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Mathomo Group Limited: Interim Report for the Six Months Ended 31 March 2002
Mathomo Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004783/06)
JSE share code: MTO ISIN: ZAE000010542
("Mathomo" or "the Company")
Interim Report for the Six Months Ended 31 March 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six Six Year
months to months to ended
31 March 31 March 30 Sept.
2002 2001 % 2001
R000`s R000`s Change R000`s
Revenue 87 527 107 950 (19) 264 357
Continuing operations 87 527 107 950 172 970
Discontinued operations - - 91 387
Operating income/(loss)
before finance costs 2 775 2 126 31 (14 188)
Continuing operations 2 775 2 126 6 323
Discontinued operations - - (20 511)
Net finance costs (6 039) (5 765) 5 (13 128)
Continuing operations (6 039) (5 765) (9 972)
Discontinued operations - - (3 156)
Net loss before exceptional items (3 264) (3 639) (10) (27 316)
Continuing operations (3 264) (3 639) (3 649)
Discontinued operations - - (23 667)
Exceptional items (3 950) - (23 506)
Net loss before taxation (7 214) (3 639) 98 (50 822)
Taxation 262 (41) (1 220)
Net loss for the period (6 952) (3 680) 89 (52 042)
Reconciliation of net loss for
the period to headline deficit:
Net loss for the period (6 952) (3 680) (52 042)
Add back exceptional items 3 950 - 23 506
Headline deficit (3 002) (3 680) (28 536)
Number of shares in issue 72 583 406 72 583 406 72 583
406
Headline deficit per share (cents) (4,1) (5,1) (39,3)
Deficit per share (cents) (9,6) (5,1) (71,7)
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
31 March 31 March 30 Sept.
2002 2001 2001
R000`s R000`s R000`s
Cash (utilised in)/generated from
operating activities before
finance costs (4 786)* 7 503 4 509
Finance costs paid (6 039) (5 765) (13 128)
Cash (applied to)/generated from
investing activities (1 261) 2 818 (7 424)
Cash applied to financing activities (3 709) (4 398) (6 495)
Net cash (outflow)/inflow (15 795) 158 (22 538)
*Included are exceptional items of R3 950 000
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 March 31 March 30 Sept.
2002 2001 2001
R000`s R000`s R000`s
Assets
Non-current assets 25 585 26 588 25 120
Property, plant and equipment 17 089 18 520 16 785
Investments 8 496 8 068 8 335
Current assets 94 966 132 887 67 192
Inventories 41 841 51 143 31 604
Accounts receivable 35 571 63 974 35 588
Net proceeds receivable from
Rights offer 17 554
Duchini receivable - 17 770 -
Total Assets 120 551 159 475 92 312
Equity and Liabilities
Capital and reserves 3 594 38 929 (7 008)
Ordinary share capital 472 73 73
Share premium 123 156 106 001 106 001
Non distributable reserves 2 425 - 2 425
Accumulated Loss (122 459) (67 145) (115 507)
Non-current interest bearing
liabilities 5 779 10 076 6 111
Current liabilities 111 178 110 470 93 209
Short-term loans 313 4 202 3 690
Accounts payable 33 491 36 959 27 940
Bank overdrafts 77 374 69 309 61 579
Total Equity and Liabilities 120 551 159 475 92 312
Net asset value/(deficit)
per share (cents) 5,0 53,6 (9,7)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
31 March 31 March 30
September
2002 2001 2001
R000`s R000`s R000`s
Balance at the beginning of the year (7 008) 42 609 42 609
Net loss for the period (6 952) (3 680) (52 042)
Revaluation of land and buildings - - 2 425
Net proceeds receivable from the
rights offer 17 554
Balance at end of the period 3 594 38 929 (7 008)
Accounting Policies
The accounting policies of the group conform with Statements of South
African Generally Accepted Accounting Practice and is consistent with those
applied in the previous year.
1. Effects of the Rights Offer
These interim financial results have been presented on the basis that the
rights offer was completed by 31 March 2002, and therefore the rights offer
proceeds net of all related costs have been recognised in this reporting
period. The rights offer costs have been written-off against the share
premium account.
Had the number of shares in issue been adjusted for the rights offer
shares and the subsequent 10-for-1 share consolidation, the deficit
(including headline deficit) and net asset value per share would be as
follows:
Number of shares in issue before the rights offer 72 583 406
Rights offer shares 399 208 733
Number of shares in issue after the rights offer 471 792 139
Number of shares in issue after the 10-for-1 consolidation 47 179 214
Pro forma
after the
rights offer
Deficit per share 14,7 cents
Headline deficit per share 6,4 cents
Net asset value per share 7,6 cents
The rights offer was completed on 18 April 2002. The record date for the
10 for 1 share consolidation was 3 May 2002.
2. Debt Reduction Programme
As communicated previously, the directors were of the opinion that
Mathomo needed to reduce its debt exposure. Progress on the Debt Reduction
Plan as set out in the Annual Report dated, 8 February 2002, is as follows:
* The Rights Offer to raise new capital has been successfully concluded. Net
proceeds of R17 554 000 were received on 18 April 2002;
* The winding up of BRM Marketing (in liquidation) ("BRM"), the collection
of its debtors` book and the sale of its assets have proceeded as per
expectation;
* The commercial property previously used by BRM has been sold subsequent to
the end of the period under review; and
* Mathomo and its funders have agreed in principle to convert R30 million of
debt on overdraft into one or more instruments to be issued by Mathomo or
one or more of its subsidiaries in order to effectively change the terms of
such debt into a medium-term indebtedness to the funders on more favourable
interest terms.
3. Trading
3.1 Alsafe Protectowear
Alsafe has had a successful six months of trading with revenue up 25%.
Alsafe has historically performed better in the second half of the financial
year.
Significant progress has been made in tightening the operational
procedures and sourcing and distribution model of Select PPE which supplies
personal protective equipment on an outsourced basis to mines.
3.2 M-Stores
M-Stores performed well and is expected to meet its internal trading
forecasts for the balance of the financial year.
4. Outlook
The restructuring of the group`s debt along with the refocusing of
management energy and resources on the trading of the business should
produce positive results in the next six months.
By order of the board
Johannesburg
27 June 2002
Date: 27/06/2002 04:41:17 PM Produced by the SENS Department
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