|
Stratcorp Limited - Interim Report
Stratcorp Limited
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code: ZAE000034294
INTERIM REPORT
Group unaudited results for the six months ended 31 August 2002 were as
follows:
Abridged Income Six months Six months Twelve months
Statements ended ended ended
31 August 2002 31 August 2001 28 February 2002
(unaudited) (audited) (audited)
R`000 R`000 R`000
Income 1,447 3,053 8,410
Operating profit/(loss)
before
interest -1,256 778 -568
Net interest paid 51 0 149
Operating profit/(loss) -1,307 778 -717
before taxation
Taxation 0 0 0
Net profit/(loss) after -1,307 778 -717
taxation
Minority Interest -5 0 -5
Net profit/(loss) after -1,312 778 -722
minority Interest
Accumulated loss brought -1,761 -1,039 -1,039
forward
Accumulated loss carried -3,073 -261 -1,761
forward
Number of ordinary shares 17,233 13,736 17,330
in issue (`000)
Weighted average number
of
ordinary shares in issue 17,233 10,200 12,909
(`000)
Profit/(Loss) per -7.61 5.66 -4.17
ordinary share (cents)*
Profit/(Loss) per -7.61 7.63 -5.59
ordinary share (cents)
(Weighted average)*
Headline -7.61 7.63 -5.59
profit/(loss)/earnings
per ordinary share
(cents)*
Dividends per ordinary - - -
share (cents)*
* Only the ordinary
shares share in profits
until 28
February 2003. Only from
there on the preference
shares start sharing in
profits.
Reconciliation of
Headline Earnings
Net loss -1312 778 -722
Exceptional items 0 0 0
Headline profit/(loss) / -1312 778 -722
earnings
Abridged Balance Sheet Six months
ended
31 August 2001
(audited)
R`000
Investments/fixed assets 2,667 5,989
Current assets 2,291 8,205 3,335
Employment of capital 8,544 10,872 9,324
Shareholders` funds 4,462 5,891 5,774
Non-current liabilities 2,857 118 2,218
Current liabilities 1,225 4,863 1,332
Capital employed 8,544 10,872 9,324
Number of ordinary shares 17,233 13,736 17,330
in issue
Number of preference 51,000 51,000 51,000
shares in issue
Total number of shares in 68,233 64,736 68,330
issue
Net asset value per 25.9 42.9 42.9
ordinary share
Net asset value per total 6.5 9.1 8.5
number of shares in issue
Abridged Statement of Six months
Changes in Equity ended
31 August 2001
(audited)
R`000
Balance at beginning of 5,774 5,113 2,205
period
Share capital issued 0 0 4,291
Net profit/(loss) for the -1,312 778 -722
period
Balance at end of period 4,462 5,891 5,774
Abridged Cash Flow Six months
Statement ended
31 August 2001
(audited)
R`000
Cash flow from operating 1,170 130 -1,914
activities
Net interest received -51 19 -95
Cash flow from investing -621 1,980 -9
activities
Cash flow from financing 640 -69 2,026
activities
Net (decrease)/increase 1,138 2,060 8
in cash and cash
equivalents
Cash and cash equivalents
at beginning
of the period 235 227 227
Cash and cash equivalents
at end
of the period 1,373 2,287 235
Comments on results
As reported in the group`s annual report, market perception towards equity
investments was negative to neutral and the board was of the opinion that this
perception could continue beyond September 2002.
This viewpoint was correct. Trading conditions for the six months to 31 August
2002 remained difficult in this market, and is reflected in the results. The
global markets only started to turn positively during
October 2002. The group has contracted with three companies to raise capital on
their behalf until the end of February 2003, which could neutralise the loss
posted for the interim period.
Prospects
The board has also recently announced the establishment of a Property Management
subsidiary. To this end StratCorp is instrumental in the setting up of a Retail
Property Portfolio to the value of approximately R500 million. It is the
intention to list this portfolio under a separate entity on the JSE Securities
Exchange SA during the first half of 2003. StratCorp Property Managers (Pty)
Ltd, the wholly owned subsidiary of StratCorp Ltd, will manage these properties.
The board is confident that its income stream will in future be predictable, and
through the diversification be sustainable.
Extensive technology and product development was initiated during the past
months. The effect, when implemented from 01 February 2003 will enable the group
to expand certain of its operations internationally and will ensure growth in
the local market.
Accounting Policies
The interim statements have been prepared in accordance with AC 127 on
accounting for interim financial statements. The financial statements are
unaudited and have been prepared in accordance with South African Standards of
Generally Accepted Accounting Practises and are based on approved accounting
policies which have been consistently applied.
Dividends
No interim dividends have been
declared.
On behalf of the board
DB Harington
CEO
28 November 2002.
Registered Offices Transfer
Secretaries
Suite 1001 Ultra Registrars
(Pty) Ltd
267 West Avenue 11 Diagonal Straat
Centurion Johannesburg, 2001
Pretoria
Directors : P J de Jongh (Non Executive Chairman); D B
Harington (CEO); J A Beukman; P de W Louw
Company Secretary: TA Tromp
Date: 29/11/2002 05:12:00 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
