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Tigon Limited - Interim Financial Results
For the Six Months Ended 31 July 2002
Tigon Limited
Share Code: TGN
ISIN Code: ZAE 000022240
-INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2002
- HEADLINE EARNINGS R91,9 MILLION
- ACCOUNTS PAYABLE REDUCED BY R62 MILLION
- CAPITAL AND RESERVES GREW TO R1 303 MILLION
Consolidated Summary Income Statement
Audited for Unaudited - Interim
year ended Six months ended
31/1/2002 31/7/2002 31/7/2001
R000`s R000`s R000`s
Revenue 634 179 171 215 269 875
Trading and financial services 230 845 90 320 86 267
Net interest received 38 811 1 584 5 317
Net profit before taxation 269 656 91 904 91 584
Taxation - - -
Net profit after taxation 269 656 91 904 91 584
Impairment of long-term
- investment (44 200) - -
- Attributable earnings 225 456 91 904 91 584
Accumulated profit at
start of period 744 500 969 956 744 500
-Accumulated profit
at end of period 969 956 1 061 860 836 084
Supplementary Audited for year Unaudited Interim
Information ended Six months ended
31/1/2002 31/7/2002 31/7/2001
R000`s R000`s R000`s
Shares in issue 1 124 548 1 124 548 1 124 548
(000`s)
Weighted average 1 124 548 1 124 548 1 124 548
shares in issue
(000`s
Headline earnings 24.0 8.2 8.1
per share (cents)
Earnings per share 20.0 8.2 8.1
(cents)
Dividend per share - - -
(cents)
Statement of Changes in Equity
Audited for Unaudited - Interim
year ended Six months ended
31/1/2002 31/7/2002 31/7/2001
R000`s R000`s R000`s
Balance at beginning of period 945 758 1 232 883 945 758
Non-distributable reserves
Movement 61 669 (21 613) (28)
Issue of share capital - - -
Attributable income for
the period 225 456 91 904 91 584
-Balance at end of period 1 232 883 1 303 174 1 037 314
Consolidated Summary Balance Sheet
Audited for Unaudited - Interim
year ended Six months ended
31/1/2002 31/7/2002 31/7/2001
R000`s R000`s R000`s
ASSETS
Non-current assets 329 202 390 750 316 173
Fixed and intangible assets 217 402 187 150 160 173
Investments 111 800 203 600 156 000
Current assets 1 043 228 985 606 782 186
Inventory -9 972 10 411 8 862
Accounts receivable 190 873 198 246 146 183
Secured advances 825 632 775 464 610 778
Cash and cash equivalents 16 751 1 485 16 363
Total assets 1 372 430 1 376 356 1 098 359
EQUITY AND LIABILITIES
Capital and reserves 1 232 883 1 303 174 1 037 314
Share capital 181 964 181 964 181 964
Non-distributable reserves 80 963 59 350 19 266
Retained income 969 956 1 061 860 836 084
Non-current liabilities 13 084 11 626 15 382
Long-term liabilities 13 084 11 626 15 382
Current liabilities 126 463 61 556 45 663
Accounts payable and guarantees 122 055 59 585 44 148
Bank overdraft -4 408 1 971 1 515
Total equity and liabilities 1 372 430 1 376 356 1 098 359
Consolidated Summary Cash Flow Statement
Audited for Unaudited - Interim
year ended Six months ended
31/1/2002 31/7/2002 31/7/2001
R000`s R000`s R000`s
Net cash flow from operating
Activities -4 738 74 377 10 818
Net cash flow from investing
Activities -3 875 (85 748) (1 970)
Net cash flow from
financing activities (5 277) (1 458) (3 007)
Net change in cash resources -3 336 (12 829) 5 841
Cash resources at beginning
of year -9 007 12 343 9 007
Cash resources at end
of period 12 343 -(486) 14 848
Comment
Accounting Policies
The consolidated financial statements are prepared on the historic 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 periods.
Financial Results
The group achieved attributable earnings of R91,9 million for the period,
representing a slight increase from 8,1 cents per share to 8,2 cents per
share over the comparable period last year. Trading and financial services
income increased by 4,7% to R90,3 million.
Capital and reserves grew to R1 303 million after a reduction of R21 million
in non-distributable reserves on account of the diminution in the value of
off-shore assets to reflect the effect of the recovery of the Rand since 31
January 2002.
The group has virtually no borrowings. Long term funding comprises a mere
0,8% of total assets and 12,6% of half-year profits, whereas current assets
are 16 times greater than current liabilities.
Accounts payable were reduced by R62 million during the period.
General-On 2 April 2001 the group instituted proceedings in the High Court
against the former owners of EuroPoint arising from fraudulent mis-
representations made by them. To date the defendants have proved adept at
postponing the trial, but on 28 October 2002 the Witwatersrand High Court
took control of the trial process to ensure a hearing "sooner rather than
later". In the interim, the defendants instituted a negative media campaign
against Tigon which has had an adverse impact on perceptions of the company
as well as the share price. As the balance sheet value of the EuroPoint
investment is zero, the litigation holds no downside risk to earnings.
However, a successful judgment for Tigon can be expected to have a
significant impact on both earnings and the share price.
During the period, the Group acquired 67% of micro-lender Saampro, which was
formerly part-owned by Saambou Bank. The acquisition has been disputed and
referred to arbitration which is due to be heard at the end of January 2003.
The group has disposed of its 17,3% investment in ShawCell Telecommunications
Limited and the proceeds have, together with other funds, been invested in
bonds.
It is hoped that the present litigation which has occupied considerable
management time will be speedily concluded thereby enabling management to
focus on future growth opportunities.
On behalf of the board.
Pietermaritzburg.
31 October 2002
DIRECTORS: GP PORRITT, SH BENNETT, TVM MATOOANE
Date: 31/10/2002 05:12:00 PM Produced by the JSE SENS Department
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