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Metje & Ziegler - The unaudited results of the Group for the six months ended 31
December 2002
Metje & Ziegler Limited
(Incorporated in Namibia)
(Registration number 196)
Share code: MZG ISIN: NA0008651060
The unaudited results of the Group for the six months ended 31
December 2002 are as follows:
N$" 000 unless
otherwise stated
GROUP INCOME
STATEMENT
(Audited)
6 months to 6 months to Year to
31/12/02 31/12/01 30/06/02
REVENUE 194,882 278,237 498,428
Cost of sales (162,659) (239,980) (427,760)
GROSS PROFIT 32,223 38,257 70,668
Other operating
income 2,220 2,574 5,651
Staff
costs (17,061) (20,383) (37,044)
Depreciation (1,092) (1,762) (3,276)
Other operating
expenses (12,204) (17,040) (37,045)
Profit / (loss) from
operations 4,086 1,646 (1,046)
Interest paid (2,789) (2,833) (5,658)
Profit / (loss) before
exceptional items 1,297 (1,187) (6,704)
Exceptional
items 7,628 2,791 2,480
PROFIT / (LOSS) BEFORE
TAXATION 8,925 1,604 (4,224)
Taxation (284) - 645
PROFIT / (LOSS) AFTER
TAXATION 8,641 1,604 (3,579)
Ordinary shares in
issue ("000) 6,485 6,485 6,485
Earnings / (loss) per
share (Cents)
-Attributable 133.2 24.6 (55.4)
-Headline 16.8 (19.1) (90.8)
-Fully diluted 137.6 25.7 (57.8)
GROUP BALANCE SHEET (Audited)
31/12/02 31/12/01 30/06/02
ASSETS
NON-CURRENT ASSETS
Fixed assets 14,046 41,494 37,247
Investments 13,328 - -
Deferred
taxation 1,145 - 1,369
28,519 41,494 38,616
CURRENT
ASSETS
Inventories 52,516 46,543 43,217
Trade and other
receivables 19,115 48,383 30,488
Bank balances and
cash 89 13 2,570
71,720 94,939 76,275
TOTAL ASSETS 100,239 136,433 114,891
EQUITY AND
LIABILITIES
CAPITAL AND RESERVES
Share capital and
premium 21,750 21,750 21,750
Distributable
reserves 29,068 27,829 20,433
Ordinary
shareholders"
interest 50,818 49,579 42,183
Preference share
capital 200 200 200
Shareholders"
funds 51,018 49,779 42,383
NON-CURRENT
LIABILITIES
Deferred
taxation - 418 -
Long term
liabilities 24 913 63
Retirement benefit
obligation 2,892 - 3,044
2,916 1,331 3,107
CURRENT LIABILITIES
Short term
borrowings 3,987 30,237 24,772
Trade and other
payables 42,318 55,086 44,629
46,305 85,323 69,401
TOTAL EQUITY AND
LIABILITIES 100,239 136,433 114,891
Net asset
value per
ordinary
share (Cents) 784 765 650
GROUP STATEMENT OF CHANGES IN
EQUITY
(Audited)
31/12/02 31/12/01 30/06/02
Balance at beginning
of period 42,383 48,181 48,181
Change in accounting
policies - - (2,208)
Net profit / (loss)
for the period 8,641 1,604 (3,579)
Dividends paid
- Preference (6) (6) (11)
- Ordinary - - -
Balance at end of
period 51,018 49,779 42,383
GROUP CASH FLOW
(Audited)
6 months to 6 months to Year to
31/12/02 31/12/01 30/06/02
Cash (absorbed) / generated
from operations 4,869 (4,448) 4,612
Interest paid (2,789) (2,833) (5,658)
Dividends paid (6) (6) (11)
Taxation paid (60) - (3)
Net cash (outflow) / inflow
from operating activities 2,014 (7,287) (1,060)
Capital expenditure (823) (2,181) (3,171)
Proceeds on disposal of
fixed assets 30,480 3,858 7,493
Investments
acquired (13,328) - -
Cash flows from financing
activities (41) (2,995) (7,620)
Net decrease
in
cash and cash
equivalents 18,302 (8,605) (4,358)
Cash and cash
equivalents
at beginning
of period (22,116) (17,758) (17,758)
Cash and cash
equivalents
at end of
period (3,814) (26,363) (22,116)
SEGMENT RESULTS
Revenue
-General 26,939 45,379 80,296
merchandise
-Motor 163,487 228,495 409,495
-Property 4,456 4,363 8,637
194,882 278,237 498,428
Net operating
profit
-General (1,813) (664) (3,524)
merchandise
-Motor 4,276 786 (1,374)
-Property 4,398 4,257 7,610
6,861 4,379 2,712
-Unallocated
corporate expenses (2,775) (2,733) (3,758)
4,086 1,646 (1,046)
ADDITIONAL INFORMATION
Exceptional items
Surplus on sale of
property 7,628 2,791 2,480
Headline
earnings
Profit / (loss)
after taxation 8,641 1,604 (3,579)
Preference
dividend (6) (6) (11)
Net profit / (loss)
attributable to
ordinary
shareholders 8,635 1,598 (3,590)
Exceptional
items (7,628) (2,791) (2,480)
Profit on disposal of
movable assets 80 (46) (572)
Employee termination costs
on discontinuance - - 697
Taxation on
adjustments - - 57
1,087 (1,239) (5,888)
ADDITIONAL INFORMATION
(Continued)
(Audited)
31/12/02 31/12/01 30/06/02
Short term
borrowings
Current portion of long
term liabilities 84 3,861 86
Bank
overdraft 3,903 26,376 24,686
3,987 30,237 24,772
Interest bearing
borrowings
Long term
liabilities 24 913 63
Short term
borrowings 3,987 30,237 24,772
4,011 31,150 24,835
Commitments
Capital expenditure
-Incurred 823 2,181 3,171
-Contracted 517 265 161
-Approved but not
contracted 163 310 1,122
Operating lease
commitments
-property rental
payments
The future minimum lease payments under a non-cancelable operating
lease are as follows:
-less than 1
year 4,307 835 473
-2 to 5 years 18,564 - -
-more than 5
years 19,216 - -
Contingent
liabilities - - -
COMMENTS
Accounting policies
The interim report is prepared on the historical cost basis. The
accounting policies used comply with Statements of Generally
Accepted Accounting Practice in Namibia and South Africa and are
consistent with those applied in the latest annual report.
Results and
prospects
The company has returned to profitable trading during the review
period. Major changes are continuing in especially one division
which is still lagging behind in performance. When concluded, these
steps will further enhance profitability. Trading results for the
second half year are expected to be positive in spite of
indications that economic conditions may be less favourable than in
the first six months of the financial year.
Shown as exceptional items in the Group Income Statement, are the
results of property transactions communicated to shareholders by
circular and approved in an extra-ordinary meeting called for the
purpose on 29 November 2002.
RAA Gower F Uys
Chairman Managing
director
Windhoek, 27 March
2003
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