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Buildmax Limited -
BUILDMAX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/012209/06)
Share code: BDM ISIN: ZAE000011250
("Buildmax")
Audited results for the year ended 31 March 2003
The consolidated audited results of Buildmax Limited and its subsidiaries ("the
group") for the year ended 31 March 2003 are set out below:
12 months 12 months
31/03/2003 31/03/2002
(audited) (audited)
R"000 R"000
BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 11 118 12 563
Investments 4 530 3 594
Deferred taxation 563 397
Current assets 33 859 32 180
Total assets 50 070 48 734
EQUITY AND LIABILITIES
Share capital and reserves 40 518 39 991
Current liabilities 9 552 8 743
Total equity and liabilities 50 070 48 734
Net asset value per share (cents) 96,9 95,7
Net tangible asset value per share (cents) 96,9 95,7
Number of shares in issue ("000) 41 806 41 806
CASH FLOW STATEMENT
Operating activities 614 5 551
Investing activities (1 615) 4 822
Financing activities (4 064)
Net cash generated/(utilised) (1 001) 6 309
Cash and cash equivalents beginning
of period 7 353 1 044
Cash and cash equivalents end of period 6 352 7 353
INCOME STATEMENT
Gross revenue 79 560 73 584
Continuing operations 79 560 65 577
Discontinued operations 8 007
Operating profits 520 4 195
Continuing operations 520 414
Discontinued operations 3 781
Profit of sale of discontinued operations 5 860
Profit before taxation 520 10 055
Taxation 7 (754)
Net profit for the year 527 9 301
Earnings per share (cents) 1,3 22,3
Headline earnings/(loss) per share (cents) 1,3 (1,9)
Weighted average number of shares
in issue ("000) 41 806 41 806
RECONCILIATION OF EARNINGS
AND HEADLINE EARNINGS
Net profit for the year 527 9 301
Adjusted for:
Loss/(Profit) on sale of property, plant
and equipment 23 (4 266)
(Profit) on sale of discontinued
operations (5 860)
Headline earnings/(loss) 550 (825)
ABRIDGED STATEMENT OF
CHANGES IN EQUITY
Equity beginning of period 39 991 30 690
Net profit for the period 527 9 301
Equity end of period 40 518 39 991
COMMENTARY
The results of the group for the 12 months ended 31 March 2003 reflect an
improvement for all continuing operations when compared to the same period
last year.
Turnover of R79,5 million (2002 R65,6 million for continuing operations) for
this reporting period compares favourably to previous reporting periods.
Earnings and headline earnings per share of 1,3 cents were achieved and the
net asset value was 96,9 cents per share at the year end.
The higher than inflationary cost increases by monopolistic suppliers has
hampered the growth expectations of the group, and in addition have
eliminated the competitive edge of some of the group"s products over
alternative products available to consumers.
The effect of the higher than market related rentals for the property rented
in Germiston by the rainwater goods division, continues to erode this
division"s return on funds employed.
PROSPECTS
The group continually examines expansion opportunities in its endeavours to
increase its returns on investment in its various operating divisions and
subsidiaries. The opportunity to increase returns within its galvanised
rainwater goods division is dependent on reversing excessive increases in
steel costs and to renegotiate the existing rental agreement at the
Germiston works.
DIVIDENDS
No dividend has been declared or recommended for the financial year
ended 31 March 2003.
ACCOUNTING POLICIES
The results comply with the South African Statements of Generally Accepted
Accounting Practice and are consistent with the group"s policies. The results
have been audited by Meagher Moynihan, whose un-qualified audit report is
available for inspection at the company"s registered office.
For and on behalf of the board
N B Egan N R Jansen
Director Director
30 June 2003
Directors: Dato" A H Samsudin* (Chairman),
I D P Burger (Deputy chairman),
N B Egan (Group CEO),
N R Jansen, O J La Grange, D V Reid,
Datin M V Samsudin. *Malaysian
Company Secretary: L G Jorgensen
Registered Office: SMG Holdings Limited, 108 Johan Avenue,
Corner Katherine Street, Sandton, 2196
Transfer Secretaries: Computershare Investor Services Limited,
Ground Floor, 70 Marshall Street,
Johannesburg, 2001
Sponsor: Sasfin Bank Limited, Sasfin Place, 13 - 15 Scott Street,
Waverley, 2090
Date: 30/06/2003 08:00:04 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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