| Mon 28 May 2001, 0:00 | | Planit Technology Holdings Ltd - Results |
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Audited group results for the period ended 28 February 2001
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CONSOLIDATED INCOME STATEMENT
12 months to 12 months to
28-Feb-01 29-Feb-00
Revenue 21,236,044 39,595,328
Operating loss (10,683,811) (26,802,602)
Net interest paid (1,084,739) (1,729,297)
Operating loss after interest paid (11,768,550) (28,531,899)
Loss on discontinued operation (1,268,387) -
Net loss before taxation (13,036,938) (28,531,899)
Taxation 3,486,782 3,946,515
Loss after taxation (9,550,156) (24,585,384)
Exceptional items 3,495,902 (138,889,558)
Profit/(Loss)
attributable to ordinary shareholders (6,054,254) (163,474,942)
Earnings per share (cents) (0.8) (35.8)
Shares in issue 721,356,203 456,172,100
Headline Earnings per share (cents) (0.7) (5.8)
Shares in issue 721,356,203 456,172,100
CALCULATION OF HEADLINE EARNINGS
Profit/(Loss)
attributable to ordinary shareholders (6,054,254) (163,474,942)
Goodwill amortised on subsidiaries 1,071,526 29,868,142
Research and development amortised 2,449,766 425,219
Loss on discontinuing operation 1,268,387 -
Exceptional items (3,495,902) 106,778,616
Headline earnings (4,760,476) (26,402,965)
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STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
12 months to 12 months to
28-Feb-01 29-Feb-00
Balance at beginning of period 72,581,573 218,425,663
Issue of share capital - 17,630,852
Transfers from income statement (6,054,254) (163,474,942)
Balance at end of period 66,527,319 72,581,573
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CONSOLIDATED BALANCE SHEET
Current Previous
ASSETS
Non-current assets 85,524,150 97,505,824
Property, equipment and vehicles 5,404,922 9,696,121
Investments and loans 800,000 3,600,000
Intangibles 71,020,639 79,716,438
Deferred taxation 8,298,590 4,493,265
Other assets - -
Current assets 4,713,428 8,797,176
Loans receivable - 1,456,207
Inventory 27,719 137,404
Accounts receivable 4,255,722 5,800,108
Cash and cash equivalents 429,987 1,403,457
TOTAL ASSETS 90,237,578 106,303,000
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders' funds 66,527,319 72,581,573
Ordinary share capital 235,259,434 235,259,434
Non-distributable reserves - -
Retained income (168,732,115) (162,677,861)
Non-current payables 9,155,902 12,667,385
Interest bearing borrowings 1,881,519 2,667,385
Non-interest bearing borrrowings 7,274,383 10,000,000
Deferred taxation - -
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Current liabilities 14,554,357 21,054,042
Accounts payable and accruals 7,239,499 11,143,221
Provisions 289,849 -
Current taxation 210,853 552,803
Overdrafts and
interest bearing borrowings 4,092,172 5,222,905
Short term loans - 1,115,556
Deferred income 2,721,984 3,019,557
TOTAL EQUITY AND LIABILITIES 90,237,578 106,303,000
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CONSOLIDATED CASHFLOW STATEMENT
Cash flows from operating activities (7,171,125) (28,613,435)
Cash flows from investing activities (4,223,964) 10,174,472
Cash flows from financing activities 11,566,524 4,857,859
Net increase in cash and
cash equivalents 171,436 (13,581,104)
Cash and cash equivalents at
beginning of year (3,819,448) 9,761,656
Cash and cash equivalents at
beginning of year
- discontinued operations 246,897
Cash and cash equivalents at
end of year (3,401,115) (3,819,448)
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Planit Technology Holdings Limited (PTH) is an investment holding company
providing financial, strategic and operational management services to its
subsidiary companies. The subsidiaries conduct business in the information
technology environment, with the core focus on the development and
application of business solutions via the Internet ('thin client
technology') and the facilitation of e-commerce applications.
A material event which took place during the year was the re-constitution of
the Board of Directors on 4 April 2000, with effective control commencing on
14 April 2000. The new Board undertook to stabilise the Group, investigate
its affairs, and propose an effective operating and management policy
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Financial Results
Overview
The turnaround strategy for PTH remained on track during the period under
review and we are confident of a Group return to profit in the year to
February 2002.
The restructuring initiatives undertaken during the year are showing the
desired results and the Board has made substantial progress since its
appointment.
Sound financial budgeting procedures have been implemented and all
subsidiaries are now profitable, with the exception of I-Web Technologies
(formerly Sabex) which is expected to break even in the first half of the
current financial year. The Group has made appropriate funding arrangements
in this regard.
It has unfortunately been necessary to devote an inordinate amount of
management time to investigating and finalising transactions undertaken by
previous vendors. This has been an ongoing process with further transactions
of this nature being unearthed regularly during the period under review.
The above investigations have revealed that the special resolution
authorising an increase in authorised share capital has not been lodged
within the required six-month period. The Board is making arrangements to
convene a special general meeting of shareholders to table the necessary
special resolution for ratification.
Given our limited financial resources and the excessive premiums paid for
previous acquisitions, the year has been a period of consolidation. Under
the circumstances, significant financial and operational improvements have
been achieved.
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The Group is continuing its policy of seeking suitable alliances and
acquisitions.
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Legal
Shareholders will be aware of the threatened action by Orbes Solutions
Limited against the company. This matter has been successfully concluded in
the period under review.
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Further cautionary Announcement
Shareholders are advised that a circular relating to various corporate
actions is being prepared and will be forwarded to shareholders in the first
half of July 2001. Therefore shareholders are advised to continue to
exercise caution when dealing in their planit shares on the JSE.
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Conclusion
Our thanks are due to all employees of the PTH Group for their loyalty and
dedication during a difficult period of consolidation and change. We also
thank our shareholders and customers for their support and look forward to a
year of progress in our return to profitability.
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Dividends
No dividend has been declared by the Board.
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Annual Report
The annual report and financial statements for the year to 28 February 2001
will be posted to shareholders in due course.
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On behalf of the Board
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ANTHONY G CROSBY MALCOLM MOODIE
CHAIRMAN CHIEF EXECUTIVE OFFICER
