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Release Date: 28/11/2002 17:30:05 Code(s): AQL
AQUILA GROWTH LIMITED - GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
2002
AQUILA GROWTH LIMITED
Registration number 1995/003158/06
("Aquila" or "the company")
Share code : AQL
ISIN : ZAE000013959
GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Consolidated Balance Sheet
Consolidated
Balance Sheet
Group Company
31 Aug 28 Feb 31 Aug 2002 28 Feb
2002 2002 R`000 2002
R`000 R`000 R`000
Equity and
liabilities
Share capital 95,762 98,260 95,762 98,260
and premium
Distributable 99,793 73,242 92,516 73,242
reserves
Retained income 75,598 89,181 99,710 108,103
Ordinary 271,153 260,683 287,988 279,605
shareholders`
interest
Minority 14,052 12,055 - -
interest
Non-current
liabilities
Preference 7,000 7,000 7,000 7,000
shares
Other borrowings 5,017 - - -
Current 10,185 27,025 28,145 6,746
liabilities
- Trade and 8,461 24,643 27,031 4,523
other payables
- Provisions 1,119 1,909 828 1,750
- Shareholders 64 424 65 424
for preference 541 49 221 49
dividend
- South African
Revenue Services
307,407 306,763 323,133 293,351
Assets
Non-current
assets
Equipment 6,598 5,755 188 194
Intangible 18,048 12,997 - -
assets
Deferred 83 74 - -
taxation
Investment in 200,498 203,629 200,498 203,629
associates
Investment in - - 78,490 68,595
subsidiaries
225,227 222,455 279,176 272,418
Current assets 82,180 84,308 43,957 20,933
- Cash at bank 49,797 34,615 30,120 20,263
- Inventories 1,708 124 - -
- Receivables 30,675 49,569 13,837 670
307,407 306,763 323,133 293,351
Net asset value 212.7 201.6 225.9 216.3
per share
(cents)
Consolidated Income Statement
For the 6 Year ending For the 6 Year
months months ending
ending ending
31 Aug 2002 28 Feb 2002 31 Aug 28 Feb
R`000 R`000 2002 2002
R`000 R`000
Revenue 41,022 143,016 1,726 1,889
Operating (61,011) (175,724) (10,711) (7,626)
expenditure
Operating loss (19,989) (32,708) (8,985) (5,737)
Net finance 1,868 1,224 1,007 913
income
Net loss (18,121) (31,484) (7,978) (4,824)
before 21,396 40,697 21,396 40,697
taxation
Share of
results of
associate
companies
Profit before 3,275 9,213 13,418 35,873
taxation
Taxation (2,325) (4,032) (2,167) (3,377)
Net profit 950 5,181 11,251 32,496
after taxation
Minority 5,112 6,410 - -
interest
Net profit 6,062 11,591 11,251 32,496
Earnings per 4.42 8.05
share (cents) 8.46 23.45
Headline (3.02) (7.46) 1.01 7.93
(loss) /
earnings per
share (cents)
Reconciliation of Headline Earnings
Group Company
For the Year For the 6 Year
6 ending months ending
months ending
ending
31 Aug 28 Feb 31 Aug 2002 28 Feb
2002 2002 R`000 2002
R`000 R`000 R`000
Net profit from 5,693 10,938 10,882 31,842
ordinary activities
Adjusted for:
Loss on sale of 4,645 3,087 4,645 3,087
associates
Increase in option (14,223 (26,007 (14,223) (26,007)
value ) )
Write-off of - 1,851 - 1,851
development costs
Headline (loss) / (3,885) (10,131 1,304 10,773
earnings )
Abridged Consolidated Statement of Changes in Equity
Group Company
For the Year For the 6 Year
6 ending months ending
months ending
ending
31 Aug 28 Feb 31 Aug 2002 28 Feb
2002 2002 R`000 2002
R`000 R`000 R`000
Shareholders` funds 260,683 276,625 279,605 274,642
at beginning of
period
Issue of shares - 1,283 - 1,283
Repurchase of (2,498) (28,189 (2,498) (28,189)
shares )
Increase in share - 26 - 26
premium
Currency 7,276 - - -
translation
difference
Net profit 6,062 11,591 11,251 32,496
Preference dividend (370) (653) (370) (653)
Shareholders` funds 271,153 260,683 287,988 279,605
at end of period
Abridged Consolidated Cash Flow Statement
Net cash (outflow) (323) (11,191 11,236 (1,425)
/ inflow from )
operations
Cash flow from 10,648 59,567 1,119 46,370
investing
activities
10,325 48,376 12,355 44,945
Cash flow from 4,857 (26,970 (2,498) (26,880)
financing )
activities
15,182 21,406 9,857 18,065
Cash and cash
equivalents at 13,209 20,263 2,198
beginning of period
34,615
Cash and cash
equivalents at end 49,797 34,615 30,120 20,263
of period
ACCOUNTING POLICY
Accounting principles and policies used in preparing these financial results
comply with South African Statements of Generally Accepted Accounting Practice
and are consistent with prior years.
FINANCIAL OVERVIEW
Despite a difficult trading environment, the period under review was a
satisfactory one for Aquila. The highlights were:
Global Resorts - The upheavals experienced during the first half of the year had
a negative impact on operations at Caesars Gauteng. This was further exacerbated
by capacity constraints caused by the anti-smoking legislation (in force from
July 2001) in the gaming areas. Corrective steps taken by management (including
a R40m reconfiguration of the smoking areas) had the desired effect and by July
the facility had reverted to earlier profit levels. The other two casino
complexes, Graceland and Grand Palm, performed in line with expectations. The
launch of the Internet gaming initiative has proven to be more complex than
anticipated and the project has been abandoned. All development and start up
costs (R7.5m) have been expensed. Global Resorts has provided all of the
funding required by its Economic Empowerment partners at Caesars Gauteng. As a
result, it earned an additional equity linked return on the risks assumed. The
project has now matured sufficiently to allow such risk funding to be replaced
with more appropriate loan funding, effective 1 July 2002. Consequently, each
partner will, in future, derive a return that reflects its changed economic
interest in the property. Had such restructuring been in effect during the
current reporting period, the earnings reported by Global Resorts would have
been approximately a third lower.
Redgwoods Holdings Limited completed the sale of its shares and loan in
Redgwoods (Pty) Ltd, for an amount of R40m (Aquila`s share thereof is R28m), to
Baby King (Pty) Ltd. As at the date of the publication of these results, the
full proceeds from the sale had been received. Redgwoods Holdings Limited is in
the process of being deregistered.
R10.2 million was invested into existing investments to help fund expansion
opportunities in Forecourt Television Network (Pty) Ltd, AquiTec Technology
Holdings (Pty) Ltd and Gerber Global Investments Limited.
The sale of the remainder of Aquila`s shareholding in The Rewards Company (Pty)
Ltd was completed and the proceeds of R3.9m from the sale received.
In terms of the general authority obtained at Aquila`s general meeting on 5 July
2002, the company acquired 1.8 million Aquila ordinary shares in the open market
at prices ranging between 135 and 145 cents per share.
For and on behalf of the Board
D. H. Bagg P. Papadimitropoulos
Chairman Managing Director
Johannesburg
29 November 2002
Directors: D. H. Bagg Company Secretary: K. du Preez CA
(Chairman) (SA)
P. Papadimitropoulos (Managing Private Bag X106
Director) Bryanston, 2021
J. A. Bell Tel: (011) 706-8928
P. Dawe * + Fax: (011) 706-6312
B. Dubb * E-mail: kdupreez@aquilagrowth.com
Website: www.aquilagrowth.com
* Non-executive
+ British
Date: 28/11/2002 05:30:00 PM Produced by the JSE SENS Department
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