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ITG
ITG
ITG - Integrear - Audited Results for the year ended June 2007
Integrear Limited
("Integrear" or "the group")
Registration number 1989/001319/06
Share code: ITG
ISIN number: ZAE000027231
Audited Results for the year ended June 2007
CONSOLIDATED INCOME STATEMENT
Audited Audited
June 2007 Jun 2006
R`000 R`000
Revenue 0 5,178
Cost of Sales 0 -1,849
Gross Profit 0 3,329
Other Income 0 3,131
Operating Expenses 940 -3,990
Profit from operations -940 2,470
Profit on write-off of loan 40 0
Finance Costs -73 -11
Income from investments 57 97
Profit / Loss before tax -916 2,556
Income tax (expense) benefit 0 -56
Net profit (loss) for the year -916 2,500
Profit/(loss) per Share (7,3) 19.9
Basic profit/(loss) per share
(cents)
(7,6) (3,11)
Headline loss per share (cents)
PROFIT/(LOSS) PER SHARE
The calculation of the basic loss and headline
profit/(loss) per share is based on the following data:
Profit/(loss) for purpose of basic loss per share -
Net profit/(loss) for the year (916) 2 500
Profit/(loss) on disposal of assets (40) (2 891)
Profit/(loss) for purpose of headline profit/(loss)
per share (956) (391)
Weighted average number of ordinary shares 12 564 190 12 564 190
Basic profit/(loss) per share (cents) (7.3) 19.90
Headline loss per share (cents) (7.6) (3,11)
There were no dilutive effects on the current or prior year.
CONSOLIDATED BALANCE
SHEET
June 2007 Jun 2006
R`000 R`000
ASSETS
Non Current Assets 0 89
Equipment 0 0
Deferred Tax Asset 0 89
Current Assets 673 3,929
Trade and other 244 280
receivables
Bank balances and 429 3,649
cash
TOTAL ASSETS 673 4,018
EQUITY AND
LIABILITIES
Capital and (690) 3,702
reserves
Share Capital 126 126
Share Premium 4,736 686
Non-distributable 828 828
reserves
Capital redemption 48 48
fund
Accumulated -6,428 2,014
profit/(loss)
Non-current
liabilities
Long-term borrowings: 0
Interest bearing 1,073
Current Liabilities 290 316
Trade and other 279 256
payables
Bank overdraft 11 0
Tax liability 0 60
Short-term borrowings: 0 0
Interest bearing
TOTAL EQUITY AND 673 4,018
LIABILITIES
CONSOLIDATED CASHFLOW STATEMENT
OPERATING ACTIVITIES
Cash Receipts from customers 0 6,408
Cash paid to suppliers and 765 8,581
employees
Cash(used in)/generated from -765 -2,173
operations
Interest paid -73 -11
Interest received 57 97
Taxation Paid 0 0
Net Cash(used in)/from operating -781 -2,087
activities
INVESTING ACTIVITIES
Purchases of equipment - maintaining 0 -2
operations
Proceeds from disposals 0 3,844
(Decrease)/increase in loan 0 -1
receivable
Net Cash from/(used in) investing 0 3,841
activities
FINANCING ACTIVITIES
Repayment of Share premium -3,450 0
Increase/(Decrease) in borrowings 1,000 -70
Net Cash used in financing -2,450 -70
activities
Net Increase in cash and cash -3,231 1,684
equivalents
Cash and Cash equivalents at beginning 3,649 1,965
of the year
Cash and Cash equivalents at end of 418 3,649
the year
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
Non- Capital Accumulated
Share Share distributable Redemption (loss)/
Capital Premium reserve Fund profit Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 30 686 48 (486)
June 2005 126 828 1,202
Net profit for 2500
the period 2,500
Balance at 30 686 48 2014
June 2006 126 828 3,702
Net loss for 0 (916) (916)
the period
Repayment of (3450) (3450)
Capital
Investment 7500 (7526) (26)
written off
Balance at 30 4736 48 (6428) (690)
June 2007 126 828
COMMENTS
As per the announcements dated 20 April 2007 and 22 June 2007 respectively,
Integrear has entered into agreements to purchase certain of the assets of
Tangeni and the businesses within the Best Cut Group. The acquisitions and their
funding will be the subject of the Circular and Revised Listing Particulars to
be made available to share holders for approval. The approval of the related
resolutions will result in the reverse listing of the above businesses into
Integrear Ltd.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The annual financial statements have been prepared in accordance with the
Companies Act in South Africa and International Financial Reporting Standards,
IAS 34 and its interpretations adopted by the International Accounting Standards
Board, and are based on consistently applied, appropriate accounting policies,
supported by reasonable and prudent judgement.
AUDIT REPORT
The year end results have been audited by Sizwe Ntsaluba VSP. An unqualified
audit report has been issued and is available for inspection at the offices of
Integrear.
The company incurred a net loss of R 916,000 during the year ended 30 June 2007.
These conditions indicate the existence of material uncertainties which may cast
significant doubt about the companies` ability to continue as a going concern
should the transactions set forth above not materialise.
FINANCIAL
While operating as a cash shell the company incurred costs that resulted in a
net loss of R 916,000 during the year ended 30 June 2007. The directors are of
the opinion that the acquisitions transactions as noted above will be successful
and that the company will continue as a going concern.
NOTES RELATED TO THE BALANCE SHEET
Accumulated profit/(loss)
Subsequent to the approval of the repayment of capital as approved in General
Meeting on 1 August 2006 the directors deemed the investment held in Integrear
Systemflo (Pty) Limited inappropriate and subsequently approved the writing off
of the book value of the investment. Accumulated profit of R 2,014 thousand less
the loss of R 916 thousand less the investment written off of R7,526 thousand
results in an accumulated loss of R 6,428 thousand at the end of the period.
Share Premium
The share premium balance of R686 thousand plus the investment previously set
off against share premium of R7,500 thousand less the capital repayment amount
of R3,450 thousand, resulted in the net share premium account balance of R 4,736
thousand at the end of the period.
Deferred taxation asset
The deferred taxation asset was written of as the directors deemed it
inappropriate.
STATUS AS CASH SHELL
On 1 August 2006, Integrear became a cash shell and was accordingly notified by
the JSE. The acquisition of viable assets is a prerequisite to avoid delisting.
DIVIDEND
No dividend was declared for the period under review.
By order of the Board
Thomas Hill
Chairperson
27 September 2007
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Directors
TJ Hill, BP Jones*, M Lindeque*, A Volschenk*
*non-executive
Registered Office
1st Floor
Building 1
Glen Manor Office Park
Menlyn
Pretoria
PO Box 397, Menlyn, 0063
Date: 27/09/2007 16:59:01 Produced by the JSE SENS Department.
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