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OMNIA - ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
MARCH 2004
OMNIA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/003680/06)
Share Code: OMN
ISIN : ZAE000005153
(`Omnia` or the `Company`)
ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH
2004
Introduction
The company published its reviewed provisional results for the year ended 31
March 2004 on 21 June 2004 and distributed its annual report to shareholders of
the company on 1 September 2004. The annual report contains modifications to
the aforementioned provisional results, as outlined below.
The restated results include the net cost of a property owning entity within
Prochem, the details of which were finalised subsequent to the Prochem
acquisition, not taken account of in the reviewed provisional results. The
impact of this transaction is not material and has no impact on the company`s
income statement, earnings, headline earnings or net asset value per share. It
only affects certain items in the balance sheet and cash flow statement, as
indicated below.
CONDENSED CONSOLIDATED BALANCE SHEETS
As at 31 March 2004
Reviewed
provisionals Audited Audited
R`000 2004 Adjustment 2004 2003
Assets
Property, plant and
equipment 534 240 36 285 570 525 451 996
Intangible assets 460 958 460 958 14 761
Unlisted investments
and loans 60 60 127
Current assets 1 074 300 1 074 300 848 513
2 069 558 36 285 2 105 843 1 315 397
Equity and liabilities
Ordinary shareholders`
equity 715 529 715 529 578 114
Minority interest 2 005 2 005 2 366
Deferred taxation 62 935 62 935 57 499
Non-current interest
bearing debt 142 637 19 958 162 595 17 349
Current liabilities 1 146 452 16 327 1 162 779 660 069
2 069 558 36 285 2 105 843 1 315 397
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
For the year ended 31 March 2004
Reviewed
provisionals Audited Audited
R`000 2004 Adjustment 2004 2003
Operating profit 332 447 332 447 430 375
Depreciation and
amortisation 71 228 71 228 37 481
Adjustment for
non-cash items ( 72 640) ( 72 640) ( 77 638)
Finance costs and
taxation ( 159 768) ( 159 768) ( 55 923)
Generated from working
capital 71 101 11 000 82 101 73 833
Available from
operations 242 368 11 000 253 368 408 128
Dividends paid ( 28 584) ( 28 584) ( 49 743)
Cash inflow from
operating activities 213 784 11 000 224 784 358 385
Cash outflow from
investing activities ( 671 226) ( 36 285) ( 707 511) ( 96 576)
Purchase of business ( 593 779) ( 593 779) ( 18 126)
other investing
activities ( 77 447) ( 36 285) ( 113 732) ( 78 450)
Cash outflow from
financing activities 193 789 25 285 219 074 ( 47 674)
Net increase in cash ( 263 653) ( 263 653) 214 135
Net cash/(overdrafts)
at beginning of year 281 967 281 967 57 097
Effects of exchange
rate movements 3 436 3 436 10 735
Net cash at end of year 21 750 21 750 281 967
CONDENSED CONSOLIDATED INCOME STATEMENTS
For the year ended 31 March 2004 Audited Audited
R`000 2004 2003
Revenue 3 278 590 2 315 078
Cost of sales (2 253 656) (1 376 023)
Gross profit 1 024 934 939 055
Operating costs before depreciation
and net of other income ( 621 259) ( 471 199)
EBITDA 403 675 467 856
Depreciation and amortisation
of intangible assets other than goodwill ( 63 120) ( 37 481)
Amortisation of goodwill ( 8 108)
Operating profit 332 447 430 375
Finance costs
- Net interest paid ( 35 323) ( 15 922)
- Net monetary loss ( 4 077) ( 8 862)
Fair value loss on financial instruments ( 50 609)
- Forward contract transactions not
qualifying as hedges ( 45 363) ( 25 128)
- Other financial instruments ( 5 246)
Profit before taxation 242 438 380 463
Taxation ( 75 770) ( 139 708)
Profit after taxation 166 668 240 755
Minority interest ( 505) ( 846)
Net profit for the year 166 163 239 909
Amortisation of goodwill 8 108
Headline earnings 174 271 239 909
SEGMENTAL ANALYSIS
For the year ended 31 March 2004
Audited Audited
R`000 2004 2003
Revenue 3 278 590 2 315 078
Agriculture 1 778 720 1 928 184
- Less: Intersegmental sales ( 169 085 (128 759)
Mining 577 445 421 559
Chemical 1 095 969 94 094
- Less: Intersegmental sales ( 4 459)
Operating profit 332 447 430 375
Agriculture 203 690 373 536
Mining 64 238 49 126
Chemicals 64 519 7 713
Statements of Changes in Ordinary Shareholders` Equity
Non-
Stated distributable Retained
R`000 capital reserves earnings Total
At 1 April 2002 64 017 95 290 305 985 465 292
Net profit attributable
to ordinary shareholders 239 909 239 909
Increase in foreign
currency translation reserve ( 70 918) ( 70 918)
Treasury shares ( 6 865) ( 6 865)
Ordinary dividends paid ( 49 304) ( 49 304)
At 31 March 2003 57 152 24 372 496 590 578 114
Net impact of adoption
of AC133 1 264 1 264
At 1 April 2003 restated 57 152 24 372 497 854 579 378
Net profit attributable
to ordinary shareholders 166 163 166 163
Decrease in foreign currency
translation reserve (40 432) (40 432)
Ordinary shares issued 35 632 35 632
Treasury shares 2 506 2 506
Ordinary dividends paid (27 718) (27 718)
At 31 March 2004 95 290 (16 060) 636 299 715 529
Notice of annual general meeting
Notice is hereby given that the annual general meeting of the company will be
held on the 1st Floor, Omnia House, 13 Sloane Street, Epsom Downs, Bryanston,
Johannesburg on Thursday, 30 September 2004 at 10:00 to transact the business as
stated in the notice of annual general meeting included in the Annual Report.
Accounting policies
Accounting policies adopted for purposes of this reporting period comply with
South African Statements of Generally Accepted Accounting Practice as well as
with applicable legislation. Other than the implementation of AC133, the
accounting policies are consistent with those adopted in the prior financial
year.
Auditors report
The consolidated results for the year ended 31 March 2004 were audited by the
company`s external auditors, PricewaterhouseCoopers Inc, Chartered Accountants
(SA), and their unqualified audit opinion is available for inspection at the
company`s registered office.
Johannesburg
7 September 2004
Date: 07/09/2004 03:10:13 PM
Produced by the JSE SENS Department
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