|
(Reg No 1944/017149/06)
("Fashaf" or "the company")
SUMMARISED GROUP AUDITED RESULTS
FOR THE EIGHT MONTHS ENDED 28 FEBRUARY 2001
INCOME STATEMENTS
Audited Unaudited Audited
(R 000's) 8 months ended 6 months ended 12 months ended
28/02/01 31/12/00 30/06/00
Turnover 291 325 243 342 462 083
Cost of sales 195 770 160 223 333 632
Operating (loss)/profit (15 762) 2 276 (12 064)
Net interest paid (4 992) (3 867) (3 459)
Exceptional item (1 745) (1 745) (24 123)
Loss before taxation (22 499) (3 336) (39 646)
Taxation 635 - (320)
Loss before extraordinary item (21 864) (3 336) (39 966)
Extraordinary item - - (977)
Net loss for the period (21 864) (3 336) (40 943)
Loss per share (cents) (8.6) (1.3) (16.8)
Headline loss per share (cents) (7.9) (0.6) (6.4)
BALANCE SHEETS
Audited at Unaudited at Audited at
(R 000's) 28/02/01 31/12/00 30/06/00
ASSETS
Non-current assets
Fixed assets 36 936 37 818 34 518
Share Scheme loan 2 000 2 000 1 035
Deferred taxation 5 400 4 919 4 919
44 336 44 737 40 472
Current assets
Inventories 86 515 99 694 77 721
Bank balances and cash 5 026 20 281 16 842
Amounts receivable 955 13 314 5 738
92 496 133 289 100 301
Total assets 136 832 178 026 140 773
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 59 985 60 444 59 858
* Shareholders' equity loans 25 567 - -
Accumulated deficit (63 837) (45 309) (41 973)
Ordinary shareholders' interest 21 715 15 135 17 885
Non-current liabilities
Interest bearing borrowings 381 31 604 32 000
Deferred taxation - 154 154
381 31 758 32 154
Current liabilities
Trade and other payables 71 058 119 837 62 289
Short-term borrowings 42 449 - 17 170
Current portion of interest
bearing borrowings 74 10 000 10 000
Taxation payable 1 155 1 296 1 275
114 736 131 133 90 734
Total equity and liabilities 136 832 178 026 140 773
* On 16 March 2001 these loans were converted into Fashaf ordinary shares.
Capital expenditure authorised at Balance Sheet date - R10.7 million (2000:
R6.6 million)
Operating lease commitments at Balance Sheet date - R38.7 million (2000:
R41.4 million)
CASH FLOW STATEMENTS
Audited Unaudited Audited
(R 000's) 8 months ended 6 months ended 12 months ended
28/02/01 31/12/00 30/06/00
Cash flow from operating
Activities (5 405) 33 547 (12 517)
Trading activities (10 163) 5 548 (24 196)
Working capital changes 4 758 27 999 11 679
Interest paid (4 992) (3 867) (3 459)
Taxation (paid)/received (120) 21 -
Cash flow from investing
Activities (9 762) (8 316) (28 207)
Cash flow from financing
Activities (16 816) (776) 46 010
Change in cash and cash
Equivalents (37 095) 20 609 1 827
Cash and cash equivalents
at beginning of period (328) (328) (2 155)
Cash and cash equivalents
at end of period (37 423) 20 281 (328)
SUPPLEMENTARY
Audited Unaudited Audited
INFORMATION 8 months ended 6 months ended 12 months ended
(R 000's) 28/02/01 31/12/00 30/06/00
RECONCILIATIONS OF HEADLINE EARNINGS
Net loss for the period (21 864) (3 336) (40 943)
(Profit)/loss on sale of
fixed assets (34) (28) 738
Exceptional item 1 745 1 745 24 123
Extraordinary item - - 977
Headline loss (20 153) (1 619) (15 105)
RECONCILIATIONS OF EQUITY MOVEMENT
Shareholders' interest at
beginning of period 17 885 17 885 65 663
* Shareholders' equity loans 25 567 - -
Share issues 966 966 8 900
Share expenses written-off (839) (380) (650)
Goodwill written-off on acquisition - - (15 085)
Net loss for the period (21 864) (3 336) (40 943)
Shareholder's interest at end
of period 21 715 15 135 17 885
Total ordinary shares in
issue (000's) 252 897 252 897 243 241
Weighted average shares in
issue (000's) 251 690 251 283 237 816
Net asset value per share
(cents) 8.6 6.0 7.4
Depreciation (000's) 7 378 5 043 9 225
COMMENTARY
Change in Year End
The company changed its year end to 28 February in anticipation of becoming
a subsidiary of Vestacor Limited on the successful completion of the rights
issue.
This has resulted in an eight month reporting period.
Comments on Results
At the time the interim results for the six months ended 31 December 2000
were published, shareholdersO attention was drawn to the fact that January
and February are traditionally poor trading months and that substantial
losses are normally expected to occur in these months. The losses sustained
in these months were in
line with expectations.
The resulting operating loss of R15.8m for the eight months under review
cannot easily be compared to the prior year twelve month period. The first
two months of
the year in which substantial losses are normally expected, are included but
the remaining four profitable months incorporating the winter season will
only be recorded in the new year.
The high cost of servicing the debt in the business and the reorganisation
cost required to complete the process resulted in a net loss before tax of
R22.5m.
The deferred tax asset existing at year end was not raised to its fullest
possible extent due to the conservative approach adopted by management
regarding the period over which the asset will be realised.
Exceptional Item
Fashaf announced in the press on 20 September 2000, its intention to
relocate all its operations to Gauteng. This process of relocation is now
complete and no additional reorganisation costs are foreseen.
Rights Offer and ShareholdersO Equity Loans
The rights offer was successfully closed on 2 March 2001. In terms of the
contractual obligations in place at 28 February 2001, to convert
shareholders loans to ordinary share capital as part of the rights issue,
these loans have been reclassified and disclosed as equity loans.
Cash Flow
The cash flow from operating activities for the eight months under review
was negative by R5.4m. This is partly due to the large value of the lay byes
created in the early part of the season, which is not reflected as turnover
per the group accounting policy. The cash effect of these transactions is
only experienced in the later months of the season.
Prospects
The business is performing well and competing effectively in its market
segment despite the down turn in earnings in January and February.
Management remain confident that the results of the year ending 28 February
2002 will reflect a net profit.
By order of the board
31 May 2001
Halfway House
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
