| Thu 14 Mar 2002, 0:00 | | Glodina - Audited Results |
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GLODINA HOLDINGS LIMITED
("Glodina")
(Registration number 1986/004150/06)
Share Code: GDA ISIN Number: ZAE000002937
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001
INCOME STATEMENT Restated
2001 2000
R000 R000
Turnover 138 243 137 641
Cost of sales (117 485) (114 596)
Gross profit 20 758 23 045
Other operating income 236 372
Administration costs (4 899) (4 905)
Operating costs (17 030) (17 872)
Other costs (5 254) (4 032)
Abnormal item (2 715) (3 440)
Interest paid (5 792) (5 424)
Loss before taxation (14 696) (12 256)
Taxation 3 901 2 560
Deficit for the year (10 795) (9 696)
Retained income at the beginning
of the year as restated (3 881) 4 889
Transfer from non-distributable reserve 266 926
Retained income at the end of the year (14 410) (3 881)
Basic loss per share (cents) (33,68) (30,71)
Loss/(Profit) on disposal of fixed assets
per share (cents) 2,80 (0,16)
Abnormal item (cents) 8,47 10,89
Valuation adjustment on shares held in
Glodina Holdings Limited
Share Trust (cents) 0,44 (0,02)
Headline loss per share (cents) (21,97) (20,00)
Dividend per share (cents) - -
Number of shares in issue 32 052 313 32 052 313
Weighted average number of
shares in issue 32 052 313 31 576 903
ABRIDGED CASH FLOW STATEMENT Restated
2001 2000
R000 R000
Cash (utilised by)/generated
from operations (3 803) 576
Working capital changes 7 535 5 419
Interest paid (5 792) (5 424)
Taxation (paid)/overpayment received (21) 15
Cash flows from investing activities (1 586) (8 407)
Cash utilised (3 667) (7 821)
BALANCE SHEET Restated
2001 2000
R000 R000
ASSETS
Non-current assets 45 700 49 215
Property, equipment, vehicles
and furniture 45 209 48 584
Investment 140 140
Other assets 351 491
Current assets 59 049 65 641
Inventories 29 444 31 251
Accounts receivable 29 577 34 362
Cash resources 28 28
Total assets 104 749 114 856
EQUITY AND LIABILITIES
Capital and reserves 31 962 42 757
Share capital and premium 38 002 38 002
Reserves (6 040) 4 755
Non-current liabilities
Interest bearing debt -
long-term borrowings 4 417 5 516
Deferred taxation - 3 922
Current liabilities 68 370 62 661
Accounts payable 32 074 31 131
Bank overdraft and short-term loans 36 296 31 530
Total equity and liabilities 104 749 114 856
Net asset value per share (cents) 100 133
Commitments
- capital contracted - -
- capital authorised but not yet
contracted - -
- operating lease
- next year 563 563
- ensuing years 2 346 2 909
STATEMENT OF CHANGES IN EQUITY
Share capital Non-distributable Retained
and premium reserves income Total
R000 R000 R000 R000
Balance at
31 December 1998 37 591 8 426 8 072 54 089
Change in
accounting
policy to
account for
post-retirement
medical benefits - - (1 250) (1 250)
Revaluation of
land and buildings - 2 044 - 2 044
Backlog depreciation
on current year
revaluation - (425) - (425)
Release of
depreciation charge
on revaluation of
land and buildings - (112) 112 -
Change in tax rate - (371) - (371)
Deficit for
the year - - (2 045) (2 045)
Balance at 31 December
1999 as restated 37 591 9 562 4 889 52 042
Share issue in
terms of restraint
of trade payment 11 - - 11
Share premium on
share issue in terms
of restraint of
trade payment 400 - - 400
Realisation of
reserves - (709) 709 -
Release of depreciation
charge on revaluation
of land and
buildings - (217) 217 -
Deficit for
the year - - (9 696) (9 696)
Balance at
31 December 2000
as restated 38 002 8 636 (3 881) 42 757
Release of
depreciation charge
on revaluation of
land and buildings - (166) 166 -
Release of
depreciation charge
on sale of
company houses - (100) 100 -
Deficit for
the year - - (10 795) (10 795)
Balance at
31 December 2001 38 002 8 370 (14 410) 31 962
Comments
Results for 2001
Poor productivity levels, funding constraints, high rejects and stock
clearances were the main reasons for the losses.
Abnormal item
The abnormal item arises from the impairment of an item of plant and
equipment no longer in use and the costs of reorganisation and retrenchment.
For the prior year a provision was raised due to the impairment of the
investment in Gloweave (Private) Limited.
Accounting policies
These results have been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and are consistent with the prior
year, except as detailed below. The following accounting policies were
changed during the current financial year and the prior year numbers have
been restated in order to better conform to international accounting
standards:
(a) The liability for post-retirement medical benefits has been provided.
(b) Finance leases have been capitalised to assets and the liability has
been raised.
A summary of the effect of the changes in accounting policies on the
financial results of the group is reflected above.
Merger and offer to minorities
The proposed merger with Hellierwood Investment Holdings (Pty) Limited has
been rescinded by the directors of Glodina, however the offer to minorities
by Daun and Cie AG and Paul Schouten will continue as detailed in the press
announcement dated 1 March 2002.
Recapitalisation
The controlling shareholders have indicated that it is their intention to
recapitalise Glodina, which could entail, inter alia, a rights issue in
Glodina at a later stage, which would enhance the future viability of the
group.
For and on behalf of the Board
CE Daun
PCT Schouten
Hammarsdale
15 March 2002
DIRECTORS: CE Daun (Chairman), PCT Schouten, JB Balladon,
M Balladon, PR Redondi
Registered office
1 Anderson Road
Hammarsdale
3700
Transfer secretaries
Computershare Services Limited
41 Fox Street
Johannesburg 2001
