of the Outdoor Lifestyle
interests. Its cash position will improve further once the proceeds of the sale
are received.
Thompsons Tours (Outgoing Tourism)
The growth in both sales and profits is particularly pleasing in the light of
the disruption in the International travel market that followed the Twin Towers
disaster in New York. The local currency weakness has caused a significant
change in product mix with a distinct swing away from International to Domestic
and Regional destinations.
Thompsons South Africa (Incoming Tourism)
Another strong performance from this division for the six months in spite of
incoming traffic from Japan and the USA being severely disrupted by the events
of 11 September. The primary trade out of Europe and the UK continues to grow,
as does interest from smaller markets such as Hungary, Russia and Central
America. The Touring division, which provides a wide range of services that
extend from open vehicle game drives in the Kruger Park to guided tours of
Southern Africa, is becoming more profitable as passenger numbers improve.
Retail Travel (Corporate and Leisure)
The Corporate Travel division is performing well, but Pentravel which is a
leisure specialist had a difficult time for the first three months of the year
when turnover dried up after the New York disaster. It has since returned to
profitability but has not fully recovered the losses sustained.
Manex and Power Marine
Manex sells to the Yacht building and Scuba diving Industries. It has had a
satisfactory six months. Turnover is sensitive to the foreign exchange rates,
which appear to be improving.
Future prospects
The Incoming and Outgoing operations complement and balance one another. This
reduces the effects of currency fluctuations and other market disruptions,
thereby minimising risk. All divisions of the group are now profitable.
On behalf of the board
AA Thompson QA Southey
Financial Director
9 July 2002
Directors
SJ Nash (Executive Chairman), QA Southey (Financial Director),
AA Thompson, AP van der Merwe
Registered office
1st Floor, Sable Place, Fairway Office Park, 52 Grosvenor Road, Bryanston, 2021
Transfer secretaries
Computershare Investor Services Limited, 8th Floor, 11 Diagonal Street,
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
For further information on group activities, please write to:
The Group Secretary, Cullinan Holdings Limited, PO Box 2412, Cramerview, 2060
Date: 08/07/2002 11:26:01 AM Produced by the JSE SENS Department
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