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Commercial Finance Company Limited - Unaudited Interim Results 2002 And Dividend
Declaration
Commercial Finance Company Limited
Registration no 1944/000264/06
SHARE CODE : CFC
ISIN : ZAE000001343
UNAUDITED INTERIM RESULTS 2002 AND DIVIDEND DECLARATION
HEADLINE EARNINGS PER SHARE UP 93.5 CENTS
CASH HEADLINE EARNINGS PER SHARE 52.7 CENTS
INTERIM DIVIDEND INCREASED BY 20%
SPECIAL DIVIDEND 150 CENTS
NET ASSET VALUE 4399 CENTS
The Group unaudited results for the six months to 30 June 2002 are as follows:
Half Year Ended Year Ended
30/6/02 30/6/01 31 Dec 01
Audited
(R000) (R000) (R000)
ABRIDGED GROUP INCOME STATEMENT
Profit from operations before
taking into account the
following items: 4,090 4,488 9,062
Depreciation (95) (87) (202)
Interest paid (486) (712) (1,134)
Operating profit 3,509 3,689 7,726
Dividends 4,204 4,993 10,503
Listed 4,204 4,993 10,503
Unlisted 0 0 0
Associated companies 4,342 8,417 12,493
Dividends 0 1,425 7,211
Retained earnings 4,152 6,103 5,281
Capital surplus 190 889 1,207
Intangibles amortised 0 0 (1,206)
Exceptional items (18,946) (298) (22,411)
Capital and other items 3,845 19,895 26,633
(Loss)/profit before taxation (3,046) 36,696 34,944
Taxation (1,663) (1,324) (2,403)
(Loss)/profit after taxation (4,709) 35,372 32,541
Preference and outside
shareholders (692) (2,710) (3,398)
(Loss)/profit attributable to
ordinary shareholders (5,401) 32,662 29,143
Reconciliation of headline earnings
(Loss)/profit attributable to
ordinary shareholders (5,401) 32,662 29,143
Capital and other items
Disposal of listed share
investments (3,188) (17,767) (24,505)
Disposal of property (657) 0 0
Share of associates` capital
Items (190) (889) (1,208)
Impairment charge relating to
Investments 18,946 0 22,046
Write off premium on acquisition
of shares in subsidiary 0 298 366
Share of associates`
intangibles amortised 0 0 1,206
Headline earnings 9,510 14,304 27,048
Ordinary shares issued
(000`s) 10,170 9,920 10,170
Weighted average number of
shares (000`s) 10,170 9,920 9,995
Headline earnings per
share (cents) 93.5 144.2 270.6
Cash Headline earnings
per share (cents) 52.7 82.7 217.8
Basic earnings per
ordinary share (cents) (54.4) 329.2 291.6
Dividend
- per share (cents) 42.0 35.0 137.0
- times covered 2.2 4.1 2.0
ABRIDGED GROUP BALANCE SHEET
Ordinary shareholders
interest 209,262 229,992 225,032
Preference share capital 154 154 154
Outside shareholders
interest 11,727 10,993 11,613
Total shareholders
interest 221,143 241,139 236,799
Deferred tax 375 0 361
Current liabilities 15,766 22,970 12,413
Total equities and
liabilities 237,284 264,109 249,573
Property, plant and
equipment 60,446 54,673 56,675
Investments 167,844 200,637 181,438
Listed 128,299 83,514 123,427
Associate companies 32,872 109,552 51,090
Unlisted 1,101 1,101 1,101
Loan 5,572 6,470 5,820
Deferred tax 1,157 0 1,132
Current assets 7,837 8,799 10,328
Total assets 237,284 264,109 249,573
Net asset value per
odinary share
At book value (cents) 2,058 2,318 2,226
At market value (cents) 4,399 5,220 4,771
Investments
Listed at market
value (R000) 287,265 263,051 317,872
Associated companies at
directors valuation (R000) 90,820 193,900 94,187
Unlisted at directors
valuation (R000) 3,140 2,150 3,400
Land and buildings
Open market value
(directors valuation) (R000) 88,135 86,250 86,010
Capital expenditure (R000) 4,166 3,400 5,562
Capital expenditure
committed and
Authorised (R000) 0 0 3,681
Contingent liabilities
(R000) 0 0 0
ABRIDGED CASH FLOW STATEMENTS
Net cash (out)/inflows from
operating activities (5,171) 12,415 13,572
Net cash in/(out)flow
from investing
activities 5,069 (23,523) (23,079)
Net decrease in cash
equivalents (102) (11,108) (9,507)
Cash and cash equivalents
At beginning of year 1,809 11,316 11,316
Cash and cash equivalents
at end of year 1,707 208 1,809
STATEMENT OF CHANGES IN EQUITY
Share capital, Capital
redemption reserve and
General reserve 2,237 549 2,237
Non-distributable
reserve 39,516 87,460 35,174
Balance at beginning 35,174 80,899 80,899
Associates 4,342 6,992 5,282
Transfers 0 (431) (51,007)
Capital profits reserve 105,652 64,869 101,807
Balance at beginning 101,807 47,102 47,102
Capital profits 3,845 17,767 24,505
Transfers 0 0 30,200
Accumulated profit 61,857 77,114 85,814
Balance at beginning 85,815 77,644 77,644
Profit for year (5,401) 32,662 29,153
Dividends (10,370) (8,433) (12,002)
Capital profits (3,845) (17,767) (24,505)
Associates (4,342) (6,992) (5,282)
Transfers 0 0 20,806
Ordinary shareholders
interest 209,262 229,992 225,032
ABRIDGED BUSINESS SEGMENTAL ANALYSIS
Headline earnings
Investments 8,187 12,378 23,073
Property 1,126 1,063 4,988
Head Office / other 197 863 (1,013)
9,510 14,304 27,048
GROUP LISTED INVESTMENTS
Shares Held Market Value
30 Jun 02 31 Dec 01 30 Jun 02 31 Dec 01
(R000) (R000)
Anglo American PLC 309,800 309,800 53,279 56,756
BoE Ltd 33,519,898 33,519,898 115,308 127,040
HomeChoice 31,482,151 30,180,019 7,241 25,653
Idion Technology 2,502,500 2,502,500 4,505 2,377
Mr Price Group 17,070,342 17,070,034 84,498 81,084
Paramount 285,480 285,480 1,399 1,584
RMB Holdings 1,304,046 1,304,046 14,110 14,540
Tongaat-Hullet Group 20,000 100,000 985 5,400
Enterprise Outsourcing 4,569,339 3,069,339 5,940 3,438
287,265 317,872
GROUP ASSOCIATED COMPANIES
1 Associated companies
(Effective holdings of listed investments)
Shares Held Market Value
30 Jun 02 31 Dec 01 30 Jun 02 31 Dec 01
(R000) (R000)
Really Noble Investments Limited
(30% investment 2001 30%)
BoE Ltd 42,058,111 42,058,111 144,680 159,400
Commercial Finance
Company Ltd 1,592,062 1,592,062 49,354 47,762
Congella Federation Ltd 4,652 4,652 379 379
Paramount 10,750 10,750 53 60
RMB Holdings Ltd 2,895,640 2,895,640 31,331 32,286
Congella Federation
6% pref 2,165 2,165 3 3
Cash 13,055 10,186
238,855 250,076
Group share 71,656 75,023
2 The Laser Group Ltd 8,332,249 8,332,249 19,164 19,164
(Group Holding 32.7%)
90,820 94,187
GROUP UNLISTED INVESTMENTS
(Directors valuation) 3,140 3,400
ACCOUNTING POLICIES
The interim report has been prepared in conformity with South African Statements
of Generally Accepted Accounting Practice and on a basis consistent with the
previous year.
Comparative figures are restated where necessary to afford a proper comparison.
COMMENTS
Headline earnings attributable to ordinary shareholders declined to 93.5 cents
per share. (2001 - 144.2 cents).
The decline in earnings is attributable to and is a consequence of the takeover
of BoE which resulted in no dividend income being received in the half year to
30 June 2002. On a comparable basis earnings per share have increased
marginally from 91.2 cents in 2001 to 93.5 cents in 2002.
SUBSEQUENT EVENTS
Since 30 June 2002, Nedcor Limited has acquired BoE Limited and as a consequence
the Group`s shareholding in BoE Limited has been replaced with 162,719 Nedcor
Limited shares and cash of R97 million.
CAUTIONARY NOTICE
As a result of the takeover of BoE Limited and the resultant receipt of cash and
Nedcor Limited shares, various options relating to the Group are being
considered which if successfully implemented, may have a material effect on the
price at which the CFC shares trade on the JSE Securities Exchange South Africa.
Shareholders are advised to exercise caution when dealing in their CFC shares
until a further announcement is made.
DECLARATION OF ORDINARY INTERIM DIVIDEND
Notice is hereby given that the Board has declared an interim dividend of 42
cents per ordinary share in respect of the half year ended 30 June 2002. The
dividend will be paid on Monday 7 October 2002.
DECLARATION OF SPECIAL ORDINARY DIVIDEND
Notice is hereby given that the Board has declared a special dividend of 150
cents per ordinary share payable on Monday 7 October 2002. The dividend will be
funded from existing cash resources.
To comply with the procedure of STRATE the last day to trade in the shares for
purposes of entitlement to the interim and special dividend is Friday 27
September 2002. The shares will commence trading ex dividend on Monday 30
September 2002 and the record date will be Friday 4 October 2002. Share
certificates may not be dematerialised or rematerialised between Monday 30
September 2002 and Friday 4 October 2002, both days inclusive.
Durban By order of the Board
11 September 2002 C VAN DER POL (CHAIRMAN)
W J SWAIN (MANAGING DIRECTOR)
Registered Office Transfer Secretaries
1100 Mansion House Computershare Investor Services Ltd
Field Street, Durban P O Box 1053, Johannesburg
4001 2001
Directors: C van der Pol, D E Daugherty, W J McAdam, W J Swain
Date: 09/09/2002 12:45:25 PM Produced by the JSE SENS Department
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