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Proper Group Ltd -
Proper Group Limited
(Registration number: 1998/0001940/06)
ISIN: ZAE000027181
Share code: PRO
Summarised Group Income Statement
Six months ended Year ended
28 February 28 February 31 August
2003 2001 2002
Unaudited Audited
R "000 R "000 R "000
Revenue 35 659 89 949 213 249
Cost of sales (27 449) (80 302) (200 446)
Gross profit 8 210 9 647 12 803
Other income 1 231 1 426 878
Operating expenses (10 310) (11 208) (21 669)
(Lost)/profit before finance ( 869) ( 135) (7 988)
cost and taxation
Net finance costs (1 552) (1 155) (2 069)
(Lost)/profit before (2 421) (1 290) (10 057)
taxation
Taxation - - 127
Net (loss)/profit after (2 421) (1 290) (9 930)
taxation
Outside shareholders" ( 24) ( 38) 2
interest
Net (loss)/profit for the (2 445) (1 328) (9 928)
period
(Loss)/earnings per share (7,95) (4,37) (31,48)
(cents)
Headline loss per share (6,06) (4,37) (29,44)
(cents)
Diluted (loss)/earnings per (7,85) (4,28) (31,01)
share (cents)
Summarised Group Balance Sheet
28 February 28 February 31 August
2003 2002 2002
Unaudited Audited
R "000 R "000 R "000
ASSETS
Non-current assets 24 685 20 385 26 340
Tangible assets 18 686 11 591 19 098
Intangible assets 4 525 7 840 5 722
Deferred tax assets 265 502 265
Loans receivable 1 209 452 1 255
Current assets 7 353 27 484 7 995
Accounts receivable 5 662 22 341 5 548
Cash and cash equivalents 972 1 151 1 130
Inventories 5 2 115 129
Taxation receivable 29 503 503
Financial assets 685 1 374 685
Total assets 32 038 47 869 34 335
EQUITY AND LIABILITIES
Capital and reserves 7 566 10 914 10 011
Share capital 307 300 307
Share premium 5 866 5 234 5 866
Retained earnings 1 393 5 380 3 838
Outside shareholders" 74 88 48
interest
Long-term liabilities 12 297 11 122 9 648
Current liabilities 12 101 25 745 14 628
Accounts payable 6 124 20 671 9 064
Bank overdraft 5 977 5 074 5 564
Total equity and liabilities 32 038 47 869 34 335
Additional Information
Six months ended Year ended
28 February 28 February 31 August
2003 2002 2002
Unaudited Audited
R "000 R "000 R "000
Reconcilation between
(loss)/earnings and headline
loss
(Loss)/income attributable (2 445) (1 328) (9 928)
to ordinary shareholders
Adjusted for:
Profit on disposal of land ( 85) - -
and buildings, equipment and
vehicles
Amortisation of goodwill 37 1 195
Goodwill written off 630 - 449
Headline earnings (1 863) (1 327) (9 284)
Summarised Group Cash Flow Statement
Six months ended Year ended
28 February 28 February 31 August
2002 2001 2002
Unaudited Audited
R `000 R `000 R `000
Cash flow from (4 044) (1 711) ( 479)
operating activities
Cash received from 73 799 152 590 152 590
customers
Cash paid to suppliers 74 034 154 469 154 469
and employees
Cash ( 235) (1 879) (1 879)
(Utilized)/generated by
operations
Net finance cost (1 155) (1 644) (1 644)
Taxation paid ( 321) (1 503) (1 503)
Cash flow from 850 207 ( 650)
investing activities
Acquisition of - (2 238) (2 238)
equipment and vehicles
Proceeds on the - 2 036 2 036
disposal of equipment
and vehicles
Acquisition of (1 747) (3 249) (3 249)
investment property
Proceeds on the - 9 448 9 448
disposal of investment
property
Acquisition of 2 087 (3 461) (3 461)
investments
Acquisition of ( 56) (6 341) (6 341)
intangible assets
Decrease/(increase) in ( 77) 535 535
loans received
Cash flow from 2 623 ( 345) (1 231)
financing activities
Increase/(decrease) in 88 (1 174) (1 174)
outside shareholders"
interest
Increase in share (2 064) 5 630 5 630
premium
Shares issued ( 23) 74 74
Long-term liabilities 1 654 4 266 4 266
raised / (repaid)
Cash and cash
equivalents
Net cash ( 571) (1 849) (2 360)
increase/(decrease) for
the year
Cash and cash (4 434) (2 074) (2 074)
equivalents at
beginning of the year
Cash and cash (5 005) (3 923) (4 434)
equivalent at end of
the year
Statement of Changes in Equity
Ordinary Share Retained
share
capital
premium earning Total
R "000 R "000 R "000 R "000
Balance at 1 September 249 1 679 4 692 6 620
2000
Ordinary shares issued 68 5 096 - 5 164
Voornoteringsuitgawes - -
Kapitaal verlies met - - -
verkoop van belegging
Klandisiewaarde - - -
afgeskryf
Behoue inkomste - - -
toeskryfbaar aan
voorverkryging
Net profit for the - - 1 237 1 237
period
Balance at 28 February 317 6 775 5 929 13 021
2001
Balance at 1 March 2001 317 6 775 5 929 13 021
Ordinary shares issued 6 534 - 540
-
Ordinary shares ( 24) (2 075) (2 099)
repurchased
Net loss for the period - - ( 549) ( 549)
Balance at 28 February 299 5 234 5 380 10 913
2002
Balance at 1 March 2002 299 5 234 5 380 10 913
-
Ordinary shares issued 8 632 - 640
Previous year deferred - - ( 362) ( 362)
tax adjustment
Surplus on revaluation - - 7 421 7 421
of land
Net loss for the period - - (8 601) (8 601)
Balance at 31 August 307 5 866 3 838 10 011
2002
Balance at 1 September 307 5 866 3 838 10 011
2002
Net loss for the period - - (2 445) (2 445)
Balance at 28 February 307 5 866 1 393 7 566
2003
The interim financial statements are prepared in accordance with statements of
South African Generally Accepted Accounting Practice and incorporate the same
accounting policies as for the previous year, which means that it is consistent
with those of the previous year.
PROPER GROUP LIMITED
SIX MONTH PERIOD ENDED 28 FEBRUARY 2003
INTRODUCTION
As reported previously, the Proper Group has for various reasons suffered
substantial trade losses in some of its subsidiary concerns during the 2002
financial year.
Subsequently, concerted action has been taken, aimed at curbing these losses on
the one hand and restructuring the Group on the other, in such a way as to
enable it to uphold sustainable earnings in all of its divisions.
The actions instituted mainly concerned the drastic scaling down of costs and
the confinement of trade risks. It had become clear that, as a consequence of
cash flow pressure, the Group had been unable to finance the medium term losses
incurred, which were caused by the rapid expansion in certain divisions.
The decision was then taken that the Group should revert to focussing once again
on its core business and that divisions failing to contribute to profitability,
nor display the potential to achieve same in the short term, must be closed down
in a bid to improve profitability
FINANCIAL OVERVIEW
The closing or selling of non-profitable divisions led to a reduced turnover,
but as a result of the increase in the gross profit percentage, from 10,7% the
previous year to a current 23.0%, it has already displayed the expected positive
effect on trade earnings within the early stages of the first six months of the
2003 financial year. With a R54 290 000 drop in turnover, the abridged income
statement shows a mere R1 437 000 reduction in gross profit for the six months
ended on 28 February 2003.
The actions implemented have already resulted in a saving of R898 000 or 8,0% in
operating expenditure.
PROSPECTS
The closing down of the Group"s non-profitable divisions such as the Malmesbury
regional office and Agrimark Consultants, as well as the selling of the Delmas
practice, will nonetheless still have the effect of displaying a loss for the
financial year ending 31 August 2003, caused by the writing-off of non-cash
items such as goodwill.
The improvement in gross margins experienced by the various divisions despite
lower turnovers, as well as the real saving in operating costs, together with
the hold on any unwarranted risks, promise to result in the desired positive
effect on the Group"s profitability in the medium and long term.
The selling or letting of some of the under-utilised facilities within the group
is also being considered as it will certainly contribute to improvement of the
cash flow position and towards increased profitability due to lower finance
costs.
C. J. Botha
Chairman
Date: 26/05/2003 05:05:22 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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