BDM
BDM - Buildmax - Unaudited Consolidated Financial Results For The Six
Months Ended 31 August 2008
Buildmax Limited
("Buildmax" or "the group")
(Registration no. 1995/012209/06)
Share Code: BDM & ISIN code: ZAE000011250
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
2008
HIGHLIGHTS*
- Revenue up 38%
- EBITDA up 91%
- PBT up 69%
- HEPS up 64%
- Cash generated from operations R209,2 million
- Post-period Brait buys 24%
* Comparison to pro forma historical results for the comparative period
ABRIDGED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at and restated at at
31 August 30 September 29 February
2008 2007 2008
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and 1 234 251 12 904 12 288
equipment
Intangible assets 1 225 797 - -
Prepayments - - 2 811
Deferred taxation 1 905 - 2 186
2 461 953 12 904 17 285
Current assets
Inventories 92 988 24 098 22 586
Trade and other receivables 330 109 16 595 18 921
Bank and cash 55 928 12 830 16 901
Taxation receivable 1 080 - 271
480 105 53 523 58 679
2 942 058 66 427 75 964
EQUITY AND LIABILITIES
Share capital and premium 1 536 144 42 266 42 266
Retained earnings 107 470 8 242 11 560
Ordinary shareholders' 1 643 614 50 508 53 826
interests
Outside shareholders' 1 106 - -
interests
Total shareholders' 1 644 720 50 508 53 826
interests
Non-current liabilities
Interest-bearing liabilities 530 302 - -
Deferred taxation 116 847 440 421
647 149 440 421
Current liabilities
Trade and other payables 249 690 14 507 21 481
Current portion of interest- 307 200 - 19
bearing liabilities
Vendor liabilities 51 764 - -
Taxation payable 41 535 972 217
650 189 15 479 21 717
2 942 058 66 427 75 964
Shares in issue and to be 907 366 41 806 41 806
issued at end of period
('000)
Net asset value per share 181,1 120,8 128,8
(cents)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Unaudited Pro-forma and restated eleven
six months six months six months months
ended ended ended ended
31 August 31 August 30 September 29 February
2008 2007 2007 2008
R'000 R'000 R'000 R'000
Revenue 755 336 548 506 61 078 111 543
Earnings before 230 838 121 064 5 413 6 012
interest, taxation,
depreciation and
amortisation ("EBITDA")
Depreciation (55 273) (32 591) (1 154) (1 894)
Profit before interest 175 565 88 473 4 259 4 118
and taxation ("PBIT")
Interest received 5 834 8 294 516 1 110
Finance costs (50 159) (19 167) (118) (247)
Net profit before 131 240 77 600 4 657 4 981
taxation ("PBT")
Taxation (35 145) (22 544) (1 145) 1 849
Net profit after 96 095 55 056 3 512 6 830
taxation
Attributable to:
Equity holders of the 95 910 55 056 3 512 6 830
parent
Outside shareholders' 185 - - -
interest
96 095 55 056 3 512 6 830
Supplementary
information
Basic earnings per 12,6 7,2 8,4 16,3
share (cents)
Headline earnings per 11,8 7,2 8,3 16,2
share (cents)
Shares in issue and to
be issued ('000)
- at end of the period 907 366 907 366 41 806 41 806
- weighted 763 106 763 106 41 806 41 806
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Unaudited and restated eleven
six months six months months
ended ended ended
31 August 30 September 29 February
2008 2007 2008
R'000 R'000 R'000
Operating activities
Net profit before taxation 131 240 4 657 4 981
Non-cash flow items and changes 35 847 (2 071) 1 316
in working capital
Net interest paid/(received) 42 131 (398) (863)
Cash generated from operations 209 218 2 188 5 434
Net interest (paid)/received (42 131) 398 863
Taxation paid (4 811) (238) (474)
Cash flows from operating 162 276 2 348 5 823
activities
Investing activities
Cash payments on acquisition of (337 773) - -
businesses, net of cash acquired
Settlement of acquired vendor (64 012) - -
liabilities in acquired
businesses
Purchase of property, plant and (351 176) (391) (522)
equipment
Proceeds on disposal of property, 23 001 70 70
plant and equipment
Cash flow from investing (729 960) (321) (452)
activities
Financing activities
Net proceeds of shares issued 300 475 - -
Net proceeds and payments of 175 658 (18) 709
interest-bearing liabilities
Cash flows from financing 476 133 (18) 709
activities
Net (decrease)/increase in cash (91 551) 2 009 6 080
and cash equivalents
Cash and cash equivalents at the 16 901 10 821 10 821
beginning of the period
Cash acquired as part of business 130 578 - -
combinations
Cash and cash equivalents at the 55 928 12 830 16 901
end of the period
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Share Share Retained Outside
Total capit premium earnings Share-
al holders
R'000 R'000 R'000 R'000 R'000
Restated as at 31 March 46 996 418 41 848 4 730 -
2007 (*)
Net profit for the six 3 512 - - 3 512 -
months
Restated balance at 30 50 508 418 41 848 8 242 -
September 2007
Net profit for the five 3 318 - - 3 318 -
months
At 29 February 2008 53 826 418 41 848 11 560 -
Shares issued and to be 1 493 878 8 656 1 485 222 - -
issued
Outside shareholders' 921 - - - 921
interests in
subsidiaries acquired
Net profit for the six 96 095 - - 95 910 185
months
At 31 August 2008 1 644 720 9 074 1 527 070 107 470 1 106
* Restated as per annual financial statements of 29 February 2008
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
Unaudited Pro-forma and restated eleven
six months six months six months months
ended ended ended ended
31 August 31 August 30 September 29 February
2008 2007 2007 2008
R'000 R'000 R'000 R'000
Equity holders of the 95 910 55 056 3 512 6 830
parent
Adjusted for:
Profit on sale of (6 606) (115) (70) (63)
property, plant and
equipment
Tax effect of 985 33 20 18
adjustments
Headline earnings 90 289 54 974 3 462 6 785
attributable to
ordinary shareholders
CARRYING VALUE OF ASSETS AND LIABILITIES ACQUIRED IN TERMS OF BUSINESS
COMBINATIONS:
Total Diesel Power Buildco group
Unaudited Unaudited Unaudited
at at at
2 April 2 April 2 April
2008 2008 2008
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 928 635 560 514 368 121
Intangible assets 117 155 - 117 155
Investments in associates 2 925 - 2 925
1 048 715 560 514 488 201
Current assets
Available for sale properties 13 821 - 13 821
Inventories 51 607 4 241 47 366
Trade and other receivables 209 227 102 402 106 825
Bank and cash 132 391 105 238 27 153
Taxation receivable 1 133 - 1 133
408 179 211 881 196 298
Total assets 1 456 894 772 395 684 499
Outside shareholders' interests 4 577 - 4 577
Non-current liabilities
Interest-bearing liabilities 367 055 132 757 234 298
Interest-free loans 94 909 2 215 92 694
Deferred taxation 87 549 73 479 14 070
549 513 208 451 341 062
Current liabilities
Trade and other payables 125 352 61 953 63 399
Current portion of interest- 294 723 190 735 103 988
bearing liabilities
Vendor liabilities 64 012 - 64 012
Bank overdraft 1 813 - 1 813
Taxation payable 40 443 26 073 14 370
526 343 278 761 247 582
Total liabilities 1 080 433 487 212 593 221
Carrying value of net assets 376 461 285 183 91 278
Dividend paid on acquisition to (85 000) (85 000) -
Buildmax
Consolidation adjustment of 731 - 731
outside shareholders' interests
Carrying value of net assets 292 192 200 183 92 009
acquired
Purchase consideration of
business combinations (including
contingent liabilities):
Cash paid and to be paid at fair 340 027 338 110 1 917
value
Deduct interest-free loan (94 909) (2 215) (92 694)
accounts acquired
Fair value of shares issued and 1 194 158 90 597 1 103 561
to be issued*
Total purchase consideration 1 439 276 426 492 1 012 784
paid and payable (including
contingent liabilities)
Goodwill arising from business 1 147 084 226 309 920 775
combinations (including
contingent liabilities)
Number of ordinary shares issued 687 391 50 632 636 759
and to be issued in terms of
business combinations (including
contingent liabilities) ('000)
Average share price (Rand)* 1,74 1,79 1,73
BUSINESS COMBINATIONS EFFECTED DURING THE PERIOD
As disclosed as a post balance sheet event in the annual financial statements
of Buildmax for the period ended 29 February 2008 and as set out in the
Revised Listing Particulars of Buildmax, dated 5 March 2008 ("the RLP"),
Buildmax acquired the following entities on 2 April 2008:
- 100% of the shares in and claims on loan account against Diesel Power Open
Cast Mining (Pty) Limited ("Diesel Power"); and
- The Buildco group, comprising:
- 100% of the shares in and claims on loan account against Hollyberry
Props 41 (Pty) Limited
- 100% of the shares in and claims on loan account against Black Ginger
372 (Pty) Limited
- 100% of the shares in and claims on loan account against Clarewick
Investments (Pty) Limited
100% of the shares in and claims on loan account against Burnleigh Investments
(Pty) Limited.
SEGMENTAL ANALYSIS
Business Unit Revenue
Unaudited
Unaudited Pro-forma
six months six months
ended ended
31 August 31 August
% of 2008 % of 2007 Increase
total R'000 total R'000 %
Mining Services 68 512 825 56 307 113 67
Construction Materials 32 242 511 44 241 393 -
Group 100 755 336 100 548 506 38
Business Unit EBITDA
Unaudited
Unaudited Pro-forma
six months six months
ended ended
31 August 31 August
% of 2008 % of 2007 Increase
total R'000 total R'000 %
Mining Services 80 184 080 65 78 832 134
Construction Materials 20 46 758 35 42 232 11
Group 100 230 838 100 121 064 91
Business Unit PBIT
Unaudited
Unaudited Pro-forma
six months six months
ended ended
31 August 31 August
% of 2008 % of 2007 Increase
total R'000 total R'000 %
Mining Services 79 138 291 59 52 053 166
Construction Materials 21 37 274 41 36 420 2
Group 100 175 565 100 88 473 98
Business Unit PBT
Unaudited
Unaudited Pro-forma
six months six months
ended ended
31 August 31 August
% of 2008 % of 2007 Increase
total R'000 total R'000 %
Mining Services 76 100 033 59 45 416 120
Construction Materials 24 31 207 41 32 184 (3)
Group 100 131 240 100 77 600 69
NOTES TO THE UNAUDITED GROUP INTERIM RESULTS
Basis of Preparation and Accounting Policies
The results for the six months ended 31 August 2008 have been prepared in
accordance with International Financial Reporting Standards ("IFRS"),
specifically IAS 34: Interim Financial Reporting, and comply with the
requirements of the South African Companies Act, 1973 and the Listings
Requirements of the JSE Limited. The accounting policies of the group are
consistent with those applied for the period ended 29 February 2008. The
interim results have not been audited or reviewed by the group's auditors.
IFRS 3
The business combinations were accounted for using provisional figures, an
alternative allowed in terms of IFRS 3, as provided by the Buildco group and
by Diesel Power. IFRS 3 allows a company to update these provisional figures
within 12 months of the business combination date. The detailed assessment of
the Buildco group and Diesel Power's assets, liabilities and contingent
liabilities and hence the split and valuation of goodwill and intangibles is
in the process of being completed by an independent third party and any
required adjustment, will be made in due course and reflected in the year-end
results.
Contingent Diesel Power Vendor Liability
In terms of the Diesel Power acquisition agreement and as set out in the RLP,
an amount of up to R37,5 million could become due to the vendor of Diesel
Power. This amount is contingent on Diesel Power achieving, for the year
ending 31 August 2009, a profit after taxation target range as set out in the
acquisition agreement and the RLP.
COMMENTARY
Executive Summary
The directors are pleased to present the first consolidated interim results
for the recently-enlarged and reconstituted Buildmax for the six months to 31
August 2008 ("the interim period"). Following the acquisitions of Diesel Power
Open Cast Mining (Pty) Limited ("Diesel Power") and the Buildco group of
companies ("Buildco") (collectively "the acquisitions") as well as the
conclusion of a successful capital raising, Buildmax has been repositioned as
a leading supplier of open cast mining services and construction materials.
Effective 29 February 2008 Buildmax changed its year-end from March to
February. The historical interim results to 30 September 2007 ("the prior
period") and the audited results for the eleven months to 29 February 2008
comprise only the historical Building Materials division of Buildmax prior to
the acquisitions. As the scope and scale of the group has changed
significantly subsequent to the acquisitions, comparison with the prior period
of Buildmax is not meaningful.
The acquisitions became effective on 2 April 2008 and are therefore
consolidated in these interim results for five months, while the results of
the historical operations of Buildmax have been included for the full six
months. To assist in comparison to the prior period on a like-for-like basis,
unaudited pro forma historical results have been presented ("pro forma
historical results").
The results for the interim period show revenue 38% higher at R755,3 million
(August 2007: R548,5 million), EBITDA up 91% to R230,8 million (August 2007:
R121,1 million) and PBT increasing by 69% to R131,2 million (August 2007:
R77,6 million) resulting in headline earnings per share ("HEPS") higher by 64%
to 11,8 cents (August 2007: 7,2 cents) compared to the pro forma historical
results.
As a result of the acquisitions and capital raising the number of shares in
issue and to be issued has increased from 41,8 million to 907,4 million, with
shareholders funds having increased to R1,6 billion. If the effective dates of
the acquisitions had been at the beginning of the period, the acquisitions
would have contributed revenue of R778 million and PBIT of R184 million.
Post the interim period Brait has acquired a strategic stake in Buildmax (see
details below).
Operations
Mining Services
Eskom's demand for additional coal to replenish its depleted stockpiles and
demand for thermal coal continue to provide growth opportunities for the
group. During the interim period the level of general investment in coal
mining in South Africa increased substantially. This included a number of new
coal mines recently opened or in the process of being commissioned.
Due to the repositioning of the group subsequent to the acquisitions, the
Mining Services business unit was not reported on historically. It is
therefore reported on in these interim results for five months and compared to
pro forma historical figures for the operations comprising the business unit.
Revenue increased by 67% to R512,8 million from the pro forma revenue of
R307,1 million, EBITDA by 134% to R184,1 million from R78,8 million and PBT by
120% to R100 million from R45,4 million. Both Diesel Power and Vukuza Earth
Works (previously a member of Buildco) performed exceptionally well.
The business unit assumes no geological risk on any of its sites. Further,
Mining Services has successfully introduced contractual amendments to recover
from customers certain fluctuations in costs.
The strategy to broaden the customer base and increase the number of contracts
has proved successful. The number of contract mining customers has increased
to 12 (2007: 9) and contracts to 21 (2007: 15), which is further expected to
increase to 26 by February 2009. The group's customers include all the major
coal mining groups in South Africa.
Capital expenditure
Unprecedented demand from the open cast coal mining industry has necessitated
revision of the capital expenditure budget. Buildmax anticipated capital
expenditure of approximately R360 million for the year ending February 2009 at
the time of the reverse listing in April 2008, but has subsequently increased
this forecast to between R600 million and R650 million. Capital expenditure in
Mining Services for the first six months of the year was R397,9 million. The
capital expenditure incurred and to be incurred has been secured at favourable
prices and at exchange rates, prior to the recent devaluation of the Rand
against major world currencies. Following the implementation of the Brait
transaction (see details below), the group expects net debt to be between R800
million and R900 million at 28 February 2009.
As a result of the delay between acquiring equipment and deploying it into
use, the full benefit of the additional capital expenditure will only be
realised in the years ending February 2010 and beyond. Approximately 95% of
the capital expenditure has been or will be applied to expand coal mining
operations.
Equipment acquired is in use on existing and new contracts and notwithstanding
the increased capital expenditure the group continues to hire-in additional
equipment to meet current demand.
Buildmax's strong growth has resulted in a fleet with an average age of less
than two years and formal preventative maintenance programmes ensure that the
life of all equipment is extended. This results in longer usability of assets
without a concomitant decrease in reliability. The level of replacement capex
is therefore expected to be relatively low in the next three years.
Furthermore, the high level of expansionary capex incurred during the current
financial year is not expected to recur.
Cash flow
Buildmax has secured term funding from local financial institutions for the
capital expenditure. The group's operations are highly cash generative with
cash generated from operations (prior to debt servicing and capex) of R209,2
million, being 91% of EBITDA.
Order book
At 31 August 2008 the business unit's order book approximated R5 billion.
Construction Materials
Public sector expenditure on infrastructure has emerged as one of the key
drivers of growth in the construction sector, and notwithstanding current
economic events looks set to continue in the medium term. However private
sector investment, particularly in the residential component of the
construction sector, has slowed significantly as a result of successive
interest rate hikes and the slowdown in the economy. It is doubtful that this
market will recover before the latter part of 2009.
In light of these trading conditions the Construction Materials business unit
has delivered reasonable results. On a like-for-like basis revenue of R242,5
million increased marginally from the prior period. However, margins were
pressured by the slowdown in private sector investment which intensified
competition. In addition the business unit was adversely affected by the
successive increases in fuel prices which it was unable to pass on to
customers. Accordingly on a like-for-like basis (excluding a profit of R6,2
million on the sale of a property), EBITDA declined to R40,5 million from
R42,2 million in the prior period and PBT to R25 million from R32,2 million.
The recent reduction in the price of oil should provide some relief, but
margins are expected to remain under pressure well into 2009.
In the Western Cape unusually high rainfall exacerbated the difficult trading
conditions above. The Bricks & Blocks division was worst affected, recording a
13% decline in revenue which necessitated significant restructuring, arising
from which retrenchments were an unfortunate but necessary consequence.
Where possible Buildmax has repositioned its businesses to target
infrastructure projects through the supply of appropriate materials and
activity levels remain satisfactory. The business unit has recently secured
contracts to supply materials for the upgrade of the R21 between Johannesburg
and Pretoria, for the Department of Foreign Affairs in Pretoria and for the
Greenpoint Stadium in Cape Town.
Capital expenditure
Capital expenditure for the first six months of the year of R28,4 million was
primarily deployed to position the `Aggregates & Quarries' division to service
infrastructure projects. This was financed by internal cash resources and term
funding. No significant capital expenditure is forecast in this business unit
in the medium term.
Black Economic Empowerment
The acquisition of Buildco and the capital raising undertaken in March 2008
introduced a significant black empowerment partner to the group. Post the
subscription by Brait (see details below) the black shareholding in the group
will be approximately 15% from less than 2% six months ago.
Skills Training and Development
Sourcing suitably qualified candidates with relevant industry experience at
all levels in the group remains an ongoing challenge. To assist with skills
development Buildmax currently operates a full time training facility in
Mpumalanga aimed primarily at operators for the Mining Services business unit.
In Gauteng the group partners with an independent skills development
organisation to provide unskilled individuals with the opportunity to gain
recognised qualifications relevant to Buildmax's operations.
600 employees (420 from designated groups) took part in skills enhancement,
training and development programmes during the interim period.
The group currently employs 3 201 people, up from 2 350 at August 2007.
Safety, Health, Environment & Quality (SHEQ)
Buildmax prides itself on providing a safe working environment for all
employees and sub-contractors, with no fatalities or disabling injuries
recorded during the interim period on sites under the control of Buildmax.
The group has initiated a number of projects to improve SHEQ standards. These
include an increase in the number of SHEQ inspectors, adopting standard
reporting protocols and setting performance targets.
Prospects
Mining Services
Eskom's request in January 2008 for an additional 45 million metric tons will
increase demand for coal by 9% per annum over the next two years. Additional
export capacity is coming on stream at Richards Bay, Durban and Maputo. It is
not anticipated that a drop in the price of coal as a result of the
international financial crisis will significantly affect local production.
Despite concerns over emissions, coal is expected to remain the primary source
of energy for the foreseeable future. Buildmax therefore anticipates strong
revenue growth for its Mining Services business unit. Notwithstanding this
projection of growth, the price of equipment and consumables as well as skills
shortages remain major ongoing challenges.
A number of optimisation programmes are currently underway and the initial
results are positive. A major focus is the rationalisation of support services
and harnessing the group's critical mass to improve margins. To further
advance these programmes Buildmax is actively looking for a site to
consolidate the operations of Diesel Power and Vukuza Earth Works.
Construction Materials
Despite the slowdown in private and residential expenditure and to the extent
that it is geographically feasible, the group will continue to participate in
public sector spend on infrastructure and has increased its product range to
facilitate this.
Group
The group has continued to trade well post the interim period. Should this
performance continue Buildmax is on track to meet its forecast HEPS of 22,5
cents (excluding any amortisation of intangibles) for the year ending 28
February 2009 (the "February 2009 forecast") as set out in the Revised
Listings Particulars dated 5 March 2008.
February 2010 forecast
With the benefit of the expansionary capital expenditure for a full year, a
strong order book and anticipated future industry conditions, HEPS (excluding
any amortisation of intangibles) for the year to 28 February 2010 is forecast
to increase by not less than 40% from the February 2009 forecast. This
February 2010 forecast financial information has not been reviewed or reported
on by Buildmax's auditors.
Investment by Brait IV Investment L.P. and Brait IV SA Partnership ("Brait")
Shareholders are referred to the announcement released together with this
announcement and are advised that Brait has agreed to subscribe for 133 333
333 ordinary Buildmax shares at an aggregate subscription consideration of
R200 million being R1,50 per Buildmax share. In addition Brait has concluded a
number of agreements to acquire a further 120 000 000 Buildmax shares from
existing shareholders at R1,10 per share, which are conditional upon the
subscription and will take Brait's aggregate shareholding to just over 24% of
the total issued share capital of Buildmax.
The Brait investment enhances the group's balance sheet and introduces a
strategically valuable shareholder which will allow Buildmax to pursue organic
and acquisitive growth opportunities.
Board of Directors
There were a number of changes to the board of directors and management during
the interim period. Mrs NR Jansen and Mr JPG Vorster resigned as CEO and CFO
respectively, and Messrs. MD Smullen and IDP Burger resigned as Chairman and
non-executive director, respectively, on 28 March 2008. The board of
directors thanks them for their service.
Mr PJ de Klerk and Mr HP Fourie have subsequently been appointed as CEO and
CFO respectively. Further Messrs CB Brayshaw and C Wood were appointed
independent non-executive directors and Messrs BT Ngcuka, M Matisonn and R
Munitz non-executive directors, all on 28 March 2008. Mr MD Lamola remains on
the board as an independent non-executive director (collectively the "Buildmax
Board").
In terms of the Brait transaction, the Buildmax board has resolved to appoint
Dennis John Mack and Anil Maharaj as non-executive directors of Buildmax with
effect from the scheduled closing date as defined in the Brait subscription
agreement.
Interim Dividend
No interim dividend has been declared. It is the group's policy to consider
the declaration of a dividend annually.
Appreciation
The dedication and commitment of our partners, both internal and external, has
made possible the group's transformation. We would like to thank our fellow
directors, management teams and employees for their hard work. We also thank
our customers, suppliers, service providers, shareholders and advisors for
their invaluable support.
Paul de Klerk Herman Fourie
Chief Executive Officer Chief Financial Officer
30 October 2008
Directors:
PJ de Klerk (Chief Executive Officer); HP Fourie (Chief Financial Officer); CB
Brayshaw*^; MD Lamola*^;
M Matisonn*; R Munitz*; BT Ngcuka*; C Wood*^
*Non-executive director ^Independent
Registered office:
Unit 19, 1st Floor East Block, Cambridge Office Park, 5 Bauhinia Street,
Highveld Park, Centurion
Postnet Suite 435, Private Bag X108, Centurion 0046
Sponsor:
Java Capital (Pty) Limited
Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Company secretary:
Probity Business Services (Pty) Limited
3rd Floor, JHI House, Cradock Avenue, Rosebank, 2196
(PO Box 85392, Emmarentia, 2029)
www.buildmax.co.za
Date: 30/10/2008 15:56:01 Produced by the JSE SENS Department.
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