| Tue 3 Dec 2002, 17:38 | | Inmins Limited - Reviewed Consolidated Results Of |
|
Inmins Limited - Reviewed consolidated results of the group for the year ended
30 September 2002.
Inmins Limited
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
(Share code: INM ISIN number: ZAE000003588)
Statement of results
The board announces the reviewed consolidated results of the group for the year
ended 30 September 2002.
Financial Highlights
Net profit after tax up 31%
Headline earnings per share up 20%
Dividend per share up 31%
Consolidated Income Statement
Year ended
30 September
2002 2001
R`000 R`000
Revenue 387 415 356 632
Operating profit 14 725 12 132
Goodwill amortisation (314) (1 056)
Net finance costs (600) (918)
Profit before taxation 13 811 10 158
Taxation (2 711) (1 673)
Net profit after taxation 11 100 8 485
Outside shareholders` profit (9) (1)
Share of accumulated deficit
of associate company - (2)
Ordinary shareholders` profit 11 091 8 482
Headline earnings 11 405 9 538
Headline earnings per share (cents) 29,6 24,7
Earnings per share (cents) 28,7 22,0
Net asset value per share (cents) 134,5 116,8
Shares in issue (000`s) 38 579 38 579
Dividend per share (cents) 11,0 8,4
Reconciliation of headline earnings
Ordinary shareholders` profit 11 091 8 482
Amortisation of goodwill 314 1 056
11 405 9 538
Supplementary information
Capital commitments - 225
Capital expenditure 2 870 1 624
Depreciation 2 135 1 681
Interest bearing borrowings 6 460 12 588
Summarised Consolidated Balance Sheet
Year ended
30 September
2002 2001
R`000 R`000
ASSETS
Fixed and other non-current assets 9 942 9 357
Current assets 115 535 99 634
Total assets 125 477 108 991
EQUITY AND LIABILITIES
Share capital and premium 44 887 44 887
Retained income 7 021 174
Shareholders` funds 51 908 45 061
Outside shareholders` interest 10 1
Total equity 51 918 45 062
Non-current liabilities - interest bearing 2 523 1 519
Deferred taxation 43 19
Current liabilities - interest bearing 3 937 11 069
- non-interest bearing 67 056 51 322
Total equity and liabilities 125 477 108 991
Summarised Consolidated Statement of Changes in Equity
Shareholders` funds at beginning of year
- as previously reported 46 656 41 301
- prior year adjustment (1 595) (1 482)
- as restated 45 061 39 819
Changes in retained earnings
- current year/as previously reported 11 091 8 595
- prior year adjustment - (113)
Dividend declared (4 244) (3 240)
Shareholders` funds at end of year 51 908 45 061
Summarised Consolidated Cash Flow Statement
Cash flow from/(used in) operating activities 5 829 (12 866)
Cash flow from investing activities 337 207
Cash flow from financing activities 1 263 288
Net increase/(decrease) in cash
and cash equivalents 7 429 (12 371)
Cash and cash equivalents
at beginning of year (10 385) 1 986
Cash and cash equivalents at end of year (2 956) (10 385)
Segment Information
Turnover Operating profit
(R`000) (R`000)
2002 2001 2002 2001
BUSINESS SEGMENTS
Mining consumables
(Inmins) 333 807 317 895 10 712 10 819
Industrial consumables
(Inmins) 53 608 38 737 4 031 1 188
Other - - (18) 125
387 415 356 632 14 725 12 132
Segment Information
Total assets Gross liabilities
(R`000) (R`000)
2002 2001 2002 2001
BUSINESS SEGMENTS
Mining consumables
(Inmins) 96 950 88 703 58 361 54 180
Industrial consumables
(Inmins) 23 675 15 024 12 514 6 914
Other 4 852 5 264 2 684 2 835
125 477 108 991 73 559 63 929
Commentary
Financial results
The group continued its high growth path of the past six years and, again
delivered its best ever profit performance. Turnover increased by 9% to R387
million, profit after tax increased by 31% to R11,1 million. Headline earnings
increased by 20% to 29,6 cents per share and the dividend per share was
increased by 31% to 11,0 cents per share.
All business units performed well in an extremely competitive environment. The
deliberate policy of serving different markets proved to be successful. In the
mining supplies division, the profit before tax was in line with its record
performance of last year. The value added division which also mainly services
the mining sector recorded a best ever profit before tax which improved 10,7%
over last year`s record performance. The industrial supplies division delivered
outstanding results. The specialised business unit which was started three years
ago in this division, delivered exceptional growth and profitability.
Accounting policies
The results for the year ended 30 September 2002 have been prepared in
accordance with the South African Statements of Generally Accepted Accounting
Practice, and with those applied in previous annual financial statements save
for a change in accounting policy whereby depreciation of investment and owner-
occupied properties is applied. Comparative figures for the previous year have
been restated, which resulted in the opening retained earnings for the current
year being reduced by R1 595 000 (ie 4,1 cents per share). In aggregate, the
adoption of these accounting policy changes reduced:
Headline earnings per share by 0,3 cents (2001: 0,3 cents);
Net asset value per share by 4,4 cents (2001: 4,1 cents).
Review by the independent auditors
The financial information set out in this preliminary report has been reviewed,
but not audited by PricewaterhouseCoopers Inc. Their unqualified review report
is available for inspection at the company`s registered office.
Corporate governance
The group subscribes to the value of good corporate governance and is committed
to continued implementation of the recommendations of the King II Report and the
requirements of the JSE Securities Exchange South Africa. The group endeavours
to conduct its business in accordance with the principles of accountability,
transparency and integrity.
Dematerialisation of shares
STRATE, the electronic settlement system for shares on the JSE Securities
Exchange South Africa ("JSE") implemented a system that requires all paper share
certificates to be converted into an electronic format (dematerialisation)
before they can be traded on the JSE and settled in STRATE. It would appear that
many shareholders are still unaware of the importance of converting to the
electronic record and continue to hold share certificates. All shareholders are
therefore advised to dematerialise their shares and surrender all share
certificates to their CSDP or broker as soon as possible.
Prospects
All business units should continue to contribute to the profits of the group.
New mining projects expand the horizons for the group and we will continue to
explore these opportunities. Challenges in the industrial division create
exciting opportunities for improved results. The effective tax rate of the group
is expected to rise. Further capital will be invested as this division is
expanding both geographically and in its activities.
Dividends
Notice is hereby given that a dividend of 11,0 cents (2001: 8,4 cents) per
ordinary share for the year ended 30 September 2002 has been declared to holders
of ordinary shares recorded in the share register of the company at the close of
business on 17 January 2003.
Last day to trade "cum" dividend is: Friday, 10 January 2003
Shares commence trading
"ex" dividend from: Monday, 13 January 2003
Record date is: Friday, 17 January 2003
Payment date is: Monday, 20 January 2003
Share certificates may not be dematerialised/rematerialised between Monday, 13
January 2003 and Friday, 17 January 2003, both dates inclusive.
On behalf of the board
WAR Wenteler PJ Kruger
Chairman Managing Director
4 December 2002
Directors
WAR Wenteler (Chairman), JH Henderson* (Deputy Chairman), PJ Kruger (Managing),
DG Clarke, W Fourie (Financial), DB Mostert*, CJ Pallas*
(*Non-executive)
Company secretaries and registered office
Winhold Limited (Registration number 1945/019679/06)
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg, 2000)
e-mail: winholdsec@inmins.co.za
Transfer secretaries
Computershare Investor Services Limited
9th Floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
e-mail: it@registrars.co.za
Auditors
PricewaterhouseCoopers Inc
2 Eglin Road, Sunninghill, 2157
(Private Bag X36, Sunninghill, 2157)
Date: 03/12/2002 05:44:00 PM Produced by the JSE SENS Department
