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ANBEECO INVESTMENT HOLDINGS LIMITED
(Registration number 1984/002788/06)
Share code AEC ISIN ZAE000000162
("Anbeeco" or "the company")
FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 JULY 2001
and further cautionary announcement
GROUP INCOME STATEMENT
for the 15 months ended 31 July 2001
15 months 12 months
ended ended
31 July 30 April
2001 2000
Audited Audited
R R
Gross revenue 46 920 223 42 567 420
Cost of sales 34 695 717 23 957 017
Gross profit 12 224 506 18 610 403
Other income 965 430 665 565
Operating costs 24 785 197 17 589 457
Operating (loss)/profit (11 595 261) 1 686 511
Interest received 21 172 21 078
Finance costs (1 704 535) (1 155 835)
(Loss)/profit (13 278 624) 551 754
Extraordinary items 1 268 281 (1 268 281)
Net loss (12 010 343) (716 527)
Loss per share (cents) (80,2) (4,8)
Headline (loss)/earnings
per share (cents) (88,7) 3,7
Headline (loss)/earnings reconciliation
Basic loss (12 010 343) (716 527)
(Recovery)/loss on theft of stock (1 268 281) 1 268 281
Headline (loss)/earnings (13 278 624) 551 754
GROUP BALANCE SHEET
as at 31 July 2001
30 April 30 April
2001 2000
Audited Audited
R R
Assets
Non-current assets
Fixed assets 362 169 611 038
Current assets 11 913 008 23 027 912
Inventories 267 968 10 288 363
Accounts receivable 11 579 095 12 668 539
Taxation 64 945 64 945
Bank balances 1 000 6 065
Total assets 12 275 177 23 638 950
Equity and liabilities
Capital and reserves 2 384 571 14 394 914
Issued capital 2 650 658 2 650 658
Non-distributable reserve 5 027 792 5 027 792
Accumulated loss (5 293 879) 6 716 464
Current liabilities 9 890 606 9 244 036
Taxation 26 26
Accounts payable 2 194 084 4 407 396
Bank overdraft 7 696 496 4 836 614
Total equity and liabilities 12 275 177 23 638 950
Net asset value per share (cents) 15,9 96,1
GROUP CASH FLOW STATEMENT
for the 15 months ended 31 July 2001
15 months 12 months
ended ended
31 July 30 April
2001 2000
Audited Audited
R R
Cash flows from operating activities
Cash (utilised in)/generated by
operating activities (1 090 671) 70 073
Interest received 21 172 21 078
Interest paid (1 704 535) (1 155 835)
Taxation refunded - 49 925
Net cash from operating activities (2 774 034) (1 014 759)
Cash flows from investing activities
Expenditure to maintain operating capacity
Fixed assets acquired (499 769) (338 154)
Proceeds of disposals of fixed assets 408 856 240 825
Net cash used in investing activities (90 913) (97 329)
Decrease in cash and cash equivalents (2 864 947) (1 112 088)
Cash and cash equivalents at
beginning of period (4 830 549) (3 718 461)
Cash and cash equivalents at
end of period (7 695 496) (4 830 549)
GROUP STATEMENT OF CHANGES IN EQUITY
for the 15 months ended 31 July 2001 (Audited)
Accumu-
Share Share General lated
capital premium reserve loss Total
R R R R R
Balance at
1 May 1999 149 780 2 500 878 5 027 792 7 432 991 15 111 441
Net loss for
period - - - (716 527) (716 527)
Balance at
1 May 2000 149 780 2 500 878 5 027 792 6 716 464 14 394 914
Net loss for
period - - - (12 010 343) (12 010 343)
Balance at
31 July 2001 149 780 2 500 878 5 027 792 (5 293 879) 2 384 571
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the announcement dated 31 July 2001, shareholders are informed
that the orderly realisation of the group's assets is progressing
satisfactorily. Virtually all the tangible assets have been sold. The
realisation of the remaining assets comprising almost entirely book debts
will take some months. It is not possible at this stage to estimate what the
end result will be but, in the absence of unforeseen circumstances, on
completion of the realisation of all the assets and after payment of all
liabilities it is expected that there will be a surplus available for
shareholders.
Furthermore, discussions are taking place relating to both the possible sale
by Anbeeco of its wholly-owned subsidiary Anbeeco (Proprietary) Limited,
which owns the book debts and "the reverse take-over" of Anbeeco.
In the circumstances, members of the public should exercise caution in
dealing in Anbeeco shares. A further announcement will be made as soon as
possible.
Johannesburg
30 October 2001
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