| Thu 31 May 2001, 0:00 | | Billboard - Audited Results For The Year Ended 28 |
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BILLBOARD HOLDINGS LIMITED
(Registration number 1997/010984/06)
(Incorporated in the Republic of South Africa
BILLBOARD HOLDINGS LIMITED
(Registration number 1997/010984/06)
(Incorporated in the Republic of South Africa)
AUDITED RESULTS FOR THE YEAR ended 28 FEBRUARY 2001
Consolidated income statements
2001 2000
Audited Audited
R'000 R'000
Revenue 129 998 531 148
- continuing operations 113 602 111 918
- discontinued operations 16 396 419 230
Cost of sales 52 983 353 462
- continuing operations 42 534 41 074
- discontinued operations 10 449 312 388
Gross profit 77 015 177 686
- continuing operations 71 068 70 844
- discontinued operations 5 947 106 842
Other income 14 545 2 023
- continuing operations 11 650 2 000
- discontinued operations 2 895 23
Expenditure 87 876 202 737
- continuing operations 73 520 74 867
- discontinued operations 14 356 127 870
Operating profit/(loss)
before interest and exceptional items 3 684 (23 028)
- continuing operations 9 198 (2 023)
- discontinued operations (5 514) (21 005)
Exceptional items (3 593) 3 881
Net interest paid (2 277) (2 002)
Loss before taxation (2 186) (21 149)
Taxation 4 386 -
Net profit/(loss) after taxation 2 200 (21 149)
Retained profit for prior year 18 574 39 723
Retained profit carried forward 20 774 18 574
Number of shares in issue ('000) 457 596 457 596
Weighted number of shares
in issue ('000) 457 596 447 769
Earnings/(loss) per share (cents) 0,5 (4,7)
Headline earnings/(loss)
per share (cents) 1,3 (5,6)
Exceptional items:
Reversal of vendor liabilities - 37 654
Write-down of listed investments - (15 000)
Profit on sale of businesses 7 263 5 285
Loss on sale of businesses (9 075) (15 433)
Restructuring costs (1 781) (8 625)
(3 593) 3 881
Consolidated cash flow statements
2001 2000
Audited Audited
R'000 R'000
Cash retained from operating activities
Cash receipts from customers 131 799 566 140
Cash paid to suppliers and employees (116 976) (569 455)
Net cash inflow/(outflow)
from operating activities 14 823 (3 315)
Net interest paid (2 277) (2 002)
Taxation received/(paid) 1 145 (11 336)
Net cash inflow/(outflow)
from investing activities 4 281 (32 303)
Net cash inflow/(outflow)
from financing activities 347 (8 327)
Movement on cash and cash equivalents 18 319 (57 283)
Cash and cash equivalents
at beginning of year (19 726) 37 557
Cash and cash equivalents
at end of year (1 407) (19 726)
Consolidated segmental information
2001 2000
Continuing Discontinued Continuing Discontinued
R'000 R'000 R'000 R'000
Turnover
Advertising Services - (916) - 334 380
Marketing Services - 16 078 - 32 105
Exhibitions and Events 113 602 1 234 111 918 -
Printing - - - 52 745
113 602 16 396 111 918 419 230
Segment profit/(loss)
Advertising Services - (86) - (9 544)
Marketing Services - (5 337) - (8 192)
Exhibitions and Events 2 037 (91) (3 528) -
Printing - - - (3 269)
Head Office and Restructure 7 161 - 1 505 -
9 198 (5 514) (2 023) (21 005)
Consolidated balance sheets
2001 2000
Audited Audited
R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 37 698 45 860
Deferred taxation - 1 219
37 698 47 079
Current assets
Inventories 109 4 840
Receivables 12 395 46 147
Cash and cash equivalents 1 439 17 272
13 943 68 259
Total assets 51 641 115 338
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 4 576 4 576
Share premium 3 647 3 647
Retained earnings 20 774 18 574
28 997 26 797
Non-current liabilities
Interest bearing borrowings 3 800 4 990
Current liabilities
Trade and other payables 12 704 38 743
Current portion of borrowings 4 872 39 032
Current taxation liabilities 1 268 5 776
18 844 83 551
Total liabilities 22 644 88 541
Total equity and liabilities 51 641 115 338
Number of shares in issue ('000) 457 596 457 596
Net asset value per share (cents) 6,3 5,9
Consolidated statement of change in equity
Share Share Retained
capital premium income Total
R'000 R'000 R'000 R'000
Opening balance at 1 March 1999 4 954 80 819 39 723 125 496
Reversal of shares to be issued (673) (80 819) - (81 492)
Shares issued during year 295 29 186 - 29 481
Goodwill written-off - (25 539) - (25 539)
Loss for the year - - (21 149) (21 149)
Balance at 29 February 2000 4 576 3 647 18 574 26 797
Opening balance at 1 March 2000 4 576 3 647 18 574 26 797
Profit for the year - - 2 200 2 200
Balance at 28 February 2001 4 576 3 647 20 774 28 997
Comments
The restructuring of the group has continued in an attempt to generate
profits within the business units.
The group results reflect:
* earnings of 0,5 cents per share (2000: loss per share of 4,7 cents);
* headline earnings of 1,3 cents per share (2000: loss per share of 5,6
cents); and
* net asset value of 6,3 cents per share (2000: 5,9 cents per share).
The increase in other income arises from non-recurring royalty income
received from The Agency for Advertising and Marketing (Pty) Ltd and The
City Group (Pty) Ltd (R11,14 million).
Exceptional items as detailed above further impacted on the group's results.
The group reported a taxation gain in the amount of R4,38 million as a
result of overprovisions in prior years, offset by the reversal of the
deferred taxation asset.
Cash flow constraints as a result of poor performance necessitated the
disposal or closure of non-performing businesses. During the financial year
under review all companies and businesses, with the exception of the
exhibitions and event division and marketing services division were disposed
of. The marketing services division has been disposed of subsequent to the
year-end, subject to the requisite approval of shareholders and any
necessary regulatory bodies.
Shareholders' attention is drawn to the cautionary announcement published on
10 May 2001, which indicated that the directors have commenced negotiations
to dispose of the remaining assets of Billboard. Shareholders are therefore
advised to continue to exercise caution when dealing in Billboard shares
until further details of the disposals are announced.
On behalf of the board
MJ Perrie RH Burke
(Non-Executive Chairman) (Chief Executive Officer)
Johannesburg
30 May 2001
Directors:
MJ Perrie (Non-Executive Chairman), RH Burke (Chief Executive Officer),
DS Burger (Chief Financial Officer), AA Coulson (Non-Executive)
Registered address:
181 Bekker Road, Midrand, 1685
Transfer secretaries:
Computershare Services Limited, 4th Floor Edura House, 41 Fox Street,
Johannesburg, 2001
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