|
Chester Investment Holdings Limited - Interim unaudited results for the six
months ended 30 June 2002
Chester Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1983/005300/06)
Share code: CES ISIN code: ZAE 0000 13348
("Chester" or "the company")
Interim unaudited results for the six months ended 30 June 2002
Review of operations
On 22 March 2002, agreement was reached to dispose of Chester`s entire
shareholding in Brandcorp Holdings Ltd ("Brandcorp") to Brandcorp at 130 cents
per Brandcorp share. This sale was implemented with the approval of
shareholders. An amount of R75,9 million was received in cash on 6 June 2002.
The results of Chester include the pro-rata attributable share of earnings of
Brandcorp until the date of the agreement.
Chester`s principal operating subsidiary is Chet Industries Limited ("Chet").
The household chemicals division of Chet continued to perform ahead of budget.
This division has a well established niche in producing retailers` household
detergents and contract packs for large multinationals.
The toiletries and cosmetics division of Chet continued to grow in producing
retailers` house branded merchandise and developing its alliances with branded
cosmetic houses. Profitability is likely to be achieved in the current year.
The Ampol abrasives division performed ahead of budget although this is a
relatively small contributor to Chet group earnings.
The Plastoria division has been sold.
The remaining Chester investments are not material to Chester`s earnings and
continued to perform according to budget.
Earnings per share for the 6 months increased by 16,9% to 7,6 cents per share
and headline earnings increased by 47,8% to 6,8 cents per share. Net asset value
per share is now 118,9 cents, an increase of 4,8% over the prior 6 month period.
The balance sheet remains strong, with minimal interest bearing liabilities and
over R83 million of bank balances and call deposits. Total liabilities are 31,9%
of capital and reserves.
Delisting and Share Repurchase
Shareholders are referred to the announcement published simultaneously with
these results setting out details of a proposed delisting of Chester together
with an offer by the company to repurchase shares in Chester held by
shareholders.
Dividend
No dividend has been declared or proposed for the half year.
Basis of Accounting
The interim results have been prepared in accordance with Statements of
Generally Accepted Accounting Practice and the accounting policies used are on a
basis consistent with those of the corresponding period and prior year end.
CONSOLIDATED INCOME STATEMENT
Six months Six months Year ended
ended ended ended
30 June 02 30 June 01 31 Dec 2001
R`000 R`000 R`000
audited
Revenue 173 804 144 823 305 846
Net operating income 7 380 2 736 6 385
Net interest received 1 809 2 184 3 673
Investment surplus 853 2 495 2 506
Attributable share of
income of associates 5 044 5 111 12 266
Recurring retained
equity earnings 4 878 4 978 9 149
Dividends received 166 133 3 117
Amortisation of
goodwill 228 257 455
Income before taxation 15 314 12 783 25 285
Taxation 3 286 1 587 2 820
Income after taxation 12 028 11 196 22 465
Minority interest 888 1 605 837
Net income for the
period 11 140 9 591 21 628
Number of shares in
issue (000) 147 304 147 969 147 304
Weighted average
number of shares in
issue (000) 147 304 147 969 147 861
Earnings per share
(cents) 7.6 6.5 14.6
Headline earnings
per share (cents) 6.8 4.6 12.6
Reconciliation of
headline earnings
Income attributable to
shareholders 11 140 9 591 21 628
Investment surplus 853 2 495 2 506
Amortisation of
goodwill 228 257 455
Headline earnings 10 059 6 839 18 667
CONSOLIDATED BALANCE SHEET
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
audited
ASSETS
Non-current assets 28 325 93 352 100 147
Property, plant and
equipment 23 041 23 172 23 472
Investments 5 529 63 161 75 426
Share Incentive Trust 1 345 1 415 1 415
Deferred Tax 2 281 5 604 3 934
Goodwill (3 871) - (4 100)
Current assets 213 700 147 034 124 195
Inventories 43 849 38 610 36 432
Trade and other
receivables 82 067 76 405 74 054
Prepaid taxation 3 906 1 247 2 454
Bank balances and call
deposits 83 878 30 772 11 255
Total assets 242 025 240 386 224 342
EQUITY AND LIABILITIES
Capital and reserves 175 182 160 097 167 126
Issued capital and
premium 37 658 37 775 37 658
Accumulated profits 137 524 122 322 129 468
Minority interest 10 913 23 345 10 125
Non-current 799 - -
liabilities
Current liabilities 55 131 56 944 47 091
Trade and other
payables 49 542 48 830 40 725
Short term debt 4 464 7 596 6 343
Taxation payable 1 125 518 23
Total equity and
liabilities 242 025 240 386 224 342
Net asset value per
share (cents) 118,9 108,2 113,5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 June 2002
Share Share Accumu- Total
Capital Premium lated
profit
R`000 R`000 R`000 R`000
Balance at 1 January
2001 14 842 23 380 102 879 141 101
Shares repurchased
and cancelled (111) (453) - (564)
Net income - - 21 628 21 628
Prior year adjustment - - 4 961 4 961
Balance at
31 December 2001 14 731 22 927 129 468 167 126
Dividend paid - - (3 084) (3 084)
Net income for the
period - - 11 140 11 140
14 731 22 927 137 524 175 182
CONSOLIDATED ABRIDGED CASH FLOW STATEMENT
Six months Six months Year ended
ended ended 31 Dec
30 June 02 30 June 01 2001
audited
Cash flows from
operating activities 1 655 7 219 5 410
Cash flows from
investing activities 70 169 (26 051) (36 046)
Cash flows from
financing activities 799 (447) (564)
Net movement in cash
resources 72 623 (19 279) (31 200)
Cash resources at
beginning of period 11 255 42 455 42 455
Cash resources at end
of period 83 878 23 176 11 255
By order of the Board
Michael Dennill C.A. (S.A)
Company Secretary
29 August 2002
Directors:
M.Z. Levine (Chairman), L. Freidus (Managing),
*C.S. dos Santos, *L. Levine, *M.R. Kessler
*(Non-executive)
Registered office:
2nd Floor North Block, Thrupps Illovo Centre
Oxford Road, Illovo, Johannesburg
Tel: (011) 442-4571. Fax: (011) 442-3126
E-mail: lewisf@chesterfin.co.za
Date: 30/08/2002 07:26:01 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
