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Gilboa - Provisional Results For The Year Ended 30 June 2003
Release Date: 01/10/2003 17:15:01 Code(s): GLB
Gilboa - PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2003
GILBOA PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: GLB ISIN No: ZAE000010286
("Gilboa" or "the company")
PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2003
GROUP BALANCE SHEETS
Unaudited Audited Audited
30 Jun 2003 31 Dec 2002 30 Jun 2002
ASSETS R"000 R"000 R"000
Non-current assets 14 480 14 523 14 572
Property, equipment and 6 994 7 037 7 086
vehicle
Mining rights 7 486 7 486 7 486
Goodwill -- -- --
Intangible assets -- -- --
Unsecured loans -- -- --
Current assets 511 8 25
Cash and cash equivalents 7 6 24
Short term receivables 502 -- --
Trade and other receivables 2 2 1
Total assets 14 991 14 531 14 597
EQUITY AND LIABILITIES
Capital and reserves 5 718 1 299 1 191
Non-current liabilities 6 220 6 964 7 083
Long-term liabilities 6 220 6 964 7 083
Current liabilities 3 053 6 268 6 324
Short-term loans -- 3 536 3 451
Bank overdraft -- -- --
Accounts payable 2 559 2 444 2 584
Taxation payable 494 288 289
Total equity and liabilities 14 511 14 531 14 597
Number of shares in issue 301 191 301 191 284 581
(`000)
Net asset value per share 1,90 0,43 0,42
(cents)
Tangible net asset value per (0,58) (2,05) (2,21)
share (cents)
Fully diluted shares in 354 523 301 191 284 581
issue (`000)
Net asset value per share 1,61 0,43 0,42
(cents)
Tangible net asset value per (0,50) (2,05) (2,21)
share (cents)
GROUP INCOME STATEMENTS
Unaudited Audited Audited
Year 6 months Year
ended ended ended
30 Jun 2003 31 Dec 2002 30 Jun 2002
R"000 R"000 R"000
Revenue 2 358 1 413 5 278
Operating expenses 2 658 1 557 14 922
Net operating loss (300) (144) (9 645)
Profit on sale of business -- -- 5 601
Loss on sale of business -- -- (4 722)
Impairment loss (316) (316) (4 232)
Finance charges (1 229) (611) (1 190)
Loss before taxation (1 845) (1 070) (14 188)
Taxation (205) -- (111)
Net loss before minority (2 050) (1 070) (14 188)
interests
Minority interests -- -- 339
Net loss for the year (2 050) (1 070) (13 960)
Weighted average shares in 299 052 298 423 242 263
issue (`000)
Loss per share for period (0.68) (0,36) (5,76)
(cents)
Headline loss per share for (0.68) (0,36) (4,38)
year (cents)
Fully diluted weighted 352 384 298 423 242 263
average shares in issue
(`000)
Loss per share for period (0.58) (0,36) (5,76)
(cents)
Headline loss per share for (0.58) (0,36) (4,38)
year (cents)
STATEMENT OF CHANGES IN EQUITY
Share Share Shares to NDR Accumulated Total
capital premium be issued R"000 losses
R"000
R"000 R"000 R"000 R"000
Balance 01 July 1 900 38 898 -- 3 000 (43 720) 78
2001
Net loss for -- -- -- -- (13 960) (13 960)
the year
Impairment of
fixed property -- -- -- (3 000) -- (3 000)
Issue of share 946 17 126 -- -- -- 18 072
capital
Balance 30 June 2 846 56 024 -- -- (57 680) 1 190
2002
Net loss for -- -- -- -- (2 050) (2 050)
the year
Issue of share 166 1 013 -- -- -- 1 179
capital
Capitalisation
of loans
through the -- -- 5 399 -- -- 5 399
issue of 53 991
300 new shares
after year end
at 10 cents per
share
Balance 30 June 3 012 57 037 5 399 -- (59 730) 5 718
2003
ABRIDGED CASH FLOW STATEMENTS
Unaudited Audited Audited
30 Jun 2003 31 Dec 2002 30 Jun 2002
R"000 R"000 R"000
Cash flows from operating (1 778) (1 162) (7 909)
activities
Cash flows from investing -- -- 1 064
activities
Cash flows from financing 1 762 1 144 6 750
activities
Net decrease in cash and cash (16) (18) (95)
equivalents
Cash and cash equivalents - 24 24 111
beginning of period
Cash acquiring in subsidiary -- 7
Cash and cash equivalents at 8 6 24
end of period
COMMENTARY
The directors present the provisional results for the year ended 30 June 2003.
The accounting policies adopted for purposes of this report comply, and have
been consistently applied in all material respects, with South African
Statements of GAAP.
RESULTS
During the year under review, revenue and expenses primarily related to property
holding and rental of Gilboa House, which property has been disposed of, subject
to shareholder approval in general meeting. The decline in revenue and decrease
in losses in the year under review as compared to the year end results in the
prior year primarily relates to the disposal of the Askari operations which were
reported on in the year ended 30 June 2002.
Ifa Lesizwe Investments (Pty) Ltd
Gilboa received an offer of R 50 million to subscribe for 500 million shares at
10 cents per share during December 2002 from the black economic empowerment
company Ifa Lesizwe Investments (Pty) Ltd. This R50 million was earmarked for
mining activities at the Namagroen marine concessions on the South African west
coast. This transaction was cancelled during April 2003 when Ifa Lesizwe could
not secure the required funding. Gilboa will continue to seek a financial
partner in respect of this venture.
Disposal of Gilboa House
As previously announced, Gilboa is currently in the process of finalising a
circular to shareholders, in which the full details regarding the disposal of
Gilboa House are set out. The intended disposal of this property to BOE Bank
Limited ("BOE") will result in the settlement of the bond and other liabilities
owed by Gilboa and its subsidiaries to BOE.
Acquisition of Stand 315 Waterkloof Ridge (Pty) Ltd ("Stand 315")
As announced, subject to shareholder approval, Gilboa has acquired 100% of Stand
315 from one of its directors, namely Mrs E.J.F de Beer, with effect from 30
June 2003. The full details of this transaction are also included in the
circular as mentioned above. As the transaction is a related party transaction,
shareholder approval will be required.
The results of the company do not take into account the effect of the disposal
and the acquisition as the transactions are subject to shareholder approval.
DIVIDENDS PAID AND RECOMMENDED
No dividends were paid or declared during the accounting period under review and
none are recommended at this stage (2002: nil).
SHARE CAPITAL
The issued share capital of the company increased during the year with the issue
of 16 609 979 ordinary shares of 1 cent each for cash at an average premium of
6,1 cents per share (2002: 94 542 001). The shares were issued under general
authority under the control of the directors. The issue price was at 7,1 cents
per share and the shares were issued to Future Minerals (Proprietary) Limited.
At the annual general meeting of the company held on 29 May 2003, shareholders
approved the capitalisation of shareholder and director loan accounts amounting
to R5 333 199 through the issue of 53 331 990 shares at 10 cents each, which
shares are to be issued after year end.
FUTURE PROSPECTS
The focus of the company is changing to that of an investment company which
concentrates on the development of mining ventures in and around South Africa.
As part of this change in focus, Gilboa announced on 5 August 2003 that it would
acquire 100% of the shares in and claims against Absolute Tiles (Pty) Limited of
which Absolute Colleccions is a subsidiary, with effect from 4 August 2003 for a
purchase consideration of R10 000 000 to be settled through the issue of 200 000
000 shares in Gilboa at an issue price of 5 cents per share. This transaction is
subject to shareholder approval. Through Absolute Tiles, the company plans to
import high grade ceramic tiles and to market slate and dimension stone
products, to be mined through Absolute Colleccions, both locally and abroad.
A circular complying with the new JSE listings Requirements, and including a
notice of general meeting, is expected to be posted to shareholders within two
weeks.
By order of the board
ER de la Pierre
Sponsor
Arcay Group Limited
