| Tue 27 May 2003, 17:21 | | Inmins - Unaudited Consolidated Results Of The Gro |
|
Inmins - Unaudited Consolidated Results Of The Group For The Six Months Ended 31
Release Date: 27/05/2003 17:16:01 Code(s): INM
INMINS - Unaudited Consolidated Results Of The Group For The Six Months Ended 31
March 2003.
INMINS LIMITED
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
(Share code: INM ISIN number: ZAE000003588)
Statement of results
The board announces the unaudited consolidated results of the group for the six
months ended 31 March 2003.
Highlights
Revenue Up 23%
Net profit after tax Up 57%
Headline earnings per share Up 46%
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
387 415 Revenue 205 139 167 382
14 725 Operating profit 9 650 4 975
(314) Goodwill amortisation - (314)
(600) Net finance costs (468) (210)
13 811 Profit before taxation 9 182 4 451
(2 711) Taxation (3 066) (561)
11 100 Net profit after taxation 6 116 3 890
(9) Outside shareholders" profit (10) -
11 091 Ordinary shareholders" profit 6 106 3 890
11 235 Headline earnings 6 014 4 122
Headline earnings per
29,1 share (cents) 15,6 10,7
28,7 Earnings per share (cents) 15,8 10,1
134,5 Net asset value per share (cents) 150,4 126,9
38 579 Shares in issue (000"s)* 38 579 38 579
11,0 Dividend per share (cents) - -
Reconciliation of headline
Earnings
11 091 Ordinary shareholders" profit 6 106 3 890
314 Amortisation of goodwill - 314
(201) Net profit on disposal of assets (131) (87)
31 Taxation effect thereon 39 5
11 235 6 014 4 122
Supplementary information
- Capital commitments - 1 191
2 870 Capital expenditure 1 334 693
2 135 Depreciation 1 202 914
6 460 Interest bearing borrowings 12 527 2 345
- Interest earning deposits - 1 558
*Share buyback took place subsequent to the reported period - see details
thereof in this announcement.
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
Assets
Fixed and other non-current
9 942 assets 10 039 9 061
- Deferred taxation - -
115 535 Current assets 115 126 92 076
125 477 Total assets 125 165 101 137
Equity and liabilities
44 887 Share capital and premium 44 887 44 887
7 021 Retained income 13 127 4 064
51 908 Shareholders" interest 58 014 48 951
10 Outside shareholders" interest 20 1
51 918 Total equity 58 034 48 952
Non-current liabilities
2 523 - interest bearing 2 425 1 637
43 - deferred taxation 42 28
Current liabilities
3 937 - interest bearing 10 102 708
67 056 - non-interest bearing 54 562 49 812
125 477 Total equity and liabilities 125 165 101 137
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
Cash flow (used in)/from
5 829 operating activities (4 899) 11 691
Cash flow (used in)/from
337 investing activities (1 168) 101
Cash flow (used in)/from
1 263 financing activities (46) 177
Net increase/(decrease) in cash
7 429 and cash equivalents (6 113) 11 969
Cash and cash equivalents at
(10 385) beginning of period (2 956) (10 385)
Cash and cash equivalents at
(2 956) end of period (9 069) 1 584
Summarised Consolidated Statement of Changes in Equity
Total shareholders" equity at
45 061 beginning of period 51 908 45 061
11 091 Changes in retained income 6 106 3 890
(4 244) Dividend declared - -
Total shareholders" equity at
51 908 end of period 58 014 48 951
Segment Information
Business segments
Mining Industrial
consumables consumables
(R"000) Inmins Inmins Totals
Turnover 12 mths to Sept 2002 333 808 53 607 387 415
6 mths to March 2003 170 915 34 224 205 139
6 mths to March 2002 145 311 22 071 167 382
Operating 12 mths to Sept 2002 10 696 4 029 14 725
Profit 6 mths to March 2003 8 246 1 404 9 650
6 mths to March 2002 3 598 1 377 4 975
Total Assets 12 mths to Sept 2002 101 131 24 346 125 477
6 mths to March 2003 104 744 20 421 125 165
6 mths to March 2002 78 394 22 743 101 137
Total 12 mths to Sept 2002 60 674 12 885 73 559
Liabilities 6 mths to March 2003 57 031 10 100 67 131
6 mths to March 2002 47 252 4 933 52 185
Comments
Review of results
The Group continues its pattern of increased performance, with all divisions
showing excellent improvements on the previous year"s comparative period.
Revenue increased by 23% to R205,1 million (2002: R167,4 million). Operating
profits were up by 94%, but due to increases in the effective taxation rate,
profit after taxation increased by 57% to R6,1 million (2002: R3,9 million).
Headline earnings grew by 46% and net asset value by 18,5%.
There was a positive cash flow of R1 million from trading, for the
six month period to 31 March 2003. As a result of dividend and taxation
payments, along with some investment in fixed assets, there was a decline in net
operating cash flow of R6,1 million from September 2002. The outflow for
dividends will not be repeated in the second half as the next dividend payment
is scheduled for January 2004. Gearing remains at an acceptable level.
Prospects
The Group goes forward into the second half of the year with good prospects in
all divisions.
Dividends
In line with the group policy, no interim dividends have been declared.
Share Buyback
Subsequent to the reported period, in terms of the general authority granted to
the directors, the company acquired 1 934 082 of its shares at a price of 106
cents per share, reducing the number of issued shares to 36 645 459. The
transaction was reported in the press on 12 May 2003. The financial effect based
on the interim results to 31March 2003 as reported herein, assuming that the
repurchase was effected on 01 October 2002, is as follows:
Before the After the
repurchase repurchase % increase
Headline earnings per 15,6 16,4 5,13
share (cents)
Earnings per share (cents) 15,8 16,7 5,70
Net asset value per share 150,4 152,6 1,46
(cents)
Further buyback of shares in terms of the general authority should be
anticipated.
Accounting policies
The accounting policies of the Group are consistent with those applied in the
most recent annual financial statements and with South African Statements of
Generally Accepted Accounting Practice.
Corporate Governance
The Group subscribes to the value of good corporate governance and is committed
to continued implementation of the recommendations of the King II Report and the
requirements of the JSE Securities Exchange South Africa. The Group endeavours
to conduct its business in accordance with the principles of accountability,
transparency and integrity.
Dematerialisation of shares
STRATE, the electronic settlement system for shares on the JSE Securities
Exchange South Africa ("JSE") implemented a system that requires all paper share
certificates to be converted into an electronic format (dematerialisation)
before they can be traded on the JSE and settled in STRATE. It would appear that
many shareholders are still unaware of the importance of converting to the
electronic record and continue to hold share certificates. All shareholders are
therefore advised to dematerialise their shares and surrender all share
certificates to their CSDP or broker as soon as possible.
Disposal of small shareholdings
Many Inmins Limited ordinary shareholders have very small shareholdings which
they may wish to dispose of. Such shareholders who find the cost of selling
their shares exceeds the market value of their shares may wish to consider
donating them to charity. An independent non-profit organisation called STRATE
Charity Shares has been established to administer this process. SARS has advised
that the value of any shares donated may be deducted from taxable income, as the
scheme is registered under section 18A of the Income Tax Act. For further
details, queries and/or donations contact the STRATE Share Care toll free help
line on 0800 202 363 or
(+27 11) 775-3449 if you are phoning from outside South Africa, or email
charityshares@gscom.co.za.
On behalf of the board
WAR Wenteler PJ Kruger
Chairman Managing Director
28 May 2003
Directors
WAR Wenteler (Chairman), JH Henderson* (Deputy Chairman),
PJ Kruger (Managing), DG Clarke, W Fourie, DB Mostert*, CJ Pallas* *(non-
executive)
Company secretaries
Winhold Limited (Registration number 1945/019679/06)
Business address and registered office
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: winholdsec@inmins.co.za
Transfer secretaries
Computershare Investment Services Limited
Ground Floor, 70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
E-mail: registrar@computershare.co.za
