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MSS
Marshalls Limited - Unaudited results for the six months ended 30 June 2003
MARSHALLS LIMITED
(Registration number 1987/002656/06)
Share codes: MSS/MRN
ISIN numbers: ZAE000031225/ZAE000031233
MARSHALLS LIMITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2003
The unaudited consolidated results in respect of the six months ended 30 June
2003 for Marshalls Limited and its subsidiaries are as follows:
INCOME STATEMENT
SIX SIX YEAR E
MONTHS ENDED MONTHS ENDED
30:06:03 30:06:02 31:
R R
Confirming fees, interest and 1,088,000 1,298,000 1,917,
dividends received
Rental income 7,840,000 8,480,000 16,85
Revenue 8,928,000 9,778,000 18,76
Operating profit before 2,085,000 3,130,000 5,813,
interest and taxation
Interest received 485,000 400,000 65
Interest paid -1,586,000 -1,806,000 -3,82
Profit before exceptional item 984,000 1,724,000 2,639
Exceptional item Note 1 -96,000 3,13
Profit before taxation 888,000 1,724,000 5,775
Taxation 655,000 950,000 1,47
Profit for the period
233,000 774,000 4,302,92
Headline earnings per share 1.9 4.5 6
(cents)
Earnings per ordinary share 1.3 4.5 24
(cents)
Ordinary dividends per share 5.0 6.0 12
(cents)
Dividend cover excluding 0.4 0.7 2.
exceptional items (times)
Total number of shares in 17,372,300 17,372,300 17,372,3
issue
Net asset value per ordinary 348 383 3
share (cents)
Headline earnings
reconciliation
Net profit for the period 233,000 774,000 4,30
Exceptional items net of -96,000 3,15
taxation
Headline earnings 329,000 774,000 1,14
Note 1: Exceptional item -96,000 3,13
Unrealised surplus from 2,1
revaluation of land and
buildings
Realised (deficit)/surplus on -96,000 53
disposal of listed investments
Realised surplus on disposal of 97
investment property
ABRIDGED BALANCE SHEET
SIX SIX YEAR E
MONTHS ENDED MONTHS ENDED
30:06:03 30:06:02 31:
R R
Investment properties 60,810,000 65,000,000 60,81
Other investments and loans 13,708,000 21,854,000 15,212
receivable
Plant and equipment 1,048,000 1,080,000 1,20
Current assets 9,812,000 7,074,000 10,22
Bank balance 3,614,000 6,113,000 5,77
TOTAL ASSETS 88,992,000 101,121,000 93,23
Equity and Reserves 60,391,000 66,582,000 63,05
Interest bearing borrowings 16,862,000 20,727,000 16,862
Deferred taxation 4,681,000 6,280,000 4,877
Current liabilities 3,078,000 5,475,000 3,774
Bank overdraft 3,980,000 2,057,000 4,671
TOTAL EQUITY AND LIABILITIES 88,992,000 101,121,000 93,245
STATEMENT OF CHANGES IN EQUITY
SIX SIX YEAR E
MONTHS ENDED MONTHS ENDED
30:06:03 30:06:02 31:
R R
Share Capital and Share 26,809,000 26,809,000 26,809
Premium
Non-distributable Reserves 27,558,000 34,349,000 28,381
- Balance at beginning of 28,381,000 35,836,000 35,835
year
- Property revaluation 283
movement
- Revaluation of
investments transferred
from distributable reserves -5,936
- Realised surplus on 948
disposal of property
- Currency translation -823,000 -1,487,000 -2,749
movement
Distributable Reserves 6,024,000 5,424,000 7,868
- Balance at beginning of 7,868,000 9,358,000 9,358
year
- Profit for the period 233,000 774,000 4,302
- Revaluation of
investment transferred
to non-distributable reserves 5,936
- Unrealised deficit on -1,209,000 -3,666,000 -8,412,
revaluation of investments
- Transfer of property -283
revaluation to NDR
- Realised surplus on
disposal of property
transferred to non- -948
distributable reserves
- Dividends paid -868,000 -1,042,000 -2,084
Equity and Reserves at end of 60,391,000 66,582,000 63,059
the period
SUMMARISED CASH FLOW STATEMENT
SIX SIX YEAR E
MONTHS ENDED MONTHS ENDED
30:06:03 30:06:02 31:
R R
Cash (outflow)/inflow from -1,304,000 5,953,000 6,278,
operating activities
Interest and taxation paid -3,184,000 -3,566,000 -4,793,
Operating cash flow -4,488,000 2,387,000 1,484
Dividends paid -869,000 -1,042,000 -2,084
Cash (utilised)/retained in -5,357,000 1,345,000 -600,
operating activities
Net investment activities 3,463,000 532,000 -51,
Net cash (outflow)/inflow -1,894,000 1,877,000 -651,
SEGMENTAL ANALYSIS
Properties Division Confirming Division
30.06.03 30.06.02 30.06.03 30.06.0
R R R
Revenue 7,932,000 8,526,000 754,000 527,00
Profit before taxation
for the
period 283,000 1,203,000 553,000 327,00
Investment Division Consolidated
30.06.03 30.06.03 30.06.03 30.06.0
R R R
Revenue 242,000 8,928,000 9,778,0
725,000
Profit before taxation
for the
period 52,000 194,000 888,000 1,724,00
COMMENTS
The unaudited results for the six months ended 30 June 2003 reflect profit,
before interest and taxation of R2 085 000 (2002: R3 130 000).
The letting market for light industrial premises has marginally strengthened
whereas rental rates for retail premises are still under pressure. Since our
last interim report at June 2002, certain of our long-term leases for commercial
buildings have been renewed, at reduced, but market related, rentals. This, and
the sale of a Cape Town property in December 2002, has impacted on the operating
results for the period under review.
It is anticipated the income for the second six months of the year will be
higher, resulting in the year"s headline earnings being similar to last year,
subject to the exchange rate of the Rand remaining stable.
In the opinion of the directors of the company, the market value of the group"s
properties at 30 June 2003 remains unchanged from 31 December 2002, namely R60
810 000.
The group"s portfolio of shares in listed investments held overseas, reflects a
market value in South African currency of R13 804 467 at 30 June 2003 compared
to R15 211 046 at 31 December 2002. As stated in the 2002 Annual Report,
adjustments to the fair value of listed investments are charged directly to
equity.
The interim report has been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those applied at December 2002. Where applicable,
the comparative figures at 30 June 2002 have been restated.
An interim dividend of 5,0 cents per share (2002: 6,0 cents) has been declared.
DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 5,0 cents per share has been
declared in respect of the six months ended 30 June 2003.
In accordance with the settlement procedures of STRATE, Marshalls has determined
the last date to trade to participate in the interim dividend shall be Friday,
22 August 2003. The shares will commence trading ex-dividend from Monday, 25
August 2003, and the Record date will be Friday, 29 August 2003.
Dividends will be paid on Monday, 1 September 2003.
Share certificates may not be dematerialised, or rematerialised, between Monday,
25 August and Friday, 29 August 2003, both days inclusive.
5 August 2003
BY ORDER OF THE BOARD
DC Marshall, PN Lonsdale (Directors)
Date: 05/08/2003 07:44:21 PM Produced by the JSE SENS Department
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