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ESSENTIAL BEVERAGE HOLDINGS LIMITED
(REGISTRATION NUMBER : 98/12633/06)
("ESSENT")
7 March 2001
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2000
CONSOLIDATED INCOME STATEMENT
AUDITED AUDITED
12 MONTHS 12 MONTHS
31 OCTOBER 31 OCTOBER
1999 2000
R R
TURNOVER 496 250 0
COST OF SALES (1 436 170) (630 822)
(939 920) (630 822)
OPERATING DEFICIT (6 908 340) (2 011 822)
NET LOSS BEFORE TAXATION (7 831 195) (2 642 644)
TAXATION 0 0
ACCUMULATED LOSS FOR THE YEAR (7 831 195) (2 642 644)
ACCUMULATED LOSS AT THE BEGINNING
OF THE YEAR (3 433 914) (11 265 109)
WRITE OFF TO SHARE TRUST 0 (16 660 000)
ACCUMULATED LOSS AT THE YEAR END (11 265 109) (30 567 753)
NET LOSS PER SHARE - CPS (4.56) (17.61)
HEADLINE LOSS PER SHARE - CPS (4.67) (1.52)
CONSOLIDATED BALANCE SHEET
EMPLOYMENT OF CAPITAL
FIXED ASSETS 130 069 125 132
TRADEMARKS 10 11
COST OF CONTROL 1 370 720 690 700
LOANS RECEIVABLE 18 637 051 2 022 344
CURRENT ASSETS 1 110 343 1 004 356
CASH RESOURCES 25 539 35 834
ACCOUNTS RECEIVABLE 830 444 968 522
TOTAL ASSETS 20 993 833 3 842 543
CURRENT LIABILITIES 2 901 236 4 544 752
18 092 597 (702 209)
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM 29 357 706 29 567 706
ACCUMULATED LOSS (11 265 109) (30 567 753)
FOREIGN CURRENCY TRANSLATION
RESERVE 0 (1 299 602)
LOANS PAYABLE 0 1 597 440
18 092 597 (702 209)
NET ASSET VALUE PER SHARE - CPS 10.53 (0.04)
CONSOLIDATED CASH FLOW STATEMENT
OPERATING ACTIVITIES
CASH PAID TO SUPPLIERS AND EMPLOYEES (6 685 072) (67 357)
CASH RECEIVED FROM CLIENTS (8 901) (138 078)
CASH GENERATED FROM OPERATIONS (6 708 183) (205 435)
INVESTMENT INCOME 180 521 1 597
CASH GENERATED BY INVESTING
ACTIVITIES 132 309 0
INVESTMENT TO EXPAND OPERATIONS 0 0
ADDITIONS TO FIXED ASSETS (132 309) 0
ACQUISITION OF SUBSIDIARY 0 (1 370 720)
CASH GENERATED BY FINANCING
ACTIVITIES 1 997 577 0
INCREASE IN LOANS RECEIVABLE (18 382 691) 0
PROCEEDS OF SHARE ISSUE 20 366 058 210 000
NET CASH RAISED (4 662 394) 6 162
CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF THE YEAR 4 687 933 35 834
CASH AND CASH EQUIVALENTS AT
THE END OF THE YEAR 25 539 31 701
NOTES TO THE FINANCIAL STATEMENTS
1. The turnover for the past financial year is shown as nil due to all
products being invoiced in that financial year having been destroyed due to
defective bottling processes by the contract bottlers in the United Kingdom.
The cost of sales in that financial year reflects the actual manufacturing
costs of those products that were destroyed.
2. The write off to the Share Trust reflects the difference between the
original loan from the company to the Share Incentive Trust and the current
market value of the company's shares that are held by the Share Incentive
Trust.
POST YEAR END EVENTS
Shareholders are referred to the announcement dated 13 February 2001 whereby it
was announced that Essent had entered into the below-mentioned agreements :-
- the sale of its subsidiary companies, Essential Waters Limited and Essential
Waters (BVI) Limited to Palladio Inc in the amount of R100.00 (one hundred
rand); and
- Essent would not be liable nor responsible for the liabilities of these
subsidiary companies; and
- The purchase of Internet Gaming (Pty) Limited from The Internet Gaming
Corporation Limited ("Igaming"), holding 80% (eighty percent) and Vegas
International SA, holding 20% for the amount of R92 500 000 (ninety two million
five hundred thousand rand) payable by the issue of 925 000 000 (nine hundred
and twenty five million) new Essent shares at 10 (ten) cents per share; and
- The issuing of 20 000 000 (twenty million) additional Essent shares to
investors introduced by Igaming at a price of 3 (three) cents per share in
order to settle Essent's liabilities; and
- The renaming of Essent to that of Internet Casinos Limited.
CIRCULAR TO SHAREHOLDERS
A circular containing the Audited Annual Financial Statements for the year
ended 31 October 2000 will be posted to shareholders in due course.
BY ORDER OF THE BOARD
JOHANNESBURG
7 MARCH 2001
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