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Good Cape Limited - Provisional Reviewed Consolidated Financial Results Of The
Group For The Year Ended 30 June 2003
GOOD CAPE LIMITED
Incorporated in the Republic of South Africa
(Reg No. 1987/006274/06)
Share code : GDC ISIN : ZAE000015590
("the company")
PROVISIONAL REVIEWED CONSOLIDATED FINANCIAL RESULTS OF THE GROUP FOR
THE YEAR ENDED 30 JUNE 2003
Summarised group income Reviewed Audited
statement
12 months 18 months
ended ended
30 June 30 June
R000"s 2003 2002
Operating (loss) / profit (142) 4 807
before exceptional items
Exceptional items (1 318) 1 948
Operating (loss)/profit (1 460) 6 755
Financial income (costs) 49 (2 022)
Preference dividends of a (614) (3 608)
subsidiary
Taxation (124) (451)
(Loss)/profit attributable (2 149) 674
to ordinary shareholders
Attributable (loss) (6,8) 2,1
/profit per share (in
cents)
Exceptional (loss) / (4,2) 6,2
profit per share (in
cents)
Headline loss per share (2,6) (4,1)
(in cents)
The difference between the
attributable loss and the
headline loss per share
for the year results from
the loss on the disposal
of two subsidiaries in the
amount of R1,6 million and
the upward revaluation of
R0,3 million on the
remaining fixed property
asset which are reflected
as exceptional items.
Number of shares in issue 31 654 31 654
(000"s)
Summarised group balance Reviewed Audited
sheet
30 June 30 June
R000"s 2003 2002
Capital employed
Shareholders" interests 687 13 684
Redeemable preference - 20 000
share capital of a
subsidiary
Mortgage finance 3 359 2 206
4 046 35 890
Employment of capital
Fixed property assets 4 650 14 150
Net current assets (604) 21 740
4 046 35 890
Net asset value per share 2,2 43,2
(cents)
Number of shares in issue 31 654 31 654
(000"s)
Summarised group cash flow
statement
Reviewed Audited
30 June 30 June
R000"s 2003 2002
Cash (utilised in) / generated (142) 5 172
by operations
Decrease /(increase) in working 5 645 (5 854)
capital
Financial income / (costs) 49 (2 022)
Cash generated by operating 5 552 (2 704)
activities
Taxation paid (226) (452)
Dividends paid (614) (3 608)
Net cash available from 4 712 (6 764)
operating activities
Cash effects from investment & (20 148) 26 146
financing activities
Net (decrease)/increase in cash (15 436) 19 382
Net cash/(borrowings) at the 15 473 (3 909)
beginning of period
Net (borrowings)/cash at end of 37 15 473
period
Summarised group statement of changes in equity
R000"s Share Share Accumula Total
capital premium ted loss
Balance at 30 316 26 095 (12 727) 13 684
June 2002
Attributable (2 149) (2 149)
loss for the
year
Capital (10 848) (10 848)
reduction
Balance at 30 316 15 247 (14 876) 687
June 2003
COMMENTS:
1. The financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those in the previous financial period. The
financial results have been reviewed by PricewaterhouseCoopers Inc and a copy of
their unqualified review opinion is available for inspection at the company"s
registered office.
2. No dividends have been declared and none are recommended.
3. Following the disposal of certain assets and the reduction of capital as
set out in a circular to shareholders issued on 30 December 2002, the company
and group no longer meets all the criteria to remain listed on the JSE
Securities Exchange South Africa. However, the company continues to evaluate
proposals for its restructuring and further announcements in this regard will be
made in due course.
For and on behalf of the Board
R J Harman
N Lurie
Cape Town
29 September 2003
Registered office
2a Delaney Rd, Plumstead, 7800
P O Box 610, Plumstead, 7801
Transfer secretaries
Computershare Limited
70 Marshall Street, Johannesburg, 2001
(P O Box 61051, Marshalltown, 2107)
Directors : D G Borthwick, R J Harman, N Lurie, R J Hoption
Company Secretary : C K Loydall (Mrs)
Date: 29/09/2003 07:30:11 AM Produced by the JSE SENS Department
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