|
Global Village Holdings Limited - Abridged Group Report For The Financial Year
Ended 28 February 2005, Annual Report And Notice Of Annual General Meeting
GLOBAL VILLAGE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1997/017632/06)
(`GLOVIL` OR `THE COMPANY`)
SHARE CODE: GLL
ISIN: ZAE000015426
ABRIDGED GROUP REPORT FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2005, ANNUAL
REPORT AND NOTICE OF ANNUAL GENERAL MEETING
Group balance sheet for the financial year ended 28 February 2005
Audited
Audited 2004
2005
R`000 R`000
ASSETS
Non- current assets 33,027 32,910
Property, plant and equipment 21,001 19,287
Intangible assets 12,026 13,151
Interest in subsidiary
companies
Loans receivable 472
Current assets 5,659 4,540
Inventories 128 81
Accounts receivable 2,349 1,072
Taxation 27 -
Bank balances 3,155 3,387
Total assets 38,686 37,450
EQUITY AND LIABILITIES
Capital and reserves 26,989 26,162
Issued capital 32,312 32,312
Accumulated profits/(losses) (5,323) (6,150)
Non - current liabilities 6,211 6,539
Long term liabilities 3,873 4,369
Deferred tax 2,338 2,170
Current liabilities 5,486 4,749
Accounts payable 3,822 2,812
Taxation - 73
Current portion of long term 1,664 1,864
liabilities
Total equity and liabilities 38,686 37,450
Group income statement for the financial year ended 28 February 2005
Audited
Audited 2004
2005
R`000 R`000
Gross revenue 36,747 36,993
Operating profit 1,726 801
Interest received 101 381
Finance costs (250) (158)
Profit before taxation 1,577 1,024
Taxation (750) (403)
Profit after taxation 827 621
Basic earnings per share 1.55 0.95
Headline earnings per share 2.78 1.95
The following adjustment to earnings was taken into account in calculation of
headline earnings:
Audited
Audited 2004
2005 R`000
R`000
Earnings / loss 827 621
-
Amortisation of intangible assets 461 463
Impairment loss 192 194
-
-
Headline 1480 1278
Earnings
Group cash flow statement for the financial year ended 28 February 2005
Audited
Audited 2004
2005
R`000 R`000
Cash flow from operating
activities
Cash generated from operations 4,796 4,602
Net interest received (paid) (149) 223
Taxation paid (681) (424)
Cash flow from operating 3,966 4,401
activites
Cash flow from investing
activities
Acquisition of intangible fixed - (6)
assets
Acquisition of tangible fixed (3,974) (4,344)
assets
Loans repaid (advanced) 472 (555)
Cash flow from investing (3,502) (4,905)
activities
Cash flow from financing
activities
Capital redeemed (1,757) (2,050)
Proceeds from new borrowings 1,500 1,602
Borrowings repaid (439) (232)
Net cash flow from financing (696) (680)
activities
Net (decrease) / increase in cash (232) (1,184)
and cash equivalents
Cash and cash equivalents at 3,387 4,571
beginning of year
Cash and cash equivalents at the 3,155 3,387
end of year
Statement of Changes in Equity for the year ended 28 February 2005
Share Share Accumulated
capital premium loss Total
R`000 R`000 R`000 R`000
Restated balance at 1 March 766 37,402 (6,771) 31,397
2003
Opening balances as 940 38,676 (6,048) 33,568
previously stated
Prior year adjustment - - (723) (723)
Consolidation of employee (174) (1,274) - (1,448)
share incentive trust
Net profit for the year - - 621 621
Reduction of share capital (156) (3,740) - (3,896)
Acquisition of treasury (78) (1,882) - (1,960)
shares
Restated balance at 29 532 31,780 (6,150) 26,162
February 2004
Opening balances as 706 33,054 (5,460) 28,300
previously stated
Prior year adjustment - - (750) (750)
Consolidation of employee (174) (1,274) 60 (1,388)
share incentive trust
Net profit for the year - - 827 827
Balance at 28 February 2005 532 31,780 (5,323) 26,989
COMMENTARY
Results
The financial results speak for themselves. Net operating income is up 115% on
last year and headline earnings per share is up 48%. Global Village`s business
is made up of our markets business, International Fashion Sale, beverage and bar
sales, retail services and Kids World Parks.
We are an innovative company that over the years have introduced abundant
changes within the retail industry, within the categories of fashion, leisure
retail and particularly micro enterprise. The markets industry sector of the
leisure retail and value retail playing fields in which our business dominate
has been severely damaged in the last ten years at an accelerating pace by the
proliferation of competitive centres and leisure opportunities forcing us to
have to new levels of innovation and creativity to maintain our market
leadership.
It is our opinion that this industry is beginning to stabilise, the rate having
slowed at which new competition is now entering the market place. For this
reason we will not in the near future be organically building new markets but
will however be focusing on realising value from our existing businesses and
acquiring established markets as they become available. We launched the Cape
Town IFS (International Fashion Sale) this last year successfully and look
forward in the New Year to continue growing this business in Cape Town while we
launch the IFS in Durban in June.
The IFS continues to grow from strength to strength and is an established
national landmark in the Fashion retail calendar. Having originally launched
both Homeworks and Kids World as retail services for both suppliers and
consumers, we are developing these opportunities into stand alone businesses.
Most exciting has been the public response to our fully secured, child minded,
kids play park. In its second year of existence with minimal marketing, ecstatic
youngsters are pouring though the gates and birthday parties booked have far
exceeded our expectations. In the new financial year we are planning to expand
the concept into a fully fledged low tech kids theme park with a comprehensive
range of kids` facilities, services, retail and educational products.
We are particularly pleased to announce the appointment to our board in the
position of Chairman of prominent businessman Bonang Mohale. We are proud that
our executive committee now boasts, that 70% of its members are from the
previously disadvantaged of which five are women.
Future prospects
An unadulterated focus on our core business of leisure retail will dominate our
activities in the year ahead. Great new appointments made to the executive board
at or after the year end, we are confident, we will produce strong growth in the
years ahead. As already mentioned new ventures will include the IFS (KZN) in
June and the conversion of our Garden
Village site in Fourways into the first Super Kids centre.
Accounting policies and audit report
These annual financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those applied in the last annual report.
These annual financial statements have been audited by Horwath Leveton Boner
whose audit report is available for inspection at the company`s registered
office.
Directorate
The following are the directors of the company:
Bonang Mohale (Non-Executive Chairman, appointed 21 December 2004)
Marc Israelsohn (Group Chief Executive)
Gary Hope (Group Chief Financial Officer and company secretary, appointed 11
April 2005)
Corern Smith (Chief Marketing and Sales Officer, appointed 25 August 2004)
The following directors resigned during the period as announced on SENS:
Carel van Reenen (Resigned 23 February 2005)
Faruk Waja (Resigned 31 December 2004)
Dividends
No dividends were declared or proposed in respect of the financial year under
review.
Annual Report and Notice of Annual General Meeting
As the annual report for the year ended 28 February 2005 (`the annual report`)
will be posted to shareholders on Friday, 27 May 2005, within 3 months of the
company`s year end, this announcement is not required to appear in the press and
will not be sent to shareholders. The annual report contains a notice convening
the annual general meeting of Glovil shareholders for the year ended 28 February
2005 (`the AGM`). The AGM will be held will be held in the boardroom, 164 Louis
Botha Avenue, Lower Houghton, Johannesburg, on Tuesday 28 June 2005, at 15h00.
Conclusion
The evil of Capitalism is that it discriminates economically against the have
nots in favour of the haves. Global Village has made its mark over the years by
attempting to level the playing field in this capitalistic society by assisting
have nots get the benefits of the haves. We have innovated to do this and taken
risks in the process. We will continue to do this while we reengineer the
elements of leisure retail focusing on micro entrepreneurs. We remain the
coolest empowered company on the JSE!!!
Johannesburg
24 May 2005
On behalf of the board of directors
MARC ISRAELSOHN
Chief Executive Officer
Glovil Registered Address
Business address:
164 Louis Botha Avenue
Lower Houghton
Johannesburg
Postal address:
PO Box 95464
Grant Park
2051
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
Sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 24/05/2005 05:30:07 PM
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
