|
ANBEECO INVESTMENT HOLDINGS LIMITED
(Registration number 1984/002788/06)
("Anbeeco")
INTERIM REPORT FOR THE 12 MONTHS ENDED 30 APRIL 2001
GROUP INCOME STATEMENT
12 months Year
ended ended
30 April 30 April
2001 2000
R000 R000
Unaudited Audited
Turnover 35 768 42 559
Operating profit/(loss) (5 314) 1 686
Net interest paid 1 354 1 135
Profit/(Loss) before taxation (6 668) 551
Taxation - -
Headline earnings/(loss) (6 668) 551
Extraordinary item 1 268 (1 268)
Attributable loss (5 400) (717)
Number of shares upon
which headline earnings/(loss)
and net loss per share
are based (000) 14 978 14 978
Headline (loss)/earnings
per share (cents) (44,5) 3,7
(Loss)/earnings per share (cents) (36,1) (4,8)
Net asset value per share (cents) 60,0 96,1
GROUP BALANCE SHEET
30 April 30 April
2001 2000
R000 R000
Unaudited Audited
ASSETS
Non-current assets 779 611
Fixed assets
Current assets 19 313 23 175
Inventories 7 244 10 288
Debtors 12 069 12 887
20 092 23 786
EQUITY AND LIABILITIES
Issued capital and reserves 8 995 14 395
Current liabilities 11 097 9 391
Creditors 1 982 4 560
Short-term borrowings 9 115 4 831
20 092 23 786
GROUP CASH FLOW STATEMENT
12 months 12 months
ended ended
30 April 30 April
2001 2000
R000 R000
Unaudited Audited
Cash flow from operating
activities
Cash generated/(lost) from operating
activities (2 548) 70
Interest paid (1 354) (1 135)
Tax refund - 50
Net cash outflow from operating
activities (3 902) (1 015)
Cash flow from investing
activities
Net cash outflow from investing
activities (382) (97)
Expenditure to maintain operating
capacity
Fixed assets acquired (454) (338)
Proceeds on disposal of fixed assets 72 241
Net increase in bank overdraft (4 284) (1 112)
Bank overdraft at beginning of year (4 831) (3 719)
Bank overdraft at end of year (9 115) (4 831)
STATEMENT OF CHANGE IN EQUITY
Total Ordinary Share General Retained
share premium reserve income
capital
R000 R000 R000 R000 R000
Balance
30 April 1999 15 112 150 2 501 5 028 7 433
Net loss for the
year (717) (717)
Balance
30 April 2000 14 395 150 2 501 5 028 6 716
Net loss for the
year (5 400) (5 400)
Balance
30 April 2001 8 995 150 2 501 5 028 1 316
COMMENTS
Trading conditions proved to be even harsher than predicted in the interim
report dated 22 December 2000 resulting in a continued decline in retail
watch sales, with increased discounting in all but the elite brands.
As Anbeeco needed to remain within its borrowing limits, management
continued to follow strategies to minimise the effect of the harsh trading
conditions on the company. Inventories were reduced from R10,3 million to
R7,2 million by exercising stringent control over purchasing and by
aggressive selling. This also resulted in a significant reduction in
creditors from R4,6 million to R2,0 million.
The headline loss for the second six-month period was R3,5 million (3,2
million in the first six-month period) notwithstanding a 42% reduction in
staff during that period and the continued reduction in other operating
expenses.
The directors decided that as the structure and nature of the trade had
changed so drastically, Anbeeco, a public company with historically high
built-in overheads, was unlikely to return to significant profitability.
With this in mind, the financial year was extended to a 15-month period and
the process of an orderly winding down of the business was commenced.
By mutual arrangement with our principals and in order to minimise losses
to our shareholders, efforts were begun to seek out suitable new
distributors for the main franchises. As has been announced in the press an
agreement has been reached in this regard and with effect from 31 July 2001,
certain agency agreements held by the company have been cancelled and all
merchandise related to these services has been realised.
Anbeeco will continue trading with those franchises that it still holds
and will continue to explore methods of disposing of the business conducted
under those brands, or of the assets of that business.
The directors will then be at liberty to recommend to shareholders on the
most advantageous course of action, either to reinvest the cash or to
terminate its listing on the JSE Securities Exchange South Africa and return
the available cash to the shareholders.
DIVIDEND ANNOUNCEMENT
The board of directors has resolved not to pay a dividend.
FOR AND BEHALF OF THE BOARD
A N Brookstone - Chairman
8 August 2001
| 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 ] | |||||||||||||
|
|||||||||||||
