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("Integrear" or "The Group")
Registration number : 1989/001319/05
Share code : ITG
ISIN Code : ZAE000027231
Group Income Statement
for the year ended 30 June 2001
2001 2000
R R
Revenue 10 613 980 11 034 646
Cost of sales (5 904 688) (6 010 887)
Gross Profit 4 709 292 5 023 759
Operating expenses (3 970 224) (3 475 044)
Profit from operations 739 068 1 548 715
Finance costs (15 483) (45 285)
Profit on disposal of subsidiaries 720 664 -
Income from investments 325 544 231 406
Profit before taxation 1 769 793 1 734 836
Income tax expense (371 898) (734 296)
Net profit for the year 1 397 895 1 000 540
Earnings per share
Basic earnings per share (cents) 11,13 8,85
Headline earnings per share (cents) 5,38 6,64
Group Balance Sheet
30 June 2001
2001 2000
R R
Assets
Non-current assets 2 176 471 636 476
Equipment 302 195 549 280
Deferred tax asset 166 864 87 196
Loans receivable 1 707 412 -
Current assets 3 214 447 4 857 423
Trade and other receivables 644 465 2 768 496
Bank balances and cash 2 569 982 2 088 927
Total assets 5 390 918 5 493 899
Equity and liabilities
Capital and reserves 3 632 428 1 374 802
Share capital 125 642 500
Share premium 686 031 -
Non-distributable reserve 827 687 827 687
Capital redemption fund 48 558 -
Accumulated profits 1 944 510 546 615
Non-current liabilities
Long-term borrowings 62 538 874 325
Minority interest - 26
Current liabilities 1 695 952 3 244 746
Trade and other payables 1 600 127 2 249 774
Shareholders for dividend - 204 925
Short-term borrowings 40 581 30 701
Taxation liability 55 244 759 346
Total equity and liabilities 5 390 918 5 493 899
Group Statement of Changes in Equity
for the year ended 30 June 2001
Non-
Share Share distributable
Capital premium reserve
R R R
Balance at 30 June 1999 - - -
Shares issued 500 - -
Arising on consolidation - - 827 687
Net profit for the year - - -
Dividends paid - - -
Balance at 30 June 2000 500 - 827 687
Shares issued 113 078 7 386 922 -
Listing expenses - (982 164) -
Reverse listing adjustment 12 064 (5 718 727) -
Net profit for the year - - -
Balance at 30 June 2001 125 642 686 031 827 687
Capital
Redemption Accumulated
Fund profits Total
R R R
Balance at 30 June 1999 - - -
Shares issued - - 500
Arising on consolidation - - 827 687
Net profit for the year - 1 000 540 1 000 540
Dividends paid - (453 925) (453 925)
Balance at 30 June 2000 - 546 615 1 374 802
Shares issued - - 7 500 000
Listing expenses - - (982 164)
Reverse listing adjustment 48 558 - (5 658 105)
Net profit for the year - 1 397 895 1 397 895
Balance at 30 June 2001 48 558 1 944 510 3 632 428
Group Cash Flow Statement
for the year ended 30 June 2001
2001 2000
R R
Operating activities
Cash receipts from customers 14 526 314 9 326 555
Cash paid to suppliers and employees (9 241 898) (9 974 269)
Cash from (used in) operations 5 284 416 (647 714)
Interest paid (15 483) (45 285)
Dividends paid (204 925) (249 000)
Taxation paid (1 155 668) (429 530)
Income from investments 325 544 231 406
Net cash from (used in) operating
activities 4 233 884 (1 140 123)
Investing activities
Purchases of equipment (108 400) (598 405)
Proceeds on disposal of business unit - 249 000
Proceeds on disposal of equipment 11 702 11 700
Increase in loans receivable (1 997 332) -
Reverse acquisition of Managed Care SA Limited
net of cash acquired 3 711 820 -
Acquisition of subsidiaries, net of
cash acquired - 3 500 111
Disposal of subsidiaries (100) -
Net cash from investing activities 1 617 690 3 162 406
Financing activities
Issue of share capital - 500
Share capital reduction (3 586 448) -
JSE listing expenses paid (982 164) -
(Decrease)Increase in long and
short-term borrowings (801 907) 66 144
Net cash (used in) from financing
activities (5 370 519) 66 644
Net increase in cash and cash
.equivalents 481 055 2 088 927
Cash and cash equivalents at beginning
of the year 2 088 927 -
Cash and cash equivalents at end of
the year 2 569 982 2 088 927
NOTES
Introduction
The directors of Integrear are pleased to present the audited results of the
Group for
the year ended 30 June 2001.
Following Integrear's successful reverse listing under the Development
Capital sector of the JSE in November 2000, the Group has operated
successfully in a business sector characterised by its volatility and
economic pressures.
Group profile
The Integrear Group provides world leading technology solutions that enable
business organisations in the financial and services industries to achieve
faster service turnaround times and substantially increased efficiency. The
Group's core business process management skills are being utilised
extensively with its growing customer base in providing
e-commerce centric solutions that integrate with organisational business
processes.
Review of the Group's Financial Position
Loans receivable of R1.7 million originated as a result of the unbundling of
two former subsidiaries prior to the reverse listing, i.e. Integrear Abacus
(Pty)Limited and Integrear Indicium (Pty)Limited. These loans were
previously eliminated on consolidation of the group results.
Trade and other receivables decreased significantly compared to the prior
year. This can be attributed to the declining sales during the last two
months of the year. This decline also impacted on the creditors, as fewer
purchases were made from Eastman Software, the major supplier of the group.
The cash flow position of the group improved despite the repayment of the
long-term loans, resulting in a positive cash position of R2 569 982 at 30
June 2001. This is also reflected in the improvement in the cash generated
from operations for the year.
Additional shares were issued during the year at a premium of 65.33 cents
per ordinary share. Listing expenses were written-off against the share
premium account.
Earnings per share
The calculation of the basic and headline earnings
per share is based on the following data:
2001 2000
R R
Earnings for purpose of basic earnings per share
(net profit for the year) 1 397 895 1 000 540
Net profit on disposal of equipment (991) (515)
Profit on disposal of subsidiaries (720 664) -
Net profit on disposal of business unit - (249 000)
Earnings for purpose of headline earnings
per share 676 240 751 025
Weighted average number of ordinary shares 12 564 190 11 307 771
Prospects
Integrear will continue its focus on the financial and services industries
and will expand its client base by adding value to the way our clients
conduct their business. Growth is, however, expected to be influenced by the
current economic pressures experienced by the industry. The group's
prestigious and quality clients and the competency to deliver according to
clientsO requirements will ensure our ability to compete effectively in
acquiring new clients and growing the business.
Acknowledgements
We appreciate the contributions and support received from our Board of
Directors, stakeholders, staff and clients.
Dividends
In accordance with our policy to re-invest surplus funds in growing the
business, no dividend is declared.
By order of the board
BF van Niekerk TJ Hill
Chairman Managing Director
21 September 2001
TRANSFER SECRETARIES REGISTERED OFFICE
Mercantile Registrars Ltd 265 West Avenue
11 Diagonal Street Centrurion
Johannesburg, 2001 0157
Directors: BF Niekerk*, TJ Hill, L du Plessis*, LLS van der Watt*
* Non-Executive
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