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Fe SQUARED HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 98/25729/06)
Fe SQUARED UNAUDITED INTERIM REPORT
for the 6 months ended 31 October 2000
Abridged consolidated balance sheet
at 31 October 2000
31/10/00 30/4/00 31/10/99
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 22 814 19 260 19 522
Goodwill 1 104 1 030 -
Other investments 2 859 2 656 2 477
Total non-current assets 26 777 22 946 21 999
Current assets
Inventories 21 168 10 915 6 780
Trade and other receivables 15 049 13 108 15 458
Cash and cash equivalents 2 524 3 86
Total current assets 38 741 24 026 22 324
Total assets 65 518 46 972 44 323
Equity and Liabilities
Capital and reserves
Share capital 577 577 566
Share premium 3 533 3 533 3 676
Accumulated loss (1 005) 2 164 2 059
Total shareholders' funds 3 105 6 274 6 301
Non-current liabilities
Debentures 13 000 13 000 13 000
Interest bearing borrowings 28 326 14 285 8 094
Deferred tax liabilities 801 888 853
42 127 28 173 21 947
Current liabilities
Trade and other payables 15 033 5 732 3 707
Current portion of interest
bearing borrowings 2 017 1 802 1 416
Taxation 1 041 1 361 2 487
Bank overdraft 2 195 3 630 8 465
Total current liabilities 20 286 12 525 16 075
Total equity and liabilities 65 518 46 972 44 323
Abridged consolidated income statement
for the 12 months ended 31/10/2000
6 months 12 months 12 months
ended ended ended
31/10/00 31/10/00 31/10/99
R'000 R'000 R'000
Revenue 19 975 37 040 38 047
Operating profit/(loss) (406) 2 029 6 144
Net financing costs (2 856) (5 099) (3 097)
Income from investments 6 6 21
Loss before taxation (3 256) (3 064) 3 068
Taxation - - 1 009
Loss after taxation (3 256) (3 064) 2 059
Retained income opening balance 2 251 2 050 -
Accumulated loss/(retained income)
closing balance (1 005) (1 005) 2 059
Shares in issue at period end 57 714 57 714 56 554
Weighted average
number of shares in issue 28 373 57 230 29 866
Headline loss/(earnings)
per share (cents) (5,6) (5,3) 6,89
Loss/(Earnings) per share (cents) (5,6) (5,3) 6,89
Net asset value per share (cents) 10,87 5,38 11,14
FINANCIAL OVERVIEW AND TRADING OVERVIEW
The last 10 months of trading have been characterised by an extremely difficult
trading environment which was exacerbated by the failure of a major supplier to
continue to honour a supply agreement which had been in place for some time.
This non-compliance had the effect of reducing the average tonnage supplied to
the group from November 1999 to October 2000 and this had an immediate impact
on turnover, profitability and cash flow. In addition, the group had placed
orders on an overseas supplier for the supply of a tubemill which was budgeted
to be operative by August 2000. The overseas supplier was unable to meet this
deadline with the result that the tubemill was only commissioned in January
2001 and will become fully operational from February 2001. These unforseen
factors have pushed out the group's trading and profitability forecasts by a
year.
The board of directors took steps to resolve the supply problem and they have
been instrumental in securing an alternative supply agreement which came into
effect from October 2000 and the availability of material has resulted in the
trading showing a dramatic improvement. In addition, the business of Cutmaster
Steel (Pty) Limited was acquired as a going concern on 22 September 2000 and
after an initial bedding down period, this business is producing positive
results. The acquisition was important as it provided the group with an
additional source of income and an element of diversification and Cutmaster
Steel (Pty) Limited is complementary to the other businesses in the group.
The tubemill is expected to have a very positive effect on trading from day one
and the directors are confident that this, together with the other major
changes, will return the group to profitability while cautioning that the
forecasted figures mentioned in the prospectus will not be met in the 18 months
to April 2001.
DIVIDEND
In light of the group's performance no dividend has been proposed.
Emmerenzia van Zyl
Chief Executive Officer
Johannesburg
14 February 2001
DIRECTORS Registered office Transfer secretaries
Executive 181 Bekker Road Computershare Services Ltd
Emmerenzia van Zyl Midrand Edura House
Gerald Harris 1685 41 Fox Street
Johannesburg
Non-executive 2001
Colin Warner
Sello Mahlangu
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