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BRANDCORP - UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
BRANDCORP HOLDINGS LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
("BRANDCORP" OR "THE GROUP")
REG. NO.: 1992/006647/06
JSE CODE: BRC
ISIN NO.: ZAE000013611
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
NET PROFIT BEFORE TAX INCREASED BY 27,0%
HEADLINE EARNINGS PER SHARE INCREASED BY 26,5%
DISTRIBUTION PER SHARE INCREASED BY 50,0%
THESE RESULTS CAN BE VIEWED ON OUR WEBSITE: WWW.BRANDCORP.CO.ZA
ABRIDGED GROUP INCOME STATEMENT
31 Dec 2003 31 Dec 2002 % 30 June 2003
Unaudited Unaudited change Audited
R000 R000 R000
Turnover 362,411 373,229 (2.9) 696,832
Operating profit 37,856 34,989 8.2 71,521
Net interest paid (148) (5,303) (8,141)
Net profit before taxation 37,708 29,686 27.0 63,380
Taxation (12,426) (9,658) (20,725)
-Current (10,574) (8,168) (18,952)
-Secondary tax on companies (1,114) (752) (1,128)
-Deferred taxation (738) (738) (645)
Net profit after taxation 25,282 20,028 26.2 42,655
Number of shares in issue
(000) 75,109 71,297 70,528
Weighted ave. no. of shares
(000) 74,356 70,925 71,224
Headline earnings
per share - cents 33.9 26.8 26.5 58.2
Earnings per share- cents 34.0 28.2 20.6 59.9
Diluted headline earnings
per share - cents 31.0 24.8 25.0 51.4
Diluted earnings per
share - cents 31.1 26.1 19.2 52.9
RECONCILIATION OF HEADLINE EARNINGS
31 Dec 2003 31 Dec 2002 % 30 June 2003
Unaudited Unaudited change Audited
R000 R000 R000
Net profit after
Taxation 25,282 20,028 42,655
Adjust for:
Profit on disposal
of tangible assets (68) (986) (1,177)
Headline earnings 25,214 19,042 32.4 41,478
ABRIDGED GROUP BALANCE SHEET
31 Dec 2003 31 Dec 2002 % 30 June 2003
Unaudited Unaudited change Audited
R000 R000 R000
ASSETS
Non - current assets 26,583 26,216 27,304
Tangible assets 15,724 14,412 15,557
Trademarks 1,050 1,350 1,200
Deferred taxation 9,809 10,454 10,547
Current assets 320,761 301,691 298,677
Inventories 105,509 120,128 108,622
Accounts receivable 141,036 148,215 118,369
Cash and cash
equivalents 74,216 33,348 71,686
347,344 327,907 325,981
EQUITY AND LIABILITIES
Capital and
reserves 188,383 156,464 174,439
Long term
liabilities 36,411 46,643 39,573
Current liabilities 122,550 124,800 111,969
Non-interest
bearing liabilities 98,876 107,491 84,385
Interest bearing
liabilities 10,124 11,884 14,140
Taxation 13,550 5,425 13,444
347,344 327,907 325,981
Net asset value
per share (cents) 250.8 219.5 14.2 247.3
ABRIDGED GROUP CASH FLOW STATEMENT
31 Dec 2003 31 Dec 2002 30 June 2003
Unaudited Unaudited Audited
R000 R000 R000
OPERATING ACTIVITIES 22,566 10,012 59,732
Operating profit
before working capital
movements 39,349 36,483 73,980
(Increase)/decrease
in working capital (5,053) (9,394) 8,809
Net finance charges (148) (5,303) (8,141)
Taxation paid (11,582) (11,774) (14,916)
INVESTING ACTIVITIES (5,246) (4,511) (8,270)
Purchase of tangible
assets (1,577) (2,009) (5,197)
Proceeds on disposal
of fixed assets 68 8 1,236
Purchase of trademarks - (1,500) (1,500)
Ordinary shares
repurchased (8,205) - (1,799)
Movement of shares
held by share trust 4,468 (1,010) (1,010)
FINANCING ACTIVITIES (14,790) (10,830) (18,453)
Proceeds from issue
of share capital 1,722 - -
Payment of borrowings (7,178) (5,173) (9,987)
Dividends paid (9,334) (5,657) (8,466)
NET MOVEMENT IN
CASH RESOURCES 2,530 (5,329) 33,009
Cash and cash
equivalents at the
beginning of the year 71,686 38,677 38,677
Cash and cash
equivalents at the
end of the year 74,216 33,348 71,686
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated Total
Capital Premium Profits
R000 R000 R000 R000
Balance at 1 July 2002 708 18,043 124,353 143,104
- balances as previously reported 753 20,079 123,055 143,887
- prior year adjustment (45) (2,036) 1,298 (783)
Net profit after taxation - - 42,655 42,655
Ordinary shares repurchased
and cancelled (8) (1,791) - (1,799)
Dividend - - (8,511) (8,511)
Shares issued by share trust 15 760 - 775
Shares purchased by share trust (9) (1,776) - (1,785)
Balance at 1 July 2003 706 15,236 158,497 174,439
Net profit after taxation - - 25,282 25,282
Ordinary shares repurchased
and cancelled (28) (8,177) - (8,205)
Ordinary shares issued 34 1,688 - 1,722
Dividend - - (9,323) (9,323)
Shares disposed of by share trust 40 3,051 - 3,091
Gain on shares disposed of by
share trust - - 1,377 1,377
Balance at 31 December 2003 752 11,798 175,833 188,383
SEGMENT ANALYSIS
Turnover Operating Total Liabilities
Profit Assets
R000 R000 R000 R000
Tools & Hardware 236,201 25,354 219,075 90,646
Leisure & Accessories 53,995 5,294 56,149 28,865
House & Home 72,215 7,924 56,273 30,904
Corporate - (716) 15,847 8,546
Total 362,411 37,856 347,344 158,961
THE GROUP IS A DISTRIBUTOR OF BRANDED PRODUCTS
MIC - Dinnerware, tableware & gifting
PRESTIGE - Kitchen utensils, bakeware & braai accessories
MATUS - Tools & hardware
INTERBRAND CELLINI - Luggage, handbags & accessories
COMMENT
The Brandcorp group, an importer and distributor of branded and niche consumer
products, has achieved excellent results for the six months ended 31 December
2003.
Whilst turnover decreased by 2.9% from R373.2m to R362.4m, operating profit
increased by 8.2% from R34.9m to R37.8m. Lower import input costs and the
resultant lower selling prices account for the reduction in turnover.
Headline earnings per share increased by 26.5% from 26.8 cents per share to 33.9
cents per share.
Earnings per share increased by 20.6% from 28.2 cents per share to 34.0 cents
per share.
The balance sheet remains sound with net cash on hand increasing from R17.9m to
R27.7m.
Net asset value per share increased to 250.8 cents per share.
Cash flows from operations before working capital movements amounted to R39.3m
as compared with R36.4m in the previous period.
GENERALLY ACCEPTED ACCOUNTING PRACTICE
These interim financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of these results are consistent in all material
respects with those used in the annual financial statements for the year ended
30 June 2003.
DECLARATION OF CAPITAL DISTRIBUTION
The board of directors have declared a capital distribution of 6 cents per
share, payable to shareholders recorded in the register on Friday, 27 February
2004.
Declaration date Tuesday 3 February 2004
Last date to trade "cum" the capital distribution Friday 20 February 2004
Date trading commences "ex" the capital distribution Monday 23 February 2004
Record date Friday 27 February 2004
Date of payment Monday 1 March 2004
Share certificates may not be dematerialised or rematerialised between Monday 23
February 2004 and Friday 27 February 2004, both dates inclusive.
COMPARATIVES
The comparative figures for the 6 months ended 31 December 2002 have been
restated in accordance with circular 7/2002 issued by SAICA and as a result of
the change in accounting policy adopted in the year ended 30 June 2003 (which
change resulted in the consolidation of the group"s employee share incentive
trust).
These adjustments have had a negligible effect on headline earnings per share
and net asset value per share as reported in respect of the 6 months ended 31
December 2002.
PROSPECTS
Given current trading conditions, the board is confident that demand for the
group"s products will remain buoyant.
On behalf of the board,
COLIN DATNOW BRAD TAUROG
Chief Executive Chief Financial Officer
3 February 2004
Transfer Secretaries Secretary and Registered Office
Computershare Limited Light and Livingstone Financial
Services CC
Ground Floor 3rd Floor, Palm Grove
70 Marshall Street 196 Louis Botha Avenue
Johannesburg, 2001 Houghton Estate, 2198
DIRECTORS
CS Datnow, S Ellerine*, JD Goldberg, JC Livingstone*, HB Marcus, BD Taurog, M
Yachad* *Non-executive)
Date: 03/02/2004 03:30:07 PM Produced by the JSE SENS Department
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