Financial Performance

Financial highlights

Financial highlights

Segment revenues and results

  Coastal Central North Piling Conform Proper-
ties		 Shared
services		 Inter-
company
elimina-
tions		 Total
R'000                  
2011                  
Segment revenue 477 834 801 244 272 552 43 219 21 441 12 287 - (95 515) 1 533 062
Inter-segment revenue (27 239) (58 356) (3 892) (2 340) (3 395) (293) - 95 515 -
Sales to external customers 450 595 742 888 268 660 40 879 18 046 11 994 - - 1 533 062
Segment profit before tax
, interest and goodwill impairment		 22 483 40 315 10 328 (14 062) (6 706) (4 362) - - 47 996
Goodwill impairment - - (125 020) (29 735) - - - - (154 755)
Profit before tax 22 483 40 315 (114 692) (43 797) (6 706) (4 362) - - (106 759)
Significant items of income
and expense: 		                 
Depreciation 1 738 5 994 3 405 5 013 1 177 - 2 914 - 20 241
Interest income 11 017 1 927 2 619 52 28 246 334 - 16 223
Interest expense 6 803 4 800 2 284 1 520 113 3 025 3 437 - 21 982
Goodwill impairment - - 125 020 29 735 - - - - 154 755
2010                  
Segment revenue 737 678 680 448 495 203 85 303 42 784 32 878 38 792 (115 920) 1 997 166
Inter-segment revenue (25 492) - (17 962) (13 632) (20 042) - (38 792) 115 920 -
Sales to external customers 712 186 680 448 477 241 71 671 22 742 32 878 - - 1 997 166
                   
Profit before tax 7 689 66 814 48 202 (10 187) 2 643 (12 066) 38 - 103 133
                   
Significant items of income
and expense:		                  
Depreciation 1 692 4 798 3 111 6 225 1 174 - 3 143 - 20 143
Interest revenue 6 324 332 7 170 1 657 36 7 49 - 15 575
Interest expense 6 221 822 1 626 3 038 224 8 2 853 - 14 792

Segment assets and liabilities

  Coastal Central North Piling Conform Proper-
ties		 Shared
services		 Roads Inter-
company
elimina-
tions		 Total
R'000                    
2011                    
Segment assets 227 805 362 559 90 849 84 162 20 618 54 418 712 560 - (457 289) 1 095 682
Segment liabilities 184 878 183 420 33 851 126 839 995 69 793 141 118 - (293 259) 447 635
                     
Capital expenditure 744 20 443 5 199 849 9 - 169 - - 27 413
2010                    
Segment assets 311 940 322 999 180 123 106 056 57 437 64 460 474 062 93 227 (110 147) 1 500 157
Segment liabilities 263 844 106 598 117 625 94 276 24 755 75 869 58 546 84 766 (92 930) 733 349
                     
Capital expenditure 2 404 29 995 1 933 942 - - 2 069 7 730 - 45 073

Consolidated Statements of Comprehensive Income

for the year ended February 2011

    Group Company
R'000 Notes 2011 2010 2011 2010
           
Continuing Operations          
Revenue 21 1 533 062 1 997 166 12 250 38 792
Contracting costs   (1 355 497) (1 732 253) - -
Gross profit   177 565 264 913 12 250 38 792
Other income   4 923 3 459 186 137
Administrative and operating expenses   (108 492) (95 634) (12 646) (27 967)
Profit/(loss) before depreciation   73 996 172 738 (210) 10 962
Depreciation   (20 241) (20 143) (2 853) (3 081)
Profit/(loss) before change in estimates   53 755 152 595 (3 063) 7 881
Changes in accounting estimates 22 - (50 245) - -
Profit/(loss) before goodwill impairment   53 755 102 350 (3 063) 7 881
Goodwill impairment 6 (154 755) - - -
(Loss)/profit before interest and taxation   (101 000) 102 350 (3 063) 7 881
Investment income 23 16 223 15 575 321 3 954
Interest expense 24 (21 982) (14 792) (919) (5 161)
(Loss)/profit before taxation 25 (106 759) 103 133 (3 661) 161)
Taxation expense 28 (13 659) (34 317) 90 (2 047)
(Loss)/profit from continuing operations   (120 418) 68 816 (3 571) 4 627
           
Discontinued Operations          
Loss from discontinued operation (net of income tax) 29 - 15 832) - -
(Loss)/profit for the year   (120 418) 52 984 (3 571) 4 627
Other comprehensive income   - - - -
Total comprehensive (loss) income for the year   (120 418) 52 984 (3 571) 4 627
           
Earnings per share from continuing operations          
Basic (loss)/earnings per share (cents) 30 (29.75) 17.44 (0.88) 1.17
Diluted (loss)/earnings per share (cents) 30 (29.75) 16.97 (0.88) 1.14
Fully diluted (loss)/earnings per share (cents) 30 (26.71) 15.27 (0.79) 1.03
Headline earnings/(loss) per share (cents) 30 8.46 17.62 (0.88) 1.03
Diluted headline earnings/(loss) per share (cents) 30 8.46 17.15 (0.88) 1.14
Fully diluted headline earnings/(loss) per share (cents) 30 7.60 15.42 (0.79) 1.03
           
Earnings per share from total operations          
Basic (loss)/earnings per share (cents) 30 (29.75) 13.43 (0.88) 1.17
Diluted (loss)/earnings per share (cents) 30 (29.75) 13.07 (0.88) 1.14
Fully diluted (loss)/earnings per share (cents) 30 (26.71) 11.75 (0.79) 1.03
Headline earnings/(loss) per share (cents) 30 8.46 14.53 (0.88) 1.17
Diluted headline earnings/(loss) per share (cents) 30 8.46 14.14 (0.88) 1.14
Fully diluted headline earnings/(loss) per share (cents) 30 7.60 12.72 (0.79) 1.03

Consolidated Statements of Cash Flows

for the year ended February 2011

    Group Company
R'000 Notes 2011 2010 2011 2010
           
Cash flow from operating activities          
Cash (utilised in)/ generated by operating activities 31.1 (11 410) 116 456 2 922 23 702
Interest received   16 223 15 575 321 3 954
Interest paid   321(21 982) (14 792 (919) (5 161)
   Taxation paid   (24 397) (28 704) (2 306) -
Cash (utilised in)/ generated from operating activities   (41 566) 88 535 18 22 495
           
Cash flow from investing activities          
Purchase of investment property   - (2 666) - -
Purchase of property, plant and equipment          
   - To expand operations   (7 735) - - -
   - To maintain operations   (8 970) (45 073) (158) (1 866)
Proceeds from sale of property, plant and equipment   5 132 4 115 - 21
Net cash flows from sale of business 31.4 - 16 749 - -
Proceeds from disposal of non-current assets
classified as held-for-sale		   1 524 - - -
Investment in associate   (270) - - -
Loan to associate   (12 712) - - -
Proceeds on sale of investments   - 412 - -
Proceeds on settlement of loans to subsidiaries   - - 18 632 16 819
Cash (utilised in)/generated by investing activities   (23 031) (26 463) 18 474 14 974
           
Cash flows from financing activities          
(Decrease)/increase in interest bearing borrowings   (23 512) (15 133) (198) 516
Decrease in liabilities associated with non-current
assets classified as held-for-sale		   (4 709) - - -
Decrease in vendor liabilities   (21 982) (16 917) (21 982) ( 14 531)
Cash utilised in financing activities   (50 203) (32 050) (22 180) (14 015)
           
(Decrease)/increase in cash and cash equivalents   (114 800) 30 022 (3 688) 23 454
Cash and cash equivalents at beginning of year   64 458 34 436 4 003 (19 451)
           
Cash and cash equivalents at end of year 31.3 (50 342) 64 458 315 4 003

Consolidated Statements of Financial Position

as at 28 February 2011

    Group Company
R'000 Notes 2011 2010 2011 2010
           
Assets          
Non-current Assets          
Property, plant and equipment 4 180 968 179 192 3 257 5 952
Loans receivable 9 - - 433 349 888 419
Investment property 5 2 508 2 135 - -
Goodwill 6 349 703 504 458 - -
Investment in subsidiaries 7 - - 199 757 199 757
Investment in associate 8 12 982 - - -
Deferred tax asset   19 787 20 008 258 -
Total non-current assets   565 948 705 793 636 621 1 094 128
           
Current Assets          
Inventory 11 63 959 85 649 - -
Trade and other receivables 12 318 178 553 807 92 318
Gross amount due from customers 13 129 804 62 278 - -
Tax assets   4 320 3 159 - -
Cash and bank balances   3 510 68 391 315 4 003
Total current assets   519 771 773 284 407 4 321
Non-current assets classified as held for sale 14 9 963 21 080 - -
Total Assets   1 095 682 1 500 157 637 028 1 098 449
           
Equity And Liabilities          
Share capital 15 5 4 5 4
Shares to be issued   - 34 864 - 34 864
Share premium 16 589 027 554 164 589 027 554 164
Treasury shares 17 (36 220) (36 220) - -
Share based payment reserve   8 486 6 829 - 335
Accumulated profits   86 749 207 167 27 580 31 151
Total equity   648 047 766 808 616 612 620 518
           
Non-current Liabilities          
Loans from subsidiaries 9 - - - 430 198
Interest bearing borrowings 18 49 453 62 261 98 318
Deferred tax liability 10 54 584 45 691 - 76
Total non-current liabilities   104 037 107 952 98 430 592
           
Current Liabilities          
Trade and other payables 19 200 955 401 868 3 365 6 759
Gross amount due to customers 13 37 108 112 222 - -
Current portion of interest bearing borrowings 18 29 933 38 843 220 198
Vendor liabilities 20 16 731 38 318 16 731 38 318
Taxation   207 18 898 2 2 064
Bank overdrafts   53 852 3 933 - -
Total current liabilities   338 786 614 082 20 318 47 339
Liabilities directly associated with non-current assets
classified as held for sale		 14 4 812 11 315 - -
Total liabilities   447 635 733 349 20 416 477 931
Total Equity and Liabilities   1 095 682 1 500 157 637 028 1 098 449
Net asset value per share (cents)   144 174 137 141