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Good Cape Limited
(Reg No. 1987/006274/06)
Share code : GDC ISIN : ZAE000015590
("Good Cape")
Interim abridged unaudited consolidated financial results of the group for the 6
months ended 31 December 2002
Consolidated income Unaudited Audited Unaudited
statement
6 months 18 months 6 months
ended ended ended
31 Dec 30 Jun 31 Dec
R000"s 2002 2002 2001
Operating profit before 1 845 4 807 954
exceptional items
Exceptional items (4 876) 1 948 3 550
Operating (loss)/profit (3 031) 6 755 4 504
Financial costs (155) (2 022) (699)
Preference dividends of a (614) (3 608) (1 209)
subsidiary
Taxation (76) (451) (150)
(Loss)/profit attributable (3 876) 674 2 446
to ordinary shareholders
Attributable (loss)/profit (12,2) 2,1 7,7
per share (in cents)
Exceptional loss/(profit) (15,4) 6,2 11,2
per share (in cents)
Headline profit/(loss) per 3,2 (4,1) (3,5)
share (in cents)
The difference between the
attributable loss and the
headline profit per share
for the period under review
results from the loss on
the disposal of two
subsidiaries in the amount
of R6,481 million and the
upward revaluation of
R1,605 million on the fixed
property assets and is
reflected as exceptional
items.
Number of shares in issue 31 654 31 654 31 654
(000"s)
Consolidated balance sheet Unaudited Audited Unaudited
31 Dec 30 Jun 31 Dec
R000"s 2002 2002 2001
Capital employed
Shareholders" interests 800 13 684 15 289
Redeemable preference share - 20 000 20 000
capital of a subsidiary
Shareholders for capital 10 613 - -
reduction
Mortgage finance 3 773 2 206 4 082
16 186 35 890 39 371
Employment of capital
Fixed property assets 4 650 14 150 29 800
Net current assets 11 536 21 740 9 571
16 186 35 890 39 371
Net asset value per share 2,5 43,2 48,3
(cents)
Number of shares in issue 31 654 31 654 31 654
(000"s)
Consolidated cash flow
statement
Unaudited Audited Unaudited
31 Dec 30 Jun 31 Dec
R000"s 2002 2002 2001
Cash generated by 2 271 5 172 3 390
operations
Increase/(decrease) in (13 838) (5 854) 1 903
working capital
Financial costs (155) (2 022) (1 948)
Cash generated by (11 722) (2 704) 3 345
operating activities
Taxation paid (226) (452) (300)
Dividends paid (614) (3 608) (2 412)
Net cash available from (12 562) (6 764) 633
operating activities
Cash effects from (6 684) 26 146 1 199
investment & financing
activities
Net (decrease)/increase in (19 246) 19 382 1 832
cash movement
Net cash/(borrowings) at 15 473 (3 909) (3 909)
the beginning of period
Net (borrowings)/cash at (3 773) 15 473 (2 077)
end of period
Statement of changes in equity
R000"s Total
Balance at 30 June 2002 13 684
Upward revaluation 1 605
Loss for the period (3 876)
Capital reduction (10 613)
Balance at 31 December 2002 800
COMMENTS:
1. The results for the period have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those in the previous financial period. The
financial results are unaudited and have not been reviewed by our auditors.
2. Pursuant to the change in control to Edge to Edge 188 (Pty) Ltd on 29
January 2003 as detailed in the Circular to shareholders issued on
30 December 2002 and approved by shareholders on 14 January 2003 :
2.1 The Company disposed of its subsidiaries Good Cape Properties Ltd and
Bellcanto (Pty) Ltd. The operating profit before exceptional items include a
loss made by Good Cape Properties Ltd of R516 000 and a profit by Bellcanto
(Pty) Ltd of R399 000. The losses on the sales of the subsidiary companies have
been reflected as exceptional items. The financial results have been prepared
on the basis that the disposals were effected on 31 December 2002.
2.2 The Board of Directors is presently being reconstituted and the new
Board comprises R J Harman, R J Hoption, D G Borthwick and N Lurie.
2.3 The new Board will determine the future strategic direction of the
Company and will advise shareholders in detail in due course but intend to :
2.3.1 Re-acquire Bellcanto (Pty) Ltd; and
2.3.2 Re-capitalise the Company by at least R25 million; and
2.3.3 Convert the Company into a Loan Stock Company under the name
Annuity Property Fund; and
2.3.4 Ensure the required spread of shareholders to maintain its
listing on the main board of the JSE Securities Exchange,
South Africa.
3. No interim dividend has been declared.
For and on behalf of the Board
B P Rabinowitz
W H Edelstein
Cape Town
28 March 2003
Registered office
9th Floor, NBS Waldorf
80 St George"s Mall, Cape Town, 8001
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001 (P O Box 61051, Marshalltown, 2107)
Directors : B P Rabinowitz (Chairman and Chief Executive Officer), W H
Edelstein, C W Eglin*, C K Loydall (Mrs)*
Company Secretary : C K Loydall (Mrs)
*Non-executive
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