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TEREXKO HOLDINGS LIMITED -
TEREXKO HOLDINGS LIMITED
REGISTRATION NUMBER 1995/004154/06
SHARE CODE: TRX ISIN: ZAE000011755
Unaudited financial results for the six months ended 31 December 2002
Consolidated Income Statements
for the period ended:
Unaudited Unaudited Audited
6 months 6 months Year ended
31 December 31 December 30 June
2002 2001 2002
R"000 R"000 R"000
Revenue 22,818 19,829 42,365
Cost of sales 9,979 8,380 17,446
Operating income 1,302 856 1,685
Interest earned 6 8 447
Interest paid (428) (31) (75)
Depreciation (734) (698) (1,596)
Net income for
the period 146 135 461
Exceptional item
- closure of branch - - (1,215)
Income/(loss) attributable
to ordinary shareholders 146 135 (754)
Headline earnings
per share (cents) 0.3 0.3 0.9
Earnings/(loss)
per share (cents) 0.3 0.3 (1.5)
Shares in issue ("000) 49,352 49,352 49,352
Cash dividend per share - - -
Consolidated Cash Flow Statements
for the period ended:
Unaudited Unaudited Audited
6 months 6 months Year ended
31 December31 December 30 June
2002 2001 2002
R"000 R"000 R"000
Cash flow from
operating activities 3,997 4,795 7,024
Cash flow from
investing activities (3,694) (8,988) (13,266)
Cash flow from
financing activities (5) - (11)
Net increase/(decrease)
in cash resources 298 (4,193) (6,253)
Cash resources at
beginning of period 263 6,516 6,516
Cash resources at
end of period 561 2,323 263
Consolidated Balance Sheets
as at:
Unaudited Unaudited Audited
6 months 6 months Year ended
31 December 31 December 30 June
2002 2001 2002
R"000 R"000 R"000
Assets
Property, plant and
equipment 7,396
7,122 8,843
Investments 36,404 40,275
43,511
Current assets 2,563
8,084 4,506
Total assets 49,753 50,234
58,717
Equity and liabilities
Capital and reserves 27,605 26,716
26,862
Share capital 49
49 49
Share premium 21,346 21,346
21,346
Accumulated profits 5,321
5,467 6,210
Non-current liabilities 6,498
6,495 6,499
Interest bearing liability
230 234 233
Vendor loans 6,265
6,265 6,265
Current liabilities 15,649 17,020
25,360
Total equity and
liabilities 49,753 50,234
58,717
Statement of Changes in Equity
for the period ended:
Unaudited Unaudited Audited
6 months 6 months Year ended
31 December 31 December 30 June
2002 2001 2002
R"000 R"000 R"000
Balance at beginning
of period 26,716 27,470 27,470
Income/(loss) attributable
to ordinary shareholders 146 135 (754)
Balance at end of period 26,862 27,605 26,716
Comments
Accounting Policies
The interim financial statements have been prepared in
accordance with South African Statements of Generally Accepted
Accounting Practice. The accounting policies used are
consistent with those applied in the previous financial year.
Review
The interim results show an increase in turnover of 15%
notwithstanding the fact that the group experienced an abnormal slow
trading period in the hospitality sector during the Summit on
Sustainable Development.
In the hospitality sector the vintaging of selected high quality
wines brought about a wine stock increase of R2,645,117,
which explains the increase in cost of sales of R1,598,699 compared
to the previous years" cost of sales.
The management of the companies in all sectors of our
investments have had to continuously adjust their business
models to endeavour to achieve positive returns, given the
general deflated status of each sector.
The specialised training of staff to provide better and
professionally informed services resulted in descerning clients
acknowledging the improved skills and knowledge of the staff
and thereby frequenting those business more often.
Prospects
Continuous progress is being made to expand the operations to
achieve higher returns.
The restructuring of InterIT in Sweden and the close co-operation
between Kwikpay and Inter is proving to be a very sound basis to
endevour to grow the Swedish companies, and revive them from the
tremendous collapse of the IT sector in recent years.
Installation Technology, BKA and Powerhouse Systems consolidated their
operations into premises in Redding, resulting in cutting costs and
eliminating redundant personal.
The Broadstone Group and BIFA operating in the West Country of
England is due to be merged in accordance with an Option Agreement
entered into some 4 years ago. Rhiannon is presently investigating
the viability of BIFA, and the best way to give effect to the exercising
of the option to acquire BIFA. As a Financial Services Authority
regulated company BIFA"s operation consists of a network of 70 IFA"s.
By order of the Board
C P SWART
Executive Chairman
28 March 2003
Directors:
C P Swart (Executive Chairman), R F Botha (non-executive),
K J Makwetla (non-executive), G M Mokgoko (non executive),
L A Swart, P Swart.
Registered office:
Ground Floor, 4 Pybus Road, Sandton, 2196
Transfer secretaries:
Ultra Registrars (Pty) Ltd, 11 Diagonal Street, Johannesburg, 2001
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