| Fri 14 Sep 2001, 0:00 | | Sotta Securitisation International Limited - Unaud |
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The 6 Months Ended 31 May 2001
Sotta Securitisation International Limited
Incorporated in the Republic of South Africa
(Registration number 1998/021729/06)
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 MAY 2001
Unaudited Unaudited Audited
Six months Six months Year ended
BALANCE SHEET 31 May 2001 31 May 2000 30 Nov 2000
R 000 R 000 R 000
Assets Non-current assets
Tangible fixed assets 192 129 211
Goodwill 10 - 12
Financial assets loans - 24,948
202 25,077 223
Current assets
Short term loans 4,319 5,273 7,334
Trade receivables - 114 196
Cash and cash equivalents 89 18 97
4,408 5,405 7,627
Total assets 4,610 30,482 7,850
EQUITY AND LIABILITIES
Equity capital and reserves
Share capital and premium 42,030 42,030 42,030
Accumulated loss (37,696) (15,567) (34,711)
4,334 26,463 7,319
Current liabilities
Trade payables 276 323 531
Taxation - 3,625 -
Bank overdraft - 71 -
276 4,019 531
Total equity and
liabilities 4,610 30,482 7,850
Net asset value per
share (cents) 3.10 18.90 5.23
Net tangible asset value
per share (cents) 3.09 18.90 5.22
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
CASH FLOW STATEMENT 31 May 2001 31 May 2000 30-Nov-00
R 000 R 000 R 000
Cash flows from operating
activities 24 (2,283) (2,036)
Cash receipts from customers 619 769 8,338
Cash paid to suppliers and
employees (592) (3,051) (10,370)
Cash absorbed by operations 27 (2,282) (2,032)
Interest paid (3) (1) (4)
Cash flows from investing
activities (32) (46) (143)
Additions to tangible assets
Net decrease in cash
equivalents (8) (2,329) (2,179)
Cash and cash equivalents
at beginning of period /
year (97) 2,276 2,276
Cash and cash equivalents
at end of period / year 89 (53) (97)
(8) 2,329 2,179
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
Capital Premium loss Total
R 000 R 000 R 000 R 000
Balance at 1 December 2000 1,400 40,630 (34,711) 7,319
Loss for the period (2,985) (2,985)
Balance at 31 May 2001 1,400 40,630 (37,696) 4,334
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 May 2001 31 May 2000 30-Nov-00
INCOME STATEMENT R 000 R 000 R 000
Revenue 78 7,912 8,338
Operating loss before
taxation (2,985) (24,459) (25,655)
Taxation - 148 -
Loss attributable to
ordinary shareholders (2,985) (24,311) (25,655)
Number of ordinary shares
in issue (000) 140,000 140,000 140,000
Loss per share (cents) (2.13) (17.37) (18.33)
Headline loss per share
(cents) (2.13) (17.37) (18.33)
COMMENT
The non-performance of loans reported on in the annual report for the year
to 30 November 2000 has continued and worsened. Prospects for a return to
profitability are discouraging. The company is involved in a number of
actions against defaulters and during the period under review has spent
approximately R350 000 on legal fees which have been responsible for a
significant part of the loss. A further R2.6 million, which it is felt the
company will be unlikely to recover, has been written off the loan book.
The directors are evaluating various options for the company, including the
merits of remaining listed. In view of the circumstances, no dividend is to
be declared.
T Demetriades Sandton
Managing Director 14 September 2001
