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Brandcorp - Unaudited interim results for the 6 months ended 31 December 2004
Brandcorp Holdings Limited
(Incorporated in the Republic of South Africa)
Reg. No.: 1992/006647/06
JSE Code: BRC
ISIN No.: ZAE000013611
(`Brandcorp` or `The Group`)
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2004
TURNOVER INCREASED BY 20.8%
NET PROFIT BEFORE TAX INCREASED BY 34.1%
HEADLINE EARNINGS PER SHARE INCREASED BY 31.2%
DISTRIBUTION PER SHARE INCREASED BY 33.3%
ABRIDGED GROUP INCOME STATEMENT
31 Dec 31 Dec 2003 % 30 June
2004 Change 2004
Unaudited Unaudited Audited
R000 R000 R000
Turnover 437 948 362 411 20.8 720 655
Operating profit 50 127 37 856 32.4 88 929
Net interest received/(paid) 448 (148) 439
Net profit before taxation 50 575 37 708 34.1 89 368
Taxation (16 896) (12 426) (29 723)
- Current (14 434) (10 574) (26 284)
- Secondary tax on companies (1 724) (1 114) (1 114)
- Deferred taxation (738) (738) (2 325)
Net profit after taxation 33 679 25 282 33.2 59 645
Number of shares in issue (000) 76 635 75 109 2.0 73 923
Weighted ave. no. of shares (000) 75 684 74 356 1.8 74 155
Headline Earnings per share - 44.5 33.9 31.2 80.4
cents
Earnings per share - cents 44.5 34.0 30.9 80.4
Diluted headline earnings per 43.0 31.0 38.6 75.8
share - cents
Diluted earnings per share - 43.0 31.1 38.2 75.8
cents
RECONCILIATION HEADLINE EARNINGS
31 Dec 2004 31 Dec 2003 % 30 June
Change 2004
Unaudited Unaudited Audited
R000 R000 R000
Net profit after taxation 33 679 25 282 59 645
Profit on disposal of tangible (5) (68) (34)
assets
Headline earnings 33 674 25 214 33.5 59 611
ABRIDGED GROUP BALANCE SHEET
31 Dec 2004 31 Dec 2003 % 30 June
Change 2004
Unaudited Unaudited Audited
R000 R000 R000
ASSETS
Non-current assets 24 863 26 583 24 982
Tangible assets 16 629 15 724 15 860
Trademarks 750 1 050 900
Deferred taxation 7 484 9 809 8 222
Current assets 374 994 320 761 329 066
Inventories 140 591 105 509 118 203
Accounts receivable 175 202 141 036 139 126
Cash and cash equivalents 59 201 74 216 71 737
399 857 347 344 354 048
EQUITY AND LIABILITIES
Capital and reserves 226 421 188 383 204 669
Long term liabilities 14 999 36 411 22 957
Current liabilities 158 437 122 550 126 422
Non-interest bearing liabilities 123 905 98 876 98 304
Interest bearing liabilities 15 697 10 124 15 831
Taxation 18 835 13 550 12 278
399 857 347 344 354 048
Net asset value per share (cents) 295.5 250.8 17.8 276.9
ABRIDGED GROUP CASH FLOW STATEMENT
31 Dec 2004 31 Dec 2003 30 June
2004
Unaudited Unaudited Audited
R000 R000 R000
OPERATING ACTIVITIES 9 842 22 566 51 639
Operating profit before working 51 875 39 349 92 641
capital movements
(Increase)/decrease in working (32 872) (5 053) (16 425)
capital
Net finance charges 448 (148) 439
Taxation paid (9 609) (11 582) (25 016)
INVESTING ACTIBITIES (2 367) (5 246) (27 652)
Purchase of tangible assets (2 413) (1 577) (3 783)
Proceeds on disposal of tangible 46 68 68
assets
Ordinary shares repurchased - (8 205) (8 205)
Net transactions by share trust - 4 468 (15 732)
FINANCING ACTIVITIES (20 011) (14 790) (23 936)
Proceeds from issue of share 1 867 1 722 4 813
capital
Payment of borrowings (8 092) (7 178) (14 925)
Distributions to shareholders (13 786) (9 334) (13 824)
NET MOVEMENT IN CASH RESOURCES (12 536) 2 530 51
Cash and cash equivalents at the 71 737 71 686 71 686
beginning of the period
Cash and cash equivalents at the 59 201 74 216 71 737
end of the period
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated Total
Capital Premium Profits
R000 R000 R000 R000
Balance at 1 July 2003 706 15 236 158 497 174 439
Net profit after taxation - - 59 645 59 645
Ordinary shares repurchased and (28) (8 177) - (8 205)
cancelled
Ordinary shares issued 34 1 688 - 1 722
Net transactions by share trust 27 (2 398) (6 731) (9 102)
Dividend - - (9 323) (9 323)
Capital distribution - (4 507) - (4 507)
Balance at 1 July 2004 739 1 842 202 088 204 669
Net profit after taxation - - 33 679 33 679
Ordinary shares repurchased and - - - -
cancelled
Ordinary shares issued 15 1 021 - 1 036
Net transactions by share trust 12 5 450 (4 631) 831
Dividend - - (13 794) (13 794)
Balance at 31 December 2004 766 8 313 217 342 226 421
SEGMENT ANALYSIS
Turnover Operating Total Liabilities
Profit Assets
R000 R000 R000 R000
Tools & Hardware 281 033 30 891 239 241 84 806
Leisure & Accessories 69 178 7 857 61 498 29 196
House & Home 87 737 12 401 72 684 36 741
Corporate - (1 022) 26 434 22 693
Total 437 948 50 127 399 857 173 436
NATURE OF BUSINESS
Brandcorp is a distributor of niche and branded consumer products to a broad
range of customers through three trading divisions.
Matus, the Power Tool, Hand Tool & Hardware division, services the needs of the
industrial, building and construction, engineering, agricultural, DIY and mining
sectors.
Interbrand which distributes Luggage, Leisure & Accessory products and MIC /
Prestige which distributes House & Home products, serve the general consumer
through their retail customers.
FINANCIAL REVIEW
All three of Brandcorp`s divisions produced outstanding results for the six
months ended 31 December 2004.
Turnover increased by 20.8% to R437.9m. Operating profit increased by 32.4% to
R50.1m.
Earnings per share increased by 30.9% to 44.5 cents and headline earnings per
share increased by 31.2% to 44.5 cents.
The balance sheet remains extremely sound with net asset value per share having
increased from 250.8 cents to 295.5 cents.
Cash flows from operations, before working capital movements, amounted to R51.8m
compared to R39.3m in the previous period.
GENERALLY ACCEPTED ACCOUNTING PRACTICE
These interim financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of these results are consistent in all material
respects with those used in the annual financial statements for the year ended
30 June 2004.
DISTRIBUTIONS TO SHAREHOLDERS
The board has declared an interim dividend of 8 cents per share. The salient
dates are as follows:
- Declaration date Wednesday 16 February 2005
- Last date to trade `cum` dividend Friday 11 March 2005
- Date trading commences `ex` dividend Monday 14 March 2005
- Record date Friday 18 March 2005
- Date of payment Tuesday 22 March 2005
Share certificates may not be dematerialised or rematerialised between Monday 14
March 2005 and Friday 18 March 2005, both days inclusive.
PROSPECTS
The group remains well poised to continue to enhance value for all stakeholders.
Brandcorp continues to seek and pursue meaningful acquisitions as well as to
complete its empowerment initiatives.
On behalf of the board,
Colin Datnow Brad Taurog
Chief Executive Financial Director
16 February 2005
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Ltd
Ground Floor
70 Marshall Street
Johannesburg, 2001
Secretary and Registered Office
Light and Livingstone Financial Services CC
3rd Floor, Palm Grove
196 Louis Botha Avenue
Houghton Estate, 2198
DIRECTORS:
CS Datnow
S Ellerine*
JD Goldberg
JC Livingstone*
HB Marcus
BD Taurog
M Yachad*
(*Non-executive)
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