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STRATCORP LIMITED - FINAL REPORT
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code ZAE 000 034 294
FINAL REPORT
Group audited results for the year ended 28 February 2002 were as follows:
Abridged Income Statements Twelve months ended Twelve months ended
28 February 2002 28 February 2001
(audited) (audited)
R`000 R`000
Income 8,410 2,934
Operating profit/(loss) before
interest -568 -1,037
Net interest paid 149 2
Operating profit/(loss)
before taxation -717 -1,039
Taxation 0 0
Net profit/(loss) after
taxation -717 -1,039
Minority Interest -5 0
Net profit/(loss) after
minority Interest -722 -1,039
Accumulated loss brought
forward -1,039 0
Accumulated loss carried
forward -1,761 -1,039
Number of ordinary shares
in issue (`000) 17,330 7,829
Weighted average number of
ordinary shares in issue (`000) 12,909 2,657
Profit/(Loss) per ordinary
share (cents)* -4.17 -13.27
Profit/(Loss) per ordinary
share (cents) (Weighted
average)* -5.59 -39.10
Headline profit/(loss)/earnings
per ordinary share (cents)* -5.59 -39.10
Dividends per ordinary share
(cents)* - -
* Only the ordinary shares
share in profits until 28
February 2003. Only from
there on the preference
shares start sharing in profits.
Reconciliation of Headline
Earnings
Net loss -722 -1039
Exceptional items 0 0
Headline profit/(loss) /
earnings -722 -1039
Abridged Balance Sheet Twelve months ended Twelve months ended
28 February 2002 28 February 2001
(audited) (audited)
R`000 R`000
Investments/fixed assets 5,989 1,776
Current assets 3,335 2,986
Employment of capital 9,324 4,762
Shareholders` funds 5,774 2,205
Non-current liabilities 2,218 186
Current liabilities 1,332 2,371
Capital employed 9,324 4,762
Number of ordinary shares in
issue 17,330 7,829
Number of preference shares
in issue 51,000 51,000
Total number of shares in
issue 68,330 58,829
Net asset value per ordinary
share 42.9 28.2
Net asset value per total
number of shares in issue 8.5 3.7
Abridged Statement of Changes in Equity
Twelve months ended Twelve months ended
28 February 2002 28 February 2001
(audited) (audited)
R`000 R`000
Balance at beginning of period 2,205 0
Share capital issued 4,291 3,244
Net profit/(loss) for the
period -722 -1,039
Balance at end of period 5,774 2,205
Abridged Cash Flow Statement Twelve months ended Twelve months ended
28 February 2002 28 February 2001
(audited) (audited)
R`000 R`000
Cash flow from operating
activities -1,914 (1,437)
Net interest received -95 10
Cash flow from investing
activities -9 (1,776)
Cash flow from financing
activities 2,026 3,430
Net (decrease)/increase in
cash and cash equivalents 8 227
Cash and cash equivalents
at beginning
of the period 227 0
Cash and cash equivalents
at end of the period 235 227
The board made a decision to make a provision for a possible doubtful debt
in its subsidiary StratEquity (Pty) Ltd to the value of R 2 702 891.
Although there is still a possibility that this amount can be recovered, the
recovery, if any, will be reflected in the group`s next financial reporting
period. The result of this was that where the group achieved a pre tax
profit of R 1 980 769 out of normal operations, a headline loss of R 722 122
is now shown. The pre tax profit should be viewed against the forecasted pre
tax profit of R 1 776 000 as published in the pre lisiting statement in
December 2001. Despite the write-off, the resultant net loss still
represents an improvement of approximately 29% on the results for the same
period during the previous financial year.
The board further wish to report that where the outstanding debtors at year
end reflected a figure of R 3 095 478 on the group`s consolidated balance
sheet, this figure is now being reduced to approximately R 1 264 245.
Prospects
The company`s wholly owned subsidiary, StratFund Portfolio Managers (Pty)
Ltd is now operational and the opinion of the board is that this subsidiary
will contribute substantially to the earnings of the group for the full
financial year ending 28 February 2003.
StratEquity (Pty) Ltd, the largest contributor to the group`s earnings to
date, is becoming more and more known by capital seekers and investors in
the market.
Although market sentiment towards share investments in developing companies
on a whole is still negative to neutral, and where the board previously
anticipated that this sentiment would have changed at the end of the first
quarter of 2002, it is now believed that this sentiment can continue till
the end of September 2002.
Notwithstanding these facts, StratEquity should contribute positively
towards the group`s total earnings for the full financial year.
Accounting policies
The financial statements have been prepared in accordance with Generally
accepted Accounting Practice and are based on approved accounting policies
which have
been consistanly applied, save for the accounting policy related to the
recognition of sales, and which are supported by prudent judgements and
estimates.
The unqualified audit report issued by Basson and Partners Chartered
Accountants (SA) is available for inspection at the company`s registered
offices.
On behalf of the board
D B Harington
CEO
31 May 2002
Registered Offices Transfer Secretaries
Suite 1001 Computershare Investor Services Ltd
267 West Avenue 11 Diagonal Straat
Centurion Johannesburg, 2001
Pretoria
Directors : P J de Jongh (Non Executive Chairman); D B Harington (CEO); J
A Beukman; P de W Louw
Company Secretary: TA Tromp
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