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ShawCell Telecommunications Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/006034/06)
Share code: SWL
ISIN number: ZAE 000018347
www.shawcell.com
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001
COMMENTS
ACCOUNTING POLICIES
The consolidated financial statements are prepared on the historical cost
basis. Accounting principles and policies used in preparing this report
comply with South African Statements of Generally Accepted Accounting
Practice and are consistent with the prior year.
SYNOPSIS OF OPERATIONS FOR THE YEAR
Both the general merchandise and the cellular division have had profitable
years with significant milestones achieved. During the year the general
merchandise division successfully franchised fifty dealerships throughout
South Africa under the Shaw brand and further strengthened its relationships
with major suppliers of white and brown goods. The cellular division has
been appointed a "Vodacom super dealer" throughout Africa and is soon to
commence penetration into numerous African markets where Vodacom is or will
be established. The division has also successfully re-entered the recharge
voucher and starter pack market and intends to capture significant market
share in the forthcoming year.
FINANCIAL RESULTS
The group achieved net profit of R46,6 million after tax on a turnover of
R88,5 million for the year. Earnings per share increased by 8% over last
year to 3,11 cents per share. Net current assets increased by 80,3% to
R116,8 million.
PROSPECTS
The general merchandise division plans to franchise a further fifty stores
under the Shaw brand in the 2002 year which will have the effect of
increasing brand awareness as well as profitability. The celllular division
has achieved a major breakthrough with Vodacom consenting to the
distribution of Cell-C airtime via our distribution network. This
opportunity will give the Group access to additional markets which hitherto
have not been specifically targeted and which will improve revenues and
bottom-line profitability.
On behalf of the board
Johannesburg
28 March 2002
Abridged group income statement
Year Year
ended ended
31/12/2001 31/12/2000
R000's R000's
Revenue 88 597 84 750
Operating profit 42 005 36 520
Net interest earned 4 595 6 650
Net profit before taxation 46 600 43 170
Taxation - -
Net profit for the period 46 600 43 170
Supplementary information
Number of shares in issue (000's) 1 500 000 1 500 000
Headline earnings per share (cents) 3,11 2,88
Earnings per share (cents) 3,11 2,88
Dividend per share (cents) - -
Abridged group balance sheet
Year Year
ended ended
31/12/2001 31/12/2000
R000's R000's
ASSETS
Non-current assets 109 900 115 171
Property, plant and equipment 2 529 3 858
Goodwill 57 363 60 549
Investments and loans 50 008 50 764
Current assets 209 016 196 427
Inventories 302 4 361
Short-term loans 29 638 -
Receivable 172 618 160 861
Cash and bank 6 458 31 205
Total assets 318 916 311 598
EQUITY AND LIABILITIES
Capital and reserves 226 044 179 444
Share capital 150 150
Share premium 61 421 61 421
Accumulated profit 164 473 117 873
Non-current liabilities 675 514
Long-term borrowings 675 514
Current liabilities 92 197 131 640
Payables 79 688 95 422
Bank overdraft 12 509 36 218
Total equity and liabilities 318 916 311 598
Abridged group cash flow statement
Year Year
ended ended
31/12/2001 31/12/2000
R000's R000's
Net cash flow from operating activities 21 414 40 878
Net cash flow from investment activities (22 613) (66 763)
Net cash flow from financing activities 161 (3 444)
Net change in cash and cash
equivalents (1 038) (29 329)
Cash and cash equivalents at
beginning of year (5 013) 24 316
Cash and cash equivalents at
end of year (6 051) (5 013)
Statement of changes in equity
Year Year
ended ended
31/12/2001 31/12/2000
R000's R000's
Balance at 1 January 2001 179 444 136 274
Net income for the period 46 600 43 170
Balance at 31 December 2001 226 044 179 444
Registered office: 136 Cross Street, Kroonstad 9499
P O Box 9500, Kroonstad 9500
Transfer secretaries: Ultra Registrars (Pty)Limited,
11 Diagonal Street, Johannesburg
P O Box 4844, Johannesburg 2000
Directors: G P Porritt (Chairman), A W Simaan (Managing),
A M R Hodgkinson, J C Woodward
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