|
ZARARA ENERGY LIMITED - UNAUDITED INTERIM REPORT
ZARARA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/001078/06)
JSE share code: ZRR ISIN: ZAE000003277
("the company")
Unaudited interim report for the six months ended 31 March 2002
Issued: 27 430 900 ordinary shares of 5 cents each
Weighted average number of shares used in earnings calculations:
2001 - 26 122 254
Abridged consolidated income statement
Six months Six months Year
ended ended ended
31 Mar 2002 31 Mar 2001 30 Sep 2001
R`000 R`000 R`000
Revenue 65 876 11 119 29 959
Operating loss (12 594) (9 813) (120 258)
Amortisation of goodwill - (22) -
Loss before investment and
interest income (12 594) (9 835) (120 258)
Income from investment - - 1 130
Net interest received 1 213 4 986 6 477
Loss before taxation (11 381) (4 849) (112 651)
Taxation 1 742 28 485
Loss after taxation (13 123) (4 877) (113 136)
Outside shareholder`s interest (1 935) (9) 1 484
Net loss for the period (15 058) (4 886) (111 652)
Attributable loss per share (cents) (55) (2) (427)
Summarised cash flow
Cash (utilised)/generated in
operating activities (15 923) 77 744 49 338
Cash generated/(utilised) in
investing activities 19 760 (475) (19 915)
Cash inflow/(outflow) from
financing activities 7 499 (2 580) (13 291)
Net cash inflow 11 336 74 689 16 132
Abridged consolidated balance sheet
At At At
31 Mar 2002 31 Mar 2001 30 Sep 2001
R`000 R`000 R`000
Assets
Fixed assets 24 180 18 182 18 577
Goodwill and intangible assets 1 839 35 129 -
Investment and loans 21 289 96 597 24 440
Non-current assets 47 308 149 908 43 017
Current assets 118 851 101 608 89 909
Total assets 166 159 251 516 132 926
Equity and liabilities
Capital and reserves 104 830 226 682 107 828
Outside shareholders` interest 5 796 1 799 305
Non-current liabilities 12 110 6 674 3 508
Long-term liabilities 12 110 4 765 3 508
Deferred liabilities - 1 909 -
Current liabilities 43 423 16 361 21 285
Total equity and liabilities 166 159 251 516 132 926
Abridged statement of changes in equity
Share capital and premium
Opening balance 352 831 364 236 364 236
Ordinary shares issued - - (11 405)
352 831 364 236 352 831
Non-distributable reserves
Opening balance 2 868 3 446 3 446
Translation of foreign currency - 683 (578)
Acquisition of subsidiary 12 060 - -
14 928 4 129 2 868
Distributable reserves
Opening balance (247 871) (136 797) (136 797)
Transfer from non-
distributable reserve - - 578
Net loss (15 058) (4 886) (111 652)
(262 929) (141 683) (247 871)
Total equity 104 830 226 682 107 828
NOTES
RESTRUCTURE OF BOARD
At the Annual General Meeting of the company held in April 2002
shareholders voted against reelecting AS Binbrek, DC Shreve and DG Strauch.
Messrs HC Buitendag, LM Carroll and NE Moon were reelected by these
shareholders. At a subsequent board meeting Messrs WJDI Scott and RB Shead
were appointed to the board with Mr SS Yahya resigning as executive chairman
and Mr WJDI Scott being appointed as non-executive chairman of the board.
FUTURE STRATEGY AND FOCUS
The company is currently re-looking at its future strategy and future
focus with the view of creating shareholder wealth and group company growth.
Shareholders will in due course be given details of this future strategy.
OPERATIONS
Management has, over the reporting period, attended to outstanding issues
and assessing its current asset holdings. Provision and write-offs have been
made against assets where the directors, in their opinion, will not be
realised or create steady income to the group. Included in the operating
loss are the provisions and write-offs which total R10 472 000.
The Bioproducts company continued to trade profitably for the period
under review despite the volatility of the rand which affected both export
revenues and the price of the company`s raw materials. The project to
convert half the plant`s capacity to higher value amino acids such as
threonine, commenced during the course of the year and threonine production
is expected to come on stream during the first quarter of 2003.
The Bioproducts plant cost approximately R400 000 000 and the depreciated
replacement value is now R250 000 000. No value has been reflected for the
plant in the above figures even though the negative trend of losses pre-
acquisition has been reversed. The market for Lysine is extremely volatile
and it has been the intention of the company to reduce its exposure to this
volatility by converting the plant in part to the production of threonine
where it has a medium-term contract at a fixed minimum price. Once this has
been achieved, the valuation of the plant will be reviewed.
South Ridge Properties continued to trade profitably resulting in a
continuous contribution toward overhead expenditure.
The Harbour Group, after a concerted effort of securing new contracts and
re-evaluation of its position, is currently breaking even and it is
envisaged with the acquisition of further contracts of becoming profitable.
Capital commitments mainly in respect of Bioproducts amounts to R40 000
000.
By order of the Board
WJDI Scott LM Carroll
Chairman Operating Officer
27 June 2002
Date: 27/06/2002 05:10:06 PM Produced by the SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
