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Real People Finance Limited - Audited Results for the Financial year ended
31 March 2002
REAL PEOPLE FINANCE LIMITED
Incorporated in the Republic of South Africa Registration number
1997/020159/06
Share code RPF ISIN code ZAE000030821
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002
COMMENTS
Nature of Business
Real People Finance Limited provides a full spectrum of innovative and
technologically-advanced financial services to sectors of the community not
currently serviced by the traditional banks.
Results
The results have been prepared in accordance with the South Africa
statements of Generally Accepted Accounting Practice. There have been no
changes in the accounting policies of the group.
Real People Finance, although on track to meet expected results during the
first part of the year, faced considerable challenges during the latter part
of the period under review. The turmoil in the micro lending industry,
caused in part by inexperienced new players entering the market, made
operating within this environment particularly difficult.
Results for the year ended 31 March 2002 reflect a headline loss of R1,2
million (-R4,6 million - 2001), headline earnings per share of -0,4 cents (-
4,15 cents - 2001) and an overall loss of R18,9 million after taxation (-
R15,2 million - 2001). The loss is attributable to difficult market
conditions, which made it necessary to increase provisions for bad and
doubtful advances by R40 million. However, revenue improved substantially
before taking the above provision into account. Management also continued to
rationalise and reduce overheads as reflected in the financial statements.
Real People Finance is continuously refining its collections methodologies
to reduce bad debt levels. An expected upswing in markets is likely to
improve the company`s results for the next financial year.
Delisting
Application has been made to the JSE Securities Exchange South Africa to
delist Real People Finance from the Venture Capital Market, with effect from
the commencement of business on Tuesday, 06 August 2002, subject to
shareholders` approval. A circular, outlining the details of the proposed
delisting, was posted to all shareholders on 26 June 2002.
The Board of Real People Finance believes that the delisting is in the best
interest of the company, as a result of, amongst other things, the
instability within the micro lending industry, which is likely to have a
significant negative impact on the share price for companies operating
within this sector.
Shareholders` Meeting
A general meeting for Real People Finance shareholders, to vote on the
proposed delisting of Real People Finance, will be held at 10:00 on
Thursday, 11 July 2002, at Arcay House IV, Number 3 Anerley Road, Parktown,
Johannesburg.
By order of the Board
Sarel de Vos (Chairman)
Johan van Rooyen (Managing Director)
27 June 2002
Registered office
Number 3 Anerley Road, 2193 Parktown
Transfer secretary
Computershare Investor Services Limited, 2nd Floor Edura House 41 Fox
Street, Johannesburg, 2001
Auditors
De Wet`s Chartered Accountants
Directors
SJ de Vos (Chairman)* J van Rooyen (Managing Director) KDD de Villiers*
HC van Heerden* PC van Heerden MN Wilkins* ST Ferguson*
* Non-executive
GROUP INCOME STATEMENT for the financial year ended 31 March 2002
Audited Audited
12 months ended 15 months ended
31 March 2002 31 March 2001
R`000 R`000
Interest income 143 489 83 590
Interest expense (14 067) (6 500)
Net interest 129 422 77 090
Charge for bad and doubtful advances (107 905) (30 668)
21 517 46 422
Non interest income 33 696 14 670
Total net revenue 55 213 61 092
Goodwill amortisation (18 796) (4 380)
Operating costs (56 463) (78 675)
Net loss before taxation (20 046) (21 963)
Taxation 1 064 7 286
Net loss after taxation (18 982) (14 677)
Loss from Associated Company - (557)
Net loss attributable to ordinary
shareholders (18 982) (15 234)
Adjusted for:
- Provisions (543) 5 547
- Goodwill amortisation 18 796 4 397
- Impairment of assets (439) 689
Headline loss (1 168) (4 601)
Ordinary shares (`000)
- in issue 269 793 141 157*
- weighted number of shares in issue 266 385 111 793
Attributable loss per share (cents) (7,13) (13,65)
Headline loss per share (cents) (0,44) (4,15)
* Shares in issue stated after consolidation of 5:1
GROUP BALANCE SHEET as at 31 March 2002
Audited Audited
31 March 2002 31 March 2001
R`000 R`000
ASSETS
Property, plant and equipment 4 725 6 761
Goodwill 13 268 30 064
Deferred taxation 6 524 8 818
Inventories 9 118
Accounts receivable 12 421 888
Loans to related parties 69 623 -
Net advances 89 694 159 681
Advances 130 123 166 525
Provision for doubtful advances (40 429) (6 844)
Cash and cash equivalents 4 256 5 426
TOTAL ASSETS 200 520 211 756
EQUITY AND LIABILITIES
Shareholders` funds 24 699 42 549
Shareholders` loans 145 589 127 211
Interest bearing borrowings 1 384 2 140
Trade and other payables 7 692 13 017
Taxation 5 352 8 782
Bank overdraft 15 328 17 438
Current portion of interest
bearing borrowings 476 619
TOTAL EQUITY AND LIABILITIES 200 520 211 756
Net asset value per share (cents) 9,15 30,14
Net tangible asset value per share
(cents) 4,24 8,84
GROUP CASH FLOW STATEMENT for the financial year ended 31 March 2002
Audited Audited
12 months to 15 months to
31 March 2002 31 March 2001
R`000 R`000
Cash flows from operating activities 57 671 (15 967)
Cash flows from investing activities (4 007) (51 851)
Cash flows from financing activities (52 724) 56 116
Net change in cash and cash equivalents 940 (11 702)
Cash and cash equivalents at the
beginning of the period (12 012) (310)
Cash and cash equivalents at the end
of the period (11 072) (12 012)
GROUP STATEMENTS OF CHANGES IN EQUITY for the financial year ended 31 March
2002
Amounts
Share Share due to Accumulated
capital premium vendors loss Total
R`000 R`000 R`000 R`000 R`000
Balance as at
31 December 1999 24 19 887 - 3 177 23 088
Net loss for the
15 month period - - - (16 667) (16 667)
Issue of share capital 47 11 526 - - 11 573
Shares to be issued to
vendors - - 25 876 - 25 876
Share issue expenses
written off - (1 321) - - (1 321)
Balance as at
31 March 2001 71 30 092 25 876 (13 490) 42 549
Net loss for the year - - - (18 982) (18 982)
Issue of share capital 64 27 516 (25 876) - 1 704
Share issue expenses
written off - (572) - - (572)
Balance as at
31 March 2002 135 57 036 - (32 472) 24 699
Sponsor
Arcay Group Limited
Real Solutions for Real People
Date: 28/06/2002 11:10:35 AM Produced by the SENS Department
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