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GLOBAL VILLAGE HOLDINGS LIMITED
Registration number 1997/017632/06
Markets*Exhibitions*Food &Beverage*Lifestyle
Audited results for the year ended 28 February 2001
* Turnover up 18,5% Headline up 1 950% Net income up R12,068 million
COMMENTS
Operating results
The directors are pleased to announce the audited financial results for the
year ended 28 February 2001.
These results show a significant improvement over those for the previous
year.
The group has reversed its negative earnings position by 12,9c per share
from an 11,7c loss per share to a 1,2c per share profit and by an increase
of 1 950% from 0,1c per share headline profit to a 2,9c per share profit.
Our improved results as reported may be attributed directly to the
commitment of the senior executive, management and staff of Global Village.
* Interest paid has increased substantially as the liability to the Receiver
of Revenue accrued interest for only five months in the financial year ended
2000 and accrued interest for the full 12 months in the year ended 2001.
* The payment of the liability to the Receiver of Revenue during the 2002
financial year will substantially reduce the finance charges in the current
financial year.
* The turnaround that began by tightening up of fiscal disciplines,
restructuring and consolidating of businesses is progressing well and
further improvement is expected.
* Although we had a 18,5% growth in sales of continuing operations we remain
concerned that our sales targets have not met our expectations due to the
fact that certain business units underperformed and January and February
results were disappointing.
* Costs of the restructuring and tightening of fiscal discipline has been
approximately R1,3 million and the new policy of amortising intangible
assets added almost another R1 million in charges that we did not have last
year.
Future prospects
Our focus will continue to be internally aimed at producing better returns
from our existing businesses with strategic external expansion.
Chief Executive's note
I am pleased that we have turned around a disappointing performance in the
previous year. We are a better company than before and I am as enthusiastic
as ever about the future. The results speak for themselves.
On behalf of the board of directors
Marc Israelsohn
Chairman and Chief Executive
30 May 2001
Consolidated cash flow statement
for the year ended 28 February 2001
Group
2001 2000
R'000 R'000
Cash flow from operating activities
Cash (utilised in)/generated from operations 2 239 (3 075)
Net interest (paid)/received (254) 628
Taxation paid (20)
Dividends paid (1 880)
Net cash (outflow)/inflow from operating
activities 1 985 (4 347)
Cash flow from investing activities
Acquisition of intangible fixed assets (194) (1 367)
Acquisition of tangible fixed assets (814) (5 495)
Loans advanced (539)
Net cash (outflow)/inflow from investing
activities (1 547) (6 862)
Cash flow from financing activities
(Decrease)/increase in borrowings (324) (657)
Net cash (outflow)/inflow from financing
activities (324) (657)
Net (decrease)/increase in cash resources 114 (11 866)
Cash resources at the beginning of the year 2 239 14 105
Cash resources at the end of the year 2 353 2 239
Consolidated income statement
for the year ended 28 February 2001
Group
2001 2000
R'000 R'000 Change
Note 1
Revenue
Continued 36 161 30 509 18,5%
Discontinued 670
36 161 31 179 16%
Operating profit/(loss) 2 954 (1 151) 4 105
Net interest received/(paid) (254) 628 (882)
Profit/(Loss) before taxation 2 700 (523) 3 223
Taxation 659 (659)
Headline profit after taxation 2 700 136 2 564
Losses from discontinued operations (7 599) 7 599
Amortisation of intangible assets Note 2 (1 051) (127) (924)
Abnormal items Note 3 (552) (3 381) 2 829
Net income/(loss) 1 097 (10 971) 12 068
(Loss)/Earnings per share (cents) 1,2 (11,7) 12,9
Headline earnings per share (cents) 2,9 0,1 2,7
Weighted average number of shares 94 000 94 000
Note 1: The comparative figures have been reclassified in order to comply
with current year dislosure.
Note 2: The Group has now adopted the policy of amortisation of intangible
assets in compliance with the new statement of Generally Accepted Accounting
Practice.
Note 3: Loss incurred as a result of a disputed business acquisition.
Consolidated balance sheet
as at 28 February 2001
Group
2001 2000
R'000 R'000
Assets
Non-current assets 38 935 40 972
Property, plant and equipment 20 384 21 740
Intangible assets 18 010 19 232
Loan to share incentive scheme 541
Current assets 3 984 3 539
Inventories 317 151
Accounts receivable 1 314 1 149
Cash resources 2 353 2 239
Total assets 42 919 44 511
EQUITY AND LIABILITIES
Shareholders' equity 35 552 34 453
Non-current liabilities 866 1 103
Settlement to vendors 627 1 103
Long-term liabilities 239
Current liabilities 6 501 8 955
Accounts payable 2 253 5 135
Taxation 4 168 3 653
Current portion of long-term liabilities 80 167
Total equity and liabilities 42 919 44 511
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