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002
GLODINA HOLDINGS LIMITED
(Registration number 1986/004150/06)
(Share Code: GDA ISIN No: ZAE 000002937)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
INCOME STATEMENT Restated Audited
30 June 30 June 31 Dec
2002 2001 2001
R`000 R`000 R`000
Turnover 62 920 64 541 138 243
Cost of sales (53 010) (56 204) (117 485)
Gross profit 9 910 8 337 20 758
Other operating income 371 328 236
Administration costs (1 837) (1 849) (4 899)
Operating costs (3 674) (7 990) (17 030)
Other costs (2 133) (2 310) (5 254)
Profit/(loss) before interest,
taxation and abnormal items 2 637 (3 484) (6 189)
Abnormal item (1 496) - (2 715)
Interest paid (3 618) (2 937) (5 792)
Loss before taxation (2 477) (6 421) (14 696)
Taxation - 1 774 3 901
Deficit for the period (2 477) (4 647) (10 795)
Accumulated loss at the
beginning of the period (14 410) (2 568) (3 881)
Transfer from non-distributable
reserve 166 119 266
Accumulated loss at the
end of the period (16 721) (7 096) (14 410)
Basic loss per share (cents) (7,73) (14,50) (33,68)
(Profit)/loss on disposal of
fixed assets per share (cents) - (0,17) 2,80
Abnormal items - - 8,47
Valuation adjustment on shares
held in Glodina Holdings
Limited Share Trust (cents) 0,17 0,01 0,44
Headline loss per share (cents) (7,56) (14,66) (21,97)
Dividend per share (cents) - - -
Number of shares in issue 32 052 313 32 052 313 32 052 313
Weighted average number of
shares in issue 32 052 313 32 052 313 32 052 313
STATEMENT OF CHANGES IN EQUITY Non-
distri- Accu-
Share butable mulated
capital reserves losses Total
R`000 R`000 R`000 R`000
Balance at 31 December 2001
as previously reported 38 002 8 370 (14 410) 31 962
Release of depreciation charge
on revaluation of land and
buildings - (166) 166 -
Deficit for the year - - (2 477) (2 477)
Balance at 30 June 2002 38 002 8 204 (16 721) 29 485
BALANCE SHEET Restated Audited
30 June 30 June 31 Dec
2002 2001 2001
R`000 R`000 R`000
ASSETS
Non-current assets 45 490 48 019 45 700
Property, equipment, vehicles
and furniture 45 055 47 113 45 209
Investment 140 419 140
Other assets 295 487 351
Current assets 81 458 70 395 59 049
Inventories 43 572 38 991 29 444
Accounts receivable 37 834 31 376 29 577
Cash resources 52 28 28
Total assets 126 948 118 414 104 749
EQUITY AND LIABILITIES
Capital and reserves 29 485 37 504 31 962
Share capital and premium 38 002 38 002 38 002
Reserves (8 517) (498) (6 040)
Non-current liabilities 3 339 10 181 4 417
Interest bearing debt - long-term
borrowings 3 339 7 472 4 417
Deferred taxation - 2 709 -
Current liabilities 94 124 70 729 68 370
Accounts payable 34 202 33 091 32 074
Bank overdraft and short-term loans 59 922 37 638 36 296
Total equity and liabilities 126 948 118 414 104 749
Net asset value per share (cents) 92 117 100
Commitments
- capital contracted 8 909 - -
- capital authorised but not
yet contracted 1 540 - -
- operating lease
- next year 563 440 563
- ensuing years 1 783 593 2 346
ABRIDGED CASH FLOW STATEMENT Restated Audited
30 June 30 June 31 Dec
2002 2001 2001
R`000 R`000 R`000
Cash generated from/(utilised by)
operations 2 909 (1 547) (3 803)
Working capital changes (20 257) (2 838) 7 535
Interest paid (3 618) (2 937) (5 792)
Taxation paid - - (21)
Cash flows from investing activities (1 558) (742) (1 586)
Cash utilised (22 524) (8 064) (3 667)
COMMENTS
RESULTS
A substantial improvement in product quality and productivity and savings in
overhead costs have contributed to the group`s trading results and a profit
before interest, tax and abnormal items has been achieved.
ABNORMAL ITEM
The abnormal item arises from the costs associated with the rescinded merger
agreement with Hellierwood Holdings (Pty) Limited, as well as reorganisation and
retrenchment charges.
ACCOUNTING POLICIES
The basis of preparation of the interim financial statements and the accounting
policies applied are consistent with those published in our annual financial
statements for the year ended 31 December 2001 and are in accordance with South
African Statements of Generally Accepted Accounting Practice.
SHARE CONSOLIDATION
A one for twenty share consolidation was approved by shareholders at a general
meeting held on 19 July 2002. Results reflected above are pre-consolidation.
RIGHTS OFFER
A rights offer which raised R35 million before expenses was concluded as
published in the press on 9 September 2002. Results reflected above are pre
rights offer.
PROSPECTS
The proceeds of the rights offer will be used to reduce debt and thus interest
cost and to increase production capacity. The attainment of significant export
sales volumes together with the continuation of cost saving initiatives and
productivity improvements are seen as the key success factors.
For and on behalf of the board
CE Daun
PCT Schouten
Hammarsdale
17 September 2002
Registered office
1 Anderson Road
Hammarsdale
3700
Transfer secretaries
Computershare Investor Services Limited
41 Fox Street
Johannesburg 2001
DIRECTORS: CE Daun (Chairman), PCT Schouten, M Balladon, PR Redondi
Date: 16/09/2002 05:00:00 PM Produced by the JSE SENS Department
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