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OMEGA HOLDINGS LTD
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/000896/06)
AUDITED GROUP STATEMENTS FOR THE YEAR ENDED 31 MARCH 2001
Consolidated Income Statement
Year ended Year ended
31/03/01 31/03/00
R'000 R'000
Turnover 133 542 274 343
Operating loss before interest (61 136) (34 843)
Net interest paid 2 492 2 129
Loss before taxation (63 628) (36 972)
Taxation - -
Loss for the year (63 628) (36 972)
Weighted average shares
in issue 63 869 63 869
Loss per share (cents) (99,6) (57,9)
Abridged Consolidated
Cash Flow Statement
Net cash (outflow)/inflow
from operating activities (5 757) 30 553
Net cash outflow from
investing activities (318) (2 435)
Net (decrease)/increase in
cash and cash equivalents (6 075) 28 118
Cash and cash equivalents
at beginning of year (109) (28 227)
Cash and cash equivalents
at end of year (6 184) (109)
Consolidated Balance Sheet
31/03/01 31/03/00
R'000 R'000
ASSETS
Non-current assets
Fixed assets 2 453 3 264
Current assets 28 640 133 000
Inventories 13 374 72 298
Accounts receivable 13 279 52 721
Bank balances and cash 1 987 7 981
Total assets 31 093 136 264
EQUITY AND LIABILITIES
Ordinary share capital
and premium 240 149 240 149
Accumulated loss (230 565) (166 937)
Shareholders' equity 9 584 73 212
Current liabilities 21 509 63 052
Accounts payable 13 338 54 962
Bank overdrafts 8 171 8 090
Total equities and liabilities 31 093 136 264
Net asset value per share (cents) 15 115
Consolidated Statement of Changes in Equity
for the year ended 31 March 2001
R'000 Share capital Share premium Distributable Total
reserves
Balance at 1 April 2000 6 387 233 762 (166 937) 73 212
Attributable loss
for the year (63 628) (63 628)
Balance at 31 March 2001 6 387 233 762 (230 565) 9 584
Comments
Results and financial position
The year under review was characterised by difficult trading conditions
arising from factors such as the negative effect of a depreciating currency
on importers and a shift in consumer spending towards other distractions.
A number of rationalisations were implemented during the year which will
result in substantial cost savings. These include a reduction in inventory
levels, outsourcing of repair service centres, termination of agencies,
termination of office lease agreements for the former service centres and a
reduction in the number of employees.
As a result, revenue decreased to R134 million (2000: R274 million) and net
loss attributable to the shareholders amounted to R64 million (2000: R37
million).
No dividend has been declared since the last result announcement as at 30
September 2000.
The sole agency relationship with Thomson was terminated in December 2000
and the inventory was sold.
Prospects
More aggressive operational measures will be implemented in the future.
These include the tightening of the Group's credit control policies and the
relocation of office premises. The Group will continue to use economic
adversity as an opportunity to streamline its operations.
Accounting Policies
There were no changes to the accounting policies during the year.
STRATE
The dematerialisation date for shares was 4 June 2001. Shareholders are
encouraged to submit their paper share certificates to a CSDP as soon as
possible.
New address
The company will be re-located to 151 Lechwe Street, Corporate Park, Midrand
as from 1 July 2001.
By order of the board
P Wang
Chairman and Chief Executive Officer 13 June 2001
Directors: P Wang, (Chairman) (People's Republic of China), S Harduth,
P Li (Australia), D Wang* (People's Republic of China). (*Non executive)
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