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Omnia - Abridged Audited Consolidated Financial Statements For The Year Ended 31

Release Date: 07/09/2004 15:10:05      Code(s): OMN
OMNIA - ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
        MARCH 2004                                                              
OMNIA HOLDINGS LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1967/003680/06)                                           
Share Code: OMN                                                                 
ISIN : ZAE000005153                                                             
("Omnia" or the "Company")                                                      
ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH  
2004                                                                            
Introduction                                                                    
The company published its reviewed provisional results for the year ended 31    
March 2004 on 21 June 2004 and distributed its annual report to shareholders of 
the company on 1 September 2004.   The annual report contains modifications to  
the aforementioned provisional results, as outlined below.                      
The restated results include the net cost of a property owning entity within    
Prochem, the details of which were finalised subsequent to the Prochem          
acquisition, not taken account of in the reviewed provisional results. The      
impact of this transaction is not material and has no impact on the company"s   
income statement, earnings, headline earnings or net asset value per share. It  
only affects certain items in the balance sheet and cash flow statement, as     
indicated below.                                                                
CONDENSED CONSOLIDATED BALANCE SHEETS                                           
As at 31 March 2004                                                             
                          Reviewed                                              
                      provisionals                   Audited      Audited       
R"000                         2004    Adjustment        2004         2003       
Assets                                                                          
Property, plant and                                                             
equipment                  534 240        36 285     570 525      451 996       
Intangible assets          460 958                   460 958       14 761       
Unlisted investments                                                            
and loans                       60                        60          127       
Current assets           1 074 300                 1 074 300      848 513       
                         2 069 558        36 285   2 105 843    1 315 397       
Equity and liabilities                                                          
Ordinary shareholders"                                                          
equity                     715 529                   715 529      578 114       
Minority interest            2 005                     2 005        2 366       
Deferred taxation           62 935                    62 935       57 499       
Non-current interest                                                            
bearing debt               142 637        19 958     162 595       17 349       
Current liabilities      1 146 452        16 327   1 162 779      660 069       
2 069 558        36 285   2 105 843    1 315 397       
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS                                     
For the year ended 31 March 2004                                                
                          Reviewed                                              
provisionals                   Audited      Audited       
R"000                         2004    Adjustment        2004         2003       
Operating profit           332 447                   332 447      430 375       
Depreciation and                                                                
amortisation                71 228                    71 228       37 481       
Adjustment for                                                                  
non-cash items            ( 72 640)                 ( 72 640)    ( 77 638)      
Finance costs and                                                               
taxation                 ( 159 768)                ( 159 768)    ( 55 923)      
Generated from working                                                          
capital                     71 101        11 000      82 101       73 833       
Available from                                                                  
operations                 242 368        11 000     253 368      408 128       
Dividends paid            ( 28 584)                 ( 28 584)    ( 49 743)      
Cash inflow from                                                                
operating activities       213 784        11 000     224 784      358 385       
Cash outflow from                                                               
investing activities     ( 671 226)     ( 36 285)   ( 707 511)   ( 96 576)      
Purchase of business     ( 593 779)                 ( 593 779)   ( 18 126)      
other investing                                                                 
activities                ( 77 447)     ( 36 285)   ( 113 732)   ( 78 450)      
Cash outflow from                                                               
financing activities       193 789        25 285      219 074    ( 47 674)      
Net increase in cash     ( 263 653)                 ( 263 653)    214 135       
Net cash/(overdrafts)                                                           
at beginning of year       281 967                    281 967      57 097       
Effects of exchange                                                             
rate movements               3 436                      3 436      10 735       
Net cash at end of year     21 750                     21 750     281 967       
CONDENSED CONSOLIDATED INCOME STATEMENTS                                        
For the year ended 31 March 2004                      Audited     Audited       
R"000                                                    2004        2003       
Revenue                                             3 278 590   2 315 078       
Cost of sales                                      (2 253 656) (1 376 023)      
Gross profit                                        1 024 934     939 055       
Operating costs before depreciation                                             
and net of other income                            ( 621 259)  ( 471 199)      
EBITDA                                                403 675     467 856       
Depreciation and amortisation                                                   
of intangible assets other than goodwill             ( 63 120)   ( 37 481)      
Amortisation of goodwill                              ( 8 108)                  
Operating profit                                      332 447     430 375       
Finance costs                                                                   
- Net interest paid                                  ( 35 323)   ( 15 922)      
- Net monetary loss                                   ( 4 077)    ( 8 862)      
Fair value loss on financial instruments             ( 50 609)                  
- Forward contract transactions not                                             
qualifying as hedges                                 ( 45 363)   ( 25 128)      
- Other financial instruments                         ( 5 246)                  
Profit before taxation                                242 438     380 463       
Taxation                                             ( 75 770)  ( 139 708)      
Profit after taxation                                 166 668     240 755       
Minority interest                                      (  505)     (  846)      
Net profit for the year                               166 163     239 909       
Amortisation of goodwill                                8 108                   
Headline earnings                                     174 271     239 909       
SEGMENTAL ANALYSIS                                                              
For the year ended 31 March 2004                                                
                                                     Audited      Audited       
R"000                                                   2004         2003       
Revenue                                            3 278 590    2 315 078       
Agriculture                                        1 778 720    1 928 184       
  - Less: Intersegmental sales                     ( 169 085     (128 759)      
Mining                                               577 445      421 559       
Chemical                                           1 095 969       94 094       
  - Less: Intersegmental sales                       ( 4 459)                   
Operating profit                                     332 447      430 375       
Agriculture                                          203 690      373 536       
Mining                                                64 238       49 126       
Chemicals                                             64 519        7 713       
Statements of Changes in Ordinary Shareholders" Equity                          
                                       Non-                                     
Stated      distributable   Retained                 
R"000                     capital      reserves        earnings     Total       
At 1 April 2002            64 017      95 290           305 985   465 292       
Net profit attributable                                                         
to ordinary shareholders                                239 909   239 909       
Increase in foreign                                                             
currency translation reserve         ( 70 918)                   ( 70 918)      
Treasury shares           ( 6 865)                                ( 6 865)      
Ordinary dividends paid                                ( 49 304) ( 49 304)      
At 31 March 2003           57 152      24 372           496 590   578 114       
Net impact of adoption                                                          
of AC133                                                  1 264     1 264       
At 1 April 2003 restated   57 152      24 372           497 854   579 378       
Net profit attributable                                                         
to ordinary shareholders                                166 163   166 163       
Decrease in foreign currency                                                    
translation reserve                   (40 432)                    (40 432)      
Ordinary shares issued     35 632                                  35 632       
Treasury shares             2 506                                   2 506       
Ordinary dividends paid                                 (27 718)  (27 718)      
At 31 March 2004           95 290     (16 060)          636 299   715 529       
Notice of annual general meeting                                                
Notice is hereby given that the annual general meeting of the company will be   
held on the 1st Floor, Omnia House, 13 Sloane Street, Epsom Downs, Bryanston,   
Johannesburg on Thursday, 30 September 2004 at 10:00 to transact the business as
stated in the notice of annual general meeting included in the Annual Report.   
Accounting policies                                                             
Accounting policies adopted for purposes of this reporting period comply with   
South African Statements of Generally Accepted Accounting Practice as well as   
with applicable legislation. Other than the implementation of AC133, the        
accounting policies are consistent with those adopted in the prior financial    
year.                                                                           
Auditors report                                                                 
The consolidated results for the year ended 31 March 2004 were audited by the   
company"s external auditors, PricewaterhouseCoopers Inc, Chartered Accountants  
(SA), and their unqualified audit opinion is available for inspection at the    
company"s registered office.                                                    
Johannesburg                                                                    
7 September 2004                                                                
Date: 07/09/2004 03:10:13 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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