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Yorkcor - Audited results for the year ended 31 December 2004
The York Timber Organisation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code YRK ISIN ZAE000008108
(`Yorkcor` or `the company`)
Audited results for the year ended 31 December 2004
Abridged group income statement
31 December 31 December
2004 2003
R000 R000
Revenue 179 658 134 359
Operating profit before finance cost,
depreciation and taxation 23 698 12 814
DWAF compensation award - 29 729
Less write off investment in York Lumber - (1 344)
Finance cost (1 361) (1 824)
Depreciation (3 899) (2 972)
Taxation (7 328) (2 552)
Profit after taxation 11 110 33 851
Minority interests (107) (578)
Profit attributable to ordinary shareholders 11 003 33 273
Headline earnings per ordinary share (cents) 82,9 11,6
DWAF compensation award - 257,1
Surplus on disposal of investment property 0,6 11,1
Increase in fair value of investment property 14,7 21.0
Increase in fair value of listed investment 1,5 0,6
Earnings per ordinary share (cents) 99,7 301,4
Number of ordinary shares in issue (000`s) 11 040 11 040
Abridged cash flow statement
31 December 31 December
2004 2003
R000 R000
Net cash inflow/(outflow) from operating
activities 53 982 (4 264)
Net cash (outflow) from investing
activities (8 594) (5 382)
Net cash (outflow)/inflow from financing
activities (2 195) 7 792
Net increase/(decrease) in bank balances
and cash 43 193 (1 854)
Bank balances and cash at beginning of
period 5 539 7 393
Bank balances and cash at end of the period 48 732 5 539
Abridged group balance sheet
31 December 31 December
2004 2003
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 57 641 52 193
Investment property 6 364 11 769
Long-term receivables and investments 10 504 3 707
74 509 67 669
Current assets 89 233 40 378
DWAF compensation award - 37 438
Total assets 163 742 145 485
Equity and liabilities
Issued capital 3 612 3 612
Non-distributable reserves 21 611 21 396
Distributable reserves 69 022 58 595
Total equity 94 245 83 603
Minority interest 2 750 2 643
Non-current liabilities
Interest bearing borrowings 7 895 10 379
Shut-down provision 9 053 9 053
Deferred tax 11 883 10 817
Current liabilities 37 916 28 990
Total equity and liabilities 163 742 145 485
Net asset value per share (cents) 853,6 757,2
Statement of changes in shareholders` funds
31 December 31 December
2004 2003
R000 R000
Shareholders` funds at beginning
of period 83 603 51 643
Profit for the period 11 003 33 273
Adjustment of deferred tax on asset revaluation (361) -
Revaluation of property, plant and equipment - (1 612)
Increase in valuation of listed investment - 299
Shareholders` funds at 31 December 2004 94 245 83 603
Basis of preparation
These audited Group financial results for the year ended 31 December 2004
constitute a summary of the Group`s unqualified audited financial statements.
They have been prepared on the historical cost basis, except for the revaluation
of property and certain plant and machinery, investment property and financial
instruments, and conform with South African Statements of Generally Accepted
Accounting Practice and the Companies Act in South Africa.
The Group`s financial report for the year will be posted on 23 March 2005. The
signed unqualified auditors` report issued by KPMG Inc. for the year is
available for inspection at the company`s registered address. The principal
accounting policies are consistent with those adopted in the
previous period.
Corporate governance
The Group subscribes to and complies, in all material respect, with the code on
Corporate Practices and Conduct as contained in the second King
Report on Corporate Governance.
Listings requirements
This announcement has been prepared in compliance with the Listings Requirements
of the JSE Securities Exchange South Africa (the `JSE`).
Review of operations
The results show a group profit before taxation of R18 438 000 compared with R36
403 000 for the previous year, which included the arbitration award after
provisions, of R29 729 000 for the year. The 2004 group profit attributable to
operations, before depreciation amounted to a record of R17 286 000 (2003: R12
227 000, excluding the net arbitration award).
Annual General Meeting
The Annual General Meeting will be held at 11:00 on Friday, 22 July 2005.
Pretoria
23 March 2005
Directors:
Executive directors: S Tucker, ISD Tucker, AC de Villiers, LS Cooper
Independent non-executive directors: S Motlana, Dr J Kopp, N Motlana
Non-executive director: Dr MJC Van Vuuren
Date: 23/03/2005 11:59:15 AM
Produced by the JSE SENS Department
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