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Abc Cash Plus Limited - Audited Results
Release Date: 28/05/2004 15:39:00 Code(s): APS
ABC CASH PLUS LIMITED - AUDITED RESULTS
ABC CASH PLUS LIMITED
(`ABC` or `the Company`)
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/020520/06)
Share Code: APS
ISIN Code: ZAE000017554
AUDITED RESULTS
Audited Audited
28 Feb 28 Feb
2004 2003
BALANCE SHEETS R`000 R`000
ASSETS 6,374 (537)
Office equipment and furniture 169 324
Loans 129 -
Investments 22 -
Advances - Long Term Portion 4,996
Deferred Taxation 1,058 (861)
Current assets 9,953 8,142
Trade and other receivables 7,365 7,245
Advances - Short Term Portion 1,153 258
Cash and cash equivalents 1,435 639
Total assets 16,327 7,605
EQUITY AND LIABILITIES
Shareholders Funds 5,470 4,314
Share capital and premium 12,775 12,775
Outside shareholders` interest - 56
Accumulated deficit (7,305) (8,517)
Non current liabilities 8,742 1,634
Long term loans 8,742 1,634
Current liabilities 2,115 1,658
Short term borrowings 146 950
Trade and other payables 231 708
Short Term Portion of Long Term 1,738 -
Loans
Total equity and liabilities 16,327 7,606
NAV per share (cents) 10.84 8.55
Shares in issue at year end 50,450 50,450
Audited Audited
INCOME STATEMENTS 28 Feb 28 Feb
2004 2003
R`000 R`000
Revenue 3,855 7,759
Operating expenses (2,409) (10,672)
Profit/ (loss) before finance 1,447 (2,913)
costs and depreciation
Finance costs (1,040) (498)
Depreciation and amortisation (231) (214)
Profit/ (loss) before taxation 175 (3,625)
Taxation 982 (40)
Net profit/(loss) after tax 1,157 (3,665)
Outside shareholders` interest - 465
Net profit/ (loss) for the 1,157 (3,200)
period
Headline earnings/ (loss) 1,157 (3,200)
Basic and diluted 2.29 (6.3)
earnings/(loss) per share
(cents)
Headline earnings/(loss) per 2.29 (6.3)
share (cents)
Audited Audited
28 Feb 28 Feb
CASH FLOW STATEMENTS 2004 2003
R`000 R`000
Cash flows from operating activities (7,250) (2,091)
Cash flows from investing activities 4 74
Cash flows from financing activities 8,042 1,782
Net movement in cash and cash 796 (235)
equivalents
Cash and cash equivalents at 639 874
beginning of year
Cash and cash equivalents at end of 1,435 639
year
STATEMENT OF CHANGES IN EQUITY
Share Share Outside Acc Total
Capital Premium Shareholders Loss
Interest
R`000 R`000 R`000 R`000
Balance as at 1 March 505 12,270 521 (5,318) 7,978
2002
Net loss for the year (3,200) (3,200)
Outside shareholders (465) (465)
interest
Balance as at 28 505 12,270 56 (8,518) 4,313
February 2003
Net profit relating 304
to subsidiaries sold 304
Net operating profit 853 853
for the period
Sale of subsidiaries (56) 56 -
Balance as at 28 505 12,270 - (7,305) 5,470
February 2004
COMMENTS
The Board of Directors are pleased to
present the audited financial results
of the Group for the year ended 28
February 2004.
NATURE OF THE BUSINESS
The primary business of the company
is the granting of short and medium
term home-improvement loans.
SOUTH AFRICAN STATEMENTS OF GAAP AND
COMPANIES ACT REQUIREMENTS
The annual audited financial
statements were prepared in
compliance with South African
Statements of Generally Accepted
Accounting Practice and the Companies
Act. The accounting policies for the
year are consistent with those
applied for the year 28 February
2003, except for the implementation
of AC 133 on financial instruments,
recognition and measurement during
the current financial year.
BUSINESS REVIEW
ABC identified a lower risk
opportunity in the provision of home-
improvement loans, which it pursued
from 2003 onwards. A high demand for
home loans and relatively few players
addressing this market has created an
opportunity for ABC. With the
experience gained in the cash loans
business and funding obtained from
the National Housing Finance
Corporation (`NHFC`), ABC has
successfully financed home
improvement loans of R8.4 million for
the period, utilising its current
infrastructure. ABC intends raising
R15 million additional loan finance
during the financial year ending 28
February 2005, with additional
finance over a period of time, which
will increase the size of its
debtor`s book and therefore the
number of loans it can provide.
BEE
ABC is in the process of further
raising its empowerment profile.
Shareholders will be advised of
developments in due course.
ALTX
The directors are pleased to announce
that the JSE Securities Exchange
South Africa (`JSE`) has formally
approved the transfer of the
company`s listing to AltX. The
company`s securities have commenced
trading on AltX from 6 May 2004.
FINANCIAL REVIEW
As a result of the extensive
restructuring, discontinuance and
sale of high risk micro lending-
subsidiaries within the group, as
well as additional funding being
sourced, ABC has increased its
headline earnings from a loss of
R3,2m for the year ended 28 February
2003 to headline earnings of R1,1
million for 2004. This equates to a
R4,3m turnaround and a 2,3 cents per
share headline profit for the year 28
February 2004.
Finance costs, which include interest
paid on borrowings, increased year on
year as a result of a growth in
lending activities.
The benefit of the additional
financing currently being secured and
resultant loans extended to
customers, should reflect in revenue
during future reporting periods.
The balance sheet reflects a
significant increase in advances as a
result of the increased lending
activities. The R13,5m debtors and
advances are net of a provision for
bad debts being raised for the twelve
months, which is in line with AC133.
Bad debts written off relate mainly
to historical micro lending
businesses. The long-term loans
increased by just over R8m, due to
the funding obtained from the NHFC,
and is expected to have a positive
effect on earnings and headline
earnings for the 2005 financial year.
The group generated positive cash
flow for the year.
CORPORATE GOVERNANCE
The group fully subscribes to the
principles of King II and will
provide its full Corporate Governance
report in the Annual Report.
DIVIDENDS
Dividends will not be paid in respect
of the current financial year, as
cash generated will be retained and
utilised to grow and expand the
business of the group.
AUDIT OPINION
The annual financial statements have
been audited by Van Dyk Rossouw
Incorporated. The auditors`
unqualified audit report is available
for inspection at the company`s
registered office.
For and on behalf of the board of
directors
JM van Tonder
CEO
31 May 2004
Registered office Transfer secretaries
12th Floor Computershare Investor Services 2004 (Pty) Limited
Trust Bank Building 8th Floor
Oak Street 11 Diagonal Street
Randburg Johannesburg
Directors
JM van Tonder, TP Dingaan, MN
Ramasehla, JI van Niekerk*, C de W
Vivier*, B Olivier*, CM van Nieuwkerk
* Non-executive
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