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PROVISIONAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2001
CONDENSED INCOME STATEMENT
Unaudited Audited
Year Year
ending ending
31/8/01 31/8/00
R'000 R'000
Revenue - continuing operations 31 372 36 542
Revenue - discontinued operations 29 000
Cost of sales (9 050) (40 835)
Gross profit 22 322 24 707
Other operating income 358 826
Other operating expenses (24 673) (15 860)
Results from operating activities (1 993) 9 673
Loss from discontinued operation (9 645)
Net financing income/(cost) (133) 578
Profit/(loss) before taxation (11 771) 10 251
Income tax 358 277
Net profit/(loss) for the period (11 413) 10 528
Reconciliation of headline earnings
Earnings (11 413) 10 528
Goodwill effects 3 294 1 058
Discontinued operations 9 645
Loans written off 665
Headline earnings 2 191 11 586
Earnings/(loss) per share (cents) (11,5) 12,4
Headline earnings per share (cents) 2,2 13,7
Weighted average number of shares 99 600 84 817
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Share Other Retained Total
capital premium Reserves profits
R'000 R'000 R'000 R'000 R'000
Balance at 1 82 15 131 7 135 22 348
September 1999
Issue of capital 3 4 250 4 253
Foreign exchange 77 77
translation reserve
Net profit for the 10 529 10 529
year
Balance at 31 August 85 19 381 77 17 664 37 207
2000
Balance at 1 85 19 381 77 17 664 37 207
September 2000
Issue of capital 15 1 062 1 077
Foreign exchange 736 736
translation reserve
Post acquisition non- 1 445 (1 445) -
distributable
profits
Net loss for the (11 413) (11 413)
period
Balance at 31 August 100 20 443 2 258 4 806 27 607
2001
CONDENSED BALANCE SHEET
Unaudited Audited
31/8/01 31/8/00
R'000 R'000
Assets
Non-current assets 32 836 25 415
Tangible assets 8 896 4 512
Non-tangible assets 23 017 20 430
Other financial assets 923 473
Current assets 9 734 23 040
Inventories 110 10 999
Trade and other receivables 7 054 6 962
Cash and cash equivalents 2 244 4 656
Taxation 184
Other financial assets 142 423
Total assets 42 570 48 455
Equity and liabilities
Capital and reserves 27 607 37 207
Equity capital 20 543 19 466
Non-distributable reserves 2 258 77
Accumulated profits 4 806 17 664
Non-current liabilities 375 303
Interest bearing borrowings 158 298
Other financial liability 216
Deferred taxation 1 5
Current liabilities 14 588 10 945
Trade and other payables 9 754 9 688
Short term borrowings 3 175 538
Taxation 1 659 719
Total equity and liabilities 42 570 48 455
CONDENSED CASH FLOW STATEMENT
Unaudited Audited
Year Year
ending ending
31/8/01 31/8/00
R'000 R'000
Cash flows from operating activities 3 771 5 316
Cash flows from investing activities (9 845) (10 854)
Cash flows from financing activities 961 89
Net change in cash and cash equivalents (5 113) (5 449)
Cash and cash equivalents acquisitions 932
Cash and cash equivalents at beginning 4 323 8 840
of period
Cash and cash equivalents at end of the (790) 4 323
period
COMMENTARY
The Business
Vesta's core business competency is the delivery of total Information
Technology services. Over the last few years Vesta has invested in a solid
multi-disciplined development team and products that are able to perform in
the demand of a fast changing environment. Vesta delivers these skills to
the marketplace in four main areas: Software development; Service and
Support; Training; and own-developed products, which are in the e-learning
and financial services focus areas.
Review of results
The financial statements have been presented in accordance with South
African Statements of Generally Accepted Accounting Practice (GAAP) and have
been reviewed by the Company's auditors. Their report is available for
inspection at the registered offices. The provisional results are not
audited as the final audit of certain subsidiaries has not been finalised.
The trading conditions of the previous 12 months had a major impact on
Vesta's business. It happened at a time where focus was on getting products
to market, which resulted to an increase in operational expenditure. Longer
decision-making cycles of clients caused a slower sales fulfilment and
impacted Vesta's projections.
Future
Vesta invested in an initiative to increase its sales. Our own products are
mature and allow for a more aggressive marketing drive. The change in our
sales focus is already paying off, and we are confident that our trading
position will change dramatically this year.
Operational comment
A decision was made to discontinue the operations of the Special Purpose
Vehicle ("SPV") - Vesta Software Solutions (uk) Limited, which resulted in a
loss on discontinued operations of R9 645 000. Although the SPV had no
operational impact on Vesta it could not fulfil the financial return that
was planned.
The revenue of the prior year includes revenue from the discontinued
operation of R29 million. The discontinued operation did not contribute any
revenue in the current year.
The dramatic increase in operational expenditure is as a result of the
increased amortisation of goodwill in the Fund Mator acquisition, as well as
the Fund Mator Group's expenses which were only included for two months in
the prior year, and is consolidated for 12 months in the current year. The
loan to the share trust was written down due to the falling share price.
Vesta has put various strategies in place to minimise the impact of cyclical
business on the group. This includes the conversion of clients to monthly
and annual payment models to create an annuity income stream.
By order of the Board
Frederick Morrison Johannesburg
Group Chief Executive 29 November 2001
Directors: F Morrison, M Morrison, M Du Toit* (*Non-executive).
Transfer Secretaries: Computershare Services, Edura House, 41 Fox Street,
Johannesburg 2001.
Registered Office: Vesta House, Gazelle Close, Corporate Park, Old Pretoria
Rd, Midrand, Johannesburg.
Tel: (011) 314-8181 Fax: (011) 314-8182
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