|
Terexko Limited
(Registration number 1995/004154/06)
Share code: TRX ISIN: ZAE000011755
("Terexko")
Audited results for the year ended 30 June 2001
Consolidated income statement
for the year ended:
Audited Audited
Year ended Year ended
30 June 2001 30 June 2000
R'000 R'000
Turnover 43 076 45 702
Cost of Sales 19 647 20 768
Operating income/(loss) (1 297) 4 951
Interest earned 1 871 2 695
Interest paid (79) (15)
Depreciation (1 672) (1 466)
Net income/(loss) before taxation (1 177) 6 165
Taxation - (56)
Net income/(loss) for the year (1 177) 6 109
Exceptional item
- impairment in value of assets (77 791) -
Retained income /(loss)
for the year (78 968) 6 109
Headline earnings/(loss)
per share (cents) (2,4) 14,5
Ordinary earnings/(loss)
per share (cents) (160,0) 14,5
Shares in issue ('000) 49 352 42 024
Cash dividend per share (cents) - 7,5
Consolidated balance sheet at:
Audited Audited
30 June 2001 30 June 2000
R'000 R'000
Assets
Property and equipment 9 277 14 386
Investments 27 721 89 362
Current assets 8 207 21 649
Other 1 691 16 804
Cash resources 6 516 4 845
Total assets 45 205 125 397
Equity and liabilities
Equity and reserves 27 470 106 438
Share capital 21 395 21 395
Retained income 6 075 85 043
Non-current liabilities 6 510 8 601
Secured loan 245 235
Vendors loans 6 265 8 366
Current liabilities 11 225 10 358
Total equity and liabilities 45 205 125 397
Cash flow statement
2001 2000
R'000 R'000
Net cash flow from operating activities 14 682 1 273
Net cash flow from investing activities (10 920) (13 016)
Net cash flow from financing activities (2 091) (13 820)
Net increase/(decrease) in cash 1 671 (25 563)
Cash at beginning of year 4 845 30 408
Cash at end of year 6 516 4 845
Statement of changes in equity
2001 2000
R'000 R'000
Opening balance 106 438 126 467
Net income/(loss) for the year (1 177) 6 109
Exceptional item (77 791) -
Share premium written off - (26 138)
Closing balance 27 470 106 438
We are pleased to report progress in several areas of our investments and
operations, however like countless other companies in the market, we did not
escape the effects of turmoil in all the sectors that we are invested in.
Notwithstanding all the prudent measures that management implemented to
maintain profitability, the external factors beyond our control took the
biggest toll on the group.
The restaurant business has been negatively affected by the introduction of
government's smoking regulations and secondly a drop in covers due in part
to the challenging environment we find ourselves in. The investment in
Spicer Holdings Ltd has had the greatest impact on the group. The slump in
the share price and all the internal turmoil in that company has brought
about permanent loss of confidence in its management. Accordingly we have
had to write down the value of our investment in Spicer. At present, we are
exploring various options regarding the group's interest in Spicer.
Our investment in Kwikpay RSA continues to expand and it is expected that
this investment could yield the returns, although delayed, that were
envisaged when the investment was made.
In collaboration with Kwikpay UK and Kwikpay Plc, general retailers are
provided with electronic prepaid cellular airtime and other products to
offer to their customers.
Software development is continually underway to enhance and expand these
services to remain ahead of competitors. Rhiannon S.A. reported growth in
the Broadstone Group Ltd, BKA (UK) Ltd Installation Technology Ltd, and
Kwikpay Plc.
As a result of the collapse of the US IT market and the cautious dealings of
major companies, Trade Card Inc, has had to embark on a further round of
financing from shareholders.
We were not furnished with sufficient appropriate information on which to
base our investment decision and accordingly did not follow our rights. The
result of which is that we and others were severely diluted. An objection to
this process was lodged with the company and our rights were reserved.
As a result of all the above, the financial statements have been adjusted to
reflect a more accurate value of the underlying assets and liabilities of
the group.
The current economic environment is challenging but we feel confident of
generating adequate returns in future.
The board has decided not to recommend the payment of a dividend this year.
By order of the Board
27 September 2001
Directors:
CP Swart (Executive Chairman), P Swart (Managing Director), R F Botha (non-
executive), L M De Lima Viana, K J Makwetla (non-executive), G M Mokgoko
(non-executive), L A Swart.
| 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 ] | |||||||||||||
|
|||||||||||||
