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Stratcorp Limited - Group Audited Results For The Twelve Months Ended 28
Release Date: 30/05/2003 17:15:02 Code(s): STA
STRATCORP LIMITED - Group audited results for the twelve months ended 28
February 2003
STRATCORP LIMITED
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code ZAE 000 034 294
Group audited results for the twelve months ended
28 February 2003 were as follows:
GROUP CONSOLIDATED
Abridged Income Statements Twelve months Twelve months
ended ended
28 February 2003 28 February 2002
(Audited) (Audited)
R"000 R"000
Income 3,350 8,410
Operating profit/(loss)
before
interest -2,174 -734
Net interest paid 75 -96
Operating profit/(loss) -2,099 -830
before taxation
Taxation 760 0
Net profit/(loss) after -1,338 -830
taxation
Minority Interest 0 -5
Net profit/(loss) after -1,338 -835
minority Interest
Accumulated loss brought -1,874 -1,039
forward
Accumulated loss carried -3,212 -1,874
forward
19,815 17,230
Number of ordinary shares in
issue ("000)
Weighted average number of
ordinary shares in issue 17,747 12,909
("000)
Profit/(Loss) per ordinary -6.50 -4.85
share (cents)*
Profit/(Loss) per ordinary -7.54 -6.47
share (cents) (Weighted
average)*
Headline -5.80 -4.44
profit/(loss)/earnings per
ordinary share (cents)*
Dividends per ordinary share - -
(cents)*
* Only the ordinary shares
share in profits until 28
February 2003. Only from
there on the preference
shares start sharing in
profits.
Reconciliation of Headline
Earnings
Net loss -1338 -835
Exceptional items 0 0
Headline profit/(loss) / -1338 -835
earnings
Abridged Balance Sheet Twelve months Twelve months
ended ended
28 February 2003 28 February 2002
(Audited) (Audited)
R"000 R"000
Investments/fixed assets 5,324 6,208
Current assets 3,778 3,316
Employment of capital 9,102 9,524
Shareholders" funds 5,152 5,979
Non-current liabilities 493 2,212
Current liabilities 3,457 1,333
Capital employed 9,102 9,524
Number of ordinary shares in 19,815 17,230
issue
Number of preference shares 51,000 51,000
in issue
Total number of shares in 70,815 68,230
issue
Net asset value per ordinary 26.0 42.9
share
Net asset value per total 7.3 8.8
number of shares in issue
Abridged Statement of Changes Twelve months Twelve months
in Equity ended ended
28 February 2003 28 February 2002
(Audited) (Audited)
R"000 R"000
Balance at beginning of 5,973 2,205
period
Share capital issued 517 4,604
Net profit/(loss) for the -1,338 -830
period
Balance at end of period 5,152 5,979
Abridged Cash Flow Statement Twelve months Twelve months
ended ended
28 February 2003 28 February 2002
(Audited) (Audited)
R"000 R"000
Cash flow from operating 300 -1,822
activities
Net interest received 75 -96
Cash flow from investing 1,157 -4,704
activities
Cash flow from financing 600 6,630
activities
Net (decrease)/increase in 2,132 8
cash and cash equivalents
Cash and cash equivalents at
beginning
of the period 235 227
Cash and cash equivalents at
end
of the period 2,367 235
REPORT BY THE CHIEF EXECUTIVE OFFICER
As previously reported in both the 2002 annual report and the 2003
interim results, market conditions in the equity segment remains
negative to neutral. The largest component contributor to the group"s
earnings is directly affected by this industry.
As the uncertainty to when the market will actually change, continues,
the company will conduct its operations based on a conservative
approach. The group expanded its operations into other segments in order
to attain a predictable income stream. As with any business model
introduced, it takes time and some of these expansions will come into
effect during the next financial year.
Financial Results
The second half of the financial year was much better and the group
managed to limit losses incurred during the first half. A consolidated
operating loss for the full year of R 1 338 004 was posted. (Interim R 1
312 526)
Prospects
The company is satisfied that its business model within the StratEquity
subsidiary is well structured and, although reliant on market conditions
in the equity market, will contribute to the groups earnings in future.
The subscription based product is now increasing satisfactory and its
contribution will be positive.
The company reported in its interim results its intentions of becoming
involved in the Property Management segment. Currently, the company is
evaluating a property portfolio for this purpose of more than R350
million, which can result in a future income stream.
The company holds share options in the following companies:
Name No. of shares Price Option date
Beget Holdings Limited 20 000 000 10 cents 31/12/03
APMI Holdings Limited 10 000 000 75 cents 31/12/04
At the current share price of Beget Holdings Limited (Beget) of 18
cents, a profit of R1.6 million can be realised. This company is
expanding aggressively into the International markets, and it is
anticipated that the effect thereof could have a positive influence on
Beget"s future profitability, which can increase the current share price
of Beget. At the time when the option is exercised, a higher profit can
be realised.
Accounting policies
The financial statements have been prepared in accordance with The South
Africa Statements of Generally Accepted Accounting Practices and are
based on approved accounting policies which have been consistently
applied. The unqualified audit report issued by Charles Orbach & Company
Chartered Accountants (SA) is available at the company"s registered
offices.
Dividends
No dividends have been declared.
On behalf of the board
D B Harington
CEO
30 May 2003
Registered Offices
Suite 1001
267 West Avenue
Centurion
Pretoria
Directors : P J de Jongh (Non Executive Chairman); D B Harington (CEO); J A
Beukman; P de W Louw
Company Secretary: TA Tromp
Transfer Secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Straat
Johannesburg, 2001
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