1999/10/08
UNAUDITED PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 1999 [JSE Securities Exchange - SENS]
 
08/10/1999 - 20:00:55

AROMA LIQUOR HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 87/01960/06)
UNAUDITED PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 1999
SUMMARISED CONSOLIDATED INCOME STATEMENT
                                       UNAUDITED     AUDITED
                                       YEAR ENDED    YEAR ENDED
                                       30 JUNE 1999  30 JUNE 1998
                                       R000          R000
TURNOVER                               8 416         203 659
NET OPERATING LOSS                     (730)         (875)
INTEREST PAID                          (2 163)       (2 051)
OPERATING LOSS AFTER INTEREST          (2 893)       (2 926)
NET LOSS ON SALE OF SUBSIDIARIES
AND ASSOCIATES                         (3 936)       -
NET LOSS BEFORE TAXATION               (6 829)       (2 926)
TAXATION                               -             (14)
NET LOSS AFTER TAXATION                (6 829)       (2 940)
SHARE OF ASSOCIATE COMPANIES LOSS      -             (4)
LOSS ATTRIBUTABLE TO SHAREHOLDERS      (6 829)       (2 944)
NUMBER OF SHARES IN ISSUE              16 095 320    16 095 320
LOSS PER SHARE (CENTS)                 (42,43)       (18,3)
HEADLINE LOSS PER SHARE (CENTS)        (18,2)        (18,5)
HEADLINE LOSS
LOSS ATTRIBUTABLE TO SHAREHOLDERS      (6 829)       (2 944)
NET LOSS ON SALE OF SUBSIDIARIES AND
ASSOCIATES                             3 936         -
PROFIT ON SALE OF FIXED ASSETS         (35)          (33)
HEADLINE LOSS                          (2 928)       (2 977)
SUMMARISED CONSOLIDATED BALANCE SHEET
                                       UNAUDITED     AUDITED
                                       30 JUNE 1999  30 JUNE 1998
                                       R000          R000
CAPITAL EMPLOYED
SHARE CAPITAL                          161           161
SHARE PREMIUM                          9 762         9 762
ACCUMULATED DEFICIT                    (12 898)      (6 069)
                                       (2 975)       3 854
LONG-TERM LIABILITIES                  8 008         6 834
                                       5 033         10 688
EMPLOYMENT OF CAPITAL
FIXED ASSETS                           12 103        6 287
LONG TERM RECEIVABLES                  1 000         -
CURRENT ASSETS                         573           17 328
CURRENT LIABILITIES                    (8 643)       (22 927)
                                       5 033         10 688
FINANCIAL RESULTS
THE NET OPERATING LOSS ARISING DURING THE PERIOD IS PRIMARILY ATTRIBUTABLE TO
INTEREST PAID ON CAPITAL EMPLOYED.
FURTHERMORE SIGNIFICANT ADDITIONAL COSTS AROSE AS A RESULT OF THE GROUP
RESTRUCTURE DISCUSSED FURTHER BELOW.
COMMENT
DURING THE YEAR THE COMPANY ENTERED INTO AN AGREEMENT WITH A DIRECTOR TO
RESTRUCTURE THE PRESENT BUSINESS OPERATIONS WHEREBY THE COMPANY HAS, EFFECTIVE
1 JULY 1998, DISPOSED OF ITS ENTIRE LIQUOR OPERATIONS AS A GOING CONCERN. AROMA
LIQUOR HOLDINGS RETAINED THE OWNERSHIP OF THE CAPE RENDEZVOUS PROTEA HOTEL AND
THE COMPANY WAS THEN MOVED TO THE "VENTURE CAPITAL" SECTOR OF THE JOHANNESBURG
STOCK EXCHANGE.
PROSPECTS
THE RESTRUCTURING WILL HELP REDIRECT RESOURCES TOWARDS THE CAPE RENDEZVOUS
PROTEA HOTEL.
RESIGNATION OF DIRECTORS
MICHAEL LEON KOVENSKY AND STEVEN KEVIN KOVENSKY RESIGNED AS DIRECTORS ON 30
DECEMBER 1998.
APPOINTMENT OF DIRECTORS
KIM PAK WONG WAS APPOINTED AS A DIRECTOR ON 30 DECEMBER 1998.
REVIEW BY AUDITORS
THE COMPANY'S AUDITORS, PRICEWATERHOUSECOOPERS INC., CARRIED OUT A LIMITED
REVIEW OF THE PRELIMINARY REPORT BALANCE SHEET AND INCOME STATEMENT FOR THE
YEAR ENDED 30 JUNE 1999. THEIR QUALIFIED REPORT ON THE ABILITY OF THE GROUP TO
CONTINUE AS A GOING CONCERN AND THE CARRYING AMOUNT OF LAND AND BUILDINGS IS
AVAILABLE FOR INSPECTION AT THE COMPANY'S REGISTERED OFFICE.
DIVIDENDS
NO ORDINARY SHAREHOLDER DIVIDEND HAS BEEN PROPOSED OR PAID.
YEAR 2000
THE HOTEL IS CURRENTLY CONSULTING A SPECIALIST SOFTWARE SUPPLIER TO ADDRESS ANY
PROBLEMS TO ENSURE THAT NO MATERIAL OPERATING PROBLEMS WILL BE ENCOUNTERED.
NAME CHANGE
IN TERMS OF THE AGREEMENT ABOVE, THE COMPANY WILL CHANGE ITS NAME AT THE NEXT
GENERAL MEETING.
ANNUAL REPORT
THE ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 1999 WILL BE POSTED TO
SHAREHOLDERS DURING NOVEMBER 1999.
ON BEHALF OF THE BOARD
DATO CHOO ENG GUAN
6 OCTOBER 1999
DIRECTORS
DATO CHOO ENG GUAN #
KIN PAK WONG #
NG SING HWA #
YUP WEE CHUN #
# MALAYSIAN
REGISTERED OFFICE
THE CAPE RENDEVOUZ HOTEL
BRACKENFELL BOULEVARD
BRACKENFELL
WESTERN CAPE
TRANSFER OFFICE
MERCANTILE REGISTRARS LIMITED
6TH FLOOR, 94 PRESIDENT STREET
JOHANNESBURG 2001
P O BOX 1053 JOHANNESBURG 2000
PRODUCED BY: MARGARET LETEBELE 08-10-1999 07:55 SENS

PUBLISHER : JSE SENS Feed
Source: JSE Securities Exchange - SENS
 
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