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UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001
INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2001 2000 2000
R'000 R'000 R'000
Turnover 64 541 63 881 137 641
Cost of sales (56 204) (51 758) (114 476)
Gross profit 8 337 12 123 23 165
Other operating income 328 267 372
Administration costs (1 849) (1 947) (4 815)
Operating costs (7 990) (8 823) (17 993)
Other costs (2 310) (1 810) (4 031)
Investment impairment - - (3 440)
Interest paid (2 937) (2 466) (5 424)
Loss before taxation (6 421) (2 656) (12 166)
Taxation 1 774 874 2 533
Deficit (4 647) (1 782) (9 633)
(Accumulated deficit)/retained
income at the beginning of
the year (2 568) 6 139 6 139
Transfer from non-distributable
reserve 119 926 926
(Accumulated deficit)/retained
income (7 096) 5 283 (2 568)
Basic loss per share (cents) (14,50) (5,73) (30,51)
Profit on disposal of fixed assets
per share (cents) (0,17) - (0,16)
Valuation adjustment on shares
held in Glodina Holdings
Limited Share Trust (cents) 0,01 (0,27) (0,02)
Investment impairment - - 10,90
Headline loss per share (cents) (14,66) (6,00) (19,79)
Dividend per share (cents) - - -
Number of shares in issue 32 052 313 32 052 313 32 052 313
Weighted average number of
shares in issue 32 052 313 31 096 269 31 576 903
STATEMENT OF CHANGES IN EQUITY
Non- Accumu-
Share distributable lated
capital reserves deficit Total
R'000 R'000 R'000 R'000
Balance at
31 December 2000 38 002 8 636 (2 568) 44 070
Deficit for the period
ended 30 June 2001 - - (4 647) (4 647)
Release of depreciation
charge on revaluation of
land and buildings - (119) 119 -
Balance at
30 June 2001 38 002 8 517 (7 096) 39 423
BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2001 2000 2000
R'000 R'000 R'000
Assets
Non-current assets 48 019 50 279 49 215
Property, equipment, vehicles
and furniture 47 113 47 226 48 584
Investment 419 2 483 140
Other assets 487 570 491
Current assets 70 395 73 292 65 641
Inventories 38 991 35 249 31 251
Accounts receivable 31 376 38 038 34 362
Cash resources 28 5 28
Total assets 118 414 123 571 114 856
equity and liabilities
Capital and reserves 39 423 51 921 44 070
Share capital and premium 38 002 38 002 38 002
Reserves 1 421 13 919 6 068
Non-current liabilities 10 181 7 595 10 000
Interest bearing debt - long-term
borrowings 7 472 1 452 5 516
Deferred taxation liability 2 709 6 143 4 484
Current liabilities 68 810 64 055 60 786
Accounts payable 31 172 25 660 29 256
Bank overdraft and
short-term loans 37 638 38 395 31 530
Total equity and liabilities 118 414 123 571 114 856
Net asset value per share
(cents) 123 162 137
Commitments
- capital contracted - 2 500 -
- capital authorised but not
yet contracted - - -
- operating lease
- next year 440 521 562
- ensuing years 593 756 1 021
Contingent liability
- post-retirement medical
aid benefits 1 919 1 830 1 874
ABRIDGED CASH FLOW STATEMENT
Cash (utilised)/generated from
operations (1 547) 1 832 681
Working capital changes (2 838) (5 959) 5 329
Interest paid (2 937) (2 512) (5 424)
Cash flows from
investing activities (742) (4 005) (8 407)
Cash utilised (8 064) (10 644) (7 821)
Comments
Results for 2001
The results for the six months were detrimentally affected by tight margins,
stock clearances and disappointing productivity levels.
Accounting policies
The basis of preparation of the interim financial statements and the
accounting policies applied are consistent with those published in our
annual financial statements for the year
ended 31 December 2000.
PROSPECTS
Margins are expected to remain under pressure. The group will continue to
focus on cost reductions, exports and productivity improvements. Various
actions to improve the gearing are being investigated by the board.
Directorate
Mr R Mallach retired from the board at the AGM and Mr PJC Horne was elected
non-executive chairman to replace him.
For and on behalf of the board
PJC Horne
M Balladon
Hammarsdale
28 September 2001
Registered office
1 Anderson Road
Hammarsdale
3700
Transfer secretaries
Computershare Services Limited
41 Fox Street
Johannesburg 2001
DIRECTORS: PJC Horne (Chairman), JB Balladon, M Balladon,
TH Nyasulu, PR Redondi
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