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Dectronic Limited
(Registration number 1998/013637/06)
Share code: DTR ISIN: ZAE000016754
("Dectronic" or "the company")
ABRIDGED UNAUDITED FINANCIAL RESULTS
for the six months ended 28 February 2002
Highlights: Dectronic returned to solvency
ABRIDGED UNAUDITED INCOME STATEMENT
for the six months ended 28 February 2002
Unaudited Unaudited Audited
28 February 28 February 31 August
2002 2001 2001
R R R
Revenue - - -
Other income - 72 000 72 000
Administration expenses (44 599) (1 093 224 (4 172 612)
Loss on disposal of shares - - (552 071)
Operating loss (44 599) (1 021 224) (4 652 683)
Gain on compromise settlement 2 762 721 - -
Net interest paid (3 215) (9 527) (134 234)
Loss from associated companies - (25 198) (25 198)
Net profit/(loss) for period 2 714 907 (1 055 949) (4 812 115)
Earnings/(Loss) per share (cents) 3,48 (1,35) (6,17)
Write-off of loan account - - 2,72
Loss on sale of shares - - 0,71
Effect of restructuring activities (3,54) - -
Headline loss per share (cents) (0,06) (1,35) (2,74)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 28 February 2002
Share Share Accumulated
capital premium loss Total
R R R R
Balance at 1 September 2000 78 020 13 578 241 (11 529 956) 2 126 305
Net loss for the year - - (4 812 115) (4 812 115)
Balance at 31 August 2001 78 020 13 578 241 (16 342 071) (2 685 810)
Net profit for period - - 2 714 907 2 714 907
Balance at 28 February 2002 78 020 13 578 241 (13 627 164) 29 097
ABRIDGED UNAUDITED BALANCE SHEET
at 28 February 2002
Unaudited Audited
28 February 31 August
2002 2001
R R
ASSETS
Non-current assets 74 000 204 984
Property, plant and equipment - 78 484
Employee share incentive scheme 74 000 74 000
Other short-term loans - 52 500
Current assets 196 382 237 161
Accounts receivable (incl VAT refund) 18 672 145 714
Value Added Tax - refund 149 361 -
Cash and cash equivalents 28 349 91 447
Total assets 270 382 442 145
EQUITY AND LIABILITIES
Capital and reserves 29 097 (2 685 810)
Issued capital and share premium 13 656 261 13 656 261
Accumulated loss (13 627 164) (16 342 071)
Non-current liabilities
Shareholder`s loan 241 285 155 134
Current liabilities - 2 972 821
Accounts payable and provisions - 2 679 419
Bank overdraft - 293 402
Total equity and liabilities 270 382 442 145
Number and weighted number
of shares on which per share
figures are calculated 78 020 000 78 020 000
Net asset value per share (cents) 0,04 (3,44)
Net tangible asset value per
share (cents) 0,04 (3,44)
ABRIDGED UNAUDITED CASH FLOW STATEMENT
for the six months ended 28 February 2002
Unaudited Audited
28 February 31 August
2002 2001
R R
Cash flows from operating activities (101 621) (434 390)
Cash utilised in operating activities (98 406) (300 156)
Net interest paid (3 215) (134 234)
Cash flows from investing activities 33 828 429 626
Property, plant and equipment acquired - (1 078)
Proceeds from disposal of
shares/associates - 650 046
Short-term loans 33 828 (219 342)
Cash flow from financing activities 298 097 155 134
Proceeds from restructuring activities 298 097 -
Loans from shareholders - 155 134
Increase in cash and cash equivalents 230 304 150 370
Cash and cash equivalents
at beginning of period (201 955) (352 325)
Cash and cash equivalents
at end of period 28 349 (201 955)
COMMENTARY ON RESULTS AND FUTURE PROSPECTS
The results for the period largely reflect the impact of the Section
311 of the Companies Act, 1973 (Act 61 of 1973), as amended, compromise
offer reached with creditors, which was sanctioned by the High Court of
South Africa and registered with the Registrar of Companies on 30 October
2001. This has had the effect of restoring the company`s solvency and
placing it on a sound financial footing for the directors to pursue
negotiations with interested parties (refer to the cautionary announcement
above). Comparative figures for the six months to 28 February 2001 have not
been shown as the company has undergone significant changes and such
comparison is meaningless. These results have been prepared in accordance
with Statements of Generally Accepted Accounting Practice.
For and on behalf of the board
Karl Gribnitz
(Director)
Pretoria, 24 May 2002
CAUTIONARY ANNOUNCEMENT
Radagast Capital is authorised to announce that the company has entered
into negotiations which, if successfully concluded, could have a material
impact on the way the company conducts business and on the value of the
shares of Dectronic. Shareholders of Dectronic are therefore advised to
exercise caution when dealing in the shares of the company until a further
announcement is made.
Corporate Adviser
Radagast Capital
(Registration number 2000/030942/07)
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 27/05/2002 05:05:00 PM Produced by the SENS Department
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