Wrap Text
Unaudited results for the six months ended 31 December 2015
JASCO ELECTRONICS HOLDINGS LIMITED
Registration number 1987/003293/06
JSE share code: JSC
ISIN: ZAE000003794
("Jasco" or "the company" or "the group")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 December 2014
1. INTRODUCTION
Operational performance
In Jasco's first reporting period post the group's finalisation of its three-year restructure,
the group was negatively impacted by extensive strike action during July 2014 in the
Metals & Engineering Industries sector. The strike had a negative impact of R5,8 million
on profit before interest and taxation (PBIT) for the six months to 31 December 2014,
resulting in PBIT decreasing by 40% to R7,7 million from R12,8 million in
December 2013. Excluding the impact of the strike, PBIT for the six months to
December 2014 would have been up 5% on last year.
The main focus during the first half was therefore on recovering the lost sales volumes in
the businesses worst affected by the strike, as well as continued cost reductions.
As was the case in the preceding six months to June 2014, market conditions remained
challenging, with certain key customer orders delayed and increased competition in the
market.
Domestic Medium Term Note Programme ("DMTN Programme" or "corporate bond")
The group completed its first R100 million listing on the JSE's Interest Rate Market
with effect from 29 January 2015 under its R750 million DMTN Programme
(dated 4 November 2013). The term of the corporate bond is for a three-year period
and is priced at JIBAR plus 3,25% (equivalent to the prime interest rate). The interest
coupon is payable quarterly.
Redemption of preference shares
The preference share obligation of R90 million owing to AfroCentric Investment
Corporation Limited ("AfroCentric"), classified as a current liability at the last financial
year end, was redeemed on 30 January 2015 by applying the proceeds from the
corporate bond.
New group structure
As outlined at year end, the group structure was further refined in line with the objective
that each business unit had to reach a minimum revenue of R150 million after the three-
year restructure, or be incorporated into other businesses within the stable.
Consequently, the business units that did not meet the target were combined as lines of
business into larger business units. ICT Networks, Security Solutions and Power Solutions
therefore now form part of two larger business units.
For the financial year ending 30 June 2015 the new Jasco structure therefore comprises
of:
- Carrier Carrier RF, Hi-Sites and Carrier Solutions
- Enterprise Contact Centres, Security Solutions and Converged Solutions
- Intelligent Technologies Power, Broadcast, Property Technology Management (PTM)
and Data centres (Co-location Solutions)
- Electrical Manufacturers Contract manufacturers to the appliances market
Reclassification of investment in M-TEC
The group has a 51% shareholding in its associate, M-TEC, with Taihan Electric Wire
Co. Limited ("Taihan") of Korea holding the remaining 49% interest. Jasco acquired its
51% equity stake in M-TEC in May 2008, although without control, which remained in
the hands of Taihan.
As reported previously, in line with the group's commitment to exit this investment,
the investment was classified as "held for sale" from 1 February 2013 for International
Financial Reporting Standards (IFRS) reporting purposes. Accordingly, Jasco stopped
equity accounting for this investment in its consolidated accounts for the June 2013
and June 2014 financial years. However, as Jasco has not been able to conclude the
disposal of the asset within the timeframe required to continue holding it as an asset held
for sale, the investment in M-TEC is now again equity accounted in Jasco's results and no
longer classified as "held for sale".
In terms of IFRS, and specifically IFRS 5 – Non-current Assets Held for Sale and
Discontinued Operations - if the criteria for "held for sale" are no longer met, Jasco's
financial statements for the periods since classification as "held for sale" have to be
amended accordingly. This therefore requires a restatement of the prior year's unaudited
interim December 2013 and audited year-end June 2014 results.
The following table quantifies the effect of the restatement on the previously reported
statements of comprehensive income:
R'000 December 2013 June 2014
Reported Restated Reported Restated
Unaudited Unaudited Audited Unaudited
Equity accounted income
from associate – 335 – 110
Profit attributable to ordinary
shareholders 6 920 7 255 5 306 5 416
Earnings per share (EPS)
(cents) 4,9 5,1 3,1 3,1
Headline earnings 7 514 7 849 862 972
Headline earnings per share
(HEPS) (cents) 5,3 5,6 0,5 0,7
The impact of equity accounting M-TEC again is an after tax profit contribution of
R0,3 million for the six months to December 2013 and R0,1 million for the year ended
June 2014. Accordingly, the unaudited EPS and HEPS improved by 0,2 cents and
0,3 cents respectively for the six months to December 2013.
The following table quantifies the effect of the restatement on the previously reported
statements of financial position:
R'000 December 2013 June 2014
Reported Restated Reported Restated
Unaudited Unaudited Audited Unaudited
Non-current asset held for
sale 116 000 – 116 000 –
Investment in associate – 116 335 – 116 110
The impact of the reclassification is not material to the financial position at
31 December 2013 or at 30 June 2014.
The financial commentary that follows provides like-for-like comparisons to the restated
prior corresponding period.
2. FINANCIAL OVERVIEW
Statement of comprehensive income
Headline earnings and HEPS decreased by 82% and 88% respectively, to R1,4 million
(restated December 2013: R7,8 million) and 0,7 cents per share (restated
December 2013: 5,6 cents per share).
The EPS was similarly down 88% to 0,6 cents per share (restated December 2013:
5,1 cents per share). The weighted average number of shares in issue was up from
141,3 million shares to 213,3 million shares following the rights issue of 72 million
shares in January 2014.
Group revenue of R502,3 million was 5,3% down (December 2013: R530,4 million).
The revenue from the bolt-on acquisitions in the Enterprise business partially offset the loss
of revenue from the automotive business sold by the Electrical Manufacturers business
during the previous financial year. With the exception of the Intelligent Technologies
business unit, all other business units were down on the comparative period due to the
strike action and delayed projects. Refer to the operational review for further information.
Group profit before interest and taxation decreased by 40% from R12,8 million in
December 2013 to R7,7 million. This was mainly due to the strike action mentioned
earlier which had a negative impact of R5,8 million on PBIT.
The net finance cost of R7,6 million was unchanged from last year and was in line with
expectations. The finance income from long-term receivables decreased from
R3,6 million last year to R2,9 million in December 2014 and relates mainly to the
group's long-term co-location contract with an African telecommunications operator.
The other main contributor to finance costs was the R4,1 million preference dividend
paid to AfroCentric (December 2013: R4,2 million).
The R1,2 million share of income from the group's associate M-TEC was substantially
higher than the R0,3 million in the comparative period. This result was achieved in
spite of the strike action and challenging market conditions which particularly impacted
M-TEC's aluminium conductor business.
The taxation credit of R0,6 million (December 2013: R1,9 million credit) was due to the
utilisation of historic assessed losses on the restructure of the group. The effective tax rate
will remain below 28% over the next financial year.
Outside shareholders' interest of R0,6 million (December 2013: R0,1 million) relates to
the share in profits generated by Co-location Solutions and the Fire Solutions businesses.
Profit attributable to ordinary shareholders therefore decreased by 82% to R1,3 million
(restated December 2013: R7,3 million).
Statement of financial position
Non-current assets and liabilities
As reported at year end, the group's preference share obligation of R90 million was
classified as a current liability due to the redemption date of 31 December 2014.
These shares were allotted to AfroCentric by Jasco Cables Investments (Pty) Ltd or "Jasco
Cables" on 23 May 2008 and were indirectly secured by the group's investment in
M-TEC. Refer to subsequent events below.
The long-term interest-bearing loans of R62,4 million (December 2013: R155,0 million)
decreased substantially due to a change in classification of the preference shares.
The balance mainly relates to the project funding from a strategic supplier to fund the
finance lease receivable for an African telecommunications operator.
Capital expenditure at R3,2 million was curtailed in the period (December 2013:
R6,9 million) and predominantly incurred by the Carrier and the Electrical Manufacturers
businesses. Plant and equipment of R57,3 million was therefore largely unchanged
(December 2013 R57,1 million).
Intangibles (including goodwill) of R108,9 million increased from R95,3 million last
year as a result of the acquisition of the Fire and Telesto (dialler) businesses. This
decreased slightly from the June 2014 position of R111,3 million due to the lower rate
of capitalising research and development costs in the current period.
The investment in associate (M-TEC) of R117,4 million (restated December 2013:
R116,3 million and restated June 2014: R116,1 million) includes the equity accounted
earnings mentioned earlier. These balances have been restated due to the change
in classification in accordance with IFRS 5 – Non-current Assets Held for Sale and
Discontinued Operations. As mentioned earlier, the investment in M-TEC is now equity
accounted again. The board is satisfied that the investment is carried at the lower of its
recoverable value or carrying value had it not been previously classified as "held for
sale".
The net deferred tax asset of R26,9 million (December 2013: R21,5 million and
June 2014: R23,9 million) relates in the main to unutilised assessed losses in Jasco's
operating subsidiaries. The conservative approach adopted in the recognition thereof
remains consistent.
Other non-current financial assets of R33,7 million (December 2013: R46,7 million)
relates mainly to the non-current portion of the group's finance lease receivable from its
annuity contract with an African telecommunications operator. The reduction was due to
the payments received in the last calendar year. Refer to the commentary below for the
operational performance of the Intelligent Technologies business.
Current assets and liabilities
Inventories on hand were R102,2 million (December 2013: R113,6 million) due to a
notable decrease in inventory levels at the Electrical Manufacturers business following
decisive management intervention. The inventory levels in the Carrier business will be the
next area of focus in the second half.
Trade and other receivables were R274,9 million (December 2013: R253,4 million).
The trade receivables of R198,5 million increased from R182,9 million in December
2013, but decreased from R208,4 million in June 2014. The age profile of the debtors'
book is healthy, with good improvements in the Security business unit where long
outstanding amounts were collected. The debtors provision of R1,6 million
(December 2013: R2,1 million) have reduced due to good collections. The provision
is considered adequate to cover specific risk trade receivables identified and any
impairment required in terms of IAS 39. The bad debt to revenue percentage is less than
1% and in line with historic levels.
Other receivables and pre-payments increased to R78,0 million (December 2013:
R72,6 million) and includes the prepaid Service Level Agreements and the current
portion of the finance lease receivable, as discussed earlier.
Current interest-bearing liabilities of R106,2 million (December 2013: R35,1 million)
increased on the reclassification of the R90 million preference shares into short term,
as discussed earlier.
Current non-interest-bearing liabilities of R226,6 million (December 2013:
R224,2 million) increased somewhat compared to R216,5 million at 30 June 2014
and is in line with the group's trade terms.
The deferred maintenance revenue of R47,0 million (December 2013: R32,5 million)
increased on prepaid Service Level Agreements from blue-chip customers, mainly in the
Enterprise business unit. It also includes a R10 million one-year Service Level Agreement
for a major telecommunications operator in the Carrier business unit. Although net
foreign currency contracts are not material, foreign currency risk is carefully managed
through a hedging programme that utilises a blend of available instruments.
Net working capital (NWC) days of 38,7 days are above the target of 30 days,
mainly due to the lower volumes in the first half. The following table compares the
December 2014 NWC to the December 2013 and June 2014 positions:
December 2014 June 2014 December 2013
Inventory 38,8 36,9 32,4
Receivables 95,0 103,0 77,9
Payables (95,1) (101,2) (80,3)
NWC days 38,7 38,8 30,0
The bank overdraft of R3,2 million decreased from R36,5 million in December 2013
and R13,5 million at the year ended 30 June 2014. This is within Jasco's facility limits.
Refer to the statement of cash flows.
Statement of cash flows
The statement of cash flows reflects an inflow in cash generated from operations
before working capital changes of R18,9 million compared to R23,6 million inflows in
December 2013. Working capital changes reflect an inflow of R3,4 million
(December 2013: R14,8 million outflows). This inflow is mainly related to the decrease
in inventory levels at the Electrical Manufacturers business and the increase in Service
Level Agreement revenues received in advance.
The net interest payment of R7,6 million (including the preference dividend) is
unchanged, while income tax payments increased from R3,0 million to R3,8 million on
improved profitability at a subsidiary level. No ordinary dividends were paid.
Total cash inflows from operating activities of R10,9 million was therefore pleasing
compared to the R1,8 million outflow in December 2013.
Investing activities saw a cash inflow of R0,5 million (December 2013: R55,0 million)
on receipts related to the finance lease, partly offset by capital expenditure and
capitalised research and development costs. The financing activities outflow of
R6,5 million (December 2013: R36,1 million) is related to the repayment of asset
financing loans and the repayment of long-term project funding.
Accordingly, the difference between the closing and opening cash balances is
an increase in cash resources to R5,0 million (December 2013: R17,0 million).
Management continues its focus on reducing stock levels where appropriate and
improving terms of supply from major trade partners.
3. OPERATIONAL REVIEW
Carriers – 35,5% of group revenue
Revenue was down 3,4% to R179,9 million (December 2013: R186,3 million),
mainly due to strike action and the ongoing slowdown in spend by the major
telecommunications operators on expected consolidation within this sector. Market share
was maintained in a mature market. Annuity revenue of R21,3 million was stable and
relates to Service Level Agreements concluded with major telecommunications operators
and the group's 34 Hi-Sites in Gauteng. Operating profit decreased by 13,4% to
R18,9 million (December 2013: R21,8 million) at an operating margin of 10,5%
(December 2013: 11,7%). The Carrier RF business was negatively impacted by the
strike action, with lost sales of R8,0 million and lost profit of R2,6 million.
Enterprise – 33,7% of group revenue
Revenue for the year decreased by 10,1% to R170,8 million
(December 2013: R190,0 million) due to a delayed project of R20,8 million, which
was subsequently received in January 2015. The annuity-based revenue was maintained
at R67,3 million (or 39% of total). The operating profit was a loss of R1,6 million
(December 2013: R3,7 million profit) and the operating margin was a negative 0,9%
due to the lower sales volumes achieved. This was in spite of reducing the cost base by
R3,1 million in the Security and by R1,6 million in the Converged Solutions businesses.
The Security business, under the Enterprise management team, has returned to
profitability with a clear focus on servicing its major customers in the financial sector.
The overhead cost base in the total Enterprise business is under further review to ensure
a return to overall profitability in the second half.
Intelligent Technologies – 14,6% of group revenue
Revenue increased by 19,2% to R73,9 million (December 2014: R62,0 million),
mainly due to the good growth in the Power Solutions business offsetting a pedestrian
performance from the Broadcast Solutions business. An additional R8,9 million was
received in the current period from a regional telecommunications operator for a
Co-Location Service Level Agreement. Annuity revenue at R24,6 million (or 33% of total)
grew from R11,9 million (or 19% of total) due to the group's platform as a service (PaaS)
hosting solutions. The operating profit of R3,3 million (December 2013:
R0,3 million) was up 997% due to the volume increase in the Power Solutions business
and the elimination of losses in the Managed Solutions business. The operating margin
was 4,5%, up from 0,5% last year.
Electrical Manufacturers – 16,1% of group revenue
The Electrical Manufacturers business saw a sharp decline in revenue of 18,1% to
R81,8 million (December 2013: R99,8 million), as it was the most severely impacted
by strike action with R9,1 million in lost sales volumes. This business also sold its
automotive business in February 2014 which contributed R12,3 million to revenue in the
prior period.
The operating profit of R5,6 million decreased by 53,8% from R12,1 million in line with
lower volumes due to the strike action with lost profit of R3,0 million and automotive,
which contributed R2,5 million profit in the corresponding period. The operating margin
of 6,8% was impacted (December 2013: 12,1%) for the same reasons.
4. PROSPECTS
Divisional prospects
Carriers
The group remains cautious given the further consolidation anticipated between the
larger telecommunications operators. At the same time the group is encouraged by
tier-two players in the market that require the group's total solutions set. The group
expects to continue market share growth through new markets in southern Africa and
focusing on growing service revenue through innovative offerings.
Enterprise
The group expects to continue with its measured East African expansion in terms of
unified communications and contact centres, with a small office being opened in
Nairobi in Kenya. The expansion is based on secured customer orders. The group's
cloud solutions are maturing, with software as a service (SaaS) going to market. The
Security business will maintain its focus on its major customers and the Fire Solutions
business will be expanded aggressively, with regional growth in Gauteng planned.
Overhead cost reductions will continue across the business and a new ERP system will
be implemented.
Intelligent Technologies
The group expects growth in the Intelligent Technologies business to come from the
continued shift within corporate South Africa to managed services and hosted solutions
models. Jasco will take advantage of this shift through its professional services offering
and combined products. In the Smart Buildings business, the group will continue to grow
annuity income and expand the Power Solutions business by offering remote monitoring
and renewables. The Property Technology Management business will continue to drive
rooftop and off-grid solutions. The Data Centre business will evaluate joint ventures to
drive growth and will take advantage of growing demand for Data Connectivity and
infrastructure and platform as a service (IaaS and PaaS). The group will continue the
evaluation of smart water management and monitoring technologies.
Electrical Manufacturers
The prospects for the Electrical Manufacturers business are encouraging, even though
this business unit was severely impacted by the strike action during July 2014.
Demand for domestic appliances continues to increase on growing exports by our major
customer. Although this should support the operating profit, input cost pressures on raw
materials, direct labour and electricity in the local market will impact profitability.
Group prospects
The group's home market of South Africa will continue to remain challenging, with low
growth and a volatile labour environment. Against this, further costs will be cut and
geographic and market diversification continued on a measured basis. As outlined
before, the full impact of the restructure will start flowing through from 2015.
Jasco's main focus in the short term will be on delivering profitable results enabled by the
more efficient group structure. Key activities include:
- continue to recover the lost volumes due to the strike action;
- exit low value-adding manufacturing in a systematic way, with a particular focus on M-TEC;
- address the under-performing Enterprise business;
- continue expansion in Africa by leveraging off the recently established base in Kenya;
- further develop Jasco's annuity business;
- continue to increase the range of products and services sold to existing customers as part of cross-selling activities;
- target large corporate and public (SOE) entities with a focus on energy optimisation;
- improve gross margins through a group strategic procurement initiative and extracting greater efficiency from productive heads; and
- exit any other non-core businesses.
Shareholders are advised that any forward-looking information or statements contained
in this announcement have not been reviewed or reported on by Jasco's independent
auditors.
5. SUBSEQUENT EVENTS
As announced on SENS on 29 January 2015, the group completed its corporate bond
issue of R100 million which funded the redemption of the preference share obligation
– redeemed in full on 30 January 2015. This is described in more detail in the above
commentary.
There were no other subsequent events.
6. CHANGES TO THE BOARD
There were no changes to the board during the period.
The company secretary, Mrs Shireen Lutchan, resigned with effect from 2 January 2015,
as announced on SENS on 6 January 2015. The chief financial officer, Mr W Prinsloo,
has expanded his permanent role to include acting as interim company secretary until a
replacement is appointed.
For and on behalf of the board
Dr ATM Mokgokong (Non-executive chairman)
AMF da Silva (Chief executive officer)
WA Prinsloo (Chief financial officer)
16 February 2015
BASIS OF PREPARATION OF INTERIM RESULTS
The unaudited results comply with IAS 34 – Interim Financial Reporting. The accounting
policies and methods of computation used in the preparation of this report are consistent
with those used in the preparation of the annual financial statements for the year ended
30 June 2014, which comply with International Financial Reporting Standards ("IFRS"),
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and Financial Pronouncements as issued by the Financial Reporting Standards Council,
the Listings Requirements of the JSE Limited and the Companies Act (2008) of South
Africa.
Fair value of financial instruments
The fair values of financial instruments are determined using appropriate valuation
techniques, including recent market transaction and other valuation models,
have been applied and significant inputs include exchange rates. The group only
has assets that are carried at fair value in level 2. There is no difference between
the fair value and carrying value of financial instruments not presented below
due to either the short-term nature of these items, or the fact that they are priced
at variable interest rates.
Fair value hierarchy
Financial instruments carried at fair value in the statement of financial position (R'000):
– Financial assets at fair value through profit or loss 531
– Financial liabilities at fair value through profit or loss –
SUMMARISED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited
Unaudited (Restated) (Restated)
Dec 2014 Dec 2013 % Jun 2014
(R'000) 6 months 6 months change 12 months
Revenue 502 325 530 369 (5,3) 1 1 043 185
Turnover 499 398 526 730 (5,2) 1 1 035 382
Interest received 2 927 3 639 (19,6) 7 803
Operating profit before
interest and taxation 7 705 12 759 (39,6) 17 594
Interest received 2 927 3 639 (19,6) 7 803
Interest paid (10 544) (11 284) (6,6) (22 347)
Equity accounted income from associate 1 243 335 271,0 110
Profit before taxation 1 331 5 449 (75,6) 3 160
Taxation 623 1 949 (68,0) 3 480
Profit for the period/year 1 954 7 398 (73,6) 6 640
Other comprehensive income – – –
Total comprehensive income for
the period/year 1 954 7 398 (73,6) 6 640
Profit attributable to:
– non-controlling interest 610 143 326,6 1 224
– equity holders of the parent 1 344 7 255 (81,5) 5 416
Profit for the period/year 1 954 7 398 (73,6) 6 640
Total comprehensive income attributable to:
– non-controlling interest 610 143 (326,6) 1 224
– equity holders of the parent 1 344 7 255 (81,5) 5 416
Total comprehensive income for
the period/year 1 954 7 398 (73,6) 6 640
Reconciliation of headline earnings
Net earnings attributable to equity holders
of the parent 1 344 7 255 (81,5) 5 416
Headline earnings adjustments 43 594 92,8 (4 444)
– profit on disposal of Automotive
business unit – – (4 289)
– Net after-tax loss/(profit) on disposal of
fixed assets 43 594 (155)
Headline earnings 1 387 7 849 (82,3) 972
Number of shares in issue ('000) 218 399 146 399 218 399
Treasury shares ('000) 5 129 5 127 5 129
Weighted average number of shares
on which earnings per share is
calculated ('000) 213 270 141 272 172 832
Dilutive shares
– Total potential shares to be issued to
settle Telesto purchase price ('000) 2 985 – –
Weighted average number of shares
on which diluted earnings per share
is calculated ('000) 216 255 141 272 172 832
Ratio analysis
Attributable earnings (R'000) 1 344 7 255 (81,5) 5 416
EBITDA (R'000) 18 934 23 602 (19,8) 34 769
Earnings per share (cents) 0,6 5,1 (87,7) 3,1
Diluted earnings per share (cents) 0,6 5,1 (87,9) 3,1
Headline earnings per share (cents) 0,7 5,6 (88,3) 0,6
Diluted headline earnings per share (cents) 0,6 5,6 (88,5) 0,6
Net asset value per share (cents) 135,0 164,7 (18,0) 134,4
Net tangible asset value per share (cents) 83,9 97,2 (13,7) 82,2
Debt:Equity (%) 58,2% 81,7% 61,5%
Interest cover (times) 1,0 1,7 (40,5) 0,9
EBITDA interest cover (times) 2,5 3,1 (19,8) 2,4
SUMMARISED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Unaudited
Unaudited (Restated) (Restated) (Restated)
(R'000) Dec 2014 Dec 2013 Jun 2014 Jun 2013
ASSETS
Non-current assets 344 205 336 988 357 300 343 073
Plant and equipment 57 319 57 113 59 541 56 200
Intangible assets 108 944 95 275 111 286 94 143
Investment in associates 117 353 116 335 116 110 116 000
Deferred income tax 26 888 21 534 28 994 24 246
Other non-current assets 33 701 46 731 41 369 52 484
Non-current assets held for sale – – – 23 611
Current assets 391 060 379 906 388 951 510 521
Inventories 102 217 113 631 96 722 114 522
Trade and other receivables 274 904 253 384 273 298 377 291
Short-term portion of other non-current
assets 12 401 11 058 11 896 1 118
Taxation paid in advance 1 538 1 833 1 659 10 510
Cash and cash equivalents – – 5 376 7 080
Total assets 735 265 716 894 746 251 877 205
EQUITY AND LIABILITIES
Shareholders' equity 289 639 232 639 287 692 238 068
Non-current liabilities 62 777 155 950 75 533 168 167
Interest-bearing liabilities 62 429 154 964 68 887 163 030
Deferred maintenance revenue 348 986 1 568 1 578
Deferred income tax – – 5 078 3 559
Non-current liabilities held for sale – – – 36 175
Current liabilities 382 849 328 305 383 026 434 795
Interest-bearing liabilities 106 190 35 131 108 093 48 209
Bank overdraft 3 156 36 475 13 486 60 602
Non-interest-bearing liabilities 226 553 224 206 216 531 297 797
Deferred maintenance revenue 46 950 32 493 43 308 24 821
Taxation liability – – 1 608 3 366
Total equity and liabilities 735 265 716 894 746 251 877 205
SUMMARISED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited
Unaudited (Restated) (Restated)
Dec 2014 Dec 2013 Jun 2014
(R'000) 6 months 6 months 12 months
Attributable to equity holders of the parent
Opening balance 286 581 225 656 225 656
Treasury shares – Share Incentive Trust (7) -– (1)
Issue of new shares, net of cost – (301) 55 100
Share-based payment reserve – – 410
Total comprehensive income 1 344 7 255 5 416
– Profit for the period/year 1 344 7 255 5 416
– Other comprehensive income – –- –-
Closing balance 287 918 232 610 286 581
Non-controlling interests
Opening balance 1 111 12 412 12 412
Subsidiaries disposed of during the period/year – (12 526) (12 525)
Total comprehensive income 610 143 1 224
– Profit for the period/year 610 143 1 224
– Other comprehensive income – – –-
Closing balance 1 721 29 1 111
Total shareholders' equity 289 639 232 639 287 692
SUMMARISED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited
Unaudited (Restated) (Restated)
Dec 2014 Dec 2013 Jun 2014
(R'000) 6 months 6 months 12 months
Cash generated from operations before working
capital changes 18 934 23 602 35 139
Working capital changes 3 440 (14 791) (9 676)
Cash generated from operations 22 374 8 811 25 463
Net financing costs (7 617) (7 645) (14 544)
Net taxation paid (3 836) (2 979) (4 379)
Cash flow from operating activities 10 921 (1 813) 6 540
Cash flow from investing activities 498 54 967 57 393
Cash flow from financing activities (6 465) (36 107) (15 997)
Increase in cash resources 4 954 17 047 47 936
SUMMARISED SEGMENTAL REPORTS – CONSOLIDATED
31 Dec 2014 31 Dec 2013 30 June 2014
Income and Operating Operating Operating
expenses profit/ profit/ profit/
(R'000) Revenue (loss) Revenue (loss) Revenue (loss)
Carrier 179 931 18 876 186 274 21 794 371 656 46 123
Enterprise 170 780 (1 609) 190 019 3 736 352 169 (1 602)
Intelligent
Technologies 73 881 3 334 61 974 304 134 738 3 481
Electrical
Manufacturers 81 756 5 574 99 828 12 073 194 453 19 188
Sub-total
operating
divisions 506 348 26 175 538 095 37 907 1 053 016 67 190
Other – (17 202) – (23 785) 948 (51 145)
Adjustments (4 023) (1 268) (7 726) (1 363) (10 779) 1 549
Total 502 325 7 705 530 369 12 759 1 043 185 17 594
Financial
position
(R'000) Assets Liabilities Assets Liabilities Assets Liabilities
Carrier 168 393 82 716 163 866 70 689 149 833 53 322
Enterprise 148 493 87 035 137 529 85 258 149 208 96 826
Intelligent
Technologies 96 558 68 096 107 913 80 809 109 569 79 772
Electrical
Manufacturers 75 351 10 849 85 103 14 926 85 453 20 244
Sub-total
operating
divisions 488 795 248 696 494 411 251 682 494 063 250 164
Other 143 580 140 812 143 134 236 018 164 697 208 272
Adjustments 101 537 56 118 79 014 (3 445) 87 381 123
Total 733 912 445 626 716 559 484 255 746 141 458 559
Directors and secretary
Dr ATM Mokgokong (Chairman), MJ Madungandaba (Deputy Chairman),
JC Farrant*, Sir JA Sherry*, H Moolla*, D Dempers, S Bawa*
(Non-Executives), AMF da Silva (CEO), WA Prinsloo (CFO) (Executives),
WA Prinsloo (acting company secretary).
*Independent
Registered office
Jasco Park, c/o 2nd Street and Alexandra Avenue, Midrand, 1685
Transfer secretaries
Link Market Services SA Proprietary Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
Sponsor
Grindrod Bank Limited
Fourth Floor, Grindrod Tower, 8A Protea Place, Sandton, 2146
More information is available at: www.jasco.co.za
Date: 16/02/2015 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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