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Casey Investment Holdings Limited - Audited Year End Results 28 February
2002
Casey Investment Holdings Limited
Audited Year End Results 28 February 2002
CASEY INVESTMENT HOLDINGS LIMITED
(Registration No:1998/016433/06)
("Casey")
JSE CODE: CSY
ISIN CODE: ZAE000016127
CONSOLIDATED INCOME STATEMENT Year ended Year ended
28 Feb 2002 28 Feb 2001
(Audited) (Audited)
Notes
Revenue
Continuing operations 29,224,921 28,471,702
Discontinuing operations 2 0 3,564,814
29,224,921 32,036,516
Operating loss before
interest
and taxation
Continuing operations (8,451,197) (11,643,534)
Discontinuing operations 0 (2,404,968)
Net interest paid
Continuing operations 459,358 (800,479)
Net loss before taxation
Continuing operations (7,991,839) (12,444,013)
Discontinuing operations 0 (2,404,968)
Taxation
Continuing operations 0 248,018
Loss after taxation
Continuing operations (7,991,839) (12,195,995)
Discontinuing operations 0 (2,404,968)
(7,991,839) (14,600,963)
Number of shares in issue 83,129,592 79,723,333
Weighted average number of 81,426,963 79,723,333
shares in issue
Loss per share (cents) 4 (9.81) (18.31)
Headline loss ed as
computed as follows
follows: :
Loss for the year (7,991,839) (14,600,963)
Loss on discontinued (2,404,968)
operations
Goodwill (235,341) (235,341)
Headline loss (7,756,498) (11,960,654)
Headline loss per share 4 (9.53) (15.00)
(cents)
CONSOLIDATED BALANCE STATEMENT At At
28 Feb 2002 28 Feb 2001
(Audited) (Audited)
Assets
Non current assets 6,321,174 6,462,088
Current assets 6,869,419 5,261,381
Debtors 6,437,450 3,894,011
Stock 431,969 1,367,370
Total Assets 13,190,593 11,723,469
Equity and
Liabilities
Share capital and premium 3,572,553 3,538,491
Reserves (18,774,645) (10,782,806)
(15,202,092) (7,244,315)
Non-current liabilities 3 17,748,787 10,398,141
Current liabilities 10,643,898 8,569,643
Creditors 4,124,424 4,175,691
Bank 6,519,474 4,393,952
Total Equity and 13,190,593 11,723,469
Liabilities
Net asset value per share 4 (18.67) (9.09)
(cents)
Net tangible asset value 4 (23.09) (14.03)
per share (cents)
CASH FLOW STATEMENT Year ended Year ended
28 Feb 2002 28 Feb 2001
(Audited) (Audited)
CASH FLOW FROM
OPERATING ACTIVITIES
Cash generated from (8,750,123) (8,353,574)
operations
Interest expense (522,857) (800,479)
Income Tax paid 0 (443,864)
(9,272,980) (9,597,917)
CASH FLOW FROM
INVESTMENT ACTIVITIES
Proceeds from disposal of 27,578 291,899
fixed assets
Purchase of fixed assets (196,704) (288,056)
Investment in subsidiaries (34,062) (647,920)
(203,188) (644,077)
CASH FLOW FROM
FINANCING ACTIVITIES
Proceeds from long-term 7,350,646 10,360,413
borrowings
7,350,646 10,360,413
Movement in cash and cash (2,125,522) 118,419
equivalents
Cash and cash equivalents -
beginning of (4,393,952) (4,512,371)
period
Cash and cash equivalents -
end of period (6,519,474) (4,393,952)
GROUP STATEMENT OF CHANGES IN Year to Year to
EQUITY 28 Feb 2002 28 Feb 2001
(Audited) (Audited)
Share capital
Balance at the beginning of 797,233 797,233
the period
New shares issued during 34,062
the period
831,295 797,233
Share premium
Balance at the beginning of 2,741,258 2,741,258
the period
Premium of new shares
issued during the period
Goodwill written
off
2,741,258 2,741,258
Distributable reserves
Balance at the beginning of (10,782,806) 3,818,157
the period
Net profit / (losses) for (7,991,839) (14,600,963)
the period
(18,774,645) (10,782,806)
TOTAL EQUITY (15,202,092) (7,244,315)
Notes
1. The accounting policies used in the preparation of the financial
statements for the year ended 28 February 2002 are consistent with those
applied in the prior period and comply with South African Statements of
Generally Accepted Accounting Practise.
2. Discontinuing operations was due to closure of branches and
subsidiaries.
3. Non-current liabilities represent a loan from Blitec (71% shareholder).
Blitec has continued to provide funding to the group. The recapitalisation
of the group is under consideration by the board of directors.
The figures for net asset value per share were calculated on the fully
diluted number of shares in issue and those for loss per share were
calculated on the weighted average number of shares in issue.
Comments
The decision by the board of Casey Investment Holdings Ltd in March 2001 to
restructure, refocus and consolidate the operating businesses within the
Casey group away from product centric trading and into focussed, customer
centric and value adding solutions within the public and private sector
markets has proved to be an insightful one.
Although the implementation of this decision was executed in a year that saw
all of us shocked by the events of September 11 and the resulting stagnation
in business the world over, we managed to bounce back from this experience
and normalise our lives and focus on our goals in the interest of all our
stakeholders. This was also a year that saw the demise of some of this
country`s top IT companies as well as many small and emerging firms.
In this financial year, the Casey group has continued to dispose of marginal
and loss-making activities and focussed on core business activities that
represent its competitive advantage and its growing competence. We have also
undertaken a process through which we have replaced non-core skills with
professionals skilled in the areas of business and technology that we now
undertake.
The primary focus in this financial year has been on the successful
implementation of the business plan in growing revenues within the value
adding solutions for our customer base. Emphasis has also gone into growing
Casey`s customer base within the public sector, tertiary education sector
and the corporate market. Turnover from business solutions has grown by 75%
in this financial year, introducing high-margin revenue to replace low-
margin product business.
We have successfully allied ourselves with leading technology companies both
domestic and global and this has given us the depth of knowledge as well as
the capability to engage with our customers in areas of decision-making that
are vital and strategic to their business.
In the later half of the financial year, Casey has been a leading component
in consortia that were awarded meaningful contracts that comprise high
value, knowledge-based software solutions as well a high complement of
services. The services we offer range from application development to e-
commerce application design and implementation as well as data and
information security.
Casey continues to place a high premium on the training and development of
personnel who fulfill on the contracts that have been secured as well as on
the contracts we anticipate to secure in the near future. The cost
implications for such training is high initially but is mitigated by the
involvement of strategic partners on a cost-sharing basis as well as the
economies of scale that come into play in subsequent deployment of such
skills.
As the management of Casey we are convinced, in spite of many difficulties,
that all the actions that have been taken to reposition Casey as a capable,
competent Black IT company will continue in the next financial year to
improve on our results as well on the market`s perceptions of our
capabilities, commitment to succeed and on the role we will continue to play
in the IT landscape.
For and on behalf of the board
L Khumalo J Molobela
Managing director Chairman
Midrand
28 May 2002
Sponsor
The Janus Corporation (Pty) Ltd
Date: 31/05/2002 03:11:00 PM Produced by the SENS Department
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