|
Masonite (Africa) Limited - Preliminary Statement For The Year Ended December
31, 2002
MASONITE (AFRICA) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1942/015502/06)
Share code: MAS ISIN: ZAE000004289
("Masonite" or "the company")
PRELIMINARY STATEMENT
RESULTS
Audited earnings for the year ended December 31, 2002 and balance sheet at
December 31, 2002 together with comparatives for 2001 are reflected hereunder.
TRADING RESULTS
Group income statement
Year to December 31
2002 2001
(R"000) (R"000)
Revenue 347 882 282 489
Cost of sales (222 015) (196 627)
Gross profit 125 867 85 862
Other operating income 3 025 8 788
Distribution expenses and allowances (82 206) (66 894)
Selling and general administrative expenses (22 754) (16 137)
Other operating expenses (8 957) (150)
Net plantation income 4 190 2 176
Profit from operations 19 165 13 645
Net financing cost (340) (1 850)
Profit before taxation 18 825 11 795
Income tax expense (5 544) (3 491)
Net profit after tax 13 281 8 304
RECONCILIATION OF HEADLINE EARNINGS
Total net profit 13 281 8 304
Adjusted for:
Profit on sale of assets (140) (133)
Tax effect of adjustments 42 40
Headline earnings 13 183 8 211
Number of shares in issue 6 817 558 6 817 558
Earnings per share (cents)
Attributable basis 195 122
Headline basis 193 120
Fully diluted basis 190 121
Dividend per share
- Interim - -
- Final - 31
Group balance sheet
ASSETS
Non-current assets
Property, plant and equipment 85 468 80 432
Investments 946 890
Loans receivable 145 170
Total non-current assets 86 559 81 492
Current assets
Inventories 32 868 29 743
Trade accounts receivables less discounts 43 390 43 241
Other receivables 5 241 5 695
Amounts due from group companies 6 689 1 551
Cash and cash equivalents 26 008 18 861
Total current assets 114 196 99 091
Total assets 200 755 180 583
Equity and liabilities
Capital and reserves
Share capital 5 471 5 471
Non-distributable reserves 700 700
Distributable reserves 115 957 102 676
Total shareholders" investment 122 128 108 847
Non-current liabilities
Long-term liabilities 92 345
Deferred taxation 3 608 5 159
Deferred investment allowances 73 163
Retirement benefit obligation 14 055 12 559
Total non-current liabilities 17 828 18 226
Current liabilities
Trade accounts and other payables 56 847 34 115
Provisions 2 164 -
Short-term borrowings - 12 893
Taxation 1 788 4 347
Payable to holding company - 42
Shareholders for dividends - 2 113
Total current liabilities 60 799 53 510
Total equity and liabilities 200 755 180 583
Group statement of changes in equity
Non- Accu-
Share distributable mulated
capital reserve profit Total
(R"000) (R"000) (R"000) (R"000)
Balance at December 31,
2000 5 471 700 96 485 102 656
Net profit for the year 8 304 8 304
Dividends paid (2 113) (2 113)
Balance at December 31,
2001 5 471 700 102 676 108 847
Net profit for the year 13 281 13 281
Balance at December 31,
2002 5 471 700 115 957 122 128
Group cash flow statement
2002 2001
(R"000) (R"000)
Cash flows from operating activities
Operating profit before working capital
changes 30 133 22 964
Working capital changes 16 896 7 304
Cash generated by operations 47 029 30 268
Interest received 895 288
Interest paid (1 235) (2 138)
Taxation paid (9 744) (1 322)
Dividends paid (2 113) -
Net cash inflow from operating activities 34 832 27 096
Cash flows from investing activities
Purchase of property, plant and equipment
Expansion (6 245) (3 045)
Replacement (8 801) (8 538)
Proceeds from disposal of property,
plant and equipment 538 386
Increase in investments (56) (706)
Decrease in loans receivable 25 13
Net cash outflow from investing activities (14 539) (11 890)
Cash flows from financing activities
(Decrease)/Increase in long-term borrowings (253) 31
Net cash (outflow)/inflow from financing
activities (253) 31
Net increase in cash and cash equivalents 20 040 15 237
Net cash and cash equivalents at beginning
of year 5 968 (9 269)
Net cash and cash equivalents at end of year 26 008 5 968
NOTES
1. Accounting policies
The financial information provided above has been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice and is
consistent with those of the previous financial year.
2. Comparative figures
When an accounting policy is changed or figures are reclassified, comparative
figures are restated accordingly.
3. Income tax expense
Current taxation (7 185) (4 967)
Deferred taxation 1 551 1 654
Deferred investment allowances 90 86
Secondary Tax on Companies - (264)
(5 544) (3 491)
4. Retirement benefits
The company at present enjoys a contribution holiday approved by the Financial
Services Board. This has reduced the current cost of retirement funding by R2.1
million before taxation (2001: R4.8 million). However, in terms of the Pension
Fund Second Amendment Act, 2001 promulgated in December 2001, any surplus
residing in the Provident Fund may need to be renegotiated. In order to be
prudent, the company has provided R2.2 million, which covers one year"s company
contribution of R2.1 million plus interest, in respect of the contribution
holiday.
The income statement has been impacted by a R1.5 million charge relating to the
retirement benefit obligation.
COMMENTARY
Revenue increased by 23% to R347.9 million. Profit from operations increased by
40% to R19.2 million despite foreign exchange translation losses of R8.2 million
(R5.3 million unrealized) for the year (2001: R5.6 million gain, R1.1 million
unrealized) mainly as a result of the Rand strengthening in the last three
months of the year. Net profit after tax increased by 60% to R13.3 million.
Domestic sales volumes improved over the previous year, while export sales
benefited from the weak Rand which prevailed over the first nine months of the
year. A higher proportion of value-added exports also contributed to improved
margins.
While the local market is set to maintain some growth, the international scene
is less clear as a result of falling confidence levels in the major economies.
Margins will further be eroded by the strength of the Rand.
The directors have decided not to declare a dividend, due to:
- the higher planned capital expenditure of R22.3 million for 2003
(2002: R15.0 million);
- the current uncertainty as to the effect of the Rand volatility on
the group"s future trading activities, which may have an adverse
effect on future cash flows, and
- the uncertainty surrounding the Iraq crisis and its effect on the
global economy.
An offer to purchase the minority shares in the company was made in October
2002. This offer did not gain acceptance.
KPMG INC Registered Accountants and Auditors have issued an unmodified audit
report on the December 31, 2002 annual financial statements. The audit opinion
on the summarised financial statements contained herein and the audit opinion on
the comprehensive financial statements are available for inspection at the
company"s registered office.
For and on behalf of the Board
MJ Slater Managing Director
DS Cooper Financial Director
March 26, 2003
DIRECTORS: AH Wilson (Chairman), MJ Slater **(Managing), PA Bernards***, WP
Coetzee, DS Cooper, DG Ellis*, JU Morrison*, KMP Spencer, RV Tubbesing*, AG
Venton *USA ** British ***Canadian
Company Secretary: B van Maarseveen
Investment Bank and Sponsor: Nedcor Investment Bank Limited
TRANSFER SECRETARIES: Computershare Investor Services Limited
PO Box 61051, Marshalltown, 2107
70 Marshall Street, Johannesburg, 2001, Republic of South Africa
Telephone (011) 370 5000
| 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 ] | |||||||||||||
|
|||||||||||||
