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ShawCell - INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2002
ShawCell TELECOMMUNICATIONS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/006034/06)
Share code: SWL
ISIN number: ZAE 000018347
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
Abridged group income statement
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2002 30/06/2001
R000`s R000`s
Revenue 28 225 29 843
Operating profit 14 663 14 611
Interest earned 3 239 3 160
Net profit before taxation 17 902 17 771
Taxation - -
Attributable earnings 17 902 17 771
Retained income for the period 17 902 17 771
Supplementary information
Number of shares in issue (000`s) 1 500 000 1 500 000
Headline earnings per share (cents) 1,19 1,18
Earnings per share (cents) 1,19 1,18
Dividend per share (cents) - -
Abridged group balance sheet
Unaudited Unaudited
at at
30/06/2002 30/06/2001
R000`s R000`s
ASSETS
Non-current assets 113 555 121 511
Fixed assets 1 950 3 208
Goodwill 55 769 58 956
Investments and loans 55 836 59 347
Current assets 217 019 151 298
Inventory 337 624
Accounts receivable 183 420 142 397
Short-term loans 24 431 -
Cash and bank 8 831 8 277
Total assets 330 574 272 809
EQUITY AND LIABILITIES
Capital and reserves 243 946 197 215
Share capital 150 150
Share premium 61 421 61 421
Retained income 182 375 135 644
Non-current liabilities 22 647
Long-term borrowings 22 647
Current liabilities 86 606 74 947
Accounts payable 78 555 53 922
Bank overdraft 8 051 21 025
Total equity and liabilities 330 574 272 809
Abridged group cash flow statement
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2002 30/06/2001
R000`s R000`s
Cash flow from operating activities 7 853 715
Cash flow from investment activities (369) (8 583)
Cash flow from financing activities (653) 133
Net change in cash and cash equivalents 6 831 (7 735)
Cash and cash equivalents at
beginning of year (6 051) (5 013)
Cash and cash equivalents at
end of period 780 (12 748)
Statement of changes in equity
Unaudited Unaudited
6 months 6 months
ended ended
30/06/2002 30/06/2001
R000`s R000`s
Balance at 1 January 2002 226 044 179 444
Net income for the period 17 902 17 771
Balance at 30 June 2002 243 946 197 215
BACKGROUND
The company is listed on the Telecommunication Services sector of the
JSE Securities Exchange South Africa and comprises three main operating
divisions specialising in telecommunications and financial services:
ShawCell Holdings handles treasury management and investment activities
for the Group.
Shaw Cellular, the largest single income stream for the Vodacom group,
sells cellular phone contracts and prepaid products and earns airtime
revenue on these.
Shaw Finance is a financial services operation providing trade finance
and supply-chain management services to its southern African network of
approximately 1 000 dealer members.
ACCOUNTING POLICIES
The consolidated unaudited interim financial statements are prepared on
the historical cost basis. Accounting principles and policies used in
preparing this report comply with South African Statements of Generally
Accepted Accounting Practice and are consistent with prior years.
FINANCIAL RESULTS AND PROSPECTS
The Group achieved attributable earnings of R17,902 million for the six
months ended 30 June 2002, reflecting a slight but pleasing increase
over the corresponding period last year.
Improved efficiencies in current asset management has been a key
management focus, resulting in a reduction of bank overdraft from R21
million to R8 million over the corresponding period last year, with cash
in hand of R8,8 million. Current assets now exceed current liabilities
by R130 million or 2,5 times.
The cellular division continues to maintain its growth in the local
market as a distributor of Vodacom and Cell-C airtime contracts and
prepaid cards. The start-up costs of its expansion into the rest of
Africa as a Vodacom superdealer have been written off entirely against
current earnings. This investment is expected to result in enhanced
earnings in future periods.
The general merchandise division of Shaw Finance has been successful in
establishing the Shaw corporate identity through its dealer co-branding
campaign. This, together with a policy of improving benefits to Shaw
dealer members, has consolidated group loyalty and should yield enhanced
benefits for Shaw members in the future.
On behalf of the board
Johannesburg
27 September 2002
Date: 30/09/2002 05:38:00 PM Produced by the JSE SENS Department
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