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ITR
ITR
ITR - Intertrading Limited - Unaudited interim results for the six months ended
31 August 2010 and withdrawal of Cautionary Announcement
INTERTRADING LIMITED
Registration number 1987/004777/06
("Intertrading" or "the company")
Share code: ITR ISIN code: ZAE000015566
(Suspended)
Unaudited interim results for the six months ended 31 August 2010
and withdrawal of Cautionary Announcement
Abridged consolidated statements Unaudited Unaudited Audited
of financial position 31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
ASSETS
Non-current assets - 11 804 -
?Property, plant and equipment - 3 468 -
?Goodwill - 4 648 -
?Investment in joint venture - 83 -
?Deferred taxation - 3 605 -
Current assets 23 484 30 761 26 397
23 484 42 565 26 397
EQUITY AND LIABILITIES
Equity 8 322 29 295 23 606
Deferred taxation - 287 -
Current liabilities 15 162 12 983 2 791
23 484 42 565 26 397
Abridged consolidated statements Unaudited Unaudited Audited
of changes in equity six months six months year
ended ended ended
31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Equity at beginning of period 23 606 34 179 34 179
Total comprehensive loss (284) (1 884) (7 573)
Dividend (15 000) (3 000) (3 000)
Equity at end of period 8 322 29 295 23 606
Abridged consolidated statements Unaudited Unaudited Audited
of cash flows six months six months year
ended ended ended
31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Cash receipts from customers - 64 429 161 205
Cash paid to suppliers and (3 674) (68 132) (159 345)
employees
Cash (utilised)/generated by (3 674) (3 703) 1 860
operations
Interest income - 405 667
Finance costs - (9) (48)
Taxation paid - (62) (674)
Cash (utilised)/generated by (3 674) (3 369) 1 805
operating activities
Cash inflow from disposal of - - 4 479
businesses - Note 1
Net cash flow from other investing 18 (506) 1 196
activities
Net cash flow from financing (363) (3 023) (2 471)
activities
Net movement in cash (4 019) (6 898) 5 009
Net cash resources at beginning of 23 114 18 105 18 105
the period
Net cash resources at end of the 19 095 11 207 23 114
period
Segmental analysis Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Segmental revenue
Fresh produce exports - 18 516 46 334
Freight forwarding - 52 203 135 805
Listed public company costs and - 218 431
administration
Less internal revenue - (8 315) (19 399)
Net revenue - 62 622 163 171
Segmental results
Fresh produce exports - (169) 794
Freight forwarding - (455) 2 532
Listed public company costs and (1 204) (1 698) (2 904)
administration
Loss on disposal of business - - (5 137)
Costs related to disposal of - - (939)
investments
Employee share incentive scheme - - (1 356)
costs
Operating loss before interest (1 204) (2 322) (7 010)
Unaudited Unaudited Audited
six months six months year
Consolidated statements of other ended ended ended
comprehensive income 31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Continuing operations
Operating costs (1 204) (357) (544)
Operating loss before interest (1 204) (357) (544)
Investment revenue 920 405 641
(Loss)/profit for the period (284) 48 97
Comprehensive (loss)/income for (284) 48 97
the period from continuing
operations
Discontinued operations
Revenue - 62 622 163 171
Cost of sales - (53 611) (138 453)
Gross profit - 9 011 24 718
Other income - 508 401
Operating costs - (10 865) (24 153)
Operating (loss)/profit before - (1 346) 966
material items separately
disclosed
Material items separately
disclosed
Bad debt provision - (619) -
Loss on disposal of business - - - (6 076)
Note 1
Loss on disposal of businesses - - (5 137)
Costs related to disposal of - - (939)
investments
Employee share incentive scheme - - (1 356)
costs
Operating loss before interest - (1 965) (6 466)
Investment revenue - - 26
Income/(loss) from equity - 213 (187)
accounted investments
Finance costs - (9) (48)
Net loss before taxation - (1 761) (6 675)
Taxation - (171) (995)
Total comprehensive loss for the - (1 932) (7 670)
period from discontinued
operations
Total comprehensive loss for the (284) (1 884) (7 573)
period attributable to the equity
holders of the parent
Supplementary information Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Number of ordinary shares (`000) 50 000 50 000 50 000
Weighted average number of shares 50 000 50 000 50 000
in issue (`000)
Reconciliation of headline
(loss)/earnings
Basic loss (284) (1 884) (7 573)
Loss on disposal of business - - 6 076
Loss/(profit) on disposal of - (2) 8
assets
Tax effect on loss on disposal of - - (2)
assets
Headline loss (284) (1 886) (1 491)
Loss per share (cents) (0,6) (3,8) (3,0)
Headline loss per share (cents) (0,6) (3,8) (15,1)
Net asset value per share - 16,6 49,3 47,2
excluding intangible assets
(cents)
Net asset value per share - 16,6 58,6 47,2
including intangible assets
(cents)
Dividends per share (cents) 30,0 6,0 6,0
Note 1 - Disposal of businesses
Property, plant and equipment 3 237
Goodwill 4 648
Deferred tax 3 294
Inventories 205
Trade and other receivables 18 622
Cash and cash equivalents 4 321
Loans to group companies (265)
Trade and other payables (19 685)
Current tax payable (50)
Investment in joint venture (390)
Net assets disposed of 13 937
Loss on disposal (5 137)
Proceeds on disposal 8 800
Net cash disposed of (4 321)
Cash inflow on disposal of businesses 4 479
Commentary
Following the sale of the company`s underlying businesses, Intertrading was
categorised as a "cash shell" by the JSE Limited ("the JSE") on 10 May 2010.
Subsequent to the distribution of capital as approved by shareholders at the
Annual General Meeting held on 2 September 2010, the board has evaluated a
number of proposals for the cash shell, none deemed to be beneficial to
shareholders. The six month period permitted in terms of the JSE`s Listings
Requirements to a cash shell in order to acquire assets that meet the criteria
to remain listed on the JSE, has expired and the JSE suspended the listing of
Intertrading from the main board with effect from 11 November 2010. The
directors now have three months to conclude a satisfactory acquisition, failing
which Intertrading will be de-listed.
Basis of preparation and accounting policies
The results for the six months ended 31 August 2010 and the comparative
information have been prepared in terms of International Financial Reporting
Standards (IFRS). The results also comply with IAS 34 (Interim Financial
Reporting), AC 500 Standards as issued by the Accounting Practices Board and the
relevant sections of the South African Company`s Act 1973, as amended, as well
as in terms of JSE Listings Requirements. The accounting policies applied in the
preparation of the results for the six months ended 31 August 2010 are
consistent with those adopted in the financial statements for the year ended 28
February 2010.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement dated 15 October 2010,
and are advised that discussions referred to therein have been terminated.
Accordingly, shareholders are no longer required to exercise caution when
dealing in the company`s securities.
By order of the board
GG Burelli JF Zwarts
Chairman Financial Director
OR Tambo International Airport 18 November 2010
Registered office
Unit 2, Perishable Cargo Triangle
Northern Perimeter Road
OR Tambo International Airport
(PO Box 11094, Aston Manor, 1630)
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
17 November 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Directors
Non-executive: CPV Jousse, GG Burelli (Chairman), AA Deiner
Executive: JF Zwarts (Group Financial Director)
For more information please email: info@intertrading.co.za
Date: 17/11/2010 15:41:01 Produced by the JSE SENS Department.
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