| Wed 4 Sep 2002, 0:00 | | Zenith Concessions Limited - Financial Report |
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Zenith Concessions Limited - Financial Report
Zenith Concessions Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009012/06)
JSE Share code: ZNT ISIN: ZAE000009064
("Zenith" or "the company")
AUDITED UNAUDITED
FINANCIAL STATEMENTS FOR INTERIM RESULTS FOR
THE 12 MONTHS ENDED THE 6 MONTHS ENDED
30 JUNE 2002 31 DECEMBER 2001
R R R R R
2002 2001 2000 2001 2000
SUMMARISED INCOME STATEMENT
Revenue and other incom 306 697 4 195 809 - -
Operating expenses (1 033 198) (750 217) (219 690) (434 591) (20 150)
Operating loss (726 501) (750 213) (23 881) (434 591) (20 150)
Finance costs (4 386) (3 563) (4 573) (3 153) (2 344)
Net loss before taxation (730 887) (753 776) (28 454) (437 744) (22 494)
Taxation - - - - -
Net loss for period (730 887) (753 776) (28 454) (437 744) (22 494)
Shares in issue (`000) 44 210 44 210 44 210 44 210 44 210
Loss/ Headline loss
per share (cents) (1,7) (1,7) (0,1) (1,0) (0,1)
SUMMARISED BALANCE SHEET
Assets
Non-current assets 94 382 2 869 3 825 2 391 3 825
Property, plant
and equipment 85 742 2 869 3 825 2 391 3 825
Loans receivable 8 640 - - - -
Current assets 33 016 8 502 8 502 8 502 11 474
Trade and other receivables 4 501 8 501 8 501 8 501 8 501
Recoverable deposit 1 1 1 1 1
Cash and cash equivalents 28 514 - - - 2 972
Total assets 127 398 11 371 12 327 10 893 15 299
Equity and liabilities
Capital and reserves (1 728 362) (997 475) (243 699)(1 435 219) (266 193)
Share capital
and premium 5 799 000 5 799 000 5 799 000 5 799 000 5 799 000
Accumulated loss (7 527 362)(6 796 475)(6 042 699)(7 234 219)(6 065 193)
Current liabilities 1 855 760 1 008 846 256 026 1 446 112 281 492
Trade and other payables 1 855 760 980 463 223 062 1 414 576 281 492
Bank overdraft - 28 383 32 964 31 536 -
Total equity
and liabilities 127 398 11 371 12 327 10 893 15 299
SUMMARISED CASH FLOW STATEMENT
Cash flow from
operating activities (774 478) (555 742) 23 696 (437 265) (59 064)
Cash generated/(absorbed)
by operating activities (770 092) (552 179) 28 269 (434 112) (56 720)
Finance costs (4 386) (3 563) (4 573) (3 153) (2 344)
Cash flow from
investing activities (85 239) - 100 - -
Additions to property,
plant and equipment (85 239) - - - -
Proceeds on disposal
of investment - - 100 - -
Cash flow from
financing activities 916 614 560 323 - 434 112 95 000
Non-interest bearing
borrowing raised 925 254 560 323 - 434 112 95 000
Non-interest bearing
loans advanced (8 640) - - - -
Net increase/(decrease)
in cash and
cash equivalents 56 897 4 581 23 796 (3 153) 35 936
Cash and cash equivalents
at beginning of period (28 383) (32 964) (56 760) (28 383) (32 964)
Cash and cash equivalents
at end of period 28 514 (28 383) (32 964) (31 536) 2 972
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital premium loss Total
R R R R
Balance at 1 July 2000 442 100 5 356 900 (6 042 699) (243 699)
Net loss for the year
ended 30 June 2001 (753 776) (753 776)
Net loss for the year
ended 30 June 2002 (730 887) (730 887)
Balance at 30 June 2002 442 100 5 356 900 (7 527 362) (1 728 362)
COMMENTARY
FINANCIAL RESULTS
The company`s loss from ordinary activities before and after taxation for the
year amounted to R730 887 (2001: Loss of R753 776).
ACCOUNTING POLICIES
The results for the years ended 30 June 2001 and 2002 have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice and are consistent with the accounting policies used in the previous
year.
REPORT BY INDEPENDENT AUDITORS
The financial statements for the year ended 30 June 2002 have been audited by
Fisher Hoffman PKF (Port Elizabeth). Although their report is unqualified they
draw attention to the ability of the company to continue as a going concern.
This is dependent on shareholders approving the Mafikeng Project and on the
continued support of its shareholders. Their report is available for inspection
at the company`s registered office.
DIVIDEND
As the company has no distributable reserves, it is not possible for any
dividends to be declared.
SHARE TRANSACTIONS TOTALLY ELECTRONIC ("STRATE")
Shareholders are advised that Monday, 14 October 2002 had been set by the JSE
Securities Exchange South Africa as the date scheduled for Zenith to be
officially transferred onto the new STRATE system of electronic settlement.
Shareholders are, accordingly, advised to dematerialise their shares and
surrender all share certificates to their Central Securities Depository
Participant or broker prior to
23 September 2002. Full details of and the provision for dematerialisation are
contained in a circular to be posted to shareholders today.
PROSPECTS
The reconstituted board of directors have entered into an acquisition
agreement that will ensure the continued viability of the company. Details of
this agreement were announced in the media on 25 September 2001. In addition,
the company has acquired equipment required to exploit the diamond recovery
rights comprising the subject matter of the abovementioned earlier acquisition.
These and certain restructuring proposals are detailed in a circular to be
posted to shareholders today and are summarised in an announcement adjacent to
this announcement.
DC Bird
Chairman
4 September 2002
Cape Town
Registered Office: 51 Frazzitta Business Park, Corner Koeberg & Freedom
Roads, Milnerton, 7441.
PO Box 36669, Chempet, 7442.
Telephone: +27 (0) 21 552-8911
Telefax: +27 (0) 21 551-0667
Transfer Secretaries: Computershare Investor Services Limited
2nd Floor, Edura, 41 Fox Street,
Johannesburg, 2001.
Sponsor: Corporate and Merchant Advisors Limited
Trade House, 33 Impala Road, Chislehurston, Sandton
Directors: DC Bird (Chairman), SD Crossland (Managing Director)
M Weetman*, I Banhegyi* (* Non-Executive)
Date: 04/09/2002 08:13:34 AM Produced by the JSE SENS Department
