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STREAMWORKS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/008650/06)
("Streamworks")
Audited Results for the year ended 31 March 2001
Income statement
for the year ended 31 March 2001
Audited Audited
31/03/2001 31/03/2000
R'000 R'000
Revenue 37 183 24 550
Operating (loss)/income (7 785) 5 855
Net interest (paid)/received (100) 419
Goodwill written-off (1 382) -
Net (loss)/income before taxation (9 267) 6 274
Taxation (406) (1 887)
Net (loss)/profit) (9 673) 4 387
(Loss)/Earnings per share (cents) (9,4) 4,8
Goodwill written-off per share 1,4 -
Headline (loss)/earnings
per share (cents) (8,0) 4,8
Average weighted number of shares
in issue during year ('000) 103 284 92 021
Balance sheet
at 31 March 2001
Audited Audited
31/03/2001 31/03/2000
R'000 R'000
Assets
Property, plant and equipment 1 558 1 401
Goodwill on acquisition of subsidiary 2 360 -
Investments and loans 640 700
Current assets 8 169 16 458
Inventories 417 508
Work in progress 716 1 498
Trade and other receivables 6 626 10 313
Cash and cash equivalents 410 4 139
Total assets 12 727 18 559
EQUITY AND LIABILITIES
Shareholders' funds 3 411 8 281
Long-term liabilities 38 -
Current liabilities 9 278 10 278
Trade and other payables 4 295 8 205
Current taxation liabilities 2 108 2 073
Bank overdraft 2 875 -
Total equity and liabilities 12 727 18 559
Net tangible net asset value
per share (cents) 1,0 8,8
Number of shares in issue ('000) 103 764 94 500
Cash flow statement
for the year ended 31 March 2001
Audited Audited
31/03/2001 31/03/2000
R'000 R'000
Cash flows from operating activities (6 879) 5 327
Cash flows from operations (6 409) 5 869
Net finance income/(charges) (100) 419
Taxation (370) (961)
Cash flows from investing activities (4 567) (34 862)
Net additions to properties,
plant and equipment (825) (948)
Investments in subsidiary (3 742) (33 214)
Loans made to share incentive trust - (700)
Cash flows from financing activities 4 842 33 674
Increase in ordinary share capital and
share premium 4 804 33 674
Long-term loans raised 38 -
Net increase/(decrease) in cash and
cash equivalents (6 604) 4 139
Cash and cash equivalents at
beginning of year 4 139 -
Cash and cash equivalents at
end of year (2 465) 4 139
Financial results
The results of Streamworks are significantly worse than was previously
anticipated at the time of the profit warning announcement to Streamworks
shareholders dated 29 January 2001. This is mainly attributed to:
* further project overruns and delays in the initiation of new projects;
* a conservative write-off of all e-commerce development work;
* restructuring and retrenchment costs; and
* the write-off of the entire goodwill arising on the logicon and DLRA
acquisitions.
Management is however confident that the business operations of the
Streamworks Group that, subject to the fulfilment of certain conditions
precedent, have been disposed of (see below) will achieve budgeted
profitability in the year ahead, and sustainable growth in the future.
Disposal circular
Shareholders are referred to the announcement in the press and on SENS on 9
April 2001 of the disposal ("disposal") by Streamworks of the entire issued
share capital of and claims by way of loan account against Streamworks
(Proprietary) Limited, the wholly-owned operating subsidiary of Streamworks,
to DNA Supply Chain Investments Limited. The entire business operations of
the Streamworks Group is conducted through Streamworks (Pty) Ltd and its
subsidiaries. Shareholders are advised that a circular containing
information relating to the disposal, and incorporating a notice of general
meeting to approve the disposal, has been dispatched to Streamworks
shareholders on 12 July 2001.
For and on behalf of the board
Russell Kleyn
(Chief Executive Officer)
12 July 2001
Directors:
R Still (Non-Executive Chairman)
R Kleyn (Chief Executive Officer)
A Acuna
J Ashburner (Non-Executive)
P Glyn (Non-Executive)
P Mostert
Registered office:
Unit A, Waterford Place, 27 Autumn Street, Rivonia, Sandton 2128
Transfer secretary:
Computershare Services Limited, 4th Floor Edura House, 41 Fox Street,
Johannesburg 2001
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