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ZELTIS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/021141/06)
("Zeltis" or "the company")
INTERIM FINANCIAL RESULTS
for the six months ended 31 December 2000
Abridged Income Statement
6 Months to 6 Months to 12 months to
31 December 31 December 30 June
2000 1999 2000
Unaudited Unaudited Audited
R'000 R'000 R'000
Gross revenue/
(trading losses) 5 299 (17 349) 4,223
Operating costs (7 460) (5 361) (33 676)
Write-down of investments (203) (48 238) (49 914)
Bad debts provision (17 301) (15 279)
Operating (loss)/profit
on ordinary activities
before investment income (2 364) (88 249) (94 646)
Investment income 473 1 195 3 578
(Loss)/Profit before finance costs (1 891) (87 054) (91 068)
Finance costs (1 340) (121) (1 284)
Operating (loss)/profit on
ordinary activities before taxation (3 231) (87 175) (92 352)
Taxation 3 050 3 048
(Loss)/Profit before share
of associates' income (3 231) (84 125) (89 304)
Share of retained loss of associates (487) (336)
Net (loss)/profit of the group (3 231) (84 612) (89 640)
Outside shareholders' interest 56 (174)
Net (loss)/profit for the period (3 231) (84 556) (89 814)
Statistics:
Shares in issue
(weighted average) 148 698 692 125 638 583 125 638 583
Net asset value per share (cents) 19,0 49,6 25,0
(Loss)/Earnings per share (cents) (2,4) (67,3) (71,5)
Abridged Balance Sheet
6 Months to 6 Months to 12 months to
31 December 31 December 30 June
2000 1999 2000
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Non-current assets
Tangible assets 2 126 1 123 1 688
Intangible assets 11 114 11 159
Associates 6 263 31 128 5 048
Investments 27 495 23 607 27 364
46 998 55 858 45 259
Current assets
Inventories - 112
Accounts receivable 16 372 11 292 13 855
Cash and cash equivalents 438 406
16 810 11 292 14 373
Total Assets 63 808 67 150 59 632
EQUITY AND LIABILITIES
Share capital and premium 111 230 136 986 111 230
Non-distributable reserves - 110
Distributable reserves (83 080) (74 735) (79 959)
Ordinary shareholders' interest 28 150 62 251 31 381
Preference share capital 39 39 39
28 189 62 290 31 420
Non-current liabilities
Long-term liabilities 17 464 560 14 063
Deferred tax 62
Total non-current liabilities 17 464 560 14 125
Current liabilities
Short-term loans 393 74
Accounts payable 13 802 3 325 10 936
Bank overdraft 2 383 975 1 416
Current portion of long-term debt 171 253
Taxation 1 407 1 408
Total current liabilities 18 155 4 300 14 087
Total capital and reserves
and liabilities 63 808 67 150 59 632
Statement of movements in equity (R'000)
Non-
Ordinary Share Preference distributable Distributable
share capital premium share capital reserves reserves Total
Balance at
30 June 2000: 1 487 109 743 39 110 (79 959) 31 420
Transfer to
non-distributable
reserves (110) 110 -
Net loss for the
period per the
income statement (3 231) (3 231)
Balance at
31 December 2000 1 487 109 743 39 - (83 080) 28 189
Comments
Review of investments
Management continued the exercise of weeding out the operations that have
little prospect for being turned around and have also worked towards reducing
the company's exposure outside of Gauteng, and in that context is working
toward completing transactions for the disposal of companies operating in
Kwa-Zulu Natal. We are steadily moving toward the management of a small base
of core companies and while that work may not have been completed by 30 June
2001 (as was envisaged in the interim financial results for the half year ended
31 December 1999) meaningful progress has and will be made toward that
objective.
Prospects
While losses have been reduced, the base of the company is that much smaller
now. Nonetheless, we remain confident in the group's ability to produce
positive results in the year ahead.
Those results will be positively impacted if current financial restructuring
discussions are implemented.
It should be noted that the financial statements to the end of June 2000, while
they commented on the Good Cape investment, the holding in Good Cape was
erroneously excluded from the company's existing portfolio.
Circular to Shareholders and Further Cautionary Announcement
Due to the in-depth review of several companies acquired by the previous
management team of this group, we have sought to re-negotiate various aspects
of those acquisitions and in some cases our proposals have been agreed and are
to be implemented. In others, it has taken a great deal of time to finalise
agreements and therefore, a detailed circular, which is subject to approval by
the JSE Securities Exchange South Africa has not been completed as required,
but it is anticipated that we shall be in a position to complete that circular
by the financial year ending 30 June 2001.
In light of the change in the composition of the portfolio and in the
structuring of the group, shareholders are advised to continue to exercise
caution in their share dealings in Zeltis.
For and on behalf of the board
D X Hellmann R N McLeod
Chairman Managing Director
Johannesburg
30 April 2001
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