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GOLD EDGE HOLDINGS LIMITED - AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30
JUNE 2002
Gold Edge Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1997/021085/06)
Share code: GLE ISIN code: ZAE 000016515
("Gold Edge")
Audited financial results for the year ended 30 June 2002
BALANCE SHEETS
30 June 2002 30 June 2001
GROUP GROUP
R R
ASSETS
NON-CURRENT ASSETS 62 166 210 49 464 878
Investment properties 46 012 860 45 776 931
Investments 10 520 734 -
Loan to director 526 964 -
Positive goodwill 4 974 853 3 508 192
Fixed assets 130 799 179 755
CURRENT ASSETS 2 616 196 5 809 866
Accounts receivable 2 616 196 1 432 034
Cash and cash equivalents - 4 377 831
Total assets 64 782 406 55 274 744
EQUITY AND LIABLITIIES
CAPITAL AND RESERVES 6 808 731 5 044 007
Share capital 3 752 2 901
Share premium 4 736 589 2 611 663
Distributable reserve 2 068 390 2 429 443
NON-CURRENT LIABILITIES 51 104 174 46 634 691
Long-term liabilities 51 104 174 46 634 691
CURRENT LIABILITIES 6 869 501 3 596 046
Taxation 274 651 101 872
Accounts payable 972 094 1 732 347
Provisions 258 110 1 045 549
Short-term portion of long-term
liability 43 565 43 565
Loans payable 4 228 262 -
Bank overdraft 1 092 819 672 713
Total equity and liabilities 64 782 406 55 274 744
INCOME STATEMENTS
12 months 12 months
ended ended
30 June 2002 30 June 2001
GROUP GROUP
R R
GROSS REVENUE 11 154 098 18 677 767
Operating costs 5 054 512 12 460 060
OPERATING PROFIT 6 099 586 6 217 707
Investment income 668 615 430 405
Finance costs 6 617 696 3 596 366
Depreciation 65 968 39 287
Goodwill amortised 234 252 184 642
Taxation 211 337 168 639
(LOSS)/PROFIT BEFORE OUTSIDE
SHAREHOLDERS` INTEREST (361 052) 2 659 178
Minority interest - 91 543
(LOSS)/PROFIT (361 052) 2 567 635
(Loss)/earnings per share (cents) (1,06) 9,16
Headline loss per share (cents) (0,74) (23,40)
(Loss)/earnings per share is based on (losses)/earnings of (R361 052) (2001: R2
567 635) and a weighted average number of ordinary shares of 33 974 480 (2001:
29 013 250) in issue during the period.
Headline loss per share is based on losses of R251 800 (2001: R6 788 637) and a
weighted average number of ordinary shares of 33 974 480 (2001: 29 013 250) in
issue during the period.
The following adjustments to loss were taken into account in the calculation of
headline loss:
Loss (used for basic loss per share) (361 052)
Goodwill amortised 234 252
Profit on sale of sub-license (125 000)
Headline loss (251 800)
CASH FLOW STATEMENTS
12 months 12 months
ended ended
30 June 2002 30 June 2001
GROUP GROUP
R R
CASH FLOW FROM OPERATING
ACTIVITIES (2 788 394) (7 589 524)
Net cash flow from operating
activities 3 199 245 (4 356 796)
Investment income 668 615 430 405
Interest paid (6 617 696) (3 596 366)
Taxation paid (38 558) (66 767)
CASH FLOW (TO)/FROM
INVESTING ACTIVITIES (12 349 666) 17 662 785
Additions to fixed assets (252 940) (205 463)
Acquisition of investment (10 520 734) -
Acquisition of subsidiary (1 700 993) -
Proceeds on sale of shares 6 037 457
Proceeds from disposal of
investment property - 11 349 800
Proceeds from disposal of
fixed assets - 7 800
Proceeds from disposal of
sub-license 125 000 -
Acquisition of minority
shareholder interest in
subsidiaries - 473 191
CASH INFLOW/(OUTFLOW) FROM
FINANCING ACTIVITIES 10 340 123 (5 903 025)
Proceeds from share issue 851 26
Increase in share premium 2 124 926 -
Raising of long-term liabilities 8 214 346 -
Repayment of long-term
liabilities - (5 903 051)
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (4 797 937) 4 170 236
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 3 705 118 (465 118)
CASH AND CASH EQUIVALENTS
AT END OF PERIOD (1 092 819) 3 705 118
STATEMENT OF CHANGES IN EQUITY
GROUP
R
SHARE CAPITAL AT 30 JUNE 2002 3 752
Balance at 1 July 2000 2 875
share issue 26
Balance at 1 July 2001 2 901
Share issue 851
SHARE PREMIUM AT 30 JUNE 2002 4 736 589
Balance at 1 July 2000 2 611 663
Balance at 1 July 2001 2 611 663
Share issue 1 700 143
Share issue expenses 424 783
DISTRIBUTABLE RESERVES AT 30 JUNE 2002 2 068 390
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 loss (361 052)
Report of the chief executive officer to the shareholders
COMMENTARY ON RESULTS
These financial results are prepared in accordance with South African Statements
of Generally Accepted Accounting practice, and with accounting policies which
are consistent with those of the previous year.
The auditors of Gold Edge are IAPA Johannesburg Chartered Accountant (SA).
The report of the auditors is available for inspection at the registered office
of Gold Edge.
During the period, the company`s 20% investment in Killarney Mall was finalised.
PROSPECTS
The directors are actively considering and planning the strategic growth and
position of the company into the future. A number of initiatives in this regard
are under review at this time.
FURTHER CAUTIONARY ANNOUNCEMENT
Following the announcement on 19 August 2002 shareholders of Gold Edge are
advised that Gold Edge is still involved in negotiations which, if successfully
concluded, could have a material effect on the price at which Gold Edge shares
trade on the JSE Securities Exchange South Africa. Gold Edge shareholders are
accordingly advised to continue to exercise caution when dealing in their shares
until a further announcement is made.
Johannesburg
27 September 2002
Gold Edge Holdings Limited
1st Floor, Twin Towers East, Sandton City, Sandton. POBox 781696, Sandton, 2146.
Telephone (011) 884-4426. Fax (011) 884-4395.
Directors: S. Smith (CEO), C. Christodoulou, C. S. Blacher b.a.llb (Non-
executive), M. J. Mitchley (Non-executive), G. van Zyl (Non-executive).
Date: 30/09/2002 05:05:32 PM Produced by the JSE SENS Department
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