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SHAWCELL TELECOMMUNICATIONS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/006034/06)
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000
BACKGROUND
The company listed on the Telecommunications Sector of the JSE Securities
Exchange South Africa in July 1999 and comprises four main operating divisions
specialising in telecommunications and financial services:
ShawCell Holdings handles treasury management and investment activities for the
Group.
Shaw Cellular, the largest single income stream for the Vodacom group, sells
cellular phone contracts and prepaid products earning airtime revenue on these.
EuroPoint Cellular, a supplier of cellphone accessories into the South African
market.
Shaw Finance is a financial services operation providing trade finance and
supply-chain management services to its southern African network of 1 000
member dealers.
FINANCIAL RESULTS
The group achieved a turnover of R84,7 million for the year showing a net
profit after tax of R43,1 million. Earnings per share were 2,8 cents per
share. The group's results were unfortunately severely affected by substantial
losses in the EuroPoint division. After the employment contracts of the
managing director and financial director (also the original owners) of
EuroPoint were prematurely terminated in June 2000, serious irregularities
began to surface. An internal audit resulted in an external forensic audit
being commissioned in December 2000. The forensic audit, which is still
ongoing, has revealed clear evidence of substantial fraud. It is anticipated
that proceedings will be instituted against the perpetrators. All losses have
been written off in the period under review. The acquisition cost of EuroPoint
has been written off and is not reflected at any value in the balance sheet. It
is not anticipated that any further losses will be sustained.
PROSPECTS
Whilst the last year has been difficult the board believes that the company has
sound prospects of achieving the levels of profitability previously enjoyed and
anticipates sound growth from present earnings levels.
On behalf of the board
Johannesburg
30 March 2001
ABRIDGED GROUP INCOME STATEMENT
Year Year
ended ended
31.12.2000 31.12.1999
R000's R000's
Revenue 84 750 121 453
Operating profit 36 520 64 753
Net interest earned 6 650 9 950
Net profit before taxation 43 170 74 703
Taxation - -
Attributable earnings 43 170 74 703
Accumulated profit at beginning of year 74 703 -
Accumulated profit at end of year 117 873 74 703
Supplementary information
Number of shares in issue (000's) 1 500 000 1 500 000
Headline earnings per share (cents) 2,88 4,98
Earnings per share (cents) 2,88 4,98
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Year Year
ended ended
31.12.2000 31.12.1999
R000's R000's
ASSETS
Non-current assets 115 171 49 110
Property, plant and equipment 3 858 3 407
Goodwill 60 549 -
Investments and loans 50 764 45 703
Current assets 196 427 204 879
Inventories 4 361 13 187
Receivables 160 861 160 436
Cash and bank 31 205 31 256
Total assets 311 598 253 989
EQUITY AND LIABILITIES
Capital and reserves 179 444 136 274
Share capital 150 150
Share premium 61 421 61 421
Accumulated profit 117 873 74 703
Non-current liabilities 514 162
Long-term borrowings 514 162
Current liabilities 131 640 117 553
Payables 95 422 110 613
Bank overdraft 36 218 6 940
Total equity and liabilities 311 598 253 989
ABRIDGED GROUP CASH FLOW STATEMENT
Year Year
ended ended
31.12.2000 31.12.1999
R000's R000's
Cash flow from operating activities 40 878 38 482
Cash flow from investment activities (66 763) (1 514 526)
Cash flow from financing activities (3 444) 1 500 360
Net change in cash and cash equivalents (29 329) 24 316
Cash and cash equivalents at beginning
of year 24 316 -
Cash and cash equivalents at end of year (5 013) 24 316
STATEMENT OF CHANGES IN EQUITY
Year Year
ended ended
31.12.2000 31.12.1999
R000's R000's
Balance at 1 January 2000 136 274 1
Issue of share capital - 1 499 999
Write-off of listing expenses - (1 100)
Write-off of intangible assets - (1 437 329)
Accumulated profit for the year 43 170 74 703
Balance at 31 December 2000 179 444 136 274
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