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BRANDCORP HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1992/006647/06
("Brandcorp" or "the group")
JSE Code: BRC ISIN No.: ZAE000013611
These results can be viewed on our website: www.brandcorp.co.za
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2002
TURNOVER INCREASED BY 29.8%
OPERATING PROFIT INCREASED BY 50.3%
HEADLINE EARNINGS PER SHARE INCREASED BY 127.3%
MAIDEN INTERIM DIVIDEND DECLARED 4 CENTS PER SHARE
ABRIDGED GROUP INCOME STATEMENT
31 Dec 31 Dec % 30 June
2002 2001 change 2002
Unaudited Unaudited Audited
R000 R000 R000
Turnover 373,229 287,477 29.8 599,546
Operating profit 34,989 23,286 50.3 54,178
Net interest (paid)/
received (5,303) 485 (926)
Net profit before taxation 29,686 23,771 24.9 53,252
Taxation (9,658) (8,015) (15,919)
- Current (8,168) (5,221) (13,992)
- Secondary tax on
companies (752) (882) (882)
- Deferred taxation (738) (1,912) (1,045)
Net profit after
taxation 20,028 15,756 27.1 37,333
Number of shares in
issue (000)* 75,194 133,639 75,194
Weighted ave. no.
of shares (000)* 75,194 134,602 130,760
Headline earnings
per share - cents 26.6 11.7 127.3 28.6
Earnings per share - cents 26.6 11.7 127.3 28.6
Diluted earnings per
share - cents 24.7 11.5 27.6
*Excludes treasury shares
ABRIDGED GROUP BALANCE SHEET
31 Dec 31 Dec % 30 June
2002 2001 change 2002
Unaudited Unaudited Audited
R000 R000 R000
ASSETS
Non - current assets 27,611 24,830 25,689
Tangible assets 14,412 13,764 13,755
Trademark 1,350 - -
Share incentive trust 1,395 742 742
Deferred taxation 10,454 10,324 11,192
Current assets 301,732 267,902 275,925
Inventories 120,128 115,269 123,502
Accounts receivable 148,256 123,043 113,746
Cash and cash equivalents 33,348 29,590 38,677
329,343 292,732 301,614
EQUITY AND LIABILITIES
Capital and reserves 157,900 198,288 143,887
Long term liabilities 46,643 7,201 52,261
Current liabilities 124,800 87,243 105,466
Non-interest bearing
liabilities 107,491 77,329 85,747
Interest bearing liabilities 11,884 797 11,439
Taxation 5,425 9,117 8,280
329,343 292,732 301,614
Net asset value per
share (cents) 210.0 148.4 41.5 191.4
ABRIDGED GROUP CASH FLOW STATEMENT
31 Dec 31 Dec % 30 June
2002 2001 change 2002
Unaudited Unaudited Audited
R000 R000 R000
OPERATING ACTIVITIES 10,012 (5,228) 25,810
Operating profit before
working capital movements 36,483 24,452 57,229
Increase in working capital (9,394) (23,445) (14,166)
Net finance (charges)/income (5,303) 485 (926)
Taxation paid (11,774) (6,720) (16,327)
INVESTING ACTIVITIES (4,154) (3,956) (81,811)
Purchase of tangible assets (2,009) (1,045) (2,971)
Purchase of trademarks (1,500) - -
Proceeds on disposal
of tangible assets 8 20 69
Ordinary shares repurchased - (3,201) (79,179)
(Increase)/decrease in loan
to share trust (653) 270 270
FINANCING ACTIVITIES (11,187) (8,261) 47,643
(Payment of)/proceeds
from borrowings (5,173) (65) 55,637
Dividends paid (6,014) (8,196) (7,994)
NET MOVEMENT IN
CASH RESOURCES (5,329) (17,445) (8,358)
Cash and cash
equivalents at
the beginning of the year 38,677 47,035 47,035
Cash and cash
equivalents at
the end of the year 33,348 29,590 38,677
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated Total
Capital Premium Profits
R000 R000 R000 R000
Balance at 30 June 2001 1,370 98,641 93,936 193,947
Net profit for the period - - 37,333 37,333
Shares repurchased (617) (78,562) - (79,179)
Dividend - - (8,214) (8,214)
Balance at 30 June 2002 753 20,079 123,055 143,887
Net profit for the period - - 20,028 20,028
Dividend - - (6,015) (6,015)
Balance at 31
December 2002 753 20,079 137,068 157,900
SEGMENT ANALYSIS
Turnover Operating Total Liabilities
Profit Assets
R000 R000 R000 R000
Tools & Hardware 234,706 22,996 188,911 95,935
Leisure & Accessories 63,906 6,480 59,669 36,911
House & Home 74,617 6,074 51,905 29,304
Corporate - (561) 28,858 9,293
Total 373,229 34,989 329,343 171,443
THE GROUP IS A DISTRIBUTOR OF BRANDED PRODUCTS
MATUS - Tools and hardware
INTERBRAND: CELLINI - luggage, handbags and accessories
M.I.C. - Dinnerware, tableware and gifting
PRESTIGE - Kitchen utensils, bakeware and braai accessories
INTRODUCTION
The Brandcorp group has produced outstanding results for the 6 months ended 31
December 2002, showing substantial organic growth whilst effectively managing
its working capital.
TRADING OVERVIEW
Turnover increased by 29.8% from R287.5m to R373.2m. Operating profit increased
by 50.3% from R23.3m to R35.0m.
Earnings per share and Headline earnings per share increased by 127.3% from
11.7cents per share to 26.6 cents per share.
The balance sheet remains sound with net interest bearing debt at 15.9% of
shareholders equity and a current ratio of 2.4:1.
Net asset value per share increased to 210.0 cents per share.
FINANCIAL STATEMENTS
These interim financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of these results are consistent in all material
respects with those used in the annual financial statements for the year ended
30 June 2002.
DIVIDEND
The board has declared a maiden interim dividend of 4 cents per share.
Previously it was the group`s policy to declare a single dividend at year end.
The following salient dates should be noted:
Declaration date Wednesday 12 February 2003
Last day to trade cum-dividend Friday 7 March 2003
Trading ex-dividend commences Monday 10 March 2003
Record date Friday 14 March 2003
Dividend payment date Monday 17 March 2003
Share certificates may not be dematerialised or rematerialised between Monday 10
March 2003 and Friday 14 March 2003 (both dates inclusive).
PROSPECTS
Brandcorp`s divisions are all trading well, generating handsome profits and cash
and the group is positioned to make acquisitions should suitable opportunities
present themselves.
On behalf of the board
COLIN DATNOW BRAD TAUROG
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
12 February 2003
Transfer Secretaries Secretary and Registered Office
Computershare Investor Services Limited Light and Livingstone Financial
70 Marshall Street Services CC
Johannesburg, 2001 3rd Floor, Palm Grove
196 Louis Botha Avenue
Houghton Estate, 2198
Directors
CS Datnow, JD Goldberg, JC Livingstone*, HB Marcus, JW Miller*, BD Taurog.
(*Non-executive)
Date: 12/02/2003 05:35:00 PM Produced by the JSE SENS Department
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