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Masonite - Interim Report for the six months ended June 30, 2002
Masonite (Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration number 1942/015502/06)
JSE Share code: MAS ISIN: ZAE000004289
("Masonite" or "the company")
INTERIM REPORT for the six months ended June 30, 2002
GROUP TRADING RESULTS
(R000`s) June 30, June 30, December 31,
2002 2001 2001
(Unaudited) (Unaudited) (audited)
INCOME STATEMENTS
Revenue 159 544 128 018 282 489
Cost of sales (100 236) (89 417) (196 627)
Gross profit 59 308 38 601 85 862
Distribution expenses
and allowances (38 953) (30 224) (66 894)
Selling and general
administrative expenses (9 780) (8 665) (16 137)
Other operating (expenses)
income (2 551) 1 755 8 638
Net plantation income 2 108 411 2 176
Profit from operations 10 132 1 878 13 645
Net financing cost (402) (1 109) (1 850)
Profit before taxation 9 730 769 11 795
Income tax expense (2 817) (163) (3 491)
Net profit after tax 6 913 606 8 304
HEADLINE EARNINGS RECONCILIATION
Total net profit 6 913 606 8 304
Adjusted for:
Profit on sale of assets (265) (23) (133)
Tax effect of adjustments 80 7 40
Headline earnings 6 728 590 8 211
Number of shares in issue 6 817 558 6 817 558 6 817 558
Earnings per share (cents)
Attributable basis 101 9 122
Headline basis 99 9 120
Fully diluted basis 100 9 121
Dividend per share
- Interim - - -
- Final - - 31
BALANCE SHEETS
ASSETS
Non-current assets
Property, plant and equipment 80 975 78 776 80 432
Investments 890 184 890
Loans receivable 157 176 170
Total non-current assets 82 022 79 136 81 492
Current assets
Inventories 32 291 42 897 29 743
Trade accounts receivables 56 985 42 283 43 241
Other receivables 9 392 12 099 5 695
Amounts due from group companies 998 903 1 551
Cash and cash equivalents 22 714 15 18 861
Total current assets 122 380 98 197 99 091
Total assets 204 402 177 333 180 583
EQUITY AND LIABILITIES
Capital and reserves
Share capital 5 471 5 471 5 471
Non-distributable reserves 700 700 700
Distributable reserves 109 589 97 091 102 676
Total shareholders`
investment 115 760 103 262 108 847
Non-current liabilities
Long-term liabilities 345 16 775 345
Deferred taxation 4 642 6 480 5 159
Deferred investment allowances 118 206 163
Retirement benefit obligation 13 087 13 385 12 559
Total non-current liabilities 18 192 36 846 18 226
Current liabilities
Trade accounts and other payables 50 665 36 688 34 115
Short-term borrowings 16 988 847 12 893
Taxation 2 775 (326) 4 347
Payable to holding company 22 16 42
Shareholders for dividends - - 2 113
Total current liabilities 70 450 37 225 53 510
Total equity and liabilities 204 402 177 333 180 583
(R000`s)
Non-
distri- Accu-
Share butable mulated
capital reserve profit Total
STAtEMENT OF CHANGES IN EQUITY
Balance at December 31, 2000 5 471 700 96 485 102 656
As previously reported 97 129
Adjustment to post-retirement
medical benefit provision (644)
Net profit for the year 606 606
Dividends paid - -
Balance at June 30, 2001 5 471 700 97 091 103 262
Balance at June 30, 2001 5 471 700 97 091 103 262
Net profit for the year 7 698 7 698
Dividends paid (2 113) (2 113)
Balance at December 31, 2001 5 471 700 102 676 108 847
Balance at December 31, 2001 5 471 700 102 676 108 847
Net profit for the year 6 913 6 913
Dividends paid - -
Balance at June 30, 2002 5 471 700 109 589 115 760
June 30, June 30, December 31,
2002 2001 2001
(Unaudited) (Unaudited) (audited)
CASH FLOW STATEMENTS
Cash flows from
operating activities
Operating profit before
working capital changes 15 116 7 490 22 964
Working capital changes (2 907) (8 103) 7 304
Cash generated/(utilised)
by operations 12 209 (613) 30 268
Interest received 113 130 288
Interest paid (515) (1 239) (2 138)
Taxation paid (4 951) (1 302) (1 322)
Dividends paid (2 113) - -
Net cash inflow/(outflow)
from operating activities 4 743 (3 024) 27 096
Cash flows from investing activities
Purchase of property,
plant and equipment
Expansion (2 948) (3 655) (3 045)
Replacement (2 426) (1 496) (8 538)
Proceeds from disposal of
property, plant and equipment 376 144 386
Increase in investments - - (706)
Decrease in loans receivable 13 7 13
Net cash outflow from
investing activities (4 985) (5 000) (11 890)
Cash flows from financing activities
Increase in long-term borrowings - 16 461 31
Net cash inflow from
financing activities - 16 461 31
Net (decrease)/increase in cash
and cash equivalents (242) 8 437 15,237
Net cash and cash equivalents
at beginning of year 5 968 (9 269) (9 269)
Net cash and cash equivalents
at end of year 5 726 (832) 5 968
NOTES
1. Accounting policies
This interim financial report has been prepared using the same accounting
policies as those detailed in the December Annual Report except as detailed
below and complies with the South African Statements of Generally Accepted
Accounting Practice.
As at June 30, 2002, outstanding cheques have been reclassified to creditors.
This represents a change in accounting policy and prior year figures have been
restated accordingly.
2. Comparative figures
When an accounting policy is changed or figures are reclassified, comparative
figures are restated accordingly.
COMMENTS
Trading conditions have improved both locally and internationally in the
first half of the year. These conditions are expected to continue for the rest
of the year.
Improved pricing internationally and a weaker Rand have contributed to better
export margins.
The Directors have not declared a dividend for the period.
For and on behalf of the Board
MJ Slater Managing Director
DS Cooper Financial Director
August 23, 2002
DIRECTORS: AH Wilson (Chairman), MJ Slater **(Managing),
PA Bernards***, WP Coetzee, DS Cooper, DG Ellis*,
JU Morrison*, KMP Spencer, RV Tubbesing*, AG Venton
*USA ** British ***Canadian
Company Secretary: B van Maarseveen
Investment Bank and Sponsor: Nedcor Investment Bank Limited
TRANSFER SECRETARIES: Computershare Investor Services Limited,
PO Box 1053, Johannesburg, 2000
11 Diagonal Street, Johannesburg, 2001,
Republic of South Africa.
Telephone (011) 370 5000.
Date: 23/08/2002 04:13:00 PM Produced by the JSE SENS Department
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