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Marshalls - Unaudited results in respect of the six months ended 30 June 2004
Marshalls Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002656/06)
Share code: Share codes: MSS MRN
ISIN numbers: ZAE000031225 ZAE000031233
The unaudited results in respect of the six months ended 30 June 2004 for
Marshalls Limited and its subsidiaries are as follows -
Six months ended Year ended
30.06.2003
30.06.2004 31.12.2003
R`000 R`000 R`000
INCOME STATEMENT
Confirming fees and investment 803 1,088 2,000
income
Rental and parking income 8,940 7,840 16,105
Revenue 9,743 8,928 18,105
Operating profit before 2,289 2,085 4,401
interest and taxation
Interest received 299 485 929
Interest paid (1,282) (1,586) (3,113)
Profit before exceptional item 1,306 984 2,217
and taxation
Exceptional item (note 1) 312 (96) (139)
Profit before taxation 1,618 888 2,078
Taxation 511 655 1,174
Profit for the period 1,107 233 904
Earnings per share (cents) 6.4 1.3 5.2
Headline earnings per share 4.6 1.9 5.3
(cents)
Dividends per share (cents) 5.0 5.0 10.0
Dividend cover (times) 0.9 0.4 0.5
Shares in issue 17,372,300 17,372,300 17,372,300
Net asset value per share 344 348 347
(cents)
Headline earnings
reconciliation
Profit for the period 1,107 233 904
Exceptional item (312) 96 22
Headline earnings 795 329 926
Note 1: Exceptional item
Unrealised surplus from - - (139)
revaluation of investment
properties
Realised deficit on disposal of - (96) -
listed investments
Realised surplus on disposal of 312 - -
unlisted investments
312 (96) (139)
ABRIDGED BALANCE SHEET
Investment properties 60,138 60,810 60,138
Other investments 14,871 14,253 15,670
Property, plant and equipment 985 503 1,066
Current assets 8,240 9,812 7,728
Bank and cash balances 1,238 3,614 3,887
Total assets 85,472 88,992 88,489
Equity and reserves 59,725 60,391 60,340
Interest bearing borrowings 16,425 16,862 16,588
Deferred taxation 5,015 4,681 4,743
Current liabilities 4,062 3,078 3,229
Bank overdraft 245 3,980 3,589
Total equity & liabilities 85,472 88,992 88,489
STATEMENT OF CHANGES IN EQUITY
Share Capital and share premium 26,809 26,809 26,809
Non-distributable reserves 21,017 27,558 21,324
Balance at beginning of period 21,324 28,381 28,381
Transfer to distributable - - (5,383)
reserves
Property revaluation movement - - (237)
Currency translation movement (307) (823) (1,437)
Distributable reserves 11,899 6,024 12,207
Balance at beginning of period 12,207 7,868 7,868
Transfer from non-distributable - - 5,383
reserves
Profit for the period 1,107 233 904
Transfer of property - - 237
revaluation
Unrealised deficit on (546) (1,208) (448)
revaluation of investments
Dividends paid (869) (869) (1,737)
Total equity and reserves at 59,725 60,391 60,340
the end of the period
SUMMARISED CASH FLOW STATEMENT
Cash inflow / (outflow) from 3,252 (1,304) 2,275
operating activities
Interest and taxation paid (1,073) (3,184) (4,693)
Operating cash flow 2,179 (4,488) (2,418)
Dividends paid (869) (869) (1,737)
Net cash inflow / (outflow) 1,310 (5,357) (4,155)
from operating activities
Net cash inflow / (outflow) (615) 3,463 2,924
from investing and financing
activities
Net cash inflow / (outflow) for 695 (1,894) (1,231)
the period
SEGMENTAL ANALYSIS
Revenue
Properties division 8,940 7,932 16,114
Confirming division 562 754 1,605
Investment division 241 242 386
9,743 8,928 18,105
Profit before taxation for the
period
Properties division 723 283 1,605
Confirming division 436 553 414
Investment division 459 52 59
1,618 888 2,078
COMMENTS
The unaudited results for the six months ended 30 June 2004 reflect profit,
before interest and taxation of R2 289 000 (2003: R2 085 000). Headline earnings
per share have increased to 4.6 cents from 1.9 cents for the comparative six
months. Interest paid amounted to R1,282,000 (2003: R1,586,000) reflecting the
fall in rates during the second half of 2003.
The demand for leased light industrial property in Durban has strengthened
considerably since a year ago, resulting in increased rental income. All the
group`s buildings are fully let except for some vacancy in our CBD office block.
The earnings trend is expected to continue during the remainder of the 2004
financial year, and we also expect a more active period for our import
confirming division.
In the opinion of the directors of the company, the market value of the group`s
properties at 30 June 2004 remains unchanged from 31 December 2003, namely R60
715 000.
The group`s portfolio of shares in listed investments held overseas, reflects a
market value in South African currency of R14 867 912 at 30 June 2004 compared
to R15 370 139 at 31 December 2003. In sterling currency, the portfolio value
has appreciated by nearly 2% during the six months under review. As stated in
the 2003 Annual Report, adjustments to the fair value of listed investments are
charged directly to equity.
The interim report has been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those applied at December 2003.
An interim dividend of 5,0 cents per share (2003: 5,0 cents) has been declared.
DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 5,0 cents per share has been
declared in respect of the six months ended 30 June 2004.
In accordance with the settlement procedures of STRATE, Marshalls has determined
the last date to trade to participate in the interim dividend shall be Friday,
27 August 2004. The shares will commence trading ex-dividend from Monday, 30
August 2004, and the Record date will be Friday, 3 September 2004.
Dividends will be paid on Monday, 6 September 2004.
Share certificates may not be dematerialised, or rematerialised, between Monday,
30 August and Friday, 3 September 2004, both days inclusive.
10 August 2004
BY ORDER OF THE BOARD
DC Marshall, PN Lonsdale (Directors)
Sponsor: Imara Corporate Finance South Africa (Pty) Ltd
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