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TREMATON - AUDITED GROUP RESULTS

Release Date: 27/11/2000 16:46
Code(s): TMT
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TREMATON CAPITAL INVESTMENTS LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 97/08691/06)
  ("TREMATON")
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2000
AUDITED GROUP BALANCE SHEET

31 AUGUST 31 AUGUST
2000 1999
R'000 R'000 ASSETS
NON-CURRENT ASSETS 758 978 69 151
PROPERTY, PLANT AND EQUIPMENT 504 593
INVESTMENTS* 758 474 68 558
CURRENT ASSETS 9 079 67 969
SECURITIES HELD FOR TRADING - 4 034
ACCOUNTS RECEIVABLE 1 970 479
PROCEEDS ON SALE OF INVESTMENT - 12 000
TAXATION 341 62
CASH AND SHORT-TERM LOANS 6 768 51 394
TOTAL ASSETS 768 057 137 120 EQUITY AND LIABILITIES
ORDINARY SHAREHOLDERS' INTERESTS 748 763 126 154 NON-CURRENT LIABILITIES
CONVERTIBLE DEBENTURES 13 562 8 065
CURRENT LIABILITIES 5 732 2 901
ACCOUNTS PAYABLE 732 2 901
INVESTMENT ACQUISITION 5 000 -
TOTAL EQUITY AND LIABILITIES 768 057 137 120
NET ASSET VALUE PER SHARE (CENTS) 686 120 FULLY DILUTED NET ASSET VALUE
PER SHARE (CENTS) 650 123 NO OF SHARES IN ISSUE AT
31 AUGUST 2000 ('000) 109 200 105 000 DILUTED NUMBER OF SHARES
IN ISSUE ('000) 117 210 109 158
*90% OF INVESTMENTS COMPRISE LISTED SHARES HELD DIRECTLY AND INDIRECTLY BY THE GROUP. AUDITED GROUP INCOME STATEMENT
31 AUGUST 31 AUGUST
2000 1999
R'000 R'000
INVESTMENT INCOME 200 170
NET INTEREST RECEIVED 4 112 5 486
TRADING PROFIT 1 171 1 290
NET MANAGEMENT EXPENSES (2 630) (4 223)
PROFIT FROM OPERATIONS 2 853 2 723
FAIR VALUE MOVEMENTS 611 658 (27 080)
EXCEPTIONAL ITEMS - (22 068)
PROFIT/(LOSS) BEFORE TAXATION 614 511 (46 425)
TAXATION EXPENSE 583 368
PROFIT/(LOSS) AFTER TAXATION 613 928 (46 793)
SHARE OF RETAINED INCOME OF ASSOCIATES 302 2 295
PROFIT/(LOSS) FOR YEAR 614 230 (44 498) RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS PROFIT/(LOSS) ATTRIBUTABLE TO
SHAREHOLDERS 614 230 (44 498) ADJUSTMENTS FOR:
FAIR VALUE MOVEMENTS 611 658 27 080
EXCEPTIONAL ITEMS - 22 067 HEADLINE EARNINGS ATTRIBUTABLE TO
SHAREHOLDERS 2 572 4 649
HEADLINE EARNINGS PER SHARE (CENTS) 2,4 6,3
EARNINGS/(LOSS) PER SHARE (CENTS) 573,5 (59,8) WEIGHTED AVERAGE NUMBER OF SHARES
IN ISSUE ('000) 107 100 74 375 AUDITED CASH FLOW STATEMENT
31 AUGUST 31 AUGUST
2000 1999
R'000 R'000 CASH FLOWS FROM OPERATING ACTIVITIES
CASH ABSORBED BY OPERATIONS - (5 083)
DIVIDENDS PAID (30) (1 513)
TAXATION PAID (875) (4 299)
NET FINANCE CHARGE 4 112 5 487 NET CASH INFLOW/(OUTFLOW) FROM
OPERATING ACTIVITIES 3 207 (5 408) NET CASH OUTFLOW FROM
INVESTING ACTIVITIES (52 871) (69 647) NET CASH INFLOW FROM FINANCING
ACTIVITIES 5 475 59 995 NET DECREASE IN CASH AND
CASH EQUIVALENTS (44 189) (15 060) CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 46 394 61 454 CASH AND CASH EQUIVALENTS AT
END OF YEAR 2 205 46 394 STATEMENT OF CHANGES IN EQUITY RETAINED INCOME/ SHARE SHARE (ACCUMULATED GROUP CAPITAL PREMIUM LOSS) TOTAL
R'000 R'000 R'000 R'000 BALANCE AT 1 SEPTEMBER 1998 525 103 498 6 704 110 727 ISSUE OF SHARES AT A PREMIUM 525 59 850 60 375 SHARE ISSUE EXPENSES (450) (450) NET LOSS FOR YEAR (44 498) (44 498) BALANCE AT 31 AUGUST 1999 1 050 162 898 (37 794) 126 154 ISSUE OF SHARES AT A PREMIUM 42 8 358 8 400 SHARE ISSUE EXPENSES (21) (21) NET PROFIT FOR YEAR 614 230 614 230 BALANCE AT 31 AUGUST 2000 1 092 171 235 576 436 748 763 REVIEW OF RESULTS
TREMATON'S NET ASSET VALUE AT 31 AUGUST 2000 HAS INCREASED TO R749 MILLION (1999: R126 MILLION) WHICH TRANSLATES INTO A NET ASSET VALUE PER SHARE OF 686 CENTS (1999: 120 CENTS). MORE THAN 90% OF ITS ASSETS ARE CURRENTLY HELD OFFSHORE. OPERATING EXPENSES FOR THE YEAR WERE R2,6 MILLION (1999: R4,2 MILLION).
THE MOST SIGNIFICANT EVENT WHICH OCCURRED DURING THE PERIOD UNDER REVIEW, WAS THE LISTING ON THE LONDON STOCK EXCHANGE OF INTEC TELECOM SYSTEMS PLC
("INTEC"). TREMATON HAD AN EFFECTIVE 7,38% SHAREHOLDING IN INTEC AT 31 AUGUST. THIS LISTING HAS PROVED MOST SUCCESSFUL, WITH MARKET CAPITALISATION HAVING INCREASED FROM 304 MILLION ON LISTING TO 921 MILLION AT 31 AUGUST 2000. INTEC HAS NOW BEEN INCLUDED IN BOTH THE TECHMARK 100 AND FTSE 250 INDICES. INTEC IS A PRODUCER AND DISTRIBUTOR OF TELECOM- RELATED SOFTWARE SOLUTIONS. ITS CORE PRODUCT, INTERCONNECT, IS THE MARKET LEADER BY MARKET SHARE FOR INTERCONNECT BILLING AND SETTLEMENT SOFTWARE SOLUTIONS. AT 31 AUGUST 2000, THE VALUE OF TREMATON'S ATTRIBUTABLE SHAREHOLDING IN INTEC AMOUNTED TO R691 MILLION, BASED ON INTEC'S SHARE PRICE OF 6,20. DURING THE YEAR:
- TREMATON ACQUIRED A 25% SHAREHOLDING IN REAL AFRICA DUROLINK INVESTMENTS (PTY) LTD, THE MANAGEMENT COMPANY OF AN IT INVESTMENT FUND, THE REAL TECHNOLOGY TRUST, FOR A CASH CONSIDERATION OF R1,2 MILLION, WITH EFFECT FROM 1 NOVEMBER 1999. AN INVESTMENT OF R3 MILLION WAS ALSO MADE IN THE TRUST;
- TREMATON DISPOSED OF ITS 36% SHAREHOLDING IN SUPERCART HOLDINGS (PTY) LTD ON 22 DECEMBER 1999 FOR A CASH CONSIDERATION OF R5,5 MILLION;
- TREMATON ACQUIRED 30% SHAREHOLDING IN IT SERVICES GROUP SOUTHERN FOCUS HOLDINGS (PTY) LTD ("SOUTHERN FOCUS") WITH EFFECT FROM 1 MARCH 2000 FOR A PURCHASE CONSIDERATION OF R8,4 MILLION, SETTLED BY THE ISSUE OF 4,2 MILLION TREMATON SHARES, AT AN ISSUE PRICE OF R2,00 PER SHARE. THE OPERATIONS OF SOUTHERN FOCUS COMPRISE THE DELIVERY OF BUSINESS, TECHNOLOGY AND E-COMMERCE SOLUTIONS TO MEDIUM AND LARGE CORPORATE AS WELL AS GOVERNMENTAL AND PARASTATAL CLIENTS. SOUTHERN FOCUS ALSO HAS A CONTROLLING INTEREST IN AFRICAN PORT NETWORK (PTY) LTD, A WEB-BASED PORTAL PROVIDING AN INDEPENDENT ON-LINE MARKETPLACE FOR THE SHIPPING INDUSTRY;
- TREMATON ACQUIRED AN EFFECTIVE 11,59% SHAREHOLDING IN NEW AFRICA TECHNOLOGY HOLDINGS (PTY) LTD ("NATH") FOR A CASH CONSIDERATION OF R58,58 MILLION. NATH COMPRISED A MULTI-DISCIPLINARY IT GROUP WHICH HAS BEEN SUBSTANTIALLY RESTRUCTURED DURING THE YEAR;
- TREMATON ACQUIRED A 40% SHAREHOLDING IN SOFTWARE DEVELOPER, EQUIS SOLUTIONS (PTY) LTD, WITH EFFECT FROM 1 JUNE 2000 FOR A CASH CONSIDERATION OF R5 MILLION. EQUIS DEVELOPS AND MARKETS SOFTWARE FOR NICHE COMMERCIAL APPLICATIONS. PRODUCTS OWNED BY EQUIS INCLUDE SIMS, A SHARE INCENTIVE SCHEME MANAGEMENT SOLUTION; COSEC, A COMPANY SECRETARIAL SOLUTION; AMS, A CHEQUE SIGNATORY MANAGEMENT SYSTEM AND EMS, AN EMPLOYMENT EQUITY PROGRAMME MANAGEMENT SYSTEM; AND
- DIGITOT (PTY) LTD SUCCESSFULLY LAUNCHED ITS ELECTRONIC ALCOHOL DISPENSER TOGETHER WITH RELATED LIQUOR MANAGEMENT SOFTWARE. THE UNITS ARE RENTED TO ON-CONSUMPTION LIQUOR OUTLETS. SUBSEQUENT TO THE YEAR-END, IT HAS ALSO LAUNCHED BEVACTIVE.CO.ZA, SOUTH AFRICA'S FIRST INDEPENDENT ON-LINE EXCHANGE FOR THE LIQUOR INDUSTRY. CHANGE IN ACCOUNTING POLICY
THE GROUP HAS ADOPTED AC 133 FINANCIAL INSTRUMENTS: RECOGNITION AND
MEASUREMENT. GAINS AND LOSSES ON SUBSEQUENT MEASUREMENT ARISING FROM A CHANGE IN THE FAIR VALUE OF FINANCIAL INSTRUMENTS ARE INCLUDED IN NET PROFIT OR LOSS FOR THE PERIOD IN WHICH IT ARISES. PROSPECTS
TREMATON'S INVESTMENTS ARE CURRENTLY PERFORMING SATISFACTORILY. THE DIRECTORS REMAIN COMMITTED TO INVESTING IN COMPANIES WHICH HAVE THE POTENTIAL TO YIELD EXCEPTIONAL RETURNS. BY ORDER OF THE BOARD C W GARVIE SECRETARY 27 NOVEMBER 2000
REGISTERED OFFICE POSTAL ADDRESS THE MANOR HOUSE PO BOX 712 14 NUTTALL GARDENS DURBAN MORNINGSIDE 4000 DURBAN 4001 TEL NO : 031-3039667 FAX NO : 031-3039694 E-MAIL : CGARVIE@TREMATON.CO.ZA
DIRECTORS: N A LABUSCHAGNE (CHAIRMAN), R B MCELLIGOTT (CEO), P DITZ, A EYAL, M FARRER, M G MEEHAN, A J F MUNDELL, R E SHERRELL

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