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2001
ISINCode : ZAE000022240
Share code : TGN
Interim financial results for the six months ended 31 July 2001
Compound growth in earnings per share over 6 years - 185%
Consolidated summary income statement
Audited for Unaudited - Interim
Year ended Six months ended
31.1.2001 31.7.2001 31.7.2000
R000s R000s R000s
762 649 Revenue 269 875 201 904
252 135 Operating profit 86 267 64 329
32 689 Net interest received 5 317 7 476
284 824 Profit before taxation 91 584 71 805
- Taxation - -
Attributable income for
284 824 the period 91 584 71 805
Retained income at start
459 676 of period 744 500 459 676
Retained income at end
744 500 of year 836 084 531 481
Supplementary information
Audited for Unaudited - Interim
Year ended Six months ended
31.1.2001 31.7.2001 31.7.2000
1 124 548 Shares in issue (000's) 1 124 548 1 124 548
1 124 252 Weighted average shares
in issue (000s) 1 124 548 1 124 252
25,3 Earnings per share (cents) 8,1 6,4
- Dividend per share (cents) - -
Statement of changes in equity
Audited for Unaudited - Interim
Year ended Six months ended
31.1.2001 31.7.2001 31.7.2000
R000s R000s R000s
649 638 Balance at beginning of period 945 758 649 638
Non-distributable reserves
9 496 movement (28) 75 527
1 800 Issue of share capital - -
Attributable income for
284 824 the period 91 584 71 805
945 758 Balance at end of period 1 037 314 796 970
Consolidated summary balance sheet
Audited for Unaudited - Interim
Year ended Six months ended
31.1.2001 31.7.2001 31.7.2000
R000s R000s R000s
ASSETS
320 898 Non-current assets 316 173 302 743
164 898 Fixed and intangible assets 160 173 146 743
156 000 Investments 156 000 156 000
708 956 Current assets 782 186 698 447
13 462 Inventory 8 862 7 425
162 531 Accounts receivable 146 183 78 479
521 854 Secured advances 610 778 590 245
11 109 Cash and cash equivalents 16 363 22 298
1 029 854 Total assets 1 098 359 1 001 190
EQUITY AND LIABILITIES
945 758 Capital and reserves 1 037 314 796 970
181 964 Share capital 181 964 180 164
19 294 Non-distributable reserves 19 266 85 325
744 500 Retained income 836 084 531 481
18 361 Non-current liabilities 15 382 10 082
18 361 Long-term liabilities 15 382 10 082
65 735 Current liabilities 45 663 194 138
Accounts payable and
63 633 guarantees 44 148 182 891
2 102 Bank overdraft 1 515 11 247
1 029 854 Total equity and liabilities 1 098 359 1 001 190
Consolidated summary cash flow statement
Audited for Unaudited - Interim
Year ended Six months ended
31.1.2001 31.7.2001 31.7.2000
R000s R000s R000s
Cash flow from operating
14 287 activities 10 818 12 465
Cash flow from investing
(24 317) activities (1 970) (10 986)
Cash flow from financing
9 200 activities (3 007) (265)
Net change in cash and cash
(830) equivalents 5 841 1 214
Cash and cash equivalents at
9 837 beginning of year 9 007 9 007
Cash and cash equivalents at
9 007 end of period 14 848 10 221
Comment
Financial results
The company grew attributable earnings by 27% to R91,5 million for the six
month period to 31 July 2001. Headline earnings per share and earnings per
share were 8,1 cents. Over the six years since the company listed on the JSE
Securities Exchange, earnings per share have grown at an annual average
compound rate of 185%.
Accounting policies applied during the period are consistent with the
accounting policies as stated in the annual report for the year ended 31
January 2001.
Operations trading results
During the period under review the Group has concentrated on growing its
existing investments both locally and internationally rather than
diversifying its activities into new ventures. These include:
- The expansion of Cotton King's export business has been successful with
significant markets being developed. In addition certain joint venture
agreements are being negotiated with major overseas partners for the local
production and export of cotton wool products.
- Dyecomber's export marketing initiative is proceeding well and the company
is set to benefit from the weakening rand as all its exports are US dollar
denominated.
- The production of earbuds for both the local and export markets commenced
at Bella Cotton's Durban factory during the period. These production
facilities will be expanded during the next few months to cope with market
demand.
- Inktec's innovative range of high quality inkjet printer refills has had a
major impact in the printer accessories market. Profitability has increased
significantly along with continuously increasing turnover levels.
- Retail Marketing Services (RMS) has continued to produce solid sustainable
earnings in a highly competitive and difficult retail environment. RMS has
maintained its position as the leading non-food sales and merchandising
organisation in the country.
- Tandem Investments' venture into the South American gaming industry has
been refocused to concentrate on accessing the more lucrative annuity income
benefits of participation gaming rather than equipment distribution. New
participation ventures are presently being negotiated to significantly
increase our business interests on that continent.
General
On 2 April 2001 the Group instituted proceedings in the High Court against
the former owners of EuroPoint arising from fraudulent misrepresentations
made by them, and the matter is due to be heard on
20 November 2001. A successful judgment for Tigon would have a significant
impact on both Tigon's earnings and share price, however there is no
downside risk for the Group.
Future prospects
It is expected that the focus on existing areas of successful enterprise
will continue to reap benefits for the remainder of the year. Further
expansion opportunities are constantly being presented to the Group and will
be considered where appropriate.
On behalf of the board
G. P. Porritt
30 October 2001
Pietermaritzburg
DIRECTORS: G P PORRITT, S H BENNETT, A M R HODGKINSON, T V M MATOOANE
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