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GOOD CAPE LIMITED
(Reg No 1987/006274/06)
ABRIDGED AUDITED CONSOLIDATED FINANCIAL RESULTS OF THE GROUP FOR THE YEAR ENDED
31 DECEMBER 2000
Consolidated income statement
Year 18 months
ended ended
31 Dec 31 Dec
2000 1999
R000's R000's
Operating profit before abnormal item 3 392 5 122
Provision for loss on trading portfolio (2 401) -
Revaluation of fixed portfolio (3 089) -
operating (loss)/profit before
interest and tax (2 098) 5 122
Financial costs (4 424) (3 429)
(Loss)/profit before taxation (6 522) 1 693
Taxation (302) (511)
(Loss)/profit attributable
to shareholders (6 824) 1 182
(Loss)/earnings and headline
(loss)/earnings per share (cents) (21,6) 4,5
Number of shares in issue (000's) 31 654 31 654
Consolidated balance sheet
31 Dec 31 Dec
2000 1999
R000's R000's
Capital employed
Shareholders' interests 13 010 25 550
Redeemable preference share
capital of a subsidiary 20 000 20 000
Mortgage finance 5 134 4 494
38 144 50 044
Employment of capital
Fixed property assets 37 250 44 400
Investment in related company - 7 325
Net current assets/(liabilities) 894 (1 681)
38 144 50 044
Net asset value per share (cents) 41,1 81,0
Number of shares in issue (000's) 31 654 31 654
1. Comments and results
The loss of R786 000 for the 6 months to 30 June 2000 has increased to a loss
of R1,032 million for the 12 months to 31 December 2000. The expected
profitability in the second half of the year unfortunately did not materialise
due to delays in securing major tenants and the budgeted trading profit not
being realised. However, the fixed portfolio is now fully let save for 20% of
17 Lower Long Street (Olivetti) office block. As previously advised, your board
has re-assessed and revalued the fixed property portfolio in the light of the
current property market. This has resulted in a write-down of the fixed
properties of R8,378 million of which R3,089 million has been charged to the
income statement as an abnormal item and the remaining R5,289 million has been
set off against existing revaluation reserves. Your board has decided to
discontinue its trading portfolio activities in an orderly fashion.
Accordingly, a provision of R2,401 million has been charged to the income
statement as an abnormal item. These write-downs and provisions have no effect
on the cash resources of the group.
2. Prospects
Taking into account the current property market and in order to maximise
shareholders' value, in addition to the discontinuance of the trading
portfolio, the board has decided to reduce management and administration costs
by outsourcing the bulk of these functions. The board is giving consideration
to the future of the fixed portfolio.
3. Dividend
No dividends have been declared.
4. General
Mr R N McLeod did not formalise his appointment to the board. The Annual Report
will be posted before the end of June 2001.
For and on behalf of the Board Registered office Transfer secretaries
B P Rabinowitz 9th Floor, NBS Waldorf Mercantile Registrars Ltd
W H Edelstein 80 St George's Mall 11 Diagonal Street
Cape Town Cape Town PO Box 1053
28 March 2001 8001 Johannesburg 2000
Directors: B P Rabinowitz (Chairman and Chief Executive Officer), W H
Edelstein, C W Eglin*,C K Loydall*, J H Rens * Non-executive
Company Secretary: C K Loydall
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