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ARCAY GROUP LIMITED - AUDITED financial RESULTS FOR THE year ENDED 31 MArch
2001
Incorporated in the Republic of South Africa
Registration number 1991/003944/06
GROUP balance sheet
as at 31 March 2001 2001 2000
R'000 R'000
ASSETS
Non-current assets 102 139 103 766
Property 61 946 63
179
Plant and equipment 6 652 2 660
Intangible assets 7 213 0
Investments 11 768 6
736
Deferred tax 2 873 3
232
Pre-payments and loans receivable 11 687 27 959
Current assets 138 695 50 229
Inventories 17 54
Accounts receivable 24 369 11 932
Trust cash 42 323 37
296
Bank balances 71 986 947
Total assets 240 834 153 995
EQUITY AND LIABILITIES
Capital and reserves 126 057 45 484
Issued capital 122 722 59 113
Unissued capital 0 8 163
Minority shareholders 36 184 0
Accumulated profit/(loss) (32 849) (21 792)
Non-current liabilities 45 635 56 256
Debentures 23 472 23 652
Long-term liabilities 22 135 8 205
Shareholders' loans 28 14 399
Current liabilities 69 142 52 255
Accounts payable 11 004 8 843
Trust creditors 49 792 35 391
Sundry creditors 2 041 3 711
Taxation 1 309 2 051
Shareholders for dividend
Bank overdraft 4 996 0
Total equity and liabilities 240 834 153 995
GROUP INCOME STATEMENT for the year ended 31 March 2001
2001 2000
R'000 R'000
Interest received 6 815 5 437
Interest paid 3 907 4 132
Net interest turn 2 908 1 305
Operating revenue 38 626 31 437
Operating costs 26 480 18 751
Operating profit/(loss) before
taxation and finance costs 15 054 13 991
Finance costs 5 849 7 117
Operating profit/(loss) before taxation 9 205 6 874
Taxation 1 170 2 309
Trading profit/(loss) after taxation 8 035 4 565
Non-operating profit/(loss) (18 738) (15 146)
Revaluation of investments (11 525) (448)
Sale of Arcay options 0 1 152
Profit on sale of subsidiaries -
Victteren Towers Share Block (Pty) Ltd
and Lascelles Share Block (Pty) Ltd 0 2 282
Loss on sale of building - Armadale 0 (2 450)
Goodwill on acquisition of
subsidiaries written off (7 213) (15 682)
Taxation (354) 3 591
Non-trading profit/(loss)
after taxation (19 092) (11 555)
Net profit/(loss) for the year (11 057) (6 990)
Dividends 0 2 259
Accumulated profit/(loss)
at beginning of year (21 792) (12 543)
Accumulated profit/(loss)
at end of year (32 849) (21 792)
Number of shares in issue 59 958 32 279
Weighted average number of
shares in issue 34 487 30 231
Headline earnings 23.30 15.10
Adjusted for:
Surplus on disposal of investments (33.42) (1.48)
Write-off of trademarks/goodwill (20.91) (51.87)
Deferred tax write-off 1.03 (11.88)
Earnings (32.06) (23.12)
Dividends 9.00 7.00
Arcay Group Limited is pleased to announce its annual results for the year
ended 31 March 2001.
NATURE OF BUSINESS
Arcay Group provides a comprehensive range of financial services to
owner-driven businesses and entrepreneurs in South Africa. The Group
delivers these services through four complementary, closely coordinated but
independently managed businesses: financing, corporate finance, private
financial services and client support.
RESULTS
During the year under review, trading profit after tax grew by 76% from R4.6
million to R8.0 million, whilst headline earnings per share (HEPS) grew by
54% from 15.1 cents per share to 23.3 cents per share. Delays in assuming
control of Southern Bank of Africa Limited (now deregistered and renamed
Arcay Finance Limited), resulted in greater than anticipated costs of
acquisition and goodwill write-offs (reflected in a larger than expected
non-trading loss).
Whilst Arcay Group anticipates being fully compensated for the aforesaid
delays, this has not been brought to account for the year under review.
In the two months that SBA has fallen under Arcay Group management control,
a R600 000 per month loss has been transformed into a R450 000 per month
profit. This has been achieved mainly through the elimination of about R1.0
million per month in unnecessary overhead.
Arcay is now strongly positioned for growth.
DEMATERIALISATION OF SHARES
Arcay Group was selected by the JSE Securities Exchange SA to transfer its
share capital to the 3STRATE} (Share Transaction Totally Electronic)
environment with effect from 16 July 2001. Trading for electronic settlement
will begin on 14 August 2001. From this date, shareholders will not be able
to sell their shares in Arcay Group unless they exist in electronic form in
the STRATE environment.
PROSPECTS
In the year ahead, the Group plans to launch the first, in what is likely to
become a series of, R100 million, five-year, private equity funds.
The Group will continue to build on the strong base it has created over the
past 10 years. Its ongoing work with entrepreneurs and owner-driven
businesses, positions the company well to increase its client base further.
Arcay Group looks forward to a solid improvement in revenues and profits.
DIVIDEND DECLARATION
A final dividend declaration of 9.0 cents per share was declared on 18 May
2001 in respect of the twelve months ended 31 March 2001, payable to
shareholders registered at the close of business on 1 June 2001. Payment
will be made on or about 13 July 2001.
By order of the Board
Rolf Frolich - Acting Chairman
Kevin de Villiers - Chief Executive Officer
18 May 2001
Registered office
Arcay House II 3 Anerley Road Parktown 2193 PO Box 62397
Marshalltown 2107
Transfer secretaries
Computershare Services Limited 2nd Floor Edura House
41 Fox Street Johannesburg 2001
Directors
RC Frolich* (Acting Chairman) KDD de Villiers (Chief Executive Officer)
FC Botha (alternate) B Cuthbert TB Davies RA de Villiers NT de
Munnik D Kalkwarf
(alternate) WBC Kluckow G Leonard* (alternate) R Leonard*
SW Morkel (alternate) MH Prangley AS Prentice (alternate)
WJ Snyman MC Sheppard (alternate) HC van Heerden*
*Non-executive
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