| Fri 10 Aug 2001, 0:00 | | I-fusion - Audited Results |
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I-FUSION HOLDINGS LIMITED
Registration number: 1983/013542/06
("I-Fusion")
AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2001
INCOME STATEMENT
Year ended 16 months ended
June 30 June 30
2001 2000
R'000 R'000
Revenue 168 244 195 496
Cost of revenue (121 199) (137 137)
Gross profit 47 045 58 359
Operating expenditure (53 010) (71 583)
Loss from operations (5 965) (13 224)
Net interest received (paid) 1 244 (72)
Net loss before taxation (4 721) (13 296)
Taxation 1 089 3 807
Net loss after taxation (3 632) (9 489)
Share of losses of associate - (682)
Headline loss (3 632) (10 171)
Non-trading items after taxation (4 793) (4 101)
Losses attributable to shareholders (8 425) (14 272)
Weighted average number of shares
in issue (`000) 136 957 73 063
Loss per share (cents) (6,2) (19,5)
Headline loss per share (cents) (2,7) (13,9)
Analysis of non-trading items
Share trust write down (2 612) (4 095)
Goodwill on acquisition written off (2 216) -
Profit on disposal of subsidiary 29 -
Profit (loss) on disposal of fixed
assets 6 (6)
(4 793) (4 101)
STATEMENT OF CHANGES IN SHAREHOLDERS' INTEREST
Year ended 16 months ended
June 30 June 30
2001 2000
R'000 R'000
Shareholders' interest at the
beginning of the period 28 651 34 741
Share capital issued 72 3 516
For the acquisition of trading
operations, subsidiaries and
other investments - 3 516
For cash 72 -
Share premium arising on
shares issued 48 553 20 300
For the acquisition of
trading operations,
subsidiaries and other
investments - 20 437
For cash 49 928 -
Share issue expenses (1 375) (137)
Movements in retained income (8 425) (29 906)
Losses attributable to shareholders (8 425) (14 272)
Goodwill, trademarks and tradenames
written off - (71 615)
Increase in goodwill, trademarks
and tradenames set off - 55 981
Shareholders' interest at
the end of the period 68 851 28 651
BALANCE SHEET
June 30 June 30
2001 2000
R'000 R'000
Assets
Non-current assets 41 117 35 346
Fixed assets 29 135 21 768
Deferred taxation 7 539 6 467
Loan to share trust 4 443 7 111
Current assets 53 022 41 317
Inventories 3 918 4 803
Accounts receivable 33 562 30 706
Taxation 125 -
Liquid funds 15 417 5 808
Total assets 94 139 76 663
Equity and liabilities
Capital and reserves
Ordinary shareholders' interest 68 851 28 651
Non-current liabilities
Long-term liabilities 294 504
Current liabilities 24 994 47 508
Accounts payable 24 620 23 423
Taxation - 202
Short-term borrowings 374 23 883
Total equity and liabilities 94 139 76 663
Total number of shares in issue ('000) 146 155 74 726
Net asset value per share (cents) 47,1 38,3
ABRIDGED CASH FLOW STATEMENT
Year ended 16 months ended
June 30 June 30
2001 2000
R'000 R'000
Cash flow utilised by operations (2 481) (8 147)
Net interest received (paid) 1 244 (72)
Working capital changes (675) 10 841
Taxation paid (311) (8 757)
Net cash outflow from operating
activities (2 223) (6 135)
Cash outflows from investing
activities (13 073) (46 104)
Cash inflows from financing
activities 48 612 23 942
Net increase (decrease) in
cash and cash equivalents 33 316 (28 297)
Net cash and cash equivalents
at beginning of the period (17 899) 10 398
Net cash and cash equivalents
at end of the period 15 417 (17 899)
COMMENT
The financial statements reflect the difficult trading conditions
experienced in the year under review, which saw significant margin pressure
and reductions in technology spend in all sectors of the economy.
Revenue increased on an annualised basis by 15%. Expenses on an annualised
basis have largely remained unchanged due to the focus on cost control.
PROSPECTS
Trading conditions remain difficult, however, I-Fusion is positioned to take
advantage of any improvements when they occur.
DIVIDENDS
No dividends have been declared.
CAUTIONARY ANNOUNCEMENT
As announced in the press on August 6 2001, shareholders are advised that
discussions are taking place regarding the acquisition by The Bidvest Group
Limited ("Bidvest") of the total share capital of I-Fusion other than the
shares already owned by Bidvest. Shareholders are accordingly urged to
exercise caution in dealings in their I-Fusion shares until a further
announcement is made.
For and on behalf of the board
B Joffe RD Sackstein
(Chairman) (Chief executive officer)
August 10 2001
DIRECTORS
B Joffe (Chairman)*, RD Sackstein (Chief executive officer), NW Birch*, L
Chimes*, DL Hall, J Hnizdo, RC Kimmings JL Pamensky*, FSB Ramsey*, E Risi
(alternate), C Rostowsky* S Schmulian, NJ Steingold*, A Stevens, HDR Wason*
(*Non-executive)
REGISTERED OFFICE
I-Fusion House, Waterfall Park, Bekker Street Midrand. PO Box 4255, Rivonia
2128. Telephone +27 11 256-0500 Fax +27 11 256-0504
INTERNET: http://www.ifusion.co.za
TRANSFER SECRETARIES
Mercantile Registrars Limited, 8th Floor, First National House, 11 Diagonal
Street, Johannesburg 2001
