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TEREXKO LIMITED - PROVISIONAL REVIEWED RESULTS FOR THE YEAR ENDED
30 JUNE 2003 AND CAUTIONARY ANNOUNCEMENT
TEREXKO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004154/06)
Share code: TRX
ISIN: ZAE000011755
("Terexko" or "the company")
PROVISIONAL REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2003 AND CAUTIONARY
ANNOUNCEMENT
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED:
Reviewed Audited
30 June 30 June
2003 2002
R"000 R"000
Revenue 37 402 42 365
Cost of sales 14 528 17 446
Operating income/(loss) (3 499) 89
Interest earned 16 447
Interest paid (703) (75)
Net income/(loss) for year (4 186) 461
Exceptional items (31 985) (1 215)
Impairment in value of assets (31 136) (1 215)
Reversal of dividend over provided 326 -
Impairment of shares held in trust for vendor (1 175) -
Attributable income/(loss) (36 171) (754)
Headline earnings adjustment - exceptional items 31 985 1 215
Headline earnings/(loss) (4 186) 461
Headline earnings/(loss) per share (cents) (9) 1
Earnings/(Loss) per share (cents) (78) (2)
Shares in issue ("000) 49 352 49 352
Less: Treasury shares (2 991) -
46 361 49 352
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED:
Reviewed Audited
30 June 30 June
2003 2002
R"000 R"000
Net cash flow from operating activities 4 016 7 024
Net cash flow from investing activities (2 012) (13 266)
Net cash flow from financing activities (3 116) (11)
Net decrease in cash resources (1 112) (6 253)
Cash resources at beginning of year 263 6 516
Cash resources at end of year (849) 263
CONSOLIDATED BALANCE SHEET AT:
Reviewed Audited
30 June 30 June
2003 2002
R"000 R"000
Assets
Property and equipment 6 759 7 396
Investments 10 592 40 275
Current assets 4 217 2 563
Inventories 3 516 1 280
Account receivable 489 1 020
Cash resources 212 263
Total assets 21 568 50 234
Equity and liabilities
Equity and reserves (9 515) 26 716
Share capital and premium 21 395 21 395
Treasury shares (60) -
Accumulated profits (30 850) 5 321
Non-current liabilities 245 6 499
Secured loan 245 234
Vendors" loans - 6 265
Current liabilities 30 838 17 019
Secured short-term loan (see note) 11 098 6 726
Accounts payable 18 503 9 791
Bank overdraft 1 061 -
Shareholders for dividend - 326
Taxation owing 176 176
Total equity and liabilities 21 568 50 234
Net asset value per share (cents) (21) 54
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED:
Reviewed Audited
30 June 30 June
2003 2002
R"000 R"000
Opening balance 26 716 27 470
Net income/(loss) for year (4 186) 461
Treasury shares (60) -
Exceptional item (31 985) (1 215)
Closing balance (9 515) 26 716
Note:
The short-term loan is secured by a pledge of all the shares in the subsidiary
company, World Trade Centre (Pty) Limited, 25% of the shares in the associate
company, Rhiannon S.A. and all claims that Terexko has against the subsidiary
company, World Trade Centre Johannesburg (Pty) Limited.
Basis Of Accounting
The reviewed results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those applied in the previous years.
Dividends
No dividends have been declared and none are recommended.
Adverse Review Opinion Of The Auditors
The consolidated results for the year ended 30 June 2003 have been reviewed by
Fisher Hoffman PKF (JHB) Inc. and they have issued an adverse opinion on the
basis that they were unable to satisfy themselves as to the fair value of the
investments, the likely outcome of the dispute with the S A Revenue Services and
are also unable to express an opinion on the group"s ability to continue as a
going concern and therefore its ability to realise its assets and discharge its
liabilities in the normal course of business. The adverse review opinion is
available for inspection at the company"s offices.
Contingent Liability
No provision has been raised where subsidiary companies failed to timeously
lodge their Value-Added Tax (VAT) and Employee Tax (PAYE) returns and the S A
Revenue Services has raised penalties and interest amounting to R1,9 million
which amounts have been objected to. In addition S A Revenue Services officials
have advised that further assessments will be raised with penalties and interest
amounting to in excess of R8,7 million, these too will be objected to.
Prospects
The directors of Terexko have realised that shareholder aspirations have not
been fulfilled.
In addition the company and the group no longer meet all the criteria to remain
listed on the JSE Securities Exchange South Africa and the company is evaluating
alternatives in this regard.
Cautionary Announcement
Shareholders are advised that:
* the directors do not agree with the auditors" opinion regarding the group"s
ability to continue as a going concern; and
* that whilst they are evaluating alternatives regarding the company"s
continued listing, they should exercise caution in dealing in Terexko
shares until a further announcement is made.
By order of the Board
C P Swart
31 October 2003
Directors:
C P Swart (Executive Chairman), R F Botha (non-executive), K J Makwetla (non-
executive), G M Mokgoko (non-executive), L A Swart, P Swart.
Company secretary:
L E Miller
New registered office:
Inanda Greens,
Albertyn Avenue
Sandton 2196.
Transfer secretaries:
Ultra Registrars (Pty) Ltd,
11 Diagonal Street,
Johannesburg 2001
Sponsor:
Sasfin Corporate Finance, a division of Sasfin Bank Limited
Substantial investments in the following brands and companies:
World Trade Centre Johannesburg
Vilamoura
Broadstone Group
Regines By Vilamoura
Kwikpay
Rhiannon Societe Anonyme
BKA Solutions
Inter
Installation Technology
TradeCard
Date: 31/10/2003 04:26:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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