| Fri 28 Feb 2003, 9:21 | | Marshalls Limited - Provisional report for the yea |
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Marshalls Limited
(Formerly MARSHALLS CONTROLLING INVESTMENTS LIMITED)
(Registration number 1987/002656/06)
Share codes: MSS/MRN ISIN numbers: ZAE000031225/ZAE000031233 0A52B5EDBC0BB2ABBC44E3BC1C2F4622
Provisional report for the year ended 31 December 2002
The unaudited reviewed results for the year ended 31 December 2002
for Marshalls Limited and its subsidiaries are as follows:
INCOME STATEMENT Unaudited Audited
31.12.2002 31.12.2001
R R
Commission, interest and dividends 1,897,000 1,595,742
received
Rental income 16,872,000 16,581,600
Revenue 18,769,000 18,177,342
Operating profit before interest and 5,813,000 8,713,322
taxation
Interest received 650,000 528,095
Interest paid (3,824,000) (3,346,929)
Profit before exceptional items 2,639,000 5,894,488
Exceptional items 3,137,000 (9,196,391)
Surplus/(deficit) on revaluation of 2,105,000 (9,196,391)
land & buildings
Surplus on disposal of building 979,000
Surplus on disposal of listed 53,000
investment
Profit/(Loss) before taxation 5,776,000 (3,301,903)
Taxation 1,473,000 (259,804)
Profit/(Loss) for the year 4,303,000 (3,042,099)
Adjusted for exceptional items as 3,159,000 (7,107,269)
above (net of taxation)
Headline earnings for the year 1,144,000 4,065,170
Earnings/(loss) per ordinary share 24.8 (17.5)
(cents)
Headline earnings per ordinary share 6.6 23.4
(cents)
Dividends per ordinary share (cents) 12.0 17.0
Total number of shares in issue 17,372,300 17,372,300
Net asset value per ordinary share 363 414
(cents)
ABRIDGED BALANCE SHEET
Investment properties 60,810,000 65,000,000
Investments 15,213,000 26,139,197
Other fixed assets 1,210,000 1,109,043
Current assets 9,813,000 10,225,664
Bank balance 6,199,000 5,772,437
Total Assets 93,245,000 108,246,341
Equity and Reserves 63,059,000 72,003,504
Interest bearing borrowings 16,862,000 20,726,567
Deferred taxation 4,878,000 6,912,376
Current liabilities 3,774,000 5,010,800
Bank overdraft 4,672,000 3,593,094
Total Equity and Liabilities 93,245,000 108,246,341
STATEMENT OF CHANGES IN EQUITY
Share Capital and Share Premium 26,809,000 26,809,026
Non-distributable Reserves 28,381,000 35,835,917
Balance at beginning of year 35,836,000 37,075,532
Property revaluation movement 283,000 (4,748,786)
Transfer of realised surplus on 948,000
disposal of property
Transfer of unrealised surplus on (5,936,000)
investments
Currency translation movement (2,750,000) 3,509,171
Distributable Reserves 7,869,000 9,358,561
Balance at beginning of year 9,359,000 6,011,413
Profit for the year 4,303,000 (3,042,099)
Transfer of property revaluation (283,000) 4,748,786
Transfer of realised surplus on (948,000)
disposal of property
Unrealised (deficit)/gain on (8,413,000) 4,593,752
revaluation of investments
Transfer of unrealised surplus on 5,936,000
investments
Dividends paid and recommended (2,085,000) (2,953,291)
Equity and Reserves at end of year 63,059,000 72,003,504
SUMMARISED CASH FLOW STATEMENT
Cash generated from operating 7,019,000 8,603,636
activities
Interest and taxation paid (5,535,000) (5,237,356)
Operating cash flow 1,484,000 3,366,280
Dividends paid (2,085,000) (2,953,291)
Cash retained in operating (601,000) 412,989
activities
Net investment activities (51,000) (1,158,788)
Net cash utilised (652,000) (745,799)
COMMENTS
The strengthening of the Rand in the latter part of the year, and the
substantial fall of global share prices during 2002, have resulted in a
reduction in the value of the group`s listed share portfolio and foreign cash
holdings at 31 December 2002. The results for the year, including exceptional
items, reflect a profit of 24,8 cents per ordinary share compared to a loss of
17,5 cents last year. Headline earnings per ordinary share amount to 6,6 cents
(2001: 23,4 cents) and represent the operating results of the group`s
activities.
In December 2002, the Wynberg, Cape Town, commercial property was sold for
R7,765,000. The proceeds are being used to reduce both long-term and short-term
borrowings. During the year, certain tenancies have changed resulting in a more
balanced portfolio with a year-end occupancy rate of 94%. A valuation of the
property portfolio at 31 December 2002 by CB Richard Ellis on an "open Market"
basis was made at R60,810,000 (2001: R58,700,000).
The provisional financial statements of the group have been prepared in
accordance with the South African Statements of Generally Accepted Accounting
Practice, incorporating Accounting Statement AC 133 Financial Instruments
whereby a recognized gain or loss arising from a change in the fair value of the
listed investments is recognized directly in equity. The comparative figures for
2001 have been adjusted accordingly.
INDEPENDENT AUDITORS` REVIEW
The financial information set out in the provisional results has been reviewed,
but not audited, by our auditors, David Strachan & Tayler. Their unqualified
review report is available for inspection at the registered office.
DIVIDEND DECLARATION
Notice is hereby given that the final dividend of 5,0 cents per ordinary and "N"
ordinary share in respect of the year ended 31 December 2002 has been declared.
In accordance with the settlement procedures of STRATE, Marshalls has determined
the last date to trade to participate in the final dividend shall be Thursday,
20 March 2003 . The shares will commence trading ex-dividend from Monday, 24
March 2003, and the Record date will be Friday, 28 March 2003.
Dividends will be paid on Monday, 31 March 2003.
Share certificates may not be dematerialised or rematerialised between Monday,
24 March 2003 and Friday ,28 March 2003, both days inclusive.
BY ORDER OF THE BOARD
DC Marshall, PN Lonsdale (Directors)
28 February 2003
Sponsor
The Janus Corporation (Pty) Ltd
Date: 28/02/2003 08:55:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
