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Mathomo Group Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1995/004783/06)
(Share code: MTO ISIN: ZAE000010542)
("Mathomo" or "the Company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2003
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six Months to Six Months to Year ended
31 March 31 March 30 September
2003 2002 % 2002
R"000"s R"000"s Change R"000"s
Revenue 121,637 87,527 39 212,502
Operating profit before
finance costs 9,045 2,775 226 16,120
Net Finance costs (4,473) (6,039) (26) (12,117)
Interest Paid (3,473) (6,039) (42) ( 12,117)
Preference Dividend (1,000) - -
Net profit/(loss) before
exceptional items 4,572 (3,264) 240 4,003
Exceptional items - (3,950) (12,721)
Net profit/(loss) before taxation 4,572 (7,214) 163 (8,718)
Taxation (46) 262 (118) (370)
Attributable to ordinary
shareholders 4,526 (6,952) 165 (9,088)
Reconciliation of net profit/(loss)
for the period to headline
earnings/ (deficit):
Net Profit/ (Loss) for the period 4,526 (6,952) (9,088)
Add back exceptional items
excluding the directors"
termination of contract payments - 867 9,647
Headline earnings/ (deficit) 4,526 (6,085) 559
Weighted number of shares
in issue 47,179,214 7,258,341 26,179,741
Headline earnings / (loss)
per share (cents) 9.6 (83.8) 111 2.1
Profit/ (Loss) per share (cents) 9.6 (95.8) 110 (34.7)
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
Six Months to Six Months to Year ended
31 March 31 March 30 September
2003 2002 2002
R"000"s R"000"s R"000"s
Assets
Non-current assets 16,120 25,585 14,363
Property, plant and equipment 16,120 17,089 14,363
Investments - 8,496 -
Current assets 94,206 94,966 90,018
Inventories 51,319 41,841 46,076
Accounts receivable 42,887 35,571 43,942
Net proceeds receivable from
Rights offer - 17,554 -
Total Assets 110,326 120,551 104,381
Equity and Liabilities
Capital and reserves 5,591 3,594 1,065
Ordinary share capital 472 472 472
Share premium 122,763 123,156 122,763
Non distributable reserve 2,425 2,425 2,425
Accumulated loss (120,069) (122,459) (124,595)
Non-current liabilities 35,227 5,779 33,631
Interest bearing liabilities 5,227 5,779 3,631
Preference shares 30,000 - 30,000
Current liabilities 69,508 111,178 69,685
Accounts payable 33,294 33,491 34,570
Bank overdrafts 36,082 77,374 34,962
Interest bearing liabilities 132 313 153
Total Equity and Liabilities 110,326 120,551 104,381
Net asset value per share (cents) 11.9 49.5 2.3
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six Months to Six Months to Year ended
31 March 31 March 30 September
2003 2002 2002
R"000"s R"000"s R"000"s
Cash generated from/(utilised in)
operating activities before
finance costs 4,572 (4,786) (6,658)
Finance costs paid (4,473) (6,039) (12,117)
Cash (utilised in)/generated
from investing activities (2,790) (1,261) 4,247
Cash generated from/(utilised in)
financing activities 1,574 (3,709) 41,145
Net cash (outflow)/inflow for
the period (1,117) (15,795) 26,617
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six Months to Six Months to Year ended
31 March 31 March 30 September
2003 2002 2002
R"000"s R"000"s R"000"s
Balance at beginning of the year 1,065 (7,008) (7,008)
Net Profit/ (loss) for the period 4,526 (6,952) (9,088)
Ordinary shares issued in terms
of the rights offer - 17,554 17,554
Write-off of share issue expenses - - (393)
Balance at end of the period 5,591 3,594 1,065
1. Accounting Policies
The accounting policies of the group conform with Statements of South African
Generally Accepted Accounting Practice and are consistent with those applied in
the previous year.
2. Debt Reduction Programme
Progress on the Debt Reduction Plan as set out in the Annual Report dated,
11 December 2002, is as follows:
* It is expected that Mathomo"s contingent liability exposure to
BRM Marketing (in liquidation) of R630 000 will be expunged.
* The sale of the groups" 42.5% interest in Mathomo Financial
Services (Pty)Ltd for R3,5m was approved by 99.08% of
shareholders in general meeting on 21 February 2003. The cash
consideration has been received.
3. Outlook
As reflected in the financial results the group has had an extremely positive
trading period. The benefits of the restructuring and increased focus on the
core operations have produced meaningful results. Shareholders are reminded that
the group"s operations have historically performed better in the second half of
the year.
By order of the Board
Johannesburg
22nd May 2003
Date: 22/05/2003 01:04:29 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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