| Mon 5 Aug 2002, 0:00 | | Marshalls Limited - Interim Report For The Six Mon |
|
Marshalls Limited - Interim report for the six months ended 30 June 2002
MARSHALLS LIMITED
(Registration number 1987/002656/06)
(Formerly Marshalls Controlling Investments Limited)
(Share codes: MSS/MRN ISIN-numbers: ZAE000031225/ZAE000031233)
Interim report for the six months ended 30 June 2002
The unaudited results in respect of the six months ended 30 June 2002 for
Marshalls Limited and its subsidiaries are as follows:
INCOME STATEMENT
Six months ended Year ended
30.06.2002 30.06.2001 31.12.2001
R R R
Confirming fees, interest
and dividends received 1 298 000 792 000 1 595 742
Rental income 8 480 000 8 319 000 16 581 600
Revenue 9 778 000 9 111 000 18 177 342
Operating profit before
interest and taxation 3 130 000 4 039 000 8 530 695
Interest received 400 000 518 000 528 095
Interest paid (1 806 000) (1 658 000) (3 346 929)
Profit before
exceptional item 1 724 000 2 899 000 5 711 861
Exceptional item (4 298 000) (1 887 000) (3 259 978)
(Loss)/Profit
before taxation (2 574 000) 1 012 000 2 451 883
Taxation 318 000 574 000 900 230
(Loss)/Profit for
the period (2 892 000) 438 000 1 551 653
Headline earnings
per share (cents) 8,1 13,4 27,7
Earnings per ordinary
share (cents) (16,6) 2,5 8,9
Dividends per share (cents) 6,0 11,0 17,0
Dividend cover excluding
exceptional items (times) 1,3 1,2 0,5
Total number of shares
in issue 17 372 300 17 372 300 17 372 300
Net asset value per
ordinary share (cents) 383 435 414
Headline earnings reconciliation
Net (loss)/profit for
the period (2 892 000) 438 000 1 551 653
Exceptional item (4 298 000) (1 887 000) (3 259 978)
Headline earnings 1 406 000 2 325 000 4 811 631
Note 1: Exceptional item (4 298 000) (1 887 000) (3 259 978)
Unrealised gain on
valuation of listed
investments - - 420 940
Deficit from revaluation
of land and buildings - - (9 196 391)
Unrealised foreign
exchange (loss)/gain on
valuation of listed
investments (2 166 000) 65 000 10 669 597
Deficit from revaluation
of listed investments (2 132 000) (1 952 000) (5 154 124)
ABRIDGED BALANCE SHEET
Investment properties 65 000 000 74 000 000 65 000 000
Investments 21 854 000 18 452 000 26 736 473
Other fixed assets 1 080 000 1 297 000 511 767
Current assets 7 074 000 5 985 000 10 225 664
Bank 6 113 000 4 601 000 5 772 437
Total assets 101 121 000 104 335 000 108 246 341
Equity and reserves 66 582 000 75 618 000 72 003 504
Interest bearing
borrowings 20 727 000 20 807 000 20 726 567
Deferred taxation 6 280 000 (89 000) 6 912 376
Current liabilities 5 475 000 5 407 000 5 010 800
Bank overdraft 2 057 000 2 592 000 3 593 094
Total equity and
liabilities 101 121 000 104 335 000 108 246 341
STATEMENT OF CHANGES IN EQUITY
Share capital and
share premium 26 809 000 26 809 000 26 809 026
Non-distributable
reserves 34 349 000 44 663 000 35 835 917
- Balance at
beginning of year 35 836 000 44 653 000 37 075 532
- Property revaluation
movement - - (4 748 786)
- Currency translation
movement (1 487 000) 10 000 3 509 171
Distributable reserves 5 424 000 4 146 000 9 358 561
- Balance at
beginning of year 9 358 000 5 617 000 6 011 413
- (Loss)/Profit for
the period (2 892 000) 438 000 1 551 653
- Transfer of property
revaluation to NDR - - 4 748 786
- Dividends paid (1 042 000) (1 909 000) (2 953 291)
Equity and reserves at
end of the period 66 582 000 75 618 000 72 003 504
SUMMARISED CASH FLOW STATEMENT
Cash generated from
operating activities 5 953 000 5 262 000 8 075 541
Interest and taxation paid (3 566 000) (3 502 000) (5 237 356)
Operating cash flow 2 387 000 1 760 000 2 838 185
Dividends paid (1 042 000) (1 909 000) (2 953 291)
Cash (utilised)/retained
in operating activities 1 345 000 (149 000) (115 106)
Net investment activities 532 000 (767 000) (630 693)
Net cash generated/
(utilised) 1 877 000 (916 000) (745 799)
SEGMENTAL ANALYSIS
Properties Division Confirming Division
30/6/02 30/6/01 30/6/02 30/6/01
R R R R
Revenue 8 526 000 8 310 000 527 000 524 000
Profit/(Loss) 1 998 000 1 364 000 (4 899 000) 1 424 000
before
taxation for
the period
Investment Division Consolidated
30/6/02 30/6/01 30/6/02 30/6/01
R R R R
Revenue 725 000 277 000 9 788 000 9 111 000
Profit/ 327 000 (1 776 000) (2 574 000) 438 000
(Loss)
before
Taxation
for the
period
COMMENTS
The unaudited results for the six months ended 30 June 2002 reflect profit,
before interest, taxation and exceptional item of R3 130 000 (2001: R4 039 000).
Although the letting market is still fairly weak and there is pressure on rental
rates, it is pleasing to report the property portfolio is fully let, except for
some office space in a Durban CBD building.
In the opinion of the directors of the company, the market value of the group`s
properties at 30 June 2002 remains unchanged from 31 December 2001, namely R65
000 000.
The group`s portfolio of shares in listed investments held overseas, reflects a
market value in South African currency of R20 926 621 at 30 June 2002 compared
to R25 139 758 at 31 December 2001. In accordance with our accounting policies,
this revaluation has been incorporated into the above results as an exceptional
item.
Shareholders will be aware this value is dependent on both the rand exchange
rate and the overseas market value. Since December 2001, sterling and US dollar
exchange rates have strengthened in favour of the rand, whereas the market value
in foreign currencies has weakened. The combination of both has created an
abnormal reduction in the rand value. Nevertheless, the opinion of your
directors continues to view the long-term investment as being beneficial.
As stated in the Chairman`s Review in the 2001 Annual Report, the level of
dividends declared is on a basis consistent with operating profits and positive
cash flows. Shareholders will note from these interim results, that this policy
has been maintained in respect of the dividend declared for the six month
period.
The interim report has been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those applied in the previous financial period.
An interim dividend of 6,0 cents per share (2001: 6,0 cents) has been declared.
DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 6,0 cents per share has been
declared in respect of the six months ended 30 June 2002.
In accordance with the settlement procedures of STRATE, Marshalls has determined
the last date to trade to participate in the interim dividend shall be Friday,
23 August 2002.
The shares will commence trading ex-dividend from Monday, 26 August 2002, and
the Record date will be Friday, 30 August 2002.
Dividends will be paid on Monday, 2 September 2002.
Share certificates may not be dematerialised, or rematerialised, between Monday,
26 August and Friday, 30 August 2002, both days inclusive.
By order of the board
5 August 2002 DC Marshall, PN Lonsdale (Directors)
Registered Office Transfer Secretaries
11 Sunbury Park Computershare Investor Services Limited
La Lucia Ridge Office Estate 7th Floor, 11 Diagonal Street
La Lucia 4051 Johannesburg 2001
Directors:
DC Marshall (Chairman), PN Lonsdale (Managing), BA Hose, ME Stewart
Date: 05/08/2002 07:36:39 AM Produced by the JSE SENS Department
