Spur Corporation - Interim Results For The Six Mon
28 February 2002 0:00
Spur Corporation Limited
(Registration number 1998/000828/06)
Share code: SUR ISIN: ZAE000022653
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2001
KEY PERFORMANCE INDICATORS
Turnover               up 11%
Operating Profit       up 16%
Headline Earnings      up 18%
INCOME STATEMENT
                                 Unaudited              Unaudited   Audited
                                 6 months               6 months   12 months
                                 ended       %          ended       ended
R000's                           31/12/01    Increase   31/12/00    30/6/01
Turnover                         71.838      11         64 939      127 536
Operating profit                 24 259      16         20 971      39 830
Interest received                977                    1 009       2 591
Interest paid                    (110)                  (522)       (1 020)
Net interest received            867                    487         1 571
Profit before taxation           25 126      17         21 458      41 401
Taxation                         (5 964)                (5 192)     (9 732)
Headline Earnings                19 162      18         16 266      31 669
Statistics
Shares in issue                  95 059                 90 875      89 952
Weighted average number
of shares in issue (000's)       92 206                 90 749      90 354
Headline earnings per share      20.78       16         17.92       35.0
Distribution per share (cents)   10.0        11         9.0         17.5
STATEMENT OF CHANGES IN EQUITY
                            Share     Share     Unissued   Retained   Total
                            Capital   Premium   Shares     Earnings
R000's
Opening balance             1         236 269   7 360      (143 964)  99 666
as at 01/07/2001
Purchase of                 -         (4 290)   -          -         (4 290)
own shares
Conversion of               -         10 242    (7 360)    -          2 882
debentures
Retained income             -         -         -          19 162     19 162
for the period
Distributions               -         (9 763)   -          -         (9 763)
during the period
CLOSING BALANCE
AS AT 31/12/2001            1         232 458   -          (124 802) 107 657
BALANCE SHEET
                                                       Unautied    Unaudited
R000's                                                 30/12/01     31/12/00
ASSETS
NON-CURRENT ASSETS                                     75 731       74 802
- Tangible assets                                      7 476        8 574
- Intangible assests                                   -            217
- Loans                                                14 933       7 076
- Deferred taxation                                    53 322       58 935
CURRENT ASSETS                                         65 481       55 846
- Trade and other receivables                          43 171       39 171
- Cash resources                                       22 310       13 607
- Taxation                                             -            3 068
TOTAL ASSETS                                           141 212      130 648
EQUITY AND LIABILITIES
EQUITY CAPITAL AND RESERVES                            107 657      99 272
- Ordinary share capital                               1            1
- Share premium                                        232 458      244 605
- Compulsory convertible debentures                    -            7 360
- Retained income                                      (124 802)    (152
694)
NON-CURRENT LIABILITIES                                -            3 601
- Liability portion of convertible debentures          -            3 382
- Loans                                                -            219
CURRENT LIABILITIES                                    33 555       27 775
- Trade and other payables                             20 605       17 020
- Shareholders for distribution                        9 763        8 179
- Loans                                                1 523        2 576
- Taxation                                             1 664        -
TOTAL EQUITY AND LIABILITIES                           141 212      130 648
CASH FLOW STATEMENT
                                                       Unaudited   Unaudited
                                                       6 months     6 months
R000's                                                 31/12/01     31/12/00
Cash generated from operations                         24 841       21 510
Finance income - net                                   867          487
Working capital changes                                3 146        (9 576)
Taxation paid                                          (4 072)      (5 181)
Distributions Paid                                     (7 724)      (7 270)
Cash flow from operating activities                    17 058       (30)
Cash flow from investing activities                    (4 786)      (4 705)
Cash flow from financing activities                    (8 382)      (1 735)
Net increase/(decrease) in cash
and cash equivalents                                   3 890        (6 470)
Net cash and cash equivalents
at beginning of period                                 18 421       20 077
Net cash and cash equivalents
at end of period                                       22 310       13 607
GENERALLY ACCEPTED ACCOUNTING PRACTICE
The financial results for the six months to 31 December 2001 have been
prepared on a basis consistent with the prior year annual financial
statements and in compliance with generally accepted accounting practice.
FINANCIAL AND OPERATING REVIEW
Spur Corporation continues to consolidate its position as the country's
leading sit-down family restaurant chain. The period under review again
produced a positive set of results. Turnover grew by 11% whilst pre-tax
profit and headline earnings advanced by 17% and 18% respectively. Headline
earnings per share increased at a slightly lower rate of 16% primarily as a
result of the conversion of 6 758 299 compulsory convertible debentures
during the period under review. Accordingly, these results reflect the fully
diluted financial position of the Company and no further dilutions to
earnings are envisaged. Our cash resources now stand at R22.3 million,
compared to R13.6 million at the same stage last year and interest income
continues to become an increasingly important component of our earnings. The
solid performance by the Group can be attributed largely to the strong
trading patterns experienced over the latter part of the period under
review. The continued market support for our brands as well as the
commitment of our Management and Franchisees to the brand culture, continues
to provide the recipe for good profitability. In an apparently tight
economic environment, Spur's `Taste for Life' and `Value for Money' formulae
have ensured a growing customer base. Our continuous interaction with our
Franchisees as well as our new innovative marketing strategies such as the
recently launched Spur `Howzit' campaign and the Panarottis `Dough-Man' have
continued to add excitement to our brands.
PROSPECTS
The on-going opportunities presented by the relocation and revamping of
existing outlets are being vigorously pursued to optimise our market share
in South Africa. On the International front we continue to seek suitable
locations in Australia, the United Kingdom and Africa in order to expand our
offshore base, as well as strengthen the rand hedge component of our
business. Trading is expected to remain buoyant for the remainder of the
financial year and we are confident of a strong performance from the Group.
CAPITAL DISTRIBUTION
Notice is hereby given that, subject to JSE and shareholder approval, the
Board has declared a capital distribution in lieu of dividends, of 10 cents
per share. The last date to trade in the shares for purposes of entitlement
to the distribution is Friday, 5 April 2002. The shares will commence
trading ex-distribution on Monday, 8 April 2002 and the record date is
Friday, 12 April 2002. The distribution will be paid on Monday, 15 April
2002. Share certificates may not be dematerialised or rematerialised between
Thursday, 28 March 2002 and Friday, 12 April 2002, both days inclusive. A
circular will be posted to shareholders on or about 11 March 2002 and a
general meeting of shareholders is to be held on or about 27 March 2002. The
above dates are subject to amendment and any amendment will be published in
the press and on SENS.
For and on behalf of the Board
A.J. Ambor (Executive Chairman)
P.G. van Tonder (Managing Director)                    Cape Town, 1 March
2002
Transfer Secretaries
Mercantile Registrars Ltd, 11 Diagonal Street, Johannesburg, 2001
Registered Office
5th Floor, Matrix House, 73 Strand Street, Cape Town, 8001
Website: www.spur.co.za
Sponsors
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
 

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