| Mon 31 Mar 2008, 16:28 | | CYB - Cyberhost - Unaudited results for the period |
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QHL
CYB - Cyberhost - Unaudited results for the period ended 29 February 2008 And
intended transfer of listing to The Alternative Exchange Of The JSE Limited
CYBERHOST LIMITED
(TO BE RENAMED QUEENSGATE HOTELS AND LEISURE LIMITED)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
Share code: CYB & ISIN Code: ZAE000017471
("Cyberhost" or "the company")
UNAUDITED RESULTS FOR THE PERIOD ENDED 29 FEBRUARY 2008 AND INTENDED TRANSFER OF
LISTING TO THE ALTERNATIVE EXCHANGE OF THE JSE LIMITED
Balance Sheets
Unaudited Unaudited Audited
29 Feb 2008 28 Feb 2007 31 Aug 2007
R`000 R`000 R`000
ASSETS
Non-current assets 17 886 18 426 18 094
Intangible assets 15 150 15 150 15 150
Long-term receivable 166 28 -
Deferred tax 2 570 3 248 2 944
Current assets 3 007 1 275 1 854
Accounts receivable trade and 2 893 269 640
other
Cash resources 114 1 006 1 214
Total assets 20 893 19 701 19 948
EQUITY AND LIABILITIES
Capital and reserves 20 662 19 200 19 746
Shareholders` funds 20 662 19 200 19 746
Non-current liabilities - 414 -
Long-term liabilities - 414 -
Current liabilities 231 87 202
Accounts payable and provisions 231 87 202
Total equity and liabilities 20 893 19 701 19 948
Net asset value per share
information
Shares in issue at period end 500 000 500 000 500 000
(`000)
Net asset value per share (cents) 4.18 3.84 3.95
Net tangible asset value per share 1.10 0.81 0.92
(cents)
Income Statements
Unaudited Unaudited Audited
6 months 6 months 12 months
29 Feb 2008 28 Feb 2007 31 Aug 2007
R`000 R`000 R`000
Revenue 2 008 1 008 2 266
Other income 7 - 44
Operating costs (726) (22) (235)
Operating profit 1 289 986 2 075
Interest received 1 - 1
Net profit from activities before 1 290 986 2 076
tax
Taxation (374) (286) (590)
Attributable earnings 916 700 1 486
Headline earnings for the period 916 700 1 486
Earnings per share information
Weighted average shares in issue 500 000 223 186 341 647
(000`s)
Attributable earnings per ordinary 0.18 0.31 0.43
share (cents)
Headline earnings per share (cents) 0.18 0.31 0.42
Abridged Cash Flow Statements
Unaudited Unaudited Audited
29 Feb 2008 28 Feb 2007 31 Aug 2007
R`000 R`000 R`000
Net cash inflow/(outflow) from (934) 838 1 669
operating activities
Net cash outflow from investing (166) (15 000) (14 972)
activities
Net cash inflow from financing - 15 156 14 504
activities
Net increase/(decrease) in cash (1 100) 994 1 201
and cash equivalents
Cash and cash equivalents at 1 214 12 12
beginning of period
Cash and cash equivalents at end 114 1006 1 214
of period
Statement of Changes in Equity
Share Share Accumulated Total
Capital premium loss
R`000 R`000 R`000 R`000
Balance at 31 August 101 20 481 (17 036) 3 546
2006
Profit for the year - - 1 486 1 486
Shares issued 399 14 994 - 15 393
Share issue costs - (679) - (679)
Balance at 31 August 500 34 796 (15 550) 19 746
2007
Profit for the period - - 916 916
Balance at 28 February 500 34 796 (14 634) 20 662
2008
COMMENTARY
The directors of Cyberhost announce the results for the 6 months ended 29
February 2008 in accordance with IAS 34 - Interim Financial Reporting. 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
The company`s operations are focused on software, licensing, information
technology, communications and web hosting, specific to the hospitality
industry. Revenue is derived from monthly charges to the various outlets.
No segmental information has been provided as all of the company`s profits are
in respect of its Brands.
As announced on 25 February 2008, the company has signed agreements in relation
to the acquisition of 100% of Queensgate Leisure Holdings (Pty) Ltd ("Queensgate
Leisure"), a company that is operating in the leisure industry, from the
controlling shareholder of Cyberhost and Mvelaphanda Holdings (Pty) Limited
("Mvelaphanda").
Queensgate Leisure is an established company that specialises in the hospitality
and leisure sector in South Africa with strong local and global alliances, which
are now strengthened even further by the partnership with Mvelaphanda. The
company has an attractive portfolio of projects, comprising a range of
synergistic businesses and brands.
Included in the Queensgate Leisure hospitality and wellness portfolio is the
ultra-exclusive Tinga Private Game Lodge in the heart of the Kruger National
Park, the Cape Town Hollow, Hollow on the Square (both 4-star) and Park Inn
Hotels and the five-star Radisson Hotel in Cape Town. The company also launched
its first ONEwellness facility at the Radisson Hotel in December last year.
The company`s objective is to establish a national footprint over the next three
years and to combine a sustainable, growing income stream in each asset, with
substantial growth of its portfolio.
The acquisition of this company is still subject to the shareholders` approval
and will settled by the issue of shares. A circular to shareholders is currently
being prepared and will be posted to shareholders in due course.
Results
The results for the period ended 28 February 2008 reflect attributable and
headline earnings of 0.18 cents per share (February 2007: 0.31 cents per share),
based on 500 000 000 weighted average shares in issue (2007: 223 186 256). The
decreases in the attributable and headline earnings are as a result of
expenditure incurred in respect of the anticipated transfer to the Alternative
Exchange pursuant to the acquisition of Queensgate Leisure.
Issue of shares and acquisitions
0n 4 January 2007, the company issued 359 311 792 shares 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 in relation to the transaction.
Change in name of company and increase in authorised share capital
At a general meeting of shareholders held on 11 February 2008, shareholders
approved the change of name of the company to Queensgate Hotels and Leisure
Limited, which name change has been approved by CIPRO on 22 February 2008. The
name change will take effect on the JSE Lists from commencement of business on
31 March 2008. In addition the authorised share capital of the company was
increased to 2 000 000 000 shares of 0.1 cent each. Both resolutions were passed
in anticipation of the acquisition of Queensgate Leisure as detailed above.
Intended transfer of listing to the Alternative Exchange ("AltX")
The directors are pleased to advise that the company`s listing will be
transferred to AltX pursuant to the approval of the acquisition of Queensgate
Leisure. The date of transfer of the listing will be announced in due course.
Director changes
The following changes in directors have taken place during the period under
review:
JH Brand (21 January 2008) - resignation
W Voigt (21 January 2008) - appointment as Financial Director
Dividends
No dividend has been declared for the period ended 29 February 2008.
By order of the Board
Colin Human
Chairman
31 March 2008
Johannesburg
Directors
JC Human Chairman*, AJ Hubbard, HGB Friedrichsen, W Voigt, MH
Weetman*
(*Non-executive)
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 (Proprietary) Limited
Sponsor
Arcay Moela Sponsors
(Proprietary) Limited
Date: 31/03/2008 16:28:24 Produced by the JSE SENS Department.
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