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GMF
GMF
Gencor Limited - Interim Results For The 6 Months Ended 31 December 2005
GENCOR LIMITED
Incorporated in the Republic of South Africa
Registration number 1895/001232/06
ISIN code: ZAE000013066
Share code: GMF
Directors: AS du Plessis (Chairman), JJ de Bruyn, T van Wyk
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
INCOME STATEMENT
6 months to 6 months to 12 months to
31 December 31 December 30 June
2005 2004 2005
(R million) Unaudited Unaudited Audited
Net interest 2.3 2.6 5.4
income
Net corporate (1.0) (1.9) (3.6)
costs
Forfeited 0.4 0.2 0.3
dividends
Provisions written - - 4.3
back
Profit before 1.7 0.9 6.4
taxation
Normal taxation (0.2) (0.3) 1.3
Attributable 1.5 0.6 7.7
profit
Earnings per share
Earnings per share
is calculated on
the weighted
average number of 348.6 348.6 348.6
shares in issue
(m)
and is based on 1.5 0.6 7.7
attributable
income of (Rm)
Basic, diluted and 0.4 0.2 2.2
headline earnings
(cps)
Dividends per - 3.0 3.0
share declared and
paid (cps)
STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
6 months to 6 months to 12 months to
31 December 31 December 30 June
2005 2004 2005
(R million) Unaudited Unaudited Audited
Opening balance 77.7 80.5 80.5
Attributable 1.5 0.6 7.7
income
Distributions to - (10.5) (10.5)
ordinary
shareholders
Total 79.2 70.6 77.7
shareholders"
equity
BALANCE SHEET
As at As at As at
31 December 31 December 30 June
2005 2004 2005
(R million) Unaudited Unaudited Audited
Current assets 81.4 77.6 80.4
Capital and reserves 79.2 70.6 77.7
Share capital 69.7 69.7 69.7
Retained earnings 9.5 0.9 8.0
Current liabilities 2.2 7.0 2.7
Total equity and 81.4 77.6 80.4
liabilities
CASH FLOW STATEMENT
6 months to 6 months to 12 months to
31 December 31 December 30 June
2005 2004 2005
(R million) Unaudited Unaudited Audited
Operating cash flows 2.9 (1.9) (0.9)
Dividends paid - (10.5) (10.5)
Net cash from 2.9 (12.4) (11.4)
operating activities
Other corporate 0.4 0.3 0.3
activities
Net 3.3 (12.1) (11.1)
increase/(decrease)
in cash
Closing cash balance 79.5 75.2 76.2
VALUATION
As at As at As at
31 December 31 December 30 June
2005 2004 2005
Number of Gencor shares in 348.6 348.6 348.6
issue (m)
Gencor"s closing share price 19 17 14
on JSE (cents)
Gencor"s market 66.2 59.3 48.8
capitalisation (Rm)
Net asset value per Gencor 22.7 20.3 22.3
share (cents)
NOTES TO THE FINANCIAL STATEMENTS
1. The interim report for the six months ended 31 December 2005 complies with
IAS 34: Interim Financial Reporting. The interim results for the period under
review have been prepared on the basis of all International Financial Reporting
Standards ("IFRS") and interpretations effective on 31 December 2005 and in the
manner required by the fourth schedule of the Companies Act of South Africa and
are in compliance with the Listing Requirements of the JSE Limited. The
principal accounting policies used in the preparation of the results for the six
months ended 31 December 2005 are consistent with those applied for the year
ended 30 June 2005. The adoption of IFRS had no impact on the accounting
policies of the company.
COMMENTARY
1. Rehabilitation Claims: Gencor"s shareholders have been advised previously
that during July 2003, the Bareki Tribal Authority and the Nkululeko
Environmental and Development Group ("the claimants") instituted a claim against
Gencor (and others) in which the claimants sought the rehabilitation of certain
areas of land in and around the Bute asbestos mine and Heuningvlei ("the
claim"). Gencor set aside an amount of R35 million of its cash resources as
security for the claim ("the security").
In terms of an agreement concluded on 13 January 2006 between the claimants,
Gencor and others (including the Minister of Minerals and Energy in her capacity
as the Minister responsible for the Department of Minerals and Energy):
* the claim against Gencor has been withdrawn fully and finally;
* the claimants have waived and abandoned unconditionally and irrevocably any
claims against Gencor for rehabilitation in the Bute and Heuningvlei areas;
* no payment has been or will be made by Gencor under this agreement and the
security has fallen away; and
* the Department of Minerals and Energy will undertake certain rehabilitation
work in and around Bute and Heuningvlei.
2. Cash: Gencor"s major asset comprises cash of R80 million (December 2004: R75
million).
3. Results: Gencor"s attributable income for the six months ended 31 December
2005 amounted to R1.5 million, an improvement of 150% on the R0.6 million
reported in first half of the previous financial year.
Interest revenue amounted to R2.3 million compared to the R2.6 million posted
last year and net corporate costs of R1.0 million were recorded (R1.9 million in
2004).
4. Listing: The JSE has agreed that Gencor"s listing continue, but will review
the situation again in June 2006.
5. The Way Ahead: As the outstanding rehabilitation matters have now been
resolved fully and finally, the Board will advise shareholders in the near
future on the possibility of Gencor being voluntarily liquidated.
6. Dividend: In view of the resolution of the rehabilitation claims and the
position in respect of Gencor"s distributable reserves and cash, a dividend of 2
cents per share has been declared. The payment of this dividend will reduce the
reported retained earnings and closing cash balance by R7 million.
For and on behalf of the Board
AS du Plessis (Chairman) Johannesburg
JJ de Bruyn (Director) 13 February 2006
ANNOUNCEMENT OF AN INTERIM DIVIDEND NO 157
An interim dividend No. 157 of 2 cents (2004: Nil cents) per ordinary share was
declared on 13 February 2006:
* Last day to trade cum-dividend Friday, 3 March 2006
* Trading ex-dividend commences Monday, 6 March 2006
* Record date Friday, 10 March 2006
* Payment date Monday, 13 March 2006
The dividend will be payable in the currency of the Republic of South Africa.
Share certificates may not be dematerialised or rematerialised between Monday, 6
March 2006 and Friday, 10 March 2006, both days inclusive.
REGISTERED OFFICE
KPMG Crescent, North Wing, First Floor
85 Empire Road, Parktown 2193
POSTAL ADDRESS
Postnet Suite 222, Private Bag X30500
Houghton 2041
Company secretary J Marais
JSE SPONSOR Investec Bank Limited
REGISTRARS
Computershare Investor Services 2004 (Pty) Limited
Tel: (011) 370-5000 Fax: (011) 688-5216
70 Marshall Street, Johannesburg 2001
P O Box 61051, Marshalltown 2107, South Africa
UK SHAREHOLDER ADMINISTRATION
Project Consultants Limited
Tel: +44 (01295) 690180 Fax: +44 (07092) 385307
Walnut House, Walnut Gardens, Claydon, Banbury, Oxon OX17 1NA
Date: 13/02/2006 02:46:26 PM Produced by the JSE SENS Department
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