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COMPUTER CONFIGURATIONS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/013764/06)
("CCH")
Interim results for six months ended 31 December 2000
SUMMARISED GROUP INCOME STATEMENT
December December June
2000 1999 2000
R'000 Unaudited Unaudited Audited
Revenue 370 589 341 243 618 044
Operating profit 9 179 57 061 32 356
Exceptional items 36 225 - (55 791)
Net interest (paid)/received (3 346) 2 854 5 158
Profit/(loss) before taxation 42 058 59 915 (18 277)
Taxation (1 750) (19 399) (9 896)
Profit/(loss) after taxation 40 308 40 516 (28 173)
Attributable to outside shareholders 308 427 (405)
Attributable earnings/(loss) 40 616 40 943 (28 578)
Weighted average number of shares
in issue ('000) 103 472 99 056 101 648
Fully diluted weighted average
number of shares in issue ('000) 103 914 101 949 102 789
Headline earnings per
share (cents) 4,2 41,3 17,8
Earnings per share (cents) 39,3 41,3 (28,1)
Fully diluted earnings
per share (cents) 39,1 40,2 (27,8)
Note:
The exceptional items relate to the disposal of subsidiaries. The profit on
sale of Infracom was calculated by using the minimum purchase consideration of
R165 125 million. The possible increase in the selling price of up to R44,875
million is subject to future earnings (refer to commentary below).
SUMMARISED GROUP CASH FLOW STATEMENT
December December June
2000 1999 2000
R'000 Unaudited Unaudited Audited
Cash flows from operating activities
Cash receipts from customers 424 197 357 397 698 900
Cash paid to suppliers and employees (503 847) (352 740) (664 364)
Cash (applied to)/generated
by operations (79 650) 4 657 34 536
Net interest (paid)/received (3 346) 2 854 5 158
Taxation paid (7 816) (55 535) (56 579)
Net cash utilised in
operating activities (90 812) (48 024) (16 885)
Cash flows from investing activities
Fixed assets acquired (10 913) (36 068) (74 882)
Development expenditure - (9 485) (9 538)
Due to vendors (10 457) 159 723 -
Investment in subsidiaries
and associates (5 574) (359 878) (334 145)
Net cash utilised in
investing activities (26 944) (245 708) (418 565)
Cash flows from financing activities
Increase/(decrease) in
long-term liabilities (4 817) 7 635 36 582
Share capital issued 1 597 292 060 330 418
Net cash generated from
financing activities (3 220) 299 695 367 000
Net (decrease)/increase in cash
and cash equivalents (120 976) 5 963 (68 450)
Cash and cash equivalents at
beginning of year 33 350 108 401 101 800
Cash and cash equivalents at
end of year (87 626) 114 364 33 350
STATEMENT OF CHANGES IN EQUITY
R'000 Group
Balance at 1 July 2000 164 927
Issued share capital and premium 1 597
Reserves for payments due to vendors
transferred to current liabilities (34 843)
Reduction in reserves for
reduction in investment (5 056)
Reduction in foreign currency
translation reserves (2 683)
Capital profit on sale of subsidiaries 36 225
Retained income for the period 4 391
Balance as at 31 December 2000 164 558
SUMMARISED GROUP BALANCE SHEET
December December June
2000 1999 2000
R'000 Unaudited Unaudited Audited
ASSETS
Non-current assets 93 529 98 388 104 042
Fixed assets 74 249 70 650 97 378
Development expenditure 4 949 24 352 5 672
Investments 12 155 3 386 992
Deferred tax credit 2 176 - -
Current assets 372 572 420 680 322 627
Inventories 20 228 44 537 48 681
Accounts receivable 184 148 261 779 237 756
Other receivables 165 762 - -
Normal taxation receivable 2 434 - 2 840
Bank and cash balances - 114 364 33 350
Total assets 466 101 519 068 426 669
EQUITY AND LIABILITIES
Capital and reserves 163 931 201 245 165 919
Shareholders' equity 164 558 198 523 164 927
Outside shareholders' interest (627) 2 722 992
Non-current liabilities 50 753 42 014 48 676
Interest bearing borrowings 50 753 39 743 45 075
Deferred taxation - 2 271 3 601
Current liabilities 251 417 275 809 212 074
Accounts payable 123 379 123 632 194 464
Amounts due to vendors 34 843 137 334 10 457
Current portion of long-term
liabilities 5 569 5 928 7 153
Bank overdraft 87 626 - -
Normal taxation payable - 8 915 -
Total equity and liabilities 466 101 519 068 426 669
PRO FORMA GROUP BALANCE SHEET
AFTER UNBUNDLING OF MGX SHARES (1 March 2001)
R'000 Group
ASSETS
Non-current assets -
None -
Current assets 166 707
Bank and cash balances 166 707
Total assets 166 707
EQUITY AND LIABILITIES
Capital and reserves 74 561
Shareholders' equity 74 561
Non-current liabilities 88 528
Interest bearing borrowings 88 528
Current liabilities 3 618
Accounts payable 3 142
Normal taxation payable 476
Total equity and liabilities 166 707
Notes:
1. After unbundling of the 25 458 million MGX shares to CCH shareholders on 16
March 2001.
2. After receipt of proceeds from sale of Infracom, but before repayment of MGX
loans.
3. Accounts payable represents accrued unbundling and liquidation expenses.
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