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TMT
TMT
TMT - Trematon - Unaudited Results for the Six Months Ended 28 February 2007
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008691/06)
Share code: TMT & ISIN: ZAE000013991
("Trematon" or "the company")
Unaudited results for the six months ended 28 February 2007
Balance sheet
Unaudited Audited
28 February 31 August
2007 2006 2006
R`000 R`000 R`000
ASSETS
Non-current assets 90 260 62 647 81 559
Equipment 15 - 18
Investment in joint venture 5 438 - 4 718
Investments 84 807 62 557 76 047
Deferred tax asset - 90 776
Current assets 73 790 51 480 30 437
Investments 15 312 22 991 7 548
Tax receivable 69 - 69
Trade and other receivables 16 473 658 31
Cash and cash equivalents 41 936 27 831 22 789
Total assets 164 050 114 127 111 996
EQUITY AND LIABILITIES
Equity 129 484 105 485 105 161
Share capital and share premium 203 296 200 046 203 296
Fair value reserve 19 537 9 612 7 095
Foreign exchange translation reserve - 155 -
Accumulated loss (100 358) (104 328) (105 230)
Total equity attributable to equity
holders of the parent 122 475 105 485 105 161
Minority interest 7 009 - -
Non-current liabilities 5 290 5 233 1 968
Deferred tax liability 5 290 5 233 1 968
Current liabilities 29 276 3 409 4 867
Tax payable 2 823 1 442 4 358
Trade and other payables 26 443 1 935 476
Interest on debentures 10 32 32
Bank overdraft - - 1
Total equity and liabilities 164 050 114 127 111 996
Net asset value per share (cents) 70 61 60
Income statement
Unaudited Audited
Six months Year
ended ended
28 February 31 August
2007 2006 2006
Notes R`000 R`000 R`000
Trading profit 4 627 14 827 17 564
Investment income 2 772 2 132 3 411
Finance costs (94) (284) (288)
Loss from equity accounted
investment (359) - (52)
Profit before taxation 6 946 16 675 20 635
Taxation (1 817) (4 807) (5 020)
Profit for the period/year 5 129 11 868 15 615
Attributable to:
Equity holders of the parent 4 872 11 868 15 615
Minority interest 257 - -
5 129 11 868 15 615
Number of shares issued (thousands) 174 873 171 623 174 873
Weighted average number of shares
(thousands) 174 873 171 623 173 248
Basic earnings per share (cents) 2.79 6.92 9.00
Headline earnings per share (cents) 2 1.67 2.48 4.60
Cash flow statement
Unaudited Audited
Six months Year
ended ended
28 February 31 August
2007 2006 2006
R`000 R`000 R`000
Cash flow from operating activities
Cash generated by/(used in)
operations 6 626 207 (3 415)
Interest received 2 244 2 063 3 292
Dividends received 528 69 119
Finance costs (94) (284) (288)
Tax paid (3 838) (1 288) (1 288)
Net cash inflow/(outflow)
from operating activities 5 466 767 (1 580)
Cash flow from investing activities
Acquisition of equipment - - (20)
Acquisition of subsidiary 8 162 - -
Loan advanced to joint venture (720) - (4 770)
Acquisition of investments (36 525) (32 862) (85 023)
Proceeds from sale of investments 42 764 61 114 123 930
Net cash inflow from
investing activities 13 681 28 252 34 117
Cash flow from financing activities
Proceeds on share issue - - 3 250
Repayment of loans payable - (1 372) (13 605)
Net cash outflow from
financing activities - (1 372) (10 355)
Net increase in cash and cash
equivalents 19 147 27 647 22 182
Cash and cash equivalents
at beginning of period/year 22 789 184 184
Effect of exchange rate movement on
cash balances - - 423
Total cash and cash equivalents at
end of the period/year 41 936 27 831 22 789
Statement of changes in equity
Unaudited Audited
Six months Year
ended ended
28 February 31 August
2007 2006 2006
R`000 R`000 R`000
Total equity at 1 September 105 161 98 166 98 166
Conversion to IFRS - - 86
Total recognised income 18 332 7 164 3 659
Profit for the period
attributable to equity
holders of the parent 4 872 11 868 15 615
Profit for the period
attributable to
minority interest 257 - -
Fair value gains/(loss) on
available-for-sale
investments attributable to
equity holders
of the parent 10 974 5 419 (4 352)
Fair value gains on
available-for-sale
investments attributable to
minority interest 761 - -
Fair value loss/(gains) on
available-for-sale
investments realised through income
statement 1 468 (10 123) (7 604)
Acquisition of subsidiary 5 991 - -
Foreign exchange
translation difference - 155 -
Issue of shares - - 3 250
Total equity at 28 February/31 August 129 484 105 485 105 161
Notes
1 The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS).
Unaudited Audited
Six months Year
ended ended
28 February 31 August
2007 2006 2006
R`000 R`000 R`000
2 Headline earnings per share
Headline earnings per
share is calculated
as follows:
Profit attributable to
equity holders of the parent 4 872 11 868 15 615
Realised profit on
available-for-sale investments (2 262) (8 894) (8 894)
Tax effects 302 1 290 1 290
Headline earnings 2 912 4 264 8 011
Headline earnings per share (cents) 1.67 2.48 4.60
The calculation of headline earnings per share is based on the weighted
average number of 174 872 545 shares in issue during the year (2006:
173 247 545).
Directors` report
These results comply with International Financial Reporting Standards
("IFRS"). Previous results have been restated to comply with IFRS.
The current management team has been in control of Trematon for two years. The
company has diversified its investment base over this period and the company
currently has investments in listed equities, unlisted equities and property
related investments.
Trading profit amounted to R4.6 million compared to R14.8 million in the
corresponding six month period. This reflects reduced short-term trading
activity compared to the previous period. Most of Trematon`s current income is
derived from trading which, by its nature, should be expected to be highly
variable.
Net asset value increased to 70c from 60c at the last financial year end.
Unlisted investments have not been revalued during this reporting period.
Trematon has made further investments in its unlisted equity portfolio and
unlisted property related investments which now comprise 26.2% of net asset
value. This component of net asset value is expected to increase and
management is actively seeking further opportunities in this area. At present,
the income yield from the unlisted portfolio is low and there is limited scope
for short term profits but good long term returns are expected.
During February 2007, Trematon disposed of 2 520 000 shares in Intec Telecom
plc for a total consideration of R16.2 million. Trematon owns 5 216 979 shares
in Intec which represents 25.7% of net asset value. For more information on
Intec, shareholders are referred to Intec`s comprehensive website at
www.intecbilling.com.
Trematon owns 54.7 million shares in Shops for Africa Ltd (75.8% of Shops for
Africa`s total equity) which represents 14.5% of Trematon`s net asset value.
At year end Shops for Africa was not accounted for as a subsidiary because it
was in liquidation. Subsequent to year end Shops for Africa was brought out of
liquidation and it has been accounted for as a subsidiary for the first time.
The current balance sheet is therefore not strictly comparable with the prior
period. Arnold Maresky, a former director of Paramount Properties Ltd has been
appointed to the board of Shops for Africa and plans are well under way to
rejuvenate the company.
The company has net cash reserves at present but is not averse to gearing
should appropriate opportunities arise.
The primary focus of management is to increase the per share net asset value
of the company in the long term. We will take advantage of short term trading
opportunities when they arise but trading profits will be variable and cannot
be forecast. No dividend payments are planned for the current financial year.
Trematon has built a sound base for continued growth in per share net asset
value and is constantly seeking to enhance the quality and growth potential of
its investment portfolio.
On behalf of the board
AJ SHAPIRO
Director
Cape Town
3 May 2007
Directors: M Kaplan (Chairman), AJ Shapiro (CEO), A Groll (executive), AM Louw
(non-executive), R Stumpf (non-executive)
Registered office: 1st Floor, The Spearhead, 42 Hans Strijdom Avenue,
Foreshore, 8001
Postal address: PO Box 7677, Roggebaai, 8012. Tel: (021) 421-5550. Fax: (021)
421-5551
Secretary: S Litten
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
Principal banker: Investec Bank Limited
Sponsor: Bridge Capital Advisors (Pty) Limited, 1st Floor, Building 22A, The
Woodlands, Woodlands Drive, Woodmead, Sandton, 2146
Auditors: KPMG Inc.
Date: 07/05/2007 14:32:01 Produced by the JSE SENS Department.
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