| Fri 21 Dec 2001, 0:00 | | Streamworks - Interim Results For The Six Months E |
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Streamworks Group Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1999/008650/06)
("Streamworks" or "the group")
Share code "SMK" ISIN Code "ZAE000018180"
Interim results for the six
months ended 30 September 2001
Income Statement
Company Group Group
6 months 6 months year ended
to 30/09/01 to 30/09/00 to 31/03/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Turnover - 19,561 37,183
Operating income
before unbundling - 3,992 (7,786)
Interest (paid)/received - 1 (100)
Net income before taxation - 3,993 (7,886)
Taxation - (1,198) (406)
Earnings/(loss) after taxation - 2,795 (8,292)
Goodwill written off - - (1,382)
Unbundling expenses (717) - -
Profit on disposal of
subsidiaries 16,429 - -
Headline earnings 15,712 2,795 (9,674)
Dividend in specie to ordinary
shareholders (24,203) - -
Weighted number of shares in 103,764 96,250 103,284
issue ('000)
Earnings/(loss) per share -
- earnings/(loss) after taxation - 2.90 (8.03)
- headline 15.14 2.90 (9.37)
Balance Sheet
Company Group Group
actual at actual at actual at
30/09/01 30/09/00 31/03/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Plant and equipment - 3,185 4,558
Investments and loans - 700 -
Current assets 207 14,277 8,169
Work in progress - 3,447 1,133
Accounts receivable - 10,944 6,626
Cash and cash equivalents 207 (114) 410
207 18,162 12,727
Equity and liabilities
Shareholders' interest (equity) 207 12,796 3,411
Long term liabilities - - 30
Current assets - 5,366 9,286
Accounts payable - 2,502 4,295
Taxation - 2,864 2,108
Current portion of borrowings - - 2,883
207 18,162 12,727
Number of shares in issue ('000) 103,764 96,700 103,764
Net tangible asset value per 0.20 13.23 3.29
share (cents)
Highlight
Group unbundled in period
Change in shareholders' interest
Company Group Group
actual at actual at actual at
30/09/01 30/09/00 31/03/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Balance at start of 8,698 8,281 8,281
period
Shares issued in - 1,720 4,804
period
Profit/(loss) for 15,712 2,795 (9,674)
the period
Dividend in specie (24,203) - -
Balance at end of 207 12,796 3,411
period
Abridged Cash Flow
Statement
Company Group Group
6 months 6 months year ended
to 30/09/01 to 30/09/00 to 31/03/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash (utilised (571) (6,879)
in)/generated from
operations
Cash flow from - -
investing
activities
- disposal of 2,672
subsidiaries
- payments for - (3,618) (792)
acquisitions
- additions to - (1,784) (864)
fixed assets
- proceeds on - - 39
disposals
Cash flow from
financing
activities
- net proceeds from - 1,720 1,854
issue of shares
- interest bearing - - 38
borrowings
Net movement in 2,672 (4,253) (6,604)
cash and cash
equivalents
Cash and cash (2,465) 4,139 4,139
equivalents at
beginning of
period
Cash and cash 207 (114) (2,465)
equivalents at end
of period
Commentary
The accounts have been prepared in accordance with the statements of GAAP
and the accounting policies applied are consistent with those previously
applied by Streamworks
Unbundling
The unbundling of the group took place in August 2001 after approval by the
shareholders at a meeting on 27 July 2001. It is the intention, as
previously explained in the disposal circular to the Streamworks
shareholders, dated 12 July 2001, to liquidate and delist Streamworks after
the second distribution that is expeced to be made within reasonable time
after 31 March 2002. The remaining cash balance of R207 000 will be
utilised to defray the expenses incurred in winding up Streamworks.
Directors: PSG Glyn (Non-executive chairman)
RE Kleyn (Chief executive officer)
A Acuna (Chief operating officer)
AP Mostert (Technical)
JC Ashburner (Non-executive)
Registered Unit A, Waterford Place,
office: 27 Autumn Street, Rivonia,
Sandton, 2128
Transfer Computershare Services Limited
secretaries: 2nd Floor Edura House, 41 Fox Str
Johannesburg, 2001
