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2002
PROPER GROUP LIMITED
MANAGEMENT SERVICES
Proper Group Limited (Formerly Proper Holding Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
"Proper" or "the Group"
Share code: PRO
ISIN code: ZAE000027181
Interim Results for the six months ended 28 February 2002
SUMMARISED GROUP INCOME STATEMENT
Six months ended Six months ended
28 February 2002 28 February 2001
Unaudited Unaudited
R`000 R`000
Turnover 89 949 83 004
Cost of sales (80 302) (71 398)
Gross profit 9 647 11 606
Other income 1 426 1 571
Gross income before 11 073 13 177
operating expenses
Operating expenses (11 208) (7 262)
Net income for the period (135) 5 915
before finance charges
Net finance costs (1 155) (1 392)
Net income for the period (1 290) 4 523
before taxation
Taxation - (1 301)
Net income after taxation (1 290) 3 222
Outside shareholders` (38) -
interest
Net income attributable to (1 328) 3 222
Proper Group shareholders
Earnings per share (cents) (4,37) 11,37
Headline earnings per (4,37) 11,05
share (cents)
Fully diluted earnings per (4,28) 10,93
share (cents)
Number of shares
- in issue 30 004 468 31 750 000
- weighted average 30 390 667 28 332 000
- fully diluted 30 997 667 28 631 821
ADDITIONAL INFORMATION
28 February 2002 28 February 2001
Unaudited Unaudited
R`000 R`000
Headline earnings
adjustment:
- Net income attributable (1 328) 3 222
toordinary shareholders
- Profit on disposal of - -
investment property,
equipment and vehicles
- Amortisation of goodwill 1 (91)
- Tax effect of - -
adjustments
Headline earnings (1 327) 3 131
SUMMARISED GROUP BALANCE SHEET
As at As at
28 February 2002 28 February 2001
Unaudited Unaudited
R`000 R`000
ASSETS
Non-current assets 19 431 17 639
Tangible assets 11 591 15 043
Intangible assets 7 840 2 596
Current assets 27 947 39 435
Acounts receivable 23 715 34 109
Cash and cash equivalents 1 151 -
Inventories 2 115 3 688
Taxation receivable 503 -
Loans receivable 463 1 638
Total assets 47 378 57 074
EQUITY AND LIABILITIES
Shareholders` equity 10 925 13 021
Share capital 300 317
Share premium 5 245 6 775
Retained income 5 380 5 929
Outside shareholders` 88 -
interest
Deferred tax liabilities (502) 643
Long-term liabilities 11 122 6 135
Current liabilities 25 745 37 275
Accounts payable 20 671 35 191
South African Revenue - 1 029
Services
Bank overdraft 5 074 1 055
Total equity and 47 378 57 074
liabilities
STATEMENT OF CHANGES IN EQUITY
Ordinary
share Share Retained
capital premium earnings Total
R`000 R`000 R`000 R`000
Balance at 1 September 249 1 679 4 692 6 620
2000
Ordinary shares issued 68 5 096 - 5 164
during the period
Net income for the period - - 1 237 1 237
Balance as at 28 February 317 6 775 5 929 13 021
2001
Balance at 1 March 2001 317 6 775 5 929 13 021
Ordinary shares issued 6 534 - 540
during the period
Net income for the period - - 779 779
Balance as at 31 August 323 7 309 6 708 14 340
2001
Balance at 1 September 323 7 309 6 708 14 340
2001
Ordinary shares issued - - - -
during the period
Outside shareholders` - - (38) (38)
interest
Shares issued during the (23) (2 064) - (2 087)
period
Net income for the period - - (1 290) (1 290)
Balance as at 28 February 300 5 245 5 380 10 925
2002
The interim financial statements are prepared in accordance with statements
of South African Generally Accepted Accounting Practice.
SUMMARISED GROUP CASH FLOW STATEMENT
Six months ended Six months ended
28 February 2002 28 February 2001
Unaudited Unaudited
R`000 R`000
Cash flow from operating (1 711) 2 489
activities
Cash flow from investing 207 (6 767)
activities
Cash flow from financing (345) 5 797
activities
Net cash increase/ (1 849) 1 519
(decrease) for the year
Cash and cash equivalents (2 074) (2 574)
at beginning of the year
Cash and cash equivalents (3 923) (1 055)
at end of the year
Introduction
The restructuring and further expansion of the Proper Group`s activities to
new areas, during the previous year shifted the emphasis on profit
expectation of some of the Group`s businesses from the first six months in
previous years to the last six months of the current year.
Traditionally the Group`s activities were concentrated in the Free State and
Northern Cape areas.
The Free State is the biggest wheat producing area, and because thereof, the
profit expectation for the first half of the year was always higher than the
second half. The expansion to the new areas, which produce mainly maize and
sunflower, will considerably increase the Group`s turnover in the second
half of the year, resulting in higher profit expectation for that period.
Higher working expenditure during the period under review, to fully utilise
this growth, was the main reason for the lower profitability of the first
six months. The financial results, under review are therefor not directly
comparable with the corresponding period the previous year.
Comments of financial results
The loss for the six months, under review, against a profit for the
corresponding period the previous year, can be attributed to the changes, as
explained in the introduction.
Medium-term prospects
The Group`s various associated companies are currently well positioned and
the necessary infrastructure and personnel are established to improve
profitability over the next two to three years to ensure sustainable profit
growth over the long-term.
Prospects for the following six months
The additional cost for expansion and new personnel is currently affecting
the Group`s profitability negatively, but is seen as an excellent
investment. With the promising maize and sunflower harvests which are a
given in the new areas, the Group will already be profitable again for the
year ending 31 August 2002.
Activities
The main activities of the Group are :
- Management consultation services
- Financial and tax services
- Development and marketing of financial software for the agricultural
sector
- Investments and risk management services
- The services of brokers in respect of agricultural products; and
- Property brokerage services.
On behalf of the Board
CJ Botha NF Botha
Chairman Managing Director
Bloemfontein 27 May 2002
Directors: JL de K Earle, JL Jansen van Vuuren*, TC Meyer*,
AH Olivier*, WJ Venter*, BJ Willemse, JF Zwarts*
*Non-executive
Registered Offices:
18 Kellner Street, Bloemfontein 9300
Transfer Secretaries:
Computershare Services, 41 Fox Street, Johannesburg 2001
Date: 27/05/2002 04:31:00 PM Produced by the SENS Department
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