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SHAWCELL TELECOMMUNICATIONS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/006034/06)
Share code: SWL
ISIN number: ZAE 000018347
BACKGROUND
The company listed on the Telecommunications Sector of the JSE Securities
Exchange South Africa in July 1999 and comprised four main operating
divisions specialising in telecommunications and financial services:
ShawCell Holdings handles treasury management and investment activities for
the Group.
Shaw Cellular, the largest single income stream for the Vodacom group, sells
cellular phone contracts and prepaid products earning airtime revenue on
these.
EuroPoint Cellular, a supplier of cellphone accessories into the South
African market.
Shaw Finance is a financial services operation providing trade finance and
supply-chain management services to its southern African network of 1 000
member dealers.
FINANCIAL RESULTS
Operating profit was up 20,5% over the adjusted comparable period last year
and earnings per share were 1,18 cents reflecting a slight increase. The
Group achieved a turnover of R29,8 million for the six months showing a net
profit after tax of R17,8 million. Comparative figures for the six months to
30 June 2000 have been restated to reflect as accurately as possible the
correct position following the discovery of substantial fraud in the
EuroPoint division. The board previously advised that after the employment
contracts of the managing director and financial director (also the original
owners) of EuroPoint were prematurely terminated in June 2000, serious
irregularities began to surface. An internal audit resulted in an external
forensic audit being commissioned in December 2000. The forensic audit,
which is still ongoing, has revealed clear evidence of substantial fraud. It
is anticipated that proceedings will be instituted against the perpetrators.
All losses were written off in the year-end results. The acquisition cost of
EuroPoint has been written off and is not reflected at any value in the
balance sheet. It is not anticipated that any further losses will be
sustained.
PROSPECTS
The second half year is traditionally significantly more profitable due to
the seasonal nature of the group's business and the board believes that the
company has sound prospects of achieving enhanced earnings for the full
year.
On behalf of the board
Johannesburg
28 September 2001
ABRIDGED GROUP INCOME STATEMENT
Restated
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2001 30/06/2000
R000's R000's
Turnover 29 843 28 017
Operating profit 14 611 12 124
Interest earned 3 160 5 247
Net profit before taxation 7 771 17 371
Taxation - -
Attributable earnings 17 771 17 371
Retained Income for the period 17 771 17 371
Supplementary information
Number of shares in issue (000's) 1 500 000 1 500 000
Headline earnings per share (cents) 1,18 1,16
Earnings per share (cents) 1,18 1,16
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Audited
at at
30/06/2001 31/12/2000
R000's R000's
ASSETS
Non-current assets 121 511 115 171
Fixed assets 3 208 3 858
Goodwill 58 956 60 549
Investments and loans 59 347 50 764
Current assets 151 298 196 427
Inventory 624 4 361
Accounts receivable 142 397 160 861
Cash and bank 8 277 31 205
Total assets 272 809 311 598
EQUITY AND LIABILITIES
Capital and reserves 197 215 179 444
Share capital 150 150
Share premium 61 421 61 421
Retained income 135 644 117 873
Non-current liabilities 647 514
Long-term borrowings 647 514
Current liabilities 74 947 131 640
Accounts payable 53 922 95 422
Bank overdraft 21 025 36 218
Total equity and liabilities 272 809 311 598
ABRIDGED GROUP CASH FLOW STATEMENT
Restated
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2001 30/06/2000
R000's R000's
Cash flow from operating activities 715 29 682
Cash flow from investment activities (8 583) (49 364)
Cash flow from financing activities 133 9 697
Net change in cash and cash
equivalents (7 735) (9 985)
Cash and cash equivalents at
beginning of year (5 013) 24 316
Cash and cash equivalents at
end of period (12 748) 14 331
STATEMENT OF CHANGES IN EQUITY
Restated
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2001 30/06/2000
R000's R000's
Balance at 1 January 2001 179 444 136 274
Net income for the period 17 771 17 371
Balance at 30 June 2001 197 215 153 645
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