| Tue 20 Feb 2001, 0:00 | | General Optical Company Ltd - Interim Report |
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General Optical Company Limited
Reg. No. 1905/031268/06
Interim Report for the six months ended 31 December 2000
The unaudited results of the Group for the six months ended 31 December 2000
compared with those of the previous financial periods are as follows:
GROUP INCOME STATEMENT
Audited
year ended
31/12/00 31/12/99 30/6/00
R'000 R'000 R'000
Revenue 97 524 80 277 170 290
Operating profit 7 359 6 789 14 422
Finance charges 1 585 1 617 3 121
Net profit before taxation 5 774 5 172 11 301
Taxation 1 741 1 587 3 769
Net profit after taxation 4 033 3 585 7 532
Attributable to outside shareholders 263 176 384
Net profit attributable to
ordinary shareholders 3 770 3 409 7 148
Number of shares in issue 10 030 771 10 030 771 10 030 771
Earnings per share (cents) 37,6 34,0 71,3
Headline earnings per share (cents) 37,6 34,0 71,3
Dividends per share (cents) - Final - - 18,0
GROUP BALANCE SHEET
Audited
31/12/00 31/12/99 30/6/00
R'000 R'000 R'000
Assets
Fixed and other non-current assets 20 360 17 681 20 533
Current assets 106 645 93 136 98 151
127 005 110 817 118 684
Equity and Liabilities
Equity capital and reserves
- Ordinary shareholders 51 391 45 730 47 635
- Minority shareholders 684 513 422
Liabilities 74 930 64 574 70 627
Non current liabilities 13 700 9 400 7 600
Deferred taxation 1 118 961 1 077
Current liabilities 60 112 54 213 61 950
127 005 110 817 118 684
Current asset ratio 1,77 1,72 1,58
Comment
Revenue increased by 21,5% and earnings after tax attributable to ordinary
shareholders by 10,6%. This was due to further pressure on margins, higher
costs of imports arising from foreign currency fluctuations and increased
operating costs
Prospects
The Company continues to maintain its position and its levels of service in a
highly competitive environment.
Dividends
In line with past policy, no interim dividend is being declared.
Capital Commitments
Capital commitments as at 31 December 2000 totalled R291 900.
Proposed Scheme of Arrangement
Shareholders are advised that it is intended that a scheme of arrangement will
be proposed between the Company and its shareholders, other than the Abrahamson
consortium, in terms of which, if the scheme is sanctioned by the High Court of
South Africa and certain conditions precedent fulfilled, the company will
purchase all the issued shares in its capital, other than the
8 753 279 shares held by the Abrahamson consortium, for a cash
consideration of 500 cents per share. For the purposes of the scheme, the
Abrahamson consortium means A E Abrahamson,
F S Salomon, L P Abrahamson and their respective families and discretionary
trusts under which any or all of them may benefit. Upon the scheme becoming
operative, the Company will be delisted from the JSE Securities Exchange South
Africa ("JSE").
A detailed announcement regarding the scheme will be made in due course
following which a circular containing details of the scheme, which is subject
to the approval of the Securities Regulation Panel and the JSE, will be posted
to shareholders.
On behalf of the board of directors
A E Abrahamson V G Mansell
Chairman Deputy Chairman
20 February 2001
Registered Office:
Genop Centre, 2 Ove Street,
New Doornfontein, Johannesburg, 2094.
Transfer Secretaries:
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street
Johannesburg, 2001.
