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Glodina - Unaudited results for the six months ended 30 June 2004 and further
cautionary announcement
GLODINA HOLDINGS LIMITED
(Registration number 1986/004150/06)
Share code: GDA ISIN code: ZAE000040002
(`Glodina`)
UNAUDITED RESULTS FOR SIX MONTHS ENDED 30 JUNE 2004 AND FURTHER CAUTIONARY
ANNOUNCEMENT
GROUP INCOME STATEMENT
Audited
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Turnover 65 913 74 714 166 704
Cost of Sales (51 415) (58 367) (132 882)
Gross profit 14 498 16 347 33 822
Other operating income 1 218 119 1 912
Administration costs (2 201) (2 098) (4 566)
Operating costs (9 103) (8 693) (19 871)
Other costs (1 771) (1 625) (3 896)
Income before interest and taxation 2 641 4 050 7 401
Interest paid (1 854) (4 013) (7 286)
Income before taxation 787 37 115
Taxation - - -
Income for the period 787 37 115
Accumulated loss at the
beginning of the period (18 235) (18 516) (18 516)
Transfer from non distributable
Reserve 83 83 166
Accumulated loss at the
end of the period (17 365) (18 396) (18 235)
Reconciliation of earnings per share
Basic earnings per share (cents) 2.84 0.14 0.4
Profit on disposal of fixed
assets (cents) 0.11 - -
Headline earnings per share (cents) 2.95 0.14 0.4
Number of shares in issue 26 602 616 26 602 616 26 602 616
Weighted average number of
shares in issue 26 602 616 26 602 616 26 602 616
GROUP STATEMENT OF CHANGES IN EQUITY
Non-
Share distributable Accumulated
capital reserves deficit Total
R`000 R`000 R`000 R`000
Balance at 31 December 2003
as previously reported 72 574 8 038 (18 235) 62 377
Release of depreciation
charge on revaluation
of land and buildings - (83) 83 -
Income for the period - - 787 787
Balance at 30 June 2004 72 574 7 955 (17 365) 63 164
GROUP BALANCE SHEET
Audited
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
ASSETS
Non-current assets 57 233 57 482 57 671
Property, plant and equipment 56 915 57 201 57 353
Other assets 318 281 318
Current assets 85 614 89 826 88 866
Inventories 55 398 55 283 40 871
Accounts receivable 29 947 34 542 43 894
Cash resources 269 1 4 101
Total assets 142 847 147 308 146 537
EQUITY AND LIABILITIES
Capital and reserves 63 164 62 299 62 377
Share capital and premium 72 574 72 574 72 574
Reserves (9 410) (10 275) (10 197)
Non-current liabilities 3 352 3 277 3 232
Interest bearing debt -
long term borrowings 1 027 1 196 1 027
Provision for post retirement
medical benefits 2 325 2 081 2 205
Current liabilities 76 331 81 732 80 928
Accounts payable 33 612 29 446 33 103
Bank overdraft and
short term loans 41 229 51 223 46 494
Current portion of
long term liabilities 1 490 1 063 1 331
Total equity and liabilities 142 847 147 308 146 537
Net asset value per share (cents) 237 234 234
Commitments
- capital contracted 4 171 831 -
- capital authorised but
not yet contracted - - 816
- operating lease
- next year 1 539 1 591 1 651
- ensuing years 3 248 3 571 4 880
GROUP ABRIDGED CASH FLOW STATEMENT
Audited
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Cash generated from operations 5 104 6 062 11 982
Working capital changes 49 (9 909) (1 068)
Interest paid (1 854) (4 013) (7 286)
Cash flows from investing activities (2 025) (1 926) (5 816)
Cash generated/(utilised) 1 274 (9 786) (2 188)
COMMENTS
Results
The results are pleasing in challenging market conditions. The turnover decline
is due to a focus on better margin business during the period. The benefits of
cost reduction programmes, better working capital management and lower average
interest rates have contributed to a 54% lower finance charge.
Accounting policies and presentation
The basis of preparation of the interim financial statements and the accounting
policies applied are consistent with those published in our annual financial
statements for the year ended 31 December 2003 and are in accordance with South
African Statements of Generally Accepted Accounting Practice.
Cautionary Announcement
Shareholders are referred to the cautionary announcement published on 3 August
2004 and are advised to continue to exercise caution until further details are
made available in due course.
Prospects
To take advantage of a buoyant retail sector Glodina must focus on international
price competitiveness. Cost reduction programmes and productivity improvements
should yield steady profitability growth.
For and on behalf of the board
F Moller
PCT Schouten
Hammarsdale
12 August 2004
Registered office
1 Anderson Road
Hammarsdale
3700
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg 2000
Directors: F Moller* (Chairman) (German), PCT Schouten, M Balladon, MN Donegan*
(British), PR Redondi, S Nomvete*, IN Moloto*
*(Non-executive)
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