| Tue 26 Nov 2002, 16:46 | | Admiral Leisure World Limited - Reviewed Results F |
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ADMIRAL LEISURE WORLD LIMITED - REVIEWED RESULTS FOR THE YEAR ENDED 31 AUGUST
2002
Admiral Leisure World Limited
(Incorporated in the Republic of South Africa)
(Registration number 1938/011493/06)
Share code: ADL ISIN: ZAE000010229
REVIEWED RESULTS FOR THE YEAR ENDED 31 AUGUST 2002
Consolidated Balance Sheet
Reviewed at Audited at
(in ZAR) 31 Aug 2002 31 Aug 2001
Assets
Non-current assets 6 442 035 7 842 407
Fixed assets 4 589 180 6 079 505
Loans receivable 386 875 740 043
Accounts receivable 1 465 980 1 022 859
Current assets 2 673 226 3 033 957
Inventories 947 747 1 303 590
Accounts receivable 172 408 300 096
Taxation 10 094 34 003
Cash resources 1 542 977 1 396 268
Total assets 9 115 261 10 876 364
Equity and Liabilities
Capital and reserves 5 893 568 7 117 134
Issued capital 62 193 750 62 193 750
Non-distributable reserve 71 189 71 189
Accumulated loss (56 371 371) (55 147 805)
Non-current liabilities 384 350 688 300
Long-term liabilities 363 012 652 051
Deferred taxation 21 338 36 249
Current liabilities 2 837 343 3 070 930
Accounts payable 2 020 222 2 313 840
Taxation 205 251 87 299
Bank overdraft 611 870 669 791
Total equity and liabilities 9 115 261 10 876 364
Number of shares in issue 34 952 500 34 952 500
Net asset value per share (cents) 17 20
Consolidated Income Statement
Reviewed Audited
12 months to 12 months to
(in ZAR) 31 Aug 2002 31 Aug 2001
Gross revenue 14 857 486 13 846 181
Other income 639 156 801 812
Operating expenses 16 725 352 17 286 771
Net loss before taxation (1 228 710) (2 638 778)
Taxation (5 144) (377 314)
Net loss after taxation (1 223 566) (2 261 464)
Net loss (1 223 566) (2 261 464)
Accumulated loss at beginning of period (55 147 805) (52 886 341)
Accumulated loss at end of period (56 371 371) (55 147 805)
Loss per share (cents) (3,50) (6,47)
Headline loss per share (cents) (3,66) (6,17)
Reconciliation between basic loss
and headline loss
Basic loss (1 223 566) (2 261 464)
Loss on disposal of fixed assets (55 583) 105 193
Headline loss (1 279 149) (2 156 271)
Consolidated Cash Flow Statement
Reviewed Audited
12 months to 12 months to
(in ZAR) 31 Aug 2002 31 Aug 2001
Cash flows from operating activities 440 667 255 137
Cash flows from investing activities 53 002 1 301
Cash flows from financing activities (289 039) 4 064
Net increase in cash and cash equivalents 204 630 260 502
Cash and cash equivalents at beginning of period 726 477 465 975
Cash and cash equivalents at end of period 931 107 726 477
Statement of Changes in Equity for the year ended 31 August 2002
Non-
Distri- Accumu-
Issued butable lated
(in ZAR) capital reserves losses Total
Balance as at 31 August 2001 62 193 750 71 189 (55 147 805) 7 117 134
Loss for the year - - (1 223 566) (1 223 566)
Balance as at 31 August 2002 62 193 750 71 189 (56 371 371) 5 893 568
Operational Review
Cash flows generated from operations in Botswana, Swaziland and Namibia were
utilised to finance and support existing operations, renew gaming licenses and
partnership contracts with gaming authorities, finance impact studies and pay
membership and listing fees. During the period under review, our South African
subsidiary, Rean International Supply Company (Proprietary) Limited was awarded
its seventh gaming licence for the manufacture, supply, service and maintenance
of gaming machines/ equipment in the Northern Cape. Group companies are licensed
under ten different gaming authorities in Southern Africa. Commissions were
earned in South Africa from an existing distributorship agreement.
The Group operates two licensed Casinos in Botswana, the Public Lottery in
the Kingdom of Swaziland and LPM facilities in Namibia. We also supply, service
and maintain LPM terminals under contract with third parties in Namibia and
Swaziland. Income was earned from sales of gaming equipment.
Positive results were achieved from operations in Swaziland. Operations in
Botswana continue to improve. The Namibian operations did not achieve budget. A
new CEO has been appointed for that region.
The balance sheet remains positive. Group losses were reduced to ZAR 1 223
566 (2001 ZAR 2 261 464). Continued delays in the implementation of the Limited
Payout Machine (LPM) market in South Africa have adversely affected Group
results.
The financial statements have been prepared on the basis of accounting
practices applicable to a going concern. This basis presumes that funds will be
available to finance future operations and that the realisation of assets and
the settlement of liabilities, contingent obligations and commitments will occur
in the ordinary course of business. In this regard refer to "Future Prospects"
hereunder.
During the period under review an agreement was concluded between Rean
International (Proprietary) Limited (REAN), the majority shareholder in the
company and Austrian Gaming Industries GmbH (AGI) of Austria whereby REAN sold
51,59% of the issued share capital to AGI. The agreement was implemented,
cautionary announcements published, approvals from Authorities obtained and an
offer to minority shareholders made.
Future Prospects
AGI intends to re-organise and finance the business of Admiral with a focus
on refurbishing and updating existing Admiral gaming locations and will evaluate
the possible entry into the LPM market in South Africa.
AGI management will assess the feasibility of amalgamating Admiral with AGI`s
existing Africa office.
Accounting Policies and Review Opinion
The abridged financial statements for the year ended 31 August 2002 are
consistent with the Group`s Accounting Policies and are in compliance with South
African standards of Generally Accepted Accounting Practice. The financial
statements have been reviewed by Papilsky Hurwitz. The Report contains the
following emphasis of matter - "Without qualifying our opinion we draw your
attention to the fact that the Group is dependent on Austrian Gaming Industries
GmbH to provide ongoing finance for its business activities for the foreseeable
future. The Group has assumed that this finance will be available and it is on
this assumption that the abridged financial statements have been prepared on a
going concern basis". The Review Report is available for inspection at the
Group`s registered office.
Dividend
No dividend has been declared for the period under review.
By order of the Board
W W Banks (Chief Executive Officer)
Midrand
26 November 2002
Directors: J Halle - Austrian (Chairman - appointed 30/10/2002)
M A Werner - (Deputy Chairman)
W W Banks - (Chief Executive Officer - appointed 30/10/2002)
M S Abdullah - (Executive Director - appointed 12/03/2002)
D C Khama - Motswana (Non-Executive Director)
R A Wulz - Austrian (Chairman and Chief Executive Director - resigned
30/10/2002)
P Zsrer - Austrian (Non-Executive Director - resigned 11/03/2002)
Registered Office: 151 Lechwe Street, Corporate Park, Midrand, 1685, Gauteng,
South Africa
PO Box 6160, Halfway House, 1685, Gauteng, South Africa
Transfer Secretaries: Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg, 2001, Gauteng, South Africa
PO Box 1053, Johannesburg, 2000, Gauteng, South Africa
Date: 26/11/2002 03:50:48 PM Produced by the JSE SENS Department
