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TRADEK HOLDINGS LIMITED - Audited results for the year ended 31 March 2002
(Registration number 1964/001296/06)
JSE share code: TDK ISIN: ZAE000018891
("Tradek" or "the company")
Audited results for the year ended 31 March 2002
Highlights
* Revenue up 12% to R31,8 million
* Increased client funds under administration to R3,5 billion
* Cost base significantly reduced
Consolidated income statement
31 March 31 March
2002 2001 %
R`000 R`000 Change
Revenue 31 801 28 322 12
Operating loss before depreciation,
goodwill amortisation, abnormal
items and finance costs (1 134) (4 801) 76
Depreciation (1 617) (1 273)
Goodwill amortised (1 209) -
Abnormal items* (2 950) -
Finance costs (738) (1 754)
Operating loss before investment income (7 648) (7 828) 2
Investment income 2 089 1 588
Loss before taxation (5 559) (6 240)
Taxation - 1 266
Loss after taxation (5 559) (4 974) (12)
Ordinary shares in issue (`000)
End of period 184 773 184 773
Weighted average 184 773 132 806
Normal loss per share (cents) (3,01) (3,75)
Headline loss per share (cents) (2,35) (3,75)
Calculation of headline loss
(R`000)
Loss after taxation (5 559) (4 974) (12)
Adjusted for:
Goodwill 1 209 -
Headline loss after taxation (4 350) (4 974) 13
Supplementary information
31 March 31 March
2002 2001
Net asset value per share (cents) 13,11 16,12
Capital expenditure -
additions (R`000) 1 520 1 511
*Abnormal items (R`000) 2 950 -
Staff restructuring expenses 2 012 -
Corporate transaction
expenses incurred 938 -
Consolidated balance sheet
31 March 31 March
2002 2001
R`000 R`000
Assets
Non-current assets 6 195 6 500
Fixed assets 1 824 2 006
Investments 1 698 2 019
Goodwill 209 -
Share Trust loan 793 804
Deferred taxation 1 671 1 671
Current assets 261 544 125 683
Amounts receivable relating to
stockbroking activities 232 796 114 050
Taxation - 53
Other receivables 3 077 1 170
Cash and cash equivalents 25 671 10 410
Total assets 267 739 132 183
Equity and liabilities
Equity and reserves 24 217 29 776
Long-term liabilities - -
Current liabilities 243 522 102 407
Amounts payable relating to
stockbroking activities 227 214 99 222
Other payables 6 904 1 726
Bank overdraft 9 404 1 459
Total equity and liabilities 267 739 132 183
Abridged consolidated cash flow statement
31 March 31 March
2002 2001
R`000 R`000
Cash flow from operating activities 9 098 (12 772)
Cash flow from investing activities (1 782) (1 796)
Cash flow from financing activities - 17 224
Net increase in cash and
cash equivalents 7 316 2 656
Cash and cash equivalents at
beginning of the year 8 951 6 295
Cash and cash equivalents at
end of the year 16 267 8 951
Cash and cash equivalents 25 671 10 410
Bank overdraft (9 404) (1 459)
Represented on the balance sheet as: 16 267 8 951
Consolidated statement of changes in shareholders` equity
Share Share Retained
R`000 capital premium income Total
Balance at 1 April 2000 1 155 4 863 12 163 18 181
Issue of shares 693 16 630 - 17 323
Goodwill written-off - (754) - (754)
Net loss for the year - - (4 974) (4 974)
Balance at 1 April 2001 1 848 20 739 7 189 29 776
Net loss for the year - - (5 559) (5 559)
Balance at 31 March 2002 1 848 20 739 1 630 24 217
Operating review
Tradek has reported a headline earnings loss of R4,35 million for the
year to end March 2002.
Trading conditions were mixed, with adequate market turnover in some
months offset by a quiet trading period in October 2001 after the events of
September 11, and the concentration of public holidays in March 2002.
The operating loss before depreciation, goodwill amortisation, abnormal
items and finance costs was R1,1 million, which is significantly better than
the R4,8 million operating loss in the preceding year.
Abnormal expenses include R0,9 million incurred on the failed deal to
merge with PSG Investment Services, and R2 million in other restructuring
and retrenchment costs. Goodwill written-down includes R1 million paid to
the vendors of EW Balderson as the final tranche of that acquisition.
Investment income of R2 million derives primarily from interest earned on
company cash reserves. The company remains in a stable position with a net
asset value of R24,2 million.
On a positive note, revenue has risen 12% from R28,3 million to R31,8
million. Service levels have improved, and our product offering now includes
trading, portfolio management, money market accounts, offshore investments
and banking products. Client funds under administration have risen from
around R2 billion to R3,5 billion.
During the reporting period the workforce was significantly reduced,
principally as a result of the onset of STRATE. This reduction cost Tradek
R2 million, but has helped to reduce the overall cost base of the business
from R3,1 million to R2,6 million per month.
Finally, we have launched a new more informative monthly account
statement format, a new website and completed the consolidation of the
Tradek corporate identity. This has successfully established the company as
a stable, reliable, meaningful player in this industry and helps in the
acquisition and retention of our client base.
The accounting policies of the group are consistent with those applied in
the most recent annual financial statements and with South African
Statements of General Accepted Accounting Practice.
Prospects
Tradek remains open to growth and industry consolidation opportunities,
but will remain cautious and not commit funds needlessly to speculative
projects. We expect improved results going forward, principally as a result
of our lower cost base.
Paul Theron
Chief Executive Officer
12 June 2002
Directors:
John Balderson, Kevin Davie*, John Martindale*, Marius Meyer*,
Leonard Bruhns*, Paul Theron (CEO)
*Non-executive
www.tradek.com
5th Floor, Stock Exchange Building,
17 Diagonal Street, Johannesburg
Telephone: (011) 370-1900
Date: 11/06/2002 05:15:00 PM Produced by the SENS Department
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