| Fri 2 Mar 2001, 0:00 | | Integrear Limited - Unaudited Interim Results |
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INTEGREAR LIMITED
Unaudited Interim Results for the six months ended 31 December 2000
Abridged Income Statement
Unaudited Audited
Six months ended year ended
31 December 30 June
2000 19991 % 20002
R'000 R'000 Increase R'000
Turnover 8 304 5 915 40% -
Operating profit 1 759 1 143 54% (124)
Net interest received 128 93 38% 198
Profit before taxation 1 887 1 236 53% 74
Taxation 558 367 52% -
Profit after taxation 1 329 869 53% 74
Goodwill amortised 270 - -
Attributable earnings 1 059 869 22% 74
Earnings per share (cents) 8.43 0.87 0.40
Headline earnings per
share (cents) 10.58 0.87 0.40
Weighted average number
of shares ('000) 12 564 100 000 18 846
Reconciliation of
headline earnings
Attributable earnings 1 059 869 74
Amortisation of goodwill 270 - -
Headline earnings 1 329 869 74
Notes
1. Unaudited results for Integrear Systemflo (Pty) Ltd for the period ended 31
December 1999.
2. Audited results for Managed Care SA Ltd for the 4 months ended 30 June 2000.
Abridged Balance Sheet
Unaudited Audited
31 December 30 June
2000 20001
R'000 R'000
Assets
Non-current assets 5 561 815
Equipment 341 -
Goodwill 5 133 -
Deferred tax asset 87 -
Long term debtor - 815
Current assets 5 613 4 618
Trade and other receivables 2 206 286
Bank balances and cash 3 407 4 332
TOTAL ASSETS 11 174 5 433
Equity and liabilities
Capital and reserves 9 445 5 319
Share capital 126 754
Share premium 8 212 9 814
Non-distributable reserves 48 48
Retained income 1 059 (5 297)
Long-term borrowings 49 -
Current liabilities 1 680 114
Trade and other payables 1 297 114
Short-term borrowings 24 -
Taxation 359 -
TOTAL EQUITY AND LIABILITIES 11 174 5 433
Shares in issue ('000) 12 564 18 846
Net asset value per share (cents) 75.18 28.23
Notes
1. Audited balances for Managed Care SA Ltd as at 30 June 2000.
Abridged Cash Flow Statement
Unaudited
Six months ended
31 December 2000
R'000
Cash flows from operating activities
Cash receipts from customers 8 690
Cash paid to suppliers and employees (7 465)
Cash generated from operations 1 225
Taxation paid (933)
Cash flows from operating activities 292
Cash flows from investing activities
Net interest received 128
Additions to equipment (52)
Proceeds for sale of Y2 Profit Investments (620)
Acquisition of Integrear 2 186
Receipts from Y2 debtors 1 699
Cash utilised in investing activities 3 341
Cash flows from financing activities
Share capital reduction (3 586)
Payment of JSE listing activities (955)
(Decrease)/Increase in long and short term
borrowings (17)
Cash generated by/(utilised in) financing
activities (4 588)
Net increase/(decrease) in cash and
cash equivalents (925)
Cash and cash equivalents at beginning
of the period 4 332
Cash and cash equivalents at end of the
period 3 407
Abridged Statement of Changes in Equity
Unaudited
Six months ended
31 December 2000
R'000
Ordinary shareholders' equity at the
beginning of the year 5 319
Changes in share capital (628)
Reduction of shares (741)
Issue of shares 113
Changes in share premium (1 602)
Listing expenses written off (955)
Share premium on par value reduction 741
Capital repayment to shareholders (3 586)
Issue of additional shares 7 387
Accumulated loss written off (5 189)
Changes in retained income 6 356
Net profit for the year 1 059
Accumulated loss written off 5 189
Gain on sale of Y2 108
Ordinary shareholders' equity at the
end of the year 9 445
Notes
Comment
Integrear's management is satisfied with the group's performance during the
first six months of the financial year. The reverse listing has been
successfully concluded and leaves management in a position to focus on core
business issues. Integrear acquired an additional significant client in the
financial services industry during the course of this period, expanding
Integrear's presence as a solutions provider to this sector.
Financial review
Turnover increased by 40% from R5,9 million to R8,3 million, operating profit
increased by 54% from R1,1 million to R1,7 million and attributable earnings
increased by 22% from R0,8 million to R1,0 million. Earnings per share
increased to 8,43 cents and headline earnings per share to 10,58 cents.
The company's balance sheet is sound with cash resources of
R3,4 million.
Operational review
The past six months saw Integrear focusing more of its resources
on core revenue generating activities coupled with an increase in productivity
and a decrease in costs. Integrear's suppliers and business partners, as well
as its current and prospective clients, viewed Integrear's listing in a
positive light.
Prospects
Management foresees a further broadening in Integrear's client base in the
immediate future, particularly in the financial services industry, which will
lead to sustainable earnings growth and that certain of these benefits will
already be demonstrated in the forthcoming six month period. Management is
therefore of the opinion that the forecast headline earnings of 21,5 cents per
share will be achieved for the financial year ended 30 June 2001.
Integrear's management is optimistic about the growing portfolio
of solutions and services related to business intelligence, customer
relationship management and business process management. Integrear continues to
assist its clients in extending their business reach across the Internet, an
activity having enormous potential. Integrear, working with its business
partners, is extending its solutions in this business area.
STRATE
Shareholders are advised that the company's shares will be dematerialised with
effect from 19 March 2001, with electronic trading and settlement commencing on
9 April 2001 and 18 April 2001 respectively.
On behalf of the board
TJ Hill BF van Niekerk
Managing Director Director
Transfer Secretaries Registered Office
Mercantile Registrars Limited 2nd Floor
11 Diagonal Street Moores Rowland House
Johannesburg 5 St David's Place
2001 Parktown
2193
Directors: TJ Hill, BF van Niekerk*, LS van der Watt*, L du Plessis*
*Non-executive
