| Fri 21 Sep 2001, 0:00 | | Synergy Holdings Ltd - Unaudited Interim Results |
|
Incorporated in the Republic of South Africa)
(Registration number 1995/006315/06)
Share code:SNG ISIN: ZAE000017760
UNAUDITED INTERIM RESULTS
of the group for the six months ended 31 August 2001
INCOME STATEMENT
Six months Six months Twelve months
ended ended ended
31-Aug-2001 31-Aug-2000 28-Feb-2001
(Unaudited) (Unaudited) (Audited)
R'000 R'000 R'000
Gross revenue 5,867 4,893 9,615
Net income /(loss) before
interest and taxation 526 (3,334) (3,670)
Investment income - 43 -
Net income before taxation 526 (3,291) (3,670)
Taxation - - -
Net attributable income 526 (3,291) (3,670)
Notes :
Number of shares issued ('000) 62,562 62,562 62,562
Earnings per share (cents) 0.84 (5.26) (5.87)
Headline earnings per share (cents) 0.84 (2.52) (3.07)
CASH FLOW STATEMENT
Six months Six months Twelve months
ended ended ended
31-Aug-2001 31-Aug-2000 28-Feb-2001
(Unaudited) (Unaudited) (Audited)
R'000 R'000 R'000
Net cash inflow from
operating activities 789 1,875 1,358
Net cash outflow from from
investing activities (121) (677) 1,021
Net cash inflow from
financing activities (122) (1,178) (1,158)
Net increase/(decrease) in cash on
deposit and bank balances 546 20 1,221
Cash on deposit and bank balances
at beginning of year 614 (608) (608)
Cash on deposit and bank balances
at end of the period 1,160 (588) 614
BALANCE SHEET
31-Aug-2001 31-Aug-2000 28-Feb-2001
(Unaudited) (Unaudited) (Audited)
R'000 R'000 R'000
ASSETS
Non Current assets 1,893 2,865 2,018
Fixed assets 1,663 2,692 1,820
Investments 230 173 198
Current assets 2,351 2,848 2,093
Accounts receivable 1,168 1,615 1,126
Inventories 23 1,232 56
Cash on deposit and bank balances 1,160 1 911
Total assets 4,244 5,713 4,111
EQUITY AND LIABILITIES
Capital and reserves 3,300 3,153 2,775
Issued capital 3,837 626 626
Share premium - 3,212 3,212
Accumulated loss (537) (685) (1,063)
Non-current liabilities
Long term liabilities 239 220 112
Current liabilities 705 2,340 1,224
Accounts payable 705 1,750 927
Taxation - - -
Bank overdraft - 590 297
4,244 5,713 4,111
Number of shares issued ('000) 62,562 62,562 62,562
Net asset value per share (cents) 5.27 5.04 4.44
Net tangible value per share (cents) 5.27 5.04 4.44
STATEMENT OF CHANGES IN EQUITIES
Share Share Accumulated Total
capital premium loss
R'000 R'000 R'000 R'000
Balance at 28 February 2001 625 3,212 -1063 2 774
Surplus for the period - - 526 526
Transfers to reserves - - - -
Balance 31 August 2001 625 3 212 -537 3 300
Comment
We would like to take the opportunity to thank our customers, staff and
suppliers for their support through the difficulties we faced in the last
financial year. Admittedly this set of results is not sufficient to raise
any level of excitement as to the prospects of the business, however we are
still proud of what has been achieved in the last six months. We believe we
have achieved a level of cost control that will allow us to weather the
economic downturn. We believe we have consolidated our focus adequately to
allow the business to grow vertically by adding value to our existing
offerings. We believe we are taking the steps required to capitalize on
these growth opportunities.
ACCOUNTING POLICIES AND DIVIDEND
THE ACCOUNTING POLICIES APPLIED ARE CONSISTENT WITH THOSE APPLIED IN THE
PREVIOUS YEAR.
The current dividend policy is such that there is no intention of paying
dividends until Synergy has achieved mature growth however it should be
noted that this policy will be reviewed at the year end.
20 September 2001
DIRECTORS
P J TOOLAN, N J PLANE, T JAMES
REGISTERED OFFICE
128, 4TH STREET, LINDEN. (PO BOX 2423, PINEGOWRIE, 2123).
TEL: (011) 888-1044. FAX: (011) 888-1069
TRANSFER SECRETARIES:
COMPUTER SHARE SERVICES LIMITED
AUDITORS:
VAN SITTERTS
