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Cenmag-The Unaudited Group Results
Cenmag Holdings Limited
(Co.Reg.1987/004821/06) ("CMG"-ISIN:ZAE000001533)
THE UNAUDITED GROUP RESULTS OF CENMAG AND IT"S SUBSIDIARIES
FOR THE 6 MONTHS ENDED 30 AUGUST 2003
6 MONTHS 6 MONTHS
GROUP INCOME 30 TH OF 31 ST OF
STATEMENT AUGUST AUGUST
2003 2002
R000 R000
GROSS REVENUE 16371 17325 -5.506493
COST OF SALES 12461 13261 -6.032727
GROSS PROFIT 3910 4064 -3.789370
OPERATING COSTS 3469 3474 -0.143926
OPERATING INCOME 441 590 -25.25423
DEPRECIATION 182 205 -11.21951
OPERATING INCOME 259 385 -32.72727
NET FINANCE COSTS 194 170 14.11764
PROFIT BEFORE TAX 65 215 -69.76744
TAXATION 19 47 -59.57446
PROFIT AFTER TAX 46 168 -72.61904
MINORITY INTEREST 3 4 -25
PROFIT ATTRIBUTA- 43 164 -73.78048
BLE TO SHAREHOLDERS
6 MONTHS 6 MONTHS
ABRIDGED 30 TH OF 31 ST OF
BALANCE SHEET AUGUST AUGUST
2003 2002
R000 R000
ASSETS
NON-CURRENT ASSETS
FIXED ASSETS 3061 3084
LOANS RECEIVABLE 218 237
CURRENT ASSETS 11422 12419
14701 15740
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 6476 6324
MINORITY INTEREST 365 366
INTEREST BEARING
LIABILI-
TIES-LONG AND SHORT 4429 4283
INTEREST FREE 3431 4767
LIABILITIES
14701 15740
HEADLINE EARNINGS PER 0.45 1.71
SHARE(CENTS)
EARNINGS PER SHARE 0.45 1.71
(CENTS)
STATEMENT OF SHARE SHARE ACCUMULATED TOTAL
CHANGES
IN EQUITY CAPITAL PREMIUM PROFIT
BALANCE 1.3.2003 96 2090 4247 6433
R " 000
NET PROFIT FOR 6 43
MONTHS
BALANCE 30.08.2003 96 2090 4247 6476
2003 2003
GROUP CASH FLOW STATEMENT R000 R000
Cash flows from operating activities -189 743
Cash flows from investing activities -337 -276
Cash effects of financing activities 268 369
Net increase(decrease) in cash and cash -258 836
equivalents
Cash overdraft at the beginning of year -2871 -3707
at 1st of March
Cash overdraft at the end of period/year -3130 -2871
COMMENT
Reduction in group operating profit is a result of a decrease in gross revenue
by 5.5% together with the reassessment of stock levels and values. We are
experiencing delays in receiving orders and some major projects have been
postponed. Exports have been compromised by the strength of the local currency
with overseas customers awaiting weaker exchange rates prior placing orders.
Our group results have been prepared in accordance with South African Statement
of GAAP and are consistent with those applied in the previous period.
Under current conditions it"s difficult to project our results for the twelve
months ending February 2004.
Johannesburg
Registered Office :12 Harold Flight Rd.,Jet Park,Boksburg.
6th of November 2003
P O Box 870 , Isando 1600
Directors: V.Farkas , C.J.E. Lane , C.J.B. Le Roux , I.B.Mazibuko
Date: 10/11/2003 03:34:04 PM Produced by the JSE SENS Department
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