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CYB
CYB
CYB - Cyberhost - Unaudited Results For The Period Ended 28 February 2007
CYBERHOST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
Share code: CYB & ISIN Code: ZAE000017471
("Cyberhost" or "company")
UNAUDITED RESULTS FOR THE PERIOD ENDED 28 FEBRUARY 2007
Balance Sheets
Unaudited Unaudited Audited
28 Feb 31 Dec 31 Aug
2007 2005 2006
R`000 R`000 R`000
ASSETS
Non-current assets 18 426 66 3 712
Intangible assets 15 150 1 150
Long-term receivable 28 -- 28
Deferred tax 3 248 65 3 534
Current assets 1 275 112 243
Accounts receivable trade and 269 106 231
other
Cash resources 1 006 6 12
Total assets 19 701 178 3 955
EQUITY AND LIABILITIES
Capital and reserves 19 200 (140) 3 548
Shareholders` funds 19 200 (140) 3 548
Non-current liabilities 414 210 209
Long-term liabilities 414 210 209
Current liabilities 87 108 198
Accounts payable and provisions 87 108 198
Total equity and liabilities 19 701 178 3 955
Net asset value per share
information
Shares in issue at period end 500 000 101 388 101 388
(`000)
Net asset value per share (cents) 3.84 (0.14) 3.50
Net tangible asset value per share 0.81 (0.14) 3.35
(cents)
Income Statements
Unaudited Unaudited Audited
6 months 6 months 14 months
28 Feb 31 Dec 31 Aug
2007 2005 2006
R`000 R`000 R`000
Revenue 1 008 5 209
Operating costs (22) (1) (52)
Operating profit 986 4 157
Finance costs -- -- --
Net profit from activities before 986 4 157
tax
Taxation 286 -- 3 534
Attributable earnings 700 4 3 691
Headline earnings for the period 700 4 3 691
Earnings per share information
Weighted average shares in issue 500 000 101 388 101 388
(000`s)
Attributable earnings per 0.14 0.01 3.64
ordinary share (cents)
Headline earnings per share 0.14 0.01 3.64
(cents)
Abridged Cash Flow Statements
Unaudited Unaudited Audited
28 Feb 31 Dec 31 Aug
2007 2005 2006
R`000 R`000 R`000
Net cash inflow/(outflow) from 838 (16) 102
operating activities
Net cash outflow from investing (15 000) -- (150)
activities
Net cash inflow from financing 15 156 15 52
activities
Net increase/(decrease) in cash 994 (1) 4
and cash equivalents
Cash and cash equivalents at 12 8 8
beginning of period
Cash and cash equivalents at end 1 006 7 12
of period
Statement of Changes in Equity
Share Share Accumulated Total
Capital premium loss
R`000 R`000 R`000 R`000
Balance at 30 June 2005 101 20 481 (20 727) (145)
Profit for the year -- -- 3 693 3 693
Balance at 31 August 101 20 481 (17 034) 3 548
2006
Profit for the period -- -- 700 700
Shares issued 399 14 994 -- 15 393
Share issue costs -- (441) -- (441)
Balance at 28 February 500 35 034 (16 334) 19 200
2007
COMMENTARY
The directors of Cyberhost announce the results for the 6 months ended 28
February 2007. The accounting policies adopted for purposes of this
report comply, and have been consistently applied in all material
respects, with International Financial Reporting Standards ("IFRS"). The
same accounting policies and methods of computation have been followed as
compared to the prior year. The results have not been audited.
Overview and prospects
Cyberhost`s operations are focussed on software, licensing, information
technology, communications and web hosting, specific to the hospitality
industry. The Open IT Platform was purchased during the period from Top
Restaurants for R2 000 000 as well as the certain brands for R13 000 000.
These purchases and related costs were settled by issuing 398 611 792
shares at a premium of R14 994 388. Following the successful acquisition
the suspension in trade in the company`s securities was lifted on 24
January 2007.
The earnings and headline earnings per share have improved over the prior
period from 0.01 cents per share to 0.18 cents per share following the
acquisition noted above. The company`s operations and results have now
stabilised and Open Plan is running successfully in 17 restaurants. The
company is still in the process of packaging their brand offering, which
is expected be ready for implementation by the end of the financial year.
Results
The results for the period ended 28 February 2007 reflect attributable
and headline earnings of 0.14 cents per share (December 2006: 0.01 cents
per share), based on 500 000 000 weighted average shares in issue
(2006: 101 388 208). The company changed its year end from June to
August each year during the prior year.
The increase in assets and liabilities are as a direct result of the
recent acquisition, as well as the improvement in cash flow generated by
operations and in the bank.
Issue of shares and acquisitions
0n 4 January 2007, the company issued 359 311 792 shares to Queensgate
Leisure Holdings (Pty) Ltd ("Queensgate") for the acquisitions of Open
Plan and certain brands. On the same date 39 300 000 shares were issued
to Sekunjalo Capital for corporate advisory fees.
Director changes
As a result of the approval of the transaction with Queesgate in general
meeting, as discussed above, MS Langman and LM Wright have resigned from
the board of directors on 21 December 2006 and the following new
directors were appointed to the board on 21 December 2006:
AJ Hubbard Chief Executive Officer
HGB Friedrichsen Executive Director
JH Brand Financial Director
MD Van Rooyen Non-Executive Director
Dividends
No dividend has been declared for the period ended 28 February 2007.
By order of the Board
Colin Human
Chairman
18 May 2007
Johannesburg
Company Secretary and Registered Office
Arcay Client Support (Pty) Ltd (Registration number 1998/025284/07)
Arcay House, Number 3 Anerley Road, Parktown, 2193
PO Box 62397, Marshalltown, 2107
Transfer Office
Computershare Investor Services 2004 (Proprietary) Limited
Directors
JC Human Chairman*, AJ Hubbard, HGB Friedrichsen, JH Brand, MH Weetman*,
MD Van Rooyen*
(*Non-executive)
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 28/05/2007 16:00:00 Produced by the JSE SENS Department.
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