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Combined Motor Holdings Limited - Audited Results For The Year Ended 29 February
Release Date: 21/04/2004 11:24:50 Code(s): CMH
Combined Motor Holdings Limited - Audited Results For The Year Ended 29 February
2004
Combined Motor Holdings Limited
(Registration number 1965/000270/06)
(Share code: CMH ISIN: ZAE000001541)
("the Company" or "the Group")
ww.cmh.co.za
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
* 22% increase in compound headline earnings over seven years
* Headline earnings increase by 21%
* Dividend of 82 cents per share declared, up 28% on prior year final
* Total assets increase 18% to R857 million
* Cash resources exceed R190 million
GROUP FINANCIAL HIGHLIGHTS
2004 2003 Increase %
Total assets (R"000) 857 484 725 264 +18,2
Net tangible asset value per share (cents) 1 287 1 055 +22,0
Revenue (R"000) 3 220 632 2 591 397 +24,3
Operating profit before finance costs (R"000) 108 739 95 347 +14,0
Headline earnings (R"000) 69 747 57 651 +20,9
Net profit (R"000) 61 865 50 165 +23,3
Return on shareholders" funds (%) 24,9 24,2 +2,9
Earnings per share (cents) 303,2 246,1 +23,2
Headline earnings per share (cents) 341,9 282,8 +20,9
Dividends per share (cents) 79,4 68,0 +16,8
GROUP INCOME STATEMENT
2004 2003
R"000 R"000
Revenue 3 220 632 2 591 397
Cost of sales (2 678 637) (2 082 791)
Gross profit 541 995 508 606
Selling and operating expenses (433 256) (413 259)
Operating profit before finance costs 108 739 95 347
Operating profit to revenue (%) 3,4 3,7
Finance costs (6 372) (10 097)
Operating profit before non-trading items 102 367 85 250
Non-trading items (7 882) (7 486)
Profit before taxation 94 485 77 764
Taxation (32 376) (27 588)
Profit after taxation 62 109 50 176
Minority shareholders" interest (244) (11)
Net profit 61 865 50 165
Dividend paid (16 186) (13 862)
Retained income 45 679 36 303
Reconciliation of headline earnings
Net profit 61 865 50 165
Non-trading items
- goodwill written-off 7 882 7 486
Headline earnings 69 747 57 651
Cents Cents
Earnings per share 303,2 246,1
Diluted earnings per share 296,2 242,1
Headline earnings per share 341,9 282,8
Diluted headline earnings per share 334,0 278,2
Dividends per share 79,4 68,0
GROUP BALANCE SHEET
2004 2003
R"000 R"000
Assets
Non-current assets
Plant and equipment 19 481 18 266
Amount owing by share trust 1 242 2 834
Intangible assets 7 450 10 391
Deferred taxation 7 159 4 876
Current assets 822 152 688 897
Total assets 857 484 725 264
Equity and liabilities
Share capital and reserves 272 302 225 500
Minority shareholders" interest 627 437
Life assurance funds 16 829 10 893
Interest-bearing debt 3 784 12 532
Other current liabilities 563 942 475 902
857 484 725 264
GROUP CASH FLOW STATEMENT
2004 2003
R"000 R"000
Cash flows from operating activities 66 645 34 181
Cash flows from investing activities (16 565) (11 119)
Cash flows from financing activities (7 625) 3 157
Net movement in cash resources 42 455 26 219
Cash resources at beginning of year 149 171 122 952
Cash resources at end of year 191 626 149 171
STATEMENT OF CHANGES IN EQUITY
Non-
distrib- Distrib-
Share utable utable
Total capital reserve reserve
R"000 R"000 R"000 R"000
Balance at 28 February 2002 189 197 10 020 5 896 173 281
Net profit for year 50 165 - - 50 165
Dividends paid (13 862) - - (13 862)
Balance at 28 February 2003 225 500 10 020 5 896 209 584
Issue of shares 1 123 1 123 - -
Net profit for year 61 865 - - 61 865
Dividends paid (16 186) - - (16 186)
Balance at 29 February 2004 272 302 11 143 5 896 255 263
EXTRACTS FROM THE CHAIRMAN"S REPORT
1. The directors are proud to report on the Group"s seventh successive year
of growth, having achieved a 21% increase in headline earnings and a 23%
increase in net profit attributable to shareholders. The Group has achieved a
22% increase in compound headline earnings over a seven-year period and has
averaged 25% after-tax return on shareholders" funds. These returns, together
with positive cash flow, have enabled the directors to recommend a dividend
28% higher than that paid last year.
2. After a difficult first six months, characterised by high interest rates
and a volatile exchange rate, the economic climate improved considerably.
Sharply reduced interest rates fuelled consumer confidence and, with a
stronger and more stable Rand, the level of trading activity was boosted.
3. Within the retail motor segment, revenue increased by 25% to R3 096
million and pre-tax operating profit by 12% to R81,4 million. The operating
margin reduced to 3,4% largely as the result of squeezed gross margins in the
Group"s used vehicle departments.
4. Whilst all segments of the business performed well, it is pleasing to
record that the financial services segment increased its contribution from
R8,5 million to R12,6 million. The growth of this business is important as,
being of a longer-term nature, it helps shield the Group against the
relatively volatile vehicle sales" trends.
5. Despite a tough first half, aggravated by reduced tourism travel
following the war in Iraq and the SARS virus, the car hire division recorded a
pleasing 32% increase in revenue. The reduction in new vehicle price increases
meant a more severe depreciation of the hire fleet with the result that pre-
finance operating profit increased by only 3,5%.
6. The directors believe that the robust trading conditions which the
industry is presently experiencing will, in the absence of any adverse
unforeseen local or international event, continue for at least the remainder
of calendar 2004. The Group has the resources and potential to exploit these
buoyant times and I have every confidence that the results for the new year
will meet shareholders" expectations.
7. A dividend (dividend No 34) of 82 cents per share will be paid on Monday,
21 June 2004 to members reflected in the share register of the Company at the
close of business on the record date Friday, 18 June 2004. Last day to trade
"cum" dividend is Thursday, 10 June 2004. First day to trade "ex" dividend is
Friday, 11 June 2004.
Share certificates may not be dematerialised or rematerialised from Friday, 11
June 2004 to Friday, 18 June 2004, both days inclusive.
8. This announcement has been compiled in accordance with South African
Statements of Generally Accepted Accounting Practices, and the accounting
policies are consistent with those used in previous years. The attached
financial statements have been audited by PricewaterhouseCoopers Inc. A copy
of their report is available for inspection at the Company"s registered
office.
By order of the Board
S K Jackson BCom (Hons) (Tax Law), CA(SA)
Secretary
21 April 2004
Registered office Transfer secretaries
1st Floor Computershare Limited
CMH Building PO Box 61051
206 West Street Marshalltown, 2107
Durban, 4001
SEGMENT INFORMATION
TOTAL
2004 2003
R"000 % R"000 %
Revenue 3 220 632 100 2 591 397 100
Operating profit
before finance costs 108 739 100 95 347 100
Finance costs (6 372) 100 (10 097) 100
Operating profit
before taxation and
non-trading items 102 367 100 85 250 100
Total assets 857 484 100 725 264 100
Total liabilities 585 182 100 499 764 100
Number of employees 1 584 100 1 502 100
Expenditure on plant
and equipment 9 551 100 12 117 100
RETAIL MOTOR
2004 2003
R"000 % R"000 %
Revenue 3 096 676 96 2 480 151 95
Operating profit
before finance costs 97 934 90 91 270 95
Finance costs (16 522) 259 (18 630) 184
Operating profit
before taxation and
non-trading items 81 412 80 72 640 85
Total assets 428 015 50 381 754 52
Total liabilities 325 204 56 285 352 57
Number of employees 1 377 87 1 290 86
Expenditure on plant
and equipment 8 122 85 10 910 90
CAR HIRE
2004 2003
R"000 % R"000 %
Revenue 90 871 3 68 862 3
Operating profit
before finance costs 8 445 8 8 156 9
Finance costs (1 928) 30 - -
Operating profit
before taxation and
non-trading items 6 517 6 8 156 10
Total assets 228 416 27 180 390 25
Total liabilities 225 946 39 179 384 36
Number of employees 154 10 155 11
Expenditure on plant
and equipment 843 9 871 7
FINANCIAL SERVICES
2004 2003
R"000 % R"000 %
Revenue 19 806 1 19 568 1
Operating profit
before finance costs 9 262 9 5 412 6
Finance costs 3 320 (52) 3 066 (30)
Operating profit
before taxation and
non-trading items 12 582 12 8 478 10
Total assets 32 131 3 36 120 5
Total liabilities 21 711 3 18 186 4
Number of employees 3 - 7 -
Expenditure on plant
and equipment - - - -
CORPORATE SERVICES/OTHER
2004 2003
R"000 % R"000 %
Revenue 13 279 - 22 816 1
Operating profit
before finance costs (6 902) (6) (9 491) (10)
Finance costs 8 758 (137) 5 467 (54)
Operating profit
before taxation and
non-trading items 1 856 2 (4 024) (5)
Total assets 168 922 20 127 000 18
Total liabilities 12 321 2 16 842 3
Number of employees 50 3 50 3
Expenditure on plant
and equipment 586 6 336 3
Ford, Mazda, Volvo, Jaguar, Land Rover, Peugeot, Nissan, Fiat, Alfa Romeo,
National Car Rental, Alamo, Opel, Toyota, Lexus, BMW, Mini, Nissan Diesel,
Chev, Isuzu, Honda, CMH Finance, CMH Insurance,CMH Carshop.co.za,
Bonerts used motor spares and rebuilds, NWE National Workshop Equipment
Directors: M Zimmerman (Chairman), JD McIntosh (Chief executive officer), MPD
Conway, JTM Edwards, SK Jackson, RTAC Nethercott, CL Odendaal, A Rogoff
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