Interim Results

Monteagle Holdings 29 June 2000 INTERIM REPORT 2000 The consolidated results for the Monteagle Group for the six months ended 31st March 2000 are set out on the following pages. Turnover for the group including associated companies has increased to US$27,287,000 for the six months to 31st March 2000 compared to US$20,523,000 for the same period last year, mainly because of continued growth by Ariston Holdings Ltd, our agri-business associated company listed in Zimbabwe. Profit before taxation has increased from US$1,828,000 to US$2,116,000 and this is analysed by activity in note 2. Shareholders were advised in the Annual Report that our agri-business subsidiary Conafex had sold some farming operations in Zimbabwe on 1st October 1999. This has generated an exceptional profit of US$1,181,000 which is included in the results of the farming operations for the six months ended 31st March 2000. Farming and gold mining operations in Zimbabwe, owned by subsidiaries and through associated companies, have all reported worse results than in the same period last year because of the difficult economic circumstances in Zimbabwe. Property operations in South Africa continue to struggle in a depressed market. However, the buoyant United States economy has helped our property operations in California to report increased profits. Operating margins achieved by our import and distribution businesses in South Africa have improved considerably due to better management of current assets Other activities comprise our general share portfolios of leading U.S. and South African stocks and head office costs. Realised profits on disposal of listed investments, which are included in exceptional items, have decreased from US$974,000 in the six months to 31st March 1999 to US$313,000 in the period under review. Interest costs have fallen compared to the same period last year, despite increasing debt, because of changes in the method of funding our import and distribution businesses in South Africa, and a significant reduction in South African base rates. The current political situation in Zimbabwe is obviously of great concern to us. It can only be hoped at this stage that the result of the election process will lead to a return to a more orderly commercial, social and political future for the country. However, shareholders will be aware that approximately one third of the group's net assets referred to below are located in Zimbabwe. The retained profit for the half year, plus unrealised profits on listed investments, have caused the Group's total net assets attributable to shareholders to increase from US$5.02 at 30th September 1999 to US$5.38 at 31st March 2000. J.M. Robotham, D.C. Marshall Chairman Chief Executive Consolidated group profit and loss account Half years ended Year ended 31st March 30th September 2000 1999 1999 Notes Unaudited Unaudited Restated US$000 US$000 US$000 Group Revenue including Associates 27,287 20,523 45,219 Less revenue of Associates (17,238) (10,401) (22,158) Group revenue 2 10,049 10,122 23,061 Operating costs (9,451) (9,549) (21,693) Operating profit 2 598 573 1,368 Share of associated companies' results 140 626 1,234 Income from investments - dividends 196 188 418 - interest 63 86 173 997 1,473 3,193 Interest paid and similar charges (392) (623) (1,390) Profit on ordinary activities before 605 850 1,803 exceptional items and taxation Exceptional items 3 1,511 978 2,619 Profit before taxation 2,116 1,828 4,422 Taxation (524) (627) (962) Profit after taxation 1,592 1,201 3,460 Attributable to outside shareholders (648) (261) (721) PROFIT ATTRIBUTABLE TO SHAREHOLDERS 944 940 2,739 Dividend - (1999 - 8.0c per share) - - 536 Earnings per share (US cents) - basic 4 15.0c 14.4c 42.6c Changes in equity Net profit for the period 944 940 2,739 Revaluations 5 (127) - 2,198 Exchange differences 13 (540) (1,061) Proposed dividend - - (536) Own shares purchased - - (479) Total recognised profits 830 400 2,861 Shareholders funds at start of period 24,691 21,830 21,830 Shareholders funds at end of period 25,521 22,230 24,691 Consolidated group balance sheet 31st March 30th September 2000 1999 1999 Notes Unaudited Unaudited Restated US$000 US$000 US$000 Fixed assets Tangible fixed assets 19,395 18,817 19,911 Investments 6 19,769 15,224 18,753 39,164 34,041 38,664 Current assets Inventories 5,886 5,111 5,039 Debtors 4,102 3,819 5,135 Cash 1,597 1,796 1,996 11,585 10,726 12,170 Current liabilities Creditors (falling due within one year) (11,956) (10,307) (13,345) Net current assets (371) 419 (1,175) Total assets less current liabilities 38,793 34,460 37,489 Creditors (falling due after more (3,791) (4,010) (3,859) than one year) Provisions for liabilities and (2,276) (2,034) (2,340) deferred taxation 32,726 28,416 31,290 Capital and reserves Share capital 9,450 9,805 9,450 Share premium 2,411 2,535 2,411 Other reserves 8,090 6,244 8,228 Retained earnings 5,570 3,646 4,602 Shareholders' funds 25,521 22,230 24,691 Minority interests 7,205 6,186 6,599 32,726 28,416 31,290 Net assets per share 7 US$5.38 US$4.50 US$5.02 Shareholders funds including listed 7 33,899 29,358 31,872 investments at market value Consolidated cash flow statement Half years ended Year ended 31st March 30th September 2000 1999 1999 Unaudited Unaudited Restated US$000 US$000 US$000 Operating activities Cash (absorbed by)/generated from (2,694) (10) 1,381 operating activities Interest paid (502) (743) (1,390) Taxation paid (562) (487) (682) Net cash outflow from operating (3,758) (1,240) (691) activities Investment activities Purchase of tangible fixed assets (307) (209) (523) Purchase of investments (850) (588) (8,566) Disposal of tangible fixed assets 112 54 709 Disposal of investments 2,139 1,887 9,700 Interest received and other investment 260 274 591 income Dividends received from associates 176 126 273 Net cash inflow from investment 1,530 1,544 2,184 activities Net cash (outflow)/inflow before (2,228) 304 1,493 financing Financing activities Net decrease in long term financing (68) (196) (347) Purchase of own shares - - (479) Dividend paid - group - - (523) - minority shareholders - - (395) Net cash outflow from financing (68) (196) (1,744) activities Net (decrease)/increase in cash (2,296) 108 (251) Net debt at start of period (3,487) (3,237) (3,237) Effect of foreign exchange rates - 161 1 Net debt at end of period (5,783) (2,968) (3,487) Notes to the interim statement. 1. The results and the cash flow statement for the half-year ended 31st March 2000 are unaudited and have been prepared on the basis of accounting policies adopted in the accounts for the year ended 30th September 1999 and comply with International Accounting Standards and Luxembourg law in all material respects. Prior period comparatives have been restated to reflect the change in accounting policy, adopted for the year ended 30th September 1999, to account for deferred tax under the full liability method in accordance with International Accounting Standards. The results for the year to 30th September 1999 are an abridged version of the group's full accounts for that year which received an unqualified auditor's report and have been filed with the relevant authorities. 2. The segmental analysis of turnover and operating profit is as follows:- Half years ended 31st March Year ended 30th September 2000 1999 1999 US$000 US$000 US$000 Revenue Result Revenue Result Revenue Result Analysed by activity:- Farming 1,147 1,238 1,116 133 5,016 533 Property 758 269 745 221 1,504 455 Import/ distribution 7,146 440 7,263 280 14,735 495 Gold mining 914 291 939 546 1,794 613 Other 84 130 59 636 12 2,482 10,049 2,368 10,122 1,816 23,061 4,578 Share of associated companies results:- Farming 372 545 920 Gold mining (232) 101 314 Interest paid (392) (624) (1,390) Profit before tax 2,116 1,838 4,422 3. The exceptional items arise from the surplus on disposal of investments and tangible fixed assets and, in 1999, the partial recovery of provisions against investment properties. 4. Earnings per share are based on profits attributable to members and on the average of 6,300,000 shares in issue during the period, allowing for the shares held in Treasury. 5. In the half-year ended 31st March 2000 US$127,000 was released from Revaluation Reserveon disposal of tangible fixed assets. 6. Net assets 31st March 30th September 2000 1999 1999 US$000 US$000 US$000 Investments at book value 19,769 15,224 18,753 Listed investments at market value and other 28,147 22,379 25,934 investments at cost Net unrealised profits on investments (before 8,378 7,155 7,181 tax) Shareholders' funds 25,521 22,230 24,691 Net assets attributable to shareholders 33,899 29,385 31,872 7. Net assets per share are based on Shareholders' funds plus net unrealised profits on investments (before tax) divided by the number of shares in issue at the period end. 8. Capital expenditure during the period was US$307,000. Capital expenditure not provided but contracted, and authorised but not contracted, as at 31st March 2000 amounted to US$111,000 and US$nil respectively.

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