|
Tiger Wheels Limited - Unaudited Group Results For The Six Months Ended
31 December 2002
Tiger Wheels Limited
(Incorporated in the Republic of South Africa)
Registration No. 1970/001162/06
Share Code: TIW / ISIN code ZAE 000007407
Unaudited Restated Restated
at Unaudited Audited
31 December at at
31 December 30 June
TIGER WHEELS LIMITED 2002 2001 2002
BALANCE SHEET R`000 R`000 R`000
-------------
ASSETS
Non-current assets 725,134 783,767 782,908
--------- --------- --------
Property, plant and equipment 692,959 733,087 718,872
Goodwill 4,945 6,290 6,059
Investment in associates 3,860 3,713 4,555
Financial assets 23,370 40,677 53,422
Current assets 967,977 1,058,018 1,080,625
--------- --------- --------
Inventories 429,400 433,605 460,448
Trade and other receivables 499,175 615,985 578,639
Bank and cash balances 39,402 8,428 41,538
--------- --------- ---------
TOTAL ASSETS 1,693,111 1,841,785 1,863,533
--------- --------- ---------
EQUITY AND LIABILITIES
Shareholders` equity 720,034 766,074 749,698
--------- --------- ---------
Shareholders` funds 632,008 702,791 670,630
Minority interest 88,026 63,283 79,068
Interest-bearing debt 385,122 366,773 425,008
--------- --------- ---------
Long-term debt 285,538 182,802 283,214
Current portion of long-term
debt 78,653 79,762 115,358
Short-term borrowings 20,931 104,209 26,436
Interest-free liabilities 587,955 708,938 688,827
--------- --------- ---------
Trade and other payables 583,052 696,433 682,928
Deferred taxation 4,903 12,505 5,899
--------- --------- ---------
Total equity and liabilities 1,693,111 1,841,785 1,863,533
--------- --------- ---------
Net tangible asset value per
share (cents) 1,055 1,165 1,110
Unaudited Restated Restated
six months Unaudited Audited
ended six months year
31 December ended ended
31 December 30 June
% Change
2002 2001 2002
R`000 R`000 R`000
INCOME STATEMENT
----------------
Revenue 18% 1,400,846 1,188,810 2,537,255
--------- --------- ---------
Operating income 68% 96,505 57,501 149,793
Net financing costs (29,270) (20,808) (41,995)
(Loss)/income from associates (779) (398) 91
--------- --------- ---------
Profit before taxation 66,456 36,295 107,889
Taxation (9,203) (5,450) (8,379)
--------- --------- ---------
Profit after taxation 57,253 30,845 99,510
Minority interest (7,877) (848) (17,778)
--------- --------- ---------
Earnings attributable to
ordinary shareholders 65% 49,376 29,997 81,732
--------- --------- ---------
Reconciliation of headline
earnings per share (cents)
Attributable earnings per 83.2 50.8 137.5
share
Adjusted for :
- Goodwill amortised 0.5 0.4 3.0
- Write-down of investments 0 0 24.9
/loans
- Sale of investments (4.7) 0 0
----- ----- -----
Headline earnings per share 54% 79.0 51.2 165.4
(cents)
----- ----- -----
Number of shares in issue
(`000)
- At end of period 59,415 59,798 59,882
- Weighted average 59,356 59,081 59,438
STATEMENT OF CHANGES IN EQUITY
------------------------------ Unaudited Restated Restated
six months Unaudited Audited
ended six months year
31 December ended ended
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Equity at beginning of period
As previously stated 675,194 493,956 487,135
Change in accounting policy (4,564) (1,717) (1,717)
--------- --------- ---------
Restated equity at beginning of 670,630 492,239 485,418
period
Changes in
Share capital, premium and reserves (10,931) 13,367 14,024
Non-distributable reserves (56,297) 189,097 111,854
--------- --------- ---------
As previously stated 189,738 112,422
Change in accounting policy (641) (568)
--------- ---------- ---------
Accumulated profit 28,606 8,088 59,334
--------- --------- ---------
Earnings attributable to
ordinary 49,376 31,137 84,011
shareholders
Change in accounting policy 0 (1,140) (2,279)
--------- --------- ---------
49,376 29,997 81,732
Capitalisation award and dividend (21,549) (22,307) (22,307)
Associated companies 779 398 (91)
--------- --------- --------
Equity at end of period 632,008 702,791 670,630
--------- --------- ---------
SEGMENTAL ANALYSIS Unaudited Unaudited
---------------- six months ended six months ended
31 December 2002 31 December 2001
ATS Balance Total ATS Balance Total
group of group of
group group
Re- Re-
stated stated
Rm Rm Rm Rm Rm Rm
Revenue
Manufacturing 899 258 1,157 779 174 953
Wholesale 64 98 162 94 99 193
Retail 0 187 187 0 179 179
Group services
and inter-group
eliminations (17) (88) (105) (64) (72) (136)
----- ----- ----- ----- ----- -----
Total revenue 946 455 1,401 809 380 1,189
----- ----- ----- ----- ----- -----
Operating income
Manufacturing 54 26 80 37 21 58
Wholesale (8) 3 (5) (11) (1) (12)
Retail 0 19 19 0 14 14
Group services
and inter-group
eliminations (2) 4 2 (3) 1 (2)
----- ----- ----- ----- ----- -----
Total operating
income 44 52 96 23 35 58
----- ----- ----- ----- ----- -----
Net financing costs 9 20 29 8 13 21
Interest-bearing debt
225 160 385 203 163 366
Capital expenditure 93 19 112 52 11 63
Depreciation 37 21 58 41 21 62
Future capital
commitments approved
140 18 158 69 8 77
SEGMENTAL ANALYSIS Audited year ended 30 June 2002
----------------
ATS group Balance Total
of group
Re-stated Re-stated
Rm Rm Rm
Revenue
Manufacturing 1,674 382 2,056
Wholesale 202 183 385
Retail 0 338 338
Group services and inter-group
eliminations (76) (166) (242)
----- ----- -----
Total revenue 1,800 737 2,537
----- ----- -----
Operating income
Manufacturing 134 38 172
Wholesale (37) 4 (33)
Retail 0 34 34
Group services and inter-group
eliminations (8) (15) (23)
----- ----- -----
Total operating income
89 61 150
----- ----- -----
Net financing costs 16 26 42
Interest-bearing debt 264 161 425
Capital expenditure 137 29 166
Depreciation 85 45 130
Future capital commitments approved 299 47 346
CASH FLOW STATEMENT
------------------- Unaudited Restated Restated
six months Unaudited Audited
ended six months year
31 December ended ended
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Cash flows from
Operating activities 132,550 24,919 102,205
Investing activities (75,626) (63,039) (166,107)
Financing activities (53,555) 65,660 202,325
--------- -------- ---------
Movement in cash resources 3,369 27,540 138,423
Cash resources at beginning of 15,102 (123,321) (123,321)
period
--------- --------- ---------
Cash resources at end of period 18,471 (95,781) 15,102
--------- --------- ---------
Comprising :
Bank and cash balances 39,402 8,428 41,538
Short-term borrowings (20,931) (104,209) (26,436)
--------- --------- ---------
18,471 (95,781) 15,102
FOREIGN EXCHANGE RATES
---------------------- Unaudited
six months Unaudited Audited
ended six months year
31 December ended ended
31 December 30 June
2002 2001 2002
Euro / Rand
End of period rate (balance sheet) 8.76 10.14 10.23
Average rate (income statement) 9.63 8.27 8.95
Euro / Zloty
End of period rate (balance sheet) 4.02 3.52 4.00
Average rate (income statement) 4.04 3.71 3.70
COMMENTS
--------
Nature of business
Tiger Wheels Limited ("Tiwheel") is a group of companies focused on the
automotive aluminium wheel and passenger car tyre industries. The group
operates internationally, with wheel manufacturing plants in Germany, Poland,
South Africa and soon in the USA, wholesale wheel distribution throughout
Europe and South Africa, and tyre distribution in the United Kingdom and
South Africa.
The group`s 33 Tiger Wheel & Tyre retail stores in Southern Africa (25 owned
and 8 franchised) cover all major centres and hold a significant share of the
replacement passenger tyre and wheel business in the region.
Results
Tiwheel achieved a 54% increase in headline earnings per share with an 18%
increase in revenue for the period under review compared with the
corresponding period in the previous year. The results are particularly
pleasing as they represent a higher margin on sales, with earnings
attributable to ordinary shareholders increasing from R30 million to R49
million.
As reflected in the segmental analysis, all business units showed an
improvement. Increases in margin from the 74% owned German ATS group and the
South African Tiger Wheel & Tyre business was a particular highlight.
The balance sheet remains sound, with group gearing showing a slight
improvement.
General Comments
The new aluminium wheel manufacturing plant currently being erected in
Alabama, USA is scheduled to start production in about 6 months` time.
Although the project is progressing according to plan, there is a 10%
increase in the budgeted capital cost.
For a number of reasons, our 55% shareholding of the aftermarket businesses,
which form part of the ATS group, has been increased at a nominal cost to 74%
as part of a financial re-organisation within the ATS group. The aftermarket
operations improved their position marginally, but their proposed management
restructure is not yet in place.
The employment contract of Siegfried F. Teichert, the current CEO of ATS ends
in December 2003. A succession plan is being implemented to facilitate a
smooth transition to the next generation of leadership.
The board has initiated discussions regarding a possible restructuring of our
shareholding in the group`s wheel manufacturing businesses, given that TSW
Manufacturing (Pty) Ltd, owner of the Babelegi plant, is 100% owned and that
the ATS group is 74% owned. Shareholders will be advised if there are any
concrete developments.
Future Prospects
All the manufacturing businesses in the group have a full order book. The
production of lower engine crankcase castings (bedplates), which takes place
in Poland, has shown significant growth during the past period and is
scheduled to maintain this level against strong demand from our customer.
The results achieved from the continued improvements in efficiency and output
at the South African wheel plant in Babelegi is likely to be offset by the
effect of the stronger Rand.
The South African Tiger Wheel & Tyre retail business is in line with budget,
and is planning the opening of two additional stores during the current
period. YSA, the groups` local wholesale tyre business also performed in
line with expectations and should benefit in the second half due to the
Rand`s strength.
The aluminium wheel aftermarket operations are currently in a holding
position with emphasis on asset management.
Generally, the performance in the second half of the financial year is better
than that of the first half. Volatility of currencies continue to be either
an unquantifiable threat or an enhanced profit opportunity - depending on
which direction they move.
Accounting Policies
The results for the half-year have been prepared in accordance with South
African statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those used in the financial statements for
the year ended 30 June 2002, except for the adoption of AC 133 on Financial
Instruments : recognition and measurement and the consolidating of previously
unconsolidated ATS subsidiaries. The effect of AC 133 is a decrease in
attributable and headline earnings of 6,5 cents per share for the half-year
ended 31 December 2002. Consolidating the previously unconsolidated ATS
subsidiaries decreases the attributable and headline earnings of 0,7 cents
per share for the half-year ended 31 December 2002 (for the year ended 30
June 2002: 3,8 cents per share and for the half-year ended 31 December 2001
: 1,9 cents per share).
Dividend
It is company policy to declare an annual dividend at the year-end.
--------------------------------------------------------------------------
On behalf of the board
Eddie Keizan Martin Glatt
Joint chairman and CEO Joint chairman
Johannesburg
4 March 2003
--------------------------------------------------------------------------
Directors: Eddie Keizan (Joint chairman & chief executive officer), Martin
Glatt*(Joint chairman), Rainer Hagemann** (German), Josh Loots, Keith Rivers,
Siegfried Teichert (German)
* Non-executive
** Independent non-executive
Company secretary: Diane Cousins (dianec@tsw.co.za)
Registered office: Cnr Old Pretoria Road and K101, Midrand 1685
Telephone +27 (0) 11 256 4500, Fax +27 (0) 11 256 4515
Transfer secretaries: Computershare Investor Services Limited, Registration
number 1958/003546/06, 70 Marshall Street, Johannesburg 2001, PO Box 61051,
Marshalltown 2107, Telephone +27 (0) 11 370 5000
www.tiwheel.co.za
Date: 03/03/2003 11:00:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
