BDM
BDM - Buildmax Limited - Audited consolidated financial results for the year
ended 28 February 2010 and cautionary announcement
Buildmax Limited
("Buildmax" or "the group")
(Registration no. 1995/012209/06)
Share Code BDM
ISIN code ZAE000011250
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010 AND
CAUTIONARY ANNOUNCEMENT
Abridged consolidated statement of comprehensive income
Audited Unaudited Audited
year ended pro-forma year ended
28 February year ended 28 February
2010 28 February 2009
R'000 2009 R'000
R'000
Revenue 1 805 584 1 724 317 1 633 911
Operating profit before depreciation 227 540 477 807 453 451
and amortisation ("EBITDA")
Depreciation (176 090) (142 979) (134 143)
Operating profit before amortisation 51 450 334 828 319 308
Amortisation of intangible assets (21 758) (21 758) (19 945)
Profit before loss on disposal of 29 692 313 070 299 363
business, impairments, interest and
taxation
Loss on disposal of business (2 467) - -
Impairment losses (1 069 166) (255 443) (255 443)
(Loss)/profit before interest and (1 041 941) 57 627 43 920
taxation
Interest received 15 430 18 811 17 378
Interest paid (101 856) (123 602) (115 882)
Loss before taxation (1 128 367) (47 164) (54 584)
Taxation 117 518 ( 56 544) (54 793)
Loss after taxation (1 010 849) (103 708) (109 377)
Other comprehensive income / (loss)
for the year
Unrealised profit/(loss) due to 1 711 - (7 739)
change in fair value of cash flow
hedge
Taxation (479) - 2 167
Total comprehensive loss for the year (1 009 617) (103 708) (114 949)
Loss after taxation attributable to:
Equity holders of Buildmax (1 007 245) (97 510) (103 213)
Outside shareholders' interests (3 604) (6 198) (6 164)
(1 010 849) (103 708) (109 377)
Total comprehensive loss for the year
attributable to:
Equity holders of Buildmax (1 006 013) (97 510) (108 785)
Outside shareholders' interests (3 604) (6 198) (6 164)
(1 009 617) (103 708) (114 949)
Reconciliation of headline earnings/(loss) and core headline earnings/(loss)
Audited Unaudited Audited
year ended pro-forma year ended
28 February year ended 28 February
2010 28 2009
R'000 February R'000
2009
R'000
Loss for the year attributable to (1 007 245) (97 510) (103 213)
shareholders of Buildmax
Adjusted for:
Loss on disposal of business 2 467 - -
Loss / (profit) on disposal of 4 465 (11 697) (8 004)
property, plant and equipment
- Gross 6 202 (14 046) (9 746)
- Taxation (1 737) 2 349 1 742
Impairment of property, plant and 303 752 - -
equipment
- Gross 421 878 - -
- Taxation (118 126) - -
Impairment losses 635 459 248 819 248 819
- Gross 647 288 255 443 255 443
- Taxation (7 716) - -
- Outside shareholders' interest (4 113) (6 624) (6 624)
Headline (loss) earnings attributable (61 102) 139 612 137 602
to ordinary shareholders
Adjusted for:
Amortisation of intangible assets 15 264 15 263 13 991
- Gross 21 758 21 758 19 945
- Taxation (6 092) (6 092) (5 585)
- Outside shareholders' interest (402) (403) (369)
Deemed interest incurred on vendor 474 4 956 4 956
loan
Core headline (loss) / earnings (45 364) 159 831 156 549
attributable to ordinary shareholders
Supplementary information
Audited Unaudited Audited
year ended pro-forma year ended
28 February year ended 28 February
2010 28 2009
February
2009
Headline (loss) / earnings per share (5,9) 13,4 15,8
(cents)
Core headline (loss) / earnings per (4,4) 15,4 18,0
share (cents)
Basic loss per share (cents) (96,8) (9,4) (11,9)
Shares in issue ('000)
- at end of the period 1 040 700 1 040 700 1 040 700
- weighted 1 040 700 1 040 700 868 570
Abridged consolidated statement of financial position
Audited Audited
28 February 28 February
2010 2009
R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 901 997 1 324 615
Goodwill 190 848 810 578
Other intangible assets 174 801 224 117
Deferred taxation 20 087 2 216
1 287 733 2 361 526
Current assets
Inventories 72 049 90 911
Trade and other receivables 269 284 318 589
Taxation receivable 5 502 1 364
Bank and cash balances 136 447 326 957
483 282 737 821
Total assets 1 771 015 3 099 347
EQUITY AND LIABILITIES
Share capital and premium 1 732 382 1 732 382
Cash flow hedging reserve (4 340) (5 572)
Accumulated loss (1 098 (91 653)
898)
Ordinary shareholders' interests 629 144 1 635 157
Outside shareholders' interests - 3 604
Total shareholders' interests 629 144 1 638 761
Non-current liabilities
Interest-bearing liabilities 315 037 525 082
Derivative instruments 1 940 4 076
Provisions 3 956 3 956
Deferred taxation 85 487 194 307
406 420 727 421
Current liabilities
Interest-bearing liabilities 307 522 358 121
Derivative instruments 4 088 3 663
Vendor loan payable 47 000 54 526
Trade and other payables 325 254 260 880
Provisions 19 571 -
Taxation payable 344 15 942
Bank overdrafts 31 672 40 033
735 451 733 165
Total equity and liabilities 1 771 015 3 099 347
Net asset value per share (cents) 60,5 157,5
Net tangible asset value per share (cents) 30,0 64,1
Abridged consolidated statement of changes in equity
Share Cashflow (Accumulated Outside Total R'000
capital hedging loss)/ sharehol
and reserve retained ders'
premium R'000 earnings interest
R'000 R'000 R'000
Balances as at 29 42 266 - 11 560 - 53 826
February 2008
Shares issued 1 690 116 - - - 1 690 116
Total - (5 572) (103 213) (6 164) (114 949)
comprehensive
income for the
year
Outside - - - 9 768 9 768
shareholders'
interests in
subsidiaries
acquired
Balances as at 28 1 732 382 (5 572) (91 653) 3 604 1 638 761
February 2009
Total - 1 232 (1 007 245) (3 604) (1 009 617)
comprehensive
income / (loss)
for the year
Balances as at 28 1 732 382 (4 340) (1 098 898) - 629 144
February 2010
Abridged consolidated statement of cash flows
Audited Audited
year ended year ended
28 February 28 February
2010 2009
R'000 R'000
Operating activities
Loss before taxation (1 128 367) (54 584)
Non-cash flow items and changes in working 1 426 597 405 998
capital
Net interest paid 86 426 98 504
Cash generated from operations 384 656 449 918
Net interest paid in cash (86 985) (94 676)
Taxation paid (29 388) (36 934)
Cash flows from operating activities 268 283 318 308
Investing activities
Acquisition of businesses - (208 123)
Settlement of vendor liabilities in acquired - (64 012)
businesses
Purchase of property, plant and equipment
- Expanding operations (151 215) (505 636)
- Maintaining operations (45 774) (30 938)
Proceeds on disposal of property plant and 15 201 42 306
equipment
Net cash outflows from investing activities (181 788) (766 403)
Financing activities
Net proceeds from issue of shares - 496 713
Interest-bearing liabilities raised 85 245 521 277
Interest-bearing liabilities repaid (353 889) (299 872)
Net cash flows (outflows) from financing (268 644) 718 118
activities
Net (decrease) / increase in cash and cash (182 149) 270 023
equivalents
Cash and cash equivalents at the beginning of 286 924 16 901
the year
Cash and cash equivalents at the end of the year 104 775 286 924
Segmental analysis
Audited Unaudited Audited
year ended pro-forma year ended
28 February year ended 28 February
2010 28 February 2009
R'000 2009 R'000 R'000
REVENUE
Mining Services 1 381 239 1 201 879 1 142 955
Construction Materials 424 345 522 438 490 956
1 805 584 1 724 317 1 633 911
EBITDA
Mining Services 194 888 394 571 380 707
Construction Materials 32 652 83 236 72 744
227 540 477 807 453 451
Operating profit before
amortisation
Mining Services 37 736 268 207 262 003
Construction Materials 13 714 66 621 57 305
51 450 334 828 319 308
Notes to the audited consolidated annual results
Basis of preparation and accounting policies
The results for the year ended 28 February 2010 have been prepared in
accordance with International Financial Reporting Standards ("IFRS"),
specifically IAS 34 Interim Financial Reporting and AC 500 Statements, and
comply with the requirements of the South African Companies Act, 1973 and the
Listings Requirements of the JSE Limited. Except for the adoption of the new
and revised accounting standards, the principle accounting policies applied by
the group in the abridged consolidated financial results for the year ended 28
February 2010 are consistent with those applied in the consolidated financial
statements for the year ended 28 February 2009. The audited financial
statements and unqualified report of the external auditors, PKF (Jnb) Inc. are
available for inspection at the registered office of the company.
The format of the financial statements presented has been revised to bring it
in line with the revisions to IAS 1 Presentation of Financial Statements. The
group also adopted IFRS 8 Operating Segments which requires that the segments
presented are consistent with those used internally by management to make
operating decisions. Certain operating segments in the Construction Materials
business unit have been aggregated as they are similar in nature and have
similar economic characteristics. Comparative information has been restated
where necessary. The adoption of these standards and amendments did not impact
the group's financial results.
Commentary
Introduction
The directors present the second year's group results for the reconstituted
Buildmax Limited ("Buildmax") for the 12 months to 28 February 2010 ("the
year"). Following the acquisitions of Diesel Power Open Cast Mining (Pty)
Limited ("Diesel Power") and the Buildco group of companies ("Buildco")
(collectively "the acquisitions") in 2008 Buildmax was repositioned as a
supplier of opencast mining services and construction materials.
The acquisitions became effective on 2 April 2008 and are therefore
consolidated in the prior period results for only eleven months, while the
results of the historical operations of Buildmax were included for the full
twelve months. To assist in comparison to the prior period on a like-for-like
basis, unaudited pro forma historical results consolidating the acquisitions
for 12 months have been presented ("pro forma historical results") for the
year ended 28 February 2009. All comparisons to historical results set out in
this announcement are to the pro forma historical results.
The group operates through two business units: Mining Services and
Construction Materials.
Trading results
Revenue grew by 5% to R1 805,6 million (February 2009: R1 724,3 million).
EBITDA decreased by 52% to R227,5 million (February 2009: R477,8 million).
Including non-cash impairment losses of R619,7 million on goodwill, R27,6
million on intangible assets and R421,9 million on property, plant and
equipment ("PPE") (February 2009: R255,4 million on goodwill) the loss before
taxation increased to R1 128,4 million (February 2009: R47,2 million).
As more fully explained below, shareholders' funds decreased to R629,1 million
(February 2009: R1638,8 million), the net asset value per share decreased from
157,5 cents to 60,5 cents and net tangible asset value per share decreased
from 64,1 cents to 30,0 cents.
Impairment of fixed assets
The industries in which the group operates continue to be affected by the
global economic crisis. The group's principal business, opencast mining
services, is dependent on replacing its earthmoving equipment at appropriate
intervals and on securing reasonable prices for its second-hand equipment. The
slowdown in the world economy has resulted in a surplus of second-hand
equipment and vehicles, which has reduced second-hand resale prices by as much
as 50%. This situation is not expected to reverse before the majority of the
group's equipment needs to be replaced. The group's construction businesses
find themselves in a similar position with the continued slowdown in
construction activity forcing the group to sell a portion of its vehicle fleet
in a weak second-hand market.
The original strategy announced last year to extend the useful lives of
equipment through formal maintenance programmes to compensate for the tougher
credit climate proved unsuccessful as the increased costs of maintenance and
down time far outweighed the potential benefit. As a result the group has
reverted to the business model of selling equipment at the end of its initial
useful life wherever possible. Buildmax has adopted more conservative
depreciation estimates going forward and additional depreciation of R50,9
million will be brought to account for FY 2011.
As in the prior year the board mandated a third party to verify the existence
and value of the Mining Services equipment and extended the exercise to
include the Construction Materials fleets. As a result of the critical review
conducted by the third party and management, the earthmoving equipment and
vehicle fleets have been valued on a constrained market basis resulting in the
group impairing the carrying value by R421,9 million before tax.
Core HEPS and HEPS
Core HEPS is based on headline earnings per share ("HEPS") excluding non-cash
flow items relating to amortisation of intangibles (including mining rights)
and the implied interest incurred on a deferred vendor consideration as
required in terms of International Financial Reporting Standards ("IFRS").
Core HEPS is therefore, in management's opinion, the best indicator in
comparing the year's results with the prior year.
The group recorded a core headline loss per share ("Core HLPS") and a headline
loss per share of 4.4 cents and 5.9 cents for the year compared to the prior
year position of Core HEPS of 15,4 cents and HEPS of 13,4 cents respectively.
Shareholders are referred to the trading statement issued by the company on 8
April 2010 where it was indicated that Core HLPS and headline loss per share
would be in the ranges of 1,6 cents to 3,6 cents and 3,1 cents to 5,1 cents.
Subsequent to the issue of the trading statement the group decided to further
impair a deferred tax asset in the Mining Services business unit.
The Core HLPS was attributable to the economic slowdown and the factors
highlighted below, some of which were unexpected at the time of publishing the
interim results in November 2009 ("interim results"):
- Abnormally high rainfall in the last four months of the year resulting in
the loss of revenue for both Mining Services and Construction Materials;
- The continued slowdown in the construction industry during the period
under review;
- Industrial action at Diesel Power, a subsidiary of Buildmax's Mining
Services business unit, by a significant portion of its workforce which
severely disrupted operations culminating in strike activity during the months
of May 2009 and June 2009. Normal activities only resumed in August 2009;
- The decline in the value of second-hand equipment and the scarcity of
bank finance for new equipment forced the Mining Services business unit to
hire in equipment at punitive rates and to increase the use of sub-
contractors. In addition, the business unit has had to extend the life of its
yellow metal fleet, resulting in increased maintenance costs and reduced plant
availability and productivity;
- Inability to fully recover internal cost inflation from customers;
- Certain loss-making contracts in Vukuza, a subsidiary of Buildmax's
Mining Services business unit, which contributed to the majority of Vukuza's
approximately R40 million after tax loss (before plant, goodwill and
intangible asset impairments). These contracts have been terminated since year-
end.
Loss per share
In terms of IAS 36 the carrying value of goodwill must be tested for
impairment at least annually. This entails calculating the recoverable amount
of any business (referred to as a cash generating unit ("CGU")) to which the
goodwill applies and comparing it to the carrying value of that CGU. Where the
recoverable amount is less than the carrying amount the goodwill is impaired.
Where the recoverable amount remains lower than carrying value after writing
off the goodwill then the group is obliged to write down other assets starting
with intangibles and then PPE until the carrying value equals the recoverable
amount.
The continued deterioration in trading conditions and muted prospects for
growth resulted in goodwill and intangible assets being impaired by R647,3
million in total. Combined with the amortisation of intangibles (R21,8
million) and implied interest on a vendor loan (R0,5 million) this resulted in
a loss per share of 96,8 cents compared to a prior year loss of 9,4 cents.
Net debt and cash holdings
The defensive stance adopted by the group significantly reduced scheduled
capital expenditure for the year. The gross capital expenditure amounted to
R196,9 million, 63% lower than the prior year. The group's gross debt position
at 28 February 2010 was R660,3 million, significantly lower than the gross
debt at 28 February 2009 of R930,9 million. At 28 February 2010 cash holdings
were approximately R136,4 million, down 58% from the cash holdings of R326,9
million at 28 February 2009.
Capital raising via rights offer to qualifying shareholders and cautionary
announcement
In order to strengthen the group's balance sheet by further reducing interest-
bearing debt, fund working capital and potentially provide equity for medium
term capital expenditure for Mining Services the board of directors has
resolved to raise not less than R150 million through a rights offer to
qualifying existing shareholders. The group's bankers have agreed to continue
the current banking facilities and to renegotiate the borrowing covenants once
the capital raising is completed. The board of directors is pleased to
announce that it has received a letter from Brait IV ("Brait"), currently a
24,8% shareholder in Buildmax, in terms of which Brait has offered, subject to
the fulfilment of certain conditions and on terms to be agreed, to underwrite
a maximum of R150 million of the capital raising efforts of Buildmax. This
amount includes a portion to be provided as a convertible loan to Buildmax.
Given Brait's existing shareholding in Buildmax and their representation on
the board, the board of directors has constituted a committee of independent
directors to further consider Brait's offer. Further announcements dealing
with this corporate action will follow in due course. Shareholders are advised
to exercise caution when dealing in the company's securities.
Operations
Mining Services
Financial Results
Compared to the pro forma historical results revenue increased by 15% to R1
381,2 million (February 2009: R1 201,9 million). EBITDA decreased by 50% to
R194,9 million (February 2009: R394,6 million). The business unit incurred a
loss before taxation of R658,0 million including impairments of R605,3 million
on goodwill, intangible assets and equipment.
Excessive rainfall in the final four months of the year negatively affected
the productivity of Diesel Power and Vukuza Earth Works ("Vukuza"),
exacerbated by the industrial action at Diesel Power. The business unit was
also unable to pass on internal inflation to its customers resulting in
pressure on margins.
The strategic decision in 2009 to reduce capital expenditure while still
seeking to increase its customer base, reduced margins in Vukuza significantly
resulting in increased subcontractor usage and equipment maintenance costs
coupled with poorer than anticipated plant utilisation as a result of
extending the use of equipment past its first economic life. In light of this
management has concluded that additional capital and debt funding will not
adequately meet the capital expenditure required to profitably service all
mining contracts in Vukuza. A decision was therefore taken to substantially
terminate the loss-making mining contracts in Vukuza, effectively closing the
business, and focusing management's attention on Diesel Power.
Gross capital expenditure for the period of R164,2 million was 67% lower than
the previous reporting period's expenditure of R493,9 million. Approximately
75% of the capital expenditure was for expansion purposes. The division
remains cautious in committing to capital expenditure with forecast capex for
February 2011 being significantly less than in 2010.
Construction Materials
Financial Results
Continuing public sector expenditure on infrastructure did not fully
compensate for the slowdown in private sector spending which continued to
reduce notwithstanding successive interest rate cuts. Although government has
announced further significant infrastructure projects there is some scepticism
about its ability to successfully implement these within the indicated time
frame. Civil contractors' confidence has dropped significantly and it seems
doubtful that the construction market will recover before the latter part of
2010 or early 2011.
With the exception of disappointing results from the bricks and blocks
division, the business unit delivered reasonable operating results (before
providing for the impairment of goodwill, intangible assets and equipment and
vehicles) in difficult market conditions. The division achieved revenue of
R424,3 million compared to revenue of R522,4 million in 2009, a decrease of
19%. Margins were eroded as a result of increased input costs which the
business units were unable to pass on to customers. EBITDA declined to R32,7
million (February 2009: R83,2 million). The division incurred a loss before
taxation of R470,4 million. This loss includes impairments of R463,9 million
on goodwill, intangible assets and equipment and vehicles.
Gross capital expenditure for the year was R32,6 million, 23% lower than
capital expenditure for 2009 of R42,5 million. Capital expenditure was
financed primarily by internal cash resources. No significant capital
expenditure is forecasted in the short- to medium-term for this business unit.
Transformation
Taking into account retail investors, black shareholding in the group has
remained static at 17%. The Transformation Committee has formulated a 5 year
transformation plan aimed at ensuring that the group increases to a Level 4
contributor.
Skills Training and Development
Recent economic developments have seen an increase in the number of suitably
qualified individuals applying for positions alleviating the skills shortage
to an extent. 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 the company's activities.
At year-end the group employed 3 450 people, up from 3 379 at February 2009.
Safety, Health, Environment & Quality (SHEQ)
Buildmax strives to provide a safe working environment for all employees and
sub-contractors. However in August a fatal accident occurred on a Vukuza site.
The group has initiated a number of projects to further improve SHEQ
standards. These include an increase in the number of SHEQ inspectors,
adopting standard reporting protocols and setting performance targets.
Prospects
Mining Services
Coal remains one of the cheapest sources of energy in the world and its
abundant reserves compared to other fossil fuels means that coal is likely to
remain the primary source of energy for decades. While Eskom has curtailed its
projected demand for coal over the medium term, the continued roll out of coal
fired power stations, coupled with international demand for thermal coal,
particularly from China and India should ensure continued growth in this
sector.
Additional export capacity continues to come on stream at Richards Bay, Durban
and Maputo. Exports from Richards Bay for the first four months of 2010 are
higher than the corresponding period last year. Transnet has announced that it
intends to increase the size of its rolling stock fleet which should alleviate
some of the bottlenecks that coal exporters are currently experiencing.
The challenge to the group lies not in securing work in this sector but in
negotiating profitable contracts. The opencast coal mining services sector
should provide profitable opportunities for the group.
While prospects look better for this division, it is anticipated that during
the first six months of the new financial year, it will incur a loss as a
result of the strategy to "right-size", cut costs, improve utilisation and
enter into price negotiations with customers.
Mining Services remains well positioned to participate in further coal mining
supply chain activities that are not as capital intensive and management are
currently formalising their strategy of how to approach the market in this
regard.
Construction Materials
The outlook for the construction industry is dependent on spending by
government and the private sector. Although government has announced ambitious
infrastructure programmes for the next five years there is some scepticism
about its ability to deliver these. Growth in private sector spending is
expected to recover gradually, but high levels of household debt continue to
impact negatively on the residential market and the value of plans passed for
the non residential market continues to show negative growth. The current
trend in the Construction Materials business unit is accordingly only expected
to reverse in the latter half of 2010 or the first half of 2011.
To the extent that it is geographically feasible, the business unit will
continue to focus on public sector spend on infrastructure with the hope that
private sector spending does improve in the near future. Our businesses are
well positioned to benefit from improved trading conditions as and when they
occur.
Group
The necessary restructuring of the Mining Services business unit will only be
completed in the first six months of the new financial year, but management
expect a significant improvement during the second half of FY 2011. The
proceeds of the rights issue and the right-sizing of Mining Services will
significantly improve the financial position of Buildmax with borrowings
expected to decrease by more than R300 million by the end of FY 2011.
Management has identified the need to add less capital intensive businesses to
the Mining Services business unit.
The global economic crisis has adversely affected the industries in which
Buildmax operates. Forecasting with any degree of certainty is difficult in
these times but should the economic outlook not deteriorate further the group
is relatively confident it will meet its performance objectives over the
medium term.
Board of directors
There have been a number of changes to the board of directors and management
during the period.
Mr HP Fourie has taken up a position as an executive director within the
Mining Services business unit. Further appointments to Mining Services'
management team will be made in due course.
Mr TP Bantock and Mr CS Els have been appointed as Executive Chairman and CFO,
respectively.
Final dividend
In view of the final results no final dividend has been declared. It is the
group's policy to consider the declaration of a dividend annually.
Appreciation
The transformation of the group has only been possible because of the
dedication and commitment of our partners, both internal and external. We
would like to thank our fellow directors, management teams and employees for
their hard work and dedication under the very difficult conditions. We also
thank our customers, suppliers, service providers, shareholders and advisors
for their invaluable support.
Annual general meeting
Details concerning the Annual General Meeting will be communicated to
shareholders in due course.
Terry Bantock Paul de Klerk
Executive Chairman Chief Executive Officer
24 May 2010
Directors: TP Bantock (Chairman); PJ de Klerk (Chief Executive Officer); CS
Els (Chief Financial Officer); HP Fourie; CB Brayshaw*; MD Lamola*; DJ Mack*;
A Maharaj*; M Matisonn*; R Munitz*; BT Ngcuka*; C Wood*
(*Non-executive director, Independent)
Registered office: Unit 19, Cambridge Office Park, 5 Bauhinia Street, Highveld
Park, Centurion. (Postnet Suite 435, Private Bag X108, Centurion, 0046)
Sponsor: Java Capital (Pty) Limited
Auditors: PKF (Jhb) Inc., 42 Wierda Road West, Wierda Valley, Sandton, 2196
Transfer secretaries: Computershare Investor Services (Pty) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 61763, Marshalltown, 2107)
Company secretary: Probity Business Services (Pty) Limited, 3rd Floor, JHI
House
www.buildmax.co.za
Date: 24/05/2010 17:30:01 Produced by the JSE SENS Department.
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