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Buildmax Limited - Unaudited Interim Results For The Six Months Ended 30
September 2003
Buildmax Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/012209/06)
Share code: BDM
ISIN: ZAE000011250
("the group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
The unaudited interim results of Buildmax Limited and its subsidiaries for the
six months ended 30 September 2003 are set out below:
6 months 6 months 12 months
30/09/2003 30/09/2002 31/03/2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 10 953 12 043 11 118
Investments 4 364 3 224 4 530
Deferred taxation 563 - 563
Current assets 33 953 38 326 33 859
Total assets 49 833 53 593 50 070
EQUITY AND LIABILITIES
Share capital and reserves 37 079 40 453 40 518
Current liabilities 12 754 13 140 9 552
Total equity and liabilities 49 833 53 593 50 070
Net asset value per share (cents) 88,7 96,8 96,9
Share capital and reserves 37 079 40 453 40 518
Divided by number
of shares in issue ("000) 41 806 41 806 41 806
Net tangible asset value per
share (cents) 88,7 96,8 96,9
CASH FLOW STATEMENT
Operating activities (2 017) 602 614
Investing activities (488) 370 (1 615)
Financing activities - - -
Net cash (utilised)/generated (2 505) 972 (1 001)
Cash and cash equivalents beginning
of period 6 352 7 353 7 353
Cash and cash equivalents end
of period 3 847 8 325 6 352
INCOME STATEMENT
Gross revenue 36 369 36 793 79 560
Operating (loss)/profit (3 989) 652 (91)
Net interest received/(paid) 550 206 611
(Loss)/profit before taxation (3 439) 858 520
Taxation - (397) 7
Net (loss)/profit for the period (3 439) 461 527
Weighted average number of shares
in issue ("000) 41 806 41 806 41 806
(Loss)/Earnings per share (cents) (8,2) 1,1 1,3
Net (loss)/profit for the period (3 439) 461 527
Divided by number
of shares in issue ("000) 41 806 41 806 41 806
Headline (loss)/earnings
per share (cents) (8,5) 1,0 1,3
(Loss)/Profit before taxation (3 439) 858 520
Adjusted for
Loss/(Profit) on sale of property,
plant and equipment (123) (33) 23
Taxation - (397) 7
Headline (loss)/earnings (3 562) 428 550
Divided by number
of shares in issue ("000) 41 806 41 806 41 806
ABRIDGED STATEMENT OF
CHANGES IN EQUITY
Equity beginning of period 40 518 39 992 39 991
Net (loss)/profit for the period (3 439) 461 527
Equity end of period 37 079 40 453 40 518
COMMENTARY
The group faced a number of challenges during the first six months of this
financial year. As reported in the annual report for 31 March 2003 operating
margins have been reduced due to the increase in raw material prices as well as
transport and labour costs.
Turnover declined by R424,539 to R36,369 million when compared to last year
(R36,793 million). This decrease was caused by higher competition in the market
as well as the effect of the Rand/Dollar exchange rate in the timber operation.
It should be noted that the first quarter of the period under review compared
unfavourably with the prior year. This was as a result of the high interest rate
and the reduced demand for building material.
Gross margins decreased by 25,62% as a result of higher input costs without the
compensating increase in selling prices. The galvanised rainwater goods
contributed 66,9% to this decrease as a result of lower turnover and the sharp
increase in raw material costs during 2002. The market trend moved to an
inferior product which management was reluctant to introduce. This division also
carried the burden of the high rental until the end of August 2003. During
September the division negotiated a substantial reduction in the rental for the
Germiston operation.
Net profit decreased by R3,900 million to a loss of R3,439 million (2002: Profit
R461,791).
Net interest earned increased as a result of the positive cash flow maintained.
During the period under review the group invested in new machinery and equipment
to expand the aluminium rainwater goods to the Port Elizabeth area. The
additional capital expenditure was deemed necessary to ensure the continued
growth of this business and to ensure client service, as this area was
previously serviced from George.
The net asset value per share decreased to 88,7 cents per share (2002: 96,8
cents).
PROSPECTS
The expected improvement in the building and construction industry did not
materialise and although various small upturns were visible, this did not result
in consistent demand for the group"s products. The decrease in the Prime
Overdraft Rate during the last quarter is expected to filter through to the
building industry during the first quarter of the next financial year.
The group is actively investigating alternate and complimentary products to
augment the current products. This will enable the group to increase its market
share and to return to profitability.
DIVIDENDS
No dividend has been recommended.
DIRECTORATE
Mr. N B Egan has resigned from the Board with effect 30 September 2003. Mrs. N R
Jansen is acting CEO until such time as a new appointment is made.
ACCOUNTING POLICY
The results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with the Group"s
accounting policies.
For and on behalf of the board
I D P Burger N R Jansen
Director Director
18 December 2003
Directors:
Dato" A H Samsudin* (Chairman),
I D P Burger (Deputy chairman),
N R Jansen (acting CEO),
M D Lamola,
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 Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
Sponsor
Sasfin Bank Limited
Sasfin Place
13 - 15 Scott Street
Waverley, 2090
Date: 18/12/2003 02:05:47 PM Produced by the JSE SENS Department
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