| Fri 5 Oct 2001, 0:00 | | Daewoo Electronics S.a. Limited - Financial Report |
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DAEWOO ELECTRONICS S.A. LIMITED
Registration number 1987/004570/06
Share code: DAE
ISIN: ZAE00009437
unaudited group interim results
for the six months ended 30 June 2001
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30/6/2001 30/6/2000 31/12/2000
R'000 R'000 R'000
Revenue from operations 56 612 91 126 159 116
Less operating expenses (65 272) (108 884) (212 960)
Operating loss (8 660) (17 758) (53 844)
Finance cost (2 078) (2 480) (6 083)
Loss before taxation (10 738) (20 238) (59 927)
Taxation 0 (109) (131)
Loss after taxation (10 738) (20 347) (60 058)
Preference dividend 0 (1 048) (1 048)
Net loss (10 738) (21 395) (61 106)
Headline loss per
ordinary share (cents) (20,8) (0,6) (118,4)
Loss per ordinary
share (cents) (20,8) (41,5) (118,4)
Fully diluted loss
per ordinary share (cents) (20,8) (41,5) (118,4)
Net asset value per
ordinary share (cents) (183,4) (138,9) (162,6)
Dividends per
ordinary share (cents) 0 0 0
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
six months six months year
ended ended ended
30/6/2001 30/6/2000 31/12/2000
R'000 R'000 R'000
Assets
Non-current assets 849 11 285 11 045
Property, plant and equipment 849 11 285 11 045
Current assets 132 326 119 784 148 332
Receivables and prepayments 89 785 72 678 95 030
Inventory 42 472 34 963 51 250
Cash and cash equivalents 69 12 143 2 052
Total assets 133 175 131 069 159 377
Equity and liabilities
Capital and reserves (94 647) (71 697) (83 909)
Share capital 516 33 017 516
Share premium 29 153 29 153 29 153
General reserve 60 000 0 60 000
Accumulated loss (184 316) (133 867) (173 578)
Non-current liabilities 1 779 876 386
Interest bearing borrowings 1 779 876 386
Current liabilities 226 043 201 890 242 900
Trade and other payables 223 785 200 840 241 429
Bank overdraft 2 258 0 0
Current portion of borrowings 0 1 050 1 471
Total equity and liabilities 133 175 131 069 159 377
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30/6/2001 30/6/2000 31/12/2000
R'000 R'000 R'000
Cash generated from/
(utilised in)
operating activities (14 601) 27 200 2 949
Operating loss before
taxation and interest (8 660) (17 364) (53 844)
Adjusted for non-cash items
Depreciation 375 350 762
Profit/(loss) on
disposal of fixed assets (617) 0 25
Cash generated by/
(utilised in) working capital (3 621) 50 712 65 168
Finance cost (2 078) (2 480) (6 083)
Taxation paid 0 (1 076) (131)
Preference dividend paid 0 (2 942) (2 948)
Cash generated from/
(utilised in)
investing activities 10 438 (729) (517)
Tangible and intangible
assets acquired (512) (729) (562)
Proceeds from disposal of
tangible and
intangible assets 10 950 0 45
Cash flow from
financing activities (78) 4 076 (413)
Increase/(decrease)
in long-term liabilities 1 393 3 026 (413)
Increase/(decrease)
in short-term liabilities (1 471) 1 050 0
Net preference shares redeemed 0 0 (60 000)
Transfer to general reserve 0 0 60 000
Net (decrease)/increase
in cash and cash equivalents (4 241) 30 547 2 019
Cash and cash equivalents
beginning of the period 2 052 (18 404) 33
Cash and cash equivalents
end of the period (2 189) 12 143 2 052
STATEMENT OF CHANGES IN EQUITY
Share Share General Accumulated
capital Premium reserve loss Total
R'000 R'000 R'000 R'000 R'000
Balance at
30 June 2000 33 017 29 153 0 (133 867) (71 697)
Preference
shares redeemed (32 501) - - - (32 501)
Reserve on
redemption of
preference shares - - 60 000 - 60 000
Net loss - - - (39 711) (39 711)
Balance at
31 December 2000 516 29 153 60 000 (173 578) (83 909)
Net loss - - - (10 738) (10 738)
Balance at
30 June 2001 516 29 153 60 000 (184 316) (94 647)
REPORT OF THE INDEPENDENT AUDITORS ON UNAUDITED INTERIM FINANCIAL STATEMENTS
We have reviewed the interim financial statements of Daewoo Electronics S.A.
Limited for the six months ended 30 June 2001. These interim financial
statements are the responsibility of management. We report on these interim
financial statements.
Our review was generally limited to analytical procedures, to discussion
with company personnel responsible for financial and accounting matters, and
to review and analysis of certain information. It should be recognised that
our review did not constitute an audit and may not necessarily have revealed
all material facts.
Our review revealed nothing which caused us to believe that these interim
financial statements need modification so as to fairly present, in
accordance with generally accepted accounting practice, the financial
position of the company at 30 June 2001 and the results of its operations
and cash flow information for the six months then ended.
ANTON HAYWARD
Chartered Accountants (SA)
Registered Accountants and Auditors 28 September 2001
COMMENTARY
Profitability
Daewoo is pleased to announce an increase in profitability for the six
months ended 30 June 2001. Loss for the six months is R10,7 million or 20,8
cents per share, which is considerably better than the loss of R21,4 million
or 41,5 cents per share recorded in the same period last year.
Headline earnings
Headline earnings have increased from a R21,4 million loss last year to
R10,7 million loss this year.
Net asset value
Net asset value has decreased from a negative 138,9 cents per share to a
negative 183,4 cents per share.
Prospects
Trading conditions continued to remain extremely competitive with a
resultant pressure on margins. It is hoped that these conditions will
improve and will boost consumer expenditure in the second half of this year.
By order of the board
W Dong Y G Kim
Chairman Chief Executive Officer
Johannesburg
30 September 2001
Directors: W Dong (Chairman), Y G Kim* (Chief Executive Officer),
Y S Kim, J H Huh, J H Lee.
* Executive
Transfer secretaries Registered office
Computershare Investor Services Limited 146 Boeing Road East
41 Fox Street Elma Park
Johannesburg 2000 Edenvale 1609
Auditors
Anton Hayward
Chartered accountants (SA)
Registered accountants and auditors
