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TREMATON CAPITAL INVESTMENTS LIMITED - INTERIM RESULTS ANNOUNCEMENT
TREMATON CAPITAL INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1997/008691/06)
Share Code: TMT
ISIN: ZAE000013991
INTERIM REPORT FOR THE SIX MONTHS ENDED
29 February 2004
Group income statement
(Audited)
Six Six Twelve
months to months to months to
29 28 February 31 August
February 2003 2003
2004 R000 R000
R000
Net interest paid (354) (330) (763)
Net management and statutory (342) (1 223) (1 626)
expenses
Loss from operations (696) (1 553) (2 389)
Investment valuation adjustments
- Fair value movements, losses and 35 803 (15 769) 13 978
write-downs
Profit/(loss) before taxation 35 107 (17 322) 11 589
Taxation - - -
Profit/(loss) after taxation 35 107 (17 322) 11 589
Loss from associates - (3 011) (3 011)
Income/(loss) for the period 35 107 (20 333) 8 578
Headline earnings/(loss) per share 33,4 (19,3) 6,4
(cents) 33,4 (19,3) 8,2
Earnings/(loss) per share (cents) 105 156 105 168 105 168
Weighted average number of shares
in issue (000)
Reconciliation between
income/(loss) and headline
earnings/(loss)
Income/(loss) attributable to 35 107 (20 333) 8 578
shareholders
Profit on disposal of investments - - 1 860
Headline earnings/(loss) 35 107 (20 333) 6 718
attributable to
Shareholders
Group balance sheet
29 28 31 August
February February 2003
2004 2003 R000
R000 R000
ASSETS
Non-current assets
Listed investments 80 060 - -
Unlisted investments and loans 8 282 7 485 37 227
Current assets
Accounts receivable 76 349 76
TOTAL ASSETS 88 418 7 834 37 303
EQUITY AND LIABILITIES
Ordinary shareholders" interest 66 961 2 943 31 854
Current liabilities 21 457 4 891 5 449
Provisions and accounts payable 395 32 328
Interest bearing debt 21 062 4 859 5 121
TOTAL EQUITY AND LIABILITIES 88 418 7 834 37 303
Net asset value per share (cents) 63,7 2,8 30,3
Number of shares in issue (`000) 105 168 105 168 105 168
Cash flow statements
29 28 31
February February August
2004 2003 2003
R000 R000 R000
Cash outflows from operating (628) (660) (4 019)
activities
Cash outflows from investing (15 312) (1 181) -
activities
Cash flows from financing 15 941 - 6 219
activities
Net movement in cash and cash - (1 841) 2 200
equivalents
Statement of changes in equity
Retained
Share Share income/
Capital Premium (Accumulated Total
R"000 R"000 Loss) R"000
R"000
Balance at 31 August 2002 1 052 163 211 (140 987) 23 276
Net loss for the period - - (20 333) (20 333)
Balance at 28 February 2003 1 052 163 211 (161 320) 2 943
Net income for the period - - 28 911 28 911
Balance at 31 August 2003 1 052 163 211 (132 409) 31 854
Net income for period - - 35 107 35 107
Balance at 29 February 2004 1 052 163 211 (97 302) 66 961
REVIEW OF RESULTS
During the six month period under review, Trematon"s net asset value per share
increased from 30 cents to 64 cents primarily as a result of the rise in the
share price of Intec Telecom Systems Plc ("Intec"). The headline profit per
share for the period of 33,4 cents compares with the headline loss of 19,3 cents
for the corresponding period in 2003 and the headline profit of 6,4 cents for
the full year ended 31 August 2003.
The restructuring of the funding requirements and arrangements between the
shareholders of Mican Limited ("Mican"), the investment company which previously
held Trematon"s attributable Intec shareholding, was completed during December.
Pursuant to this restructuring, Trematon and the other Mican shareholders have
repaid Mican"s debt and now directly own their Intec shares. Consequently, 8,8m
shares in Intec are owned directly by Trematon"s wholly owned subsidiary,
Prygate International Limited and interest bearing debt has increased to R21m.
Trematon is now also in a better position than it was prior to the Mican
restructuring in that it now directly controls its shareholding in Intec.
Trematon"s assets now comprise:
- 8,8m Intec shares;
- a Rand-denominated, interest-bearing claim on loan account against Mican,
which will be repaid from the proceeds of the repayment of a Rand-denominated,
interest bearing secured, loan advanced by Mican which is repayable by December
2008;
- 11,47% of the proceeds of Mican"s remaining investments when they are disposed
of, which investments comprise its shareholdings in IT companies, Adaptive
Systems (trading as Iocore in Denmark, Norway and Sweden) and Iocore Australia.
Intec"s results for its first quarter ended on 31 December 2003 were most
encouraging. Revenue of GBP15,6m was up 50% on the same quarter the previous
year and the adjusted profit before tax of GBP1,6m compares with the loss of
GBP0,1m in the comparable quarter to 31 December 2002.
PROSPECTS
The future value of Trematon is dependent mainly on the price of Intec shares.
Intec is cautiously confident of achieving its full year expectations
particularly as there is evidence of a slow but steady recovery in the business
sector it operates in.
ACCOUNTING POLICIES
The financial statements of the Group comply with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the previous financial year.
APPROVAL BY DIRECTORS
The Directors of Trematon have approved the interim results for the six month
period ended 29 February 2004.
By order of the board
CW GARVIE
SECRETARY
23 April 2004
Registered office Postal address
The Manor House PO Box 712
14 Nuttall Gardens Durban
Morningside 4000
4001
Telephone: 031-3039667
Fax: 031-3121989
Directors: NA Labuschagne (Chairman), RB McElligott (CEO), P Ditz,
M Farrer, MG Meehan, AJF Mundell, RE Sherrell
Transfer Secretaries : Computershare Limited, 70 Marshall Street, Johannesburg
Sponsor: Exchange Sponsors (Pty) Ltd, 79 Hyde Lane, Hyde Park, 2196
Date: 26/04/2004 05:15:04 PM Supplied by www.sharenet.co.za
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