|
Brainware Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/006894/06)
JSE Share code: BRW ISIN: ZAE000018289
("Brainware")
Consolidated interim results for the six months ended 31 December 2001
BALANCE SHEET
Group
31 December 30 April 30 June
2001 2001 2001
Unaudited Reviewed Audited
Note R'000 R'000 R'000
ASSETS
Non-current assets
Property and equipment 2 - 2 919 2 919
Other investments and loans 35 39 38
Total non-current assets 35 2 958 2 957
Current assets
Receivables and pre-payments 3 652 7 588 751
Short-term loans - 54 -
Cash and cash equivalents 4 137 5 106 3 007
Total current assets 4 789 12 748 3 758
Total assets 4 824 15 706 6 715
EQUITY AND LIABILITIES
Capital and reserves
Share capital 386 386 386
Share premium 7 032 7 032 7 032
(Accumulated loss)/Retained earnings (2 837) 4 578 (2 932)
Total capital and reserves 4 581 11 996 4 486
Current liabilities
Trade and other payables 243 3 602 2 229
Current tax liabilities - 108 -
Total liabilities 243 3 710 2 229
Total equity and liabilities 4 824 15 706 6 715
INCOME STATEMENT
Group
Six months Ten months Year
ended ended ended
31 December 30 April 30 June
2001 2001 2001
Unaudited Reviewed Audited
R'000 R'000 R'000
Income - 85 86
Operating expenses (246) (5 953) (6 287)
Costs relating to closure
of operations (237) (1 890) (2 596)
Profit on sale of investments 455 18 847 12 348
Operating (loss)/profit (28) 11 089 3 551
Net interest 123 (445) (416)
Profit before taxation 95 10 644 3 135
Taxation - (108) (108)
Net profit 95 10 536 3 027
Earnings per share (cents) 0,02 2,7 0,8
Headline earnings per share (cents) 0,03 - -
CASH FLOW STATEMENT
Group
Six months Ten months Year
ended ended ended
31 December 30 April 30 June
2001 2001 2001
Unaudited Reviewed Audited
R'000 R'000 R'000
CASH FLOW UTILISED IN
OPERATING ACTIVITIES (2 447) (2 301) (4 455)
Cash receipts from customers 99 1 096 933
Less: Cash paid to suppliers and
employees (2 669) (2 952) (4 864)
Cash utilised in operations (2 570) (1 856) (3 931)
Investment income 123 113 157
Finance costs - (558) (573)
Taxation paid - - (108)
Cash utilised in operating activities (2 447) (2 301) (4 455)
CASH FLOW FROM
INVESTMENT ACTIVITIES 3 577 26 141 26 196
Disposals of property and equipment 3 574 - -
Disposal of subsidiary companies - 20 426 20 426
Proceeds on disposal of other
investments - 4 276 4 276
Loans and other investments 3 1 493 1 494
Short-term loans - 54 -
CASH FLOW FROM
FINANCING ACTIVITIES - (24 237) (24 237)
Long-term loans repaid - (2 742) (2 742)
Short-term loans repaid - (21 495) (21 495)
Net increase/(decrease) in cash and
cash equivalents 1 130 (397) (2 496)
Cash and cash equivalents
at beginning of period 3 007 5 503 5 503
Cash and cash equivalents
at end of period 4 137 5 106 3 007
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2001
Accu-
Share Share mulated
capital premium loss Total
Unaudited R'000 R'000 R'000 R'000
GROUP
Balance at
30 June 2001 386 7 032 (2 932) 4 486
Net gains
recognised in
income statement 95 95
Balance at
31 December 2001 386 7 032 (2 837) 4 581
NOTES TO THE INTERIM RESULTS
1. General
The interim results have been prepared in accordance with the Statements of
Generally Accepted Accounting Practice of South Africa. The accounting
policies adopted remain consistent with those applied in the financial
statements for the year ended 30 June 2001.
2. Property and equipment
During the period under review Brainware, pursuant to the disposal process
announced in the press on 17 May 2001 ("the disposal process"), disposed of
its only remaining material non-cash asset, namely a property held by its
wholly-owned subsidiary, Brainware Property Investments (Proprietary)
Limited, for an amount of R3,5 million.
3. Receivables and prepayments
The only purchase consideration outstanding in terms of the disposal
process remains the R7 million owed by the purchasers of Brainware's
interest in Aqeuro Holding NV. Although this amount has been fully written-
off in the financial year ended 30 June 2001, Brainware continues to exhaust
all possible avenues to recover this amount and shareholders will be
informed of any material developments in this regard.
4. Headline earnings per share
During the year ended 30 June 2001 and the interim period for the ten months
ended 30 April 2001 the group's only headline earnings were derived from
interest received. Given that these headline earnings were negligible, no
headline earnings per share have been calculated for these periods. The
headline earnings per share for the interim period ended 31 December 2001
were derived from interest received.
COMMENTARY
Status of the disposal process
During the period under review, Brainware completed the disposal process
by successfully disposing of the property referred to above.
Prospects of the company
The voluntary suspension of Brainware's listing on the JSE Securities
Exchange South Africa ("JSE") was lifted on 24 October 2001 and the listing
was simultaneously transferred to the Investment Companies sector of the JSE
List. The board of directors is considering certain proposals in respect of
a possible acquisition of assets by Brainware and shareholders are referred
to the announcement which appeared in the press on Friday, 22 March 2002.
J C van Niekerk F R Ueckermann
Director Director
For and on behalf of the Board
22 March 2002
Directors: J C van Niekerk, F R Ueckermann, K D Macmillan, M Pels
Company secretary: J S Jacobs & Associates
Registered office Transfer secretaries
Suite 1 Computershare Services Limited
267 Waterkloof Road 2nd Floor, Edura House
Brooklyn 41 Fox Street
Pretoria 0001 Johannesburg 2001
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
