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Abc Cash Plus Limited - Abridged Audited Financial Statements For The Year Ended
Release Date: 30/05/2003 17:11:56 Code(s): APS
ABC Cash Plus Limited - Abridged Audited Financial Statements For The Year Ended
28 February 2003
ABC CASH PLUS LIMITED
(Incorporated in the Republic of South Africa)
(Share code: APS, ISIN:ZAE000017554)
("ABC", "the Company", or "the Group")
ABRIDGED AUDITED FINANCIAL STATEMENTS For the year ended 28 February 2003
INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2003
2003 2002
Group Group
R R
TURNOVER 7,758,580 10,471,797
OPERATING EXPENSES (10,885,787) (8,483,167)
OPERATING INCOME (DEFICIT) (3,127,207) 1,988,630
FINANCE CHARGES (498,021) (300,749)
NET INCOME (DEFICIT) before taxation (3,625,228) 1,687,881
TAXATION (40,067) (385,269)
NET INCOME (DEFICIT) for the period (3,665,295) 1,302,612
OUTSIDE SHAREHOLDERS" INTEREST 465,263 (280,902)
EARNINGS (LOSS) (3,200,032) 1,021,710
Cents Cents
HEADLINE EARNINGS (LOSS) PER SHARE (6.34) 2.03
EARNINGS (LOSS) PER SHARE (6.34) 2.03
CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2003
Cash flow from operating activities (2,090,511) 584,470
Cash flow from investing activities 73,686 (52,935)
Cash flow from financing activities 1,782,077 (646,878)
Change in cash and equivalents (234,748) (115,343)
Cash and equivalents at beginning of year 873,819 989,162
Cash and equivalents at end of year 639,071 873,819
BALANCE SHEET AT 28 FEBRUARY 2003
ASSETS
NON CURRENT ASSETS 323,797 916,960
Fixed assets 323,797 563,852
Investments in subsidiaries - -
Loans - 353,108
CURRENT ASSETS 8,141,730 10,632,306
Advances 7,244,903 9,341,416
Accounts receivable 257,756 417,071
Cash resources 639,071 873,819
TOTAL ASSETS 8,465,527 11,549,266
EQUITY AND LIABILITIES
EQUITY 4,231,689 7,978,405
Share capital 504,498 504,498
Share premium 12,270,218 12,270,218
Accumulated deficit (8,599,121) (5,317,668)
Outside shareholders" interest 56,094 521,357
NON CURRENT LIABILITIES 1,633,785 788,239
Secured loans 70,000 -
Unsecured loans 1,563,785 788,239
CURRENT LIABILITIES 2,600,053 2,782,622
Short term portion of secured loans 950,000 13,469
Accounts payable 708,023 1,862,708
Taxation payable 942,030 906,445
TOTAL EQUITY AND LIABILITIES 8,465,527 11,549,266
STATEMENT OF CHANGES IN EQUITY
Opening balance 7,978,405 6,675,793
Net income (deficit) for the year (3,281,453) 1,021,710
Changes in outside shareholder"s interst (465,263) 280,902
Closing balance 4,231,689 7,978,405
COMMENTARY
Review
The primary business of the Group consisted of the granting of short-term micro
loans.
Despite continuing efforts to reduce operating expenses, the company suffered a
loss during the period under review. The loss is attributed to bad debts arising
from the granting of personal loans.
Prospects
Due to the above situation, management have decided to focus on the granting
of production loans as opposed to consumption loans. The risks involved in the
granting of production loans are lower than the risks inherent to consumption
loans.
As a result the group is no longer primarily a short-term micro-lender. The
focus is now on the home loan sector in the lower income market. With this in
view, an agreement was concluded with National Home Finance Corporation Ltd
(NHFC) and it is expected that this will become the core business of the group.
Accounting Policies
The financial statements of the Group have been audited and an unqualified
audit report expressed thereon by Van Dyk Rossouw Inc. Their report is available
for inspection at the registered office of the Company. The financial statements
comply in all material respects with South African Statements of Generally
Accepted Accounting Practice and are consistent with those applied in previous
years.
JM van Tonder
Acting Chairman
Johannesburg
30 May 2003 2003
