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OZZ LIMITED
Incorporated in the Republic of South Africa
Registration No 1946/024058/06
Share code: Ozz ISIN code: ZAE000005211
Reviewed Interim Results
for the six months ended 30 September 2002
Comments
Nature of business
Ozz manufactures and distributes an extensive range of wearparts which are used
in processing mineral ores and aggregate for roadmaking, construction and
infrastructure. Product is supplied locally and offshore.
Financial results
The interim results were materially affected by the dramatic fall in the value
of the rand in what has been a six months highlighted by record successes both
from a production and marketing point of view. In comparison to the interim
results last year, turnover, operating income and fully diluted headline
earnings per share grew to R350,4 million (2001 - R265,4 million), R56,9 million
(2001 - R30,8 million) and R2,10 (2001 - R1,36) respectively.
The second six months of the year is traditionally not as good as the first.
This factor, coupled with the recent strength of the rand means that the
performance of the first six months will not be repeated in the second.
Nevertheless, the directors are confident that the full year`s earnings will be
appreciably greater than last year`s.
Review
The results have been reviewed by Ozz`s auditors, Grant Thornton Kessel
Feinstein, Chartered Accountants (SA), and their review opinion is available for
inspection at Ozz`s registered office.
Announcement on 12 November 2002
Shareholders are referred to the aforementioned announcement relating to an
offer for shareholders to receive a distribution following the sale of the net
assets and subsidiary companies, in the alternative, to purchase all the shares
in the company and subsequent voluntary winding-up and delisting of the company.
A circular containing details of these transactions is to be mailed to
shareholders in due course.
Review of results
The reviewed group interim results for the half-year ended 30 September 2002 set
out below have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and on a basis consistent with the prior
year`s interim report and the audited financial statements at 31 March 2002.
Dividend declaration
In light of the proposed transactions referred to above, no ordinary dividend
has been declared in respect of the six months ended 30 September 2002.
By order of the board
I H STERN
Secretary
23 December 2002
Income statement
Six months ended Year ended
30 September 31 March
2002 2001 2002
Rm Rm Change Rm
(Reviewed) (Unaudited) % (Audited)
Turnover 350,4 265,4 +32 553,0
Operating 56,9 30,8 +85 81,5
income
Net finance 5,1 0,7 5,8
income
Distribution 3,8
Grayprop
units
Income 62,0 35,3 +76 87,3
before
taxation
Taxation (23,1) (9,8) (31,0)
Headline 38,9 25,5 +52 56,3
earnings
Revaluation
of
properties
to selling (0,1)
price
Loss on
disposal of
investment (4,2)
Revaluation
of
investment
to market 6,4
value
Ordinary 38,9 31,9 52,0
earnings
Shares in
issue
(weighted
average
number)
(million)*
- undiluted 18,2 18,2 18,1
- fully 18,5 18,6 18,6
diluted
Headline
earnings per
share
(cents)
- undiluted 214,2 139,4 310,2
- fully 210,3 136,1 +54 302,9
diluted
Ordinary
earnings per
share
(cents)
- undiluted 214,2 174,9 286,6
- fully 210,3 171,5 279,9
diluted
Ordinary
dividend per
share 23,5 273,5
(cents)
Dividend 5,8 1,1
cover
(times)
Cash flow statement
Six months ended Year ended
30 September 31 March
2002 2001 2002
Rm Rm Rm
(Reviewed) (Unaudited) (Audited)
Cash generated
by operating
activities 66,0 41,6 94,1
Finance costs (2,4) (2,4) (4,2)
Taxation paid (24,2) (4,2) (20,0)
Cash available
from operating
activities 39,4 35,0 69,9
Dividends paid
- preference (0,6) (0,3) (0,5)
- ordinary (45,6) (13,2) (17,4)
Net cash flow
from operating
activities (6,8) 21,5 52,0
Net cash outflow
from investing
activities (3,8) (3,2) 40,9
Maintain (2,8) (3,2) (6,1)
operations
Expand (3,0) (1,4)
operations
Sale of 54,7 48,4
properties
Listed 2,0 (54,7)
investment
Financing (3,1) (3,2)
activities
Ordinary shares 1,0
issued
Preference (1,0) (0,2) (0,3)
shares redeemed
Buyback of (2,9) (2,9)
shares
Net cash (10,6) 15,2 89,7
(outflow)/inflow
Balance sheet
30 September 31 March
2002 2001 2002
Rm Rm Rm
(Reviewed) (Unaudited) (Audited)
ASSETS
Non-current 102,2 197,9 103,1
assets
Tangible assets 102,2 106,8 103,1
Financial assets 30,0
Listed investment 61,1
Current assets 369,7 239,9 359,8
Financial assets 30,0 32,0
Inventories 89,5 79,2 80,4
Trade and other 148,6 123,1 135,2
receivables
Cash and cash 101,6 37,6 112,2
equivalents
Total assets 471,9 437,8 462,9
EQUITY AND
LIABILITIES
Equity capital 332,1 324,3 339,4
and reserves
Stated capital 90,8 89,3 89,8
Non-distributable 33,4 44,1 33,4
reserves
Distributable
reserve
- retained income 230,3 211,8 237,6
354,5 345,2 360,8
Shares (25,5) (25,5) (25,5)
repurchased, held
by subsidiary
Ordinary 329,0 319,7 335,3
shareholders`
interest
Preference share 3,1 4,6 4,1
capital and
premium
Non-current 36,2 34,7 35,8
liabilities
Long-term 25,9 26,0 25,9
liability
Deferred taxation 10,3 8,7 9,9
Current 103,6 78,8 87,7
liabilities
Taxation 13,7 11,0 15,2
Trade and other 89,9 67,8 72,5
payables
Total equity and 471,9 437,8 462,9
liabilities
Capital
expenditure
- incurred 7,2 4,4 7,7
- contracted 5,9 1,6
- authorised but 4,9 6,1 10,7
not contracted
Number of shares
in issue
(millions)
- ordinary* 18,2 18,1 18,1
- convertible 0,3 0,4 0,4
preference
Net asset value 1 793 1 751 1 833
per share
(cents)*
Current asset 3,6 3,0 4,1
ratio
Return on average 50,8 26,9 32,4
capital employed
(%)
* After taking into account buyback of shares
Statement of changes in equity
Balance at 339,4 309,1 308,5
beginning of
period
Net payments
not
recognised
through
income (3,2) (3,3)
statement
Ordinary 1,0
shares issued
Ordinary (3,0) (2,9)
shares bought
back
Preference (1,0) (0,2) (0,3)
shares
redeemed
Revaluation (0,1)
of land and
buildings
Loss on (4,2)
disposal of
investment
Revaluation 6,4
of
investment to
market value
Headline 38,9 25,5 56,3
earnings
Ordinary (45,6) (13,2) (17,4)
dividends
Preference (0,6) (0,3) (0,5)
dividends
Balance at 332,1 324,3 339,4
end of period
Registered office: 53 Central Street, Houghton Estate, 2198
Transfer secretaries: Computershare Investor Services Limited,
11 Diagonal Street, Johannesburg, 2001
Directors: G Zulberg (Chairman), J Becker, M Becker, B J R Burt, K E Haskell, C
L Lambooy,
E Magid JP, I H Stern, C Zulberg Secretary: I H Stern
Date: 23/12/2002 10:43:01 AM Produced by the JSE SENS Department
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