| Wed 25 Jul 2001, 0:00 | | Crux Financial Results |
|
CRUX TECHNOLOGIES LIMITED
(Registration number 1998/012784/06)
Audited results for the year ended 31 May 2001
CONSOLIDATED INCOME STATEMENT R'000s
note 2001 2000
Revenue 97 525 157 213
Continuing operations 93 246 105 773
Discontinued operations 4 279 51 440
Operating income 10 606 2 188
Continuing operations 10 610 9 892
Discontinued operations (4) (7 704)
Net finance income (costs) 41 (651)
Net profit before abnormal items 10 647 1 537
Abnormal items 3 147 472
Net Profit Before Tax 10 794 2 009
Taxation 3 544 906
Net Profit After Tax 7 250 1 103
Weighted average number of
shares outstanding ('000) 184 362 232 308
Earnings per share (cents) 3.9 0.5
Headline earnings per share (cents) 4.0 0.3
CONSOLIDATED BALANCE SHEET R'000s
note 2001 2000
Assets
Non-current assets 20 476 39 478
Property, plant and equipment 4 2 473 10 333
Intangible assets 6 999 3 718
Investments 1 5 593
Deferred taxation asset 11 003 19 834
Current assets 31 406 37 604
Total assets 51 882 77 082
Equity & Liabilities
Share capital and reserves 37 595 40 662
Non-current liabilities
Interest bearing borrowings 41 2 693
Current liabilities 14 246 33 727
Total equity and liabilities 51 882 77 082
Number of shares outstanding ('000) 5 181 237 218 737
NAV per share (cents) 20.7 18.6
Tangible NAV per share (cents) 10.8 7.8
CONSOLIDATED CASH FLOW STATEMENT R'000s
2001 2000
Cash flows from operating activities (7 429) 17 668
Cash flows from investing activities 3 286 (24 047)
Cash flows from financing activities 189 3 107
Net decrease in cash and
cash equivalents (3 954) (3 272)
Cash and cash equivalents at
beginning of the year 1 757 5 029
Cash and cash equivalents at
end of the year (2 197) 1 757
STATEMENT OF CHANGES IN EQUITY R'000
Share Distributable Shareholders
Capital NDR reserves equity
Balance as at 31 May 2000 2 187 17 760 20 715 40 662
Share buy back (173) (1 910) (2 083)
Treasury shares (202) (2 215) (2 417)
Decrease in deferred
tax asset on
disposal of business (5 817) (5 817)
Transfer from NDR for
deferred tax asset released (1 493) 1 493
-
Net profit for the year 7 250 7 250
Balance as at 31 May 2001 1 812 10 450 25 333 37 595
RECONCILIATION OF EARNINGS WITH HEADLINE EARNINGS R'000s
2001 2000
Earnings attributable to ordinary shareholders 7 250 1 103
Items of a capital nature
-Profit on disposal of business and assets (8 073) (3 078)
-Impairment of unlisted investment 7 969 2 606
-STC on share buyback 239 -
Headline earnings 7 385 631
Notes
1. This preliminary report has been prepared in compliance with South
African Statements of Generally Accepted Accounting Practice.
2. Prior year figures have been restated to reflect the insurance and
training divisions as discontinued operations as both have been sold.
3. Abnormal items comprise a profit on disposal of business of R8 117 and
the impairment of an unlisted investment of R7 969
4. Property, plant and equipment decreased as a result of the disposal of
the training division.
5. 37 500 000 Crux shares were bought back on the sale of the training
division. Of these, 17 362 580 were cancelled and STC of R238 736 was paid
on the cancellation. The remaining 20 137 420 shares were acquired by a
subsidiary. These transactions reduced the effective number of shares
outstanding to 181 236 783.
6. The group has guaranteed finance and operating lease commitments of the
businesses disposed of, amounting to R16 million over the next 5 years.
Comments
FINANCIAL REVIEW
Operating margins on continuing operations increased from 9,3% to 11,4%.
After disposing of its training division, Crux was able to return a growth
in net profit before tax from R2,0m to R10,8m, an improvement of 437%, and a
growth in headline earnings per share from 0,3 cents to 4,0 cents.
Attributable earnings for the period climbed by 557% to R7, 3m. Full details
of the disposal of the training division were published in a circular to
shareholders dated 6 October 2000.
REVIEW OF OPERATIONS
Crux has undergone significant transformation over the past year and is
firmly on track as an IT solutions provider to a widening client base.
Whilst its primary market space is government and parastatals, significant
steps have been taken over the year to position the company for growth in
the private sector, with particular emphasis on banking solutions. Our
return to healthy profit this year is only the first step in our commitment
to delivering consistent, high quality earnings into the future.
DIVIDENDS
No dividend has been declared for the year ended 31 May 2001.
For and on behalf of the board
G. Foster Mzolisi Diliza
Chief executive officer Chairman
25 July 2001
Executive directors Non-executive directors
G. Foster (CEO), SW Kekana MG Diliza, (Chairman), BH Kent,
B Neale, MF Kekana
Registered office
Crux House, Thandanani Office Park, Invicta Road, Midrand 1685. PO Box 3169,
Midrand 1685
Auditors
Grant Thornton Kessel Feinstein
