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PRADA TECHNOLOGIES LIMITED - GROUP AUDITED RESULTS JUNE 2001
PRADA TECHNOLOGIES LIMITED
Registration number 98/09657/06
INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2001
Note Group Company
2001 2000 2001 2000
R R R R
REVENUE 1 1,561,552 11,084,551 758,378 1,079,251
OTHER
INCOME 21,262 81,682 21,262 81,682
OPERATING
EXPENSES (7,001,599) (4,332,521) (6,241,486) (3,966,787)
Direct
contract
costs (2,244,526) (729,801) (2,244,526) (729,801)
Staff costs (1,187,066) (2,027,819) (987,964) (2,019,709)
Depreciation
and
amortisation (1,715,450) (618,801) (1,694,350) (618,801)
Equipment
Rental (271,094) - (226,294) -
Joint venture
costs - (25,972) - (25,972)
Other operating
expenses (1,583,463) (930,128) (1,088,352) (572,504)
OPERATING
INCOME
(LOSS) before
interest
received and
exceptional
items 2 (5,418,785) 6,833,712 (5,461,846) 7,194,146
NET INTEREST
RECEIVED
(PAID) 3 (17,182) 7,891 (17,356) 7,891
PROFIT
(LOSS)
before
exceptional
items (5,435,967) 6,841,603 (5,479,202) 7,202,037
EXCEPTIONAL
ITEMS 4 (25,483,054) - (25,483,054) -
PROFIT
(LOSS)
before
taxation (30,919,021) 6,841,603 (30,962,256) 7,202,037
TAXATION 5 2,187,302 (2,100,879) 2,209,009 (2,209,009)
PROFIT
(LOSS)
after
taxation (28,731,719) 4,740,724 (28,753,247) 4,993,028
MINORITY
INTEREST (5,597) 65,599 - -
PROFIT (LOSS)
ATTRIBUTABLE
TO
SHAREHOLDERS (28,737,316) 4,806,323 (28,753,247) 4,993,028
Headline
earnings
(loss)
per share
(cents) 6 & 19 (27.96) 6.06
Diluted
headline
earnings
(loss) per
share
(cents) 6 & 19 (27.11) 6.02
Earnings
(loss) per
share
(cents) 6 & 19 (35.83) 6.13
Diluted
earnings
(loss) per
share
(cents) 6 & 19 (34.75) 6.09
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2001
PRADA TECHNOLOGIES LIMITED
BALANCE SHEET AS AT 30 JUNE 2001
Group
2001 2000
Note R R
ASSETS
Non-current assets 431,360 19,684,675
Plant and equipment 7 220,485 15,459,264
Goodwill on acquisition
of subsidiary 8 124,452 6,326,290
Investment in subsidiary 9 - -
Deferred taxation 10 86,423 (2,100,879)
Current assets 446,058 10,600,506
Inventory 11 88,644 405,357
Trade receivables 293,592 3,946,390
Other receivables 12 1 6,136,000
Cash and cash equivalents 63,821 112,759
TOTAL ASSETS 877,418 30,285,181
EQUITY AND LIABILITIES
Equity and Reserves (814,166) 27,622,757
Share capital 13 17,566,434 17,566,434
Accumulated profits (23,930,993) 4,806,323
Deferred Revenue 300,393 -
Vendors loans 5,250,000 5,250,000
Minority interest 69,450 63,853
Current liabilities 1,622,134 2,598,571
Trade payables 1,198,317 270,460
Other payables 48,000 24,000
Short term loans 301,908 2,229,111
Provisions 15 59,253 75,000
Bank overdraft 14,656 -
Total equity and liabilities 877,418 30,285,181
Net asset value per
share (cents) 19 - 34.4
Fully diluted net asset
value (cents) 19 - 33.4
PRADA TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2001
Share Share Accumulated
Capital premium profit (loss)
R R R
GROUP
Balance at 1 July 1999 772 14,731,112 -
Profit for the year - - 4,806,323
Issue of Share Capital 30 2,999,970 -
Listing Expenses - (165,450) -
Acquisition of subsidiary - - -
Balance at 1 July 2000 802 17,565,632 4,806,323
Loss for the Year - - (28,737,316)
Surplus on disposal of
assets subjected to sale
and lease back arrangement - - -
Proportion recognition of
profit on assets subjected
to sale and lease back
arrangement - - -
Balance at 30 June 2001 802 17,565,632 (23,930,993)
COMPANY
Issue of share capital 772 14,731,112 14,731,884
Balance at 1 July 1999 772 14,731,112 -
Profit for the year - - 4,993,028
Issue of Share Capital 30 2,999,970 -
Listing Expenses - (165,450) -
Acquisition of subsidiary - - -
Balance at 1 July 2000 802 17,565,632 4,993,028
Loss for the Year - - (28,753,247)
Surplus on disposal of
assets subjected to
sale and lease back
arrangement - - -
Proportion recognition of
profit on assets subjected
to sale and lease
back arrangement - - -
Balance at 30 June 2001 802 17,565,632 (23,760,219)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2001
Deferred Vendors Total
Revenue loans
R R R
GROUP
Balance at 1 July 1999 - - 14,731,884
Profit for the year - - 4,806,323
Issue of Share Capital - - 3,000,000
Listing Expenses - - (165,450)
Acquisition of subsidiary - 5,250,000 5,250,000
Balance at 1 July 2000 - 5,250,000 27,622,757
Loss for the Y - - (28,737,316)
Surplus on disposal of
assets subjected to sale
and lease back arrangement 350,921 - 350,921
Proportion recognition of
profit on assets subjected
to sale and lease back
arrangement (50,528) - (50,528)
Balance at 30 June 2001 300,393 5,250,000 (814,166)
COMPANY
Issue of share capital - - 14,731,884
Balance at 1 July 1999 - - 14,731,884
Profit for the year - - 4,993,028
Issue of Share Capital - - 3,000,000
Listing Expenses - - (165,450)
Acquisition of subsidiary - 5,250,000 5,250,000
Balance at 1 July 2000 - 5,250,000 27,809,462
Loss for the Year - - (28,753,247)
Surplus on disposal of
assets subjected to sale
and lease back arrangement 350,921 - 350,921
Proportion recognition of
profit on assets subjected
to sale and lease back
arrangement (50,528) - (50,528)
Balance at 30 June 2001 300,393 5,250,000 (643,392)
Company
2001 2000
Note R R
ASSETS
Non-current assets 679,991 19,912,499
Plant and equipment 7 184,991 15,424,670
Goodwill on acquisition
of subsidiary 8 - -
Investment in subsidiary 9 495,000 6,696,838
Deferred taxation 10 - (2,209,009)
Current assets 132,665 10,493,719
Inventory 11 88,644 405,357
Trade receivables 22,646 3,889,816
Other receivables 12 1 6,136,000
Cash and cash equivalents 21,374 62,546
TOTAL ASSETS 812,656 30,406,218
EQUITY AND LIABILITIES
Equity and Reserves (643,392) 27,809,462
Share capital 13 17,566,434 17,566,434
Accumulated profits (23,760,219) 4,993,028
Deferred Revenue 300,393 -
Vendors loans 5,250,000 5,250,000
Minority interest - -
Current liabilities 1,456,048 2,596,756
Trade payables 1,032,231 268,645
Other payables 48,000 24,000
Short term loans 301,908 2,229,111
Provisions 15 59,253 75,000
Bank overdraft 14,656 -
Total equity and liabilities 812,656 30,406,218
Net asset value per
share (cents) 19 - 34.4
Fully diluted net asset
value (cents) 19 - 33.4
Note Group Company
2001 2000 2001 2000
R R R R
CASH GENERATED FROM
OPERATIONS 1,134,576 3,490,878 1,120,342 3,906,071
Cash received from
Customers 1 5,214,350 7,138,161 4,625,548 7,189,435
Cash paid to
Suppliers 2 (4,062,592) (3,655,174) (3,487,850) (3,291,255)
CASH GENERATED BY
OPERATING ACTIVITIES 3 1,151,758 3,482,987 1,137,698 3,898,180
Net interest paid (17,182) 7,891 (17,356) 7,891
CASH UTELISED BY
INVESTING ACTIVITIES 729,033 (8,621,265) 751,033 (8,957,219)
Investments to expand
operations (220,967) (8,648,117) (198,967) (8,984,071)
Acquisition of Subsidiary
5.1 - - - (1,500,000)
Investments in joint
ventures operations - (224,818) - (224,818)
Acquisition &
development of plant
and equipment (220,967) (1,171,476) (198,967) (1,136,882)
Net assets acquired 5.2 - (1,129,452) - -
Increase in other
receivables (6,136,000) - (6,136,000)
Outstanding VAT
refundable - 13,629 - 13,629
Proceeds on disposal
of plant
and equipment 950,000 26,852 950,000 26,852
INFLOW FORM
FINANCING ACTIVITIES (1,927,203) 5,187,374 (1,927,203) 5,057,922
Decrease in short
term borrowings (1,927,203) 2,223,372 (1,927,203) 2,223,372
Proceeds of
share issue 6 - 2,964,002 - 2,834,550
NET DECREASE IN CASH
AND CASH EQUIVALENTS (63,594) 56,987 (55,828) 6,774
CASH AND CASH
EQUIVALENTS at
beginning of year 112,759 55,772 62,546 55,772
CASH AND CASH
EQUIVALENTS
at end of year 7 49,165 112,759 6,718 62,546
0.35 - 0.35 -
PRADA TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Group Company
2001 2000 2001 2000
R R R R
1 Turnover
Non-recurring fees 394,724 10,681,420 394,724 10,681,420
Rental contracts 1,166,828 403,131 363,654 397,831
1,561,552 11,084,551 758,378 11,079,251
2 Operating profit
is stated after
accounting for
the following items
Auditors remuneration
Audit fees - current
provision 85,000 60,780 75,000 60,780
Depreciation and
Amortisation 1,715,450 618,801 1,694,350 618,801
Computer equipment 56,138 17,666 51,743 17,666
Office equipment,
furniture and fittings 14,252 12,740 14,252 12,740
Computer software 1,326,087 535,233 1,309,382 535,233
Investment in
subsidiary / Goodwill
on acquisition 318,973 53,162 318,973 53,162
Loss on disposal of
plant and equipment - 12,761 - 12,761
Operating leases :
Immovable property : 60,360 67,901 60,360 67,901
Office equipment 14,424 1,202 14,424 1,202
Computer equipment 226,294 - 226,294 -
Lease costs 276,822 - 276,822 -
Profit set-off (50,528) - (50,528) -
3 Net interest
received (paid)
Interest received 529 8,604 355 8,604
Interest paid (17,711) (713) (17,711) (713)
(17,182) 7,891 (17,356) 7,891
4 Exceptional items
Impairment adjustment
- Computer equipment
and software (13,225,357.00) (13,225,357.00)
Write-off of
joint venture
assets (238,833.00) (238,833.00)
Impairment of
goodwill on
investment in
subsidiary (5,882,865.00) (5,882,865.00)
Provision for
non-recovery of
initial payment
for Brainware MIT
Solutions (Pty)
Ltd - Refer note 12 (6,135,999.00) (6,135,999.00)
(25,483,054) - (25,483,054) -
5 Taxation
S A Normal -
Deferred taxation (2,187,302) 2,100,879 (2,209,009) 2,209,009
(2,187,302) 2,100,879 (2,209,009) 2,209,009
Tax reconciliation % % % %
Statutory tax rate (30.00) 30.00 (30.00) 30.00
Disallowable expenses
12.21 0.71 12.19 0.67
Capital profits (0.05) - (0.05) -
Non-utilised tax losses 10.77 - 10.73 -
Effective tax rate (7.07) 30.71 (7.13) 30.67
No provision has been made
for current taxation
as both the group and
company has an estimated
losses for tax purposes of :
11,345,572 2,134,969 11,040,397 1,774,535
The following portion
of tax losses have been
taken into account in
calcualtion the group`s
and company`s
deferred taxation charge 305,175 2,134,969 - 1,774,535
6 Headline earnings
Based on profits
calculated as follows
Profit (loss) for the year (28,623,589) 4,806,323 (28,753,247) 4,993,028
Add : Amortisation
of goodwill in subsidiary 318,973 53,162 318,973 53,162
: Impairment
adjustment - Goodwill
in subsidiary 5,882,865 - 5,882,865 -
(22,421,751) 4,859,485 (22,551,409) 5,046,190
7 Plant and equipment
Computer equipment 106,932 1,742,674 93,143 1,708,080
Cost 1,188,681 1,760,340 1,170,497 1,725,746
Accumulated depreciation (1,081,749) (17,666) (1,077,354) (17,666)
52,051 13,420,908 30,346 13,420,908
Computer software
Cost 11,009,345 10,970,935 10,970,935 10,970,935
Capitalised expenses
- 1999 1,926,188 1,926,188 1,926,188 1,926,188
- 2000 1,059,018 1,059,018 1,059,018 1,059,018
- 2001 136,232 136,232 -
14,130,783 13,956,141 14,092,373 13,956,141
Accumulated amortisation (14,078,732) (535,233) (14,062,027) (535,233)
Office equipment,
furniture & fittings 61,502 70,864 61,502 70,864
Cost 81,622 80,610 81,622 80,610
Accumulated depreciation (20,120) (9,746) (20,120) (9,746)
Joint venture assets
Rhino and Lion -
photographic
and television equipment - 224,818 - 224,818
Cost 238,832 224,818 238,832 224,818
Impairment Adjustment (238,832) - (238,832) -
220,485 15,459,264 184,991 15,424,670
Analysis of asset
Utilization
PRADA operations 184,991 3,564,843 184,991 3,564,843
Computer equipment 93,143 101,065 93,143 101,065
Computer software 30,346 3,392,914 30,346 3,392,914
Office equipment,
furniture & fittings 61,502 70,864 61,502 70,864
BRAINIACK - 11,635,009 - 11,635,009
Computer equipment - 1,607,015 - 1,607,015
Computer software - 10,027,994 - 10,027,994
Joint ventures - 224,818 - 224,818
Other 35,494 34,594 - -
220,485 15,459,264 184,991 15,424,670
Plant and equipment
Reconciliation
Computer Computer Office Equipment Joint venture
Equipment Software Furniture assets
& Fittings
Acquisitions /
carrying
value - 30 June 2000 1,742,674 13,420,908 70,864 224,818
Acquisitions 49,830 152,232 4,890 14,015
Depreciation /
amortosation (56,138) (1,326,087) (14,252)
Impairment adjustment (1,007,936) (12,217,421) - (238,833)
Disposals (599,079) - -
Carrying value
- 30 June 2001 129,351 29,632 61,502 -
Group Company
2001 2000 2001 2000
R R R R
8 Goodwill on
acquisition of subsidiary
Acquisition of Company
Call Routing (Pty) Ltd 6,379,452 6,379,452 - -
Less : Amortsiation
on goodwill (6,255,000) (53,162) - -
124,452 6,326,290 - -
9Investment in subsidiary
74% interest in Company
Call Routing (Pty) Ltd
Shares - at cost - - 6,750,000 6,750,000
Less : Amortsiation
on goodwill - - (6,255,000) (53,162)
- - 495,000 6,696,838
10 Deferred taxation
Opening balance 2,100,879 - 2,209,009 -
Current year movement (2,187,302) 2,100,879 (2,209,009) 2,209,009
Closing balance (86,423) 2,100,879 - 2,209,009
Reconciliation
Plant and equipment - 2,711,370 - 2,711,370
Inventory - 30,000 - 30,000
Tax loss (86,423) (640,491) - (532,361)
(86,423) 2,100,879 - 2,209,009
11 Inventory
Contract equipment 88,644 305,357 88,644 305,357
Work-in-progress - 100,000 - 100,000
88,644 405,357 88,644 405,357
12 Other receivables
Bainware MIT Solutions
(Pty) Ltd 6,136,000 6,136,000 6,136,000 6,136,000
Less : Provision
for nonrecoverability
- Refer note 4 (6,135,999) (6,135,999)
1 6,136,000 1 6,136,000
The above represents a
claim for restitution
of the initial cash
payment in part settlement
of the acquisition
consideration of
R23 million for the
above company,
which agreement
was subsequently cancelled.
This claim is presently
subject to arbitration.
13 Share capital
Issued share capital
802 802 802 802
33 500 000 ordinary
shares of 0,001 cent each
(Subscribers &
developers) 335 335 335 335
38 700 000
ordinary shares
of 0,001 cent each
(Vendors) 387 387 387 387
5 000 000 ordinary
shares of 0,001 cent each
(Promoters) 50 50 50 50
3 000 000 ordinary
shares of 0,001 cent
each (Listing) 30 30 30 30
Share premium 17,565,632 17,565,632 17,565,632 17,565,632
Arising on issue of
62 200 000 shares-
BRAINIACK development 11,175,499 11,175,499 1,175,499 11,175,499
On vendors shares 3,555,613 3,555,613 3,555,613 3,555,613
Listing issue 2,999,970 2,999,970 2,999,970 2,999,970
17,731,082 17,731,082 17,731,082 17,731,082
Less : Listing costs
written off against
share premium (165,450) (165,450) (165,450) (165,450)
NOTES TO THE FINANCIAL STATEMENTS
GROUP COMPANY
2001 2000 2001 2000
R R R R
14 Vendor`s loan
Capital owing -
convertible
to share capital 5,250,000 5,250,000 5,250,000 5,250,000
To be settled by the
issue of 2 500 000
ordinary shares of 0,001
cent each at an issue price
of 210 cents per share.
15 Provisions
Provision for leave pay 59,253 75,000 59,253 75,000
Balance - beginning
of year 75,000 - 75,000 -
Utilised (55,189) - (55,189) -
Current provision 39,442 75,000 39,442 75,000
This provision relates
to the company`s exposure
to accumulated leave due
to employees as at the
balance sheet date.
Any economic outflow
arising from this
provision will be
dependent on the leave
due to an employee
on their resignation.
16 Directors emoluments
For services as director 24,000 24,000 24,000 24,000
For services other than
as director 706,223 966,907 706,223 966,907
730,223 990,907 730,223 990,907
17 Operating lease
commitments
Minimum commitments under
operating leases are:
Immovable property : - 60,828 - 60,828
Office equipment 56,473 70,918 56,473 70,918
Computer Equipment 1,371,054 - 1,371,054 -
1,427,527 131,746 1,427,527 131,746
Due within the next
12 months 530,500 75,252 530,500 75,252
Thereafter 42,070 56,494 897,027 56,494
572,570 131,746 1,427,527 131,746
18 Capital commitments
There are no material
capital commitments
as at the date of
this report.
19 Shares in issue `000 `000 `000 `000
The headline and basic
earnings per share
have been calculated
on the weighted
average number of
shares in issue
for the year
under review
Shares in issue at
year end 80,200 80,200 80,200 80,200
Diluted shares in issue
at year end 82,700 82,700 82,700 82,700
Weighted average number of
shares in issue during
the year 80,200 79,290 80,200 79,290
Diluted average number
of shares in issue
during the year 82,700 79,816 82,700 79,816
20 Retirement benefit funds
The company does not presently maintain
any retirement funding scheme for its
staff or directors.
GROUP COMPANY
2001 2000 2001 2000
R R R R
21 FINANCIAL RISK MANAGEMENT
The financial instruments
of the group consist
primarily of cash deposits
with banks, trade
receivables and trade
payables. The book
value of financial
instruments approximates
fair value, determined
in accordance with the
accounting policies
of the company.
In the normal course of
its operations, the group
is exposed to credit and
interest rate risk.
Interest rate risk
Fluctuations in interest
rates impact on the returns
derived from short term
bank deposits as well
as on the cost of financing
activities, giving rise to
interest rate risk.
Credit Risk
Receivables are stated
after providing for anticipated
non-recoveries.At 30th
June, 2001 the group
does not consider there
to be any material
credit risk that has not
been adequately provided for.
The auditors express their concern about the ability of the group to
continue as a going concern without securing additional financial support
and significant changes to the current contract base. Based on this, the
auditors issued a qualified auditor`s report for the financial year ended
30June 2001.
In preparing the accompanying financial statements, generally accepted
accounting practices have been followed, suitable accounting policies have
been used and applied consistently, reasonable and prudent judgements and
estimates have been made.
The financial statements are prepared on the historical cost basis and
incorporate the following principal accounting policies, which are
consistent with the previous year.
Date: 04/07/2002 04:35:27 PM Produced by the SENS Department
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