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Trematon - Reviewed Provisional Results For The Year Ended 31 August 2005 Trematon Capital Investment Limited (Incorporated in the Republic of South Africa) (Registration number 1977/008691/06) Share code: TMT & ISIN: ZAE000013991 ("Trematon") REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2005 GROUP BALANCE SHEET Reviewed Audited 2005 2004 R"000 R"000 ASSETS Non-current assets 116 151 66 879 Investments Listed 103 313 54 946 Loans and unlisted investments 12 838 11 933 Cur rent assets 265 140 Accounts receivable 5 - Taxation 76 76 Cash and short-term loans 184 64 Total assets 116 416 67 019 EQUITY AND LIABILITIES Ordinary shareholders" interests 98 166 46 080 Non-current liabilities Deferred tax liabilities 3 318 - Cur rent liabilities 14 932 20 939 Accounts payable 706 564 Income tax payable 621 - Interest-bearing debt 13 605 20 375 Total equity and liabilities 116 416 67 019 Net asset value per share (cents) 57 44 Number of shares in issue at 31 August (000) 171 623 105 168 GROUP INCOME STATEMENT Reviewed Audited 2005 2004 R"000 R"000
Net interest paid (332) (564) Net operating income (expense) 1 911 (6) Profit (loss) from operations 1 579 (570) Investment valuation adjustments 18 662 14 796 Profit before taxation 20 241 14 226 Taxation expense 3 938 - Profit for the year 16 303 14 226 Reconciliation between profit and headline profit Profit attributable to shareholders 16 303 14 226 Profit on disposal of investments - - Headline profit attributable to shareholders 16 303 14 226 Headline profit per share (cents) 12,3 13,5 Profit per share (cents) 12,3 13,5 Weighted average number of shares in issue (000) 132 857 105 168 * Investment valuation adjustments - Market valuation adjustments 18 662 14 796 GROUP CASH FLOW STATEMENT Reviewed Audited 2005 2004 R"000 R"000
Cash flows from operating activities Cash generated by operations 1 065 230 Net finance cost (331) (563) Net cash inflow/(outflow) from operating activities 734 (333) Net cash inflow from financing activities 29 014 15 189 Net cash outflow from investing activities (29 628) (14 857) Net increase/(decrease) in cash and cash equivalents 120 (1) Cash and cash equivalents at beginning of year 64 65 184 64 Cash and cash equivalents at end of year STATEMENT OF CHANGES IN EQUITY Accum-
Share Share ulated capital premium loss Total Group R"000 R"000 R"000 R"000 Balance at 1 September 2003 1 052 163 211 (132 409) 31 854 Net profit for the year - - 14 226 14 226 Balance at 31 August 2004 1 052 163 211 (118 183) 46 080 Issue of shares at a premium 665 35 885 - 36 550 Share issue expenses - (767) - (767) Net profit for the year - - 16 303 16 303 Balance at 31 August 2005 1 717 198 329 (101 880) 98 166 REVIEW OF RESULTS During the year under review, Trematon"s net asset value per share increased from 44 cents to 57 cents. The increase in net asset value primarily reflects increases in the rand value of the shares held in Intec Telecom plc and the linked units held in Spearhead Property Holdings Limited. The headline profit per share of 12,5 cents compares with the headline profit of 13,5 cents for the year ended 31 August 2004. Prior to this year, Trematon"s major asset was its shareholding in Intec Telecom Systems plc. During the second half of the year the company entered into a material transaction to acquire 1,7 million linked units in Spearhead Property Holdings Limited at a price of 2 150 cents per linked unit. The purchase consideration of R36,6 million was settled by the issue of 66,5 million new Trematon shares at 55 cents per share. Details of the transaction, which was approved by the shareholders in a General Meeting on 18 July 2005, are contained in the circular issued on 24 June 2005. The circular also made reference to a proposed rights issue to raise further capital. Subsequent to the year end, Trematon has disposed of sufficient Spearhead linked units in the open market to ensure that the Group has sufficient cash on hand for its short-term requirements. Accordingly, the directors have resolved to postpone a rights issue until such time as the company requires additional funding. DIRECTORS The board of directors was reconstituted during the year. Messrs NA Labuschagne, M Farrer, MG Meehan, RE Sherell, P Ditz, AJF Mundell and RB McElligott resigned as directors whilst Messrs M Kaplan (Chair man), AM Louw and R Stumpf were appointed as non-executive directors and Messrs A Groll and AJ Shapiro as executive directors. We extend our sincere appreciation to the previous chairman, Dr NA Labuschagne, and to the former Board for their able stewardship of the company. PROSPECTS The company is currently investigating a number of potential investments in both listed and unlisted companies. Shareholders will be informed of any material transactions into which the company enters. ACCOUNTING POLICIES The financial statements of the Group have been prepared in accordance with South African Statements of Generally Accepted Accounting Practice and the accounting policies are consistent with those applied in the previous financial year. REVIEW BY AUDITORS The company"s auditors, KPMG Inc. have reviewed these results. Their review opinion is available for inspection at the company"s registered office. APPROVAL BY DIRECTORS The directors of Trematon have approved the reviewed results for the year ended 31 August 2005. By order of the board CW GARVIE Secretary 25 November 2005 Registered office The Manor House, 14 Nuttall Gardens. Morningside, 4001 Postal address PO Box 712, Durban, 4000 Tel: 031 303 9667 Fax: 031 312 1989 Directors: M Kaplan (Chairman) AJ Shapiro (CEO), A Groll (executive) AM Louw (non-executive), R Stumpf (non-executive) Transfer Secretaries Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street, Johannesburg, 2001 Sponsor Bridge Capital Services (Pty) Limited, 1st Floor, Building 22A The Woodlands Woodlands Drive Woodmead Sandton, 2146 Date: 28/11/2005 04:27:10 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
