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Cyberhost - Reviewed Interim Results For The Twelve Months Ended 31 December
Release Date: 24/06/2004 11:03:31 Code(s): CYB
CYBERHOST - REVIEWED INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER
2003, AUDITED RESULTS FOR THE YEARS ENDED 31 DECEMBER 2002 AND 31
DECEMBER 2001 AND AMENDMENT OF 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
REVIEWED INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2003, AUDITED
RESULTS FOR THE YEARS ENDED 31 DECEMBER 2002 AND 31 DECEMBER 2001 AND AMENDMENT
OF CAUTIONARY ANNOUNCEMENT
The reviewed 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
Reviewed 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 2 96 559
Compromise offer with 2 784 -- --
creditors
Operating profit/(loss) 2 630 (295) (3 526)
before interest
Net finance costs -- (24) (203)
Net profit/(loss) for 2 630 (319) (3 729)
the period
Determination of
headline earnings
Attributable 2 630 (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 (154) (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 (0,18) (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 (0,15) (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 capitalisation was approved at a general meeting
of shareholders subsequent to year end.
Balance Sheets
Reviewed as Audited as Audited 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 126 184 308
Accounts receivable 63 181 301
Cash resources 63 3 7
Total assets 206 266 566
EQUITY AND LIABILITIES
Capital and reserves (218) (2 848) (2 529)
Issued capital 20 407 20 407 20 407
Accumulated loss (20 625) (23 255) (22 936)
Current liabilities 424 3 114 3 095
Accounts payable 424 2 840 2 534
Other -- 274 561
Total equity and 206 266 566
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 Accumulated
Capital Premium Loss Total
R`000 R`000 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 (22 936) (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 -- -- 2 630 2 630
period
Balance at 31 84 20 323 20 625 (218)
December 2003
Abridged Cash Flow Statement
Reviewed Audited Audited
12 months 12 Months 12 Months
31 December 31 December 31 December
2003 2002 2001
R`000 R`000 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 -end 63 3 6
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 reviewed interim results for the 12
months ended 31 December 2003 and the audited information for the years ended 31
December 2002 and 31 December 2001 was reported on by Lubbes Chartered
Accountants 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 were finalised and posted to shareholders
Effect of Compromise Offer and Prospects
The effect of the Compromise offer is to restore the company to a solvent
position and 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 2004.
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
was held at 30 April 2004 and all resolutions approving, inter alia, the
capitalisation of directors` loans were approved unanimously.
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.
Amendment of cautionary announcement
Cyberhost had previously signed heads of agreement for an acquisition, but which
due to delays has been terminated. The company is now in other negotiations
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
23 June 2004
Sponsor Secretary
Arcay Group Limited Arcay Client Support (Pty) Ltd
(Registration Number 1998/025284/07)
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