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Terexko Limited
(Registration number 1995/004154/06)
Share code: TRX ISIN: ZAE000011755
Group interim report
for the six months ended 31 December 2001
Consolidated income statement
for the six months ended:
Unaudited Unaudited Audited
six months six months Year ended
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Turnover 19 829 23 007 43 076
Cost of sales 8 380 10 424 19 647
Operating income/(loss) 856 1 278 (1 297)
Interest earned 8 1 188 1 871
Interest paid (31) (20) (79)
Depreciation (698) (743) (1 672)
Net income/(loss) for period 135 1 703 (1 177)
Exceptional item
- impairment in value of assets - - (77 791)
Income/(loss) attributable
to ordinary shareholders 135 1 703 (78 968)
Headline earnings/(loss)
per share (cents) 0,3 3,5 (2,4)
Earnings/(loss) per share (cents) 0,3 3,5 (160,0)
Shares in issue ('000) 49 352 49 352 49 352
Cash dividend
per share (cents) - - -
Cash flow statement:
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Net cash flow from operating activities 4 795 15 721 14 682
Net cash flow from investing activities (8 988) (9 040) (10 920)
Net cash flow from financing activities - (2 100) (2 091)
Net increase/(decrease) in cash (4 193) 4 581 1 671
Cash at beginning of period 6 516 4 845 4 845
Cash at end of period 2 323 9 426 6 516
Consolidated balance sheet at:
Unaudited Unaudited Audited
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Assets
Property, plant and equipment 8 843 13 981 9 277
Investments 36 404 98 064 27 721
Current assets 4 506 10 878 8 207
Total assets 49 753 122 923 45 205
Equity and liabilities
Equity and reserves 27 605 108 141 27 470
Share capital 49 49 49
Share premium 21 346 21 346 21 346
Retained income 6 210 86 746 6 075
Long-term liabilities 6 499 6 501 6 510
Secured loan 234 236 245
Vendors' loans 6 265 6 265 6 265
Current liabilities 15 649 8 281 11 225
Total equity and liabilities 49 753 122 923 45 205
Statement of changes in equity:
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Balance at beginning of period 27 470 106 438 106 438
Net income/(loss) for period 135 1 703 (1 177)
Balance at end of period 27 605 108 141 27 470
The interim results have been prepared in accordance with the statements
of generally accepted accounting practice of South Africa. The accounting
policies adopted remain consistent with those in the financial statements
for the year ended 30 June 2001.
Having consolidated its investments, reviewed all the overhead structures
and cut back administration costs all round the group turned to
profitability in the period under review.
The turnover for the period declined due to the curtailment of lossmaking
operations whilst we were able to reduce the cost of sales by 3,07% compared
with the same period last year. Although the investment in Spicer has been
substantially written-off in the financial year ended 30 June 2001, the
directors and management continue to exhaust all possible avenues to recover
such losses and will inform shareholders of any material developments, if
any, in this regard.
The directors are confident that the group will continue to produce
positive results and are looking forward to presenting the next set of year-
end results.
The strategy and group structure is to continue to focus on the World
Trade Centre ("WTC") Johannesburg activities in general, Hospitality
Services, Information Technology and Financial Services Investments.
The World Trade Centres Association ("WTCA") New York and the WTCA Hong
Kong approached WTC Johannesburg to assist them with a request from the
leadership of the CPPCC and the Central Chinese Government in Beijing, to
identify large corporations in the Republic of South Africa and elsewhere to
assist PRC with the implementation of their 10th Five Year Plan for the
development of Western China.
Cautious progress is presently underway.
Rhiannon SA and its various subsidiaries such as Kwikpay, Broadstone and
IT have remained modestly profitable whilst expanding its operations.
By order of the Board
27 March 2002
Directors:
CP Swart (Executive Chairman), P Swart (Group Managing Director),
R F Botha (non-executive), K J Makwetla (non-executive),
G M Mokgoko (non-executive), L A Swart.
Substantial Investments in the following Brands and Companies
World Trade Centre Vilamoura Broadstone Group Kwikpay Rhiannon
SPicer BKA Solutions Tradecard IT
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