| Mon 20 Oct 2003, 18:02 | | MILLIONAIR CHARTER LIMITED - REVIEWED INTERIM RESU |
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MILLIONAIR CHARTER LIMITED - REVIEWED INTERIM RESULTS FOR THE PERIOD ENDED 31
AUGUST 2003 AND CAUTIONARY ANNOUNCEMENT
MILLIONAIR CHARTER LIMITED
(REGISTRATION NUMBER 1993/000092/06)
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
("MILLIONAIR" OR "THE COMPANY")
SHARE CODE: MLL ISIN NUMBER: ZAE000017810
REVIEWED INTERIM RESULTS FOR THE PERIOD ENDED 31 AUGUST 2003 AND CAUTIONARY
ANNOUNCEMENT
CONSOLIDATED INCOME STATEMENTS
6 Months 6 Months Year
Ended Ended Ended
31/8/2003 31/8/2002 28/2/2003
(Reviewed) (Unaudited) (Audited)
R R R
GROSS REVENUE 30,246,304 42,900,961 94,143,693
OPERATING PROFIT (LOSS) BEFORE: 6,980,609 (10,570,339) (14,408,336)
Depreciation (5,470,277) (6,842,630) (9,906,770)
Loss on forex (883,742) (244,601) (340,071)
Profit on disposal of tangible assets - - 1,142,486
Equity profit of associated company 205,992 259,979 (52,266)
Net interest paid (3,128,035) (3,257,784) (6,498,670)
Interest received 27,067 174,374 260,957
Interest paid (3,155,102) (3,432,158) (6,759,627)
Loss before taxation (2,295,453) (20,655,375) (30,063,627)
Deferred taxation (708,398) 2,221,338 (498,811)
Loss after taxation (3,003,851) (18,434,037) (30,562,438)
Loss attributable to minority
shareholders - 8,746,694 440,164
Attributable to ordinary shareholders (3,003,851) (9,687,343) (30,122,274)
-
Loss per share (cents) (2.98) (12.58) (33,10)
Headline loss per share (cents) (2.98) (11.61) (34.31)
Number of ordinary shares - in issue
(millions) 100.65 100.65 100.65
HEADLINE LOSS IS DETERMINED AS FOLLOWS:
Attributable to ordinary
shareholders (3,003,851) (9,687,343) (30,122,274)
Adjusted for profit on disposal of
tangible assets - 250,836 (1,140,462)
Loss on impairment of assets - - 44,895
Headline earnings (loss) (3,003,851) (9,436,507) (31,217,841)
CONSOLIDATED BALANCE SHEETS
6 Months 6 Months Year
Ended Ended Ended
31/8/03 31/8/02 28/2/03
(Reviewed) (Unaudited) (Audited)
R R R
ASSETS
NON CURRENT ASSETS 53,446,517 58,625,924 53,486,607
Tangible assets 52,840,399 57,912,679 53,086,606
Investments and loans 606,118 713,245 400,001
CURRENT ASSETS 8,441,416 23,250,131 12,636,093
Trade and other receivables 8,256,424 21,865,719 12,325,659
Cash resources 184,992 1,384,412 310,434
TOTAL ASSETS 61,887,933 81,876,055 66,122,700
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 4,510,142 10,750,578 7,513,993
Share capital 20,040,247 20,040,247 20,040,247
Accumulated loss (15,530,105) (6,758) (12,526,254)
Minority interest in subsidiary - (9,282,911) -
NON CURRENT LIABILITIES 34,725,675 43,137,874 38,368,532
Interest bearing loans 29,373,610 37,676,497 32,824,865
Interest free loans 150,000 3,700,901 1,050,000
Deferred taxation 5,202,065 1,760,476 4,493,667
CURRENT LIABILITIES 22,652,116 27,987,603 20,240,175
Bank overdraft 805,026 - 732,227
Trade and other payables 9,426,344 21,624,928 11,309,737
Taxation payable 45,393 58,434 45,393
Current portion of long term
liabilities 12,375,353 6,304,241 8,152,818
TOTAL EQUITY AND LIABILITIES 61,887,933 81,876,055 66,122,700
CONSOLIDATED CASH FLOW STATEMENTS
6 Months 6 Months Year
Ended Ended Ended
31/8/2003 31/8/2002 28/2/2003
(Reviewed) (Unaudited) (Audited)
R R R
Cash flow from operating activities 5,154,674 (9,053,080) (10,100,289)
Cash effects of investing activities (5,224,195) (2,324,179) 2,570,781
Cash effects of financing activities (128,720) 7,178,448 1,524,492
Net decrease in cash and cash
equivalents (198,241) (4,198,811) (6,005,016)
Cash and cash equivalents at beginning of
period (421,793) 5,583,223 5,583,223
Cash and cash equivalents at end of
period (620,034) 1,384,412 (421,793)
STATEMENTS OF CHANGES IN EQUITY
Share Share Accumulated
capital premium loss Total
R R R R
Balance at 1 March 2003 503 20,039,744 (12,526,254) 7,513,993
Net loss for the period - - (3,003,851) (3,003,851)
BALANCE AT 31 AUGUST
2003 503 20,039,744 15,530,105 4,510,142
COMMENTARY
General
The Directors of Millionair are pleased to present these results, which show a
vast improvement compared to the comparative period last year. These were
achieved despite a suppressed demand in the aviation industry and the
strengthening rand which has also negatively affected the company. A major "C-
Check" was done on one of the DC9 aircraft to the value of R 2,2 million. Anti
Collision Systems (TCAS) were fitted to four of the aircraft owned by the
company, at a total cost of R 2,8 million. This has contributed to the long term
liabilities increasing. We expect to do one more "C-Check" in the current
financial year. Sun Air has exceeded expectations on aircraft utilisation and
is currently leasing three DC9 aircraft. They are up to date with all their
lease payments.
Basis of preparation of financial statements
These financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the accounting policies
used are consistent with the prior year.
Audit report
Shareholders are referred to the audit opinion of the company"s external
auditors for the year ended 28 February 2003 which contained an emphasis of
matter paragraph ("the audit opinion"). These results have therefore, in terms
of section 3.18 of the JSE Securities Exchange South Africa ("JSE") Listings
Requirements, been reviewed by Taback Pelkowitz and Berman. Their review report
is available for inspection at the company"s registered office ("the review
report"). It should be noted that the emphasis of matter paragraph contained in
the audit opinion has also been included in the review report to shareholders.
The circumstances giving rise to the emphasis of matter paragraph that was
included in the audit report still exist at 31 August 2003.
Cautionary announcement
Shareholders are advised that Millionair may be affected by negotiations which,
if successfully concluded, may have an effect on the price at which the shares
trade on the JSE. Accordingly, shareholders are advised to exercise caution when
dealing in their Millionair shares until a further announcement is made.
Dividend
The board of the company will consider the declaration of a dividend when
Millionair is profitable.
For and on behalf of the board
CMR Talevi
Chairman
20 October 2003
Directors:
CMR Talevi (Chairman), GJR Clarke (Managing Director)*, JJ Botha (Company
secretary)*, MC van Buuren*
*Executive director
Company Registered Address:
Block E No. 9 Lower Roof, East Wing, Johannesburg International Airport
P O Box 304, Lanseria, 1748
Sponsor:
Sasfin Corporate Finance
A division of Sasfin Bank Limited,
13 - 15 Scott Street, Waverley 2090.
PO Box 95104, Grant Park, 2051
Transfer Secretaries:
Computershare Limited, 70 Marshall Street, Johannesburg 2001.
PO Box 61051, Marshalltown, 2107
