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Inmins Limited - Unaudited Consolidated Results Of The Group For The Six Months
Ended 31 March 2004
INMINS LIMITED
(Registration number 1969/004321/06)
(Incorporated in the Republic of South Africa)
(Share code: INM ISIN number: ZAE000003588)
Highlights
- Earnings per share up 17,7%
- Interest bearing borrowings reduced by 44,5%
Statement of results
The board announces the unaudited consolidated results of the group for the six
months ended 31 March 2004.
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
461 947 Revenue 218 936 205 139
23 743 Operating profit 9 206 9 650
(1 070) Net finance income/(costs) 44 (468)
22 673 Profit before taxation 9 250 9 182
(7 693) Taxation (3 075) (3 066)
14 980 Net profit after taxation 6 175 6 116
Share of earnings of associate
61 company 47 -
(4) Outside shareholders` profit (6) (10)
15 037 Ordinary shareholders` profit 6 216 6 106
14 879 Headline earnings 5 985 6 014
Headline earnings per
40,5 share (cents) 17,9 15,6
40,9 Earnings per share (cents) 18,6 15,8
Net asset value per share
167,1 (cents) 185,6 150,4
Weighted average shares in
36 778 issue (000`s) 33 427 38 579
33 427 Shares in issue (000`s) 33 427 38 579
17,1 Dividend per share (cents) - -
Reconciliation of headline
earnings
15 037 Ordinary shareholders` profit 6 216 6 106
(225) Net profit on disposal of (253) (131)
assets
67 Taxation effect thereon 22 39
14 879 5 985 6 014
Supplementary information
1 953 Capital expenditure 475 1 334
2 349 Depreciation 938 1 202
10 729 Interest bearing borrowings 6 953 12 527
- Interest earning deposits 367 -
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Assets
Fixed and other non-current
9 608 assets 9 083 10 039
Current assets
50 016 - Inventory 53 965 51 247
70 499 - Receivables 69 987 63 854
29 - Bank and cash 27 25
130 152 Total assets 133 062 125 165
Equity and liabilities
39 471 Share capital and premium 39 471 44 887
16 365 Retained income 22 581 13 127
55 836 Shareholders` interest 62 052 58 014
14 Outside shareholders` interest 20 20
55 850 Total equity 62 072 58 034
Non-current liabilities
2 083 - interest bearing 1 693 2 425
9 - deferred taxation 9 42
Current liabilities
- interest bearing
7 589 - bank overdraft 4 241 9 094
1 057 - short term borrowings 1 019 1 008
- non-interest bearing
56 537 - payables 62 575 50 798
7 027 - taxation 1 453 3 764
130 152 Total equity and liabilities 133 062 125 165
Summarised Consolidated Statement of Changes in Equity
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Total shareholders` equity at
51 908 beginning of period 55 836 51 908
(5 416) Share buyback - -
15 037 Changes in retained income 6 216 6 106
(5 693) Dividend declared - -
Total shareholders` equity at
55 836 end of period 62 052 58 014
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Cash flow from/(used in)
2 845 operating activities 3 995 (4 899)
Profit before interest, tax
25 857 and non-cash items 9 891 10 721
(1 240) Increase in inventory (3 949) (2 471)
Decrease/(Increase) in
(3 736) receivables 620 2 879
Increase/(decrease) in
(10 079) payables 11 731 (10 070)
10 802 Cash flow from operations 18 293 1 059
(1 070) Finance costs received/(paid) 44 (468)
(2 643) Taxation paid (8 649) (1 246)
(4 244) Dividends paid (5 693) (4 244)
Cash flow from/(used in)
(1 696) investing activities 145 (1 168)
Cash flow used in financing
(5 753) activities (794) (46)
Buyback of own ordinary
(5 416) shares - -
Interest bearing borrowings
(337) repaid (428) (46)
- Loans advanced (366) -
Net increase/(decrease) in
(4 604) cash and cash equivalents 3 346 (6 113)
Cash and cash equivalents at
(2 956) beginning of period (7 560) (2 956)
Cash and cash equivalents at
(7 560) end of period (4 214) (9 069)
Segment Information
Business segments
Mining Industria
l
consum- consum-
(R`000) ables ables Other Totals
Turnover 12 mths to Sept 343 676 118 271 - 461 947
2003
6 mths to March 161 914 57 022 - 218 936
2004
6 mths to March 147 791 57 348 - 205 139
2003
Operating 12 mths to Sept 16 909 6 353 481 23 743
2003
Profit 6 mths to March 6 178 2 671 357 9 206
2004
6 mths to March 6 255 3 183 212 9 650
2003
Total 12 mths to Sept 91 703 32 169 6 280 130 152
2003
Assets 6 mths to March 94 715 33 500 4 847 133 062
2004
6 mths to March 88 954 31 560 4 651 125 165
2003
Total 12 mths to Sept 45 532 20 359 8 411 74 302
2003
Liabiliti 6 mths to March 50 208 19 067 1 715 70 990
es 2004
6 mths to March 45 560 19 347 2 224 67 131
2003
Comments
Review of results
The group recorded a slight improvement in net profit after tax over the
corresponding 6 month period of the previous year. The current set of results is
most gratifying in the light of the record performance of last year.
The effect of the buyback of shares resulted in the earnings per share
increasing by 17,7%. Major improvements in the cash flow from operations (R18,2
million versus previous year of R1,059 million) resulted in a net reduction of
44,5% in interest bearing borrowings.
Revenue increased by 6,7% to R218,9 million and attributable profit by 1,8% to
R6,2 million. Headline earnings per share increased by 14,7% and the net asset
value per share grew by 23,4%.
Prospects
The outlook till the year end to 30 September 2004 remains positive and
management expects to match the record results of the previous year.
Black empowerment
Extensive discussions and negotiations with potential BEE investors have taken
place and are continuing in order to arrive at a satisfactory conclusion for all
stakeholders. These discussions are sensitive and are being conducted very
responsibly and carefully by management. A sensible transaction should be
announced during this financial year.
The small joint ventures which the Group embarked on over the last few years
with previously disadvantaged individuals are now performing well and
demonstrates the potential thereof.
Accounting policies
The results for the six months ended 31 March 2004 have been prepared in
accordance with the South African Statements of Generally accepted Accounting
Practice, the requirements of the South African Companies Act and the Listing
Requirements of the JSE Securities Exchange South Africa and with those applied
in previous financial periods.
Corporate Governance
The Group subscribes to the value of good corporate governance and is committed
to continued implementation of the recommendations of the King II Report and the
requirements of the JSE Securities Exchange South Africa. The Group endeavors to
conduct its business in accordance with the principles of accountability,
transparency and integrity.
Dividends
In line with Group policy, no interim dividends have been declared.
On behalf of the board
WAR Wenteler PJ Kruger
Chairman Managing Director
26 May 2004
Directors
WAR Wenteler (Chairman), JH Henderson* (Deputy Chairman), PJ Kruger (Managing),
DG Clarke*, W Fourie (Financial), DB Mostert*,
CJ Pallas*
*(Non-executive)
Company secretaries
Winhold Limited (Registration number 1945/019679/06)
Business address and registered office
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: winholdsec@inmins.co.za
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
E-mail: registrar@computershare.co.za
Date: 26/05/2004 05:10:05 PM Produced by the JSE SENS Department
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