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MATHOMO GROUP LIMITED - INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2004
AND CAUTIONARY ANNOUNCEMENT
Mathomo Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/004783/06)
JSE Share code: MTO
ISIN: ZAE000037214
(`Mathomo` or `the group`)
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
Six months to Six months to
31 March 31 March
2004 2003
R`000 R`000
Revenue 132 118 121 637
Operating profit before finance costs 3 547 9 045
Net finance costs (2 790) (4 473)
Interest paid (2 072) (3 473)
Preference dividend (718) (1 000)
Net profit before exceptional
items and taxation 757 4 572
Exceptional items 1 501 -
Net profit before taxation 2 258 4 572
Taxation (227) (46)
Income attributable to
ordinary shareholders 2 031 4 526
Reconciliation of net profit for
the period to headline earnings:
Net profit for the period 2 031 4 526
Add back: Exceptional items (1 501) -
Headline earnings 530 4 526
Number of shares in issue 47 179 214 47 179 214
Headline earnings per share (cents) 1,1 9,6
Earnings per share (cents) 4,3 9,6
CONSOLIDATED INCOME STATEMENT
Audited
Year ended
30 September
Change 2003
% R`000
Revenue 9 271 034
Operating profit before finance costs (61) 21 389
Net finance costs (38) (8 092)
Interest paid (40) (6 372)
Preference dividend (28) (1 720)
Net profit before exceptional
items and taxation (83) 13 297
Exceptional items 197
Net profit before taxation (51) 13 494
Taxation (259)
Income attributable to
ordinary shareholders (55) 13 235
Reconciliation of net profit for
the period to headline earnings:
Net profit for the period 13 235
Add back: Exceptional items (197)
Headline earnings (88) 13 038
Number of shares in issue 47 179 214
Headline earnings per share (cents) (89) 27,6
Earnings per share (cents) (55) 28,1
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2004 2003 2003
R`000 R`000 R`000
Cash generated from
operating activities
before finance costs 566 4 572 17 093
Finance costs paid (2 790) (4 473) (8 092)
Cash utilised in investing
activities (3 215) (2 790) (835)
Cash (utilised in)/
generated from
financing activities (3 445) 1 574 1 617
Net cash (outflow)/inflow
for the period (8 884) (1 117) 9 783
Cash and cash equivalents
at beginning
of the period (25 179) (34 965) (34 962)
Cash and cash equivalents
at end of the period (34 063) (36 082) (25 179)
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2004 2003 2003
R`000 R`000 R`000
ASSETS
Non-current assets 18 341 16 120 16 485
Property 9 650 9 900 9 650
Plant and equipment 8 691 6 220 6 835
Current assets 109 254 94 206 98 289
Inventories 57 459 51 319 52 049
Accounts receivable 51 795 42 887 46 240
Total assets 127 595 110 326 114 774
EQUITY AND LIABILITIES
Capital and reserves 16 331 5 591 14 300
Ordinary share capital 472 472 472
Share premium 122 763 122 763 122 763
Non-distributable reserve 2 325 2 425 2 325
Accumulated loss (109 229) (120 069) (111 260)
Non-current liabilities 31 142 35 227 34 663
Interest bearing
liabilities 5 142 5 227 4 663
Preference shares 26 000 30 000 30 000
Current liabilities 80 122 69 508 65 811
Accounts payable 45 019 33 213 39 896
Bank overdrafts 34 063 36 082 25 179
Taxation 226 81 (2)
Interest bearing
liabilities 814 132 738
Total equity and
liabilities 127 595 110 326 114 774
Net asset value per share
(cents) 34,6 11,9 30,3
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2004 2003 2003
R`000 R`000 R`000
Balance at beginning of
the period 14 300 1 065 1 065
Net profit for the period 2 031 4 526 13 235
Balance at end of the
period 16 311 5 591 14 300
1. Accounting Policies
The accounting policies of the group conform with Statements of South
African Generally Accepted Accounting Practice and are consistent with
those applied in the previous year.
2. Trading Review And Outlook
As reflected in the financial results the group has had a difficult trading
period. Significant turnover growth was anticipated which did not
materialise.
Accordingly, an imbalance existed between costs and revenue. Corrective
action has been taken to correct this position. Shareholders are reminded
that the group`s operations have historically performed better in the
second half of the financial year.
3. Black Economic Empowerment
On the 1st of June 2004 the Mineworkers Investment Company (`MIC`)
increased its shareholding to 50,1%. Mathomo Group is now a black
controlled entity. It is anticipated that this will improve the group`s
trading opportunities as industry and mining embrace Black Economic
Empowerment.The directors welcome this demonstration of confidence in
Mathomo`s future.
4. Cautionary Announcement
Shareholders are referred to the announcement published on SENS on 2 June
2004 in which they were informed that MIC had increased its shareholding
referred to above.
Accordingly, shareholders are reminded to continue exercising caution in
their dealings in Mathomo shares until such time as further announcements
are made.
By order of the Board
Johannesburg
29 June 2004
Sponsor
JAVACAPITAL
Date: 29/06/2004 03:42:08 PM Produced by the JSE SENS Department
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