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Y2K Tec Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/002149/06)
Share code YTC ISIN ZAE000018420
("Y2KTec" or "the company")
Interim Results
for the six months ended 31 August 2001
Income Statements
Six months Year ended Six months
to 31 August 28 February to 31 August
2001 2001 2000
Unaudited Audited Unaudited
R'000 R'000 R'000
Turnover 1 039 116 2 426 633 2 033 001
Operating profit/(loss) 417 820 (1 883 268) 967 576
Net Finance Costs (34 822) (75 636) (45 185)
Exceptional items - (14 111 156) -
Profit/(Loss) before taxation 382 998 (16 070 060) 922 391
Taxation - - -
Net profit/(loss) after taxation 382 998 (16 070 060) 922 391
Attributable to outside shareholders - - -
Net profit/(loss) attributable to
ordinary shareholders 382 998 (16 070 060) 922 391
Cash Flow Statements
Six months Year ended 12 months
to 31 August 28 February to 31 August
2001 2001 2000
Unaudited Audited Unaudited
R'000 R'000 R'000
Net flow from operating activities (232 100) (55 261) 820 132
Net flow from investing activities - - 78 053
Net flow from financing activities 93 290 107 722 (460 977)
Net increase/(decrease) in cash (138 810) 52 461 437 208
Cash at beginning of period 233 547 181 086 181 335
Cash at end of period 94 737 233 547 618 543
Balance Sheets
31 August 28 February 31 August
2001 2001 2000
Unaudited Audited Unaudited
R'000 R'000 R'000
Assets
Non-current assets 264 124 313 055 14 447 433
Fixed assets 264 124 313 055 514 052
Development costs - - 383 893
Goodwill - - 11 074 488
Loans receivable - - 2 475 000
Current assets 380 296 393 856 3 068 291
Inventories 19 525 19 525 13 159
Account receivable 75 091 140 784 2 436 589
Prepaid expenses 190 943 - -
Bank balances 94 737 233 547 618 543
Total assets 644 420 706 911 17 515 724
Equity and liabilities
Issued capital 17 579 205 17 579 205 17 579 205
Retained income (19 031 838) (19 414 836) (2 422
384)
Shareholders' equity (1 452 633) (1 835 631) 15 156 821
Long-term liabilities 610 364 617 601 461 419
Current liablities 1 486 689 1 924 941 1 897 484
Accounts payable 840 109 1 674 756 1 533 748
Taxation - - -
Shareholders' loan 186 500 - 234 000
Current portion of long-term
liabilities 164 211 250 185 129 736
Income received in advance 295 869 - -
Total equity and liabilities 644 420 706 911 17 515 724
Statement of changes in equity
Distri- Share-
Share Share butable holders'
capital premium reserves equity
R'000 R'000 R'000 R'000
Balance
1 March 2000 6 750 17 572 455 (3 344 776) 14 234 429
Net profit/(loss)
for the period - - 922 391 922 391
Balance
as at 31 August 2000 6 750 17 572 455 (2 422 385) 15 156 821
Net profit/(loss)
for period - - (16 992 451) (16 992 451)
Balance
as at 28 February 2001 6 750 17 572 455 (19 414 836) (1 835 631)
Net profit/(loss)
for period - - 382 998 382 998
Balance
31 August 2001 6 750 17 572 455 (19 031 838) (1 452 633)
Earnings per share
Earnings per share of 0,5675 cent is calculated by using attributable
profit/loss of R382 998 and issued shares of 67 487 632. (February 2001:
(23,812) cents per share).
Headline earnings/loss per share of 0,5675 cent is calculated by using
attributable headline profit/loss of R382 998 and issued shares of 67 487
632. (February 2001: (2,903) cents per share).
Commentary
Financial and operational review
The core business of Y2Ktec is the licensing of the Payslyp payroll
software program to their current client user base. Due to the poor
performance of the previous management and directorate of the company the
size of the user base was eroded. The new management of the company has now
established and secured significant portions of the client base and obtained
a High Court interdict against the previous management and staff which
prevents them from trading unlawfully and infringing on copyright. This
litigation is detailed more fully in the circular, dated 29 November 2001,
recently posted to shareholders.
The company's sales predominantly arose from the annual license fees of
the PaySlyp software programme. This income is generally cyclical in nature
in that the invoicing for the license fees occurs during the last quarter of
the financial year. This income is tracked by an even spread of the fixed
overheads throughout the financial period. Of the income reported to date
R444 600 was invoiced in the prior period. In terms of Generally Accepted
Accounting Practice this income was deferred to the current accounting
period, in order to recognise the pro rata income in the year in which the
license fee is valid. The company is reporting a headline profit of R382 998
for this interim reporting period. This decrease from the previous interim
period (to 31 August 2000) is mainly due to the significant losses incurred
by the company whilst under the previous management.
The proposed acquisition by the company of Coetser Craddock International
("CCI") as detailed in the circular will dramatically enhance the results of
the enlarged company. Since this transaction has not yet been approved by
shareholders the combined results for the group have not been reported.
However, it is the considered opinion of the board that the reported profits
of the company at the year-end will be considerably improved as set out in
the circular.
Outlook
Subsequent to the CCI acquisition the Group will be extremely well-
positioned in the market to take advantage of its unique CRM (Client
Relationship Management) marketing strategy. As clients become more focused
on their core business and the business environment becomes more neglected,
more and more SME owners will seek to outsource specialist consulting
services. The group will take advantage of these market developments to
augment organic and acquisitive growth during 2002. The directors are
confident that they will meet their profit forecasts for 2002 and continue
to increase shareholder earnings.
Directors' statement
The directors confirm that the same accounting policies and methods of
calculation have been followed in the preparation of these interim financial
results, as were applied in the preparation of the most recent annual
financial statements.
These results comply in all material respects with the requirements of AC
127 of the South African Statements of Generally Accepted Accounting
Practice, as well as the South African Companies Act, 1973, as amended.
By order of the board
Garth Coetser (Chairman)
Mike Hill (Chief Executive Officer)
Northcliff
30 November 2001
Registered address
34 Monkor Drive
Randpark Ridge, Randburg
(PO Box 1757, Northcliff, 2125)
Telephone: (011) 340-5000
Telefax: (011) 476-6924
Transfer secretaries
Computershare Services Limited
Sponsor
The Janus Corporation
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