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GLODINA HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
Glodina Holdings Limited
(Registration number 1986/004150/06)
(Share code: GDA
ISIN code: ZAE000040002)
GROUP INCOME STATEMENT
2003 2002
R000 R000
Turnover 166 704 147 482
Cost of sales (132 358) (118 935)
Gross profit 34 346 28 547
Other operating income 1 912 1 052
Administration costs (4 566) (4 024)
Operating costs (19 871) (16 864)
Other costs (3 896) (3 705)
Profit before interest, taxation and abnormal items 7 925 5 006
Abnormal item (524) (1 850)
Interest paid (7 286) (7 428)
Income/(loss) before taxation 115 (4 272)
Taxation - -
Income/(loss) for the year 115 (4 272)
Accumulated deficit at the beginning of the year (18 516) (14 410)
Transfer from non-distributable reserve 166 166
Accumulated deficit at the end of the year (18 235) (18 516)
Basic earnings/(loss) per share (cents) 0.40 (45.39)
Loss on impairment of investments (cents) - 1.69
Profit on disposal of fixed assets (cents) (0.04) (0.15)
Headline earnings/(loss) per share (cents) 0.36 (43.85)
Dividend per share - -
Number of shares in issue 26 602 616 26 602 616
Weighted average number of shares in issue 26 602 616 9 410 835
GROUP BALANCE SHEET
2003 2002
R000 R000
ASSETS
Non-current assets 57 671 57 568
Property, equipment, vehicles and furniture 57 353 57 288
Other assets 318 280
Current assets 88 866 77 740
Inventories 40 871 40 122
Accounts receivable 43 894 36 775
Cash resources 4 101 843
Total assets 146 537 135 308
EQUITY AND LIABILITIES
Capital and reserves 62 377 62 262
Share capital and premium 72 574 72 574
Reserves (10 197) (10 312)
Non-current liabilities 3 232 3 187
Interest bearing debt - long term borrowings 1 027 1 196
Provision for post retirement medical benefits 2 205 1 991
Current liabilities 80 928 69 859
Accounts payable 33 103 26 517
Bank overdraft and short term loans 47 825 43 342
Total equity and liabilities 146 537 135 308
Net asset value per share (cents) 234 234
Commitments
- capital authorised but not yet contracted 816 252
- operating lease
- next year 1 651 1 511
- ensuing years 4 880 3 831
GROUP STATEMENT OF CHANGES IN EQUITY
Non- Ac-
Share distributable cumulated
Capital reserves losses Total
R000 R000 R000 R000
Balance at 31 December 2002 72 574 8 204 (18 516) 62 262
Release of depreciation charge
on revaluation of land and
buildings - (166) 166 -
Income for the year - - 115 115
Balance at 31 December 2003 72 574 8 038 (18 235) 62 377
GROUP ABRIDGED CASH FLOW STATEMENT
2003 2002
R000 R000
Cash generated from operations 11 982 6 956
Working capital changes (1 068) (21 442)
Interest paid (7 286) (7 428)
Cash flows from investing activities (4 684) (15 668)
Net cash (outflow)/inflow from financing activities (1 132) 30 522
Decrease in cash and cash equivalents (2 188) (7 060)
COMMENTS
Results
The improved financial performance for the year ended 31 December 2003 reflects
the progress achieved in attaining our turnaround plan objectives in the last 2
years. The increase in Accounts receivable is as a result of one major debtor
whose payment of R6,4m was received on 3 January 2004.
Abnormal items
The abnormal item arises from the costs of reorganisation and retrenchment.
Accounting policies and presentation
These results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and the accounting policies used are
consistent with those applied in the annual financial statements for the year
ended 31 December 2002.
Audited results
The results for the year ended 31 December 2003 have been audited by Deloitte &
Touche, Chartered Accountants and Auditors. Their unqualified audit opinion is
available for inspection at the company"s registered office.
Prospects
The current volatile trading environment including the strength of the Rand
against major currencies is not favourable to Glodina. However further cost
saving iniatives and better working capital management should yield an improved
result in 2004.
For and on behalf of the board Registered office Transfer secretaries
F Moller 1 Anderson Road Computershare Limited
PCT Schouten Hammarsdale 70 Marshall Street
3700 Johannesburg 2001
Hammarsdale
27 February 2004
Directors: F Moller (Chairman), PCT Schouten (Managing Director), M Balladon, MN
Donegan, IN Moloto, S Nomvete, PR Redondi.
Date: 27/02/2004 05:00:07 PM Produced by the JSE SENS Department
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