The development site at Beira in Mozambique has clear potential
for future development, driven by both the recovery in Zimbabwe and
the increasing strength of the Mozambique market. To date, there
has been limited appetite from developers for the site and
discussions are ongoing regarding the most appropriate master plan
layout and the split between office, retail and leisure on
site.
Gardoserve (Pvt) Limited (trading as "Millpal") (100%
holding)
A specialist chemicals blender and importer, Millpal is
beginning to see growth as a result of the improving industrial and
mining sectors of the economy. The company is building
representation of an increasing range of brands and is well
positioned to meet demand as it develops.
ForgetMeNot Africa Limited ("FMNA") (51% holding)
FMNA continues to develop its product portfolio for mobile phone
technology on standard platforms and has successfully rolled out
the FMNA platform for Instant Messaging and other message platforms
with several networks across Africa. In Zimbabwe, the launch of
FMNA with Econet has commenced with encouraging uptake and initial
results indicate this will be FMNA's strongest market to date.
Sol Aviation (Pvt) Limited ("Fly540 Zimbabwe") (90% holding)
The roll out of the regional Fly540 model remains on hold until
the demand and market dynamics of operating in the Zimbabwean
aviation market become clearer.
Panafmed (Pty) Limited ("Panafmed") (51% holding)
The Company has strategically withdrawn from this market as it
does not believe the opportunities exist for Panafmed to develop
its business.
Geoffrey White
Director & Chief Executive Officer
24 May 2011
Condensed consolidated interim comprehensive income statement
Unaudited Unaudited Audited
6 months to 28 6 months to 28 12 months to
Feb 2011 Feb 2010 31 August 2010
GBP'000 GBP'000 GBP'000
----------------------------- -------------- -------------- ---------------
Revenue 3,063 2,677 4,900
Cost of sales (1,473) (1,562) (2,734)
----------------------------- -------------- -------------- ---------------
GROSS PROFIT 1,590 1,115 2,166
----------------------------- -------------- -------------- ---------------
Operating costs (4,119) (4,189) (8,311)
----------------------------- -------------- -------------- ---------------
OPERATING LOSS (2,529) (3,074) (6,145)
----------------------------- -------------- -------------- ---------------
Finance income 5 694 439
Finance expense (486) - (10)
----------------------------- -------------- -------------- ---------------
NET FINANCE (EXPENSE)/INCOME (481) 694 429
----------------------------- -------------- -------------- ---------------
LOSS BEFORE TAX (3,010) (2,380) (5,716)
Income tax charge (21) - 582
LOSS FOR THE PERIOD (3,031) (2,380) (5,134)
----------------------------- -------------- -------------- ---------------
ATTRIBUTABLE TO:
Owners of the Company (2,760) (2,052) (4,375)
Non-controlling interests (271) (328) (759)
----------------------------- -------------- -------------- ---------------
LOSS FOR THE PERIOD (3,031) (2,380) (5,134)
----------------------------- -------------- -------------- ---------------
EARNINGS PER SHARE
Basic and diluted loss per
share (pence) (6.5)p (5.6)p (12.4)p
Condensed consolidated interim statement of financial position
Unaudited Unaudited Audited
28 Feb 2011 28 Feb 2010 31 Aug 2010
GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- -----------
ASSETS
Goodwill 4,325 4,325 4,325
Other intangible assets 4,726 6,399 5,534
Property, plant and equipment 18,978 16,599 18,548
Deferred tax 812 82 645
------------------------------------ ----------- ----------- -----------
TOTAL NON-CURRENT ASSETS 28,841 27,405 29,052
------------------------------------ ----------- ----------- -----------
Other investments 95 53 101
Inventories 339 470 339
Trade and other receivables 2,982 3,657 2,922
Cash and cash equivalents 2,560 1,833 291
Assets held for sale 2,836 3,656 3,557
------------------------------------ ----------- ----------- -----------
TOTAL CURRENT ASSETS 8,812 9,669 7,210
------------------------------------ ----------- ----------- -----------
TOTAL ASSETS 37,653 37,074 36,262
------------------------------------ ----------- ----------- -----------
EQUITY
Share capital 5 4 4
Share premium account 38,393 33,467 33,467
Revaluation reserve 2,750 734 2,750
Share option reserve 165 165 165
Translation reserve (1,168) (75) (420)
Retained earnings (7,056) (2,094) (4,296)
------------------------------------ ----------- ----------- -----------
TOTAL EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY 33,089 32,201 31,670
NON-CONTROLLING INTERESTS 592 567 240
------------------------------------ ----------- ----------- -----------
TOTAL EQUITY 33,681 32,768 31,910
------------------------------------ ----------- ----------- -----------
LIABILITIES
Financial liabilities 628 485 628
Deferred tax 933 909 933
TOTAL NON-CURRENT LIABILITIES 1,561 1,394 1,561
------------------------------------ ----------- ----------- -----------
Bank overdraft - 36 -
Loans and borrowings 927 - 963
Trade and other payables 1,426 2,842 1,787
Tax liability 58 34 41
TOTAL CURRENT LIABILITIES 2,411 2,912 2,791
------------------------------------ ----------- ----------- -----------
TOTAL LIABILITIES 3,972 4,306 4,352
------------------------------------ ----------- ----------- -----------
TOTAL EQUITY AND LIABILITIES 37,653 37,074 36,262
------------------------------------ ----------- ----------- -----------
Condensed consolidated interim statement of comprehensive income
Unaudited Unaudited Audited
31 August
28 Feb 2011 28 Feb 2010 2010
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- ----------- ---------
Foreign exchange translation differences (125) 606 (89)
Revaluation of property, plant and
equipment - - 2,546
----------------------------------------- ----------- ----------- ---------
Total other comprehensive income and
expense for the period (125) 606 2,457
Loss for the period (3,031) (2,380) (5,134)
----------------------------------------- ----------- ----------- ---------
Total comprehensive income and expense (3,156) (1,774) (2,677)
----------------------------------------- ----------- ----------- ---------
ATTRIBUTABLE TO:
Owners of the Company (3,508) (1,446) (2,021)
Non-controlling interests 352 (328) (656)
----------------------------------------- ----------- ----------- ---------
Total comprehensive income and expense (3,156) (1,774) (2,677)
----------------------------------------- ----------- ----------- ---------
Condensed consolidated interim cash flow statement
Unaudited Unaudited Audited
12 months
6 months to 6 months to
28 Feb to 31 August
2011 28 Feb 2010 2010
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES
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