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Trematon - Reviewed Provisional Results For The Year Ended 31 August 2005
Trematon Capital Investment Limited
(Incorporated in the Republic of South Africa)
(Registration number 1977/008691/06)
Share code: TMT & ISIN: ZAE000013991
("Trematon")
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2005
GROUP BALANCE SHEET
Reviewed Audited
2005 2004
R"000 R"000
ASSETS
Non-current assets 116 151 66 879
Investments
Listed 103 313 54 946
Loans and unlisted investments 12 838 11 933
Cur rent assets 265 140
Accounts receivable 5 -
Taxation 76 76
Cash and short-term loans 184 64
Total assets 116 416 67 019
EQUITY AND LIABILITIES
Ordinary shareholders" interests 98 166 46 080
Non-current liabilities
Deferred tax liabilities 3 318 -
Cur rent liabilities 14 932 20 939
Accounts payable 706 564
Income tax payable 621 -
Interest-bearing debt 13 605 20 375
Total equity and liabilities 116 416 67 019
Net asset value per share (cents) 57 44
Number of shares in issue at 31 August (000) 171 623 105 168
GROUP INCOME STATEMENT
Reviewed Audited
2005 2004
R"000 R"000
Net interest paid (332) (564)
Net operating income (expense) 1 911 (6)
Profit (loss) from operations 1 579 (570)
Investment valuation adjustments 18 662 14 796
Profit before taxation 20 241 14 226
Taxation expense 3 938 -
Profit for the year 16 303 14 226
Reconciliation between profit and headline profit
Profit attributable to shareholders 16 303 14 226
Profit on disposal of investments - -
Headline profit attributable to shareholders 16 303 14 226
Headline profit per share (cents) 12,3 13,5
Profit per share (cents) 12,3 13,5
Weighted average number of shares in issue (000) 132 857 105 168
* Investment valuation adjustments
- Market valuation adjustments 18 662 14 796
GROUP CASH FLOW STATEMENT
Reviewed Audited
2005 2004
R"000 R"000
Cash flows from operating activities
Cash generated by operations 1 065 230
Net finance cost (331) (563)
Net cash inflow/(outflow) from operating activities 734 (333)
Net cash inflow from financing activities 29 014 15 189
Net cash outflow from investing activities (29 628) (14 857)
Net increase/(decrease) in cash and cash equivalents 120 (1)
Cash and cash equivalents at beginning of year 64 65
184 64
Cash and cash equivalents at end of year
STATEMENT OF CHANGES IN EQUITY
Accum-
Share Share ulated
capital premium loss Total
Group R"000 R"000 R"000 R"000
Balance at 1 September 2003 1 052 163 211 (132 409) 31 854
Net profit for the year - - 14 226 14 226
Balance at 31 August 2004 1 052 163 211 (118 183) 46 080
Issue of shares at a premium 665 35 885 - 36 550
Share issue expenses - (767) - (767)
Net profit for the year - - 16 303 16 303
Balance at 31 August 2005 1 717 198 329 (101 880) 98 166
REVIEW OF RESULTS
During the year under review, Trematon"s net asset value per share increased
from 44 cents to 57 cents. The increase in net asset value primarily reflects
increases in the rand value of the shares held in Intec Telecom plc and the
linked units held in Spearhead Property Holdings Limited. The headline profit
per share of 12,5 cents compares with the headline profit of 13,5 cents for the
year ended 31 August 2004.
Prior to this year, Trematon"s major asset was its shareholding in Intec Telecom
Systems plc.
During the second half of the year the company entered into a material
transaction to acquire 1,7 million linked units in Spearhead Property Holdings
Limited at a price of 2 150 cents per linked unit. The purchase consideration
of R36,6 million was settled by the issue of 66,5 million new Trematon shares
at 55 cents per share. Details of the transaction, which was approved by the
shareholders in a General Meeting on 18 July 2005, are contained in the
circular issued on 24 June 2005. The circular also made reference to a proposed
rights issue to raise further capital.
Subsequent to the year end, Trematon has disposed of sufficient Spearhead
linked units in the open market to ensure that the Group has sufficient cash on
hand for its short-term requirements. Accordingly, the directors have resolved
to postpone a rights issue until such time as the company requires additional
funding.
DIRECTORS
The board of directors was reconstituted during the year.
Messrs NA Labuschagne, M Farrer, MG Meehan, RE Sherell, P Ditz, AJF Mundell and
RB McElligott resigned as directors whilst Messrs M Kaplan (Chair man), AM Louw
and R Stumpf were appointed as non-executive directors and Messrs A Groll and
AJ Shapiro as executive directors.
We extend our sincere appreciation to the previous chairman, Dr NA Labuschagne,
and to the former Board for their able stewardship of the company.
PROSPECTS
The company is currently investigating a number of potential investments in
both listed and unlisted companies. Shareholders will be informed of any
material transactions into which the company enters.
ACCOUNTING POLICIES
The financial statements of the Group have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice and the
accounting policies are consistent with those applied in the previous financial
year.
REVIEW BY AUDITORS
The company"s auditors, KPMG Inc. have reviewed these results. Their review
opinion is available for inspection at the company"s registered office.
APPROVAL BY DIRECTORS
The directors of Trematon have approved the reviewed results for the year ended
31 August 2005.
By order of the board
CW GARVIE
Secretary
25 November 2005
Registered office
The Manor House, 14 Nuttall Gardens. Morningside, 4001
Postal address
PO Box 712, Durban, 4000
Tel: 031 303 9667
Fax: 031 312 1989
Directors:
M Kaplan (Chairman) AJ Shapiro (CEO), A Groll (executive)
AM Louw (non-executive), R Stumpf (non-executive)
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
Sponsor
Bridge Capital Services (Pty) Limited,
1st Floor, Building 22A
The Woodlands
Woodlands Drive
Woodmead
Sandton, 2146
Date: 28/11/2005 04:27:10 PM Produced by the JSE SENS Department
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