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THE CEMENTATION COMPANY (AFRICA) LIMITED -
The Cementation Company (Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration number 1926/008840/06)
Share code CMT/CMTP ISIN ZAE000005182 / ZAE000001590
("the company" or "the Group")
* TURNOVER UP 29%
* OPERATING RESULTS UP 20%
* EARNINGS PER SHARE UP 28%
PRELIMINARY REPORT FOR THE YEAR ENDED 31 DECEMBER 2002
ABRIDGED CONSOLIDATED INCOME STATEMENT
Reviewed Audited
Year Year
2002 2001
R"000 R"000
Turnover 1 109 558 861 637
Mining and construction 1 109 548 861 060
Property 10 577
Cost of sales 1 044 921 822 494
Mining and construction 1 044 921 822 494
Property--
Gross profit for the year 64 637 39 143
Mining and construction 64 627 38 566
Property 10 577
Other operating income 6 381 20 077
Mining and construction 5 630 19 888
Property 751 (21)
Discontinued operations - 210
Administrative expenses (31 655) (26 354)
Mining and construction (28 580) (18 789)
Property (3 075) (3 635)
Discontinued operations - (3 930)
Net profit from operations 39 363 32 866
Mining and construction 41 677 39 665
Property (2 314) (3 079)
Discontinued operations - (3 720)
Net finance income/(cost) 1 232 (249)
Net profit before taxation 40 595 32 617
Taxation (13 363) (11 009)
Net profit after taxation 27 232 21 608
Preference dividends (18) (2 717)
Net profit retained for year 27 214 18 891
Reconciliation of headline earnings
(Profit)/loss on disposal of fixed assets (1 027) 446
Tax 308 (134)
Headline earnings 26 495 19 203
Attributable earnings per ordinary share - cents 195,0 211,0
Attributable earnings per ordinary share - cents
(fully diluted) 151,6 114,0
Headline earnings per ordinary share - cents 190,0 214,4
Headline earnings per ordinary share - cents
(fully diluted) 147,8 115,7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Accu-
Preference distri- mulated
Share share Arrear share butable profit/
capital capital dividends premium reserves (loss) Total
R"000 R"000 R"000 R"000 R"000 R"000 R"000
Balance at
31 December
2000 4 478 5 298 4 587 30 600 3 240 (9 383) 38 820
Net profit
for year 21 608 21 608
Arising on
consolidation 1 772 (171) 1 601
Transfer to
income statement (459) 459 -
Dividends provided (2 717) (2 717)
Arrear dividends
and STC declared (4 587) (4 587)
Balance at
31 December
2001 4 478 5 298 - 30 600 4 553 9 796 54 725
Transfer to
income statement (723) 723 -
Raised on
Consolidation (406) - (406)
Net profit for year 27 232 27 232
Dividends provided (18) (18)
Conversion of
preference shares 4 998 (4 998) -
Balance at
31 December
2002 9 47 6 300 - 30 600 3 424 37 733 81 533
CONSOLIDATED BALANCE SHEET
31 December 31 December
2002 2001
R"000 R"000
ASSETS
Non-current assets 93 923 80 284
Property, plant and equipment 93 808 74 455
Deferred taxation - 5 717
Unlisted investments 115 112
Current assets 271 913 206 933
Inventories 24 722 11 966
Trade and other receivables 201 025 117 938
Cash and cash equivalents 46 166 77 029
Total assets 365 836 287 217
EQUITY AND LIABILITIES
Capital and reserves 81 533 54 725
Ordinary share capital and premium 40 076 11 328
Cumulative preference share capital and premium 300 29 048
Non-distributable reserves 3 424 4 553
Accumulated profits 37 733 9 796
Non-current liabilities 5 879 1 738
Interest-bearing borrowings 4 305 1 124
Deferred taxation 1 574 614
Current liabilities 278 424 230 754
Trade and other payable 259 219 194 325
Provisions 9 992 12 752
Short-term borrowings 2 983 5 821
Tax payable 6 230 17 856
Total equity and liabilities 365 836 287 217
CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating activities 32 296 97 358
Cash flows from investing activities (63 502) (69 520)
Cash flows from financing activities 3 181 (4 923)
Net change in cash and cash equivalents (28 025) 22 915
Cash and cash equivalents at beginning of year 71 208 48 293
Cash and cash equivalents at end of year 43 183 71 208
Number of ordinary shares in issue - "000 18 952 8 955
Net asset value per ordinary share - cents 428,2 286,7
Capital expenditure 66 616 75 685
Depreciation 45 174 44 372
Capital expenditure committed or authorised 58 303 6 924
PRELIMINARY REPORT
The board is pleased to report on 2002 as another record year for the Group.
A 29% increase in turnover to R1,1 billion (2001 - R862 million) resulted in an
operating profit of R39,4 million (2001 - R32,9 million).
Attributable earnings increased by R8,3 million to R27,2 million (2001 - R18,9
million). Fully diluted headline earnings per share improved 28% from 115,7
cents to 147,9 cents.
The growing platinum market continues to be of benefit to the Group, with a
number of new contracts falling within our expertise.
Our focus will continue to be on providing better value by investing in people,
ideas, technology and plant to ensure that we provide our clients with certainty
of safe performance at a fair price.
Prospects
The Group is well-placed with a solid order book and positive prospects in
the platinum sector, the possibility of increased work in the gold sector and
good potential in Southern Africa.
We consider that being crystal clear as to where we focus our efforts will
increase the Group"s effectiveness and thereby stakeholder value. This
concentration is on sub-Saharan Africa and the mining sector. We will of course
review other opportunities as they arise.
The trend towards the transfer of production mining to contractors has been
maintained. This is beneficial for the company in the long term as it provides
another means of growing the company. Production mining demands substantial
investment in plant fleets that were traditionally owned and operated by the
mines. We are committed to exploiting this market and are exploring ways of
raising the necessary capital to fund this requirement over the next few years.
Dividends
Preference dividends
Preference dividend numbers 62 and 63 each of 6 cents per 6% cumulative
preference share totalling R18 000 for the periods ended 30 June 2002 and 31
December 2002 were declared.
Ordinary dividends
While the Group maintained a positive cash balance at year-end, the normal
trading month continues to result in average net borrowing levels of up to R15
million. The result of this as well as the increased requirement for guarantees
on the growing order book has forced the directors to continue with a prudent
view to the payment of dividends.
As a consequence no dividend will be paid for 2002. The directors will continue
to review this issue.
Accounting policies
The financial statements are prepared on the historical cost basis and in
accordance with South African Statements of Generally Accepted Accounting
Practice. The accounting policies are, in all material respects, consistent with
the annual financial statements for the year ended 31 December 2001.
review report of the independent auditors
KPMG Inc"s unmodified review report on the condensed financial statements
contained in this preliminary report is available for inspection at the
company"s registered office.
Directors
During the year Mr K C Clarke resigned as a director and the board"s thanks go
to him for his contributions to the company. Mr G Hancock (financial director of
Cementation Skanska UK) was appointed to the board.
For and on behalf of the board
Directors:
S Keeble A A B Douglas
(Chairman) (Chief Executive Officer)
28 March 2003
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