| Fri 30 Mar 2001, 0:00 | | Terexko: Group Interim Report |
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Terexko Limited
(Registration number 1995/004154/06)
( Terexko )
Group interim report
for the six months ended 31 December 2000
Consolidated income statements
for the six months ended:
Unaudited Unaudited Audited
6 months 6 months Year ended
31 Dec 31 Dec 30 June
2000 1999 2000
R`000 R`000 R`000
Turnover 23 007 21 949 45 702
Cost of sales 10 424 9 982 20 768
Operating income 1 278 1 388 4 951
Interest earned 1 188 1 503 2 695
Interest paid (20) (8) (15)
Depreciation (743) (597) (1 466)
Net income before taxation 1 703 2 286 6 165
Taxation - - (56)
Dividend paid - - -
Retained income 1 703 2 286 6 109
Beginning of year 85 043 78 934 78 934
Retained income at year end 86 746 81 220 85 043
Headline earnings per share (cents) 3,5 5,4 14,5
Shares in issue (`000) 49 352 42 024 42 024
Cash dividend per share - - 7,5
Consolidated balance sheets at:
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2000 1999 2000
R`000 R`000 R`000
Equity and liabilities
Equity and reserves 108 141 128 752 106 438
Share capital 49 42 42
Share premium 21 346 47 490 21 353
Retained income 86 746 81 220 85 043
Long-term liabilities 6 501 20 856 8 601
Secured loan 236 225 235
Vendors loans 6 265 20 631 8 366
Current liabilities 8 281 9 454 10 358
Accounts payable 8 281 9 454 10 358
TOTAL EQUITY AND LIABILITIES 122 923 159 062 125 397
Assets
Fixed assets 13 981 17 334 14 386
Goodwill and
trademarks - 26 138 -
Investments 98 064 85 164 89 362
Current assets 10 878 30 426 21 649
TOTAL ASSETS 122 923 159 062 125 397
The interim period under review resulted in the group consolidating its
investments and reviewing the overhead structures and administration costs all
round.
The slump in the IT market after Y2K and the subsequent turmoil and volatile
financial markets did not contribute to the envisaged growth in the investment
sectors we are invested in.
The dollar based raw material prices increased due to the steady erosion of the
rand. The number of restaurants in the market expanded with the opening of the
new casino and shopping centre complexes which negatively impacted on the
number of guests of the restaurant group. The Restaurant Management have been
innovative to ensure that the impact resulting from the above factors were kept
to the minimum.
The World Trade Centre continues to provide the services required as a result
of the many international enquiries for trade related activities, in and around
the SADC area.
Our investment in Kwikpay SA continues to expand and Mr Bobby Makwetla,
Chairman of Kwikpay and his management must be congratulated for their
commitment and wisdom demonstrated in steering this e-commerce company into
calmer waters, whilst other similar initiatives appear on the brink of failure.
It is expected that this investment could yield the returns, although delayed,
that were envisaged when the investment was made. Various agreements have been
entered into with major organisations such as the South African Post Office,
MTN, Vodacom, Natech, ICL, Ingenico (and in collaboration with Kwikpay UK,
Kwikpay Plc.) and general retailers to provide electronic prepaid cellular
airtime and other products to our customers.
Software development is presently underway to enhance and expand these services
to remain ahead of competitors.
The operating subsidiaries of Spicer Holdings Limited, namely:- Inter
IT-Konsult (Sweden) and MIS Corporate Defence Solutions UK are both reporting
strong growth in revenue and profitability as evidenced by the latest published
financial information.
Rhiannon SA reported growth in the Broadstone Group Limited, Installation
Technology Limited, BKA (UK) Limited and Trade Card Inc.
The policy of the companies in which we have invested is presently not to
distribute profits, but to grow the companies and their operations as well as
to significantly reduce and where possible to eradicate debt. Although we
announced our intended sector move, our corporate sponsors to the JSE
Securities Exchange South Africa advised that it would be better to do so when
the earnings of the local and foreign investments start flowing to Terexko.
By order of the board
29 March 2001
Directors:
C P Swart (Executive Chairman), P Swart (Group Managing Director), R F Botha
(non-executive), L M De Lima Viana, K J Makwetla
(non-executive), G M Mokgoko (non-executive), L A Swart.
Substantial Investments in the following Brands and Companies
