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SOTTA SECURITISATION INTERNATIONAL LIMITED
(REGISTRATION NUMBER 98/21729/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
PROVISIONAL UNAUDITED RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2000
INCOME STATEMENT
Unaudited Audited
Year ended Year ended
30/11/00 30/11/99
R'000 R'000
Revenue 8 354 13 848
Operating profit before provision for
non performing loans 5 720 12 517
Provision for non performing loans (30 254) (21 574)
Operating loss after provision for
non-performing loans (24 534) (9 057)
Loss per share (cents) (17,5) (6,4)
Headline loss per share(cents) (17,5) (6,4)
Number of shares in issue ('000) 140 000 140 000
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Year ended Year ended
30/11/00 30/11/99
R,000 R'000
Balance at beginning of year
Correction of fundamental error 70 699 -
Restated balance at beginning 17 802 -
of year
Issue of share capital and 52 897 -
premium
Goodwill written off - 61 954
Loss for the year (19 924) -
(24 534) (9 057)
Balance at end of year
8 439 52 897
CASH FLOW STATEMENT
Unaudited Audited
Year ended Year ended
30/11/00 30/11/99
R'000 R'000
Operating activities (24 171) (9191)
Cash absorbed by operations (24 498) (9 028)
Movement in working capital 327 (163)
Investing activities 21 920 (50 487)
Financing activities - 61 954
- proceeds from issue of shares
Decrease in cash and equivalents (2 251) 2 276
- Cash and cash equivalents at
beginning of year 2 276 -
- Cash and cash equivalents at
end of year 25 2 276
BALANCE SHEET
Unaudited Audited
Year ended Year ended
30/11/00 30/11/99
R'000 R'000
ASSETS
Non-current assets
Tangible fixed assets 95 95
Goodwill and trademark 12 19 940
Financial assets-loans - 20 420
107 40 455
Current assets
Other receivables 178 680
Short term loans 8 472 10 004
Cash and cash equivalents 25 2 276
8 675 12 960
Total assets 8 782 53 415
EQUITY AND LIABILITIES
Equity Capital and reserves
Share capital and premium 42 030 61 954
Accumulated loss (33 591) (9 057)
8 439 52 897
Current liabilities
Trade payables 343 518
Total equity and liabilities 8 782 53 415
Net asset value per share (cents) 6,03 37,78
Net tangible asset value per
share (cents) 6,03 23,55
Comment
As previously disclosed in the interim results of the company, irregularities
were uncovered associated with the integrity of certain of the company's
financial assets as disclosed in the prior year. Management is confident that
full provision has now been made for all non performing loans identified in the
prior and current year. Management is continuing with its endeavour to recover
all amounts due to the company. In certain cases, litigation has been
initiated and is ongoing but protracted. Further steps available to the
company, will be taken to redress the company's position in regard to the non
performing loans
T Demetriades
Managing Director
30 March 2001
Registered office: 118 Sandton Drive, Sandton, 2196
Transfer secretaries: Optimum Registrars (Pty) Ltd, Edura House, 41 Fox
Street, Johannesburg
Directors: T Demetriades (Managing Director), K A Ttappous C M Stephanou
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