| Thu 18 Apr 2002, 0:00 | | Infowave - Audited Group Results For The Year Ende |
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INFOWAVE HOLDINGS LIMITED
(Registration number: 1998/017276/06)
Share code: IFW ISIN: ZAE000016440
("InfoWave" or "the company")
Audited group results for the year ended 28 February 2002
* Turnover up 23% from R22 million to R27 million
* Profit after tax up 221% from R1,4 million to R4,5 million
* Earnings per share up by 220% from 1,64 cents to 5,24 cents
* Headline earnings per share up by 176% from 1,93 cents to 5,32 cents
Consolidated Income Statement
Year Year
ended ended
28 February 28 February
2002 2001
(audited) (audited)
R'000 R'000
Revenue 26 903 21 882
Operating profit before interest 6 020 2 051
Net interest received and
investment income 654 391
Profit before taxation 6 674 2 442
Taxation (2 130) (1 028)
Profit attributable to ordinary
shareholders 4 544 1 414
Headline profit
Profit attributable to ordinary
shareholders 4 544 1 414
Write-down of:
- share incentive loan 40 -
- investments 28 50
Loss on disposal of:
- plant and equipment 6 -
- business - 202
Headline profit 4 618 1 666
Consolidated Cash Flow Statement
Year Year
ended ended
28 February 28 February
2002 2001
(audited) (audited)
R'000 R'000
Net cash inflow from
operating activities 4 351 4 304
Net cash inflows/(outflows)
from investing activities 2 037 (1 875)
Net cash outflows
from financing activities (250) (271)
Net increase in cash resources 6 138 2 158
Cash and cash equivalents
at beginning of year 4 598 2 440
Cash and cash equivalents
at end of year 10 736 4 598
Consolidated Balance Sheet
As at As at
28 February 28 February
2002 2001
(audited) (audited)
R'000 R'000
ASSETS
Non-current assets
Plant and equipment 660 1 030
Deferred taxation asset - 175
Investments - 2 443
660 3 648
Current assets
Trade and other receivables 3 606 3 256
Cash and cash equivalents 10 736 4 598
14 342 7 854
Total assets 15 002 11 502
EQUITY AND LIABILITIES
Capital reserves
Issued share capital 9 9
Share premium 9 020 8 942
Accumulated profit/(deficit) 1 983 (2 561)
11 012 6 390
Non-current liabilities
Long-term borrowings 313 563
Current liabilities
Trade and other payables 3 677 4 549
Total equity and liabilities 15 002 11 502
Consolidated Statement of Changes in Equity
for the year ended 28 February 2002
Accumulated
Share Share profit/
capital premium (deficit) Total
R'000 R'000 R'000 R'000
Balance at
29 February 2000 9 8 942 (3 975) 4 976
Net profit for year - - 1 414 1 414
Balance at
28 February 2001 9 8 942 (2 561) 6 390
Issue of share capital - 78 - 78
Net profit for year - - 4 544 4 544
Balance at
28 February 2002 9 9 020 1 983 11 012
Statistics
Year Year
ended ended
28 February 28 February
2002 2001
(audited) (audited)
Number of ordinary shares
in issue ('000) 87 455 86 155
Weighted average ordinary shares
in issue ('000) 86 805 86 155
Earnings per ordinary share:
fully diluted (cents) 5,16 1,64
Earnings per ordinary share:
weighted average (cents) 5,24 1,64
Headline earnings per ordinary share:
weighted average (cents) 5,32 1,93
Net asset value
per ordinary share (cents) 12,59 7,42
Long-term (non-interest bearing) debt :
equity ratio (%) 2,83 8,80
Chairman's Review for the year
ended 28 February 2002
I am extremely pleased to report a good year for InfoWave. The company
remained focused on its objectives to grow organically and concentrate on
its core business. Oracle continues to be the preferred technology used to
build customised and packaged software and InfoWave continues to win,
implement and support new "turn-key" solutions.
This year's performance is mainly as a result of:
* A full financial year without legacy once-off costs
* Strong financial controls and Corporate governance
* Focusing on niche markets
* Implementation of annuity contracts with customers acquired through an
acquisition in the previous financial year
* Focusing on developing new business with our existing customer base
* Revenue derived from the sale of Oracle licenses.
As anticipated by the board, the process of identifying a global partner
is lengthy, however, steady progress is being made. Our cautious approach
and "business as usual" policy has been in the interests of our
shareholders, our customers and our employees.
Our plans and prospects for the next financial year are positive and we
anticipate continued growth in turnover and profit. InfoWave will be
focusing on the following growth opportunities and service offerings, some
of which have already commenced. We intend to:
* Continue providing quality custom-built application solutions in niche
markets or business areas
* Focus on larger clients for outsourcing of application solutions and
support
* Continue to target the sugar industry in third-world countries having
already established customer bases in Swaziland, Mozambique, Tanzania,
Zambia and Malawi
* Pro-actively pursue opportunities which will enable re-use of our
intellectual property
* Continue to increase annuity revenue based on our principle of long-term
partnerships with our customers
* Continuously improve our Internet-based offerings so that they are
competitive and viable as Internet technology and standards become more
widely adopted
* Implement a major drive to further invest in the growth and retention of
our people.
The directors are responsible for the preparation, integrity and
objectivity of our financial statements and other information contained
herein which has been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice.
On behalf of the board, I wish to extend my appreciation to all
InfoWavers for their unwavering commitment to our customers and to InfoWave.
The coming year promises to be another exciting year and we look forward to
working with our customers, assisting them as they strive to meet their
business goals.
Directors:
R P Collis (Chairman and Chief Executive Officer),
M c B Lionnet, P Naicker, C L von Pannier.
Company Secretary:
N C Swinford-Meyer
Registered office:
Gleneagles Park, 10 Flanders Drive, Mount Edgecombe, 4300
Transfer secretaries:
Computershare Services Limited, 2nd Floor, Edura,
41 Fox Street, Johannesburg, 2001
Auditors:
Deloitte & Touche, 2 Pencarrow Crescent, Pencarrow Park,
La Lucia Ridge Office Estate, La Lucia, 4051
