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VELOCITY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1972/008877/06)
("Velocity")
Audited results for the year ended 28 February 2001
2001 2000
Group income statements R'000 R'000
Net operating (loss)/income (4 736) 5 143
Net interest received/(paid) 12 320 (18 335)
Net income/(loss) before taxation 7 584 (13 192)
Taxation (1 440) -
Net income/(loss) after taxation 6 144 (13 192)
Attributable to outside shareholders 505 5 357
Net income/(loss) attributable to shareholders 6 649 (7 835)
Number of shares in issue (000) 21 880 21 880
Attributable earnings/(loss) per share (cents) 30,4 (35,8)
Headline earnings/(loss) per share (cents) 24,6 (30,4)
2001 2000
Group balance sheets R'000 R'000
Capital employed
Ordinary shareholders' funds 143 951 138 055
Outside shareholders' funds - 5 167
143 951 143 222
Employment of capital
Fixed assets - 2 083
Investments - 5 000
Deferred taxation 1 239 -
Net current assets 142 712 136 139
Accounts receivable - 9 080
Short term assets and cash 145 110 131 767
145 110 140 847
Accounts payable 2 398 4 708
143 951 143 222
Net asset value per share (cents) 657,9 631,0
2001 2000
Group cash flow statements R'000 R'000
Cash flows retained from/(utilised in)
operating activities 18 752 (64 624)
Cash flows retained from/(utilised in)
investing activities 14 364 (5 614)
- Proceeds on disposal of subsidiaries
Cash flows from financing activities - 4 694
Net increase/(decrease) in cash and
cash equivalents 33 116 (65 544)
Cash and cash equivalents at beginning
of year 104 739 170 283
Cash and cash equivalents at end of year 137 855 104 739
2001 2000
Statements of changes in owners' equity R'000 R'000
Ordinary shareholders' funds at beginning
of year 138 055 153 937
Movements in non-distributable reserves (753) (8 047)
Net profit/(loss) for the year 6 649 (7 835)
Ordinary shareholders' funds at end of year 143 951 138 055
Comments
Velocity continues to conduct its business as an investment trust.
During the year under review and against the backdrop of market volatility in
equity investments and the directors' anticipation of the likelihood of an
indifferent equity market, an overweight position in interest instruments was
sought. This strategy proved to be correct as the Financial and Industrial
Index of the JSE Securities Exchange ("FINI") decreased by 8,3% whilst the net
asset value per share of Velocity increased by 10,4% to 658 cents per share
during this period. Subsequent to year end the FINI has decreased by a further
10,2% whilst the net asset value of Velocity increased by 4 cents per share to
662 cents per share.
Prospects
In order to increase the shareholder spread of the company, PSG Investment Bank
Holdings Limited has agreed to unbundle 75% of its shareholding in the company.
Accordingly, your company will now become a subsidiary of PSG Group Limited.
It is proposed to increase the business activity of the company and your
directors shall keep shareholders abreast of further developments including
future strategies. Jannie Mouton will assume the role of executive chairman.
Dividends
No dividends have been recommended or declared.
On behalf of the board of directors
N Abdullah
Company secretary
Stellenbosch
5 April 2001
Company registration number: 1972/008877/06
Registered office: Albion Spring, 183 Main Road, Rondebosch 7700 (PO Box 24024,
Claremont 7735)
Transfer secretaries: Computershare Registrars Limited, 2nd Floor, Edura House,
41 Fox Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Directors: J F Mouton (Chairman), C A Otto, P S Z Strauss, C F Turner
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