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Terrafin Holdings Limited
(Registration number 1997/020890/06)
Preliminary financial results
Unaudited results for the year ended 28 February 2001
Financial highlights
2001 2000
(Loss)/Earnings per share (cents)
Headine (6,6) 28,6
Undiluted (52,7) 26,2
Diluted (52,7) 17,3
Ordinary shares in issue (000's)
Undiluted 99 156 94 125
Diluted 99 156 142 313
Dividend per share (cents) - -
Interest bearing debt/ordinary
shareholders' funds (%) 265,4 10,2
Net asset value per share (cents) 1,3 55,0
Consolidated income statement
2001 2000
R000's R000's
Continuing operations
Revenue 67 653 50 999
Operating income before interest 646 1 982
Amortisation of intangibles (713) (613)
Net interest received 40 74
Income before taxation (27) 1 443
Taxation - 433
(27) 1 010
Discontinuing operations
Revenue 68 295 275 983
Operating income before interest (8 545) 26 795
Write-off of intangibles,
investments and loans (44 935) (1 673)
Net interest received 1 270 432
Income before taxation (52 210) 25 554
Taxation - 1 871
(52 210) 23 683
Net income attributable to
ordinary shareholders (52 237) 24 693
Consolidated cash flow statement
2001 2000
R000's R000's
Cash generated by operating activities 13 567 25 996
Cash (utilised by) investing activities (11 465) (43 222)
Net cash inflow/(outflow)
before financing 2 102 (17 226)
Net (decrease)/increase in financing (1 263) 13 789
Increase/(Decrease) in cash resources 839 3 437
Consolidated balance sheet
2001 2000
R000's R000's
Capital employed
Ordinary share capital and premium 16 168 16 168
Retained income (14 854) 37 383
Non-distributable reserve - 1 009
Ordinary shareholders' funds 1 314 54 560
Interest bearing debt 1 237 2 500
2 551 57 060
Employment of capital
Fixed assets 875 1 543
Intangible assets 5 801 40 531
Current assets 14 696 112 134
Current liabilities - interest free (16 570) (94 058)
- Interest bearing (2 251) (3 090)
2 551 57 060
RESULTS
The results for the year under review reflect a major restructure to ensure
the long term profitability of the group.
The acquisition of Sabot Management Limited, made in January 1999, is being
effectively reversed, backdated to 1 March 2000. The continuous problems
related to long outstanding debtors, bad debts and satisfaction of
suspensive conditions ie Reserve Bank approval, lead to this decision. This
has resulted in a R30 million write-off of investment which contributed 30,3
cents of the loss per share.
The anticipated proceeds on the reversal of the acquisition have been raised
as a contingent asset and are not reflected on the face of the balance
sheet.
The group has also curtailed operations in all other subsidiaries trading in
sub-Saharan Africa due to losses incurred. These losses are disclosed under
discontinued operations and are 9,9 cents per share. The balance sheets of
the closed subsidiaries have not been included in the group consolidated
balance sheet.
The group continues to offer management of outsourced distribution as its
primary services, however, its operations have been restricted to the South
African market. Turnover in this area of the business increased by 33% to
R67 million.
The directors have embarked on a programme to reduce overheads in light of
the reductions in size of the business due to the discontinued operations.
This should ensure future profitability of the business.
DIVIDEND
As announced in the prospectus dated 3 September 1998, it is the intention
of Terrafin to adopt a suitable dividend policy once the company has
achieved mature growth.
These results have been reviewed but not audited by Deloitte & Touche. Their
report is available for inspection at the registered offices of the company.
On behalf of the Board
D van Rooyen
Chairman & Chief Executive Officer
29 June 2001
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