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CMG
CMG
Cenmag - Audited Group Results for the 12 Months ended 28 February 2006
CENMAG HOLDINGS LIMITED
(CO.REG.1987/004821/06)
(SHARE CODE: CMG & ISIN: ZAE000001533)
AUDITED GROUP RESULTS OF CENMAG AND ITS SUBSIDIARIES FOR THE 12 MONTHS ENDED 28
FEBRUARY 2006
28.02.2006 28.02.2005
Headline (loss) per share (16.71) Nil
(cents)
Profit on disposal of fixed 24.37 Nil
assets (cents)
Earnings per share (cents) 7.66 Nil
GROUP INCOME STATEMENT FOR THE 12 MONTHS ENDED 28 FEBRUARY
2006 2005
R"000 R"000
Gross revenue 20 020 26 281
Cost of sales 14 998 20 817
Gross profit 5 022 5 464
Operating costs 3 857 4 671
Operating income 1 165 793
Depreciation 123 314
Operating income 1 042 479
Net finance costs 189 436
Profit before taxation 853 43
Taxation (108) (50)
Profit / (loss) after taxation 745 (7)
Attributable to equity holders 735 (9)
of the parent
Minority interest 10 2
GROUP ABRIDGED BALANCE SHEET FOR THE 12 MONTHS ENDED 28 FEBRUARY
2006 2005
R"000 R"000
ASSETS
Non-current assets
Fixed assets 1 504 2 510
Loans receivable 109 142
Deferred taxation 189 236
Current assets 9 404 10 122
11 206 13 010
EQUITY AND LIABILITIES
Capital and reserves 6 878 6 133
Interest bearing liabilities 1 036 3 538
Interest free liabilities 3 292 3 339
11 206 13 010
STATEMENT OF CHANGES IN EQUITY
Share Share Minority Accumulated Total
capital premium interest profit
R"000 R"000 R"000 R"000 R"000
Balance 28.02.2004 96 2 090 362 3 483 6 031
Net (loss) / 2 (9) (7)
profit for the
year
Transition to IFRS 109 109
adjustment
Balance 28.02.2005 96 2 090 364 3 583 6 133
Net profit for the 10 735 745
12 months
Balance 28.02.2006 96 2 090 374 4 318 6 878
GROUP CASH FLOW STATEMENT
2006 2005
R"000 R"000
Cash flows from operating (753) 706
activities
Cash flows from investing 3 222 (5)
activities
Cash effects of financing (798) (213)
activities
Net increase in cash and cash 1 671 488
equivalents
Cash overdraft at the beginning (2 516) (3 004)
of year
Cash overdraft at end of year (845) (2 516)
COMMENT
Group profit before taxation of R853 000 is mainly attributable to the disposal
of the land and building situated in Vereeniging. The Vereeniging operation has
been relocated to Johannesburg. Trading losses incurred are attributable to the
Vereeninging operations only and relate to costs caused by relocation and labour
stay aways.
In accordance with the JSE Listings Requirements, the financial statements have
been prepared in accordance with International Financial Reporting Standards.
The only adjustment to the 28 February 2005 figures has been an adjustment to
the depreciation charge as a result the revaluation of plant and equipment. The
effect has been reflected in the statement of changes in equity.
The results have been audited by Horwath Leveton Boner, whose unqualified report
is available for inspection at the registered office of the company.
Our manufacturing operation is now housed under one roof, with a reduced staff
complement and based on our outstanding quotations, we are confident that in the
current year we will resume dividend payments.
Johannesburg
Registered Office: Cenmag House, 12 Harold Flight,
Jet Park,
PO Box 870, Isando 1600
30 May 2006
Directors: V. Farkas, C. J. B. Le Roux, .I. B. Mazibuko
Date: 30/05/2006 04:24:35 PM Produced by the JSE SENS Department
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