| Fri 30 Nov 2001, 0:00 | | Imr: Interim Results |
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IMR INVESTMENTS LIMITED
(Registration number 1998/017351/06)
Share code: IMR ISIN: ZAE000027470
INTERIM RESULTS FOR THE PERIOD ENDED 31 AUGUST 2001
GROUP INCOME STATEMENTS
Unaudited Unaudited Audited
Six Months Six Months Year
Ended Ended Ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
R'000 R'000 R'000
Revenue 233 35 039 78 336
(Loss)/profit for the period (6 115) 4 651 (11 979)
- from continuing operations (6 115) 4 651 (13 437)
- from discontinuing operations - - 1 458
Exceptional items - 49 668 9 786
(Loss)/profit from operations (6 115) 54 319 (2 193)
Net interest received 1 089 910 3 204
Share of earnings of
associate companies - (108) (68)
(Loss)/profit before taxation (5 026) 55 121 943
Taxation (93) (1 328) (4 724)
Net (loss)/profit for the year before
minority interest (5 119) 53 793 (3 781)
Minority interest - (105) (232)
Net (loss)/profit for the year (5 119) 53 688 (4 013)
Reconciliation of headline
(loss)/earnings
Net (loss)/profit for the year (5 119) 53 688 (4 013)
Exceptional items - (49 668) (9 786)
Headline (loss)/earnings (5 119) 4 020 (13 799)
Basic and fully diluted
(loss)/earnings per share (cents) (15,9) 118,3 (9,5)
Headline (loss)/earnings
per share (cents) (15,9) 8,9 (32,7)
NAV per share (cents) 32,2 401,6 49,0
ABRIDGED CASH FLOW STATEMENT
Unaudited at Unaudited at Audited at
31 Aug 2001 31 Aug 2000 28 Feb 2001
R'000 R'000 R'000
Cash flows from operating activities (10 108) 26 753 10 320
Cash flows from investing activities (2 530) (20 375) (19 337)
Cash flows from financing activities (251) 12 503 -
Cash and cash equivalents
Net (decrease)/increase in cash and
cash equivalents (12 889) 18 881 (9 017)
Cash and cash equivalents
at beginning of the period 22 829 31 846 31 846
Cash and cash equivalents
at end of the period 9 940 50 727 22 829
GROUP BALANCE SHEETS
Unaudited at Unaudited at Audited at
31 Aug 2001 31 Aug 2000 28 Feb 2001
R'000 R'000 R'000
ASSETS
Non-current assets 603 79 844 191
Investments - 69 787 -
Deferred taxation 603 - 191
Loans receivable - 10 057 -
Current assets 27 831 133 680 45 182
Current receivables 4 138 133 680 3 135
Investments 13 753 - 19 218
Short-term deposits and cash 9 940 - 22 829
28 434 213 524 45 373
EQUITY AND LIABILITIES
Capital and reserves 10 228 192 322 15 955
Share capital and premium 4 594 76 502 5 202
Non-distributable reserves 11 642 27 384 12 375
Distributable reserves (6 008) 88 436 (1 622)
Non-current liabilities - 4 831 -
Liabilities
owing to vendors of businesses - 2 727 -
Deferred taxation - 2 104 -
Current liabilities 18 206 16 371 29 418
Loans payable 2 856 - 6 851
Liabilities
owing to vendors of businesses - - 3 028
Current payables 15 350 16 371 19 539
28 434 213 524 45 373
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Unaudited for the Six Months Ended 31 August 2001
Share Non-
Capital Distri- Distri-
and butable butable
Premium Reserves Reserves Total
R'000 R'000 R'000 R'000
Balance at beginning of period 5 202 12 375 (1 622) 15 955
Treasury stock acquired during
the period (608) (608)
Net loss for the period (5 119) (5 119)
Release of NDR to distributable reserve (733) 733 0
Balance at end of period 4 594 11 642 (6 008) 10 228
COMMENTS
REVIEW OF OPERATIONS
IMR Investments Limited ("IMR") is an investment holding company listed in
the financial services sector of The JSE Securities Exchange South Africa
("JSE").
The Company's portfolio of listed and unlisted investments was retained
following the disposal of its operating businesses to Appleton Limited in
the previous financial year. Details of the Company's investment portfolio
and foreign currency loan obligations were set out in the circular to
shareholders dated 29 November 2000. In the opinion of the directors it is
now more appropriate to value the company on a net asset valuation rather
than on an earnings basis. Comparison of earnings with the prior period
therefore is not pertinent.
At 31 August 2001, the Group's net asset value ("NAV") comprised:
- A portfolio of listed and unlisted shares with a value of R13 752 543;
- Cash resources of R9 939 940;
- Other assets of R4 741 366; and
- Current liabilities of R18 206 378.
Certain litigation is pending against IMR, but in the opinion of the
Company's legal counsel this is defensible. Other potential claims against
the Company are adequately covered by provisions and counter claims. These
provisions, together with the effects of market movements in both the
investment portfolio (R2 224 183) and foreign currency obligations (R1 728
901), have resulted in a decrease in the Company's NAV from 49 cents to 32
cents per share during the period.
BOARD OF DIRECTORS
Messrs D B Sneddon and C Hultzer have resigned as directors of the Group as
a result of their increased focus and commitment to the affairs of Appleton
Limited.
PROSPECTS
It is the intention of the Board to pursue a strategy for the Company that
will result in the maximum benefit and extraction of value for shareholders.
No final proposal can be implemented until the outstanding litigation is
resolved. In the interim, the Board will continue to realise equity
investments when appropriate and manage the cash resources of the Company
prudently. The Group settled its foreign loan obligations as at 1 September
2001.
No dividend has been declared.
On behalf of the Board
D G HUNTER
Secretary
Cape Town
29 November 2001
Directors: W Rosenberg, S D Shane, A H Diem, S M Campbell
Group Secretary: D G Hunter
Registered office:
T.A.G House, Alphen Park, Constantia Road, Constantia, 7806
Transfer Secretaries:
Mercantile Registrars Ltd, 10th Floor, 11 Diagonal Street, Johannesburg,
2001
