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Zarara Energy Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/001078/06)
Share code: ZRR ISIN: ZAE000033080
("the company")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003
* Issued: 20 082 894 ordinary shares of 5 cents each
* Weighted average number of shares used in earnings calculations:
2003 - 25 492 964 (2002 - 27 430 900)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Reviewed Unaudited Audited
Six months Six months Year ended
31 Mar 2003 31 Mar 2002 30 Sept 2002
R"000 R"000 R"000
Revenue 129 240 65 876 159 913
Operating profit/(loss) 7 592 (12 594) (23 485)
Profit/(loss) before investment
and interest income 7 592 (12 594) (23 485)
Amortisation of goodwill 179 - 357
Other income 409 - 903
Net interest received 2 175 1 213 1 955
Profit/(loss) before taxation 10 355 (11 381) (20 270)
Taxation (9 230) (1 742) (4 283)
Net profit/(loss) after taxation 1 125 (13 123) (24 553)
Outside shareholder"s interest (11 254) (1 935) (6 075)
Net loss for the period (10 129) (15 058) (30 628)
Determination of headline
profit/(loss)
Net loss per income statement (10 129) (15 058) (30 628)
Loss/(profit) on sale of property,
plant and equipment 93 - (74)
Loss on sale of investments 17 551 - -
Impairment of fixed assets - - 11 619
Amortisation of goodwill (179) - (5 680)
Headline profit/(loss) 7 336 (15 058) (24 763)
Headline profit/(loss) per
share (cents) 29 - (90)
Attributable loss per share (cents) (40) (55) (112)
SUMMARISED CASH FLOW
Cash generated/(utilised) by
operating activities 13 559 (15 923) 41 556
Cash generated/(utilised) in
investing activities 24 007 19 760 (53 891)
Cash (outflow)/inflow from
financing activities (27 336) 7 499 13 879
Net cash inflow 10 230 11 336 1 544
ABRIDGED CONSOLIDATED BALANCE SHEET
Reviewed Unaudited Audited
at at at
31 Mar 2003 31 Mar 2002 30 Sept 2002
R"000 R"000 R"000
Assets
Fixed assets 6 24 180 37 766
Goodwill/(negative goodwill) - 1 839 (1 327)
Deferred taxation - - 775
Investment - 21 289 16 429
Non-current assets 6 47 308 53 643
Current assets 59 119 118 851 91 683
Total assets 59 125 166 159 145 326
Equity and liabilities
Capital and reserves 58 770 104 830 79 113
Outside shareholders" interest - 5 796 9 693
Long-term liabilities - 12 110 17 122
Current liabilities 355 43 423 39 398
Total equity and liabilities 59 125 166 159 145 326
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Share capital and premium
Opening balance 352 831 352 831 352 831
Share buy-back (10 214) - -
342 617 352 831 352 831
Non-distributable reserves
Opening balance 4 141 2 868 2 868
Pre-acquisition reserves - - 1 913
Acquisition of subsidiary - 12 060 -
Transfer to distributable reserves - - (640)
4 141 14 928 4 141
Distributable reserves
Opening balance (277 859) (247 871) (247 871)
Transfer from non-
distributable reserve - - 640
Net loss (10 129) (15 058) (30 628)
(287 988) (262 929) (277 859)
Total equity 58 770 104 830 79 113
Net asset value per share (cents) 293 382 288
NOTES
1. During the six months ended 31 March 2003 the company sold all its
interests in the Bioproducts Group, Zarara Energy Resources LLC, South Ridge
Properties (Pty) Ltd, Caribbean Estates (Pty) Ltd, the shares held in Nature
Technology Solutions Ltd and various plant, furniture and fixtures. Shareholders
of the company are referred to the 2002 Annual Report and the circular contained
therein, for further details of these transactions.
2. Shareholders are referred to the circular dated 17 January 2003 which dealt
with the specific repurchase and cancellation of 7 348 006 ordinary shares in
the company. Following the cancellation on 11 February 2003 of the shares
repurchased the issued share capital of the company was reduced to 20 082 894
ordinary shares of five cents each.
3. Shareholders are referred to the annual general meeting held on 28 May 2003
at which time shareholders passed a special resolution in accordance with the
provisions of section 90 of the Companies Act, 1973 (Act 61 of 1973), as amended
("Companies Act"), to make payment of an amount of R57 236 248, equivalent to
285 cents per share, to shareholders recorded as such in the shareholder
register on Friday, 13 June 2003.
4. Litigation
New Republic Bank Ltd. On 9 April 2003 the company settled its dispute with
New Republic Bank Limited, at which time all claims were withdrawn.
American Custom Components ("ACC") - Shareholders are advised that subsequent
to the annual general meeting and the decision to distribute capital to the
company"s shareholders, a summons was received in which ACC claimed relief of R7
420 850 excluding interest and costs. The directors of the company remain of the
opinion that there is no substance to the claim and will defend the action
against the company. A counter claim for damages is currently being
investigated.
Shareholders are referred to the cautionary announcement published on 23
June 2003 in connection with this matter and will accordingly be advised should
any further proceedings arise.
5. Change of listing - The company"s listing on the JSE Securities Exchange
South Africa was transferred to the "Financials - Speciality and Other Finance"
sub sector "Other Financial" on Monday, 23 June 2003.
Accounting policies
The accounting policies conform to the statements of South African Generally
Accepted Accounting Practice and the Companies Act, which are consistent with
the previous year.
Reviewed report
The auditors of the company, Deloitte & Touche Chartered Accountants (SA),
have reviewed these results. The review report which is unqualified, includes an
emphasis of matter raised which states: "Without qualifying our opinion, we draw
attention to notes 3 and 4 in the Reviewed Interim Report which refer to the
shareholders" decision on 28 May 2003 to make a capital distribution of R57 236
248 and the potential litigation with American Custom Components relating to a
claim of R7 420 850 excluding interest and costs. The interim financial
information has been prepared on the basis that the company continues as a going
concern and does not take into account the adjustments that may be necessary for
the realisation of assets and settlement of liabilities on the liquidation
basis". A copy of the review is available for inspection at the registered
offices of the company.
By order of the Board
WJDI Scott LM Carroll
Non-executive Chairman Director and Company Secretary
Non-executive Directors: HC Buitendag, NE Moon, RB Shead
1 July 2003
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