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CRM
CRM
Ceramic - Posting of Ceramic"s annual report and details of the AGM
Ceramic Industries Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/008520/06)
Share code: CRM
ISIN NUMBER: ZAE 000008538
("Ceramic" or "the Company")
Posting of Ceramic"s annual report and details of the annual general meeting
In compliance with section 3.22 of the JSE Limited Listings Requirements,
information regarding the annual report and annual general meeting is set out
below.
Annual report
Further to Ceramic"s reviewed preliminary financial results for the year ended
31 July 2006 ("preliminary results"), published on 12 September 2006, the
annual report was posted on Tuesday 31 October 2006. The annual report
contains the following modifications to the aforementioned published reviewed
results:
1. Balance sheet
The "equity and liabilities" section of the balance sheet is shown as follows
in the annual report:
2006
R"000s
EQUITY AND LIABILITIES
Shareholders" equity 846 246
Ordinary shareholders" interest 838 223
Share capital 64 962
Shares held by share trust (84 811)
Share awards reserve 3 354(1)
Reserves 44 961
Retained earnings 809 757
Minority shareholders" interest 8 023
Share capital was stated as R65 045 000 in the preliminary results while the
share awards reserve was stated as R3 271 000. The difference of R83 000 is
for options exercised during the year which in terms of IFRS2 is more
appropriately shown in the share awards figure.
2. Cash flow statement
The cash flow statement as set out in the annual report is as follows:
2006
R"000s
CASH GENERATED BY/(UTILISED IN) OPERATIONS 339 660
Financial income 21 905
Financial expenses (10 440)
Dividends paid (84 856)
Taxation paid (68 233)
Net cash inflow/(outflow) from operating
activities 198 036
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment
to expand operations (117 144)
Proceeds from disposal of property, plant
and equipment 17 184
Net cash proceeds on disposal of
subsidiary 1 568
Net cash paid to acquire subsidiary (25 889)
Net cash (outflow)/inflow from investing
activities (124 281)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash outflow from share trust dealings (18 624)
Borrowings repaid (4 303)
Shareholders" loans raised 7
Net cash(outflow)/inflow from financing
activities (22 920)
Movement in cash and cash equivalents 50 835
Cash and cash equivalents at beginning of
year 191 888
Cash and cash equivalents at end of year 242 723
The above cash flow contains more detail than the condensed version presented
with the preliminary financial results in order to more fairly present the
cash flows for the year ended 31 July 2006.
The following items which, were offset in the condensed cash flow statement
are now disclosed in the above figures:
The net cash paid to acquire the subsidiary was under stated by R5.3 million
and cash generated by operations understated by R5.3 million in the condensed
cash flow statement.
A R4,1 million taxation adjustment due to the tax treatment regarding a
temporary difference arising with regard to working capital.
An adjustment of R6.4 million due to the reclassification of the non cash flow
effect on the conversion of the shareholders loans into equity in National
Ceramic Industries Australia Pty Ltd.
A R6.2 million reclassification of non cash flow items relating to the
disposal of the subsidiary from investing activities (proceeds from disposal
of property plant and equipment) to cash generated by operations.
R0.9 million of translation differences realised on the disposal of a
subsidiary have been reclassified from cash generated from operations to
proceeds on disposal of subsidiary.
Annual general meeting
The annual general meeting of the shareholders of Ceramic will be held at
14h00 on Friday, 1 December 2006 at the Company"s registered office, Farm 2,
Old Potchefstroom Road, Vereeniging, 1930 to transact the business as stated
in the notice of the annual general meeting forming part of the annual report.
Vereeniging
9 November 2006
Sponsor
Nedbank Capital
Date: 09/11/2006 05:29:15 PM Produced by the JSE SENS Department
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