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August 2001
Terrafin Holdings Limited
Unaudited results for the six months ended 31 August 2001
CONSOLIDATED INCOME STATEMENT
Six months Six months Year to
to 31 Aug to 31 Aug 28 Feb
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
Revenue 45 150 129 995 135 974
Operating income
(loss) before interest 413 8 087 (9 531)
Net interest (paid) received (38) 606 1 270
Income before amortisation
of Goodwill 375 8 693 (8 261)
Exceptional items 179 2 141 44 938
Income before taxation 196 6 552 (53 199)
Taxation - 732 -
Net income attributable to
ordinary shareholders 196 5 820 (53 199)
CONSOLIDATED BALANCE SHEET
31 Aug 31 Aug 28 Feb
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
ASSETS
Fixed assets 759 1 530 807
Intangible assets 5 138 38 390 5 801
5 897 39 920 6 608
Current Assets 17 883 146 827 14 802
23 780 186 747 21 410
EQUITY AND LIABILITIES
Ordinary share capital
and premium 16 168 16 168 16 168
Distributable reserves (15 616) 43 207 (15 816)
Non-distributable reserves - 2108 -
552 61 483 352
Non-current liabilities
interest bearing- 1 218 4 609 1 140
Current liabilities-
non-interest bearing 18 922 117 969 17 570
Current liabilities-
interest bearing 3 088 2 686 2 348
23 780 186 747 21 410
FINANCIAL HIGHLIGHTS
Six months Six months Year to
to 31 Aug to 31 Aug 28 Feb
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
Earnings per share (cents)
Headline 0,4 8,5 (7,6)
Undiluted 0,2 6,2 (53,6)
Diluted 0,2 4,1 (53,6)
Ordinary shares
in issue (000's)
Undiluted 99 156 94 125 99 156
Diluted 99 156 142 313 99 156
Dividend per share (cents) - - -
Net asset value per
share (cents) 0,5 65,3 0,3
CONSOLIDATED CASH FLOW
Six months Six months Year to
to 31 Aug to 31 Aug 28 Feb
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
Net cash inflow/(outflow)
from operating activities 2 019 (901) (993)
Net cash inflow/
(outflow) from
investing activities 771 (199) 464
Net cash inflow/(outflow)
before financing
activities 2 790 (1 100) (529)
Net cash (outflow)/inflow
from financing activities (2 222) 1 504 (1 360)
Net increase/(decrease)
in cash and
cash equivalents 568 404 (1 889)
STATEMENT OF CHANGES IN EQUITY
Share Share Non-distributable Distributable
Capital Premium reserves reserves Total
R000 R000 R000 R000 R000
Balance at 28
February 2000 99 16 067 1 009 37 387 54 562
Retained
income for
the year (53 199) (53 199)
Reversed on
disposal (1 009) (1 009)
Balance at
28 February
2001 99 16 067 - (15 812) 354
Retained Income
for the six months 196 196
Balance at
31 August 2001 99 16 067 0 (15 616) 550
RESULTS
The directors herewith announce that the headline earnings per share are 0,4
cents (2000: 8,5 cents). Attributable earnings were R0,2 million (2000: R5,8
million).
Undiluted and diluted earnings per share are 0,2 cents after amortising
R0,62 million goodwill arising on acquisitions.
Revenue decreased to R45 million, this was due to the fact that operations
in non-profitable entities were curtailed prior to the year ended February
2001.
The group continues to offer the management of outsourced distribution as
its primary service.
After the restructure of the company during the beginning of the current
year the board is confident that the company will continue to be profitable
in the foreseeable future.
The accounting policies adopted are consistent with statements of Generally
Accepted Accounting Practice and are consistent with those adopted in the
Annual Financial Statements.
DIVIDENDS
No dividends were declared during the six months ended 31 August 2001.
On behalf of the Board
D van Rooyen
(Chairman and Chief Executive Officer)
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