| Thu 31 May 2001, 0:00 | | Casey Investment Holdings Limited - Results |
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CASEY INVESTMENT HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
Year to Year to
28 Feb 2001 29 Feb 2000
(Audited) (Audited)
Turnover
Continuing operations 28,471,702 59,817,738
Discontinuing operations 3,564,814 15,246,723
32,036,516 75,064,461
Operating (loss)/profit before interest
and taxation
Continuing operations (11,312,448) 1,895,776
Discontinuing operations (2,736,052) (609,008)
Net interst paid
Continuing operations (776,100) (103,018)
Discontinuing operations (24,379) (2,914)
Net profit before taxation
Continuing operations (12,088,548) 1,792,758
Discontinuing operations (2,760,431) (611,922)
Taxation
Continuing operations 248,018 (424,290)
Discontinuing operations (850)
Retained (loss)/earnings for the year
Continuing operations (11,840,530) 1,368,468
Discontinuing operations (2,760,431) (612,772)
(14,600,961) 755,696
Number of shares in issue 79,723,333 79,723,333
Net asset value per share (cents) (9.09) 9.23
Earnings per share (cents) (18.31) 0.96
CONSOLIDATED BALANCE STATEMENT Year to Year to
28 Feb 2001 29 Feb 2000
(Audited) (Audited)
Assets
Non current assets 6,462,087 7,012,133
Current assets 4,793,161 14,938,361
Total Assets 11,255,248 21,950,494
Equity and Liabilities
Share capital and premium 3,538,491 3,538,491
Reserves (10,782,804) 3,818,157
Shareholders' loan - Blitec 10,347,920 -
3,103,607 7,356,648
Non-current liabilities 89,964 92,266
Current liabilities 8,061,677 14,501,580
Total Equity and Liabilities 11,255,248 21,950,494
CASH FLOW STATEMENT Year to Year to
28 Feb 2001 29 Feb 2000
(Audited) (Audited)
CASH FLOW FROM OPERATING ACTIVITIES
Cash utilised in operations (7,234,092) (5,379,392)
Investment income - 102,461
Interest expense (800,479) (208,393)
Income Tax paid (1,058,678) -
(9,093,249) (5,485,324)
CASH FLOW FROM
INVESTMENT ACTIVITIES
Proceeds from disposal of fixed assets 66,994 -
Purchase of fixed assets (53,022) (1,899,055)
Investment in subsidiaries (1,147,920) (2,308,500)
(1,133,948) (4,207,555)
CASH FLOW FROM
FINANCING ACTIVITIES
Proceeds from the share capital raised - 3,348,380
Proceeds from long-term borrowings 10,345,618 (269,187)
10,345,618 3,079,193
Movement in cash and cash equivalents 118,421 (6,613,686)
Cash and cash equivalents -
beginning of period (4,512,371) 2,101,315
Cash and cash equivalents -
end of period (4,393,950) (4,512,371)
SALIENT FEATURES
Total number of shares in issue(million) 80 80
Weighted number of ordinary shares
on which earnings per share are based
(million) 80 79
Headine earnings per share (cents) (18.31) 0.96
Financial results for the year ended 28 February 2001
Comments
The investment into Casey Investment Holdings Ltd by Blitec Ltd (Black IT
Empowerment Company Ltd.) in the middle of this financial year has proved to
be of great strategic significance to Casey and has led to a fundamental
restructure of CIH and its operating companies. Central to this investment
by Blitec, giving them a 71% shareholding, is the fact that Casey has become
a broad based Black owned and operated IT company listed on the JSE.
Following on the changes that have been taking place in the market and the
macro economics environment (particularly in the Information and
Communication Technology (ICT) and public sector), Casey has undergone a
complete business process re-engineering and refocused of its core business
away from the low margin, capital-intensive distribution model of business.
Casey is now an adequately resourced and highly focussed business solutions
company focussing on the public, tertiary education and corporate sectors
within the ICT industry through the influence of its shareholders. Casey has
been able to put in place a dynamic management team and also attracted the
right caliber of skills in order to pursue and fulfill on high margin, value-
adding, knowledge based business.
In the later half of the financial year, Casey's board approved the new
business plan and to put in place the resources that enable Casey to
successfully pursue high-ticket business opportunities in its selected
markets. With the support and backing of the major shareholders as well as
the leading technology vendors, Casey's new management is strategically
positioned to benefit in the immediate future from the technology and
services intensive projects that are currently being adjudicated in the
public sector as well as from those coming down the line in the next twelve
to eighteen months.
The process that Casey has been through has been an arduous but necessary
one in ensuring the long term survival and growth of Casey in this ever
changing but equally lucrative and fast growing industry of ICT. It has also
been necessary in rebuilding the image and credibility of Casey with all
stakeholders including our employees.
The management of Casey is confident that we have taken all the necessary
steps to ensure that Casey remains a beneficiary of the growth in this
industry and has developed the capacity and skills to rise to a leading
position in this industry within eighteen months. The results of our efforts
will begin to be evident over the next two quarters of the new financial
year.
For and on behalf of the board
L Khumalo Managing Director
J Molobela Chairman
Centurion 31 May 2001.
Directors:
J Molobela*(chairman), M S A Barnard (Managing Director,
J R Bean, D Khumalo, S M Mogale*, K G Paul*, M M Pharasi*
*Non-Executive
Secretary and Registered Office:
KSS Secretarial Services
First Floor, Hazel Park, 119 Witch-Hazel Avenue
Highveld Technopark, Centurion
(P O Box 10512, Centurion, 0046)
Sponsor:
Janus Corporation (Pty) Ltd
25 Wellington Road
Parktown
Transfer Secretaries:
Computer Share Services Limited
Edura, 41 Fox Street, Johannesburg, 2001
(P O Box 61051, Marshalltown, 2107)
