Protech reveals distressed year-end financials
As beleaguered Protech moved to stabilise as a going concern, the group on Wednesday outlined the losses attributed to a R40-million nonpayment from a debtor, cost overruns and a lack of funds to pay its own immediate bills, which had led to voluntary business rescue in June.
The company posted a loss a share and a headline loss a share of 30.7c and 31.4c respectively for the year ended February 2014, as a 33.33% joint venture (JV) project in the Democratic Republic of the Congo (DRC) weighed on performance.
This compared with the earnings and headline earnings of 4.4c and 3.9c achieved in 2013.
During the year under review, Protech incurred a loss after tax of R111.2-million compared with after-tax profit of R16.1-million the year before, after the impairment of long-outstanding receivables of R13.5-million and nonrecoverable foreign withholding taxes of R15.6-million.
The cash due from the DRC JV resulted in additional after-tax losses of R11.6-million.
“The group's solvency is evidenced by the excess of assets over liabilities of R232-million and a tangible net asset value of R195.4-million,” Protech said.
However, the company remained confident of a reasonable prospect of rescuing the group, as the assets – fairly valued – exceeded the liabilities.
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