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TEREXKO LIMITED - REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2002
Terexko Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004154/06)
Share code: TRX ISIN: ZAE000011755
Reviewed results for the year ended 30 June 2002
Consolidated Income Statement for the year ended:
Reviewed Audited
30 June 30 June
2002 2001
R`000 R`000
Revenue 42 365 43 076
Cost of Sales 17 446 19 647
Operating income/(loss) 1 685 (1 297)
Interest earned 447 1 871
Interest paid (75) (79)
Depreciation (1 596) (1 672)
Net income/(loss) for the year 461 (1 177)
Exceptional item
- Impairment in value of assets (1 215) (77 791)
Attributable income/(loss) (754) (78 968)
Headline earnings adjustment 1 215 77 791
Headline earnings/(loss) 461 (1 177)
Headline earnings/(loss) per share (cents) 0.9 (2.4)
Earnings/(loss) per share (cents) (1.5) (160.0)
Shares in issue (`000) 49 352 49 352
Consolidated Cash Flow Statement for the year ended:
Reviewed Audited
30 June 30 June
2002 2001
R`000 R`000
Net cash flow from operating activities 7 024 14 682
Net cash flow from investing activities (13 266) (10 920)
Net cash flow from financing activities (11) (2 091)
Net increase/(decrease) in cash resources (6 253) 1 671
Cash resources at beginning of year 6 516 4 845
Cash resources at end of year 263 6,516
Consolidated Balance Sheet as at:
Reviewed Audited
30 June 30 June
2002 2001
R`000 R`000
Assets
Property and equipment 7 396 9 277
Investments 40 275 27 721
Current assets 2 563 8 207
Other 2 300 1 691
Cash resources 263 6 516
Total assets 50 234 45 205
Equity and liabilities
Equity and reserves 26 716 27 470
Share capital 21 395 21 395
Retained income 5 321 6 075
Non-current liabilities 6 499 6 510
Secured loan 234 245
Vendors` loans 6 265 6 265
Current liabilities 17 019 11 225
Total equity and liabilities 50 234 45 205
Statement of Changes in Equity for the year ended:
Reviewed Audited
30 June 30 June
2002 2001
R`000 R`000
Opening balance 27 470 106 438
Net income/(loss) for the year 461 (1 177)
Exceptional item (1 215) (77 791)
Closing balance 26 716 27 470
Comments
The value of the shares of Terexko Limited reflected on the JSE listing does
not fairly represent the intrinsic value of the individual subsidiaries,
associates and operating divisions of the company. Rationalisation and the
restructuring of the Group delivered the planned positive results.
The past year`s headline earnings of 0.9 cents per share represents a
positive change of R1 638 000 over the previous year`s results.
Gross profit as a percentage of turnover increased from 54% to 59% on the
closure of loss-making operations and cost control measures.
Innovative actions were implemented by the Directors and Management of the
Vilamoura Group of Restaurants to ensure the continued international award-
winning recognition of the Group.
The Vilamoura Restaurants were awarded the "Best Practice" international
award for running such chic/and professional Restaurants. Fine wine procurement
maturation and distribution is successfully being implemented by the Klein
Zebediela Cellars operation. The opening of Vilamoura Restaurants abroad is
constantly under investigation.
The Group`s Investment in Spicer Group, was converted and the contingent
liabilities in terms of a previous agreement dated the 4 April 2000 was settled
resulting in Rhiannon SA taking over 100% control of Spicer Swedish Holdings AB
(SSH) and its subsidiary Inter IT-Konsult I Sverige AB and thereby settling all
claims and counter claims against each other.
in accordance with goods corporate governance details of the transaction will be
described in the Annual Report
Future co-operation between the SSH and Kwikpay Groups are envisaged. Steady
growth in the Kwikpay Group was reported with imminent expansion plans in
Sweden, Sri Lanka and Malaysia. Current client base stretches from Singapore to
California.
The Broadstone Group and BIFA continue to grow and its PIA status was
converted to FSA status by the UK Authorities, thereby entrenching its network
status for IFA`s working under its umbrella.
Studies are presently being undertaken for Installation Technology and BKA to be
merged into a single operating company.
Basis of preparation of Financial Statements
The results have been prepared in accordance with South African statements of
Generally Accepted Accounting Practice and the accounting policies used are
consistent with the prior year.
Audit report
The consolidated results for the year have been reviewed by Fisher Hoffman
PKF (Jhb) Inc. Their unqualified review report is available for inspection at
the company`s registered office.
Dividend Policy and Declaration
To preserve capital the Board of Directors have decided not to recommend the
payment of a dividend this year.
By order of the Board
27 September 2002
Directors:
C P Swart (Executive Chairman), R F Botha (Non-executive), K J Makwetla (Non-
executive), G M Mokgoko (Non-executive), L A Swart, Pierre Swart
Date: 27/09/2002 08:35:00 AM Produced by the JSE SENS Department
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