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2001
MICROLOGIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/018118/06)
("Micrologix" or "the company")
Share Code: MRX ISIN Code: ZAE000016911
REVIEWED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001
Group income statement Group balance sheet
Interi Audite Interim Inte Audi Interim
m d results rim ted 30 Jun 2000
result result for the 30 31 R'000
s for s for six Jun Dec
the the months 2001 2000
six year ended R'00 R'00
months ended 30 Jun 0 0
ended 31 Dec 2000 **
30 Jun 2000 R'000
2001 R'000
R'000 **
ASSETS
Revenue 196 2 101 1 758 Non- 7 9 2 389
current 319 180
assets
Property, 427 427 335
Operating loss (363) (7 (1 628) plant and
before interest 946) equipment
Net interest -- (110) 77 Intellect -- -- 2 000
(paid)/received ual
property
Operating loss (363) (8 (1 551) Intangibl 3 3 --
056) e assets
Disclosable 6 566 (22 (23 Investmen -- -- 41
items 000) 908) ts and
loans
Net 6 203 (30 (25 Employee 10 10 13
profit/(loss) 056) 459) share
before taxation trust
Taxation (1 2 200 -- Deferred 6 8 --
provision 861) taxation 879 740
Net 4 342 (27 (25 Current 422 923 616
profit/(loss) 856) 459) assets
after taxation
Outside -- -- -- Accounts 350 643 145
shareholders receivabl
loss e
Attributable 4 342 (27 (25 Inventory 51 248 430
profit/(loss) 856) 459)
Dividends -- -- -- Cash 21 32 41
resources
Retained 4 342 (27 (25 Total 7 10 3 005
income/(loss) 856) 459) assets 741 103
for the period
Fully diluted EQUITY
information AND
LIABILITI
ES
Earnings/(Loss) 2,9 (18,6) (17,0) Capital 6 2 (2 035)
per share and 449 107
(cents) reserves
Headline loss (0,2) (3,5) (0,3) Issued 93 93 93 722
per share capital 722 722 (95 757)
(cents) Distribut (87 (91
able 273) 615)
reserves
Shares in issue 150 150 150 000 Current 1 7 5 040
(`000) 000 000 liabiliti 292 996
es
** Restated Accounts 1 7 5 040
payable 292 996
Headline Total 7 10 3 005
Earnings equity 741 103
and
liabiliti
es
Headline earnings for the purpose of **
calculating headline earnings per share Restated
is calculated as follows:
R'000
Attributable profit 4 342
Deduct: Disclosable items Net asset 4,3 1,4 (1,4)
Section 311 Compromise offer value per
with creditors (net of tax 4 596 share 4,3 1,4 (1,4)
effect) (cents)
Net 150 150 150 000
tangible 000 000
asset
value per
share
(cents)
Number of
shares in
issue
(`000)
Headline loss (254)
Abridged group cash flow statement Statement of changes in equity
Inter Audite Shar Shar Accu Tota
im d e e mula l
resul result capi Prem ted
ts s for tal ium defi R'00
for the R'00 R'00 cit 0
the year 0 0 R'00
six ended 0
month 31 Dec **
s 2000
ended R'000
30
Jun
2001
R'000
Cash flows (11) (1
from 867)
operating
activities
Cash flows -- 297 Restated 150 93 (63 29
from balance at 572 759) 963
investing 31 December
activities 1999
Cash flows -- 74 Net loss for -- `-- (27 (27
from the year 856) 856)
financing
activities
Net (11) (1 Balance at 150 93 (91 2
(decrease)/i 496) 31 December 2 572 615) 107
ncrease in 000
cash and
cash
equivalents
Opening bank 32 1 528 Net profit -- -- 4 4
balance for six 342 342
months
Closing bank 21 32 Balance at 30 150 93 (87 6
balance June 2001 572 273) 449
** Restated ** Restated
Commentary
The results of Micrologix reflect effects of both the limited trading
during the rescue operation as well as the Section 311 Compromise Offer
with creditors. Shareholders are advised that the formal compromise offer
was accepted by the company's creditors at a meeting held on 6 March 2001
and the compromise offer was registered with the Registrar of Companies on
15 March 2001. The effect of the compromise offer is that it places the
company in a solvent position for future trading. The effect of the
Compromise Offer has been reflected as a separate disclosable item. The
results have been reviewed by the company's auditors, Compendium
Incorporated.
Restatement of results for the year ended 31 December 2000
Following the changes in GAAP the results as previously published have
been restated, and differ primarily as a result of the accounting
treatment with regard to deferred taxation.
Future prospects
The software and products that have been developed have future value, but
still requires funding to commercialise the products. Buyers are being
sought for certain of the software and assets of the company and any
proceeds received will be recognised as and when they are realised. The
company's directors are in the process of evaluating the company's
remaining assets and are considering, inter alia, restructuring the
balance sheet through a reduction of share capital and details will be
forwarded to shareholders in due course
Corporate Restructurers Corporate Advisor
Gandalf Trust Radagast Capital (Pty) Ltd
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