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Glodina Holdings Limited - Audited Results For The Year Ended 31 December 2002
Release Date: 17/03/2003 17:10:01 Code(s): GDA
Glodina Holdings Limited - Audited Results For The Year Ended 31 December 2002
Glodina Holdings Limited
(Registration number 1986/004150/06)
(Share code: GDA ISIN code: ZAE000002973)
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
GROUP INCOME STATEMENT
2002 2001
R000 R000
Turnover 147 482 138 243
Cost of sales (118 935) (117 485)
Gross profit 28 547 20 758
Other operating income 1 052 236
Administration costs (4 024) (4 899)
Operating costs (16 864) (17 030)
Other costs (3 705) (5 254)
Profit/(loss) before interest,taxation
and abnormal items 5 006 (6 189)
Abnormal item (1 850) (2 715)
Interest paid (7 428) (5 792)
Loss before taxation (4 272) (14 696)
Taxation - 3 901
Deficit for the year (4 272) (10 795)
Accumulated deficit at the beginning
of the year (14 410) (3 881)
Transfer from non-distributable
Reserve 166 266
Accumulated deficit at the
end of the year (18 516) (14 410)
Basic loss per share (cents) (45.39) (673.59)
Loss on impairment of
investments (cents) 1.69 55.97
(Profit)/loss on disposal of
fixed assets (cents) (0.15) 8.74
Headline loss per share (cents) (43.85) (608.88)
Dividend per share - -
Number of shares in issue 26 602 616 1 602 616
Weighted average number of
shares in issue 9 410 835 1 602 616
GROUP BALANCE SHEET
2002 2001
R000 R000
ASSETS
Non-current assets 57 568 45 700
Property, equipment, vehicles and
furniture 57 288 45 209
Investment - 140
Other assets 280 351
Current assets 77 740 59 049
Inventories 40 122 29 444
Accounts receivable 36 775 29 577
Cash resources 843 28
Total assets 135 308 104 749
EQUITY AND LIABILITIES
Capital and reserves 62 262 31 962
Share capital and premium 72 574 38 002
Reserves (10 312) (6 040)
Non-current liabilities 3 187 6 381
Interest bearing debt - long
term borrowings 1 196 4 417
Post retirement medical benefits 1 991 1 964
Current liabilities 69 859 66 406
Accounts payable 26 517 30 110
Bank overdraft and short term loans 43 342 36 296
Total equity and liabilities 135 308 104 749
Net asset value per share (cents) 234 1994
Commitments
- capital authorised but not yet
contracted 252 -
- operating lease
- next year 1 511 563
- ensuing years 3 831 2 193
GROUP STATEMENT OF CHANGES IN EQUITY
Non- Acc-
Share distributable umulated
capital reserves losses Total
R000 R000 R000 R000
Balance at 31 December 2001 38 002 8 370 (14 410) 31 962
Share issue in terms
of rights offer 5 000 5 000
Share premium on rights offer 30 000 30 000
Share issue expenses (428) (428)
Release of depreciation charge on
revaluation of land and
buildings (166) 166 -
Deficit for the year ended
31 December 2002 (4 272) (4 272)
Balance at 31 December 2002 72 574 8 204 (18 516) 62 262
GROUP ABRIDGED CASH FLOW STATEMENT
2002 2001
R000 R000
Cash generated from/(utilised by)
operations 6 956 (3 803)
Working capital changes (21 442) 7 535
Interest paid (7 428) (5 792)
Taxation paid - (21)
Cash flows from investing activities (15 668) (1 586)
Cash inflow/(outflow) from financing
activities 30 522 (1 538)
Decrease in cash and cash equivalents (7 060) (5 205)
COMMENTS
Results
The audited results for the year ended 31 December 2002 confirm the improved
profitability of the group reflected at the interim stage. The proceeds of the
rights offer were used to finance an investment in increased production capacity
and working capital requirements.
Abnormal items
The abnormal item arises from the costs associated with the rescinded merger
agreement with Hellierwood Holdings
(Pty) Ltd, as well as reorganisation and retrenchment charges.
Accounting policies and presentation
These results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and the accounting policies used are
consistent with those applied in the annual financial statements for the year
ended 31 December 2001.
Share capital
A one for twenty share consolidation was approved by shareholders at a general
meeting held on 19 July 2002.
A rights offer which raised R35 million before expenses was concluded on 9
September 2002.
The results reflected above have been adjusted for the effects of these
transactions.
Audited results
The results for the year ended 31 December 2002 have been audited by Deloitte &
Touche, Chartered Accountants and Auditors. Their unqualified audit opinion is
available for inspection at the company"s registered office.
Change of control
It is the intention of CE Daun to transfer Daun & Cie AG"s interest in Glodina
Holdings Limited to Kap Beteiligungs AG. The Securities Regulations Panel has
ruled that this does not constitute an affected transaction as both companies
are controlled by CE Daun and hence there is no offer to minority shareholders.
Prospects
Whilst the focus on continued cost saving initiatives and production
improvements will yield positive results in 2003, the current strength of the
Rand against major currencies will detrimentally affect our objective of
achieving significant export sales volumes.
For and on behalf of the board Registered office Transfer secretaries
CE Daun PCT Schouten 1 Anderson Road Computershare
Investor Services
Limited
Hammarsdale 70 Marshall Street
Hammarsdale 3700 Johannesburg 2001
17 March 2003
Directors: CE Daun (Chairman), PCT Schouten, M Balladon, PR Redondi.
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