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Barnard Jacobs Mellet Holdings Limited - Reviewed Results For The Year Ended 31
March 2003
BARNARD JACOBS MELLET HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Reg. no. 1995/004798/06)
Share code: BJM ISIN: ZAE 0000/14262
("the Group")
REVIEWED RESULTS FOR THE YEAR ENDED 31 MARCH 2003
CONSOLIDATED INCOME STATEMENT for the year ended 31 March 2003
Year ended Year ended
31 March 2003 31 March 2002
Reviewed Audited Change
R"000 R"000 %
GROSS REVENUE 288 350 292 394 (1.4)
Operating expenses (257 790) (234 211) 10.1
OPERATING INCOME BEFORE
FINANCE COSTS 30 560 58 183 (47.5)
Finance costs (24 249) (38 707) (37.4)
OPERATING INCOME BEFORE
INCOME FROM INVESTMENTS 6 311 19 476
Investment income 540 1 416 (61.9)
Share of results of
associate company (101) (305)
INCOME BEFORE TAXATION 6 750 20 587 (61.6)
Taxation (5 071) 5 921
NET PROFIT ATTRIBUTABLE
TO SHAREHOLDERS 1 679 26 508 (93.7)
Weighted average number of
shares in issue ("000) 103 296 106 402
Headline earnings per
share (cents) 2.10 25.44 (91.8)
Fully diluted headline
earnings per share (cents) 2.09 25.39 (91.8)
Basic earnings per share
(cents) 1.63 24.91 (93.5)
Fully diluted earnings
per share (cents) 1.62 24.86 (93.5)
Dividend per share (cents)* 3.50 5.50 (36.4)
Net asset value per share
(cents) 325.66 364.38 (10.6)
*Dividend declared on
2002 earnings.
Reconciliation of headline
earnings 2003 2002
Headline earnings 2 166 26 057 (92.0)
Goodwill amortisation (487) (561)
Basic earnings 1 679 25 496 (93.7)
CONSOLIDATED BALANCE SHEET as at 31 March 2003
31 March 2003 31 March 2002
Reviewed Audited
R"000 R"000
ASSETS
NON-CURRENT ASSETS
Furniture and equipment 5 685 6 761
Investments 75 957 79 254
Interest in associate
company 2 603 2 787
Goodwill 360 847
Deferred taxation 22 909 22 297
Loan to share trust 8 586 -
116 100 111 946
CURRENT ASSETS 1 638 951 2 335 124
1 755 051 2 447 070
EQUITY AND RESERVES
CAPITAL AND RESERVES
Share capital 1 035 1 067
Share premium 165 048 172 152
Non-distributable reserves 29 535 71 723
Retained income 141 428 143 946
337 046 388 888
NON-CURRENT LIABILITIES 210 897 152 622
CURRENT LIABILITIES 1 207 108 1 905 560
1 755 051 2 447 070
GROUP STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2003
Equity
portion
of Non-
compulsory distri-
Share Share convertible butable Retained
capital premium debentures reserves income Total
As previously
reported
1 April 2001 1 061 160 265 25 071 27 578 125 003 338 978
Effect of
adopting
AC116 - - - - (514) (514)
Restated
balance at
1 April 2001 1 061 160 265 25 071 27 578 124 489 338 464
Foreign
currency
translation
reserve - - - 47 932 - 47 932
Net profit for
the year,
restated for
the effect of
adopting AC116
and AC416 - - - - 26 508 26 508
Issue of
ordinary
shares 81 31 312 (25 071) (4 928) - 1 394
Treasury
stock (75) (19 425) - - - (19 500)
Transfer to
retained
income - - - 1 141 (1 141) -
Dividends
paid - - - - (5 911) (5 911)
Balance at
1 April 2002 1 067 172 152 - 71 723 143 946 388 888
Foreign
currency
translation
reserve - - - (42 343) - (42 343)
Net profit for
the year - - - - 1 679 1 679
Issue of
ordinary
shares 8 1 807 - - - 1 815
Treasury
stock (40) (8 911) - - - (8 951)
Transfer to
retained
income - - - 155 (155) -
Dividends
paid - - - - (4 042) (4 042)
Balance at
31 March 2003 1 035 165 048 - 29 535 141 428 337 046
CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2003
Year ended Year ended
31 March 31 March
2003 2002
Reviewed Audited
R"000 R"000
Cash (utilised in)/generated
operating activities (58 172) (112 264)
Cash (utilised in)/generated from
investing activities (8 469) 59 555
Cash flows from financing activities 51 138 (19 689)
Net (increase)/decrease in cash
and cash equivalents (15 503) (72 398)
Cash and cash equivalents at
beginning of year 326 619 356 028
Foreign currency translation reserve (43 478) 42 989
Cash and cash equivalents at end
of year 267 638 326 619
SEGMENTAL ANALYSIS March 2003
South Africa International Total
Primary segment R"000 R"000 R"000
Revenue 186 499 101 851 288 350
Assets 1 591 961 163 090 1 755 051
Liabilities 1 298 687 119 318 1 418 005
March 2002
South Africa International Total
Primary segment R"000 R"000 R"000
Revenue 215 778 76 616 292 394
Assets 2 212 732 234 338 2 447 070
Liabilities 1 977 124 81 059 2 058 183
REVIEW OF RESULTS
Profitability declined dramatically as a result of a 1.4% decline in revenue
against a 10% increase in costs. Headline earnings fell by 92% to 2.1 cents per
share and basic earnings fell 93% to 1.6 cents per share.
Depressed market conditions, particularly in the second half of the year,
largely account for the decline in revenue. Costs were successfully contained in
the second half, resulting in a year-on-year increase of 10%, lower than
inflation, after the 25% surge during the first six months of the year. This
cost increase is inclusive of the Group writing down its unlisted trading
investments by a further R3.2 million.
Net asset value declined by 10.4% from 364 cents to 326 cents and is totally
attributable to the valuation of foreign assets following the relative strength
of the Rand over the period. This effectively reverses the revaluation benefit
gained during the previous year as a result of relative Rand weakness.
While management finds these results disappointing, they reflect market
conditions.
PROSPECTS
Financial market volatility and investor uncertainty, render any forecast for
the forthcoming period difficult and imprudent. The Group is currently well
positioned and poised to benefit from any upswing in market conditions but
further cost reductions will be implemented in the event that this fails to
materialise.
DIVIDENDS
No dividends were declared for the financial year.
ACCOUNTING POLICIES
This report has been prepared in accordance with the Group"s published
accounting policies which comply with South African Statements of Generally
Accepted Accounting Practice, and are consistent with those of the previous
accounting period, with the exception of the adoption of AC116 and AC416
relating to leave pay provisioning and accounting for treasury shares. Retained
earnings at 1 April 2001 and the results for the year ended 31 March 2002 have
accordingly been restated as required by AC103. The financial information has
been reviewed by Deloitte & Touche and their unqualified review report is
available for inspection at the Group"s registered office.
Paul Barnard (Group Chief Executive) Kevin Jacobs (Director)
Johannesburg
29 May 2003
Directors:
SDMZungu (Chairman)*, PA Barnard (CEO), HSC Bester*, JA Bester*, KG Jacobs, AM
Mazwai*, SM Mellet*, AT Mokhobo*
*Non-executive
Acting Company Secretary:
L Wilson
Registered office:
Barnard Jacobs Mellet House, 5 Sturdee Avenue, Rosebank, 2196
Transfer secretaries:
Computershare Investor Services Limited, 70 Marshall Street, Johannesburg, 2001
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