| Thu 18 Oct 2001, 0:00 | | Million Air - Unaudited Consolidated Results |
|
August
MILLION AIR CHARTER LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000092/06)
Share code:MLL ISIN: ZAE000017810
("Million Air" or "the company")
Unaudited consolidated results for the six months ended 31 August 2001
CONSOLIDATED INCOME STATEMENTS
6 months 6 months Year
ended ended ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
(Unaudited) (Unaudited) (Audited)
R R R
TURNOVER 35 048 505 17 134 722 37 877 308
Operating profit before: 12 791 293 2 558 273 5 142 761
Depreciation (10 796 296) (2 879 595) (5 900 337)
Profit/(Loss) on forex 396 603 (1 411 763) (1 299 872)
Profit/(Loss) on disposal of
fixed assets (18 350) 256 076 892 226
Net interest paid (1 234 988) (1 285 949) (2 592 203)
Interest received 109 997 57 334 133 687
Interest paid (1 344 985) (1 343 283) (2 725 890)
Profit/(loss) before taxation 1 138 262 (2 762 958) (3 757 425)
Taxation (388 148) - 1 047 973
Net profit/(loss) after taxation 750 114 (2 762 958) (2 709 452)
Ordinary dividends - - -
Attributable to ordinary
shareholders 750 114 (2 762 958) (2 709 452)
Earnings (loss) per share (cents) 1,12 (4,12) (4,04)
Headline earnings/(loss)
per share (cents) 1,15 (4,50) (5,37)
Number of ordinary shares - in
issue (millions) 67,10 67,10 67,10
HEADLINE EARNINGS IS DETERMINED AS FOLLOWS:
Attributable to ordinary
shareholders 750 114 (2 762 958) (2 709 452)
Adjusted for (profit)/loss on disposal
of fixed assets 18 350 (256 076) (892 226)
Headline earnings/(loss) 768 464 (3 019 034) (3 601 678)
CONSOLIDATED BALANCE SHEETS
6 months 6 months Year
ended ended ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
(Unaudited) (Unaudited) (Audited)
R R R
Assets
Non-current assets 41 535 184 42 623 378 40 018 518
Fixed assets 41 534 184 42 622 378 40 017 518
Investments and loans 1 000 1 000 1 000
Current assets 10 841 376 4 913 679 6 860 022
Trade and other receivables 1 709 604 3 481 049 4 909 346
Cash resources 8 996 773 1 297 631 1 815 677
Taxation prepayment 134 999 134 999 134 999
Total assets 52 376 560 47 537 057 46 878 540
Equity and liabilities
Capital and reserves 19 727 516 18 917 604 18 977 402
Share capital 9 975 248 9 975 231 9 975 248
Accumulated profits 9 752 268 8 942 373 9 002 154
Non-distributable reserves - 2 021 897 -
Non current liabilities 28 553 778 22 858 510 18 379 503
Interest bearing loans 18 799 881 18 044 350 14 613 754
Interest free loans 5 600 000 - -
Deferred taxation 4 153 897 4 814 160 3 765 749
Current liabilities 4 095 266 3 739 046 9 521 635
Bank overdraft - 62 576 465 292
Trade and other payables 4 094 843 3 676 470 9 055 920
Taxation payable 423 - 423
Total equity and liabilities 52 376 560 47 537 057 46 878 540
CONSOLIDATED CASH FLOW STATEMENTS
6 months 6 months Year
ended ended ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
(Unaudited) (Unaudited) (Audited)
R R R
Cash flow from operating activities 12 024 093 (5 223 638) 2 957 419
Cash effects of investing activities (12 312 962) (140 591) 506 668
Cash effects of financing activities 7 935 257 5 248 899 (4 833 551)
Net increase/(decrease) in cash
and cash equivalents 7 646 388 (115 330) (1 369 464)
Cash and cash equivalents
at beginning of period 1 350 385 1 350 385 2 719 849
Cash and cash equivalents
at end of period 8 996 773 1 235 055 1 350 385
STATEMENT OF CHANGES IN EQUITY
for the six month period ended 31 August 2001
Share Share Distributable
capital premium reserve Total
R R R R
Balance at 1 March 2001 336 9 974 912 9 002 154 18 977 402
Net profit for the period 750 114 750 114
Balance at 31 August 2001 336 9 974 912 9 752 268 19 727 516
COMMENTS
NATURE OF BUSINESS
Million Air is an aircraft outsourcing company to airlines, with a general
aviation charter division.
ACCOUNTING POLICIES
These consolidated interim financial statements were drawn up in compliance
with South African Statements of Generally Accepted Accounting Practice and
the company has complied with the requirements of the Companies Act of 1973
(Act 61 of 1973), as amended.
The accounting policies as set out in the 2001 annual report have been
consistently applied in producing these results.
FINANCIAL RESULTS
During our first six months an exceptional profit was earned due to a short-
term contract with a major airline. Million Air acquired an additional
McDonnell Douglas DC9, 103-seater aircraft, which will add to our critical
mass. Depreciation on the McDonnell Douglas DC9 aircraft remains at 10% per
annum. The company has changed the Boeing 727 aircraft depreciation policy,
whereby it will be written-off over the expected useful life. Hence, an
additional R6 938 000 depreciation has been expensed in this period.
PROSPECTS
We believe that the present crisis in the airline industry will not affect
our next six months, results due to the company's niche market. The company
earns most of its income in US Dollars. Management intends to increase the
fleet of large aircraft.
RELATED PARTY TRANSACTIONS
Charter fees amounting to R1,2 million were paid to related party
businesses.
POST BALANCE SHEET EVENT
The company has acquired a 25% shareholding in an aircraft maintenance
company for R400 000 that will add direct and indirect value.
DIVIDEND
No dividend will be paid, as all cash generated by the company will be
utilised to fund future growth and development.
Johannesburg
18 October 2001
BOARD OF DIRECTORS
Graeme Clarke
Carlo Talevi
Ken Geldenhuis
Johan Botha
Mark van Buuren
Shane Geldenhuis
TRANSFER SECRETARIES
Mercantile Registrars Limited; 8th Floor, 11 Diagonal Street, Johannesburg
2001.
PO Box 1053, Johannesburg 2000. (011) 370-5000.
AUDITOR
Taback Pelkowitz and Berman
PO Box 414041, Craighall, 2024
4 Bompass Road Dunkeld West, 2196
(011) 327-6397
SECRETARY AND REGISTERED OFFICES
J J Botha
PO Box 304, Lanseria 1748
4 Bompass Road Dunkeld West, 2196
(011) 701 3627
