| Tue 26 Mar 2002, 0:00 | | Good Cape Limited - Second Interim Abridged Unaudi |
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the 12 months ended 31 December 2001
GOOD CAPE LIMITED
(Reg No 1987/006274/06)
Share code: GDC ISIN: ZAE000015590
("Good Cape")
Second interim abridged unaudited financial results of the group for the 12
months ended 31 December 2001
Consolidated income statement
Unaudited Unaudited Audited
12 months 6 months Year
ended ended ended
31 Dec 30 Jun 31 Dec
R000's 2001 2001 2000
Operating profit before
abnormal items 3 390 2 436 3 392
Abnormal items 3 550 - (5 490)
Operating profit/(loss) 6 940 2 436 (2 098)
Financial costs (1 948) (1 249) (2 005)
Preference dividends of
a subsidiary (2 412) (1 203) (2 419)
Taxation (300) (150) (302)
Profit/(loss) attributable to
ordinary shareholders 2 280 (166) (6 824)
Attributable profit/(loss)
per share (in cents) 7,2 (0,5) (21,6)
Profit/(loss) per share (in cents) 11,2 - (17,3)
Headline loss per share (in cents) (4,0) (0,5) (4,3)
The difference between the attributable profit and loss per share for the
period under review results from the upward revaluation of the fixed
portfolio by an amount of R3,55m.
Number of shares in issue (000's) 31 654 31 654 31 654
Statement of changes in equity
Share Non-
capital and distributable Accumulated
R000's premium reserves loss Equity
Balance at
31 December 2000 26 411 1 218 (14 619) 13 010
Upward revaluation 3 550 3 550
Loss for the period (1 271) (1 271)
Balance at
31 December 2001 26 411 4 768 (15 890) 15 289
Consolidated balance sheet
Unaudited Unaudited Audited
31 Dec 30 Jun 31 Dec
R000's 2001 2001 2000
Capital employed
Shareholders' interests 15 289 12 942 13 010
Redeemable preference share
capital of a subsidiary 20 000 20 000 20 000
Mortgage finance 4 082 5 279 5 134
39 371 38 221 38 144
Employment of capital
Fixed property assets 29 800 37 267 37 250
Net current assets 9 571 954 894
39 371 38 221 38 144
Net asset value per share (cents) 48,3 40,9 41,1
Number of shares in issue (000's) 31 654 31 654 31 654
Consolidated cash flow statement
Unaudited Audited
31 Dec 31 Dec
R000's 2001 2000
Cash generated by operations 3 390 3 176
Increase/(decrease) in working capital 1 903 (5 870)
Cash generated by operating activities 5 293 (2 694)
Financial costs (1 948) (2 005)
Taxation paid (300) (302)
Dividends paid (2 412) (2 419)
Cash available from operating activities 633 (7 420)
Cash effects from investment and
financing activities 1 199 6 514
Net increase/(decrease) in cash movement 1 832 (906)
Net borrowings at the beginning of year (3 909) (3 003)
Net borrowings at end of year (2 077) (3 909)
COMMENTS:
1. Change of year end
The year end has been changed from December to June. The first June year end
will therefore cover the 18-month period from 1 January 2001 to 30 June
2002.
2. Review of operations
Good Cape made a loss from its continuing activities of R1,27 million (4
cents per share) for the 12 months under review. This is a marginal
improvement against the previous 12 months. In consequence of the sale and
transfer of the Epping property and the continual disposal of the trading
properties, liabilities have been reduced and the liquidity of the group has
substantially improved as is reflected in the increase in the net current
assets from R954 000 to R9,571 million. In December 2001 the lease of the
Boardmans building, Claremont was renegotiated on favourable terms,
resulting in your board revaluing the property upward in an amount of R3,55
million, increasing the non-distributable reserves.
3. Accounting policies
The second interim financial results have been prepared in accordance with
the South African Statements of Generally Accepted Accounting Practice. The
accounting policies used are consistent with those in the comparative period
and in the financial statements for the year ended 31 December 2000.
4. Prospects
Since 31 December 2001 we are continuing with the disposal of the trading
properties. An offer for the Boardmans building, Claremont has been accepted
subject to the provisions of guarantees by 1 April 2002. Should suitable
guarantees be furnished, transfer is expected to take place in May 2002. The
bulk of the proceeds of this sale, together with current funds on hand, will
enable the company to redeem the preference capital on 30 September 2002.
However, it has not been possible at this stage to materially reduce
management costs.
5. Ordinary dividend
No interim ordinary dividend has been declared.
For and on behalf of the Board
B P Rabinowitz
W H Edelstein
Cape Town
26 March 2002
Registered office Transfer secretaries
9th Floor, NBS Waldorf Mercantile Registrars Limited
80 St George's Mall, 11 Diagonal Street,
Cape Town PO Box 1053,
8001 Johannesburg 2000
Directors : B P Rabinowitz (Chairman and Chief Executive Officer),
W H Edelstein, C W Eglin*, C K Loydall (Mrs)* *Non-executive
Company Secretary: C K Loydall (Mrs)
