| Wed 27 Mar 2002, 0:00 | | Gold Edge: Unaudited Interim Results For The Six M |
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December 2001
Share Code: GLE
ISIN: ZAE 000016515
GOLD EDGE HOLDINGS LTD
Unaudited Interim Results for the six month period ending 31 December 2001
BALANCE SHEET
6 months ended 12 months ended
31-Dec-01 30-Jun-01
GROUP GROUP
R R
ASSETS
NON-CURRENT ASSETS 98,031,879 49,464,878
Investment properties 45,776,931 45,776,931
Investments 47,000,000 -
Positive goodwill 5,116,864 3,508,192
Fixed assets 138,084 179,755
CURRENT ASSETS 2,824,759 5,809,866
Accounts receivable 2,821,328 1,432,034
Cash and cash equivalents 3,431 4,377,831
TOTAL ASSETS 100,856,638 55,274,744
EQUITY & LIABILITIES
CAPITAL AND RESERVES 6,076,667 5,044,007
Share capital 2,901 2,901
Share premium 3,036,446 2,611,663
Distributable reserve 3,037,320 2,429,443
NON-CURRENT LIABILITIES 88,833,847 46,634,691
Long term liabilities 88,833,847 46,634,691
CURRENT LIABILITIES 5,946,124 3,596,046
Taxation 208,433 101,872
Loans payable 4,458,984 -
Accounts payable 670,066 1,732,347
Provisions 332,512 1,045,549
Short term portion of LT liability 47,110 43,565
Bank overdraft 229,018 672,713
TOTAL EQUITY & LIABILITIES 100,856,638 55,274,744
INCOME STATEMENT
6 months ended 12 months ended
31-Dec-01 30-Jun-01
GROUP GROUP
R R
GROSS REVENUE 7,460,211 18,677,767
Operating costs 3,868,217 12,683,989
OPERATING PROFIT 3,591,994 5,993,777
Investment income 144,764 430,405
Finance costs 2,983,762 3,596,366
Taxation 145,118 168,639
PROFIT BEFORE OUTSIDE 607,878 2,659,178
SHAREHOLDERS INTEREST
Minority Interest 0 91,543
PROFIT 607,878 2,567,635
Earnings per share (cents) 2.10 9.16
Headline earnings / (loss)
per share (cents) 2.44 -23.40
Earnings per share is based on earnings of R607,878 (June 2001:
R2,567,635) and a weighted average number of ordinary shares of 29,013,250
(Dec 2001: 29,013,250) in issue during the period.
Headline profit per share is based on earnings of R708,733 and a weighted
average number of ordinary shares of 29,013,250 in issue during the period.
STATEMENT OF CHANGES IN EQUITY
GROUP
R
SHARE CAPITAL AT 31 DECEMBER 2001 2,901
Balance at 1 July 2000 2,875
Movement 26
Balance at 1 July 2001 2,901
Movement 0
SHARE PREMIUM AT 31 DECEMBER 2001 3,036,446
Balance at 1 July 2000 2,611,663
Share issue expenses 0
Balance at 1 July 2001 2,611,663
Share issue expenses 424,783
DISTRIBUTABLE RESERVES AT
31 DECEMBER 2001 3,037,320
Balance at 1 July 2000 -229,736
Attributable profit 2,567,635
Minority shareholders interest acquired 91,543
Balance at 1 July 2001 2,429,442
Attributable profit 607,878
CASH FLOW STATEMENT
6 months ended 12 months ended
31-Dec-01 30-Jun-01
GROUP GROUP
R R
CASH FLOW FROM OPERATING ACTIVITIES -2,302,784 -7,589,524
Net cash flow from operating activities 441,237 -4,356,796
Investment income 144,764 430,405
Interest paid -2,850,228 -3,596,366
Taxation paid -38,557 -66,767
CASH FLOW (TO) / FROM
INVESTING ACTIVITIES -48,710,845 17,662,785
Additions to fixed assets -9 852 -205,463
Acquisition of investment -47,000,000 0
Acquisition of CBB properties (Pty) Ltd -1,700,993 0
Proceed on sale of shares 0 6,037,457
Proceeds from disposal of
investment property 0 11,349,800
Proceeds from disposal of fixed assets 0 7,800
Acquisition of minority shareholder
interest in subsidiaries 0 473,191
CASH INFLOW / (OUTFLOW) FROM FINANCING
ACTIVITIES 47,082,924 -5,903,025
Proceeds from share issue 0 26
Increase in share premium 424,783 0
Raising of long term liabilities 46,658,141 0
Repayment of long term liabilities 0 -5,903,051
NET (DECREASE) / INCREASE IN CASH AND
CASH EQUIVALENTS -3,930,705 4,170,236
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 3,705,118 -465,118
CASH AND CASH EQUIVALENTS AT
END OF YEAR -225,587 3,705,118
These interim results are prepared in accordance with South African
Statements of Generally Accepted Accounting Practise.
During the period, the company's 20% investment in Killarney Mall was
finalised.
The directors are actively considering and planning the strategic growth and
positions of the company into the future. A number of initiatives in this
regard are under review at this time.
Johannesburg
27 March 2001
Directors: Registered office:
Selwyn Smith 1st Floor, Twin Towers East
Chris Christodoulou Sandton City, Sandton
Colin Blacher Tel: (011) 884 4422
Mark Mitchley Fax: (011) 884 4458
Gerhard van Zyl
