| Wed 12 Dec 2001, 0:00 | | Stratcorp Limited - Interim Report |
|
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code ZAE 000 034 294
INTERIM REPORT
Group audited results for the six-month period ended 31 August 2001 were as
follows:
Abridged Income Statements
Six months Six months Twelve months
ended ended ended
31 August 31 August 28 February
2001 2000 2001
(audited) (unaudited) (audited)
R'000 R'000 R'000
Income 3,053 1,508 2,934
Operating profit/(loss) before
interest 778 -498 -1,037
Net interest paid 0 0 2
Operating profit/(loss) before
taxation 778 -498 -1,039
Taxation 0 0 0
Net profit/(loss) after taxation 778 -498 -1,039
Accumulated loss brought forward -1,039 0 0
Accumulated loss carried forward -261 -498 -1,039
Number of ordinary shares in
issue ('000) 13,736 7,829 7,829
Weighted average number of
ordinary shares in issue ('000) 10,200 7,829 2,657
Profit/(Loss) per ordinary share
(cents)* 5.66 -6.36 ** -13.27
Profit/(Loss) per ordinary share
(cents) (Weighted average)* 7.63 -6.36 ** -39.10
Headline profit/(loss)/earnings
per ordinary share (cents)* 5.66 -6.36 ** -13.27
Dividends per ordinary share
(cents)* - - -
* Only the ordinary shares share
in profits until 28
February 2003. Only from there on
will the preference
shares start sharing in profits.
** Based on 7 829 000 ordinary
shares in issue at 28
February 2001 as StarCorp was
only formed in
December 2000
Reconciliation of Headline Earnings
Net loss 778 -498 -1039
Exceptional items 0 0 0
Headline profit/(loss) / earnings 778 -498 -1039
Abridged Balance Sheet
Six months Six months Twelve months
ended ended ended
31 August 31 August 28 February
2001 2000 2001
(audited) (unaudited) (audited)
R'000 R'000 R'000
Investments/fixed assets 2,667 209 1,776
Current assets 8,205 816 2,986
Employment of capital 10,872 1,025 4,762
Shareholders' funds 5,891 -247 2,205
Non-current liabilities 118 - 186
Current liabilities 4,863 1,272 2,371
Capital employed 10,872 1,025 4,762
Number of ordinary shares in
issue 13,736 7,829 7,829
Number of preference shares
in issue 51,000 51,000 51,000
Total number of shares in
issue 64,736 58,829 58,829
Net asset value per ordinary
share 42.9 -3.2 *** 28.2
Net asset value per total
number of shares in issue 9.1 -0.4 *** 3.7
*** Based on a total issued
share capital of 58 829
000 shares as StratCorp was
only formed in
December 2000
Abridged Statement of Changes in Equity
Six months Six months Twelve months
ended ended ended
31 August 31 August 28 February
2001 2000 2001
(audited) (unaudited) (audited)
R'000 R'000 R'000
Balance at beginning of period 2,205 0 0
Share capital issued 2,908 251 3,244
Net profit/(loss) for the period 778 -498 -1,039
Balance at end of period 5,891 -247 2,205
Abridged Cash Flow Statement
Six months Six months Twelve months
ended ended ended
31 August 31 August 28 February
2001 2000 2001
(audited) (unaudited) (audited)
R'000 R'000 R'000
Cash flow from operating activities 130 -473 (1,437)
Net interest received 19 0 10
Cash flow from investing activities -927 -256 (1,776)
Cash flow from financing activities 2,838 1,022 3,430
Net (decrease)/increase in cash and
cash equivalents 2,060 293 227
Cash and cash equivalents at
beginning
of the period 227 0 0
Cash and cash equivalents at end
of the period 2,287 293 227
Notes
1. 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. The unqualified audit report issued by
Basson & Partners Chartered Accountants) (SA) is available at the company's
registered offices
2. Comments on results
The group achieved virtually the same turnover in the last 6 months as in
the total previous financial year. Through enforcing strict cost controls,
the group was able to post a profit of R778 217 for the 6 months period
under review, as to the loss over the total previous finanical year of R1
039 000.
Trading conditions were tight as investor sentiment moved away from the
equity markets. However, the board is of the opinion that these conditions
will change during the first quarter of 2002.
The newly implemented subscription product is starting to find its way into
the market, and we are excited as to the future value this product will
counter investor sentiments, in any market condition, which will result in a
constant income flow and sustained growth. The group has adequate quality
projects which will be capitalised in the next financial year. The profit
forecast for the full financial year as stated in the company's pre listing
statement is still on track.
On behalf of the Board
DB Harington
CEO
11 December 2001
Transfer Secretaries
Mercantile Registrars Limited
11 Diagonal Street
Johannesburg 2001
Tel: (011) 370-5000
Registered Office
Suite 1001
267 West Avenue
Centurion
Pretoria
Directors: PJ de Jongh, DB Harington JA Beukman, P de W Louw
Company Secretary: TA Tromp
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