| Mon 6 Dec 2004, 14:46 | | Results for the six months ended 31 August 2004 |
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DataPro - Unaudited results for the six months ended 31 August 2004 and renewal
of cautionary announcement
DataPro Group Limited
(Formerly Casey Investment Holdings Limited
(Registration No: 1998/016433/06)
Share code: DTP ISIN code: ZAE000058061
(`the company`)
UNAUDITED RESULTS, PRIOR TO THE ACQUISITION OF DATAPRO (PROPRIETARY) LIMITED,
FOR THE SIX MONTHS ENDED 31 AUGUST 2004 AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Balance Sheets Unaudited Audited Reviewed
as at as at as at
31 August 29 31 August
2004 February 2003
R`000 2004 R`000
R`000
ASSETS
Non-current assets -- -- 2 050
Current assets 124 37 2 524
Inventories -- -- 431
Inter-group debtors -- 34 943
Accounts Receivable 114 -- 1 150
Cash and cash equivalents 10 3 -
Total assets 124 37 4 574
EQUITY AND LIABILITIES
Capital and reserves (7 437) (7 246) (5 474)
Share Capital and Premium 23 573 23 573 23 573
Accumulated deficit (31 010) (30 819) (29 047)
Non-current liabilities 4 694 4 338 2 271
Borrowings - non interest 4 694 4 338 2 271
bearing
Current liabilities 2 867 2 945 7 777
Accounts payable 2 867 2 945 3 406
Bank overdraft -- -- 4 371
Total equity and liabilities 124 37 4 574
Ordinary shares in issue at 74 980 74 980 74 980
period end (`000)
Net asset value per share (9.9) (9.7) (7.3)
(cents)
Net tangible asset value per (9.9) (9.7) (7.3)
share (cents)
Fully diluted shares (`000) 228 980 228 980 228 980
Fully diluted net asset (3.2) (3.2) (2.4)
value per share (cents)
Fully diluted net tangible (3.2) (3.2) (2.4)
asset value per share
(cents)
Income Statements Unaudited Audited Reviewed
for the for the for the 6
six year months
months ended ended
ended 29 31
31 August February August
2004 2004 2003
R`000 R`000 R`000
Revenue 100 33 499 32 925
EBITDA (199) (2 371) (1 002)
Profit/Loss on disposal of 8 (295) --
assets
Depreciation -- 137 137
Operating loss before (191) (2 803) (1 139)
finance charges and tax
Finance Charges -- 450 342
Net loss before taxation (191) (3 253) (1 481)
Taxation -- -- --
Net loss for the period (191) (3 253) (1 481)
Calculation of headline
earnings
Net loss for the year (191) (3 253) (1 481)
Adjustments for:
Write off of investment -- 2 091 --
(Profit)/Loss on disposal of (8) 295
asset
Headline loss for the period (199) (867) (1 481)
Weighted average shares in 74 980 74 980 74 980
issue
Loss per share ordinary (0.3) (4.3) (2.0)
share (cents)
Headline loss per share (0.3) (1.2) (2.0)
(cents)
Fully diluted shares (`000) 228 980 228 980 228 980
Fully diluted loss per share (0.1) (1.4) (0.6)
ordinary share (cents)
Fully diluted headline loss (0.1) (0.4) (0.6)
per share (cents)
Abridged Cash Flow Statement Unaudited Audited Reviewed
for the for the for the 6
six year months
months ended ended
ended 29 31 August
31 August February 2003
2004 2004 R`000
R`000 R`000
Net cash inflow/(outflow) (349) 2 284 599
from operating activities
Net cash inflow/(outflow) 8 68 (511)
from investing activities
Net cash inflow from 348 2 022 23
financing activities
Net increase in cash and 7 4 374 111
cash equivalents
Bank balance/(overdraft) at 3 (4 371) (4 482)
beginning of period
Cash and cash equivalents at 10 3 (4 371)
end of period
Statement of Changes in Share Share Accumulated Total
Equity Capital premium loss
R`000 R`000 R`000 R`000
Balance at 28 February 2003 75 23 498 (27 566) (3 993)
Loss for the year -- -- (3 253) (3 253)
Balance at 29 February 2004 75 23 498 (30 819) (7 246)
Loss for the period -- -- (191) (191)
Balance at 31 August 2004 75 23 498 (31 010) (7 437)
COMMENTARY
The directors present the results for the company, prior to the acquisition of
DataPro, for the six months ended 31 August 2004. The company has changed its
year end to 31 August each year. The accounting policies adopted for purposes
of this annual report comply, and have been consistently applied in all material
respects, with South African Statements of Generally Accepted Accounting
Practice (GAAP).
Results
The former board of directors of the company in conjunction with its former
major shareholder, Black Information Technology Empowerment Company Limited
(`Blitec`), had decided to close down all divisions with effect from 31 August
2003. All staff members had been retrenched. Under the direction of Blitec,
all the assets were realised. Blitec were in the process of concluding an offer
of compromise with the creditors of all of the company`s subsidiaries, which
offer was withdrawn in February 2004. With regard to the balance sheet, long
term borrowings relate to a non interest bearing shareholder loan, whilst
accounts payable relate to a subsidiary of the company to which the holding
company is not exposed in terms of sureties or guarantees.
As a result of the above the company had limited trading during the six months
reported on whilst the company proceeded with a change in control effective 01
March 2004 and the subsequent acquisition of DataPro with effect from 01
September 2004. Shareholders are referred to the subsequent events and prospects
paragraphs below.
The first interim reporting period, reflecting the acquisition of DataPro, will
accordingly be for the six months ending 28 February 2005.
Subsequent events and future prospects
At a general meeting of shareholders held on 27 September 2004, shareholders
approved the acquisition of DataPro through the issue of 66 500 000 new shares
and an issue of 87 500 000 shares for cash at 55 cents per share, details of
which were published in an abridged prospectus on SENS and in the press on 03
September 2004.
DataPro is a first tier Internet Service Provider focussing on the corporate
market and is profitable having largely an annuity based income, generating
positive cash flows. DataPro also provides Voice-Over-Internet-Protocol and is
accordingly well positioned to take advantage of the recent deregulation of the
telecommunications industry. Following the acquisition of DataPro, the company
transferred its listing to the Alternative Exchange of the JSE Securities
Exchange South Africa and changed its name to DataPro Group Limited with effect
from 18 October 2004.
Director changes
At the general meeting on 27 September 2004, pursuant to the approval of the
acquisition of DataPro, DG Reed was appointed as Chief Executive Officer, GP
Sweidan as operations director and M Krastanov as a non-executive director.
D Cameron resigned from the board. YT Moerane remains as non-executive
chairperson, JC Herbst as financial director and K Chelius as sales and
marketing director. In addition, MC Mogase has been appointed as a non-
executive director, with CM Lister-James as his alternate, with effect from 11
November 2004.
Dividends
No dividend has been declared for the six months ended 31 August 2004.
Renewal of cautionary announcement
With reference to the cautionary announcement on SENS on 05 November 2004
shareholders are reminded that the company is still in negotiations which, if
successfully concluded, may have a material effect on the price of the company`s
securities. Shareholders are reminded to continue to exercise caution when
dealing in their securities.
By order of the Board
YT Moerane J C Herbst
Chairperson Financial Director
06 December 2004
Johannesburg
Registered Office
Arcay House, Number 3 Anerley Road, Parktown, Johannesburg, 2193
PO Box 62397, Marshalltown, Johannesburg, 2107
Directors
YT Moerane, DG Reed, JC Herbst, G Sweidan, K Chelius, M Krastanov, MC Mogase
(Alternate CM Lister-James)
Designated Advisor Transfer Office
Arcay Group Limited Computershare Investor Services 2004
(Proprietary) Limited
Date: 06/12/2004 02:43:09 PM
Produced by the JSE SENS Department
