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Barnard Jacobs Mellet Holdings Limited - Unaudited Results For The Six Months
Ended 30 September 2002
Barnard Jacobs Mellet Holdings Limited
(Incorporated in the Republic of South Africa)
(Reg. no. 1995/004798/06)
Share code: BJM ISIN no: ZAE000014262
("the Group")
* Revenue +11.4%
* NAV +3.1%
Consolidated income statement for the period ended 30 September 2002
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002 Change
R`000 (Unaudited) (Unaudited)(Audited) %
Gross revenue 158 984 142 777 295 770 11.4
Operating expenses (139 630) (111 679) (233 660)
Operating income before
finance costs 19 354 31 098 62 110 (37.8)
Finance costs (16 262) (14 317) (38 707) 13.6
Operating income before
income from investments 3 092 16 781 23 403
Investment income 558 1 030 1 416 (45.8)
Associate company 53 - (305)
Income before taxation 3 703 17 811 24 514 (79.2)
Taxation (2 960) (349) 4 743
Income attributable to
shareholders 743 17 462 29 257 (95.7)
Weighted average number
of shares in issue (`000) 105 874 106 085 106 402
Headline earnings per
share (cents) 0.97 16.72 28.02 (94.2)
Fully diluted headline
earnings per share (cents) 0.96 16.24 27.96 (94.1)
Basic earnings per share
(cents) 0.70 16.46 27.50 (95.7)
Fully diluted earnings
per share (cents) 0.70 15.99 27.44 (95.6)
Pro forma dividend per
share (cents) - 5.5 9* (100.0)
Net asset value 361 350 367 3.1
*Based on 2002 interim and final dividends
Reconciliation of headline
earnings per share
Fully diluted headline
earnings 1 023 18 477 29 818
Interest on convertible
debentures after tax - (735) -
Headline earnings 1 023 17 742 29 818
Goodwill amortisation (280) (280) (561)
Basic earnings 743 17 462 29 257
Consolidated balance sheet
as at 30 September 2002
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 (Unaudited) (Unaudited)(Audited)
Assets
Non-current assets
Furniture and equipment 6 263 7 145 6 761
Investments 79 163 79 885 79 254
Interest in associate
company 2 824 - 2 787
Goodwill 567 1 126 847
Deferred tax 20 234 11 161 20 899
109 051 99 317 110 548
Current assets 2 211 439 1 992 477 2 338 499
2 320 490 2 091 794 2 449 047
Equity and reserves
Capital and reserves
Share capital 1 064 1 061 1 067
Share premium 168 412 160 323 172 152
Equity portion of compulsory
convertible debentures - 25 071 -
Non-distributable reserves 70 587 42 214 71 723
Retained earnings 143 912 142 443 147 209
383 975 371 112 392 151
Non-current liabilities 211 823 153 509 152 623
Current liabilities 1 724 692 1 567 173 1 904 273
2 320 490 2 091 794 2 449 047
Group statement of changes in equity as at 30 September 2002
Equity
portion of
compulsory Non-distri
Share Share convertible butable Retained
capital premium debenture reserves income Total
Balance at
1 April 2001 1 061 160 265 25 071 27 578 125 004 338 979
Foreign currency
translation
reserve - - - 47 932 - 47 932
Net profit
for the year - - - - 29 257 29 257
Issue of
ordinary
shares 81 31 312 (25 071) (4 928) - 1 394
Treasury stock (75) (19 425)- - - (19 500)
Transfer to
retained
income - - - 1 141 (1 141) -
Dividends paid - - - - (5 911) (5 911)
Balance at
1 April 2002 1 067 172 152 - 71 723 147 209 392 151
Foreign
currency
translation
reserve - - - (1 136) - (1 136)
Net profit for
the year - - - - 743 743
Issue of
ordinary
shares 18 1 780 - - - 1 798
Treasury stock (21) (5 520) - - - (5 541)
Dividends paid - - - - (4 040) (4 040)
Balance at
30 September
2002 1 064 168 412 - 70 587 143 912 383 975
Consolidated cash flow statement for the period ended 30 September 2002
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 (Unaudited) (Unaudited) (Audited)
Cash (utilised in)/generated
from operating activities (50 502) 64 231 (112 264)
Cash (utilised in)/generated
from investing activities (941) 48 640 59 555
Cash flows from financing
activities 55 457 (638) (19 689)
Net increase/(decrease) in
cash and cash equivalents 4 014 112 233 (72 398)
Cash and cash equivalents
at beginning of year 326 619 310 728 356 028
Foreign currency translation
reserve (1 608) 22 650 42 989
Cash and cash equivalents
at end of year 329 025 445 611 326 619
Segmental analysis (R`000)
September 2002
Primary segment South Africa International Total
Revenue 100 086 58 898 158 984
Assets 1 765 574 554 916 2 320 490
Liabilities 1 470 953 465 562 1 936 515
September 2001
Primary segment South Africa International Total
Revenue 121 371 21 406 142 777
Assets 1 789 242 302 552 2 091 794
Liabilities 1 474 297 246 385 1 720 682
Review of results
Revenue increased by 11,4%, despite the Group experiencing one of its most
challenging six months. This was largely attributable to the international
operations where revenues rose as a result of both organic growth and
currency movements. The weakness of the rand gave rise to significant cost
increases within the Group. It is pleasing, however, to note that Barnard
Jacobs Mellet (USA) reported record revenue figures and was the largest
contributor to Group profits. Cost increases were again higher than the
increase in revenues. As a result, our headline earnings fell from 16.7
cents per share to 0,97 cents per share when compared to the corresponding
period of last year.
The biggest factor affecting our profitability is still the turnover on the
JSE Securities Exchange South Africa. With a shrinking market being
fiercely contested, the effect is seen in the falling agency brokerage
despite the increase in market share achieved by both Barnard Jacobs Mellet
Securities and Barnard Jacobs Mellet Private Client Services. Where we have
unfortunately lost a small number of high-profile employees, these have
been quickly replaced. This will ensure a continuing top-level service to
our clients.
Expenses increased by 24.7% or R28 million over the corresponding period.
The cost of expanding the international operations was the major
contributor. Local cost increases were contained due to strict control. The
Group`s pre-tax profit was adversely affected to the extent of R3 million
by the mark-to-market on BJM treasury stock held by one of the Group`s
subsidiaries.
The Group`s effective tax rate is high due to varying tax rates and
different accounting treatments within the countries in which the Group
operates.
Mazwai
The investment in our associate, Mazwai Securities, has proved to be a
success and for the first time we are able to show a small profit
attributable from this source. We are confident that this success will
continue. We remain independent of Mazwai Securities from an operational
perspective, but will continue to provide selective support services
through this critical development phase.
Share buyback
The Group is continuing with the existing share buyback programme.
Prospects
It is extremely difficult to give any forecast for the next six months.
Turnovers in the markets in which we operate are generally down and
investors remain nervous. When the investment climate turns positive,
Barnard Jacobs Mellet will be one of the first to benefit.
Dividends
No dividends were declared for the interim period.
Directorate
Following the release of the King II recommendations, the Board was
reconstituted to take account of best corporate governance practice.
Sandile Zungu is the new non-executive Chairman with Paul Barnard Group
CEO. The majority of Directors on the Board are now non-executive members
in accordance with King II.
Sandile Zungu (Chairman)
Paul Barnard (Group Chief Executive)
Johannesburg
2 December 2002
Directors:
SDM Zungu* (Chairman), PA Barnard (CEO), HSC Bester*, JA Bester*, KG
Jacobs, AM Mazwai*, SM Mellet*, AT Mokhobo*
*Non-executive
Company Secretary:
NC Mhluzi
Registered office:
Barnard Jacobs Mellet House, 5 Sturdee Avenue, Rosebank, 2196
Transfer secretaries:
Computershare Investor Services Limited, 4th floor, Edura House, 41 Fox
Street, Johannesburg
Date: 03/12/2002 08:16:00 AM Produced by the JSE SENS Department
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