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CYBERHOST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
("the company")
PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000
INCOME STATEMENTS
for the years ended 31/12/2000 31/12/1999
(audited) (audited)
R R
Revenue 1 607 353 1 567 623
Continuing operations 1 082 271 704 661
Discontinued operations 525 082 862 962
Loss from continuing operations 3 195 040 7 324 593
Loss from discontinued operations 1 550 127 4 685 762
Impairments 3 440 000 -
Interest paid 39 327 37 921
Interest received (112 271) (953 623)
Loss attributable to shareholders 8 112 223 11 094 653
Shares in issue ('000) 80 200 80 000
Loss per share (cents) 10,13 13,87
Headline loss per share (cents) 5,83 8,77
Net asset value per share (cents) 1,09 11,21
BALANCE SHEETS
at 31/12/2000 31/12/1999
(audited) (audited)
R R
ASSETS
Non-current assets
Property, plant and equipment 670 791 5 158 945
Intangibles 196 875 766 643
Share incentive scheme 160 000 800 000
Current assets
Trade and other receivables 520 603 2 345 760
Cash and cash equivalents 122 094 2 043 736
Total assets 1 670 363 11 115 084
EQUITY AND LIABILITIES
Capital and reserves
Shareholders' funds 874 415 8 968 638
Non-current liability
Long-term liability 160 266 213 498
Current liabilities
Trade and other payables 635 682 1 912 049
Bank overdraft - 20 899
Total equity and liabilities 1 670 363 11 115 084
CASH FLOW STATEMENT
at 31/12/2000 31/12/1999
(audited) (audited)
R R
Net cash inflow (outflow) from
operating activities (8 014 657) (8 179 505)
Net cash inflow (outflow) from
investing activities 5 502 155 (10 115 913)
Cash flows from financing
activities 611 759 20 318 255
Increase (decrease) in cash
and cash equivalents (1 900 743) 2 022 837
Cash and cash equivalents at
beginning of the year 2 022 837 -
Cash and cash equivalents at
end of the year 122 094 2 022 837
ACCOUNTING POLICIES
The financial statements are prepared on the historical cost basis and
incorporate principal accounting policies which are consistent with those of
the previous year.
COMMENTS
The company has experienced extremely difficult trading conditions over the
period under review. Undertakings made to the company regarding its
recapitalisation have not been honoured and this has severely impacted its
ability to achieve a turnaround in its fortunes. This situation was exacerbated
by the failure of the previous management to take appropriate action.
The erstwhile board of directors has been replaced in its entirety and a new
board has been appointed. The new board has taken charge of the company's
affairs and is in the process of refocusing the company's activities within its
areas of core competency.
The major balance sheet movements result from the disposal of the CyberXpress
Kiosk division and the subsequent writing off of the balance of the purchase
price due by the purchaser in respect thereof.
RECONSTITUTION OF BOARD
The board of directors was reconstituted on 7 March 2001 when Messrs David
Bird, Mark Weetman, Istvan Banhegyi and Anthony Levine were appointed as
directors. Contemporaneously, Baron Agasim-Pereira, I A Ward, B B Joffe and M
Nowitz resigned as directors of the company.
PROSPECTS
The new board is re-examining every facet of the company's operations with a
view to implementing a viable business plan which will restore the company to
profitability. A further announcement will be made in this regard once the
review process is complete.
DIVIDENDS
No dividends have been recommended or declared.
EXTENSION OF CAUTIONARY
Further to the cautionary announcement published on 6 March 2001, negotiations
are still currently taking place which, if successfully concluded, may have a
material effect on the price of the company's securities. Shareholders are
advised to continue to exercise caution when dealing in their shares until a
further announcement is made.
By order of the board
David Bird
Chairman
23 April 2001
Directors: David Bird, Mark Weetman, Istvan Banhegyi and Anthony Levine
Registered office Transfer secretaries
FHS House Computershare Services Limited
28 Newton Street Edura
Newton Park 41 Fox Street
Port Elizabeth, 6045 Johannesburg 2001
(PO Box 7606, Newton Park, 6045) (PO Box 61051, Marshalltown, 2107)
nis07
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