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NetActive Ltd - Audited Results for The Year Ended 30 April 2002
NetActive Limited ISIN:
ZAE 000017935 Share
Code: NET (Registration
number 1998/006000/06)
AUDITED RESULTS FOR THE
YEAR ENDED 30 APRIL 2002
Income Statement
30 April 2002 30 April 2001
Audited Audited
R`000 R`000
Continuing Operations
Loss (4 003) (1 855)
Revenue 34 787 29 012
Cost of sales (11 171) (8 506)
Gross profit 23 616 20 506
Operating expenses (27 619) (22 361)
Discontinuing Operations
Loss (3 592) (7 333)
Revenue 9 079 23 939
Cost of sales (6 682) (12 470)
Gross profit 2 397 11 469
Operating expenses (5 989) (18 362)
Loss on discontinuance - (440)
Sundry income 245 472
Continuing 35 352
Discontinuing 210 120
Net interest received 6 738 7 333
Continuing 6 770 7 339
Discontinuing (32) (6)
Loss for the year (612) (1 383)
Loss per share (cents) (0,42) (0,94)
Fully diluted loss per (0,41) (0,88)
share (cents)
Headline (loss)/profit (0,42) 0,14
per share (cents)
Weighted average number 147 130 146 530
of shares in issue
Reconciliation between
loss and headline
(loss)/profit:
Net loss for the year (612) (1 383)
Less:
Loss on discontinuance - (440)
Provision against - (1 128)
receivable
Loss on sale of - (18)
equipment
Headline (loss)/profit (612) 203
Balance Sheet
30 April 2002 30 April 2001
Audited Audited
R`000 R`000
Assets
Non Current Assets 6 054 4 951
Equipment 5 841 4 631
Intangible assets 213 320
Current Assets 59 547 81 960
Inventories 523 46
Trade and other 10 243 13 043
receivables
Cash and cash 48 781 68 871
equivalents
Total assets 65 601 86 911
Equity and liabilities
Capital and reserves 57 614 77 044
Issued share capital 144 312
Share premium 27 182 45 832
Accumulated profit 30 288 30 900
Current Liabilities
Trade and other payables 7 987 9 867
Total equity and 65 601 86 911
liabilities
Net asset value per 80,07 52,58
share (cents)
Net tangible asset value 79,77 52,36
per share (cents)
Number of shares in 71 959 146 530
issue at 30 April 2002
(`000)
Cash Flow Statement
30 April 2002 30 April 2001
Audited Audited
R`000 R`000
Cash utilised by (9 459) (2 605)
continuing operations
Cash 5 845 (19 875)
generated/(utilised) by
discontinuing operations
Cash utilised by (3 614) (22 480)
operations
Net interest received 6 738 7 333
Cash flows from 3 124 (15 147)
operating activities
Cash flows from (4 401) (1 989)
investing activities
Cash flows from (18 813) (1 667)
financing activities
Net decrease in cash and (20 090) (18 803)
cash equivalents
Cash and cash 68 871 87 674
equivalents at beginning
of year
Cash and cash 48 781 68 871
equivalents at end of
year
Statements of Changes in
Equity
30 April 30 April
2002AuditedR`000 2001AuditedR`000
Changes in share capital
Shares repurchased (150) -
Redemption of preference (19) -
shares
Shares issued during the 1 -
year
Changes in share premium
On shares repurchased (18 650) -
Changes in accumulated
profits
Net (loss) for the year (612) (1 383)
Net decrease in equity (19 430) (1 383)
Equity at the beginning 77 044 78 427
of the year
Equity at end of the 57 614 77 044
year
Commentary
Financial review
The financial results
have been prepared in
accordance with GAAP and
the accounting basis is
consistent with prior
years.
A net loss amounting to
R0,6 million was
incurred for the
financial year, after
recognising net interest
income of R6,7 million.
A loss of R3,6 million
was incurred from
discontinuing
operations.
Discontinuing operations
include the financial
results of a Virtual
Internet Services
Provider that has ceased
its operations, as well
as NetFlorist which has
now reached breakeven
levels. An operating
loss of R4 million was
incurred in continuing
operations as a result
of investments made into
infrastructure,
training, systems
development and the
strengthening of the
Company`s sales and
marketing team. Revenue
from continuing
operations for the year
increased by 20% from
R29 million to R34,7
million. The continuing
revenues are earned from
the Internet Services
Provider ("ISP")
business which as
elsewhere mentioned is
the subject of a
disposal to Tiscali
World Online.
Cash Balances reduced
from R68,8 million to
R48,7 million. This
reduction arose
primarily from cash
utilised in continuing
operations and the
specific repurchase of
shares in April 2002
from certain major
shareholders. A total
amount of 75,171,627
shares were repurchased
at 25 cents per share,
of which 55 421 933
shares relate to the
specific repurchase and
the balance to
acceptances of a
mandatory offer made to
all shareholders of the
Company at the same
share price.
Other issues
Resolution of the
amounts due in terms of
the agreement between M-
Web and NetActive has
not been achieved.
Discussions between the
companies are taking
place in order to
resolve this issue,
which has not been
quantified at this
stage.
Disposal
Shareholders are
referred to the detailed
announcement separately
disclosed elsewhere in
this publication whereby
NetActive has disposed
of its ISP division to
Tiscali World Online for
a cash consideration of
R32 million (the
Disposal"). The full
details and expected
financial effects of the
Disposal are contained
in this separate
announcement.
Prospects
The Disposal enables
NetActive to focus and
grow within the
outsourced call centre
business environment
through leveraging the
competencies that
NetActive developed in
the ISP business and
other available
resources. In terms of
the agreement, NetActive
will provide outsourced
call centre support for
Tiscali World Online
through its already well-
established help desk.
It is expected that this
business will break even
on an ongoing basis
within a twelve-month
period. NetActive took
the decision to pursue
this strategy based on
South Africa`s alignment
with the rest of the
world in terms of
outsourced call centre
skills and expertise.
Dividends
Pending a full
evaluation of the impact
of the Disposal and the
focus on outsourced call
centres, no dividend is
being paid. This
decision will be
reviewed from time to
time.
16 July 2002
Ian Sturrock
Chairman
Lawrence Brick
Chief Executive Officer
Secretary and registered
office:
Kathija Jambela, Block
C, Sandhavon Office
Park, 18 Pongola
Crescent, Sandton, 2196
(PO Box 621, Wendywood,
2144); Tel: (011) 719
0333; Fax: (011) 719
0444
Transfer secretaries:
Computershare Services
Limited, 2nd Floor,
Edura House, 41 Fox
Street, Johannesburg,
2001
(PO Box 61051,
Marshalltown, 2107);
Tel: (011) 370 7700;
Fax: (011) 370 7740
Directors:
L Brick, P H Bacher, JA
Hackner, L Paslovsky, H
Rostowsky*, Ian
Sturrock*
* (non executive)
Date: 16/07/2002 07:22:48 AM Produced by the JSE SENS Department
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