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Buildmax Limited - Audited Results For The Year Ended 31 March 2004
BUILDMAX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/012209/06)
Share code: BDM ISIN: ZAE000011250
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2004
The consolidated audited results of the Group for the year ended 31 March 2004
are set out below:
12 months 12 months
31/03/2004 31/03/2003
(audited) (audited)
BALANCE SHEET R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 10 166 11 118
Investments 3 036 4 530
Deferred taxation 1 115 563
Current assets 30 013 33 859
Total assets 44 330 50 070
EQUITY AND LIABILITIES
Share capital and reserves 33 949 40 518
Long-term liabilities 91 -
Current liabilities 10 290 9 552
Total equity and liabilities 44 330 50 070
Net asset value per share (cents) 81,21 96,90
Share capital and reserves 33 949 40 518
Divided by weighted average number
of shares in issue 41 806 41 806
Net tangible asset value per share
(cents) 81,21 96,90
CASH FLOW STATEMENT
Operating activities ( 3 009) 614
Investing activities 1 092 (1 615)
Financing activities (274) -
Net cash utilised ( 2 191) (1 001)
Cash and cash equivalents
beginning of year 6 352 7 353
Cash and cash equivalents end
of year 4 161 6 352
INCOME STATEMENT
Gross revenue 77 960 79 560
Operating loss ( 7 231) (91)
Net interest received 335 611
(Loss)/Profit before taxation ( 6 896) 520
Taxation 327 7
Net (loss)/profit for year ( 6 569) 527
Average number of shares
in issue (`000) 41 806 41 806
(Loss)/Earnings per share (cents) (15,71) 1,26
Net (loss)/profit for year ( 6 569) 527
Divided by weighted average number
of shares in issue 41 806 41 806
Headline (loss)/earnings per share
(cents) (16,17) 1,32
(Loss)/Profit before taxation (6 896) 520
Adjusted for:
Loss/(Profit) on sale of
property, plant and equipment (190) 23
Taxation 327 7
Headline (loss)/earnings (6 759) 550
Divided by weighted average number
of shares in issue 41 806 41 806
ABRIDGED STATEMENT OF CHANGES
IN EQUITY
Equity beginning of year 40 518 39 991
Net (loss)/profit for year (6 569) 527
Equity end of year 33 949 40 518
COMMENTARY
The results for the year did not meet expectations. Turnover decreased by R1,6
million to R77,959 million for the year. The headline loss deteriorated to 16,17
cents compared to a headline earnings of 1,32 cents in the previous year.
The net asset value per share decreased to 81,21 cents per share (2003: 96,90
cents).
OPERATIONAL REVIEW
The reduction in turnover is largely attributable to the weakening of Rand and
the resulting decrease in the turnover of the Timber Division, which specialises
in imported timbers. While the Galvanised Steel Division managed to attain the
same turnover in Rand value, this was negated by the fact that the gross margins
in this division decreased substantially. This division did not increase their
selling prices in line with the increase in input costs. The Concrete Division
managed to increase their turnover marginally but as is the case with the
Galvanised Steel Division had to pay higher input costs. Once again the
Aluminium Division produced solid results. This division opened a new branch in
Port Elizabeth during the year under review.
During the year the Group had to provide for R607 290 as possible bad debts
against interest due from investments and loans to associated companies, which
resulted in a decrease in the net interest earned.
PROSPECTS
At year-end, the Group acquired two machines to enter into the steel roof
sheeting market. It is expected that this additional product line will augment
the existing galvanised rainwater goods product range. The full benefits of the
new branch in Port Elizabeth will only be realised in the next financial year.
DIVIDENDS
No dividend has been declared or recommended for the year ended 31 March 2004
(2003: nil).
DIRECTORATE AND COMPANY SECRETARY
The directorships of Dato` A H Samsudin and Datin M V Samsudin were terminated
on 18 December 2003. Mr J H Catsavis has been appointed to the board on 17 June
2004.
Mrs L Jorgensen resigned as Company Secretary and employee on 15 June 2004. Mrs
H D Venter has been appointed as new Company Secretary on 17 June 2004.
ACCOUNTING POLICY
The results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with the Group`s
accounting policies applied in the prior year.
AUDIT REPORT
The Group financial statements have been audited by Meagher Moynihan and their
unqualified audit report on these financial statements are available for
inspection at the registered office of the Company.
For and on behalf of the board
Directors: I D P Burger (Chairman)
N R Jansen (Acting CEO)
M D Lamola (Non-executive)
J H Catsavis (Non-executive)
Company Secretary: H D Venter
Registered Office: Hillcrest Forum
731 Duncan Street
Hillcrest
0083
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd,
Ground Floor
70 Marshall Street
Johannesburg, 2001
Date: 29/06/2004 01:00:08 PM
Produced by the JSE SENS Department
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