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Millionair Charter Limited - Financial Report
Release Date: 22/11/2002 17:16:04 Code(s): MLL
MillionAir Charter Limited - Financial Report
MillionAir Charter Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/000092/06
Share code: MLL ISIN: ZAE000017810
("MillionAir" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
CONSOLIDATED INCOME STATEMENTS
Six months Six months Year
ended ended ended
31/8/2002 31/8/2001 28/2/2002
(Unaudited) (Unaudited) (Audited)
R R R
GROSS REVENUE 42 900 961 35 048 505 66 513 965
OPERATING (LOSS)/PROFIT BEFORE: (10 570 339) 12 791 293 17 141 979
Depreciation (6 842 630) (10 796 296) (16 325 154)
(Loss)/Profit on forex (244 601) 396 603 2 422 471
Profit/(Loss) on disposal
of tangible assets - (18 350) 2 382
Equity profit of associated company 259 979 - 52 241
Net interest paid (3 257 784) (1 234 988) (2 877 571)
Interest received 174 374 109 997 277 667
Interest paid (3 432 158) (1 344 985) (3 155 238)
(Loss)/Profit before taxation (20 655 375) 1 138 262 416 348
Taxation 2 221 338 (388 148) (274 184)
(Loss)/Profit after taxation (18 434 037) 750 114 142 164
Loss attributable to
minority shareholders 8 746 694 - 536 267
Attributable to ordinary shareholders (9 687 343) 750 114 678 431
Earnings/(Loss) per share (cents) (12,58) 1,00 0,90
Headline earnings/(loss) per share (cents) (11,61) 0,94 0,85
Number of ordinary shares
in issue (millions) 100,65 67,10 67,10
HEADLINE EARNINGS/(LOSS) IS DETERMINED AS FOLLOWS:
Attributable to ordinary shareholders (9 687 343) 750 114 678 431
Adjusted for profit on
disposal of tangible assets 250 836 18 350 11 079
Headline (loss)/earnings (9 436 507) 768 464 689 510
CONSOLIDATED CASH FLOW STATEMENTS
Six months Six months Year
ended ended ended
31/8/2002 31/8/2001 28/2/2002
(Unaudited) (Unaudited) (Audited)
R R R
Cash flow from operating activities (9 053 080) 12 024 093 13 471 711
Cash effects of investing activities (2 324 179) (12 312 962) (39 409 428)
Cash effects of financing activities 7 178 448 7 935 257 31 791 388
Net (decrease)/increase in cash
and cash equivalents (4 198 811) 7 646 388 5 853 671
Cash and cash equivalents
at beginning of period 5 583 223 1 350 385 (270 448)
Cash and cash equivalents
at end of period 1 384 412 8 996 773 5 583 223
CONSOLIDATED BALANCE SHEETS
Six months Six months Year
ended ended ended
31/8/2002 31/8/2001 28/2/2002
(Unaudited) (Unaudited) (Audited)
R R R
ASSETS
NON-CURRENT ASSETS 58 625 924 41 535 184 63 138 064
Tangible assets 57 912 679 41 534 184 62 685 798
Investments and loans 713 245 1 000 452 266
CURRENT ASSETS 23 250 131 10 841 376 15 297 594
Trade and other receivables 21 865 719 1 709 604 9 709 589
Cash resources 1 384 412 8 996 773 5 583 223
Taxation pre-payment - 134 999 4 782
TOTAL ASSETS 81 876 055 52 376 560 78 435 658
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 10 750 578 19 727 516 19 119 616
Share capital 20 040 247 9 975 248 9 975 248
Accumulated profits (6 758) 9 752 268 9 680 585
Minority interest in subsidiary (9 282 911) - (536 217)
NON-CURRENT LIABILITIES 43 137 874 28 553 778 47 416 526
Interest bearing loans 37 676 497 18 799 881 42 241 322
Interest free loans 3 700 901 5 600 000 1 180 348
Deferred taxation 1 760 476 3 994 856 -
CURRENT LIABILITIES 27 987 603 4 095 266 11 899 516
Trade and other payables 21 624 928 4 094 843 4 752 996
Taxation payable 58 434 423 -
Current portion of long-term liabilities 6 304 241 - 7 146 520
TOTAL EQUITY AND LIABILITIES 81 876 055 52 376 560 78 435 658
STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 31 AUGUST 2002
Share Share Distributable
capital premium reserve Total
R R R R
Balance at 1 March 2002 336 9 974 912 9 680 585 19 655 833
Net loss for the period - - (9 687 343) (9 687 343)
Rights issue 167 10 064 832 - 10 064 999
BALANCE AT 31 AUGUST 2002 503 20 039 744 (6 758) 20 033 489
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These interim financial statements 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.
DIVIDEND
The company will not be paying a dividend.
GENERAL REVIEW
MillionAir`s results clearly show the impact of its involvement in the
formation of Sun Air 2001 (Pty) Limited ("Sun Air"). Although the first six
months of operations resulted in Sun Air accumulating losses, it has accumulated
a loyal customer base and continues to trade ahead of budget. Sun Air is
expected to break even during the second quarter of 2003.
MillionAir is anticipating increased activity in its aircraft leasing
divisions with contracts to a number of destinations in Africa.
The company completed a rights offer in June 2002 to raise R10 650 000 to
reduce the gearing relating to the purchase of three McDonall Douglas DC-9
aircraft by the company. Due to the rights offer, the comparative earnings per
share figures have been restated.
For and on behalf of the board
C M R Talevi
Chairman
Johannesburg
24 November 2002
Company Secretary
and Registered office:
J J Botha,
Main Terminal Building,
Lanseria Airport
Transfer Secretaries:
Computershare Investor Services Limited
Ground Floor, 70 Marshall Street
Johannesburg, 2001
Sponsor:
Sasfin Bank Limited,
13 - 15 Scott Street,
Waverley, 2090
Directors:
C M R Talevi, G J R Clarke, J J Botha, M C van Buuren
Date: 22/11/2002 05:16:00 PM Produced by the JSE SENS Department
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