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CONCOR LIMITED - INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
CONCOR LIMITED
(Registration number 1969/003076/06)
(Incorporated in the Republic of South Africa)
JSE Share code: CNC
ISIN no: ZAE000001616
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
Summarised Consolidated Income Statement
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 December 31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Revenue 753 562 733 956 1 402 718
Operating income before
depreciation 38 819 28 457 73 204
Depreciation (26 558) (23 965) (50 089)
Operating income from
operations before
interest 12 261 4 492 23 115
Interest received 8 250 16 498 27 753
Interest paid (6 407) (7 109) (16 638)
Income before taxation 14 104 13 881 34 230
Taxation (4 036) (3 970) (12 960)
Income after taxation 10 068 9 911 21 270
Associates losses after tax
( 941) ( 294) ( 325)
Earnings attributable to
ordinary
shareholders 9 127 9 617 20 945
Headline earnings attributable
to
ordinary shareholders 9 127 9 617 20 945
Number of shares in issue 13 347 594 13 347 594 13 347 594
Earnings per share (cents) 68,4 72,0 156,9
Headline earnings per share
(cents) 68,4 72,0 156,9
Dividend per share (cents) 0,0 0,0 30,0
Summarised Consolidated Balance Sheet
Unaudited Unaudited Audited
31 December 31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Fixed assets 148 550 153 026 134 436
Unlisted investments 55 652 33 882 41 199
Deferred tax asset 24 752 12 757 29 512
Current assets 547 295 609 379 587 273
Deposits and cash 170 533 228 558 240 761
Other current assets 376 762 380 821 346 512
Total assets 776 249 809 044 792 420
Shareholders equity 186 133 169 175 181 235
Outside shareholders interest
18 18 18
Interest bearing debt 69 593 69 372 58 095
Current liabilities 520 505 570 479 553 072
Total equity and liabilities
776 249 809 044 792 420
Net asset value per share (Rand)
13,95 12,67 13,58
Gearing 37% 41% 32%
Capital expenditure
(R "000) 41 042 67 763 80 144
Capital commitments
(R"000) 5 300 3 500 28 804
Abridged Cash Flow Statement
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 31 30 June
December December
2003 2002 2003
R"000 R"000 R"000
Operating activities (28 109) 3 406 30 940
Cash generated by operations
34 487 22 394 61 087
Net interest received 1 843 9 389 11 115
Dividends received 7 - 4
Working capital utilised (62 817) (24 439) (31 415)
Taxation paid (1 629) (3 938) (9 851)
Investment activities (53 617) (71 083) (75 137)
Fixed assets net of
disposals (39 164) (67 763) (69 430)
Associated companies and
unlisted investments (14 453) (3 320) (5 707)
Net cash utilised (81 726) (67 677) (44 197)
Financing activities
Increase in interest
bearing debt 11 498 27 513 16 236
Decrease in deposits and
cash (70 228) (40 164) (27 961)
Statement Of Changes In Equity
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 December 31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Ordinary share capital
Opening and closing balance 6 674 6 674 6 674
Share premium
Opening and closing balance 51 640 51 640 51 640
Non-distributable reserve
Opening balance (1 371) 1 701 1 701
Foreign currency translation
reserve (225) (755) (3 072)
Closing balance (1 596) 946 (1 371)
Distributable reserve
Opening balance 124 292 104 307 104 307
Change in accounting policy - - 3 049
124 292 104 307 107 356
Earnings attributable to
ordinary shareholders 9 127 9 617 20 945
Dividend paid (4 004) (4 009) (4 009)
Closing balance 129 415 109 915 124 292
Shareholders" equity 186 133 169 175 181 235
Segmental Information
Unaudited Unaudited Audited
six six Year
months months
ended ended ended
31 31 30 June
December December
2003 2002 2003
% R"000 % R"000 % R"000
Turnover
Construction 81 609 858 81 596 306 81 1 132 404
Manufacturing 19 142 206 18 133 796 19 266 704
Discontinuing
operations 0 1 498 1 3 854 0 3 610
100 753 562 100 733 956 100 1 402 718
Income before
taxation including
associates
Construction 72 9 528 77 10 422 67 22 817
Manufacturing 50 6 496 28 3 820 47 15 751
Discontinuing
Operations (22) (2 861) (5) (655) (14) (4 663)
100 13 163 100 13 587 100 33 905
Geographical Turnover
Republic of
South Africa 89 670 627 85 622 781 84 1 174 465
Rest of Africa 11 82 935 15 111 175 16 228 253
100 753 562 100 733 956 100 1 402 718
Notes
1. Compliance With GAAP
These interim results have been compiled in accordance with South African
Statements of Generally Accepted Accounting Practice, and the listing
requirements of the JSE Securities Exchange in South Africa.
2. Accounting Policies
The same accounting policies and methods of computation have been used in
the preparation of these preliminary financial statements as were used in
the annual financial statements to 30 June 2003.
Comments
The group"s income attributable to shareholders for the six months ending 31
December 2003 is marginally down compared to the corresponding previous period.
The work secured over the last few months was lower than anticipated due to
capital expenditure cutbacks in the Mining Industry, from where our Engineering
and Civils divisions have traditionally obtained work. Additional resources have
been deployed to intensify our business development activities in a depressed
infrastructure market.
OPERATIONAL REVIEW
The reduction in interest rates is having a positive influence on the commercial
and building markets. The Building Division has a full order book and we expect
to exceed budgeted turnover for the year. With efficiency improvements, the
Technicrete Division should be able to maintain its present good performance.
Both our Underground and Opencast Mining Divisions, which are involved with
production activities for various mining houses, have achieved continued good
performances.
The Chapmans Peak concession company, managed by our Facility Management
Division successfully opened Chapmans Peak Drive on time during December 2003.
Once consensus has been reached with all stakeholders on the positioning of the
permanent toll plazas, construction thereof will be completed.
The Engineering Division had a satisfactory result for the first 6 months.
Although the Civils division experienced a difficult first half-year, it worked
on a number of very notable projects, being Chapmans Peak Drive, Zambezi Bridge
and the Sand Bypass contract at Coega.
Excellent results were achieved on the N4 Platinum Toll Road project but overall
the Roads Division had a disappointing result. With the Zambian road contract
due for completion in May 2004 the division will focus on retaining costs and
demobilising the contract. Concor is taking a more cautious view on cross border
work as these contracts have put a strain on resources and profits for the last
two years.
The construction of the Ngqura Harbour is on schedule and due for completion in
October 2005.
CASH FLOW AND WORKING CAPITAL
Interest bearing debt increased over the last 6 months, due to capital
expenditure of R41 million, but will reduce by year-end to be in line with June
2003.
Cash resources remain strong despite a reduction in advance payments on
contracts nearing completion.
PROSPECTS
The announced public spending by Government on fixed infrastructure projects has
not as yet materialised and the strong rand has curtailed mining capital
expenditure. On the positive side, the reduced interest rates will encourage
spending in the commercial building sector.
Concor is well positioned on a number of major tenders currently in preparation.
The Directors are confident that the current workload of R700 million will
improve towards the end of the year.
It is expected that the Group"s results for the next 6 months will be similar to
that achieved in the first half, resulting in a material reduction in earnings
for the full 12 months compared to 2003. ("Material" is defined in the Listing
Requirements of the JSE Securities Exchange South Africa as a difference between
10% and 30%.)
DIVIDEND
The Board has decided not to declare an interim dividend.
On behalf of the board
J V WILLMOTT F W KELLER
Chief Executive Chairman
16 February 2004
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