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Set Point - Interim Results for the six months ended 29 February 2004
SET POINT TECHNOLOGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1996/014334/06)
Share code: STO ISIN: ZAE000013629
("Set Point" or "the company" or "the group")
Interim Results for the six months ended 29 February 2004
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
ended ended ended
29 February 28 February 31 August
2004 2003 2003
R000 R000 R000
Revenue 120 806 100 650 219 293
Cost of sales (67 871) (59 670) (127 714)
Gross margin 52 935 40 980 91 579
Operating expenses (39 426) (30 057) (72 079)
Operating profit 13 509 10 923 19 500
Goodwill amortisation (913) (200) (1 124)
Foreign exchange(losses)/gains (176) (475) 842
Capital items - - (1 575)
Profit before finance charges 12 420 10 248 17 643
Net finance charges (2 870) (2 523) (7 069)
Profit before taxation 9 550 7 725 10 574
Taxation (3 854) (2 289) (4 690)
Profit after taxation 5 696 5 436 5 884
Minority interests (894) - (1 084)
Profit attributable to ordinary 4 802 5 436 4 800
shareholders
Weighted average number of 245 377 175 377 205 377
shares in issue ("000)
Fully diluted weighted average 245 892 176 096 206 041
number of shares in issue
("000)
Earnings per share (cents) 2,0 3,1 2,3
Headline earnings per share 2,5 3,1 3,6
(cents)
Fully diluted earnings per 2,0 3,1 2,3
share (cents)
Fully diluted headline earnings 2,5 3,0 3,6
per share (cents)
Headline earnings
Profit attributable to 4 802 5 436 4 800
shareholders
Goodwill amortisation 913 200 1 124
Profit on disposal of fixed (43) (274) (14)
assets
Impairment of fixed assets 355 - -
Capital items - - 1 575
6 027 5 362 7 485
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
ended ended ended
29 February 28 February 31 August
2004 2003 2003
R000 R000 R000
Cash flows from operating 7 070 18 336 15 314
activities
Cash flows from investing (4 910) (5 232) (17 646)
activities
Cash flows from financing (2 251) (4 149) 15 041
activities
Net cash (utilised)/generated (91) 8 955 12 709
Overdraft in subsidiary - - (6 773)
acquired
Cash and cash equivalents at 271 210 (5 665)
beginning of period
Cash and cash equivalents at 180 9 165 271
end of period
CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
29 February 28 February 31 August
2004 2003 2003
R000 R000 R000
Assets
Non-current assets 56 832 30 290 56 697
Property, plant and equipment 16 970 17 982 17 604
Goodwill 30 138 4 450 28 774
Deferred taxation 9 724 7 858 10 319
Current assets 86 409 81 555 91 189
Inventories 36 706 26 147 39 695
Trade receivables 44 662 46 243 46 362
Other receivables 4 861 - 4 861
Cash resources 180 9 165 271
Total assets 143 241 111 845 147 886
Equity and liabilities
Equity and reserves 61 736 44 209 59 388
Capital and reserves 61 736 44 209 58 938
Deferred purchase consideration - - 450
- shares
Minority interests 5 143 - 4 978
Non-current interest bearing 9 232 14 772 21 534
liabilities
Current liabilities 67 130 52 864 61 986
Interest bearing liabilities 24 840 7 117 15 289
Trade and other payables 37 943 45 747 43 554
Taxation payable 4 347 - 3 143
Total equity and liabilities 143 241 111 845 147 886
Shares in issue (net of treasury 245 377 175 377 235 376
shares) (000"s)
Net asset value per share 25,0 25,2 25,2
(cents)
Tangible net asset value per 12,9 22,7 13,0
share (cents)
Debt-equity ratio 50,7 28,8 56,8
1. Contingent liabilities
Performance guarantees 2 378 6 653 3 719
Other guarantees 4 604 7 152 6 272
6 982 13 805 9 991
2. Capital commitmentsThere are no material capital commitments at 29 February
2004.
ABRIDGED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Audited
six months 12 months
ended ended
29 February 31 August
2004 2003
R000 R000
Opening balance as previously reported 58 938 38 322
Change in accounting policy - (2 184)
Opening balance restated 58 938 36 138
Shares issued 450 18 000
Ordinary dividend paid (2 454) -
Income attributable to shareholders 4 802 4 800
Closing balance 61 736 58 938
SEGMENTAL INFORMATION
Six months ended 29 February 2004
Segment Segment Capital Depre- Goodwill
assets liabi- expen- ciation amorti-
lities diture sation
Divisions R000 R000 R000 R000 R000
Analytical Services 20 227 20 452 728 1 273 -
Fluid Handling 45 143 22 166 626 678 498
Instrumentation 43 445 15 964 211 298 -
Total operating 108 815 58 582 1 565 2 249 498
divisions
Central services 34 426 17 780 685 256 415
143 241 76 362 2 250 2 505 913
Revenue Operating Number of
income/(loss) employees
before foreign
exchange
Divisions R000 % R000 % # %
Analytical Services 28 664 23,7 7 348 54,4 119 39,4
Fluid Handling 43 746 36,2 9 541 70,6 75 24,8
Instrumentation 48 396 40,1 2 005 14,8 93 30,8
Total operating 120 806 100,0 18 894 139,9 287 95,0
divisions
Central services - - (5 385) (39,9) 15 5,0
120 806 100,0 13 509 100,0 302 100,0
COMMENTARY
PROFILE
Set Point operates through three divisions:
Analytical Services is an operator of specialised industrial, analytical and
allied technological equipment servicing major industries.
Fluid Handling supplies medium technology fluid handling equipment to the
petrochemical and mining industries.
Instrumentation imports and supplies specialised technological equipment used in
a wide range of industries.
FINANCIAL RESULTS
The Analytical Services and Fluid Handling Divisions produced pleasing
performances for the 6 months. Instrumentation"s results were, however,
disappointing but corrective action has already been taken.
Revenue increased by 20% to R121 million for the first six months arising from
the acquisition of the Fluid Handling division. Margins improved from 40,7% to
43,8% and operating profit increased by 23,7%. Headline earnings per share
declined to 2,5 cents from 3,1 cents owing to the larger number of shares in
issue. Cash flow has again been well controlled with a net debt reduction of
R2,7 million notwithstanding the payment of the group"s maiden cash dividend of
1 cent per ordinary share in January 2004.
Gearing at 29th February was 50,7% against 56,8% at 31st August 2003. Interest
cover has also improved to 4,3 times.
PROSPECTS
The group expects the current level of trading to continue in the second half of
the financial year.
BASIS OF PREPARATION
The unaudited interim results have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of these unaudited interim results are
consistent with those used in the annual financial statements for the year ended
31 August 2003.
COMPANY SECRETARY AND DIRECTORATE
On 17 March 2004 Graeme Horsfield resigned as company secretary and Norman
Kennelly was appointed in his stead. Graeme Horsfield remains group financial
director.
On 15 April 2004 Mark Saunders resigned as an alternate director and Graham Nel
became a non-executive director.
DIVIDEND
The group dividend policy is to consider a dividend annually, depending on cash
flow.
For and on behalf of the Board
BH Kent (Chairman)
Directors: BH Kent (Chairman)*, MJ Smith (Chief Executive Officer), Dr DE
Baloyi*, EG Gregor, GJ Horsfield, JM Judin*, ND Kennelly, H Levin*,
GE Nel*, CS Seabrooke* (*Non-executive)
Registered Office: 30 Electron Avenue, Isando 1601 (PO Box 856, Isando 1600)
Transfer Secretaries: Computershare Limited, Ground Floor, 70 Marshall Street,
Johannesburg, 2001 (PO Box 61051, Marshalltown 2107)
Sponsor: The Standard Bank of South Africa Limited
Registration number 1962/000738/06
www.setpoint.co.za
Date: 16/04/2004 04:00:07 PM Produced by the JSE SENS Department
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