| Mon 3 Dec 2001, 0:00 | | Milprop: Unaudited Interim Results |
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Millennium Information Technology Holdings Limited
Incorporated in the Republic of South Africa
Share code: MIL ISIN ZAE000009056
(Registration number 1994/010083/06)
("Milprop" or "the company")
formerly Millennium Property Holdings Limited
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
GROUP INCOME STATEMENTS
Unaudited Unaudited Audited
six months six months year ended
31 August 31 August 28 February
2001 2000 % 2001
R'000 R'000 change R'000
Operating loss (1 725) (917) 88 (1 891)
Interest received 203 2 061 (90) 3 331
Investment income 3 084 1 572 96 4 718
Profit on disposal of
investments 293 - 100 -
Income before interest and
taxation 1 855 2 716 (32) 6 158
Other interest paid (863) (2 056) (58) (3 244)
Income available for
distribution 992 660 50 2 914
Interest on debentures (55) (137) (60) (2 474)
Share of associate company loss (733) - 100 (2 615)
Income /(Loss) before taxation 204 523 (61) (2 175)
Taxation - (240) - -
Retained income
(accumulated loss) for period 204 283 (28) (2 175)
Number of linked units in issue 54 898 54 898 - 54 898
Weighted average number of
linked` units in issue during
the period (cents) 54 898 54 898 - 54 898
Interest per debenture (cents) 0,10 0,25 - 4,50
- interim 0,10 0,25 (60) 0,25
- final - - - 4,25
Weighted average income
available for distribution
per linked unit (cents) 1,8 1,2 50 5,3
Net asset value
per linked unit (cents) 77,1 81,2 (5) 77,5
GROUP ABRIDGED BALANCE SHEETS
Unaudited Unaudited Audited
six months six months year ended
31 August 31 August 28 February
2001 2000 2001
R'000 R'000 R'000
Capital employed
Ordinary share capital 549 549 549
Distributable reserves
- Accumulated loss (74 469) (72 216) (74 673)
Debentures 116 266 116 264 116 661
Linked unitholders' interest 42 346 44 597 42 537
Borrowings 12 143 18 115 12 673
54 489 62 712 55 210
Employment of capital Equipment 6 17 6
Investment - Redefine 35 175 36 945 36 945
Investment in associate
- shares 2 754 9 031 3 488
- loan 15 780 10 240 14 492
Owing by purchaser of properties - 990 -
Accounts receivable and bank 3 896 9 863 3 398
Current assets 3 896 10 853 3 398
Accounts payables 3 122 4 374 3 119
Current liabilities 3 122 4 374 3 119
Net current assets 774 6 479 279
54 489 62 712 55 210
STATEMENT OF CHANGES IN EQUITY
Share Accumulated
Capital loss Debentures Total
R'000 R'000 R'000 R'000
Balance at 28 February 2000 549 (72 498) 117 453 45 504
Profit (loss) for period (2 175) (2 175)
549 (74 673) 117 453 43 329
Debenture amortisation (792) (792)
Balance at 28 February 2001 549 (74 673) 116 661 42 537
Profit for period 204 204
549 (74 469) 116 661 42 741
Debenture amortisation (395) (395)
Balance at 31 August 2001 549 (74 469) 116 266 42 346
GROUP ABRIDGED CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year ended
31 August 31 August 28 February
2001 2000 2001
R'000 R'000 R'000
Cash utilised in operating activities (2 926) (14 279) (9 164)
Investment income 3 084 1 572 4 718
Net interest and
debenture interest paid (715) (133) (187)
Cash flows from operating activities (557) (12 840) (4 633)
Cash flows from investing activities 1 509 (56 224) 54 239
Net cash utilised/(applied) 952 (69 064) 49 606
Cash flows from financing activities (530) 90 009 (37 823)
Net increase in cash and
cash equivalents 422 20 945 11 783
Cash and cash equivalents at beginning
of period 497 (11 286) (11 286)
Cash and cash equivalents at end
of period 919 9 659 497
COMMENTS
During the period under review, the directors focused on the restructuring
of the company, as envisaged in the circular to shareholders and debenture
holders dated 6 September 2001 ("the circular") and the rollout and
operation of Ikusasa Communications Holdings Limited ("Ikusasa").
RESTRUCTURING
The company announced in the press on Thursday, 4 October 2001 that all the
restructuring proposals, as set out in the circular, have been approved by
the requisite majorities of shareholders and debenture holders at the
meetings held on Tuesday, 2 October 2001. The implementation of many of the
restructuring proposals are dependent on the date and price of the disposal
of sufficient linked units in Redefine Income Fund Limited ("Redefine linked
units") to settle Milprop's long-term liabilities. As such, the effect of
the restructuring proposals have not been incorporated in these interim
results, save for the specific repurchase of 9 194 605 Milprop shares and
the cancellation of 9 194 605 Milprop debentures.
INVESTMENTS
Milprop's investment in Redefine linked units has continued to yield good
returns. As part of the restructuring, the company will pass on the benefit
of its investment in Redefine linked units to Milprop's debenture holders by
way of the distribution of Redefine linked units in specie. Milprop
debenture holders will therefore shortly be investors in the investment
vehicle they originally invested in, i.e. listed property loan stock.
Milprop and its subsidiaries are the owners of 43,27% of the issued share
capital of Ikusasa. To date Ikusasa has already installed audio-visual
equipment on 26 full trains.
The directors of Milprop continue to seek a buyer for its stake in
Ikusasa, or an appropriate financial partner to enable it to complete its
intended rollout program on 300 trains with the ultimate goal of realising
Ikusasa's full revenue generating potential.
DIRECTORS' OFFER
The company announced on Thursday, 1 November 2001 that shareholders holding
in aggregate 26 424 705 Milprop shares, representing 57,8 % of the issued
share capital of Milprop, have accepted the offer by Messrs I S Schmidt, Z J
Sithole and A B Platt, directors of Milprop, to acquire from Milprop
shareholders the whole or part of their Milprop shares at a cash price of 5
cents per Milprop share following the delinking of Milprop linked shares and
debentures at the separate meetings of Milprop shareholders and debenture
holders held on Tuesday, 2 October 2001. The offer closed on Tuesday, 30
October 2001.
These results comply in all material respects with the requirements of AC
127 of the South African Statements of Generally Accepted Accounting
Practice, as well as the South African Companies Act, 1973, as amended.
By order of the board
30 November 2001
Registered office Transfer secretaries
Trade House Computershare Services Limited
33 Impala Road Edura House
Chislehurston 41 Fox Street
Sandton Johannesburg
2196 2001
(PO Box 412870, Craighall, 2024) (PO Box 61051, Marshalltown, 2107)
Tel: (011) 370-7700
Sponsor
Corporate and Merchant Advisors Limited
(Registration number 1999/001129/06)
