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Cyberhost Limited - Interim Results For The Twelve Months Ended 31 December
Release Date: 06/04/2004 08:00:07 Code(s): CYB
CYBERHOST LIMITED - INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER
2003, AUDITED RESULTS FOR THE YEARS ENDED 31 DECEMBER 2002 AND 31 DECEMBER 2001
AND CAUTIONARY ANNOUNCEMENT
CYBERHOST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
("Cyberhost" or "the company")
Share code: CYB ISIN Code: ZAE000017471
The unaudited interim results for the twelve months ended 31 December 2003, the
audited results for the year ended 31 December 2002 and the audited results for
the year ended 31 December 2001, are presented below.
Income Statements
Unaudited Audited Audited
interim results results
results for for the for the
the 12 year ended year ended
months 31 December 31 December
ended 2002 2001 R"000
31 December R"000
2003
R"000
Revenue 1 96 559
Compromise offer with 2 784
creditors
Operating profit/(loss) 2 621 (295) (3 525)
before interest
Net finance costs -- (24) (203)
Net profit/(loss) for 2 621 (319) (3 729)
the period
Determination of
headline earnings
Attributable 2 621 (319) (3 729)
profit/(loss)
Deduct: Compromise (2 784)
offer with creditors
Deduct: Profit on (68) --
disposal of assets
Add back Impairment of -- 80
loan
Headline loss (163) (387) (3 649)
Earnings per share
information
Shares in issue (000"s) 83 816 83 816 83 816
Earnings per share 3,1 (0,38) (4,45)
(cents)
Headline loss per share (0,19) (0,46) (4,35)
(cents)
Fully diluted
Shares in issue (000"s) 101 388 101 388 83 816
Earnings per share 2,6 (0,31) (4,45)
(cents)
Headline loss per share (0,16) (0,38) (4,35)
(cents)
Fully diluted share information provides for shares to be issued pursuant to
year end for settlement of liabilities of the company and capitalisation of
amounts due to directors, which are subject to approval of shareholders in
general meeting. Details are included in the annual financial statements for
the year ended 31 December 2002 which have been posted together with this
notice.
Balance Sheets
Unaudited Audited as Audited as
as at at at 31
31 December 31 December December
2003 2002 2001
R"000 R"000 R"000
ASSETS
Non-current assets 80 82 258
Property, plant and -- 2 4
equipment
Intangible assets -- -- 174
Long term receivable 80 80 80
Current assets 125 184 308
Accounts receivable 62 181 301
Cash resources 63 3 7
Total assets 205 266 566
EQUITY AND LIABILITIES
Capital and reserves (227) (2 848) (2 529)
Issued capital 20 407 20 407 20 407
Accumulated loss (20 634) (23 255) (22 936)
Current liabilities 432 3 114 3 095
Accounts payable 432 2 840 2 534
Other -- 274 561
Total equity and 205 266 566
liabilities
Shares in issue (000) 83 816 83 816 83 816
Net asset value per (0,27) (3,40) (3,02)
share (cents)
Tangible net asset value (0,27) (3,40) (3,23)
per share (cents)
Fully diluted
information
Fully diluted shares 101 388 101 388 101 388
(000)
Net asset value per (0,22) (2,81) (2,49)
share (cents)
Tangible net asset value (0,22) (2,81) (2,66)
per share
Statement of Changes in Equity
Share Share Accumulate
Capital Premium d Total
R"000 R"000 Loss R"000
R"000
Balance at 01 84 20 323 (19 207) 1 200
January 2001
Loss for the year -- -- (3 729) (3 729)
Balance at 31 84 20 323 (22 935) (2 529)
December 2001
Loss for the year -- -- (319) (319)
Balance at 31 84 20 323 (23 255)) (2 848)
December 2002
Profit for the -- -- 2 621 2 621
period
Balance at 31 84 20 323 20 634 (227)
December 2003
Abridged Cash Flow Statement
Unaudite Audited Audited
d 12 Months 12 Months
12 31 31
months December December
31 2002 2001
December R"000 R`000
2003
R"000
Cash flow generated 60 43 (316)
by/(utilised in) operating
activities
Cash flow from investing -- 240 140
activities
Cash flow (utilised -- (286) 60
in)/generated by financing
activities
Increase/(Decrease) in cash 60 (3) 116
and cash equivalents
Cash and cash equivalents - 3 6 122
beginning of year
Cash and cash equivalents 63 3 6
-end of period
Accounting policies
This report has been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The accounting policies and methods of
measurement are in all material respects consistent with those applied in
previously reported financial statements and have been consistently applied
throughout the period under review. The audited information for the years ended
31 December 2002 and 31 December 2001 was reported on by Lubbes Attorneys
without qualification, as a result of the finalisation of a Section 311
Compromise Offer with creditors. Their audit report is available for inspection
at the registered office of the company.
COMMENTS
Overview
The Board of Cyberhost present the results for the twelve months ended 31
December 2003, the year ended 31 December 2002 and 31 December 2001. The
interim results show earnings of R2,6 million, which is attributed to the effect
of the Section 311 Compromise Offer ("the Compromise Offer") with the company"s
creditors.
During February 2002, the web hosting client base was attached by a secured
creditor and the directors requested the immediate suspension of trade in the
company"s securities and commenced with the investigation of various
restructuring initiatives.
Cyberhost was not actively trading during the period as it was in an insolvent
position and entering into a Compromise Offer with its creditors, which was
initially opposed by a former director and shareholder of the company.
Cyberhost has finally concluded the formal Compromise Offer with its creditors
on 16 September 2003, which has the effect of restoring the company to a solvent
position and has allowed the company to recommence trading.
Annual financial statements for the years ended 31 December 2001 and 31 December
2002 have now been finalised and posted to shareholders together with a copy of
this announcement.
Effect of Compromise Offer
The pro-forma balance sheet of the company, as extracted from the audited
financial statements of the company as at 31 December 2002, as though the
compromise offer had been in effect for the year then ended is reflected below:
Pro forma
31
December
2002
R"000
ASSETS
Non-current assets 82
Property, plant and equipment 2
Intangible asset --
Long term receivable 80
Current assets 184
Accounts receivable 181
Cash resources 3
Total assets 266
EQUITY AND LIABILITIES
Capital and reserves 6
Issued capital 20 407
Accumulated loss (20 401)
Current liabilities 260
Accounts payable and other creditors 260
Total equity and liabilities 266
Prospects
Cyberhost has signed heads of agreement for the acquisition of the business and
assets of a company in a similar area of business to Cyberhost and shareholders
are referred to the cautionary announcement below. The company is also focusing
on re-establishing its existing business where viable.
Change in year end
The company has changed its year end to 30 June of each year and will report on
an 18 month period as at 30 June 2003.
Change in directors
The directors of the company during the accounting period and up to the date of
this announcement were as follows.
Directors Appointed Resigned
DC Bird 28 February 2002
I Banhegyi 28 February 2002
AR Lavine 28 February 2002
DE Nefdt-Epstein 19 August 2002 10 July 2003
M Weetman 7 March 2001
JC Human 19 August 2002
V Stoliarov 19 August 2002
MS Langman 19 November 2003
Dividend
No dividend has been declared for the period under review and none is proposed.
Annual general meetings
The annual general meeting of the company for the year ended 31 December 2001
will be held at 10h30 at Number 3 Anerley Road, Parktown, Johannesburg on 30
April 2004. This will immediately be followed by the annual general meeting of
the company for the year ended 31 December 2002.
Lifting of suspension of trade in securities
Following the restructuring and regularising of the company, the directors of
Cyberhost will apply to have the suspension of trade in the company"s securities
lifted. Shareholders will be advised in due course.
Cautionary announcement
Cyberhost has signed heads of agreement and is in the process of finalising a
formal agreement subject to, inter alia, due diligence investigations and the
approval of the JSE Securities Exchange South Africa, the Securities Regulation
Panel and Cyberhost shareholders, which, if successfully concluded, may have a
significant effect on the price of the company"s securities. Accordingly,
shareholders are advised to exercise caution whilst dealing in Cyberhost shares
until further announcements are made.
For and on behalf of the Board
JC Human M Weetman
Chairman Executive
31 March 2004
Sponsor Secretary
Arcay Group Limited Arcay Client Support (Pty) Ltd
(Registration Number 1998/025284/07)
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