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Yorkcor - Audited results for the year ended 31 December 2004

Release Date: 23/03/2005 11:59
Code(s): YRK
Wrap Text

Yorkcor - Audited results for the year ended 31 December 2004 The York Timber Organisation Limited (Incorporated in the Republic of South Africa) (Registration number 1916/004890/06) Share code YRK ISIN ZAE000008108 ("Yorkcor" or "the company") Audited results for the year ended 31 December 2004 Abridged group income statement 31 December 31 December 2004 2003 R000 R000 Revenue 179 658 134 359 Operating profit before finance cost, depreciation and taxation 23 698 12 814 DWAF compensation award - 29 729 Less write off investment in York Lumber - (1 344) Finance cost (1 361) (1 824) Depreciation (3 899) (2 972) Taxation (7 328) (2 552) Profit after taxation 11 110 33 851 Minority interests (107) (578) Profit attributable to ordinary shareholders 11 003 33 273 Headline earnings per ordinary share (cents) 82,9 11,6 DWAF compensation award - 257,1 Surplus on disposal of investment property 0,6 11,1 Increase in fair value of investment property 14,7 21.0 Increase in fair value of listed investment 1,5 0,6 Earnings per ordinary share (cents) 99,7 301,4 Number of ordinary shares in issue (000"s) 11 040 11 040 Abridged cash flow statement 31 December 31 December 2004 2003
R000 R000 Net cash inflow/(outflow) from operating activities 53 982 (4 264) Net cash (outflow) from investing activities (8 594) (5 382) Net cash (outflow)/inflow from financing activities (2 195) 7 792 Net increase/(decrease) in bank balances and cash 43 193 (1 854) Bank balances and cash at beginning of period 5 539 7 393 Bank balances and cash at end of the period 48 732 5 539 Abridged group balance sheet 31 December 31 December 2004 2003 R000 R000
ASSETS Non-current assets Property, plant and equipment 57 641 52 193 Investment property 6 364 11 769 Long-term receivables and investments 10 504 3 707 74 509 67 669 Current assets 89 233 40 378 DWAF compensation award - 37 438 Total assets 163 742 145 485 Equity and liabilities Issued capital 3 612 3 612 Non-distributable reserves 21 611 21 396 Distributable reserves 69 022 58 595 Total equity 94 245 83 603 Minority interest 2 750 2 643 Non-current liabilities Interest bearing borrowings 7 895 10 379 Shut-down provision 9 053 9 053 Deferred tax 11 883 10 817 Current liabilities 37 916 28 990 Total equity and liabilities 163 742 145 485 Net asset value per share (cents) 853,6 757,2 Statement of changes in shareholders" funds 31 December 31 December
2004 2003 R000 R000 Shareholders" funds at beginning of period 83 603 51 643 Profit for the period 11 003 33 273 Adjustment of deferred tax on asset revaluation (361) - Revaluation of property, plant and equipment - (1 612) Increase in valuation of listed investment - 299 Shareholders" funds at 31 December 2004 94 245 83 603 Basis of preparation These audited Group financial results for the year ended 31 December 2004 constitute a summary of the Group"s unqualified audited financial statements. They have been prepared on the historical cost basis, except for the revaluation of property and certain plant and machinery, investment property and financial instruments, and conform with South African Statements of Generally Accepted Accounting Practice and the Companies Act in South Africa. The Group"s financial report for the year will be posted on 23 March 2005. The signed unqualified auditors" report issued by KPMG Inc. for the year is available for inspection at the company"s registered address. The principal accounting policies are consistent with those adopted in the previous period. Corporate governance The Group subscribes to and complies, in all material respect, with the code on Corporate Practices and Conduct as contained in the second King Report on Corporate Governance. Listings requirements This announcement has been prepared in compliance with the Listings Requirements of the JSE Securities Exchange South Africa (the "JSE"). Review of operations The results show a group profit before taxation of R18 438 000 compared with R36 403 000 for the previous year, which included the arbitration award after provisions, of R29 729 000 for the year. The 2004 group profit attributable to operations, before depreciation amounted to a record of R17 286 000 (2003: R12 227 000, excluding the net arbitration award). Annual General Meeting The Annual General Meeting will be held at 11:00 on Friday, 22 July 2005. Pretoria 23 March 2005 Directors: Executive directors: S Tucker, ISD Tucker, AC de Villiers, LS Cooper Independent non-executive directors: S Motlana, Dr J Kopp, N Motlana Non-executive director: Dr MJC Van Vuuren Date: 23/03/2005 11:59:15 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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