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Gold Edge -
Gold Edge Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
Share code: GLE
ISIN: ZAE000016515
("Gold Edge" or "the company")
Unaudited interim report for the six month period
ended 31 December 2002
Group
31 Dec 2002 30 June 2002
BALANCE SHEET R R
ASSETS
Non-current assets 75 048 156 62 166 210
Investment properties 59 014 982 46 012 860
Investments 10 520 633 10 520 734
Loans receivable 593 713 526 964
Positive goodwill 4 840 010 4 974 853
Fixed assets 78 818 130 799
CURRENT ASSETS 5 844 051 2 616 196
Accounts receivable 4 129 709 2 616 196
Cash and cash equivalents 1 714 342 -
Total assets 80 892 207 64 782 406
EQUITY AND LIABILITIES
Capital and reserves 5 243 885 6 808 731
Share capital 3 752 3 752
Share premium 4 736 589 4 736 589
Distributable reserve 503 544 2 068 390
Outside shareholders" interest 356 840 -
Non-current liabilities 64 545 626 51 104 174
Long-term liabilities 64 545 626 51 104 174
Current liabilities 10 745 856 6 869 501
Taxation 274 651 274 651
Accounts payable 5 941 282 972 094
Provisions 297 110 258 110
Short-term portion of long-term
Liability - 43 565
Loans payable 4 232 813 4 228 262
Bank overdraft - 1 092 819
Total equity and liabilities 80 892 207 64 782 406
Group
Six months ended 12 months ended
31 Dec 2002 30 June 2002
INCOME STATEMENT R R
Gross revenue 4 488 581 11 154 098
Operating costs 2 098 816 5 354 732
Operating profit 2 389 765 5 799 366
Investment income 44 356 668 615
Finance costs 3 642 127 6 617 696
Taxation - 211 337
Loss before outside
shareholders" interest (1 208 006) (361 052)
Minority interest (356 840) -
(Loss) (1 564 846) (361 052)
Loss per share (cents) (3.27) (1.06)
Headline loss per share (cents) (8.10) (0.74)
Loss per share is based on losses of (R1 208 006) (June 2002: (R361 052)) and a
weighted average number of ordinary shares of 37 518 216 (June 2002: 33 974 480)
in issue during the period.
Headline loss per share is based on losses of (R3 042 055) (2001: (R251 800))
and a weighted average number of ordinary shares of
37 518 216 (2001: 33 974 480) in issue during the period.
RECONCILIATION OF HEADLINE EARNINGS
Attributable loss (1 208 006) (361 052)
Adjusted for:
Profit on sale of sub-licence - (125 000)
Profit on disposal of investment (1 968 893) -
property
Amortisation of goodwill 134 844 234 252
Headline loss (3 042 055) (251 800)
Group
STATEMENT OF CHANGES IN EQUITY R
Share capital at 31 December 2002 3 752
Balance at 1 July 2001 2 901
Movement 851
Balance at 1 July 2002 3 752
Movement -
Share premium at 31 December 2002 4 736 589
Balance at 1 July 2001 2 611 663
Movement 1 700 143
Share issue expenses 424 783
Balance at 1 July 2002 4 736 589
Movement -
Distributable reserves at 31 December 2002 503 544
Balance at 1 July 2001 2 429 442
Attributable profit (361 052)
Balance at 1 July 2002 2 068 390
Attributable loss (1 208 006)
Outside shareholders" interest (356 840)
Group
Six months 12 months ended
ended
31 Dec 2002 30 June 2002
CASH FLOW STATEMENT R R
Cash flow from operating
Activities 398 837 (2 788 394)
Net cash flow from operating
Activities 3 996 608 3 199 245
Investment income 44 356 668 615
Interest paid (3 642 127) (6 617 696)
Taxation paid (38 558)
Cash flow to investing
Activities (11 033 128) (12 349 666)
Additions to investment property (23 861 309) -
Additions to fixed assets - (252 940)
Acquisition of investment - (10 520 734)
Acquisition of CBB Properties
(Pty) Ltd - (1 700 993)
Proceeds on sale of investments 101
Proceeds from disposal of
investment property 13 828 080 -
Proceeds from disposal of
sub-license - 125 000
Cash inflow from financing
Activities 13 441 452 10 340 123
Proceeds from share issue - 851
Increase in share premium - 2 124 926
Raising of long-term liabilities 13 441 452 8 214 346
Net increase/(decrease) in
cash and cash equivalents 2 807 161 (4 797 937)
Cash and cash equivalents at
beginning of period (1 092 819) 3 705 118
Cash and cash equivalents
at end of period 1 714 342 (1 092 819)
REPORT OF THE CHIEF EXECUTIVE OFFICER TO THE SHAREHOLDERS
These interim results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice.
Further to the announcement dated 11 March 2003, the company is under cautionary
notice and the focus of the board is to finalise the proposed transaction. The
results for the six months have been effected by interest rate increases other
than Killarney Mall which has the interest rate fixed.
The company is proceeding with the development of a further six supermarkets for
Score/Pick "n Pay Group. Four stores were completed by 31 December 2002
Johannesburg
1 April 2003
Directors Registered Office
Selwyn Smith (CEO) 1st Floor, Twin Towers East
Chris Christodoulou Sandton City, Sandton
Colin Blacher (Non-executive) Tel: (011) 884 4422
Mark Mitchley (Non-executive) Fax: (011) 884 4458
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