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Anbeeco Investment Holdings Limited Preliminary Results For The Year Ended 31
July 2002
Anbeeco Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/002788/06)
JSE Share code AEC ISIN ZAE000000162
("Anbeeco" or "the company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2002
GROUP INCOME STATEMENT
Reviewed Audited
2002 2001
R R
Gross revenue 728 658 46 920 223
Cost of sales (1 235 693) (34 695 717)
Gross profit (507 035) 12 224 506
Other income 1 721 271 965 430
Operating costs (2 959 565) (24 785 197)
Operating (loss)/profit (1 745 329) (11 595 261)
Interest received 61 952 21 172
Finance costs (197 744) (1 704 535)
Profit/(loss) (1 881 121) (13 278 624)
Exceptional items - 1 268 281
Net (loss)/profit for period (1 881 121) (12 010 343)
Loss per share (cents) (12,6) (80,1)
Headline loss per share (cents) (12,6) (88,7)
Reconciliation between loss
and headline loss:
Basic loss (1 881 121) (12 010 343)
Recovery on theft of stock - (1 268 281)
Headline loss (1 881 121) (13 278 624)
GROUP BALANCE SHEET
Reviewed Audited
2002 2001
R R
Assets
Non-current assets
Fixed assets - 362 169
Current assets 1 167 853 11 913 008
Inventories - 267 968
Accounts receivable 576 873 11 579 095
Taxation 64 945 64 945
Bank balances 526 035 1 000
Total assets 1 167 853 12 275 177
Equity and liabilities
Capital and reserves 503 450 2 384 571
Issued capital 2 650 658 2 650 658
General reserve 5 027 792 5 027 792
Accumulated (loss) (7 175 000) (5 293 879)
Current liabilities 664 403 9 890 606
Taxation 26 26
Accounts payable 664 377 2 194 084
Bank overdraft - 7 696 496
Total equity and liabilities 1 167 853 12 275 177
GROUP CASH FLOW STATEMENT
Reviewed Audited
2002 2001
R R
Cash flows from operating activities
Cash (utilized in)/generated by operating activities 7 949 323 (1 090 671)
Interest received 61 952 21 172
Interest paid (197 744) (1 704 535)
Net cash flows from operating activities 7 813 531 (2 774 034)
Cash flows from investing activities
Expenditure to maintain operating capacity
Fixed assets acquired - (520 869)
Proceeds on disposal of assets 408 000 429 956
Net cash outflow from investing activities 408 000 (90 913)
Decrease in cash and cash equivalents 8 221 531 (2 864 947)
Cash and cash equivalents at beginning of period (7 695 496) (4 830 549)
Cash and cash equivalents at end of period 526 035 (7 695 496)
GROUP STATEMENT OF CHANGES IN EQUITY
Accu-
mulated
Share Share General Profit/
Capital Premium Reserve (Loss) Total
R R R R R
Balance at 1 May 2000 149 780 2 500 878 5 027 792 6 716 464 14 394 913
Net loss for period - - - (12 010 343)(12 010 342)
Balance at 31 July 2001 149 780 2 500 878 5 027 792 (5 293 879) 2 384 571
Net loss for period - - - (1 881 121) (1 881 121)
Balance at 31 July 2002 149 780 2 500 878 5 027 792 (7 175 000) 503 450
COMMENTARY
These results have been prepared in accordance with Generally Accepted
Accounting Practice, and the accounting policies are consistent with those
applied in the previous year.
The loss for the second six months of the year exceeded the loss for the
first six months due to certain bad debt write-offs and to rentals paid on
property leases. The leases have now expired. The net asset value per share as
at 31 July 2002 was 3,4 cents. Anbeeco continues to collect its outstanding
accounts receivable.
Anbeeco shares are trading under a cautionary announcement. Shareholders are
advised to continue caution in dealing with their Anbeeco shares until a further
announcement is made.
These preliminary results have been reviewed by the company`s auditors,
Litvin Hack CASA, and a copy of the review reports is available for inspection
at the company`s registered office.
30 October 2002
Johannesburg
Date: 31/10/2002 08:57:14 AM Produced by the JSE SENS Department
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