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Yabeng Investment Holding Company Limited - Group Results For The Year
Yabeng Investment Holding Company Limited
(Registration number 1983/070126/06)
(Share code: YBG ISIN number: ZAE000008884)
PROVISIONAL GROUP RESULTS
for the year ended 28 February 2002
GROUP INCOME STATEMENT
Audited Audited
28 February 28 February
2002 2001
R000 R000
Revenue 17 167 15 265
Cost of sales (1 654) (1 653)
Gross profit 15 513 13 612
Investment income 3 903 3 587
Other operating income 1 622 3 541
Administration and operating expenses (16 100) (18 032)
Operating profit 4 938 2 708
Net gains on disposal of investments 13 805 12 308
Provision for losses on investments (8 858) (19 804)
Write off of goodwill - (7 959)
Write down of assets to estimated value (2 754) (12 733)
Amortisation of investment in associate (1 503) -
Unrealised exchange differences 22 723 -
Income from associates 177 10 455
Guarantee expenses 808 (3 300)
Financing costs (4 400) (5 629)
Profit/(loss) before taxation 24 936 (23 954)
Taxation (charge)/credit (339) 3 365
Profit/(loss) after taxation 24 597 (20 589)
Minority interest (5 156) 4 072
Profit/(loss) for the year 19 441 (16 517)
Profit/(loss) per ordinary share (cents) 27,7 (23,7)
Headline earnings per
ordinary share (cents) 26,7 16,7
Number of shares in issue -
weighted average (000) 70 259 69 814
Headline earnings
Headline earnings are calculated by
eliminating from attributable losses
or earnings any gains or losses
resulting from the disposal or
revaluation of investments and the
charge or credit resulting from
the amortisation of goodwill.
Profit/(loss) for the year 19 441 (16 517)
Net gains on disposal of investments (13 805) (12 308)
Provision for losses on investments 8 858 19 804
Write off of goodwill - 7 959
Write down of assets to estimated value 2 754 12 733
Amortisation of investment in associate 1 503 -
Headline earnings for the year 18 751 11 671
GROUP BALANCE SHEET
Audited Audited
28 February 28 February
2002 2001
R000 R000
ASSETS
Non current assets 129 359 142 130
Investments 15 248 100 028
Property, plant and equipment 114 111 42 102
Current assets 19 684 34 788
Total assets 149 043 176 918
EQUITY AND LIABILITIES
Equity
Share capital 41 087 111 084
Non distributable reserves 18 246 3 281
Retained earnings 40 190 21 745
Total equity 99 523 136 110
Minority interest 11 438 4 101
Non current liabilities 13 341 10 172
Current liabilities 24 741 26 535
Total equity and liabilities 149 043 176 918
Market value of listed shares 10 559 62 106
Net asset value per share
(book value) (cents) 141 195
GROUP STATEMENT OF CHANGES IN EQUITY
Audited Audited
28 February 28 February
2002 2001
R000 R000
Equity at the beginning of the year 136 110 151 293
Share capital issued 152 -
Reduction in share premium (70 149) -
Changes in non distributable reserves 14 965 (2 255)
Surplus on revaluation of investments 996 650
Discount on acquisition of subsidiary 16 391 -
Increase on acquisition of subsidiary 28 -
Share of reserves of former associate (2 450) -
Fixed property revaluation - (4 239)
Transfer from distributable reserves - 1 334
Changes in retained earnings 18 445 (12 928)
Net profit/(loss) 19 441 (16 517)
Fixed property revaluation - 4 239
Transfer to non distributable reserves (996) (650)
Equity at the end of the year 99 523 136 110
GROUP CASH FLOW STATEMENT
Audited Audited
28 February 28 February
2002 2001
R000 R000
Cash generated by/(utilised in) operations
Cash receipts from operations 4 390 4 184
Financing costs (4 400) (5 652)
Guarantee expenses (1 614) (1 385)
Taxation paid - (75)
Net cash outflow from
operating activities (1 624) (2 928)
Dividend received 55 -
Dividend paid (1) (35)
Net cash invested in operating activities (1 570) (2 963)
Net cash realised from
investment activities 50 035 41 228
Net cash realised 48 465 38 265
Net cash utilised in
financing activities (61 575) (14 904)
Change in cash and cash equivalents (13 110) 23 361
Cash and cash equivalents at the
beginning of the year 8 936 (14 425)
Cash and cash equivalents at
the end of the year 4 174 8 936
COMMENTS
Results for the year
A group loss per share of 23,7 cents in 2001 changed to group earnings per
share of 27,7 cents in 2002. Headline earnings per share of 16,7 cents in
2001 increased to 26,7 cents per share in 2002.
These changes were caused mainly by:
- Unrealised exchange differences arising on the translation of the
FarmWorld property from a US$ value to a Rand value, which greatly exceeded
the unrealised exchange differences brought to account in 2001.
- A significant reduction in provision for losses on investments, write off
of goodwill, the write down of assets to estimated value and guarantee
expenses.
Prospects
The major item in the 2002 Income Statement is the unrealised exchange
differences. The magnitude of any differences which are brought to account
in 2003 will depend on the movement of the Rand against the US$ during this
year. Any unrealised gains brought to account will be realised only on the
disposal of the FarmWorld property or Yabeng`s interest in this investment.
To date no purchaser, developer or major tenant has been found for the site.
It is unlikely that there will be any significant gains on disposal of
investments, provisions for losses on investments, write offs or write downs
of assets or guarantee expenses in 2003.
Accounting policies
The accounting policies in respect of the financial year ended
28 February 2001 have been consistently applied to the results for the year
ended 28 February 2002. These policies conform with South African Generally
Accepted Accounting Practice.
For and on behalf of the Board
BP Botha
Executive Chairman
28 May 2002
Directors
Dr BP Botha (Executive Chairman), M Meyer, MAF Moja
Secretary and registered office
MH Hodgson BA LLB BCom ACA
Section 2, Parklands, 229 Bronkhorst Street,
New Muckleneuk, Pretoria
PO Box 2240, Brooklyn Square, 0075
Telephone (012) 460-6202 Fax (012) 460-5452
Transfer secretaries
Computershare Investor Services Limited
Edura House, 41 Fox Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Telephone: (011) 370-7700 - Call Centre 086 110 0950
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