|
JASCO ELECTRONICS HOLDINGS LIMITED - UNAUDITED INTERIM RESULTS
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code : JSC ISIN: ZAE000003794
("Jasco")
Unaudited Interim Results for the six months ended 31August 2002
HIGHLIGHTS
Successful turnaround continues
Attributable profits up 710%
HEPS up 450%
Net cash generated of R12,6 million
Substantially improved balance sheet
Interim dividend declared
Summarised Income Statement Unaudited Audited
(R`000s)
6 months ended year ended
August 31 February 28
2002 2001 2002
Revenues 141 622 164 447 276 153
- from continuing 127 238 91 414 190 736
operations
- from discontinued 14 384 73 033 85 417
operations
Operating profit before : 12 015 6 707 16 541
- Net (loss)/profit on (361) 200 5 379
foreign exchange
- Depreciation (1 479) (1 856) (3 534)
- Net interest paid (1 563) (3 363) (5 050)
Operating profit 8 612 1 688 13 336
- from continuing 8 654 2 747 14 641
operations
- from discontinued (42) (1 059) (1 305)
operations
- Exceptional items 1 039 (337) (1 769)
Net profit before taxation 9 651 1 351 11 567
Taxation - - -
Net profit after taxation 9 651 1 351 11 567
Outside shareholders - (159) (201)
Net profit attributable to
ordinary shareholders 9 651 1 192 11 366
Headline earnings (1 039) 337 1 769
adjustment
Headline earnings 8 612 1 529 13 135
Exceptional items
Profit on disposal of 1 994 2 567 9 216
subsidiary
Increase in liability - - (3 279)
Amortisation and impairment (955) (1 101) (2 000)
of goodwill
Losses in dicontinued - - (3 924)
operations
Loss on disposal of - (1 803) (1 782)
business operations
Total exceptional items 1 039 (337) (1 769)
Number of shares in issue 48 812 47 177 48 812
(000`s)
Number of shares on which
earnings
per share is calculated 48 812 47 177 47 566
(000`s)
Earnings per share (cents) 19.8 2.5 23,9
Headline earnings per share 17.6 3.2 27,6
(cents)
EBITDA 13 648 7 512 21 950
Net asset value per share 81.4 42.4 61.7
(cents)
Tangible net asset value 54.2 13.3 35.9
per share (cents)
Debt : Equity % 6.2 149.7 51.2
Abridged Consolidated Unaudited Audited
Balance Sheet (R`000s)
August 31 August February 28
31
2002 2001 2002
ASSETS
Non-current assets 26 945 27 954 24 415
Plant and equipment 8 671 7 683 7 437
Intangibles 13 286 13 490 12 591
Loans 4 988 6 781 4 387
Current assets 123 265 87 966 126 958
Other current assets 76 428 66 821 87 338
Cash on hand 46 837 21 145 39 620
Total assets 150 210 115 151 373
920
EQUITY AND LIABILITIES
Equity and minority 39 749 19 980 30 098
interest
Ordinary share capital and 39 749 19 980 30 098
reserves
Non-current liabilities 51 478 84
Interest bearing 51 478 84
liabilities
Current liabilities 110 410 95 462 121 191
Interest bearing 49 247 50 576 54 936
liabilities
Non-interest bearing 61 163 44 886 66 255
liabilities
Total equity and 150 210 115 151 373
liabilities 920
Statement of changes in Unaudited Audited
equity (R000`s)
6 months ended year ended
August 31 August February 28
31
2002 2001 2001
Opening balance 30 098 21 112 21 112
Prior year adjustment - - (657)
Net share capital issued - - 601
Reduction in non- - (2 (2 324)
distributable reserves 324)
Retained profit 9 651 1 192 11 366
Equity at end of period 39 749 19 980 30 098
Abridged Consolidated Unaudited Audited
Cashflow Statement (R`000s)
6 months ended year ended
August 31 August February 28
31
2002 2001 2002
Cash generated from 7 575 13 085 18 273
operations
Net financing costs (1 670) (3 (5 050)
363)
Taxation recouped (488) - -
Cashflow from operating 5 417 9 722 13 223
activities
Cashflow from investing 36 12 693 21 063
activities
Cashflow from financing 7 153 (1 1 371
activities 173)
Increase in cash resources 12 606 21 242 35 657
Cash and cash equivalents
at
beginning of period (15 016) (50 (50 673)
673)
Cash and cash equivalents
at
end of period (2 410) (29 (15 016)
431)
Notes
This interim report was prepared using accounting policies which are in
accordance with the Statements of Generally Accepted Accounting Practice.
These policies are consistent with those applied in the financial statements
for the year ended 28 February 2002.
RESULTS
The positive effects of the turnaround strategy implemented during the
previous financial year continue to gather momentum.
Revenue from continuing operations improved by 39% to R127,2 million. Profit
from continuing operations improved by 215% to R8,6 million. Headline
earnings per share grew to 17,6 cents, an improvement of 450% compared to
the same period last year. It should be noted that this stellar growth is
off last year`s very low base. Nevertheless, headline earnings per share
for the first six months of the current financial year equate to almost 64%
of the equivalent earnings for the whole of the last financial year.
The strengthening of the balance sheet is reflected in the sharp improvement
of the gearing ratio to 6,2%, in the 92% enhancement of net asset value to
81,4 cents per share, and in the 4 fold increase in tangible net asset
value, once again off a low base.
OPERATIONS
The turnaround strategy implemented in our Telecoms and Manufacturing
divisions has been completed and these two divisions performed exceptionally
well in both the local and export markets such as Nigeria, Mozambique,
Botswana and Kenya. In addition, these divisions export products to Europe
and are also exploring opportunities for export to the USA.
The turnaround strategy in the Image division is still ongoing and
performance in this division is expected to improve substantially over the
next twelve months.
DISCONTINUED OPERATIONS
The revenue attributable to discontinued operations relates to Technology
Junction, the only distribution business earmarked for sale, which has not
yet been sold. Jasco continues to examine ways to exit this business on the
most beneficial basis possible and also having regard to the interests of
the employees in that business.
PROSPECTS
The group has achieved dynamic growth, compared to the same period last
year, off a relatively low base.
All the operating divisions are correctly structured and poised to take full
advantage of opportunities in their focus. Management expects growth in
earnings to continue, although the percentage rate of growth will slow as
the base rises.
In the absence of unforeseen circumstances, management expects earnings per
share in the second half to exceed the first half.
LISTING ON THE JSE SECUTIES EXCHANGE SOUTH AFRICA (JSE)
Further to our announcement on 23 September 2002 shareholders are reminded
that Jasco is now listed under the Electronic Equipment (253) sector of the
JSE. The Directors have noted the spate of recent de-listings from the JSE
(especially by small capitalisation companies) and have considered whether
the considerable costs justify a continued listing. It is our considered
view that the long term benefits far outweigh the costs and we thus confirm
our intention to remain listed which will also allow current shareholders to
benefit from our anticipated return to sustainable growth and returns.
FURTHER CAUTIONARY ANNOUNCEMENT
Jasco shareholders are advised that the negotiations referred to in the
cautionary announcement dated 3rd September 2002 (and renewed on the 25th
September 2002) are continuing. If successfully concluded, the resulting
transaction may have an effect on Jasco`s share price.
Jasco shareholders are accordingly advised to continue to exercise caution
in dealing in their shares until a further announcement is made.
DIVIDEND
In view of the results achieved during the interim period and the
substantial improvement in the cash position of Jasco, the Directors have
resolved to declare an interim dividend (No. 12) of 5 cents per share.
To comply with the procedures of STRATE, the following dates are applicable:
Last day to trade "CUM" the dividend : Friday 25th October 2002
Date commence trading "EX" the dividend : Monday 28th October 2002
Record date : Friday 1st November 2002
Date of payment : Monday 4th November 2002
Share certificates may not be de-materialised or re-materialised between
Monday, 28th October 2002 and Friday, 1st November 2002, both dates
inclusive.
T B RUTSTEIN S H ROBERTSON M H LOTZ
Non-Executive Chairman Chief Executive Officer Financial
Director
8th October 2002
Registered address : Woodmead Park, 8 Saddle Drive Woodmead, 2157 (P O Box
860, Wendywood, 2144)
Transfer Secretaries : Ultra Registrars (Pty) Limited, 11 Diagonal Street,
Johannesburg, 2001 (P O Box 4844, Johannesburg, 2000)
Website : www.jasco.co.za
Date: 08/10/2002 11:00:00 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 ] | |||||||||||||
|
|||||||||||||
