| Thu 5 Jul 2001, 0:00 | | Chariot Land Limited - Financial Results Release |
|
(Registration number: 1905/027737/06)
(Incorporated in the Republic of South Africa)
Reviewed Preliminary financial statements in respect of the period ended 28
February 2001
Directors:
SR Kelly (British)
WCH Heckroodt
A Du Plessis
Alternate: S Zaslansky
Issued share capital:
Ordinary
R 81 260 841 divided into 61 377 298 ordinary shares of no par value.
Financial results:
The results of the group for the period ended 28 February 2001 as follows:
Income Statement
18 months ended Year ended
28 February 2001 31 August 1999
R'000 R'000
Income 8,375 -
Dividends - -
Interest received 200 773
Operating loss before
interest and exceptional items -499 -4,663
Exceptional items -3,211 -137,926
Interest paid -3,774 -342
Operating loss before taxation -3,075 -142,158
Taxation - -793
Net loss after taxation -6,286 -142,951
(Accumulated loss)/
retained earnings
brought forward -142,907 -44
Accumulated loss written off against
stated capital 142,907 -
Accumulated loss carried forward -6,286 -142,907
Weighted average number of
ordinary shares in issue ('000) 61,377 69,455
Earnings/(loss) per share cents -102.4 -205.8
Headline earnings/(loss) per share
(cents) -102.4 -205.8
Dividends per share (cents) - -
Balance Sheet
Investments/Fixed assets 111,240 -
Current assets 72,459 206
Current liabilities -11,967 -86
Shareholders' funds 74,974 120
Number of ordinary shares in issue 61,377 69,455
Net asset value per ordinary share 122.1 0.2
Abridged Cash Flow Statement
For the period 28 February 2001 28 February 31 August
2001 1999
R'000 R'000
Cash flow from operating activities 135,926 (4,663)
Cash flow from investing activities (15,028) 4,719
Cash flow from financing activities 117,863 -
Net decrease in cash and cash
equivalents 3,035 56
Cash and cash equivalents at beginning
of the period 56 -
Cash and cash equivalents at end
of the period 3,091 56
EXPLANATORY NOTES
During the period under review, Chariot Land Limited acquired a wholly owned
subsidiary, Jejoca Properties (Pty) Ltd. This subsidiary operates as a
property rental and land development company.
As a result of the aforementioned acquisition the financial structure of the
Group changed dramatically and resulted in the following material movements:
Income in the current period comprises rentals and proceeds from property
sales.
Investments/Fixed assets in the current period comprises the subsidiary's
fixed property portfolio.
Current Assets in the current period comprises property inventories
portfolio.
Current liabilities in the current period comprises the trading liabilities
of the subsidiary.
Shareholders funds in the current period increased as a result of shares
issued to finance the acquisition of the subsidiary.
In the prior period Chariot Holdings Limited was listed in the Industrial -
"Cash Companies" sector of the JSE. During the current period it changed
its name to Chariot Land Limited and was transferred to the Real Estate -
"Properties" sector of the JSE.
AUDITORS REVIEW
The above financial statements have been reviewed by Pierre Le Grange & Co
auditors and no negative opinion has been expressed.
The auditors report may be inspected at the company's registered office.
Chairman's Report.
The period under review has been turbulent for the operations of the group.
The group was hampered by the delay experienced in the re-structure, due to
the majority of the property portfolios only being transferred on the 20th
July 2000.
This effectively hampered the trading operation, and active trading
commenced in November 2000, therefore limiting the effective trading period.
Exceptional Items.
The group incurred exceptional items due to the re-structure and
reorganization as a property trading group.
The group experienced a series of frauds, perpertrated by a group of ex
staff members, which was only discovered during the Christmas recess.
This had a knock on effect on the income stated, both in the rental
collection and the development sales division.
The Board has ring-fenced the possibility of this type of loss materializing
in the future. The loss has had a negative impact on Revenue.
Post reporting events and prospects.
The group has concluded a land allocation agreement on it's West Rand
property, with a prominent West Rand developer.
This project will deliver R 25m to the group by December 2002. The group has
successfully sold two town house developments in Little Falls, one in
Linksfield and one in Die Wilgers in Pretoria, and the income will be banked
in the next reporting period.
A complete design has been concluded for the shopping centre in the West
Rand. An anchor tenant has committed to the project and the group owns the
land.
This development will produce R 33m in land sales and will prove to be a
positive annuity income for the group in the next twenty four months.
The majority of the above projects have sufficient funding in place, and the
Board is confident that the next reporting period will show a positive
improvement
SR Kelly.
Chairman.
4 July 2001
