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Anbeeco Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/002788/06)
Share code AEC ISIN ZAE000000162
("Anbeeco" or "the company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 JANUARY 2002
and further cautionary announcement
SUMMARISED GROUP INCOME STATEMENT
6 Months 12 Months 15 Months
ended ended ended
31 January 30 April 31 July
2002 2001 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Gross revenue 679 35 768 46 920
Cost of sales (916) (22 448) (34 696)
Gross (loss)/profit (237) 13 320 12 224
Other income 1 196 187 966
Operating costs (1 602) (18 821) (24 785)
Operating profit/(loss) (643) (5 314) (11 595)
Interest received 37 20 21
Finance costs (191) (1 374) (1 704)
(Loss)/profit (797) (6 668) (13 278)
Exceptional items - 1 268 1 268
Net (loss)/profit for period (797) (5 400) (12 010)
Loss per share (cents) (5,3) (36,1) (80,1)
Headline (loss) per share (cents) (5,3) (44,5) (88,7)
SUMMARISED GROUP BALANCE SHEET
31 January 30 April 31 July
2002 2001 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Non-current assets
Fixed assets - 779 362
Current assets 2 235 19 313 11 913
Inventories - 7 244 268
Accounts receivable 1 728 12 069 11 579
Taxation 65 - 65
Bank balances 442 - 1
Total assets 2 235 20 092 12 275
Equity and liabilities
Capital and reserves 1 588 8 995 2 385
Issued capital 2 651 2 651 2 651
General reserve 5 028 5 028 5 028
Accumulated (loss)/profit (6 091) 1 316 (5 294)
Current liabilities 647 11 097 9 890
Accounts payable 647 1 982 2 194
Bank overdraft - 9 115 7 696
Total equity and liabilities 2 235 20 092 12 275
SUMMARISED GROUP CASH FLOW STATEMENT
6 Months 12 Months 15 Months
ended ended ended
31 January 30 April 31 July
2002 2001 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities 7 729 (3 903) (2 774)
Cash flows from investing activities 408 (382) (91)
Decrease in cash and cash equivalents 8 137 (4 284) (2 865)
Cash and cash equivalents at
beginning of period (7 695) (4 830) (4 830)
Cash and cash equivalents at
end of period 442 (9 115) (7 695)
STATEMENT OF CHANGES IN EQUITY
Share Share General Accumulated
Capital Premium Reserve Profit/(Loss) Total
R'000 R'000 R'000 R'000 R'000
Balance 1 May 2000 150 2 501 5 028 6 716 14 395
Net loss for period - - - (12 010)(12010)
Balance 1 August 2001 150 2 501 5 028 (5 294) 2 385
Net loss for period - - - (797) (797)
Balance 31 January 2002 150 2 501 5 028 (6 091) 1 588
COMMENTS
The information presented for the six months ended 31 January 2002 have been
prepared in accordance with GAAP and accounting policies which are
consistent in all material respects of those of prior periods.
Shareholders are referred to the Chairman's statement which accompanied
Anbeeco's 2001 annual report in which it was stated that "Shareholders will
be kept informed of significant changes in the determinants of residual
value when such information becomes available".
As at 31 January 2002, the net asset value per share amounted to 10,6 cents
(31 July 2001 - 15,9 cents). Anbeeco continues to trade at a small operating
loss at a much reduced level. This will further reduce the net asset value
per share. Anbeeco's only material asset is accounts receivable. It is
expected that the full amount thereof will be recovered.
Anbeeco's shares are trading under a cautionary announcement. Shareholders
are advised to continue to exercise caution in dealing with their Anbeeco
shares until a further announcement is made.
DIVIDENDS
No dividends have been declared for the period under review.
On behalf of the board of directors
Scribe Holdings (Proprietary) Limited
Johannesburg
29 April 2002
Registered office
Fourth Floor, Bedford Centre
St Georges Street
Yeoville
2198
Directors
Mr A N Brookstone (Chairman) (alternate Mr A J Aaron), Mr S I Shatenstein,
Mr S I Jacobson, Ms I L Brookstone
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