| Mon 29 Oct 2001, 0:00 | | Abc Cash Plus Ltd - Interim Results |
|
ABC CASH PLUS LIMITED
(Registration number 1998/20520/06)
("The group")
Share code: APS
ISIN: ZAE000017554
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2001
Six Six months Six months
months
ended ended ended
31 August 28 31 August
2001 February 2000
2001
R' 000 R' 000 R' 000
TURNOVER 4,626 4,787 5,827
OPERATING (3,779) (12,270) (4,633)
EXPENSES
OPERATING 847 (7,483) 1,194
INCOME
FINANCE (121) 0 (102)
CHARGES
NET INCOME 726 (7,483) 1,092
BEFORE
ABNORMAL
ITEMS
ABNORMAL 0 (1,364) (2,215)
ITEMS
NET INCOME 726 (8,847) (1,123)
/ (LOSS)
BEFORE
TAXATION
TAXATION (160) 1,126 (388)
NET INCOME 566 (7,721) (1,511)
/ (LOSS)
FOR THE
PERIOD
OUTSIDE (138) 780 (221)
SHAREHOLDE
RS
EARNINGS / 428 (6,941) (1,732)
(LOSS)
attributab
le to
ordinary
shareholde
rs
ACCUMULATE (6,339) 602 2,334
D LOSS
BEGINNING
OF PERIOD
ACCUMULATE (5,911) (6,339) 602
D LOSS END
OF PERIOD
Annualised 1.7 (12.2) 2.1
headline
earnings /
(loss) per
share
(cents)
Annualised 1.7 (9.5) (7.7)
earnings /
(loss) per
share
(cents)
BALANCE 31 AUGUST 28
SHEET AT 2001 FEBRUARY
31 AUGUST 2001
2001
R' 000 R' 000
ASSETS
NON- 1,075 1,199
CURRENT
ASSETS
CURRENT 9,083 8,066
ASSETS
TOTAL 10,158 9,265
ASSETS
EQUITY AND
LIABILITIE
S
EQUITY 7,242 6,676
6,864 6,435
Ordinary
shareholde
rs
378 241
Minorities
NON 1,190 1,435
CURRENT
LIABILITIE
S
CURRENT 1,726 1,154
LIABILITIE
S
TOTAL 10,158 9,265
EQUITY AND
LIABILITIE
S
Net asset 14.35 13.23
value per
share
(cents)
Change in equity : Increase from R 6 676' to R 7 242' due to net
income of R 566'.
Increase from R 6 676' to R 7 242' due to net income of R 566'.
CASH FLOW
STATEMENT
FOR THE
SIX MONTHS
ENDED 31
AUGUST
2001
Six Six months
months
ended ended
31 August 31 August
2001 2000
CASH FLOW (16) 166
FROM
OPERATING
ACTIVITIES
Net 687 806
operating
income
Depreciati 116 195
on of
fixed
assets
Cash from 803 1,001
operations
Uitlized
to
maintain
working
capital
(1,270) 22
(Increase)
/ Decrease
in
accounts
receivable
572 (755)
Increase /
(Decrease)
in
accounts
payable
Finance (121) (102)
charges
CASH FLOW (5) 251
FROM
INVESTING
ACTIVITIES
(Acquisiti
on) /
Disposal
of fixed
assets
CASH FLOW (245) (60)
FROM
FINANCING
ACTIVITIES
Decrease
in long
term
liabilitie
s
CHANGES IN (266) 357
CASH AND
CASH
EQUIVALENT
S
CASH AND 989 952
CASH
EQUIVATENT
S
BEGINNING
OF YEAR
CASH AND 723 1,309
CASH
EQUIVATENT
S END OF
PERIOD
COMMENTS :
Nature of business
The primary business activity of the company consists of the granting of
short-term micro loans.
Review
The focus on electronic withdrawal systems and the return to the core
business of granting of short-term
micro loans exclusively had the desired effect.
The Company returned to profitability during the period under review and
the directors foresee an increase
in profitability over the next two reporting periods. The dramatic
reduction in bad debts, from 54 % on
28 February 2001to 3 % on 31 August 2001, contributed to the positive
results.
On behalf of the board of directors.
JM van Tonder
PPA Hayward
Managing Director
Financial Director
25 October 2001
Secretary: L. van Schalkwyk Attorneys
Sponsor: Whistler Lambda Sponsor Services (Pty) Ltd
Share Transfer Secretaries: Mercantile Registrars Ltd
