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February 2002
(Registration number 1998/009608/06)
Share code: YHK ISIN code: ZAE000017208
Preliminary reviewed results for the year ended 28 February 2002
GROUP BALANCE SHEET
28 February 28 February
2002 2001
R`000 R`000
Assets
Non-current assets 4 597 1 164
Tangible assets 590 871
Intangible assets 3 952 204
Share incentive 55 89
trust
Current assets 2 771 8 604
Inventories - 12
Bank and cash 698 182
Trade and other 2 073 8 410
receivables
Total assets 7 368 9 768
Equity and
liabilities
Capital and reserves 858 3 091
Non-current 98 86
liabilities
Interest-bearing 98 86
borrowings
Current liabilities 6 412 6 591
Interest-bearing 120 1 230
borrowings
Other 6 292 5 361
Total equity and 7 368 9 768
liabilities
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital and
reserves
Balance at beginning 3 091 5 074
of the period
Arising from share - 1 538
issue
Net loss for the (2 233) (3 521)
period
Balance at end of 858 3 091
the period
Reconciliation of
headline loss
and net loss
Loss as per income (2 233) (3 521)
statement
Impairment of - 368
property
Net loss/(surplus) 233 (2 883)
on investments
Headline loss (2 000) (6 036)
GROUP INCOME STATEMENT
Year 14 months
ended ended
28 February 28 February
2002 2001
R`000 R`000
Revenue 16 078 17 074
- continuing 11 493 16 020
operations
- discontinued 4 585 1 054
operations
Operating loss
before
exceptional item (1 612) (6 279)
- continuing (1 693) (3 549)
operations
- discontinued 81 (2 730)
operations
Exceptional item (233) 2 883
Operating loss (1 845) (3 396)
Net funding costs (388) (125)
- continuing (379) (105)
operations
- discontinued (9) (20)
operations
Net loss for the (2 233) (3 521)
period
GROUP CASH FLOW STATEMENT
Cash flows from 1 607 (3 665)
operating activities
Cash flows from (22) 2 297
investing activities
Cash flows from (273) 1 415
financing activities
Net increase in cash
and cash equivalents 1 312 47
Cash and cash
equivalents
at beginning of the (614) (1 246)
period
Cash and cash - 585
equivalents acquired
Cash and cash
equivalents
at end of the period 698 (614)
ORDINARY SHARES
Loss per share (4,3) (7,7)
(cents)
Headline loss per (3,8) (13,2)
share (cents)
- continuing (3,9) (7,2)
operations
- discontinued 0,1 (6,0)
operations
Weighted number of
ordinary
shares in issue 52 253 45 858
(`000)
Number of shares in 52 253 52 253
issue (`000)
Net asset value per 1,6 5,9
share (cents)
Net tangible asset
value per share (5,9) 5,5
(cents)
COMMENTS
The operational problems and poor financial structures within the original
group of companies listed as Y3K, have proved to be more problematic and
intractable than anticipated at the time of the change to present
management. The ongoing and substantial costs of restructuring and disposals
are reflected in the net loss for the year of R2,2 million. The above
results have been prepared in compliance with South African Statements of
Generally Accepted Accounting Practice. The results have been reviewed by
the company`s auditors, Grant Thornton Kessel Feinstein and a copy of the
report is available for inspection at the company`s registered office.
Current management continues to be fully committed to achieving a turnaround
despite the difficulties within both the company and the general trading
environment. Prospects for a return to stable and sustainable profitability
are becoming evident at last, with the group trading profitably since April
2002. The improvement in the group`s trading performance has helped to
restore the confidence of its clients, principals and staff.
The cost of the disposal of Lanlink to its management during the year is
reflected as an exceptional item. Micro-Angelo, a point-of-sale systems
developer, was reacquired during the year, as the original purchasers were
unable to meet their commitments. This is reflected as an intangible asset
in the balance sheet. Sales of this Windows-based product are expected to
show satisfactory returns.
In addition to its existing range of security products and services, Y3K was
recently awarded the distribution rights for Microdata, Mimesweeper and the
E-Eye product ranges.
The group is dependent on its bankers and suppliers to provide ongoing
finance for its business activities for the foreseeable future. If continued
finance is not made available, then the group may not be sustainable as a
going concern for the foreseeable future. In this case, the realisable
values of the assets may be less than the values reflected in the balance
sheet.
Y3K is now in a position to provide top quality digital information security
products and services to meet the growing demand in this sector. With its
extended product range and focused new management, Y3K is expected to
achieve a trading profit for the year. Once the stability of the group`s
earnings prospects is established, strategies will be implemented to grow
the company at above average rates, on the basis of a conservative and well-
focused expansion plan.
For and on behalf of the board
Ryan Price
Director of Operations
Johannesburg
12 June 2002
Date: 12/06/2002 05:20:00 PM Produced by the SENS Department
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