| Mon 2 Apr 2001, 0:00 | | Securedata Preliminary Results Announcement |
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Securedata Registration No. 1998/020718/06
("Securedata" or "the company")
Preliminary results for the year ended 31 December 2000
Consolidated Balance Sheet
31 December 31 December
R'000 2000 1999
Assets
Non-current assets 10 288 51 984
Property, plant and equipment - 99
Listed investments 10 288 51 885
Current assets 1 045 6 364
Receivables 596 1 547
Cash resources 449 4 817
11 333 58 348
Equity and liabilities
Equity 10 674 50 161
Share capital and premium 9 859 9 824
Reserves 815 40 337
Current liabilities 659 8 187
Payables 659 7 936
Interest bearing liabilities - 251
11 333 58 348
Net asset value per share (cents) 15,0 70,5
Shares in issue (000) 71 105 71 105
Consolidated Income Statement
Year 14 months
ended ended
31 December 31 December
R'000 2000 1999
Revenue
- discontinued operations 161 13 682
Operating loss before depreciation
- discontinued operations (2 587) (802)
Depreciation - (323)
Net finance revenue 161 723
Net loss before taxation (2 426) (402)
Taxation - -
Headline loss (2 426) (402)
Profit on disposal of
Products Division - 40 739
Goodwill written off (35) -
Attributable (loss)/earnings (2 461) 40 337
(Loss)/earnings per share (cents) (3,5) 58,0
Headline loss per share (cents) (3,4) (0,6)
Weighted average number of
shares in issue (000) 71 105 69 530
Consolidated Cash Flow Statement
Year 14 months
ended ended
31 December 31 December
R'000 2000 1999
Cash flows from operating activities (4 550) 22
Cash flows from investing activities 87 (570)
Cash flows from financing activities 95 6 365
Net movement in cash resources (4 368) 5 817
Cash portion of sale agreement - (1 000)
Cash resources at the beginning
of the year 4 817 -
Cash resources at the end of the year 449 4 817
Consolidated Statement of Changes in Equity
Year 14 months
ended ended
31 December 31 December
R'000 2000 1999
Opening equity 50 161 -
Shares issued and to be issued less costs - 9 859
Goodwill set off reversed 35 (35)
Revaluation of listed investment (37 061) -
Attributable (loss)/earnings (2 461) 40 337
10 674 50 161
REVIEW
At the general meeting held on 26 April 2000, Securedata shareholders approved
the disposal of the Products Division of the company, consisting of the sale
and support of the Trend anti-virus suite of products to ERP.com Holdings
Limited ("ERP.com"), effective 1 August 1999. Full details of this disposal are
contained in the circular to shareholders dated 4 April 2000.
DISCONTINUED OPERATIONS
During the first half of the current year, the directors decided to discontinue
the remaining Consulting and Technical Services Divisions.
As a result, Securedata's primary asset is the ERP.com consideration shares.
FINANCIAL RESULTS
Securedata achieved a headline loss per share of 3,4 cents as a result of
expenses incurred during the wind-down of operations.
The investment in ERP.com shares is carried at market value. The investment
write-down arose due to the decline in the ERP.com share price.
CAUTIONARY ANNOUNCEMENT - PROPOSED DISTRIBUTION
The directors of Securedata have considered the future strategic direction of
the company.
During the financial year numerous alternative investment proposals were
considered but, given prevailing market conditions, none were deemed
appropriate. The directors have resolved that the ERP.com shares should be
distributed to Securedata shareholders. Full details of the manner and basis of
the proposed distribution will be announced in due course. This will be
followed by a circular incorporating a notice of a general meeting at which the
required approvals shall be sought. Accordingly, shareholders should exercise
caution in dealing in shares in the company.
DIVIDENDS
No dividend has been declared.
By order of the board
Johannesburg 30 March 2001
Directors: S Melnick*, L Morris*, D Kahn*, N Toerien* (*non-executive).
Registered office: 2 Arnold Road, Rosebank, Johannesburg (PO Box 85392,
Emmarentia, 2029)
Transfer secretaries: Computershare Services Limited, 4th Floor, Edura House,
41 Fox Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Company secretary: Probity Business Services (Pty)Limited, Unit C1, The Guild
Office Park, 2 Guild Road, Parktown, 2193 (PO Box 85392, Emmarentia, 2029)
