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AQUILA GROWTH LIMITED - GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
2003 AND CAUTIONARY ANNOUNCEMENT
Aquila Growth Limited
Registration Number: 1995/003158/06
("Aquila" or "the Company")
Share code: AQL ISIN: ZAE000013959
GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003 AND CAUTIONARY
ANNOUNCEMENT
CONSOLIDATED BALANCE SHEET
Group Company
31 31 31 31
August August August August
2003 2002 2003 2002
R"000 R"000 R"000 R"000
ASSETS
Non-current assets
Equipment 5,385 6,598 157 187
Intangible assets 14,183 18,048 - -
Deferred taxation 43 83 - -
Investment in 191,804 200,498 191,804 200,499
associates - - 34,575 78,490
Investment in
subsidiaries
211,415 225,227 226,536 279,176
Current assets 55,982 82,180 41,297 43,957
- Cash at bank 42,537 49,797 39,474 30,120
- Inventories 37 1,708 - -
- Receivables 13,408 30,675 1,823 13,837
267,397 307,407 267,833 323,133
Equity and liabilities
Share capital and 91,404 95,762 91,404 95,762
premium 4,170 - - -
Revaluation surplus and 147,723 175,391 174,794 192,226
other reserves
Retained earnings
Ordinary shareholders" 243,297 271,153 266,198 287,988
interest
Minority interest 5,621 14,052
Non-current liabilities
Preference shares - 7,000 - 7,000
Other borrowings - 5,017 - -
Current liabilities 18,479 10,185 1,635 28,145
- Trade and other 17,689 8,461 1,543 27,031
payables 694 1,119 110 828
- Provisions - 64 - 65
- Shareholders for 96 541 (18) 221
preference dividend
- South African
Revenue Service
267,397 307,407 267,833 323,133
Fully diluted net asset 194.79 192.65 213.12 205.90
value per share
adjusted for capital
distribution of 20c
per share (cents)
Fully diluted net asset 194.79 212.65 213.12 225.90
value per share (cents)
CONSOLIDATED INCOME STATEMENT
Group Company
31 31 31 31
August August August August
2003 2002 2003 2002
R"000 R"000 R"000 R"000
Revenue 31,955 41,022 1,627 1,726
Operating expenditure (48,619) (61,011) (1,996) (10,711)
Operating loss (16,664) (19,989) (369) (8,985)
Net finance income 2,102 1,868 1,901 1,007
Net (loss) / profit (14,562) (18,121) (1,532) (7,978)
Share of results of 25,295 21,396 25,295 21,396
associated companies
Profit before taxation 10,733 3,275 26,827 13,418
Taxation (7,717) (2,325) (7,717) (2,167)
Net profit after 3,016 950 19,110 11,251
taxation
Minority interest 8,544 5,112 - -
Net profit 11,560 6,062 19,110 11,251
Earnings per share 8.90 4.42 14.86 8.46
(cents)
Headline earnings / 4.61 (3.02) 10.56 1.01
(loss) per share (cents)
RECONCILIATION OF HEADLINE EARNINGS
Net profit from ordinary 11,292 5,693 18,841 10,882
activities
Adjusted for:
- Loss on sale of - 4,645 - 4,645
associates
- Increase in option - (14,223) - (14,22
value 3)
- Amortisation of 1,673 - 1,673 -
goodwill
- Exclusivity fee (5,784) - (5,784) -
received
- Dividend received (627) - (627) -
- Foreign exchange (710) - (710) -
gains
Headline earnings / 5,844 (3,885) 13,393 1,304
(loss)
ABRIDGED CONSOLIDATED STATEMENT IN CHANGES IN EQUITY
Shareholders" funds at 258,773 260,683 276,492 279,60
beginning of period 5
Issue of shares 81 - 81 -
Repurchase of shares (4,236) (2,498) (4,236) (2,498
)
Currency translation 2,368 7,276 - -
difference
Net profit 11,560 6,062 19,110 11,251
Preference dividend (268) (370) (268) (370)
Capital distribution (24,981) - (24,981 -
)
Shareholders" funds at end 243,297 271,153 266,198 287,98
of period 8
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Group Company
31 31 31 31
August August August August
2003 2002 2003 2002
R"000 R"000 R"000 R"000
Net cash (outflow) / (44,681) (323) (23,659 11,236
inflow from operations )
Cash flow from investing 47,092 10,648 37,893 1,119
activities
2,411 10,325 14,234 12,355
Cash flow from financing (11,155) 4,857 (11,155 (2,499
activities ) )
(8,744) 15,182 3,079 9,856
Effects of exchange rate 3,543 - - -
changes
Cash and cash equivalents 47,738 34,615 36,395 20,264
at beginning of period
Cash and cash equivalents 42,537 49,797 39,474 30,120
at end of period
ACCOUNTING POLICY
Accounting principles and policies used in preparing these financial results
comply with South African Statements of Generally Accepted Accounting Practice
and are consistent with prior years.
FINANCIAL OVERVIEW
The period under review was a satisfactory one for Aquila. The highlights were:
the return to shareholders of R24.98 million by way of a capital reduction of 20
cents per share;
Global resorts reported headline earnings of R67.1 million for the six months
ended 30 June 2003. Aquila"s share of headline earnings amounted to R15.7
million. The period under review saw an inherently strong performance from
Caesars Gauteng in particular, which exceeded budget. The other two casino
resorts performed in line with expectations. Global Resorts continues its trend
of exceptional cash flow generation, with continued repayment of the original
risk financing provided. To date it has repaid more than 75% of the original
risk capital advanced by the shareholder consortium. Shareholders were advised
of the failure of the proposed sale of our interest in Global Resorts to the
Metallon group as a result of the non-fulfilment of certain conditions
precedent;
R8.28 million was invested into existing investments to help fund working
capital and expansion opportunities in Logeco Investments (Pty) Ltd (R1.68
million) and AquiTec Technology Holdings (Pty) Ltd (R6.6 million);
the sale of Aquila"s shares and loans in AquiTec SA (Pty) Ltd for a
consideration of approximately R4.5 million is still proceeding and finalisation
thereof is expected by year end;
Just Fun and Just Time continue to deliver pleasing results for the period under
review; and
in terns of the general authority obtained at Aquila"s general meeting on 30th
July 2003, the company acquired 2.56 million Aquila ordinary shares in the open
market at an average price of 166 cents per share.
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that discussions are taking place on the partial sale
of Aquila"s shares in Global Resorts SA (Pty) Ltd which, if successfully
concluded, may have an effect on the price of Aquila shares. Accordingly,
shareholders are advised to exercise caution when dealing in their shares until
a further announcement is made.
For and on behalf of the Board
D. H. Bagg P. Papadimitropoulos
Chairman Managing Director
Johannesburg
28 November 2003
Directors: D. H. Bagg Company Secretary: K. du Preez CA (SA)
(Chairman) Private Bag X106
P. Papadimitropoulos Bryanston, 2021
(Managing Director)
K. du Preez (Financial Tel:(011) 706-8928
Director) Fax: (011) 706-6312
J. A. Bell Website:www.aquilagrowth.com
P. Dawe * + E-mail:kdupreez@aquilagrowth.com
B. Dubb *
Sponsor: Bridge Capital Services
(Pty) Ltd
* Non-executive
+ British
Date: 27/11/2003 05:11:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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