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Arcay Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/003944/06)
Share code: ARC ISIN code: ZAE000022406
Debenture code: ARCD ISIN code: ZAE000022398
("Arcay Group" or "the Group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2002
CONSOLIDATED BALANCE SHEET
as at 31 March
Audited Audited
31 Mar 31 Mar
02 01
R`000 R`000
ASSETS
Non-current assets 139 120 132 395
Property, plant and 68 251 68 599
equipment
Intangible assets 3 150 7 213
Listed and unlisted 25 589 10 518
investments
Deferred tax 2 513 2 878
Loans receivable and 39 617 43 187
prepayments
Current assets 51 209 108 338
Work in progress 3 014 2 338
Trade and other 43 444 29 036
receivables
Bank balances 4 751 76 964
Total assets 190 329 240 733
EQUITY AND LIABILITIES
Capital and reserves 87 368 126 057
Share capital 120 277 119 917
Share premium 2 774 2 805
Minority interest 38 432 36 184
Accumulated loss -74 115 -32 849
Non-current liabilities 40 650 46 409
Debentures 20 936 23 473
Long-term liabilities 19 170 22 076
Shareholders loans 544 860
Current liabilities 62 311 68 267
Accounts payable 1 543 2 950
Funds on deposit 42 976 49 792
Sundry creditors and 12 029 8 918
accruals
Taxation 1 060 1 314
Bank overdraft 4 703 5 293
Total equity and 190 329 240 733
liabilities
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March
Audited Audited
Year to Year to
31 Mar 02 31 Mar 01
R`000 R`000
TRADING
Interest received 10 886 5 887
Interest paid -4 178 -3 885
Net interest turn 6 708 2 002
Operating revenue 27 601 37 607
Operating costs -41 146 -25 725
Trading (loss)/profit before
finance costs and taxation -6 837 13 884
Finance costs -6 695 -4 673
Trading (loss)/profit
before taxation -13 532 9 211
Taxation -993 -1 163
Trading (loss)/profit
after taxation -14 525 8 046
NON-TRADING
Non-trading loss before
Taxation -18 738 -18 744
Revaluation of investments -8 723 -11 531
Discount on redemption
of debentures 846 0
Amortisation of goodwill
on acquisition of
subsidiaries -10 861 -7 213
Taxation -359 -359
Non-trading loss after
taxation -19 097 -19 103
ATTRIBUTABLE
Net loss after taxation -33 622 -11 057
Minorities share of profit -2 246 0
Attributable loss for
the year -35 870 -11 057
SUPPLEMENTARY INFORMATION (CENTS) `000
Number of shares in issue
at end of year 60 138 59 958
Basic weighted average
number of shares in issue 60 103 34 488
Loss per share (cents) -59.7 -32.1
Adjusted for:
Revaluation of investments 14.5 33.5
Profit on disposal of
fixed assets -0.1 -
Amortisation of goodwill
on acquisition of
subsidiaries 18.1 20.9
Taxation 0.6 1.0
Headline (loss)/earnings
per ordinary share -26.6 23.3
Dividends per ordinary share 0.0 9.0
Net asset value per share 145.3 210.2
Tangible net asset
value per share 135.9 193.4
Attributable tangible net
asset value per share 72.0 133.1
CONSOLIDATED CASH FLOW STATEMENT
Net cash flow from operating -30 233 -5
activities 585
Cash flows from investing -33 854 5 699
activities
Cash flows from financing -7 536 70
activities 610
(Decrease)/increase in cash and cash -71 623 70
equivalents 724
Cash and cash equivalents at the beginning of 71 671 947
the year
Cash and cash equivalents at the end of the 48 71
year 671
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at the beginning of the 126 45
year 057 483
Attributable loss -35 -11
870 057
Minority shareholders` 2 36
interest 248 184
Shares issued 55
300 301
Debentures converted
29 146
Dividends distributed -5 -
396
Balance at the end of the 87 126
year 368 057
The financial information has been prepared in accordance with the South
African Statements of Generally Accepted Accounting Practice. The
accounting policies applied in the preparation of the financial information
are consistent with those adopted in the previous financial year.
COMMENTARY
Arcay Group Limited today announced its annual results for the year ended 31
March 2002.
NATURE OF BUSINESS
Arcay Group provides a comprehensive range of financial services to owner-
driven businesses and entrepreneurs in South Africa. The Group delivers
these services through six closely co-ordinated but independently managed
businesses: Arcay Merchant, Arcay Investments, Arcay Systems, Arcay Private
Financial Services, Arcay Client Support and through its 25% shareholding in
its affiliate, Arcay Financial Communications (Pty) Limited.
RESULTS
In a difficult year for the financial services industry, Arcay Group
reported a trading loss of R14.5 million (2001: R8.0 million profit) and a
non-trading loss of R19.1 million (2001: R19.1 million loss). The Group
reported a headline loss per share of 27.9 cents (2001: 23.3 cents profit
per share).
The lower levels of corporate finance activity experienced by the financial
services industry as a whole, impacted on the Group, mainly by way of
delayed transactions. Arcay Group`s `risk-sharing` philosophy, which results
in the major part of revenues accruing only on completion of corporate
finance transactions, meant that these delays had a disproportionately large
negative effect on current period revenues and profits.
The Group`s losses were further affected by a larger than normal level of
unusual expenses. In the year under review Arcay Group chose to entrench
itself more strongly in its markets, by investing heavily in systems
development, increasing investment in client-partners and private financial
services joint-ventures and strengthening its executive team.
Considerable legal and other expenses relating to the dispute with the Arcay
debentureholders and the finalisation of the Southern Bank of Africa
Investment Holdings Limited (now known as Arcay Finance Holdings Limited)
transaction, added to the aforementioned unusual expenses.
NEW BUSINESS INITIATIVES
During the year under review, Arcay Group was appointed a Sponsor in terms
of the JSE Securities Exchange South Africa`s (JSE`s) Listings Requirements.
In addition, the Group launched the Arcay Partnership Programme, through
which it will build a strong network of associates, affiliates, agents and
approved suppliers, and thereby extend its geographic footprint.
Arcay Group has also entered into negotiations to merge its interests with
those of its long-standing client-partner, Real People Group (Pty) Limited
(RPG). RPG is the major shareholder in Real People Finance Limited, a micro
lending company currently listed on the Venture Capital sector of the JSE.
PROSPECTS
Arcay Group is confident that its decision to continue investing in its
people and systems, positions the Group well for growth in the years ahead.
Closure of previously delayed corporate finance deals and the increasing
demand for the Arcay Group`s services are expected to position the Group
more strongly in the year ahead.
DIVIDEND
No dividend will be paid in respect of the year ended 31 March 2002.
By order of the Board
Rolf Frolich
Acting Chairman
Kevin de Villiers
Chief Executive Officer
20 June 2002
Registered office
Arcay House II
Number 3 Anerley Road
Parktown
2193 Johannesburg
PO Box 62397
2107 Marshalltown
Transfer secretaries
Computershare Investor Services Limited
2nd Floor Edura House
41 Fox Street
2001 Johannesburg
Directors
RC Frolich* Acting Chairman, KDD de Villiers Chief Executive Officer, TB
Davies, RA de Villiers, ST Ferguson*, MR Gahagan, D Kalkwarf, R Leonard*, MH
Prangley*, WJ Snyman, N Stokes, HC van Heerden*, FC Botha* (alternate), G
Leonard* (alternate)
* Non-executive director
Date: 19/06/2002 12:37:00 PM Produced by the SENS Department
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