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ITR
ITR
ITR - Intertrading Limited - Unaudited interim results for the six months ended
31 August 2011
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 2011
Abridged consolidated statements of financial position
Unaudited Unaudited Audited
31 August 31 August 28 February
2011 2010 2011
R`000 R`000 R`000
ASSETS
Current assets 5 641 23 484 8 502
5 641 23 484 8 502
EQUITY AND LIABILITIES
Equity 4 832 8 322 8 141
Current liabilities 809 15 162 361
5 641 23 484 8 502
Consolidated statements of other comprehensive income
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2011 2010 2011
R`000 R`000 R`000
Operating costs (1 107) (1 204) (1 672)
Operating loss before material (1 107) (1 204) (1 672)
items separately disclosed
ConnectNet transaction costs (2 457) - -
Operating loss before interest (3 564) (1 204) (1 672)
Investment revenue 255 920 1 207
Loss before taxation (3 309) (284) (465)
Taxation - - -
Loss for the period (3 309) (284) (465)
Comprehensive loss for the period (3 309) (284) (465)
attributable to equity holders of
the parent
Abridged consolidated statements of cash flows
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2011 2010 2011
R`000 R`000 R`000
Cash utilised by operations (3 532) (3 674) (4 052)
Interest income 254 920 1 207
Cash utilised by operating (3 278) (2 754) (2 845)
activities
Net cash flow from other investing - 18 18
activities
Net cash flow from financing (30) (363) (15 289)
activities
Net movement in cash (3 308) (3 099) (18 116)
Net cash resources at beginning of 4 998 23 114 23 114
the period
Net cash resources at end of the 1 690 20 015 4 998
period
Abridged consolidated statements of changes in equity
Unaudited Unaudited Audited
31 August 31 August 28 February
2011 2010 2011
R`000 R`000 R`000
Equity at beginning of the period 8 141 23 606 23 606
Total comprehensive loss (3 309) (284) (465)
Dividend - (15 000) (15 000)
Equity at end of the period 4 832 8 322 8 141
Segmental analysis
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2011 2010 2011
R`000 R`000 R`000
Segmental results
Listed public company costs and (3 564) (1 204) (1 672)
administration
Operating loss before interest (3 564) (1 204) (1 672)
Supplementary information
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2011 2010 2011
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 (3 309) (284) (465)
Loss per share (cents) (6,6) (0,6) (0,9)
Headline loss per share (cents) (6,6) (0,6) (0,9)
Net asset value per share - 9,7 16,6 16,3
excluding intangible assets
(cents)
Net asset value per share - 9,7 16,6 16,3
including intangible assets
(cents)
Dividends per share (cents) - 30,0 30,0
Commentary
During the past year, the board of Intertrading continued looking for a way in
which critical mass could be achieved for the company to justify the current
listing and associated overhead costs, and on the 4th of March 2011, were
pleased to announce the proposed acquisition of a 60% shareholding in ConnectNet
Broadband Wireless (Proprietary) Limited ("ConnectNet")("the Proposed
Acquisition"), the terms of which were disclosed in the announcement released on
SENS on 17 June 2011.
The rationale for the Proposed Acquisition is to lift the suspension of trading
in Intertrading shares and to remove the current cash shell status of
Intertrading. The Proposed Acquisition will give shareholders exposure to an
exciting technology company or the opportunity to accept the mandatory offer as
disclosed in the announcement released 17 June 2011.
Basis of preparation and accounting policies
The results for the six months ended 31 August 2011 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) and the relevant sections of the South African Companies Act No 71 of
2008, as amended, as well as the AC 500 standards as issued by the Accounting
Practices Board and in terms of the Listings Requirements of the JSE Limited.
The accounting policies applied in the preparation of the results for the six
months ended 31 August 2011 are consistent with those adopted in the financial
statements for the year ended 28 February 2011.
Documentation
A circular to shareholders containing the requisite information pertaining to
the Proposed Acquisition and convening a meeting of shareholders will be posted
to shareholders in due course.
Directorate
There have been no changes to the board during the period under review.
Prospects
Beyond the successful conclusion of the ConnectNet transaction and the changing
of business focus to technology, Intertrading will pursue an acquisitive growth
strategy at the listed holding company level as it seeks to gain critical mass.
There are several target opportunities in the pipeline, which will be disclosed
to the market at the appropriate moments. The acquisitive strategy will be
complemented by achievable organic growth strategies for the acquired underlying
subsidiary companies.
By order of the board
GG Burelli
Chairman
JF Zwarts
Financial Director
Johannesburg
29 November 2011
Registered office
119 Rosen Office Park, 37 Invicta Road, Midrand, Johannesburg, 1685
(PO Box 8439, Halfway House, 1685)
Directors
Non-executive:
CPV Jousse, GG Burelli (Chairman), AA Deiner
Executive:
JF Zwarts (Group Financial Director), GS Moseneke (Chief Executive Officer)
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Transfer secretaries
Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg,
2001
(PO Box 61051, Marshalltown, 2107)
For more information please email: info@intertrading.co.za
Date: 29/11/2011 13:33:58 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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