| Wed 29 May 2002, 0:00 | | ADMIRAL LEISURE WORLD LIMITED - UNAUDITED RESULTS |
|
(Incorporated in the Republic of South Africa)
(Registration number 1938/011493/06)
JSE Share code: ADL ISIN: ZAE000010229
("THE GROUP")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2002
Consolidated Balance Sheet
Unaudited at Unaudited at Audited at
(in ZAR) 28 Feb 2002 28 Feb 2001 31 Aug 2001
Assets
Non-current assets 7 357 482 8 895 213 7 842 407
Fixed assets 5 165 047 7 034 134 6 079 505
Loans receivable 743 486 752 772 740 043
Accounts receivable 1 448 949 1 108 307 1 022 859
Current assets 4 334 428 3 531 121 3 033 957
Inventories 1 400 057 1 552 526 1 303 590
Accounts receivable 1 422 497 656 302 300 096
Taxation 27 919 46 137 34 003
Cash resources 1 483 955 1 276 156 1 396 268
Total assets 11 691 910 12 426 334 10 876 364
Equity and Liabilities
Capital and reserves 7 655 834 8 364 321 7 117 134
Issued capital 62 193 750 62 193 750 62 193 750
Non-distributable reserve 71 189 71 189 71 189
Accumulated loss (54 609 105) (52 900 618) (55 147 805)
Non-current liabilities 761 398 824 679 688 300
Long-term liabilities 725 149 545 988 652 051
Deferred taxation 36 249 278 691 36 249
Current liabilities 3 274 678 3 237 334 3 070 930
Accounts payable 2 340 148 2 440 265 2 313 840
Taxation 162 119 74 875 87 299
Bank overdraft 772 411 722 194 669 791
Total equity and liabilities 11 691 910 12 426 334 10 876 364
Number of shares in issue 34 952 500 34 952 500 34 952 500
Net asset value per share (cents) 22 24 20
Consolidated Income Statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
(in ZAR) 28 Feb 2002 28 Feb 2001 31 Aug 2001
Gross revenue 7 892 919 6 881 730 13 846 181
Other income 618 963 603 769 801 812
Operating expenses 7 957 643 8 633 120 17 286 771
Net profit/(loss) before taxation 554 239 (1 147 621) (2 638 778)
Taxation 15 539 (133 344) (377 314)
Net profit/(loss) after taxation 538 700 (1 014 277) (2 261 464)
Net profit/(loss) 538 700 (1 014 277) (2 261 464)
Accumulated loss at beginning
of period (55 147 805) (52 886 341) (52 886 341)
Accumulated loss at end of period (54 609 105) (53 900 618) (55 147 805)
Earnings /(Loss) per share (cents) 1,54 (2,90) (6,47)
Headline earnings/(loss)
per share (cents) 1,46 (2,81) (6,17)
Reconciliation between basic
loss and headline loss
Basic profit/(loss) 538 700 (1 014 277) (2 261 464)
(Profit)/Loss on disposal
of fixed assets (29 951) 32 044 105 193
Headline profit (loss) 508 749 (982 233) (2 156 271)
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
(in ZAR) 28 Feb 2002 28 Feb 2001 31 Aug 2001
Cash flows from operating activities (49 542) 129 573 255 137
Cash flows from investing activities (38 489) (13 417) 1 301
Cash flows from financing activities 73 098 (28 169) 4 064
Net (decrease)/increase in cash and
cash equivalents (14 933) 87 987 260 502
Cash and cash equivalents at
beginning of period 726 477 465 975 465 975
Cash and cash equivalents at
end of period 711 544 553 962 726 477
Statement of Changes in Equity
for the six months ended 28 February 2002
Non-dis
Issued tributable Accumulated
capital reserves losses Total
Balance
as at 31 August 2001 62 193 750 71 189 (55 147 805) 7 117 134
Profit
for the six months - - 538 700 538 700
Balance
as at 28 February 2002 62 193 750 71 189 (54 609 105) 7 655 834
Comments
Cash flows produced from operations in Botswana, Swaziland and Namibia
were utilised to finance and support existing operations, upgrading
facilities and equipment, acquisition of assets, gaming licence renewal
applications, partnership contract renewals by gaming authorities, impact
studies, membership and listing fees. Subsequent to the period under review,
our South African subsidiary was awarded its seventh gaming licence in the
field of manufacture, supply, service and maintenance of gaming
machines/equipment. Income was earned in South Africa from an existing
distributorship agreement. Directors are reasonably satisfied with the
positive results achieved from operations in Swaziland. The Botswana and
Namibian operations did not perform in accordance with expectations.
A Group operating profit of ZAR 538 700.00 was achieved during the period
under review.
Operations
The Group operates its two licensed Casinos in Botswana, the Public
Lottery Licence in the Kingdom of Swaziland and its licensed LPM facilities
in Namibia. The Group also supplies, services and maintains LPMs and
terminals under contract with third parties in Namibia and Swaziland.
The Group`s operations are controlled from its head office in Midrand,
Gauteng, South Africa and also from its various regional offices. The
Midrand office serves as a springboard for gaming opportunities into Africa
and is the main supplier of gaming equipment and gaming systems technology
to the Group.
Summary
Admiral is committed to achieve its ultimate goals in respect of
profitability by remaining focussed on its existing businesses and
evaluating its position in regard to the future South African LPM market.
The Group continues to evaluate gaming opportunities in certain
jurisdictions where it is operative and in other countries/provinces where
participation could make a positive contribution to Group income. Group
companies are licensed with ten different gaming authorities in Southern
Africa.
Accounting policy
The financial statements of the Group comply in all material respects
with the South African Statements of Generally Accepted Accounting Practice
and are consistent with these supplied in the previous year.
General
No dividend has been declared for the period under review.
By order of the Board
R A Wulz (Chairman and Chief Executive Director)
Midrand
29 May 2002
Directors
R A Wulz - Austrian (Chairman and Chief Executive Director)
M A Werner - (Deputy Chairman and Executive Director)
M S Abdullah - (Executive Director - appointed 12/03/02)
D C Khama - Motswana (Non-Executive Director)
P Zorer - Austrian (Non-executive Director - resigned 11/03/02)
Registered Office
151 Lechwe Street, Corporate Park, Midrand, 1685, Gauteng, South Africa
PO Box 6160, Halfway House, 1685, Gauteng, South Africa
Transfer Secretaries
Computershare Investor Services Limited,
10th Floor, 11 Diagonal Street, Johannesburg, 2001, Gauteng, South Africa
PO Box 1053, Johannesburg, 2000, Gauteng, South Africa
Date: 29/05/2002 05:06:00 PM Produced by the SENS Department
