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Iliad Africa Limited -
Iliad Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/011938/06)
Share code: ILA
ISIN: ZAE000015038
("Iliad" or "the Company")
Unaudited results for the period ended 30 June 2003
Turnover 12% up
Earnings 24% up
HEPS 27% up
Abridged balance sheet
Unaudited Unaudited Audited
R000s 30 June 2003 30 June 2002 31 Dec 2002
ASSETS
Non-current assets
Tangible assets 19 372 13 445 14 861
Financial assets 1 996 3 423 2 596
Intangible assets 3 994
Deferred taxation 10 882 14 171 11 493
Current assets 256 497 223 973 258 283
Total assets 292 741 255 012 287 233
EQUITY AND LIABILITIES
Capital and reserves 136 789 98 835 124 156
Interest-bearing non-current
liabilities 1 547 897 839
Interest-bearing current
liabilities 2 298 11 034 2 357
Non interest-bearing
current liabilities 152 107 144 246 159 881
Total equity and liabilities 292 741 255 012 287 233
Abridged income statement
Unaudited Unaudited % Audited
R000s 30 June 2003 30 June 2002 change 31 Dec 2002
Turnover 379 157 337 416 12 752 764
Trading profit 30 553 24 025 27 59 849
Financing charges (net) (1 502) (1 744) (3 818)
Exceptional items - see below (1 709)
Profit before taxation 29 051 22 281 30 54 322
Taxation (8 320) (5 570) (13 818)
Earnings for the period 20 731 16 711 24 40 504
Number of ordinary shares
in issue (including
7 358 879 treasury shares) 75 402 000 73 820 000 75 269 000
Weighted average number
of ordinary shares
in issue 67 976 621 69 424 188 68 104 952
Headline earnings per share
(cents) 30,5 24,1 27 62,0
Earnings per share (cents) 30,5 24,1 27 59,5
Diluted headline earnings
per share (cents) 28,2 22,6 57,6
Diluted earnings per share
(cents) 28,2 22,6 55,2
Dividend per share (cents) 12,0
Headline earnings reconciliation
Earnings for the period 20 731 16 711 40 504
Exceptional items 1 709
Loss on sale of steel
forming assets -
United Steel & Pipe Supplies
(Pty) Limited 1 620
Loss on disposal of
tangible assets 89
Headline earnings for
the period 20 731 16 711 24 42 213
Abridged cash flow statement
Unaudited Unaudited Audited
R000s 30 June 2003 30 June 2002 31 Dec 2002
Cash flows from operating
activities (3 540) (279) 33 409
Cash utilised in investment
activities (10 810) (2 334) (7 024)
Cash effect on financing
activities 716 (8 446) (6 281)
(Decrease)Increase in cash
and cash equivalents (13 634) (11 059) 20 104
Cash and cash equivalents at
beginning of the period 21 129 1 025 1 025
Cash and cash equivalents at
end of the period 7 495 (10 034) 21 129
Supplementary information
Unaudited Unaudited Audited
R000s 30 June 2003 30 June 2002 31 Dec 2002
Net asset value per
share (cents) 181,4 133,9 164,9
Capital expenditure (R000s) 8 021 2 725 6 895
Capital commitments (R000s)
- approved and contracted 600 2 125 3 500
- approved not contracted 1 200 834 4 000
Depreciation (R000s) 2 757 2 427 5 123
Statement of changes in shareholders" equity
Stated Retained
R000s capital income Total
Balance at 1 January 2003 16 801 107 355 124 156
133 000 options exercised
and shares
allotted and issued 67 67
Earnings for the period 20 731 20 731
Dividend paid (8 165) (8 165)
Balance at 30 June 2003 16 868 119 921 136 789
Comments
The Group is pleased to announce its interim results for the six months ended
June 2003.
NATURE OF BUSINESS
Iliad focuses on the sourcing, distributing and retailing of ceramic tiles and
sanitaryware, bathroom fittings, hardware, building materials, ironmongery,
finished wood products and related accessories.
FINANCIAL HIGHLIGHTS
The Group posted an eleventh successive six-month period of growth in earnings
in a market that has presented a number of unique challenges and opportunities.
Operationally the market softened, whilst two divisions had to cope with a
deflation as a result of the strengthening Rand. The operational management,
nonetheless, performed well, increasing turnover by 12% and earnings by 24%. The
resultant HEPS grew 27% for the comparative period.
The cash balance of R7 million, represents the first occasion in its five and a
half year history that the Group has enjoyed a positive cash balance at the half
year mark. Traditionally, the Group consumes cash for the first six months due
to a build up of stock prior to the European factory shutdowns and to cater for
the expected increase in activity over the next six months.
OPERATIONAL REVIEW
The Durban Just Tiles operation was moved to new premises and was successfully
rebranded Ferreira"s Decor World.
Two new Knob & Knocker retail outlets were opened in Boksburg and Bellville
respectively.
During the period an opportunity to acquire "Corpbuild" from Corpcapital Limited
was evaluated and the due diligence process was completed. This acquisition will
more than double the size of Iliad without us having to deviate in any respect
from our stated strategic intent.
Agreement has been reached in this regard and due process is underway for
compliance with the JSE Securities Exchange and the Competition Commission.
The effective date of the acquisition will be 1 July 2003 while the anticipated
implementation date is expected to be in October 2003, after approval is
received from both regulators and the Iliad shareholders.
The acquisition provides Iliad with substantially expanded geographic
representation in the building materials division and adds critical mass to its
business. This presents unique opportunities for operational efficiency, which
will ultimately result in improved profitability.
The Group should move to a R2 billion turnover and a market capitalisation of
over R400 million, allowing for an improved share liquidity and institutional
investor base.
A detailed announcement on the acquisition appears elsewhere in this
publication.
PROSPECTS
The recent decline in interest rates and the anticipated further reductions
augur well for the industry over the medium-term. We do not subscribe to the
theory of a residential housing bubble, as the level of investment in building
is, in real terms, still at approximately 65% of the 1970 and 1980 peak levels.
DIVIDENDS
In line with Group policy, no interim dividend has been declared.
The results comply with the South African Statements of Generally Accepted
Accounting Practice, and are consistent with accounting policies applied for the
year ended 31 December 2002.
For and on behalf of the Board
6 August 2003
Ralph Patmore
Chief Executive Officer
Neil Goosen
Financial Director
Citiwood
Rietpan Hardware and Building Supplies
Ferreira"s Buildware
Ferreira"s Decor World
The Tile Depot
Just Tiles
The Knob & Knocker
Registered address
First Floor East Block Pineslopes Shopping Centre and Office Park c/o The
Straight & Witkoppen Road Lonehill PO Box 2572 Honeydew 2040
Transfer secretaries
Ultra Registrars (Pty) Limited
11 Diagonal Street Johannesburg 2001
PO Box 4844 Johannesburg 2000
Sponsor
Nedbank Corporate A Division of Nedbank Limited
1 Newtown Ave Killarney 2193
PO Box 582 Johannesburg 2000
(Incorporated in the Republic of South Africa)
(Registration number 1997/011938/06)
Share code ILA ISIN code ZAE000015038
Date: 08/08/2003 07:00:15 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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