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GLODINA HOLDINGS LIMITED
(Registration number 1986/004150/06)
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000
INCOME STATEMENT
Restated
2000 1999
R000 R000
Turnover 137 641 140 708
Cost of sales (110 351) (112 444)
Gross profit 27 290 28 264
Other operating income 372 784
Administration costs (4 815) (3 246)
Operating costs (22 117) (20 370)
Other costs (4 032) (2 725)
Investment impairment (3 440) -
Interest paid (5 424) (6 305)
Loss before taxation (12 166) (3 598)
Taxation 2 533 1 553
Deficit for the year (9 633) (2 045)
Retained income at the beginning
of the year as restated 6 139 8 072
Transfer from non-distributable reserves 926 112
Retained income at the end of the year (2 568) 6 139
Basic loss per share (cents) (30,51) (6,59)
Investment impairment 10,90 -
Profit on disposal of fixed assets
per share (cents) (0,16) -
Valuation adjustment on shares held
in Glodina Holdings Limited
Share Trust (cents) (0,02) (0,07)
Headline loss per share (cents) (19,79) (6,66)
Dividend per share (cents) - -
Number of shares in issue 32 052 313 31 052 313
Weighted average number of shares in issue 31 576 903 31 052 313
ABRIDGED CASH FLOW STATEMENT
2000 1999
R000 R000
Cash generated from operations 666 6 659
Working capital changes 5 329 6 259
Interest paid (5 424) (6 305)
Taxation overpayment received/(paid) 15 (156)
Cash flows from investing activities (8 407) (1 908)
Cash (utilised)/generated (7 821) 4 549
BALANCE SHEET Restated
2000 1999
R000 R000
ASSETS
Non-current assets 49 215 48 216
Property, equipment, vehicles and
furniture 48 584 47 731
Investment 140 -
Other assets 491 485
Current assets 65 641 73 377
Inventories 31 251 27 723
Accounts receivable 34 362 45 649
Cash resources 28 5
Total assets 114 856 121 593
EQUITY AND LIABILITIES
Capital and reserves 44 070 53 292
Share capital and premium 38 002 37 591
Reserves 6 068 15 701
Non-current liabilities 10 000 8 435
Interest bearing debt - long-term
borrowings 5 516 1 452
Deferred taxation liability 4 484 6 983
Current liabilities 60 786 59 866
Accounts payable 29 256 31 705
Bank overdraft and short-term loans 31 530 28 161
Total equity and liabilities 114 856 121 593
Net asset value per share (cents) 137 172
Commitments
- capital contracted - 2 071
- capital authorised but not yet
contracted - 2 500
- operating lease
- next year 562 605
- ensuing years 1 021 1 277
Contingent liability
- employee housing guarantees - 1 000
- unfunded post-retirement medical aid
benefits 1 874 1 785
STATEMENT OF CHANGES IN EQUITY
Share Non-distributable Retained
capital reserves earnings Total
R000 R000 R000 R000
Balance at 31 December 1998 as
previously reported 37 591 13 038 7 040 57 669
Change in accounting policy
to account for employee leave
pay - - (338) (338)
Change in accounting policy
to account for deferred
taxation on the revaluation
of land and buildings - (3 242) - (3 242)
Release of depreciation
charge on revaluation of
land and buildings - (1 370) 1 370 -
Balance at 31 December 1998
as restated 37 591 8 426 8 072 54 089
Revaluation of land and
buildings - 2 044 - 2 044
Backlog depreciation on
current year revaluation - (425) - (425)
Release of depreciation
charge on revaluation of
land and buildings - (112) 112 -
Change in tax rate - (371) - (371)
Deficit for the year - - (2 045) (2 045)
Balance at 31 December 1999 37 591 9 562 6 139 53 292
Share issue in terms of
restraint of trade payment 11 - - 11
Share premium on share
issue in terms of retraint
of trade payment 400 - - 400
Realisation of reserves - (709) 709 -
Release of depreciation
charge on revaluation of
land and buildings - (217) 217 -
Deficit for the year - - (9 633) (9 633)
Balance at 31 December 2000 38 002 8 636 (2 568) 44 070
COMMENTS
RESULTS FOR 2000
Glodina has been severely affected by poor retail trading conditions. The
investment impairment is due to the raising of a provision for the full value
of the investment in Gloweave (Private) Limited. This is considered prudent by
the directors in view of the deteriorating economic situation in Zimbabwe.
ACCOUNTING POLICIES
The following accounting policies were changed during the current financial
year in order to better conform to international accounting standards:
(a) Leave pay due to all employees has been charged to the income statement.
(b) Deferred taxation has been provided for on the revaluation of land and
buildings.
A summary of the effect of the changes in accounting policies on the financial
results of the group is reflected above.
PROSPECTS
Market conditions are expected to continue to be difficult. Management focus
will centre on cost reduction and exports. In order to improve the group's
gearing the directors are in the process of considering alternative proposals
from their advisor.
DIRECTORATE
Mr R Mallach, presently non-executive Chairman of the Board, whose term of
office expires at the forthcoming annual general meeting, has indicated that he
will not make himself available for re-election at the annual general meeting.
For and on behalf of the Board
R Mallach
M Balladon
Hammarsdale
29 March 2001
DIRECTORS: R Mallach (Chairman), JB Balladon, M Balladon, PJC Horne, TH
Nyasulu, PR Redondi
Registered office
1 Anderson Road
Hammarsdale
3700
Transfer secretaries
Computershare Services Limited
41 Fox Street
Johannesburg 2001
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