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ABC CASH PLUS LIMITED - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003,
DISPOSAL OF INVESTMENTS IN SUBSIDIARY AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENTS
ABC CASH PLUS LIMITED
(Registration number: 1998/020520/06)
(Incorporated in the Republic of South Africa)
Share code: APS ISIN ZAE000017554
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003,
disposal of investments in subsidiary and withdrawal of cautionary
announcements
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31
AUGUST 2003
Reviewed Reviewed
2003 2002
R"000 R"000
Turnover 898 4,587
Other income 290 -
Operating expenses (823) (3,818)
Operating income 365 769
Finance charges (246) (360)
Net income before taxation 119 409
Taxation 600 (89)
Net income for the period 719 320
Outside shareholders" interest 56 (249)
EARNINGS 775 71
Earnings per share information
Shares in issue (000"s) 50,450 50,450
Earnings per share (cents) 1.54 0.30
Headline earnings per share (cents) 1.54 0.30
CONSOLIDATED BALANCE SHEET AT 31 AUGUST 2003
Assets
Non current assets 822 980
Current assets 7,969 11,636
TOTAL ASSETS 8,791 12,616
Equity and liabilities
Equity 5,007 8,298
- Ordinary shareholders 5,007 7,528
- Minorities - 770
Non current liabilities 3,095 2,514
Current liabilities 689 1,804
TOTAL EQUITY AND LIABILITIES 8,791 12,616
Net asset value per share (cents) 9.92 16.45
Tangible net asset value per share 9.92 16.45
(cents)
STATEMENT OF CHANGES IN EQUITY
Opening balance 4,232 7,978
Net income (deficit) for the period 719 71
Changes in outside shareholders"
interest 56 249
Closing balance 5,007 8,298
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2003
Cash flow from operating activities 371 (1,524)
Cash flow from investing activities (442) (26)
Cash flow from financing activities 381 1,726
Change in cash and equivalents 310 176
Cash and equivalents at beginning
of period 639 874
Cash and equivalents at end of period 949 1,050
COMMENTS:
Nature of business
The primary business of the company is the granting of short and medium term
home improvement loans.
Accounting policies
The financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those applied in previous years. The Group"s auditors, VanDykRossouw Inc, have
reviewed the financial information and their unqualified review opinion is
available for inspection at the company"s offices.
Review
The company"s positive results can be ascribed to the fact that the majority of
the loans granted to customers during the period were production loans to home
owners as opposed to personal loans.
Prospects
The focus of the company in the next six months will be on building a more
comprehensive lower risk debtors book in the home loan market. Due to the lower
risk profile, improved and sustainable profitability is anticipated.
Alternative Exchange (ALT-X)
The company is in the process of applying to move its JSE listing to ALT-X.
Management is of the opinion that this will lead to significant cost savings and
increase shareholders" awareness and interest.
Disposal of investments in subsidiaries and withdrawal of cautionary
announcements
Further to the cautionary announcements of 17 April 2003, 5 June 2003, 23 July
2003 and 5 September 2003, shareholders are advised that, in line with the
group"s strategic decision to focus on the granting of home improvement loans,
investments held in certain subsidiaries that focus on the granting of personal
cash loans, were disposed of.
The investments so disposed of are: 60% held in ABC Cash Plus (Brakpan) (Pty)
Ltd, 60% held in ABC Cash Plus (Boksburg) (Pty) Ltd, 72% held in ABC Cash Plus
(Marikana) (Pty) Ltd, 60% held in ABC Cash Plus (Thabazimbi) (Pty) Ltd and 60%
held in ABC Cash Plus (Steelpoort) (Pty) Ltd.
The investments were acquired by Emeritius Investments 49 (Pty) Ltd for an
equity amount of R 80 925. Loans granted to these former subsidiaries will be
settled over a period of 20 months.
These disposals will not have a material effect on the group"s assets or
profitability.
23 September 2003
On behalf of the Board of Directors
CEO Secretary Sponsors Transfer Secretaries
JM van Tonder JP Mostert Exchange Sponsors Computershare Services Ltd
Date: 26/09/2003 03:30:04 PM Produced by the JSE SENS Department
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