| Wed 14 Mar 2001, 0:00 | | Zenith Concessions Limited - Interim Results |
|
ZENITH CONCESSIONS LIMITED
(Registration No. 94/009012/06)
Interim results for the period ended 31 December 2000
Unaudited for the Unaudited for the
6 months ended 6 months ended
31 December 2000 31 December 1999
R R
INCOME STATEMENT
Turnover 0 44 360
Net loss before interest (20 150) (84 010)
Net interest paid (2 344) (799)
Net loss for the period (22 494) (84 809)
Opening accumulated loss (6 042 699) (6 014 244)
Accumulated loss at the
end of the period (6 065 193) (6 099 053)
Number of ordinary shares in issue
- at the end of the period 44 210 007 44 210 007
Loss per share (cents):
- based on weighted average shares (0) (0)
- based on total issued shares at
period end (0) (0)
BALANCE SHEET
Share capital 442 100 442 100
Share premium 5 356 900 5 356 900
5 799 000 5 799 000
Shareholders' loans 118 665
Accumulated loss (6 065 193) (6 099 053)
(147 528) (300 053)
Fixed assets 3 825 4 303
Investments 0 100
Net current liabilities (151 353) (304 456)
Current assets 11 473 1
Current liabilities (162 826) (304 457)
(147 528) (300 053)
CASH FLOW STATEMENT
Cash flow from operating activities (59 064) 29 359
Cash generated by/(absorbed by)
operating activities (56 720) 30 158
Finance costs (2 344) (799)
Cash flows from investing activities
Proceeds on disposal of investment 0 0
Cash flows from financing activities - -
Increase in shareholders' loans 95 000 0
Net increase in cash and
cash equivalents 35 936 29 359
Cash and cash equivalents at
the beginning of the year (32 964) (56 760)
Cash and cash equivalents at
the end of the year (2 972) (27 401)
Auditors: Ernst & Young
The same accounting policies have been followed in the interim financial
statements as compared with the most recent annual financial statements.
We have reviewed the December 2000 interim results and our report is available
at the company's registered office.Audited financial statements for the period
ended 30 June 2000
INCOME STATEMENT
2000 1999
R R
Revenue and other income 195 809 114 760
Operating expenses (219 690) (625 726)
Operating loss (23 881) (510 966)
Finance costs (4 573) (6 461)
Net loss before taxation (28 454) (517 427)
Taxation - -
Net loss for the year (28 454) (517 427)
Loss per share (cents) (0.1) (1.2)
BALANCE SHEET
ASSETS
Non-current assets 3 825 4 881
Fixed assets 3 825 4 781
Investment - 100
Current assets 8 502 1 925
Trade and other receivables 8 501 -
Bank balances and cash - 1 924
Recoverable deposit 1 1
Total assets 12 327 6 806
EQUITY AND LIABILITIES
Capital and reserves (243 699) (215 244)
Share capital and premium 5 799 000 5 799 000
Accumulated loss (6 042 699) (6 014 244)
Current liabilities 256 026 222 050
Trade and other payables 223 062 163 366
Bank overdraft 32 964 58 684
Total equity and liabilities 12 327 6 806
CASH FLOW STATEMENT
Cash flow from operating activities 23 696 (717 965)
Cash generated by/(absorbed by)
operating activities 28 269 (711 504)
Finance costs (4 573) (6 461)
Cash flows from investing activities 100 (5 737)
Investment to maintain operations
Proceeds on disposal of investment 100 -
Investment to expand operations
Additions to fixed assets - (5 737)
Cash flows from financing activities - 665 000
Proceeds of share issue - 665 000
Net increase/(decrease)
in cash and cash equivalents 23 796 (58 702)
Cash and cash equivalents at
the beginning of the year (56 760) 1 942
Cash and cash equivalents at
the end of the year (32 964) (56 760)
Auditors: Ernst & Young
The financial statements for the year ended 30 June 2000 were qualified due to
the inability to obtain adequate supporting documentation for the period ended
30 June 1999. This may have impacted on the fair presentation of the financial
statements for the year ended 30 June 2000. The report of the auditor is
available for inspection at the company's registered office.
Directors' report
The Zenith board of Directors was reconstituted on 26 May 2000, spearheaded by
David Bird and Stephen Crossland, who hold approximately 27% of the Zenith
shares. The new board inherited the JSE suspended company and immediately
undertook to turn the company around and lead it to recovery. The first problem
that had to be addressed was the compilation of the company's outstanding
financial statements. With the co-operation of its auditors and the dedication
of the board the financial statements have been completed and enclosed as set
out below.
In addition to this, the new board has completed the 1996/97/98/99 tax returns
which had not been attended to previously, and has submitted them to the SARS.
Due to the reclamation costs associated with Longridge Colliery (Pty) Ltd, the
new directors felt it prudent to dispose of Zenith's entire interest, this
taking place in June 2000.
In November 2000, the board initiated the recovery of the deposit that was paid
to Middelburg Consolidated Mines (Pty) Ltd, by instituting proceedings in the
Pretoria High Court.
Future prospects
The new board remains focused on turning the company around into a sustainable
operation, through their recovery program. The board's primary task thus far
has been to have the suspension lifted at the JSE, by submitting these
financial statements to the committee. Once the share suspension has been
lifted, the board will continue to review a number of proposals which will
concern the future direction of the company.
The board will continue its clean up operation and lead the company to a full
recovery shortly. As the majority shareholder in Zenith, the board have the
best interests of the company in mind and will continue to support the company.
The board remains optimistic about the future direction of the company and
believes that with careful planning and focused attention the company can be
led to a full recovery.
The board would like to thank shareholders for their support and encouragement
during this process.
For and on behalf of the board.
D C Bird Flamingo Investment Trust
Chairman Company Secretary
Directors: D C Bird (Chairman), S D Crossland (Managing Director), M Weetman*,
I Banhegyi* * Non-Executive
Transfer Secretaries: Mercantile Registrars, 6th Floor, Mercantile Building, 94
President Street, Johannesburg, 2001. PO Box 1053, Johannesburg, 2000
Registered Office: 74 Killarney Avenue, Killarney Gardens, Cape Town, 7441. PO
Box 59165, Killarney Gardens, 7441
Auditors: Ernst & Young
