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(Registration number 1991/004163/06)
JSE Share code: ABC ISIN code: ZAE000011714
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2001
Six months to Six months to 12 months to
31 December 31 December 30 June
2001 2000 2001
Unaudited Unaudited Audited
R000 R000 R000
ABRIDGED
INCOME STATEMENTS
Revenue 148 669 123 241 235 146
Operating profit 13 878 25 881 39 209
Finance costs 5 695 3 698 7 284
Net income before Taxation 8 183 22 183 31 925
Taxation 1 186 9 902 11 898
Headline earnings 6 997 12 281 20 027
Loss from discontinued
operations - 1 970 1 560
Dimuntion in value of
subsidiary - write-off of
intangibles 51 637 - -
Amortisation of intangibles 2 851 2 285 17 243
Earnings attributable to
shareholders (47 491) 8 026 1 224
Ordinary shares in issue
(000) 331 152 331 152 331 152
Headline earnings per
share - cents 2,1 3,7 6,0
Earnings per share - cents (14,3) 2,4 0,4
DETERMINATION OF
HEADLINE EARNINGS
Earnings attributable to
shareholders (47 491) 8 026 1 224
Loss from discontinued
operations - 1 970 1 560
Dimunition in value of
subsidiary - write-off of
intangibles 51 637 - -
Amortisation of intangibles 2 851 2 285 17 243
Headline earnings 6 997 12 281 20 027
31 December 31 December 30 June
2001 2000 2001
Unaudited Unaudited Audited
R000 R000 R000
ABRIDGED
BALANCE SHEETS
ASSETS
Non-current assets 152 047 163 311 140 184
Tangible fixed assets 104 956 71 750 78 905
Intangible fixed assets 40 723 91 561 56 992
Deferred recoverable
taxation 6 368 - 4 287
Current assets 77 411 76 544 57 315
Inventories 16 690 12 989 10 159
Trade and other
Receivables 60 352 63 256 46 416
Bank and cash balances 370 299 740
229 458 239 855 197 499
EQUITY AND LIABILITIES
Capital and reserves 58 386 81 050 61 851
Debt 120 300 108 600 104 078
Long term 61 000 62 245 49 427
Short term 59 300 46 355 54 651
Current liabilities 57 772 50 205 31 570
229 458 239 855 197 499
Six months to Six months to 12 months to
31 December 31 December 30 June
2001 2000 2001
Unaudited Unaudited Audited
R000 R000 R000
ANALYSIS OF
SHAREHOLDERS
INTEREST
Balance at beginning
of period 61 851 69 987 59 047
Retained surplus/
(accumulated loss) (47 491) 8 026 1 224
Increase in NDR 44 027 3 037 1 580
Balance at end of period 58 386 81 050 61 851
ABRIDGED CASH FLOW
Cash flow from operating
activities 20 663 (33 956) 24 259
Cash utilised in investing
activities (11 485) (18 879) (34 253)
Cash flows from financing
Activities (11 823) (559) 36 543
Net increase/(decrease)
in cash and cash
equivalents (2 645) (14 518) 26 549
COMMENTS ON RESULTS
Abacus' main businesses, all situated in Australasia, is the replication
of video tapes, the production of digital video disks (DVD's) and the
provision of post-production services in the motion picture and commercial
industry.
The decrease in headline earnings is mainly attributable to tighter margins
resulting from a weakening Australian dollar against the USA Dollar causing
material costs to rise. In order to keep market share due to depressed
economic conditions, a reduction in selling prices was required.
Furthermore, the events of September 11 severely impacted the post
production business where demand reached an all time low.
The full benefit to Abacus of the weakening Rand has not yet been felt as
the substantial depreciation of the currency occurred in the last two months
of the period under review. However as at 31 December 2001 the Rand was
almost 50% weaker against the Australian Dollar when compared to the
conversion rate as at 30 June 2001. Accordingly, values of balance sheet
items have been substantially effected by the depreciation of the Rand.
Abacus plans to recapitalise its Australian operation by an aggregate
amount of AUS$8 million in order to strengthen its capital base of which
AUS$4 million will be by a private equity investor and the balance from the
proceeds from a proposed rights offer. The recapitalisation together with
the changed market conditions referred to above, has necessitated, in the
view of directors a procision for the dimunition in the value of Abacus'
investment in its Australian operation. Accordingly, an amount of R52
million has been provided for againts intangibles in the income statement.
PROPOSED SALE OF PORTION OF AUSTRALIAN OPERATIONS AND DELISTING
Elsewhere in this publication there is an announcement relating to:
- a specific approval to issue shares for cash in AAV Australia Proprietary
Limited; and
- the proposed delisting of Abacus from the JSE Securities Exchange South
Africa Lists accompanied by an offer by Investec Bank Limited of 10 cents
per share to Abacus shareholders.
For and behalf of the Board
S J Seeff
Chairman
Johannesburg
26 March 2002
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