| Thu 28 Mar 2002, 0:00 | | Metje & Ziegler: unaudited results of the Group |
|
Metje & Ziegler
The unaudited results of the Group for the six months ended 31 December 2001
are as follows:
N$' 000 unless otherwise stated
GROUP INCOME STATEMENT (Audited)
6 months to 6 months to Year to
31/12/01 31/12/00 30/06/01
REVENUE 278,237 243,747 501,790
Cost of sales (239,980) (209,356) (435,465)
GROSS PROFIT 38,257 34,391 66,325
Other operating income 2,574 3,020 5,886
Staff costs (20,383) (19,282) (37,082)
Depreciation (1,762) (1,439) (2,930)
Other operating expenses (17,040) (15,114) (34,445)
Profit / (loss) from
operations 1,646 1,576 (2,246)
Interest paid (2,833) (2,725) (6,219)
Loss before exceptional
items (1,187) (1,149) (8,465)
Exceptional items 2,791 500 528
PROFIT / (LOSS) BEFORE
TAXATION 1,604 (649) (7,937)
Taxation - - 1,485
PROFIT / (LOSS)
AFTER TAXATION 1,604 (649) (6,452)
Ordinary shares
in issue ('000) 6,485 6,485 6,485
Earnings / (loss)
per share (Cents)
24.6 (10.1) (99.7)
(19.1) (17.8) (109.9)
25.7 (10.4) (101.3)
GROUP BALANCE SHEET (Audited)
31/12/01 31/12/00 30/06/01
ASSETS
NON-CURRENT ASSETS
Fixed assets 41,494 41,898 42,096
CURRENT ASSETS
Inventories 46,543 51,573 51,916
Trade and other receivables 48,383 43,078 41,087
Bank balances and cash 13 42 6,588
94,939 94,693 99,591
TOTAL ASSETS 136,433 136,591 141,687
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital and premium 21,750 21,750 21,750
Distributable reserves 27,829 32,039 26,231
Ordinary shareholders'
interest 49,579 53,789 47,981
Preference share capital 200 200 200
Shareholders' funds 49,779 53,989 48,181
NON-CURRENT LIABILITIES
Deferred taxation 418 1,874 418
Long term liabilities 913 4,563 1,167
1,331 6,437 1,585
CURRENT LIABILITIES
Short term borrowings 30,237 32,389 30,948
Trade and other payables 55,086 43,706 60,973
Taxation - 70 -
85,323 76,165 91,921
TOTAL EQUITY AND LIABILITIES 136,433 136,591 141,687
Net asset value per
ordinary share (Cents) 765 829 740
GROUP STATEMENT OF CHANGES IN EQUITY
(Audited)
31/12/01 31/12/00 30/06/01
Balance at beginning
of period 48,181 55,941 55,941
Net profit / (loss) for
the period 1,604 (649) (6,452)
Dividends paid
- Preference (6) (6) (11)
-Ordinary - (1,297) (1,297)
Balance at end of period 49,779 53,989 48,181
GROUP CASH FLOW
(Audited)
6 months to 6 months to Year to
31/12/01 31/12/00 30/06/01
Cash (absorbed) / generated
from operations (4,448) (2,338) 14,202
Interest paid (2,833) (2,725) (6,219)
Dividends paid (6) (1,303) (1,308)
Taxation paid - - (41)
Net cash (outflow) / inflow
from operating activities (7,287) (6,366) 6,634
Capital expenditure (2,181) (4,696) (8,933)
Proceeds on disposal of
fixed assets 3,858 1,438 4,059
Cash flows from financing
activities (2,995) (2,554) (5,782)
Net decrease in
cash and cash equivalents (8,605) (12,178) (4,022)
Cash and cash equivalents
at beginning of period (17,758) (13,736) (13,736)
Cash and cash equivalents
at end of period (26,363) (25,914) (17,758)
SEGMENT RESULTS
Revenue
45,379 36,328 75,524
228,495 203,700 418,567
4,363 3,719 7,699
278,237 243,747 501,790
Net operating profit
(664) 1,439 2,110
786 (923) (6,075)
4,257 3,596 6,152
4,379 4,112 2,187
(2,733) (2,536) (4,433)
1,646 1,576 (2,246)
ADDITIONAL INFORMATION
Exceptional items
Surplus on sale of property 2,791 500 528
Headline earnings
Profit / (loss) after
taxation 1,604 (649) (6,452)
Preference dividend (6) (6) (11)
Net profit / (loss)
attributable to
ordinary shareholders 1,598 (655) (6,463)
Exceptional items (2,791) (500) (528)
Profit on disposal of movable
assets (46) - (138)
(1,239) (1,155) (7,129)
ADDITIONAL INFORMATION
(Continued)
(Audited)
31/12/01 31/12/00 30/06/01
Short term borrowings
Current portion of long term
liabilities 3,861 6,433 6,602
Bank overdraft 26,376 25,956 24,346
30,237 32,389 30,948
Interest bearing borrowings
Long term liabilities 913 4,563 1,167
Short term borrowings 30,237 32,389 30,948
31,150 36,952 32,115
Capital Expenditure
-Incurred 2,181 4,696 8,933
-Contracted 265 - -
-Approved but not contracted 310 1,000 1,010
Contingent liabilities - - -
COMMENTS
Accounting policies
The interim report is prepared on the historical cost basis.The accounting
policies used comply with Statements of Generally Accepted Accounting
Practice in Namibia and South Africa and are consistent with those applied
in the latest annual report.
Results and prospects
As anticipated in the last Annual Report, cost saving measures have resulted
in the losses in the previous year being stemmed to a significant extent.
However, trading conditions during the review period were extremely
difficult, with margins under pressure and collection of trade receivables
slower than anticipated. As a result provisions were appropriately adjusted
and charged against income for the period.
The effect of the sharp decline in the purchasing power of our currency
during the review period will negatively affect overall trading during the
rest of the year. Enhanced controls over credit, however, will contribute
positively to the results to 30 June 2002. The new representation strategy
of Daimler Chrysler South Africa, which is subject to approval by the
competition authorities in South Africa, if approved, would affect the
operations of the Group in that country. Such approval is not expected
before the financial year end.
RAA Gower F Uys
Chairman Managing director
Windhoek, 28 February 2002
