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Marshalls - Abridged Statement
MARSHALLS LIMITED
Formerly MARSHALLS CONTROLLING INVESTMENTS LIMITED)
Registration number 1987/002656/06)
Share codes: MSS/MRN
ISIN numbers: ZAE000031225/ZAE000031233
5 May 2005
ABRIDGED REPORT ON THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 31
DECEMBER 2004
Restatement of certain financial figures.
Set out below is a restatement of the unaudited provisional reviewed results for
the year ended 31 December 2004 dated 3 March 2005. The restatement primarily
relates to the reclassification of items of expenditure and revenue. This
affects the amount disclosed as `Revenue` in the income statement. Operating
profit before interest remains unchanged.
BALANCE SHEET AT 31 DECEMBER 2004
UNAUDITED AUDITED RESULTS
PROVISIONAL 2004
REVIEWED
RESULTS
2004
R`000 R`000
ASSETS
NON-CURRENT ASSETS 82,676 82,678
Investment property 66,573 66,573
Property, plant and equipment 929 931
Other investments 15,174 15,174
Deferred taxation - -
CURRENT ASSETS 8,110 8,109
Trade receivables and loans 4,609 615
Bills receivable 3,992
Taxation -
Bank and cash balances 3,501 3,502
TOTAL ASSETS 90,786 90,787
EQUITY AND LIABILITIES
Equity and reserves 71,218 71,218
Share capital 11,504
Share premium 15,305
Non-distributable reserves 29,336
Distributable reserves 15,073
NON-CURRENT LIABILITIES 15,628 15,628
Debentures debt portion
Interest bearing borrowings 15,589 15,589
Deferred taxation 39 39
CURRENT LIABILITIES 3,940 3,941
Trade payables 2,872 2,224
Current portion - interest bearing borrowings 591
Bank overdrafts 1,068 1,069
Taxation payable 57
TOTAL EQUITY AND LIABILITIES 90,786 90,787
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004
UNAUDITED AUDITED RESULTS
PROVISIONAL 2004
REVIEWED
RESULTS
2004
R`000 R`000
Revenue 20,026 18,634
Operating profit before interest 5,686 5,686
Interest received 28 28
Interest paid (2,534) (2,534)
Operating profit after interest 3,180 3,180
Non-operating profit items 6,864
Surplus from revaluation of investment 6,372
properties
Net surplus on disposal of listed investments 180
Surplus on disposal of unlisted investments 312
Profit before taxation 10,044 10,045
Taxation 1,676 1,676
Profit for the year 8,368 8,368
Earnings per share (cents) 48.2 48.2
Headline earnings per share (cents) 12.5 12.5
Dividends per share (cents) 10.0 10.0
Dividend cover (times) 4.8 4.8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2004
UNAUDITED AUDITED RESULTS
PROVISIONAL 2004
REVIEWED
RESULTS
2004
GROUP R`000 R`000
Share capital 26,809 11,504
Share premium 15,305
Non-distributable reserves 29,336 29,336
Balance at beginning of year 26,709 26,710
As previously reported 21,324 21,324
Effect of prior year adjustment 5,385 5,386
Transfer from distributable reserves 3,454 3,454
Currency transaction movement (827) (828)
Transfer to distributable reserves - -
Distributable reserves 15,073 15,073
Balance at beginning of year 12,327 12,327
As previously reported 12,207 12,207
Effect of prior year adjustment 120 120
Profit for the year 8,368 8,369
Dividends paid (1,737) (1,737)
Transfer of surplus on property revaluation to (3,454) (3,454)
non-distributable reserve
Unrealised deficit on revaluation of listed (244) (244)
investments
Transfer from non-distributable reserve - -
Net deficit on disposal of listed investments (187) (187)
Equity reserves at end of year 71,218 71,218
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004
UNAUDITED AUDITED RESULTS
PROVISIONAL 2004
REVIEWED
RESULTS
2004
GROUP R`000 R`000
Cash inflow /(outflow)from operating 7,850 7,852
activities
Net interest and taxation paid
(3,518) (3,519)
Operating Cash inflow /(outflow)
4,332 4,333
Dividends paid (1,737) (1,737)
Net cash inflow /(outflow) from operating
activities
2,595 2,596
Net cash inflow /(outflow) from investing and
financing activities
(460) (460)
Net cash inflow /(outflow) for the year
2,135 2,136
SEGMENTAL REPORT
UNAUDITED AUDITED RESULTS
PROVISIONAL 2004
REVIEWED
RESULTS
2004
GROUP R`000 R`000
Revenue
Properties division 18,486 17,184
Confirming division 1,161 1,071
Investment division 379 379
20,026 18,634
Operating profit before interest
Properties division 4,636 4,636
Confirming division 903 903
Investment division 147 147
5,686 5,686
ANNUAL GENERAL MEETING
The annual report will be mailed to shareholders on 18 May 2005 along with the
notice of annual general meeting. The annual general meeting will be held on
Tuesday 28 June 2005 at 09:00 in the boardroom at 11 Sunbury Park, La Lucia
Ridge Office Estate, La Lucia, Durban, 4319.
For and on behalf of the directors
DC Marshall
PN Lonsdale
ME Stewart
BA Hose
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Sponsor and Corporate Finance Advisor
Imara Corporate Finance South Africa (Pty) Limited
By order of the board
16 May 2005
Date: 16/05/2005 03:19:08 PM
Produced by the JSE SENS Department
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