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ABC CashPlus Limited - Interim Financial Statements to 31 August 2002
ABC CASH PLUS LIMITED
(Registration number 1998/20520/06)
Share code : APS ISIN: ZAE 000017544
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Six months Six months
ended ended
31 August 2002 31 August 2001
R` 000 R` 000
TURNOVER 4,587 4,626
OPERATING EXPENSES (3,818) (3,779)
OPERATING INCOME 769 847
FINANCE CHARGES (360) (121)
NET INCOME BEFORE 409 726
TAXATION
TAXATION (89) (160)
NET INCOME FOR THE 320 566
PERIOD
OUTSIDE SHAREHOLDERS (249) (138)
EARNINGS 71 428
attributable to
ordinary
shareholders
ACCUMULATED LOSS (5,318) (6,339)
BEGINNING OF PERIOD
ACCUMULATED LOSS END (5,247) (5,911)
OF PERIOD
headline earnings 0.14 0.85
per share (cents)
earnings per share 0.14 0.85
(cents)
BALANCE SHEET AT 31 31 AUGUST 2002 28 FEBRUARY 2002
AUGUST 2002
R` 000 R` 000
ASSETS
NON-CURRENT 980 917
ASSETS
CURRENT ASSETS 11,636 10,632
TOTAL ASSETS 12,616 11,549
EQUITY AND LIABILITIES
EQUITY 8,298 7,978
Ordinary 7,528 7,457
shareholders
Minorities 770 521
NON CURRENT 2,514 788
LIABILITIES
CURRENT 1,804 2,783
LIABILITIES
TOTAL EQUITY AND 12,616 11,549
LIABILITIES
Net asset value per 16.49 15.81
share (cents)
STATEMENT OF CHANGES IN EQUITY
Share Share Prem (Acc. Outside share Total
Capital Loss)/Profit
Balanc 504 12,271 (5,318) 521 7,978
e 1
March
2002
Net - - 71 71
profit
for
the
period
Outsid - - - 249 249
e
shareh
olders
intere
st
Balanc 504 12,271 (5,247) 770 8,298
e 31
August
2002
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Six months Six months
ended ended
31 August 2002 31 August 2001
CASH FLOW FROM (1,524) (16)
OPERATING
ACTIVITIES
Net operating 523 687
income
Depreciation 119 116
of fixed
assets
Cash from 642 803
operations
Utilized to
maintain
working
capital
Increase (827) (1,270)
in accounts
receivable
Increase (979) 572
/ (Decrease)
in accounts
payable
Finance (360) (121)
charges
CASH FLOW FROM (26) (5)
INVESTING
ACTIVITIES
Acquisition of
fixed assets
CASH FLOW FROM 1,726 (245)
FINANCING
ACTIVITIES
Decrease
in long term
liabilities
CHANGES IN 176 (266)
CASH AND CASH
EQUIVALENTS
CASH AND CASH 874 989
EQUIVALENTS
BEGINNING OF
YEAR
CASH AND CASH 1,050 723
EQUIVALENTS
END OF PERIOD
COMMENTS :
Nature of business
The primary business activity of the company consists of the granting of short-
term micro loans.
Review
During the review period earnings was reduced due to increased finance charges,
relating to short term interest bearing debt. Short term debt was replaced by
long term debt at a more favorable interest rate during July 2002. This will
result in reduced finance charges during the second half of the financial year.
Accounting Policies
The financial statements of the company comply in all material respects with
South African Statements of Generally Accepted Accounting Practice and are
consistent with those applied in previous years.
On behalf of the board of directors.
JM van Tonder
CEO
25 November 2002
Secretary: L. van Schalkwyk Attorneys
Sponsor: River Sponsors (Pty) Ltd
Share Transfer Secretaries: Computershare Services Ltd
Date: 29/11/2002 09:08:31 AM Produced by the JSE SENS Department
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