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IFC
IFC
IFC - IFCA Technologies Limited - Unaudited results for the 6 months ended 30
June 2010
IFCA TECHNOLOGIES LIMITED
Incorporated in the Republic of South Africa)
(Registration number 2006/030759/06)
Share code: IFC ISIN: ZAE000088555
("IFCA Tech" or "the company")
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2010
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 June
2010
As at As at
30 June 31 December
2010 2009 2009
Unaudited Unaudited Audited
R R R
Non Current 11 170 524 11 378,685 11 265 525
Assets
Property Plant & 336 135 544 296 431 136
Equipment
Intellectual 10 834 389 10 834 389 10 834 389
Property
Current Assets 792 696 1 978 147 902 236
Current Tax 280 622 241 409 280 622
Receivables
Trade Receivables 7 892 685 450 337 226
Cash and Cash 504183 1 051 288 284 388
Equivalents
Total Assets 11 963 221 13 356 832 12 167 761
Equity 7 616 079 9 313 984 8 213 458
Share Capital 43 185 965 42 585 965 42 585 965
Retained (35 569 885) (33 271 981) (34 372
Profit/(Loss) 507)
Current 4 347 141 4 042 848 3 954 303
Liabilities
Current tax 112 051 112 051 112 051
payable
Trade Payables 3 727 855 3 209 959 3 095 030
Deferred Income 507 235 643 709 693 454
Provisions 77 129 53 768
Total Equity & 11 963 221 13 356 832 12 167 761
Liabilities
CONDENSED STATEMENT
OF COMPREHENSIVE
INCOME
6 months ended Year ended
30 June 31 December
2010 2009 2009
Unaudited Unaudited Audited
R R R
Revenue 1 287 492 1 264 760 2 656 099
Cost of Sales 247 758 561 873 906 324
Gross profit 1 039 734 702 887 1 749 775
Operating expenses 2 124 076 2 094 149 4 463 290
Operating loss 1 084 341 1 391 262 2 713 515
Investment revenue 1 932 56 582 125 789
Foreign exchange (114 969) 592 219 758 408
gains/(losses)
Finance costs 3 59 384 5 723
Loss before taxation 1 197 381 801 845 1 835 041
Loss from 82 820
discontinued
operations
Taxation - 15 487 -
Loss for the period 1 197 381 817 332 1 917 861
Loss attributable to 1 197 381 817 332 1 917 861
ordinary equity
shareholders
Loss attributable to - - -
non controlling
interest
Continued operations
Headline loss
reconciliation
Loss from continued 1 197 381 817 332 1 835 041
operations
Profit on sale of 1 086
fixed assets
Impairment of - - 40 026
intangibles
1 196 294 817 332 1 795 015
Loss per share 1.19 0.82 1.84
Headline loss per 1.19 0.82 1.80
share
Weighted average 100 662 983 100 000 000 100 000 000
number of shares in
issue
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 June R R
2010
Equity Total
Shareholders Equity
R R
Balance at 31 December 2009 8 213 458 8 213 459
Total comprehensive income for (1 197 381)
the 6 month period (1 197 381)
Share issue 600 000 600 000
Balance at 30 June 2010 - 7 616 077
Unaudited 7 616 078
Balance at 31 December 2008 10 131 319
10 131 319
Total comprehensive income for (817 332)
the 6 month period (817 332)
Balance at 30 June 2009 - 9 313 987 9 313 987
Unaudited
Balance at 31 December 2008 10 131 319 10 131 319
Total comprehensive income for (1 917 861) (1 917 861)
the year
Balance at 31 December 2009 - 8 213 458 8 213 458
Audited
CONDENSED STATEMENT OF CASH
FLOWS
6 months ended Year ended
30 June 31 December
2010 2009 2009
Unaudited Unaudited Audited
R R R
Net cash flows generated from (380 205) (298 239) (3 600 340)
operating activities
Net cash flow utilised in - - 2 535 201
investing activities
Net Additions to property (97 852)
plant and equipment
Disposal of discontinued 2 627 557
operations
Sale of financial assets 5 496
Cash flow from financing 600 000 - -
activities
Issue of new shares 600 000 - -
Net cash outflow 219 795 (298 239) (1 065 139)
Cash and cash equivalents at 284 388 1 349 527 1 349 527
the beginning of the period
Cash and cash equivalents at 504 183 1 284 388
the end of the period
COMMENTARY
The board of directors presents the company`s results for the 6 month period
ended 30 June 2009, which have been prepared in accordance with IAS 34 - Interim
Financial Reporting and the Listings Requirements of the JSE Limited. The
principal accounting policies, which comply with International Financial
Reporting Standards, have been consistently applied in all material respects in
the current and comparative years. All new interpretations and standards were
assessed and adopted with no material impact, except for IAS1: Presentation of
Financial Statements that required some modified disclosures and terminology.
INDUSTRY AND BUSINESS OVERVIEW
IFCA Tech is an enterprise-wide integrated business solutions provider providing
industry specific software solutions for four business segments, namely:
Property Development and Management (known as Property+);
Project Management, Engineering and Construction (known as Contract+);
Hospitality (known as Resorts+, D`Hotel and D`Club); and
Finance & Leasing (Loans+).
IFCA Tech`s solutions encompass the functionalities and features of products
that have been nurtured and matured for almost 23 years by the IFCA group
worldwide, from meeting the business needs of more than 1 200 customers and 16
000 registered users spread across four continents. IFCA Tech`s customers
include Transnet Housing, The Country Club Johannesburg, Maccauvlei Learning
Academy, Kopanong Hotel and Conference Centre, Eagle International Group Holding
(Eagle Canyon), Atlantic Beach Golf Club in Cape Town, Eduloan (Namibia), The
Swaziland National Housing Corporation and The Serengeti Golf and Wildlife
Estate.
FINANCIAL OVERVIEW
Income Statement
Operating costs have stabilised over the last 18 months however revenue
generated remains low and is a key focus going forward. The material variances
to operating profit can be attributed to forex gains/losses on a foreign
denominated loan from the company`s largest shareholder, which remains
supportive of the Company.
The Company does not operate in distinct operating segments and accordingly no
segmental analysis has been reported.
A pipeline of opportunities has been established. However, lead times remain
lengthy and whilst the Company`s product suite is excellent, particularly the
new .Net product, and has been successfully launched with significant clients
being secured overseas in Malaysia, Australia and China, the Company needs to
establish a good South Africa reference site. This is the main focus of the
Company and its parent shareholder for the new .Net product.
Balance sheet
Trade and other receivables have declined due to reduce activity as well as
improved collections for the period under review.
The business has experienced cash flow constraints which has resulted in trade
and other payables increasing to the levels reported. The main trade payable
remains to the Company`s controlling shareholder.
DIVIDENDS
The directors have decided not to declare an interim dividend.
ACQUISITIONS AND ISSUE OF SHARES FOR CASH
As previously announced, during the period under review a Malaysian based fund
subscribed for 15 000 000 shares at 4 cents per share under the Company`s
general authority to issue shares for cash.
The Company did not enter into any acquisitions or disposals during the period
under review.
LITIGATION
There is no litigation pending against the company.
DIRECTOR CHANGES
The following director changes occurred during the period under review and to
the date of this announcement:
Director Date appointed Date resigned
Mr Ian Jeremy Jones (Acting Chief 02 August 2010
Executive Officer)
Mr Jeffrey Christopher ? (Chief 02 August 2010
Executive Officer)
Mr Billy Hindshaw 02 July 2010
Dr Cynthia Thandi Ndlovu 31 July 2010
FUTURE PROSPECTS
Mr Ian Jeremy Jones ("Ian"), who was an alternate director to Mr Jack Yong, has
taken over as acting CEO of the company and Mr Jeffrey Christopher returned to
Malaysia. Ian has more than fifteen years of experience in the IT industry and
has been involved in all aspects of the software business including the design
and development of software products, project management, sales and marketing,
establishing new business plans and business strategies and setting up business
unit operations. Ian is responsible for the sales and marketing, research,
design and development of the suite of IFCA MSC Berhad`s products. His
responsibilities include exploring and recommending new products and
technologies, determining market requirements and managing and executing all
phases of product development.
The Company has established a number of sales prospects with the aim to return
the company to profitability, with the support of IFCA MSC Berhad, which has a
large number of consultants in Australasia as well as a team of over 150
developers in China.
SUBSEQUENT EVENTS
There have been no significant subsequent events that require reporting.
By order of the Board
I J Jones
Acting Chief Executive Officer
08 October 2010
Johannesburg
Registered Office
Arcay House, Number 3 Anerley Road, Parktown, Johannesburg,
2193
PO Box 62397, Marshalltown, Johannesburg, 2107
Directors
T Mokgosi-Mwantembe *(Chairman), IJ Jones (Acting Chief
Executive Officer), M Shaw (Financial Director), MR Gahaganv#*,
KK Yong*
* Non-executive, # Independent, Malaysian, vBritish
Designated Advisor
Transfer Office
Arcay Moela Sponsors Link Market Services
(Proprietary) Limited (Proprietary) Limited
Date: 08/10/2010 16:36:01 Produced by the JSE SENS Department.
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