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Billboard - Annual results for year ended 28 February 2002
Billboard Holdings Limited
(Registration number 1997/010984/06)
(Incorporated in the Republic of South Africa)
Share code BLL ISIN ZAE000019089
("Billboard" or "the company")
Qualified audited results for the year ended 28 February 2002*
ABRIDGED GROUP BALANCE SHEET
February February
R`000 2002 2001
ASSETS
Non-current assets
Property, plant and equipment - 37,698
Current assets 1,056 13,943
Inventories and work in progress - 109
Accounts receivable and prepayments - 12,395
Cash and cash equivalents 1,056 1,439
Total assets 1,056 51,641
EQUITY AND LIABILITIES
Capital and reserves
Shareholders equity 1,056 28,997
Non-current liabilities
Interest-bearing borrowings - 3,800
Current liabilities - 18,844
Trade and other payables - 9,367
Current portion of borrowings - 2,026
Bank overdraft - 2,846
Current taxation liabilities - 1,268
Receipts in advance - 3,337
Total equity and liabilities 1,056 51,641
ABRIDGED GROUP INCOME STATEMENT
February February
R`000 2002 2001
Revenue - 129,998
- continuing operations - 113,602
- discontinued operations - 16,396
Operating profit - 3,684
- continuing operations - 9,198
- discontinued operations - (5,514)
Net finance costs 56 (2,277)
Exceptional items (Refer below) (24,397) (3,593)
Loss before taxation (24,341) (2,186)
Taxation - (4,386)
Net (loss)/profit for the year (24,341) 2,200
Weighted average number of shares in 457,596 457,596
issue (`000)
Headline earnings per share (cents) 0.0 1.3
(Loss)/earnings per share (cents) (5.3) 0.5
Exceptional Items
Loss on disposal of the Exhibition
Division and
Prime Events (Proprietary) Limited (25,457) -
Profit on disposal of Billboard 1,060 -
Marketing Services (Proprietary)
Limited
Profit on sale of businesses - 7,263
Loss on sale of businesses - (9,075)
Restructuring costs - (1,781)
(24,397) (3,593)
Reconciliation of Headline Earnings
Net (loss)/profit for the year (24,341) 2,200
Exceptional items (refer above) 24,397 3,593
Headline earnings 56 5,793
ABRIDGED GROUP CASHFLOW STATEMENT
February February
R`000 2002 2001
Cash flows from operating activities
Net cash generated from operating 56 13,371
activities
Cash flows from investing activities
Net cash generated from investing 6,007 4,601
activities
Cash flows from financing activities
Cash (tilized in)/generated from (3,600) 347
financing activities
Net increase in cash and cash 2,463 18,319
equivalents
Cash and cash equivalents at beginning (1,407) (19,726)
of year
Cash and cash equivalents at end of 1,056 (1,407)
year
ABRIDGED STATEMENT OF CHANGES IN EQUITY
February
R`000 2002
Balance at 1 March 2001 28,997
Distribution against share premium (3,600)
Loss for the year (24,341)
Balance as at 28 February 2002 1,056
Notes
* The annual financial statements have been qualified as the sales of the
various businesses have been reflected as effective at 1 March 2001. This
is not in terms of South African Statements of Generally Accepted
Accounting Practice as the effective date of sale is the date on which
control of the net assets and operations passes from the seller to the
purchaser. This has no effect on the loss for the year of R 24 341 000.
The qualified audit report prepared by PricewaterhouseCoopers Inc. will
be available for inspection at the registered address of Billboard.
Commentary
Shareholders are referred to the circular dated 7 September 2001, which
set out details of the disposal of the assets (excluding certain cash
resources) and liabilities of Billboard and the transfer of its listing
to the "Cash Companies" sector of the JSE Securities Exchange SA ("JSE").
Billboard`s sole remaining asset is cash.
The board of directors of Billboard believes that it would be in the best
interests of shareholders to distribute the remaining cash in Billboard
by means of a final liquidation distribution and to voluntarily wind up
Billboard and delist it from the JSE .
A circular has been prepared and will be posted to shareholders shortly
setting out further details of the proposed distribution and winding up
and convening a general meeting at which shareholders can vote on the
proposals.
Save for the matter set out in the Notes above, these financial
statements have been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice.
On behalf of the board
M J Perrie R H Burke
(Non-executive Chairman) (Chief Executive Officer)
Johannesburg
6 June 2002
Directors:
M J Perrie (Non-executive Chairman), R H Burke (Chief Executive Officer),
D S Burger (Chief Financial Officer), A A Coulson (Non-executive)
Registered address:
181 Bekker Road, Midrand, 1685
Transfer secretaries:
Computershare Investor Services Limited, 4th Floor Edura House, 41 Fox
Street,
Johannesburg, 2001
Date: 07/06/2002 11:51:09 AM Produced by the SENS Department
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