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AQUILA GROWTH LIMITED - ANNUAL FINANCIAL RESULTS FOR THE YEAR
ENDING 28 FEBRUARY 2002
AQUILA GROWTH LIMITED
Registration number 1995/003158/06
("Aquila" or "the company")
GROUP AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
Consolidated Income Statement
28 Feb 2002 28 Feb 2001
R`000 R`000
Revenue 143,016 66,078
Operating expenditure (175,724) (208,842)
Exceptional item - (3,062)
Operating loss
Net finance income (32,708) (145,826)
1,224 6,402
Net loss before taxation
Share of results of associate
companies (31,484) (139,424)
40,697 40,718
Profit / (loss) before taxation 9,213 (98,706)
Taxation (4,032) 7,383
Net profit / (loss) after tax 5,181 (91,323)
Minority interest 6,410 (738)
Group profit / (loss) 11,591 (92,061)
Earnings / (loss) per share (cents) 8.05 (59.70)
Abridged Consolidated Cash Flow
Statement
Net cash (outflow)/ inflow from
operations (11,191) 10,177
Cash flow from investing activities 59,567 (19,028)
48,376 (8,851)
Cash flow from financing activities (26,970) (66,074)
21,406 74,925
Cash and cash equivalents at
beginning of period 13,209 88,134
Cash and cash equivalents at end of
period 34,615 13,209
Abridged Consolidated Statement of Changes in Equity
Shareholder`s funds at beginning
of the year 276,625 434,411
Issue of shares 1,283 2,003
Repurchase of shares (28,189) (12,207)
Increase / (reduction) in share
premium 26 (54,829)
Net profit / (loss) 11,591 (92,061)
Preference dividend (653) (692)
Shareholder`s funds at end of year 260,683 276,625
Consolidated Balance Sheet
28 Feb 2002 28 Feb 2001
R`000 R`000
Equity and liabilities
Share capital and premium 98,260 125,140
Distributable reserves 73,242 35,840
Retained income
Ordinary shareholders` interest 89,181 115,645
260,683 276,625
Minority Interest
Non-current liabilities 12,055 17,537
Preference Shares 7,000 7,000
Other borrowings - 90
Current liabilities 27,025 38,770
- Trade and other payables 24,643 35,476
- Provisions 1,909 2,689
- Shareholders for preference
dividend 424 460
- South African Revenue Services 49 145
306,763 340,022
Assets
Non-current assets
Equipment 5,755 13,864
Intangible assets 12,997 13,835
Deferred taxation 74 12,370
Investments in associates 203,629 222,562
222,455 262,631
Current assets 84,308 77,391
- Cash at bank 34,615 13,209
- Inventories 124 56,030
- Receivables 49,569 8,152
306,763 340,022
Net asset value per share (cents) 201.6 185.7
Net asset value per share at directors`
valuation (cents) 214.9 208.7
ACCOUNTING POLICY
Accounting principles and policies used in preparing these
financial results comply with South African Statements of Generally
Accepted Accounting Practice and are consistent with prior years,
except as detailed below.
In order to comply with Generally Accepted Accounting Practice
("GAAP"), Aquila has changed its accounting policy regarding the
accounting for investments from that of fair value measurement to
that of consolidating subsidiaries and equity accounting associates
in line with recent developments in international accounting.
The effect of the change in accounting policy for the year ended 28
February 2002, is a reduction in the net asset value per share from
214.9 cents per share to 201.6 cents per share, as a result of the
consolidation and equity accounting of Aquila`s share of its losses
in start-up and loss making operations, and the write-off of
goodwill on acquisitions.
FINANCIAL OVERVIEW
Despite a difficult trading environment, the year under review was
a satisfactory one for Aquila. The highlights were:
Net asset value per share, for the Group, increased 8.6% from 185.7
cents per share to 201.6 cents per share. Net asset value per
share, based on directors` valuation of investments, increased 3%
from 208.7 cents per share to 214.9 cents per share.
The disposal by Redgwoods Holdings Limited, with effect from 30
September 2001, of its shares and loan in Redgwoods (Pty) Ltd to
Baby King (Pty) Limited. Aquila will receive an estimated cash
amount of R28million as a result of the disposal, payable on terms
commencing on 5 March 2002 and ending on 1 December 2002;
Aquila disposed of 16.53% of its shareholding in the Rewards
Company (Pty) Limited to The Rewards Company Holdings (Proprietary)
Limited, with effect from 11 May 2001, for a cash consideration of
R11.5million;
R9million was invested into existing investments to help fund
expansion and growth opportunities in Forecourt Television Network
(Pty) Ltd, the AquiTec Group Limited, Gerber Global Investments
Limited and Just Fun Holdings (Pty) Ltd;
Global Resorts retained its position as a leading player in the
gaming industry in South Africa despite difficult trading
conditions. In line with original projections Global Resorts
commenced repaying shareholder loans, with the first such repayment
having been received during May 2001 and the second payment
received in February 2002. As a result of these receipts, Aquila`s
cost of investment in Global Resorts has reduced from R139.1million
to R95.4million; and
In terms of a specific repurchase offer the company acquired 17.3
million Aquila ordinary shares at a price of 125 cents per share.
In addition, a further 4.7 million shares were repurchased in the
open market at prices ranging between 135 and 145 cents per share.
POST BALANCE SHEET EVENTS
With effect from 1 March 2002, Aquila has disposed of its shares
and loan in House of Coffees (Pty) Ltd to House of Coffees (Pty)
Ltd for a net amount of R8million payable on terms commencing on or
about 31 March 2002 and ending on or about 31 December 2002.
With effect from 1 April 2002, Aquila has subject to the fulfilment
of certain conditions precedent, disposed of the remainder of its
shareholding in The Rewards Company (Proprietary) Limited to The
Rewards Company Holdings (Proprietary) Limited for an amount of
R3.9 million, payable on or about 31 July 2002.
FOCUS FOR THE YEAR AHEAD
The board of Aquila remains committed to its stated investment
philosophy of making investments in industrial and commercial
companies operating in high growth markets with experienced owner
management teams.
For and on behalf of the Board
D. H. Bagg P. Papadimitropoulos
Chairman Managing Director
Johannesburg
31 May 2002
Directors: D. H. Bagg * (Chairman)
P. Papadimitropoulos (Managing Director)
J. A. Bell
P. Dawe * +
B. Dubb *
Company Secretary: K. du Preez CA (SA)
Private Bag X106
Bryanston, 2021
Tel: (011) 706-8928 Fax: (011) 706-6312
Website: www.aquilagrowth.com
E-mail: kdupreez@aquilagrowth.com
* Non-executive
+ British
Date: 30/05/2002 05:50:00 PM Produced by the SENS Department
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