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CCI - Unaudited Interim Results for the six months ended 30 June 2002
CCI HOLDINGS LIMITED
(Formerly Y2KTec Limited)
(Incorporated in the Republic of South Africa)
(Registration No 1999/02149/06)
("CCI")
Share code: CCG
ISIN: ZAE000018420
Unaudited Interim Results for the six months ended 30 June 2002
Income Statement
Six Months Ten months Six Months Year ended
to 30 June ended 31 Dec to 31 August 28 February
2002 2001 2001 2001
Unaudited Audited Unaudited Audited
Turnover
7,549,780 7,822,579 1,039,116 2,426,633
Operating
Profit/(loss) 1,701,687 2,248,892 417,820 (1,883,268)
Net Finance Costs
(244,417) (235,473) (34,822) (75,636)
Exceptional items
(3,180,090) (7,839,729) - (14,111,156)
Profit/(Loss)
before taxation (1,722,820) (5,826,310) 382,998 (16,070,060)
Taxation
- - - -
Net Profit/(Loss)
after Tax (1,722,820) (5,826,310) 382,998 (16,070,060)
attributable to
ordinary - - - -
shareholders
Calculation of
Headline earnings
:
Net profit after
tax (1,722,820) (5,826,310) 382,998 (16,070,060)
Adjustment for
exceptional item -
goodwill
written off
3,180,090 7,839,729 - 14,111,156
Headline earnings
1,457,270 2,013,419 382,998 (1,958,904)
Loss per share 0.538 0.365
(cents)
Headline earnings 0.455 0.365
per share (cents)
Weighted average
number of shares 320,030,000 67,487,632
in issue
Balance Sheet
30 June 31 December 31 August 28 February
2002 2001 2001 2001
Unaudited Audited Unaudited Audited
Assets
Non Current Assets
3,619,525 2,884,579 264,124 313,055
Fixed Assets
2,191,951 1,875,607 264,124 313,055
Development costs
219,522 - - -
Loans Receivable
1,208,052 1,008,972 - -
Current Assets
3,711,647 5,078,485 380,296 393,856
Inventories
154,258 390,128 19,525 19,525
Account Receivable
2,931,620 3,155,848 75,091 140,784
Prepaid expenses
60,679 293,421 190,943 -
Bank Balances
565,090 1,239,088 94,737 233,547
Total Assets
7,331,172 7,963,064 644,420 706,911
Equity &
Liabilities
Issued Capital
24,802,951 22,079,205 17,579,205 17,579,205
Retained Income
(27,353,768) (25,241,146) (19,031,838) (19,414,836)
Outside
Shareholders - - - -
Interest
Long term
Liabilities 3,538,013 3,714,004 610,364 617,601
Current Liablities
6,343,976 7,411,001 1,486,689 1,924,941
Accounts Payable
1,975,283 3,620,146 840,109 1,674,756
Shareholders Loan
24,000 63,000 186,500 -
Current Portion of
Long term 2,620,800 2,185,746 164,211 250,185
Liabilities
Bank overdraft
1,294,542 1,542,109
Income received in
advance 429,351 - 295,869 -
Total Equity And
Liabilities 7,331,172 7,963,064 644,420 706,911
Cash Flow
Statement
Six Months Ten months 6 Months Year ended
to 30 June ended 31 Dec to 31 28 February
2002 2001 August 2001
Unaudited Audited 2001 Audited
Unaudited
Net Flow From
Operating 828,498 754,895 (232,100) (55,261)
Activities
Net Flow From
Investing (3,999,658) (9,877,455) - -
Activities
Net Flow From
Financing 2,744,729 8,585,992 93,290 107,722
Activities
Net
Increase/(decrease (426,431) (536,568) (138,810) 52,461
) in cash
Cash At beginning
of period (303,021) 233,547 233,547 181,086
Cash At End Of
Period (729,452) (303,021) 94,737 233,547
Statement Of Changes in equity
Share Share Capital and
Capital premium Distributabl Reserves
e
Reserves
Balance as at 1
March 2001 6,750 17,572,455 (19,414,836) (1,835,631)
Net profit/(loss)
for the period 382,998 382,998
Balance as at 31
August 2001 6,750 17,572,455 (19,031,838) (1,452,633)
Issue of ordinary
shares 22,500 4,477,500 4,500,000
Net profit/(loss)
for the period (6,209,308) (6,209,308)
Balance as at 31
December 2001 29,250 22,049,955 (25,241,146) (3,161,941)
Prior year
adjustment (389,802) (389,802)
Issue of ordinary
shares 5,506 2,718,240 2,723,746
Net profit/(loss)
for the period - - (1,722,820) (1,722,820)
Balance 30 June
2002 34,756 24,768,195 (27,353,768) (2,550,817)
Commentary
Financial and operational review
The Group finalised the reverse listing activities at the end of
December 2001, and has settled down and focused more intensely on it`s
revenue generating activities. To date, the acquisition of MMJ
Accountants has been finalised with effect from 1 June 2002, which has
added well to this focus. The exceptional item reported relates to the
goodwill of this acquisition. The group`s policy is that no goodwill be
carried in the balance sheet.
Most of the business areas have performed to expectation and the
continuing streamlining of systems and processes will ensure increased
profitability in the second half of the year. The Group is reporting a
headline profit of R1.4m for this interim reporting period. Headline
earnings per share has increased even though additional shares have been
issued.
The gearing of the Group is being re-assessed and the Board will be
looking primarily at equity funding as the vehicle.
Outlook
The Group is extremely well positioned in the market to take advantage
of its unique Integrated Business Services model and Client
Relationship Management marketing strategy. Clients tend to focus more
on their core business, and neglect their business administration. As a
result, business owners will increasingly seek to outsource business
services. The Group will take advantage of these market developments to
augment organic growth. The Board is optimistic about the future
prospects of the Group.
Directors statement
The directors confirm that the same accounting policies and methods of
calculation have been followed in the preparation of these interim
financial results, as were applied in the preparation of the most recent
annual financial statements.
These results comply in all material respects with the requirements of
AC127 of the South African Statements of Generally Accepted Accounting
Practice, as well as the South African Companies Act of 1973, as
amended.
By order of the board,
Garth Coetser (Chairman), Mike Hill (CEO), Andre de Beer (CFO)
Northcliff
19 July 2002
Transfer secretaries: Computershare Investor Services Limited
Sponsor: The Janus Corporation (Pty) Ltd.
Date: 19/07/2002 01:37:00 PM Produced by the JSE SENS Department
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