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Marshalls Limited - Unaudited reviewed results for period ended 31 December 2003
and dividend declaration
Marshalls Limited
(Formerly MARSHALLS CONTROLLING INVESTMENTS LIMITED)
(Registration number 1987/002656/06)
Share codes: MSS/MRN
ISIN numbers: ZAE000031225/ZAE000031233
PROVISIONAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2003 AND DIVIDEND DECLARATION
The unaudited reviewed results for the year ended 31 December 2003
for Marshalls Limited and its subsidiaries are as follows:
Audited
INCOME STATEMENT 31.12.2003 31.12.2002
R R
Commission, interest and
dividends received 1,991,000 1,917,117
Rental income
16,114,000 16,852,065
Revenue
18,105,000 18,769,182
Operating profit before
interest and taxation 4,401,000 5,813,184
Interest received
929,000 650,329
Interest paid
(3,113,000) (3,823,864)
Profit before exceptional
items and taxation 2,217,000 2,639,649
Exceptional items
(139,000) 3,136,222
(Deficit)/surplus on
revaluation of land & (139,000) 2,104,615
buildings
Surplus on disposal of
building 978,585
Surplus on disposal of
listed investment 53,022
Profit before taxation
2,078,000 5,775,871
Taxation
1,175,000 1,472,944
Profit for the year
903,000 4,302,927
Adjusted for exceptional
items as above (net of (22,000) 3,159,131
taxation)
Headline earnings for the
year 925,000 1,143,796
Earnings per ordinary
share (cents) 5.2 24.8
Headline earnings per
ordinary share (cents) 5.3 6.6
Dividends per ordinary
share (cents) 10.0 12.0
Total number of shares in
issue 17,372,300 17,372,300
Net asset value per
ordinary share (cents) 347 363
ABRIDGED BALANCE SHEET
Investment properties
60,715,000 60,810,000
Investments
15,370,000 15,212,918
Property, plant and
equipment 789,000 1,209,937
Current assets
7,728,000 9,812,695
Bank balance
3,887,000 6,199,506
Total Assets
88,489,000 93,245,056
Equity and Reserves
60,340,000 63,059,350
Interest bearing
borrowings 16,588,000 16,862,124
Deferred taxation
4,743,000 4,877,602
Current liabilities
3,229,000 3,774,096
Bank overdraft
3,589,000 4,671,884
Total Equity and
Liabilities 88,489,000 93,245,056
STATEMENT OF CHANGES IN
EQUITY
Share Capital and Share
Premium 26,809,000 26,809,026
Non-distributable Reserves
21,324,000 28,381,628
Balance at beginning of
year 28,381,000 35,835,917
Transfer to
distributable reserves (5,383,000)
Property revaluation
movement (237,000) 283,498
Transfer of realised
surplus on disposal of 948,435
property
Transfer of unrealised
surplus on investments (5,936,414)
Currency translation
movement (1,437,000) (2,749,808)
Distributable Reserves
12,207,000 7,868,696
Balance at beginning of
year 7,869,000 9,358,561
Transfer from non-
distributable reserves 5,383,000
Profit for the year
903,000 4,302,927
Transfer of property
revaluation 237,000 (283,498)
Transfer of realised
surplus on disposal of (948,435)
property
Unrealised (deficit) on
revaluation of investments (448,000) (8,412,597)
Transfer of unrealised
surplus on investments 5,936,414
Dividends paid and
recommended (1,737,000) (2,084,676)
Equity and Reserves at end
of year 60,340,000 63,059,350
SUMMARISED CASH FLOW
STATEMENT
Cash generated from
operating activities 2,276,000 7,018,989
Interest and taxation paid
(4,693,000) (5,534,523)
Operating cash flow
(2,417,000) 1,484,466
Dividends paid
(1,737,000) (2,084,676)
Cash (utilised) in
operating activities (4,154,000) (600,210)
Net investment activities
2,924,000 (51,513)
Net cash (utilised)
(1,230,000) (651,723)
SEGMENTAL ANALYSIS
Properties Division
31.12.03 31.12.02
R R
Revenue 16,114,000 16,872,296
Profit before interest and
taxation for the period 3,956,000 4,959,351
Confirming Division
31.12.03 31.12.02
R R
Revenue 1,605,000 1,460,038
Profit before interest and
taxation for the period 414,000 929,007
Investment Division
31.12.03 31.12.02
R R
Revenue 386,000 436,848
Profit before interest and
taxation for the period 31,000 (75,174)
Consolidated
31.12.03 31.12.02
R R
Revenue 18,105,000 18,769,182
Profit before interest and
taxation for the period 4,401,000 5,813,184
COMMENTS
The operating profit of the group before taxation amounted to R2,217,000 (2002:
R2,639,649) after interest paid of R3,113,000 (2002: R3,823,864). Headline
earnings per ordinary share were 5,3 cents compared to 6,6 cents for the
previous year. During the year, certain lease agreements were renewed at rentals
below those being paid before expiry due to changes in market conditions. A
repeat of these conditions is not anticipated in 2004 and higher revenues have
been budgeted. The continued strength of the Rand during 2003, particularly
against the US dollar, has impacted on the earnings of our Confirming Division
with its clients paying less for imports than before.
The group"s property portfolio has been valued by CB Richard Ellis on an "open
market" basis at 31 December 2003 at R60,715,000 (2002: R60,810,000). Investment
property yields in Durban"s CBD area are still high but it is pleasing to note
the Municipality has embarked on a policy of upgrading that will benefit all
concerned.
The value of the portfolio of overseas listed shares at year end was R15,370,000
(2002: R15,212,918) whilst in sterling currency amounted to GBP1,299,229
(GBP1,104,972). Again, the Rand strength has created negative adjustments in
respect of the share portfolio and cash balances, in the Confirming Division,
held offshore.
The board of directors has deemed it appropriate to maintain a dividend policy
in accordance with the group"s budgeted after-tax operating results for 2004,
namely 10,4 cents per share, barring unforeseen circumstances.
The provisional financial statements of the group have been prepared in
accordance with the South African Statements of Generally Accepted Accounting
Practice, on a basis consistent with prior years.
INDEPENDENT AUDITORS" REVIEW
The financial information set out in the provisional results has been reviewed,
but not audited, by our auditors, David Strachan & Tayler. Their unqualified
review report is available for inspection at the registered office.
DIVIDEND DECLARATION
Notice is hereby given that the final dividend of 5,0 cents per ordinary and "N"
ordinary share in respect of the year ended 31 December 2003 has been declared.
In accordance with the settlement procedures of STRATE, Marshalls has determined
the last date to trade to participate in the final dividend shall be Thursday,
18 March 2004. The shares will commence trading ex-dividend from Friday, 19
March 2004 and the record date will be Friday, 26 March 2004.
Dividends will be paid on Monday, 29 March 2004.
Share certificates may not be dematerialised or rematerialised between Friday,
19 March 2004 and Friday, 26 March 2004, both days inclusive.
27 February 2004
BY ORDER OF THE BOARD
DC Marshall, PN Lonsdale (Directors)
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 27/02/2004 07:00:24 AM Produced by the JSE SENS Department
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