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2001
ABACUS TECHNOLOGY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1991/004163/06
Share: ABC ISIN: ZAE000011714
Audited Results For The Year Ended 30 June 2001
ABRIDGED GROUP INCOME STATEMENTS
Year Year
ended ended
30 June 30 June
2001 Change 2000
R'000 % R'000
Revenue 235 146 (20.7) 296 502
Operating profit 37 649 5.4 35 722
Finance charges 7 284 (17.8) 8 864
Net income before taxation 30 365 13.1 26 858
Taxation 11 898 2.1 11 650
Net income before amortisation
of intangibles 18 467 21.4 15 208
Amortisation of intangibles 17 243
Exceptional item of a capital nature (35 673)
Earnings/(loss) attributable
to shareholders 1 224 (20 465)
Determination of headline earnings
Earnings/(loss) attributable to
shareholders 1 224 (20 465)
Loss from discontinued operations 1 560 1 838
Amortisation of intangibles 17 243
Exceptional items of a capital nature 35 673
Headline earnings 20 027 17.5 17 046
Weighted average number of
shares in issue (000) 331 152 308 302
Headline earnings per share - cents 6.0 9.1 5.5
Earnings/(loss) per share - cents 0.4 (6.6)
ABRIDGED CASH FLOW STATEMENT
Year Year
ended ended
30 June 30 June
2001 2000
R'000 R'000
Cash flow from operating activities 23 762 51 231
Cash utilised in investing activities (32 018) (16 815)
Cash flows from financing activities 3 650 (32 985)
Net increase/(decrease) in cash and
cash equivalents (4 606) 1 431
Analysis of Shareholders' interest
Year Year
ended ended
30 June 30 June
2001 2000
R'000 R'000
Balance at beginning of year 59 047 36 720
Retained surplus/(accumulated loss) 1 224 (20 465)
Net proceeds from share issue 43 083
Increase/(decrease) in NDR 1 580 (291)
Balance at end of year 61 851 59 047
ABRIDGED GROUP BALANCE SHEETS
30 June 30 June
2001 2000
R'000 R'000
ASSETS
Non-current assets 135 897 137 881
Tangible 78 905 65 091
Intangible 56 992 72 790
Deferred taxation 4 287
Current assets 57 315 63 767
197 499 201 648
EQUITY AND LIABILITIES
Shareholders' interest 61 851 59 047
Debt 104 078 93 341
Long term 69 139 65 908
Short term 34 939 27 433
Current liabilities 31 570 49 260
197 499 201 648
Number of shares in issue (000) 331 152 331 152
COMMENTS ON RESULTS
INTRODUCTION
Abacus' main business is the replication of video tapes and DVDs and the
provision of post-production services to the motion picture and commercials
industry.
The operations are located in Melbourne and Sydney, Australia and Auckland,
New Zealand, and trade under the name AAV.
PERFORMANCE
Headline earnings for the Group increased substantially from R17.05 to
R20.03 million for the comparable period under review. This represents a
17.5% increase.
The elimination of all loss-making businesses and a continued strong
performance from the Australian operations were the main reasons for these
improvements.
Results
Included in amortisation of intangibles is an exceptional amount of R12.3
million. Management has taken the view that certain intellectual property
has zero value and has thus decided to write this amount off. The opening
retained income for the year ended 30 June 2001 has decreased by an amount
of R10944000 representing the net write-off of certain intangible assets and
which should have been adjusted for in prior years.
ACCOUNTINGPOLICIES
The accounting policy for intangibles has been changed in order to comply
with Generally Accepted Accounting Practice. With effect from 1 July 2000
intangibles are amortised on a straight line basis. Other than this change,
the accounting policies used in the preparation of the Financial Statements
are consistent with those used in the Annual Financial Statements for the
year ended 30 June 2000.
PROSPECTS
Abacus' businesses continue to perform well and remain at the cutting edge
of technology in all its operations. During January 2001 a DVD plant was
successfully commissioned in Sydney launching Abacus into the new era of
home entertainment. AAV's post-production company is the first to have
introduced digital tele-cine equipment in Australia, heralding the
transition into high-definition television (HDTV) broadcasting in that
country.
Since acquisition, AAV has always met and in many cases exceeded
expectations. AAV's strong management has ensured that the Company dominates
the markets in which it serves, by continually investing in state-of-the-art
technology. The Abacus Board is confident that this operation will continue
to produce satisfactory results.
RIGHTSISSUE
As was previously disclosed, it is envisaged that Abacus will proceed with a
rights issue. A notice in this regard will be published in due course.
DIVIDEND
No dividend is declared.
For and behalf of the Board
S J Seeff
Chairman
Johannesburg
15 October 2001
Registered office: 21 West Street, Houghton 2198
Transfer secretaries: Ultra Registrars (Proprietary) Limited, 11 Diagonal
Street, Johannesburg, 2001
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