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Alpina Investments Limited - Abridged Report On The Audited Group Financial
Results For The Year Ended 30 June 2003
Alpina Investments Limited
(formerly Gold Edge Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
Share code: ALA
ISIN code: ZAE000048377
("Alpina")
ABRIDGED REPORT ON THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30
JUNE 2003
Restatement of certain financial figures.
Set out below is a re-statement of the audited financial results for the year
ended 30 June 2003. The re-statement relates primarily to a re-allocation of
assets on the balance sheet and consequential changes.
BALANCE SHEETS
As As
previously previously
stated stated
30 June 30 June 30 June 2002 30 June
2003 2003 GROUP 2002
GROUP GROUP R GROUP
R R R
ASSETS
NON-CURRENT
ASSETS 87,226,033 87,078,410 62,166,210 62,166,210
Intangible
assets 16,624,546 16,624,546 4,974,853 4,974,853
Investment
property 52,262,000 - 46,012,860 -
Property, plant
and equipment 9,315,132 61,577,132 130,799 46,143,659
Investments
- - 10,520,734 10,520,734
Deferred #
taxation 147,623 - - # -
Loans
receivable 8,876,732 8,876,732 526,964 526,964
CURRENT
ASSETS 17,835,995 17,835,995 2,616,196 2,616,196
Accounts
receivable 17,164,232 17,164,232 2,616,196 2,616,196
Cash and cash
equivalents 671,763 671,763 - -
Total
assets 105,062,028 104,914,405 64,782,406 64,782,406
EQUITY AND
LIABILITIES
CAPITAL AND
RESERVES 2,687,162 1,747,862 6,808,731 6,808,731
Share
capital 3,752 3,752 3,752 3,752
Share
premium 4,736,589 4,736,589 4,736,589 4,736,589
(Accumulated
loss)/Distribut -2,053,179 -8,302,319 2,068,390 2,068,390
able reserve
Revaluation
reserve - 5,309,840 - -
NON-CURRENT
LIABILITIES 74,201,724 74,993,401 55,332,436 55,332,436
Long-
term 74,201,724 74,201,724 55,332,436 55,332,436
liabilit
ies
Deferred
taxation - 791,677 - -
CURRENT
LIABILITIES 28,173,142 28,173,142 2,641,239 2,641,239
Taxation
321,808 321,808 274,651 274,651
Accounts
payable 27,162,247 27,162,247 972,094 972,094
Provisio
ns 256,716 256,716 258,110 258,110
Short-term
portion of long-40,490 40,490 43,565 43,565
term liability
Bank
overdraft 391,881 391,881 1,092,819 1,092,819
Total equity
and liabilities 105,062,028 104,914,405 64,782,406 64,782,406
STATEMENT OF CHANGES IN EQUITY
As previously
stated
GROUP GROUP
R R
SHARE CAPITAL AT 3,752
30 JUNE 2003 3,752
Balance at 1 July
2001 2,901 2,901
Movement
851 851
Balance at 1 July
2002 3,752 3,752
Movement
- -
SHARE PREMIUM AT 4,736,589
30 JUNE 2003 4,736,589
Balance at 1 2,611,663
July 2001 2,611,663
Movement 1,700,143
1,700,143
Share issue 424,783
expenses 424,783
Balance at 1 4,736,589
July 2002 4,736,589
Movement
- -
ACCUMULATED LOSS -2,053,179 -
AT 30 JUNE 2003 8,302,319
Balance at 1 2,429,442
July 2001 2,429,442
Attributable -361,052 -
loss 361,052
Balance at 1 2,068,390
July 2002 2,068,390
Attributable -4,121,569 -
loss 10,370,709
REVALUATION -
RESERVE AT 30 5,309,840
JUNE 2003
Balance at 1
July 2001 - -
Movement
- -
Balance at 1
July 2002 - -
Revaluation of
property, plant and - 6,249,140
equipment
Deferred tax -
- 939,300
INCOME STATEMENTS
As As
previously previously
stated stated
12 months 12 months 12 months 12 months
ended ended ended ended
30 June 2003 30 June 30 June 30 June
GROUP 2003 2002 2002
R GROUP GROUP GROUP
R R R
GROSS
REVENUE 11,114,920 11,256,324 11,154,098 11,154,098
Operating
costs 6,714,473 6,855,877 5,054,512 5,120,480
OPERATING
PROFIT 4,400,447 4,400,447 6,099,586 6,033,618
Investment
income 807,885 807,885 668,615 668,615
Finance - -
costs -10,059,191 10,059,191 -6,617,696 6,617,696
Impairments
and write- -5,539,094 -5,539,094 -300,220 -234,252
offs
Fair value
adjustment on 6,249,140 -
investment
property
Taxation
19,244 19,244 -211,337 -211,337
NET LOSS -
-4,121,569 10,370,709 -361,052 -361,052
Loss per
share (cents) -10.98 -27.64 -1.06 -1.06
Headline loss
per share -18.14 -18.14 -0.74 -0.74
(cents)
Loss per share is based on losses of R4,121,569
(2002: (R361,052)) and a weighted average number of
ordinary shares of 37,518,216 (2002:33,974,480) in
issue during the period.
The previously stated loss per share was based on
losses of R10,370,709 (2002: (R361,052)) and a
weighted average number of ordinary shares of
37,518,216 (2002:33,974,480) in issue during the
period.
Headline loss per share is based on losses of
R6,807,406 (2002:(R251,800)) and a weighted average
number of ordinary shares of 37,518,216
(2002:33,974,480) in issue during the period.
RECONCILIATION OF HEADLINE LOSS
Attributable loss -
-4,121,569 10,370,709 -361,052 -361,052
Adjusted for:
Amortization of
goodwill 269,687 269,687 234,252 234,252
Impairment of goodwill
3,293,616 3,293,616 - -
Profit on sale of sub-
licence - - -125,000 -125,000
Fair value adjustment
on investment property -6,249,140 - - -
Headline loss
-6,807,406 -6,807,406 -251,800 -251,800
CASH FLOW STATEMENT
As As
previously previously
stated stated
12 months 12 months 12 months 12 months
ended ended ended ended
30 June 30 June 30 June 30 June
2003 2003 2002 2002
GROUP GROUP GROUP GROUP
R R R R
Cash flow to / -
(from) operating 5,177,421 5,177,421 -2,788,394 2,788,394
activities
Net cash flow from
operating activities 14,509,949 14,509,949 3,199,245 3,199,245
Interest paid - - -
10,059,191 10,059,191 -6,617,696 6,617,696
Investment income
807,885 807,885 668,615 668,615
Taxation paid
-81,222 -81,222 -38,558 -38,558
Cash outflow to - - -
investing activities 14,321,164 14,321,164 -12,349,66 12,349,666
6
Additions to - -
property, plant 24,494,459 24,494,459 -252,940 -252,940
and equipment
Additions to - -
intangible assets 16,041,640 16,041,640 - -
Acquisition of -
investment - - -10,520,73 10,520,733
3
Acquisition of -
subsidiary - - -1,700,993 1,700,993
Proceeds on
disposal of 10,520,734 10,520,734 - -
investment
Proceeds on
disposal of sub- - - 125,000 125,000
licence
Proceeds on
disposal of 15,694,201 15,694,201 - -
property
Cash inflow from
financing activities 10,516,444 10,516,444 10,340,123 10,340,123
Proceeds from share
issue - - 851 851
Increase in share
premium - - 2,124,926 2,124,926
Loan receivable
raised -8,349,769 -8,349,769 - -
Short term portion
of long-term -3,075 -3,075 - -
liabilities repaid
Loans raised
18,869,288 18,869,288 8,214,346 8,214,346
Net -
increase/(decrease) 1,372,701 1,372,701 -4,797,937 4,797,937
in cash and cash
equivalents
Cash and cash -
equivalents at 1,092,819 -1,092,819 3,705,118 3,705,118
beginning of year
Cash and cash -
equivalents at end 279,882 279,882 -1,092,819 1,092,819
of year
AUDITORS REPORT
The independent auditors, IAPA Johannesburg, have issued an unqualified audit
opinion. The following paragraph has however been included in their report:
"CONTRAVENTION OF STATUTE
Without qualifying our opinion above, we draw attention to the fact that the
procedures in the issue of loans to directors as required by section 226 of the
Companies Act in South Africa were not complied with."
ANNUAL GENERAL MEETING
The annual report will be mailed to shareholders by 24 December 2003 along with
the notice of annual general meeting. The annual general meeting will be held on
22 March 2004 at 10:00 at Alpina Investments Limited, 1st Floor, 43 Wierda Road
West, Wierda Valley Sandton.
For and on behalf of the directors
C Christodoulou
BA Smith
MH Brodie
DA Johnston
MJ Lamola
MK Makhubalo
RS Wilkinson
Transfer Secretaries: Computershare Limited, 70 Marshall Street, Johannesburg,
2001 (PO Box 1053, Johannesburg, 2003)
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 23/12/2003 02:53:08 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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