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Abc Cash Plus Limited - Audited Group Results
ABC CASH PLUS
(Registration number 1998/020520/06)
Share code: APS ISIN: ZAE000017554
("the company" or "the group")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
INCOME STATEMENT
for the year ended 28 February 2002
GROUP
2002 2001
R R
TURNOVER 10 417 797 10 613 664
OPERATING EXPENSES (8 483 167) (16 921 202)
OPERATING INCOME/(LOSS) 1 988 630 (6 307 538)
FINANCE CHARGES (300 749) (84 226)
NET INCOME/(LOSS) BEFORE ABNORMAL ITEM 1 687 881 (6 391 764)
ABNORMAL ITEM - (3 579 505)
NET INCOME/(LOSS) BEFORE TAX 1 687 881 (9 971 269)
TAXATION (385 269) 737 810
- Current (385 269) (138 600)
- Deferred - (876 410)
NET INCOME/(LOSS) FOR PERIOD 1 302 612 (9 233 459)
OUTSIDE SHAREHOLDERS (280 902) 559 584
EARNINGS/(LOSS) 1 021 710 (8 673 875)
ACCUMULATED (LOSS)/RETAINED
INCOME BEGINNING OF YEAR (6 339 378) 2 334 497
ACCUMULATED LOSS END OF YEAR (5 317 668) (6 339 378)
Headline earnings/(loss)
per share (cents) 2,03 (10,10)
earnings/(Loss) per share (cents) 2,03 (17,19)
Net asset value per share (cents) 15,81 13,23
CASH FLOW STATEMENT
for the year ended 28 February 2002
GROUP
2002 2001
R R
CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES 584 470 2 138 351
Net operating income/(deficit)
before interest 1 985 568 (9 796 579)
Depreciation of fixed assets 290 892 368 265
Cash from operations 2 276 470 (9 428 314)
Investment income 3 052 11 107
Utilised to maintain working capital
(Increase)/Decrease in advances (2 351 322) 10 541 959
(Increase)/Decrease in
accounts receivable (330 444) 968 893
Decrease in loans 44 149 425 467
Increase/(Decrease) in
accounts payable 1 243 314 (296 535)
Finance charges (300 749) (84 226)
CASH FLOW FROM INVESTING ACTIVITIES (52 935) 287 760
(Acquisition)/Disposal of fixed assets (52 935) 287 760
CASH FLOW FROM FINANCING ACTIVITIES (646 878) (2 388 601)
Proceeds from issue of shares - 54 498
(Decrease) in outside shareholders`
funds sold - (1 498 961)
Decrease in long-term liabilities (646 878) (944 138)
CHANGE IN CASH AND CASH EQUIVALENTS (115 343) 37 510
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 989 162 951 652
CASH AND CASH EQUIVALENTS
AT END OF YEAR 873 819 989 162
BALANCE SHEET
at 28 February 2002
GROUP
2002 2001
R R
ASSETS
Non-current assets 916 960 1 199 066
Fixed assets 563 852 801 809
Loans 353 108 397 257
Current assets 10 632 306 8 065 883
TOTAL ASSETS 11 549 266 9 264 949
EQUITY AND LIABILITIES
Capital and reserves 7 978 405 6 675 793
Share capital 504 498 504 498
Share premium 12 270 218 12 270 218
Accumulated loss (5 317 668) (6 339 378)
Outside shareholders` interest 521 357 240 455
Non-current liabilities 788 239 1 435 117
Secured loans - 13 349
Unsecured loans 788 239 1 421 768
Current liabilities 2 782 622 1 154 039
TOTAL EQUITY AND LIABILITIES 11 549 266 9 264 949
STATEMENT OF CHANGES IN EQUITY
Accumu- Outside
Share Share lated share-
capital premium loss holders Total
R R R R R
Balance 1 March 2001 504 498 12 270 218 (6 339 378) 240 455 6 675 793
Net profit for
year 2002 1 021 710 1 021 710
Outside shareholders`
interest 280 902 280 902
Balance
28 February 2002 504 498 12 270 218 (5 317 668) 521 357 7 978 405
Accounting Policies
The accounting policies adopted by ABC Cash Pus Limited comply in all
material respects with South African Statements of Generally Accepted
Accounting Practice as well as with applicable legislation. They are
consistent with the prior period.
Chairman`s Report
Nature of business
ABC Cash Plus Limited is a financial services group, whose primary
business activity consists of the granting of short-term micro loans through
its subsidiary branches.
Review
The well-published turmoil surrounding the micro loan (lending) industry,
coupled with regulatory changes has made for a challenging operating
environment. Despite this turmoil, your company has returned to
profitability in the year under review, as a result of better credit
management, strong emphasis on cost savings and conservative provisioning
for bad and doubtful debts.
Prospects
The large-scale consolidation in the micro-lending industry should allow
ABC to increase its market share. We expect continued organic growth and
further gains in efficiency. The directors` main emphasis for the new year
is to focus on building up a significant debtors book amongst a larger
number of clients and diversifying our income pool by offering more
products.
Changes to directorate
Dr R F Botha was appointed as director on 1 January 2002. The following
directors resigned from the board: Mr P P A Hayward effective 20 February
2002 and Mr B Olivier effective 8 April 2002.
The board would like to thank all our employees in turning around the
company under very difficult circumstances over the past year.
J M van Tonder 15 May 2002
Acting chairman Johannesburg
Date: 21/05/2002 02:34:00 PM Produced by the SENS Department
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