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Glodina -
Glodina Holdings Limited
(Registration number 1986/004150/06)
(Share code: GDA ISIN code: ZAE000002973)
("GLODINA")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
GROUP INCOME STATEMENT
Audited
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
Turnover 74 714 62 920 147 482
Cost of Sales (58 367) (51 465) (120 785)
Gross profit 16 347 11 455 26 697
Other operating income 119 371 1 052
Administration costs (2 098) (1 837) (4 024)
Operating costs (8 693) (6 715) (16 864)
Other costs (1 625) (2 133) (3 705)
Profit before interest and taxation 4 050 1 141 3 156
Interest paid (4 013) (3 618) (7 428)
Profit/(loss) before taxation 37 (2 477) (4 272)
Taxation - - -
Profit/(loss) for the period 37 (2 477) (4 272)
Accumulated loss at the
beginning of the period (18 516) (14 410) (14 410)
Transfer from non distributable reserve 83 166 166
Accumulated loss at the
end of the period (18 396) (16 721) (18 516)
Basic earnings/(loss) per share (cents) 0.14 (154.56) (45.39)
Profit on disposal of fixed assets (cents) - - (0.15)
Loss on impairment of investments (cents) - 3.40 1.69
Headline earnings/(loss) per share (cents) 0.14 (151.16) (43.85)
Dividend per share (cents) - - -
Number of shares in issue 26 602 616 1 602 616 26 602 616
Weighted average number of shares
in issue 26 602 616 1 602 616 9 410 835
GROUP BALANCE SHEET
Audited
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
ASSETS
Non-current assets 57 482 45 490 57 568
Property, equipment, vehicles and furniture 57 201 45 055 57 288
Investment - 140 -
Other assets 281 295 280
Current assets 89 826 81 458 77 740
Inventories 55 283 43 572 40 122
Accounts receivable 34 542 37 834 36 775
Cash resources 1 52 843
Total assets 147 308 126 948 135 308
EQUITY AND LIABILITIES
Capital and reserves 62 299 29 485 62 262
Share capital and premium 72 574 38 002 72 574
Reserves (10 275) (8 517) (10 312)
Non-current liabilities 3 277 5 348 3 187
Interest bearing debt - long term borrowings 1 196 3 339 1 196
Post retirement medical benefits 2 081 2 009 1 991
Current liabilities 81 732 92 115 69 859
Accounts payable 29 446 32 193 26 517
Bank overdraft and short term loans 52 286 59 922 43 342
Total equity and liabilities 147 308 126 948 135 308
Net asset value per share (cents) 234 1 840 234
Commitments
- capital contracted 831 8 909 -
- capital authorised but not yet contracted - 1 540 252
- operating lease
- next year 1 591 563 1 511
- ensuing years 3 571 1 783 3 831
GROUP STATEMENT OF CHANGES IN EQUITY
Non-
Share distributable Retained
Capital reserves earnings Total
R"000 R"000 R"000 R"000
Balance at 31 December 2002
as previously reported 72 574 8 204 (18 516) 62 262
Release of depreciation
Charge on revaluation of
land and buildings - (83) 83 -
Profit for the period - - 37 37
Balance at 30 June 2003 72 574 8 121 (18 396) 62 299
GROUP ABRIDGED CASH FLOW STATEMENT
Audited
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
Cash generated from operations 6 062 2 909 6 956
Working capital changes (9 909) (20 257) (21 442)
Interest paid (4 013) (3 618) (7 428)
Cash flows from investing activities (1 926) (1 558) (15 668)
Decrease in cash and cash equivalents (9 786) (22 524) (37 582)
COMMENTS
Results
A sales volume increase together with cost reductions and productivity
improvements have contributed to the groups improved trading results for the six
months ended 30 June 2003. Inventories continue to receive attention to find the
correct balance between optimising customer service and acceptable working
capital levels.
Accounting policies and presentation
The basis of preparation of the interim financial statements and the accounting
policies applied are consistent with those published in our annual financial
statements for the year ended 31 December 2002 and are in accordance with South
African Statements of Generally Accepted Accounting Practice.
Prospects
The focus will remain on increasing sales volumes and reducing costs to ensure
the achievement of our long term objective of reasonable profitability at
Glodina.
For and on behalf of the board Registered office Transfer secretaries
F Moller 1 Anderson Road Computershare Limited
PCT Schouten Hammarsdale 70 Marshall Street
Hammarsdale 3700 Johannesburg 2001
06 August 2003
Directors: F Moller (Chairman) (German), PCT Schouten, M Balladon, MN Donegan
(British), PR Redondi.
Date: 05/08/2003 04:00:10 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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