| Mon 12 Nov 2001, 0:00 | | Billboard Unaudited Results |
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("Billboard" or "the company")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
Consolidated income statement for
the six months ended 31 August 2001
Six months Six months
ended ended Year ended
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue - 79 402 129 998
- continuing operations - 79 035 113 602
- discontinued operations - 367 16 396
Cost of sales - 34 597 52 983
- continuing operations - 34 317 42 534
- discontinued operations - 280 10 449
Gross profit - 44 805 77 015
- continuing operations - 44 718 71 068
- discontinued operations - 87 5 947
Other income - 8 271 14 545
- continuing operations - 8 271 11 650
- discontinued operations - - 2 895
Expenditure - 51 814 87 876
- continuing operations - 50 298 73 520
- discontinued operations - 1 516 14 356
Operating profit before interest
and exceptional items - 1 262 3 684
- continuing operations - 2691 9 198
- discontinued operations - (1 429) (5 514)
Exceptional items (24 397) (3 348) (3 593)
Net interest paid - (2 141) (2 277)
Loss before taxation (24 397) (4 227) (2 186)
Taxation - 2 700 4 386
Net (loss)/profit after taxation (24 397) (1 527) 2 200
Retained profit brought forward 20 774 18 574 18 574
Retained (loss)/profit carried forward (3 623) 17 047 20 774
Number of shares in issue ('000) 457 596 457 596 457 596
(Loss)/earnings per share (cents) (5,3) (0,3) 0,5
Headline earnings per share (cents) 0,0 0,4 1,3
Exceptional items:
Net loss on sale of businesses (24 397) (1 792) (1 812)
Restructuring costs - (1 556) (1 781)
Total Exceptional items (24 397) (3 348) (3 593)
Consolidated cash flow statement for
the six months ended 31 August 2001
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash (utilised by)/generated
from operating activities
Cash receipts from customers - 81 358 131 799
Cash paid to suppliers and employees - (81 723) (116 976)
Net cash (outflow)/inflow from
operating activities - (365) 14 823
Net interest paid - (2 141) (2 277)
Taxation received - 92 1 145
Net cash inflow/(outflow) from
investing activities 1 407 (9 446) 4 281
Net cash inflow from financing
activities - 218 347
Movement on cash and cash equivalents 1 407 (11 642) 18 319
Opening cash and cash equivalents
at beginning of period (1 407) (19 726) (19 726)
Cash and cash equivalents at
end of period - (31 368) (1 407)
Consolidated balance sheet as
at 31 August 2001
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Non-current assets
Fixed assets - 39 960 37 698
Deferred taxation - 1 219 -
- 41 179 37 698
Current assets
Inventories - 2 329 109
Receivables 4 600 42 316 12 395
Cash and cash equivalents - - 1 439
4 600 44 645 13 943
Total assets 4 600 85 824 51 641
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 4 576 4 576 4 576
Share premium 3 647 3 647 3 647
Retained (loss)/earnings (3 623) 17 047 20 774
4 600 25 270 28 997
Non-current liabilities
Interest bearing borrowings - 4 834 3 800
Current liabilities
Trade and other payables - 24 352 12 704
Current portion of borrowings - 31 368 4 872
Current taxation liabilities - - 1 268
- 55 720 18 844
Total liabilities - 60 554 22 644
Total equity and liabilities 4 600 85 824 51 641
Number of shares in issue ('000) 457 596 457 596 457 596
Net asset value per share (cents) 1,0 5,5 6,3
Consolidated statement of change in equity
for the six months ended 31 August 2001
Retained
Share Share earnings/
capital premium (loss) Total
R'000 R'000 R'000 R'000
Opening balance at 1 March 2000 4 576 3 647 18 574 26 797
Profit for period - - 2 200 2 200
Balance at 28 February 2001 4 576 3 647 20 774 28 997
Opening balance at 1 March 2001 4 576 3 647 20 774 28 997
Loss for period - - 24 397) (24 397)
Balance at 31 August 2001 4 576 3 647 (3 623) 4 600
COMMENTS
Basis of preparation
The interim results presented are in compliance with GAAP and the same
accounting policies and methods of computation have been used as were used
for our most recent annual financial statements.
Overview
At the general meeting of Billboard held on 2 October 2001, shareholders
approved the disposal as disclosed in the circular sent to shareholders on
7 September 2001. This had the effect of selling all businesses, assets and
liabilities of Billboard with effect from the 1 March 2001. This has
resulted
in a loss on disposal of R24,4 million which is reflected in exceptional
items in the income statement. The proceeds on the disposal of R4,6 million
are reflected under receivables, as such amounts were due after all
suspensive conditions were fulfilled. This resulted in no trading profits
for the interim period and accordingly no segmental report is presented.
The board is currently evaluating various proposals in an effort to maximise
value for Billboard shareholders. Should none of these proposals come to
fruition, the remaining cash balances will be distributed to shareholders
and the company will be delisted and wound-up.
Dividends
The distribution dividend as a result of the above disposal as disclosed in
the circular was effected on 29 October 2001 at 0,7867 cent per share.
On behalf of the board
M J Perrie R H Burke
(Non-executive Chairman) (Chief Executive Officer)
Johannesburg
9 November 2001
Directors:
M J Perrie (Non-executive Chairman), R H Burke (Chief Executive Officer),
D S Burger (Chief Financial Officer), A A Coulson (Non-executive)
Registered address:
181 Bekker Road, Midrand, 1685
Transfer secretaries:
Computershare Services Limited, 4th Floor Edura House, 41 Fox Street,
Johannesburg, 2001
