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TIGON LIMITED
ISIN Code: ZAE 004022240 Share Code: TGN
audited financial results for the year ended 31 January 2002
Attributable profits R225 million
Consolidated summary income statement
Year ended Year ended
31/1/2001 31/1/2002
R000's R000's
762 649 Revenue 634 179
356 135 Trading and financial services 230 845
32 689 Net interest received 38 811
388 824 Net profit before taxation 269 656
- Taxation -
388 824 Net profit after taxation 269 656
(104 000) Impairment of long-term investment (44 200)
284 824 Attributable earnings 225 456
459 676 Accumulated profit at start of year 744 500
744 500 Accumulated profit at end of year 969 956
supplementary information
Year ended Year ended
31/1/2001 31/1/2002
R000's R000's
1 124 548 Shares in issue (000's) 1 124 548
1 124 252 Weighted average shares in issue (000's) 1 124 548
25 Earnings per share (cents) 20
35 Headline earnings per share (cents) 24
- Dividend per share (cents) -
Statement of changes in equity
Year ended Year ended
31/1/2001 31/1/2002
R000's R000's
649 638 Balance at beginning of year 945 758
9 496 Currency translation reserve* 61 669
1 800 Issue of share capital %
284 824 Net profit for the year 225 456
945 758 Balance at end of year 1 232 883
* Not reflected in the income statement
Consolidated summary balance sheet
Year ended Year ended
31/1/2001 31/1/2002
R000's R000's
ASSETS
320 898 Non-current assets 329 202
164 898 Fixed and intangible assets 217 402
156 000 Investments 111 800
708 956 Current assets 1 043 228
13 462 Inventories 9 972
162 531 Receivables 190 873
521 854 Secured advances 825 632
11 109 Cash and cash equivalents 16 751
1 029 854 Total assets 1 372 430
EQUITY AND LIABILITIES
945 758 Capital and reserves 1 232 883
181 964 Share capital 181 964
19 294 Non-distributable reserves 80 963
744 500 Accumulated profit 969 956
18 361 Non-current liabilities 13 084
18 361 Long-term liabilities 13 084
65 735 Current liabilities 126 463
63 633 Payables and guarantees 122 055
2 102 Bank overdrafts 4 408
1 029 854 Total equity and liabilities 1 372 430
Consolidated summary cash flow statement
Year ended Year ended
31/1/2001 31/1/2002
R000's R000's
14 287 Net cash flow from operating activities 4 738
(24 317) Net cash flow from investing activities 3 875
9 200 Net cash flow from financing activities (5 277)
(830) Net change in cash resources 3 336
9 837 Cash resources at beginning of year 9 007
9 007 Cash resources at end of year 12 343
Comment
Accounting policies
The consolidated financial statements are prepared on the historic 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 prior years.
Financial results
The group achieved attributable earnings of R225 million for the year,
representing 20 cents per share after writing down its long term investments
by R44 million to market value. In addition, the Group also enjoyed the
benefit of R61,6 million gain in the value of offshore assets as a result of
foreign currency exchange gains which more than negated the 21% decline in
attributable earnings compared to the previous year. This gain has not been
reflected in the income statement, but has been taken directly to non-
distributable reserves.
The positive earnings, which raised accumulated profits to R970 million,
were achieved despite adverse economic conditions experienced by both
offshore and local operations following the post September 11 worldwide
economic downturn and the significant demand on executive time caused by the
pending EuroPoint legal proceedings.
General
On 2 April 2001 the Group instituted proceedings in the High Court against
the former owners of EuroPoint arising from fraudulent misrepresentations
made by them and the matter is due to be heard on 8 May 2002. As the balance
sheet value of this investment is zero the litigation holds no downside risk
to earnings. However, a successful judgement for Tigon can be expected to
have a significant impact on both earnings and the share price.
Future prospects
The Group recently acquired 67% of micro-lender Saampro, which was formerly
part-owned by Saambou. Although the Saambou curator has disputed the
automatically triggered sale of Saambou's previous 50% direct holding in
Saampro to Saambou's former co-shareholders, it is anticipated that they
will speedily resolve this issue, thereby enabling delivery of the balance
of the shares. Saampro, which has been acquired on a very favourable basis,
fits in well with the development of our financial services operations and
should add significantly to Group profits. The policy of maximising growth
opportunities in our existing joint venture enterprises will be maintained
and we are confident that this will generate enhanced earnings for the Group
in the future.
G P Porritt
On behalf of the board
Pietermaritzburg
29 April 2002
DIRECTORS: G P PORRITT, S H BENNETT, A M R HODGKINSON, T V M Matooane
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