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IMR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/017351/06)
JSE Share code: IMR ISIN: ZAE000027470
("IMR" or "the Company")
Final results for the year ended 28 February 2002
Income statements
for the year ended 28 February 2002
GROUP COMPANY
Year ended Year ended Year ended Year ended
28 Feb 2002 28 Feb 2001 28 Feb 2002 28 Feb
2001
Notes R`000 R`000 R`000 R`000
Revenue 9 1 577 81 540 5 40 815
Dividends
received 437 3 124 - 39 426
Net interest received 1 125 3 204 5 -
Other income 15 75 212 - 1 390
Operating expenses 10 (2 913) (90 315) (5 038) (19 979)
(Loss)/profit from
normal operations (1 336) (8 775) (5 033) 20 836
From continuing operations (1 336) (10 233) (5 033) 20 836
From discontinued
operations - 1 458 - -
Exceptional items 11 - 9 786 - (7 507)
(Loss)/profit
from operations (1 336) 1 011 (5 033) 13 329
Net interest paid - - - (1 418)
Share of loss of
associate company 12 - (68) - -
(Loss)/profit
before taxation (1 336) 943 (5 033) 11 911
Taxation 13 (802) (4 724) (397) 125
Net (loss)/profit
for the year before
minority interest (2 138) (3 781) (5 430) 12 036
Minority interest - (232) - -
Net (loss)/profit
for the year (2 138) (4 013) (5 430) 12 036
Reconciliation of
headline loss
Net loss for the year (2 138) (4 013)
Exceptional items 11 - (9 786)
Headline loss (2 138) (13 799)
Loss per share (cents) 15 6.7 9.5
Headline loss
per share (cents) 15 6.4 32.7
NAV per share (cents) 33.3 49.0
Balance sheets
as at 28 February 2002
GROUP COMPANY
Year ended Year ended Year ended Year ended
28 Feb 2002 28 Feb 2001 28 Feb 2002 28 Feb
2001
Notes R`000 R`000 R`000 R`000
Assets
Non-current assets - 191 - -
Deferred taxation 2 - 191 - -
Current assets 21 202 53 223 46 533 61 392
Investments 3 12 562 19 218 3 188 4 488
Loans receivable 4 1 452 8 892 43 052 56 523
Current receivables 1 752 2 284 156 381
Short-term deposits
and cash 5 436 22 829 137 -
21 202 53 414 46 533 61 392
Equity and liabilities
Capital and reserves 10 311 15 955 (3 124) 3 535
Ordinary share capital 6 3 100 3 258 3 445 3 644
Ordinary share premium - 1 944 23 059 24 090
Non-distributable reserves 7 165 12 375 - 4 500
Distributable reserves 46 (1 622) (29 628) (28 699)
Current liabilities 10 891 37 459 49 657 57 857
Loans payable 5 3 594 15 743 49 553 54 314
Liabilities owing to
vendors of businesses 7 - 3 028 - 3 028
Current payables 8 7 297 18 688 104 69
Bank overdraft - - - 446
21 202 53 414 46 533 61 392
Statement of changes in equity
for the year ended 28 February 2002
GROUP COMPANY
Year ended Year ended Year ended Year ended
28 Feb 2002 28 Feb 2001 28 Feb 2002 28 Feb
2001
R`000 R`000 R`000 R`000
Total shareholders` funds
Balance at beginning
of the year as restated 15 955 126 904 3 536 83 982
Share capital 3 258 4 372 3 644 4 427
Share premium 1 944 53 975 24 090 61 345
Distributable reserves
as stated (1 622) 44 056 (28 699) 1 140
Opening balance (1 622) 36 459 (28 699) -
Correction of
prior year errors - 7 597 - -
Non-distributable reserves
as restated 12 375 24 501 4 501 17 070
Opening balance 12 375 27 230 4 501 -
Correction of
prior year errors - (2 729) - -
Changes in share capital (158) (1 114) (199) (783)
Shares issued - 428 - 428
Cancellation of shares
held by the Spirit Group - (1 000) - (1 000)
Treasury stock set-off - (331) - -
Cancellation of
issued share capital (158) (211) (199) (211)
Changes in share premium (1 944) (52 031) (1 031) (37 255)
Shares issued - 11 890 - 11 890
Write back of goodwill - 7 715 - 7 715
Share issue expenses
written off - (77) - (77)
Treasury stock set-off - (14 776) - -
Write off of goodwill
and trademark - (1 141) - (1 141)
Cancellation of shares
held by the Spirit Group - 1 000 - 1 000
Capital reduction
- unbundling of Appleton Limited
(formerly U-Trade Limited)
Shares - (53 767) - (53 767)
Cancellation of issued
share capital (1 944) (2 875) (1 031) (2 875)
Changes in reserves
Distributable reserves (1 668) (45 678) (929) (29 839)
(Loss)/profit for the year (2 138) (4 013) (5 430) 12 036
Transfer from
non-distributable reserves 3 806 5 279 4 501 5 069
Ordinary dividends - (1 711) - (1 711)
Dividend in specie
- unbundling of Appleton Limited
(formerly U-Trade Limited)
shares - (45 233) - (45 233)
Non-distributable reserves (5 210) (12 126) (4 501) (12 570)
Profit arising from foreign
exchange fluctuations 23 654 - -
Deferred tax asset arising
on acquisition of
business trademark - (7 501) - (7 501)
Transfer to distributable
reserves (3 806) (5 279) (4 501) (5 069)
Treasury stock set off (1 427) - - -
Balance at end of the year 10 311 15 955 (5 124) 3 535
Share capital 3 100 3 258 3 445 3 644
Share premium - 1 944 23 059 24 090
Distributable reserves 646 (1 622) (29 628) (28 699)
Non-distributable reserves 7 165 12 375 - 4 500
Cash flow statements
for the year ended 28 February 2002
GROUP COMPANY
Year ended Year ended Year ended Year ended
28 Feb 2002 28 Feb 2001 28 Feb 2002 28 Feb
2001
Notes R`000 R`000 R`000 R`000
Cash flows from
operating activities (19 542) 10 320 583 (519)
Cash received 1 784 50 742 980 20 733
Cash flows from
operations 18.1 - 41 248 975 20 515
Dividend receipts 437 - - -
Interest receipts 1 347 9 494 5 218
Cash paid (21 326) (40 422) (397) (21 252)
Cash flows from
operations 18.1 (13 107) -
Interest payments (222) (6 148) - (2)
Taxation paid 18.5 (7 997) (15 334) (397) (2 090)
Dividends paid - (18 940) - (19 160)
Cash flows from
investing activities 5 679 (19 337) - -
Acquisition of
subsidiaries - - - -
Acquisition of
financial investments - (10 746) - -
Disposal of
financial investments 5 679 7 733 - -
Disposal of
business units 18.3 - (2 595) - -
Disposal of
subsidiaries 18.4 - (13 729) - -
Cash flows from
financing activities
Acquisition of
treasury shares (3 530) - - -
Cash and cash equivalents
Net (decrease)/increase (17 393) (9 017) 583 (519)
At beginning of the year 22 829 31 846 (446) 73
At end of year 18.2 5 436 22 829 137 (446)
Comments
Prospects and outlook
As disclosed in last year`s Annual Report the Board undertook to pursue a
strategy that would result in the maximum benefit, and extraction of value
for shareholders. To this end the Board is now aggressively pursuing a
number of investment opportunities that would add value and create wealth
for shareholders in the future.
The Board is of the belief that with the volatility and relative under
valuation of equity markets in South Africa, a number of exciting
opportunities exist. It is the company`s intention to pursue each
opportunity as they may arise. The Board has made a decision to appoint a
number of executives and/or utilise the skills and expertise of a number of
its directors to further extract value for shareholders in the future
through the identification of the most suitable investments for the company.
We therefore have a positive outlook on the performance of the company
going forward and at this time the Board intends to continue running the
business as a going concern.
The Board wishes to thank the directors, auditors and advisors for their
efforts.
No dividend has been declared
Review of operations
A poorly performing equity market, a significantly devalued rand and a
generally volatile environment resulted in operational losses. These losses
include foreign exchange revaluations from the settlement of foreign loans
between IMR Investments and Appleton Limited (formerly U-Trade), as well as
provisions for bad debts. As disclosed in last year`s Annual Report there
were a number of transactions and adjustments which were to take place
between IMR Investments and Appleton Limited which impacted on the income
statement of the group although they were not necessarily cash flow items.
Details of these adjustments are more fully disclosed in the notes to the
financial statements.
At year end the Group`s net asset value (NAV) comprised:
Portfolio of listed and unlisted investments with a fair value of R12,6
million
Cash resources of approximately R5,4 million
Other current assets of approximately R3,2 million
Current liabilities of R4,2 million
Taxation payable of R6,7 million
The resultant NAV of R10,3m translates to approximately 33c per share. As
a result of the above, the directors were of the view that a more
appropriate method of valuing IMR was on a net asset valuation and not on an
earnings basis.
Certain litigation is pending against IMR, which in the opinion of legal
counsel and the directors can be successfully defended. Other potential
claims are adequately covered by provisions and other counter claims.
Post Balance Sheet Events
Subsequent to year-end, a number of events have taken place which have
impacted on the operations and future strategic focus of the company.
1. The appointment of Jason Schmulian as Financial Director designate.
2. In May 2002, a formal offer to the board of directors of Labat Holdings
Limited was received from the Altech Group for the purchase of the operating
businesses of the company for a consideration of R180m. This translates to
approximately 90c per Labat share. IMR owns approximately 9.3m shares. The
successful conclusion of this transaction will have a material impact on the
NAV
of IMR.
3. In May 2002, Forza Group Limited issued a cautionary announcement, which
resulted in a movement in the share price to 18c per share. IMR owns
approximately 28.5m shares. Any movement in the Forza share price has a
material impact on the NAV of IMR.
The consolidated financial statements are prepared in accordance with, the
South African statements of Generally Accepted Accounting Practice.
S D Shane
Chief Executive Officer
Johannesburg
31 May 2002
Directors
W Rosenberg
S Shane (CEO)
A H Diem
S Campbell
Group secretary
G Hunter
Registered office
3rd Floor, 17 Diagonal Street, Johannesburg 2000
Transfer secretaries
Computershare Investor Services Limited
11 Diagonal Street, Johannesburg 2000
Date: 31/05/2002 03:25:00 PM Produced by the SENS Department
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