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2001
Imperilog Limited
Share Code: IPG
ISIN Code : ZAE000024006
Interim results for the six months ended 31 DECEMBER 2001
Condensed income statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31/12/2001 31/12/2000 30/6/2001
R'000 R'000 R'000
Gross revenue 31 746 27 096 56 884
- Continuing operations 25 202 27 096 56 884
- Discontinuing operations 6 544 - -
Net operating costs (20 151) (16 802) (35 752)
Operating profit 11 595 10 294 21 132
- Continuing operations 11 079 10 294 21 132
- Discontinuing operations 516 - -
Net interest received 3 611 4 128 7 136
Equity accounted
earnings of associates 2 529 6 808 10 080
Profit before
exceptional items 17 735 21 230 38 348
Exceptional items (8 364) (3 260) (30 836)
Profit before tax 9 371 17 970 7 512
Tax (4 164) (3 318) (6 901)
Net profit for ordinary
shareholders 5 207 14 652 611
Adjusted for:
Exceptional items
- Impairment of investment
in associate 7 831 26 747
- Provision for doubtful
recovery of loans 1 000
- Loss on discontinuance
of joint venture 718
- Profit on sale of
properties ( 550)
- Arising in associate
company (1 185) 3 810 4 089
Headline earnings 13 571 17 912 31 447
Number of shares in issue:
Ordinary shares 102 030 610 102 030 610 102 030 610
Weighted average
number of shares 97 152 362 110 829 710 105 429 967
Basic earnings
per share (cents) 5,4 13,2 0,6
Headline earnings
per share (cents) 14,0 16,2 29,8
Condensed balance sheet
Unaudited Unaudited Audited
31/12/2001 31/12/2000 30/6/2001
R'000 R'000 R'000
Assets
Non-current assets 131 178 136 475 145 705
Fixed assets 30 453 36 209 35 040
Deferred tax 32 913 37 076
Investments and loans 67 812 100 266 73 589
Current assets 37 169 20 500 28 132
Receivables 13 366 10 942 10 076
Cash and cash equivalents 23 803 9 558 18 056
Total assets 168 347 156 975 173 837
Equity and liabilities
Shareholders' interest 125 539 103 097 129 515
Current liabilities 42 808 53 878 44 322
Accounts payable 6 784 11 743 6 355
Provisions 36 024 42 135 37 967
Total equity and
liabilities 168 347 156 975 173 837
Statement of changes in equity
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31/12/2001 31/12/2000 30/6/2001
R'000 R'000 R'000
Opening balance 129 515 104 523 148 332
Redemption of
preference shares - (4 500) (4 500)
Buy-back of
ordinary shares (9 183) (7 699) (11 049)
Repayment of share premium - (3 879) (3 879)
Profit for ordinary
shareholders 5 207 14 652 611
Closing balance 125 539 103 097 129 515
Condensed cash flow statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31/12/2001 31/12/2000 30/6/2001
R'000 R'000 R'000
Cash flow from
operating activities
Cash generated by
operations 7 518 6 889 13 968
Interest received 3 611 4 128 7 136
Net cash flow from
operating activities 11 129 11 017 21 104
Cash flow from
investing activities
Decrease in
investments and loans 942 7 587 10 510
Additions to fixed
assets (1 697) (2 940) (4 597)
Proceeds from
disposal of fixed assets 4 556 6 042 6 537
Net cash flow from
investing activities 3 801 10 689 12 450
Cash flow from
financing activities
Repayment of share
premium - (3 879) (3 879)
Repayment of long-
term borrowings - (11 042) (11 042)
Buy-back of
ordinary shares (9 183) (7 699) (11,049)
Net cash flow from
financing activities (9 183) (22 620) (25 970)
Net increase/
(decrease) in cash
and cash equivalents 5 747 (914) 7 584
Cash and cash
equivalents at
beginning of period 18 056 10 472 10 472
Cash and cash
equivalents at end
of period 23 803 9 558 18 056
Accounting policies
These consolidated condensed interim financial statements are prepared in
accordance with AC 127 and Schedule 4 of the South African Companies Act.
The accounting policies used in the preparation of the interim financial
statements are consistent with those used in the annual financial statements
for the year ended
30 June 2001. These interim financial statements were not audited. The
comparative figures for the year ended 30 June 2001 have been audited.
Business review
ImperiLog Limited is a focused provider of logistics services to the
technology sector and companies involved in high value consumer and
industrial goods.
Earnings from logistics operations for the six months ended
31 December 2001 showed 8% growth compared with the same period of the
previous year.
This was achieved despite the discontinuance of a joint venture with Siltek
Holdings (Pty) Ltd and the general down-turn in the information technology
business sector.
Financial review
A reduction in headline earnings is attributable to a significant decline in
earnings from an associate company DAWN Limited, which returned earnings of
R2,3 million (2000: R6,7 million) during the period under review.
A share buy-back programme was completed during the period under review. A
total of 6 475 494 shares were repurchased under the general authorities
granted by the shareholders.
Offer to shareholders of ImperiLog Limited
An offer by Imperial Holdings Limited to the ordinary shareholders of
ImperiLog Limited to acquire all of their ordinary shares for a cash
consideration of 180 cents per share was made in terms of a circular issued
on 31 January 2002. Notices have appeared in the financial press on 28
February 2002 and 15 March 2002 extending the offer as a result of pending
Competition Commission approval.
On behalf of the Board
RL Hiemstra
Chairman
15 April 2002
Directors: Tak Hiemstra* (Chairman), Deon de Kock
(Managing Director), Phineas Baloi, George de Beer, Alan Lishman, Bill
Lynch* (Irish), Philip Maisel* * Non-executive
Transfer secretaries: Mercantile Registrars Limited, 10th floor, 11
Diagonal Street, Johannesburg 2001
Registered office: ImperiLog Limited, Unit 7,
Gallagher Place South, corner Richards Drive and Suttie Road, Midrand 1685
Website: www.imperilog.co.za
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