| Fri 30 Nov 2001, 0:00 | | Chariot Land Limited - Interim Report |
|
(Registration number: 1947/027737/06)
(Incorporated in the Republic of South Africa)
Share Code: CAL ISIN Code ZAE000027454
INTERIM REPORT
Group unaudited results for the six-month period ended 31 August 2001 were
as follows:
Abridged Income Six months Twelve months Eighteen
Statements ended ended months ended
31 August 31 August 2000 28 February
2001 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Income 648 1,148 8,375
Operating (loss)/profit
before
interest and exceptional -6,174 1,369 499
items
Exceptional items - -4,914 -3,211
Net interest paid -2,123 -1,290 -3,574
Operating loss before -8,297 -4,835 -6,286
taxation
Taxation - - -
Net loss after taxation -8,297 -4,835 -6,286
Accumulated loss brought -6,286 -142,907 -142,907
forward
Accumulated loss written
off against
stated capital - 142,907 142,907
Accumulated loss carried -14,583 -4,835 -6,286
forward
Number of shares in issue 61,377 69,455 61,377
('000)
Weighted average number
of
ordinary shares in issue 61,377 69,455 61,377
('000)
Loss per share (cents) -13.52 -7.0 -10.24
Headline (loss)/earnings -13.52 0.1 -5.0
per share (cents)
Exceptional items - - -4,914 -3,211
restructuring costs
Dividends per share - - -
(cents)
Reconciliation of
Headline Earnings
Net loss -8297 -4835 -6286
Exceptional items - - 4914 3211
restructuring costs
Headline (loss) / -8297 79 -3075
earnings
Abridged Balance Sheet Six months Twelve months Eighteen
ended ended months ended
31 August 31 August 2000 28 February
2001 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Investments/fixed assets 113,971 121,723 111,240
Current assets 70,027 80,694 72,459
Current liabilities 17,195 11,343 16,047
Non-current liabilities 100,126 103,330 92,678
Shareholders' funds 66,677 87,744 74,974
Number of ordinary shares 61,377 69,455 61,377
in issue
Net asset value per 108.6 126.3 122.1
ordinary share
Abridged Statement of Six months Twelve months Eighteen
Changes in Equity ended ended months ended
31 August 31 August 2000 28 February
2001 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Balance at beginning of 74,974 120 120
period
Share capital issued - 92,459 81,140
Net loss for the period -8,297 -4,835 -6,286
Balance at end of period 66,677 87,744 74,974
Abridged Cash Flow Six months Twelve months Eighteen
Statement ended ended months ended
31 August 31 August 2000 28 February
2001 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Cash flow from operating -3,558 (3,545) (59,955)
activities
Net interest paid -2,123 (1,290) (3,574)
Cash flow from investing -2,818 (187,761) (111,335)
activities
Cash flow from financing 7,448 103,330 96,759
activities
Proceeds from issue of - 92,459 81,140
shares
Net (decrease)/increase -1,051 3,193 3,035
in cash and cash
equivalents
Cash and cash equivalents
at beginning
of the period 3,091 56 56
Cash and cash equivalents
at end
of the period 2,040 3,249 3,091
Notes
Accounting policies
The financial statements have been prepared in accordance with generally
accepted accounting practice and are based on approved accounting policies
which have been consistently applied save for the change in accounting
policy related to the recognition of sales, and which are supported by
prudent judgements and estimates
Comments on results
The results for the six month's ending 31 August 2001, as expected, remain
disappointing. The causes are still to be found in the problems experienced
subsequent to the reverse listing in 2000. The continued decline in income
as reported is the main reason for the increase in the loss situation.
This decline is exacerbated as a result of our change in policy with regard
to reporting sales, due to the non materialisation of previous sales
resulting in bad debts after reporting periods.
Substantial costs have been incurred in the period under review and the
corresponding sales will only be reflected in the next reporting period.
This arises as a result of our more prudent approach in respect of reporting
sales. Many problematic areas of the business have received attention in the
ongoing rationalization process. This is a long term process and we expect
the benefits only to filter through in the coming months. The immediate
objective is to vastly improve sales, reduce long term debt thereby giving
the business a much better and much healthier financial profile.
Prospects
As mentioned, we have managed to get the business moving forwards from a
virtual standstill situation. Numerous land and townhouse sales have been
concluded on the West Rand which is giving Chariot much needed forward
momentum.
We have secured additional funding from our debenture holders which will
ensure that the momentum is maintained over the next twelve to eighteen
months.
We are confident that the year end results at February 2002 will confirm
Chariot's improved position as a result of the aforementioned.
On behalf of the Board
AB du Plessis
Managing Director
29 November 2001
Transfer Secretaries
Mercantile Registrars Limited
11 Diagonal Street
Johannesburg 2001
Tel: (011) 370-5000
Registered Office
Ground Floor Chariot House
Cambridge Place
c/r Oxford & Kirkby Road
Bedford Gardens
Directors: AB du Plessis, SR Kelly
WC Heckroodt (Resigned 19 November 2001)
Company Secretary: Corporate Governance Services CC
