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Global Village Holdings Limited - Audited Consolidated Results
GLOBAL VILLAGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/017632/06)
("Global Village")
SHARE CODE: GLL ISIN: ZAE000015426
AUDITED CONSOLIDATEDFINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
INCOME STATEMENT
for the year ended 28 February
2002 2001
R`000 R`000
Revenue 37,926 36,161
Operating profit before Note 1 3,010 2,956
amortisation and abnormal items
Amortisation of intangible Note 1 (1,050) (1,053
assets )
Impairment loss Note 2 (2,142) -
Write downs Note 3 (4,036) (552)
Operating (loss)/profit (4,219) 1,351
Interest received 329 366
Finance costs (70) (620)
(Loss)/profit before taxation (3,960) 1,097
Taxation Note 4 751 -
Net (loss)/profit for the year (3,209) 1,097
(Loss) / Earnings per share (3.41) 1.17
(cents)
Headline earnings per share 4.28 2.90
(cents)
Weighted average number of shares in 94,000 94,000
issue (`000)
Reconciliation of headline
earnings
Net (loss)/profit for the year (3,209) 1,097
Amortisation of intangible 1,050 1,053
assets
Impairment loss 2,142 -
Write downs 4,036 552
Headline earnings 4,020 2,702
Note 1
The results for the year ended 28 February 2001 have been restated
to reflect the "Operating profit before amortisation and abnormal
items" and the "Amortisation of Intangible assets" as separate
line items whereas only the "Operating Profit before abnormal
items" of R 1.093 million was reported when the 2001 results were
announced.
Note 2
Write down to recoverable amount of the assets of Tygervalley and
Toys for Boys
Note 3
Write down of fixed and intangible assets of the food division
businesses resulting from the disposal of the food division
businesses
Note 4
Taxation overprovided in respect of the year
ended 28 February 1999
BALANCE SHEET
as at 28 February
2002 2001
R`000 R`000
ASSETS
Non-current assets 33,669 38,933
Property, plant and equipment 17,183 20,384
Intangible assets 15,395 18,010
Loan to share incentive scheme 1,091 539
Current assets 2,980 3,984
Inventories 152 317
Accounts receivable 1,733 1,314
Bank balances 1,095 2,353
Total assets 36,649 42,917
EQUITY AND LIABILITIES
Capital and reserves 32,341 35,550
Issued capital 39,616 39,616
Distributable reserve (7,275) (4,066)
Non-current liabilities 873 866
Long term liabilities
Settlement to vendors - 627
Long term liabilities 873 239
Current liabilities 3,435 6,501
Accounts payable 2,059 2,253
Vendors` claims
Taxation 1,321 4,168
Current portion of long term 55 80
liabilities
Total equity and liabilities 36,649 42,917
Net asset value per share 34,41 37,82
(cents)
Tangible net asset value per 18,03 18,66
share (cents)
CASH FLOW STATEMENT
for the year ended 28 February
2002 2001
R`000 R`000
Cash flow from operating 3,130 1,985
activities
Cash flow from investing (4,370) (1,547)
activities
Cash flow from financing (18) (324)
activities
Net (decrease)/increase in cash and cash (1,258) 114
equivalents
Cash and cash equivalents at beginning 2,353 2,239
of year
Cash and cash equivalents at 1,095 2,353
the end of year
STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February
2002
Share Share
Distribut
able
Capital Premium Reserves Total
R`000 R`000 R`000 R`000
Balance at 1 March 2000 940 38,676 (5,163) 34,453
Profit for the year 1,097 1,097
Balance at 28 February 2001 940 38,676 (4,066) 35,550
Loss for the year (3,209) (3,209)
Balance at 28 February 2002 940 38,676 (7,275) 32,341
Chief Executive`s Comments
On behalf of the board of directors of Global Village the 2001 / 2002
audited results are presented.
In last year`s annual report I stated that hype was out while performance
and realism is in. This cultural formula continues to dominate our
activities as a business and has resulted in significant changes within
Global Village in the past twelve months.
These changes have included the disposal of our non-core food division
resulting in a write off of R4 million. We have similarly taken a
conservative approach with our Emporium asset and Toys for Boys, writing
both of them down by R2 million.
Senior management has changed significantly with co-founder Gary Israelsohn
leaving us, Carel van Reenen replacing Lenny Karpes as CFO, Angela Valente
replacing Anelda Martin, while Faruk Waja and Anthea Sebba joined our
executive board.
We launched the Market at Montecasino and took space at the Birmingham
clothes show 2001. No existing operations were closed down.
The new restructured Global Village is leaner and more focused than in the
last 8 years. Constantly improving management and staff are providing the
board with more confidence to expect delivery of financial results to exceed
expectations and add up to significant earnings growth again.
Operating Results
For the second year in a row headline earnings grew again. This year they
improved by 47.6% per share and by the same amount in value. Cash generated
from operations grew from R2 million to just over R3.1 million.
Although we reflect a net loss for the year of R3.2 million this is entirely
created as a result of the disposal of our loss making, non core food
business for R1 and the conservative writing down of our Toys For Boys brand
and Emporium business. Neither of these represents any cash out flow but
rather a strategic restructuring of the group`s business focus. The balance
sheet doesn`t adequately reflect the group`s liquidity. The access bond of R
1.3 million to funding the head office property was repaid and remains
available should these cash resources be required.
Future Prospects
Trading conditions have improved since the beginning of 2002 and we are
achieving growth in attendances at our venues at an average between 21% and
25%. Only two of our existing businesses are operating in the red and
measures to change this have been put into place already. These are the
Emporium and Market at Montecasino.
No new markets are currently planned but the introduction of our trader
facilitation and services business from May should start producing results
this year by leveraging on a win-win basis our more than 3000 traders.
The fashion business expects to grow our participation in Birmingham and is
planning a 3rd fashion platform event this year.
Dividends
No dividend has been declared or recommended.
Basis of Accounting
These consolidated financial statements were drawn up in compliance with
South African Statements of Generally Accepted Accounting Practice and the
company has compiled with the requirements of the Companies Act, 1973 (Act
61 of 1973), as amended.
Accounting Policies
The accounting policies as set out in the 2001 Annual Report have been
consistently applied in producing these results.
JSE Securities Exchange South Africa ("JSE") Requirements)
The directors of the company ensured compliance with the requirements of the
JSE Listings Requirements during the year under review.
Head Office Property and cautionary announcement
The group has acquired its head office property for R2.1 million from the
controlling shareholders. The acquisition was funded by a loan from the
seller and an access bond of R1.3 million.
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa, this is a related party transaction that requires approval by the
non-related party shareholders. Full details, including a resolution to
approve the acquisition at the Annual General Meeting, will be included in
the Annual Report to shareholders. A full announcement in this regard will
be made shortly.
Accordingly, shareholders are advised to exercise caution until the further
announcement is made.
On behalf of the board of directors
Marc Israelsohn Carel van Reenen
(Chief Executive Officer) (Chief Financial Officer)
20 May 2002
Company Secretary and Registered Office
CA Van Reenen. 164 Louis Botha Avenue
Lower Houghton, Johannesburg, 2198
Transfer Secretaries
Computershare Investor Services Limited
11 Diagonal Street, Johannesburg, 2001
Directorate
Marc Israelsohn
Gary Israelsohn
Eric Goodman
Preston Israelsohn (resigned 20 May 2002)
Millard Arnold (resigned 6 May 2002)
Carel van Reenen (appointed 1 April 2002)
Date: 24/05/2002 03:45:00 PM Produced by the SENS Department
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