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Brainware Abridged Financial Results
BRAINWARE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006894/06)
("Brainware" or "the company")
Share code: BRW ISIN-code: ZAE000018289
Abridged consolidated results for the year ended
30 June 2002
BALANCE SHEET
at 30 June 2001
Group
June June
2002 2001
Notes R`000 R`000
ASSETS
Non-current
assets
Property and - 2,919
equipment
Other investments and 32 38
loans
Total non-current assets
32 2,957
Current
assets
Receivables and 3 969 751
prepayments
Cash and cash 3071 3,007
equivalents
Total current
assets 4,040 3,758
Total assets
4,072 6,715
EQUITY AND
LIABILITIES
Capital and
reserves
Share 386 386
capital
Share 7032 7,032
premium
Capital 456 -
Reserve
Accumalated
loss (4,737) (2,932)
Total capital and
reserves 3,137 4,486
Current
liabilities
Trade and other payables 935 2,229
Total equity and
liabilities 4,072 6,715
Net asset value per share 0.81 1.16
(cents)
Net tangible asset value per share 0.81 1.16
(cents)
INCOME STATEMENT
for the year ended 30 June 2002
June June
2002 2001
R`000 R`000
Income 29 86
Operating
expenses (2,627) (6,287)
Costs relating to closure of -
operations (2,596)
Profit on sale of investments / -
subsidiaries 12,348
Profit on sale of non-current 956 -
assets
Operating
profit/(loss) (1,642) 3,551
Net interest 293 (416)
received/(paid)
Profit / (loss) before
taxation (1,349) 3,135
Taxation - (108)
Profit / (loss) after
taxation (1,349) 3,027
Earnings/(loss) per share 4 (0.35) 2.7
(cents)
Headline loss per share 4 (0.35) -
(cents)
CASH FLOW STATEMENT
for the year ended 30 June 2001
Group
June June
2002 2001
R`000 R`000
CASH FLOW UTILISED IN OPERATING (3,617) (4,455)
ACTIVITIES
Cash receipts from
customers (189) 933
Less: Cash paid to suppliers and
employees (3,721) (4,864)
Cash utilised in (3,910) (3,931)
operations
Investment income
293 157
Finance -
costs (573)
Taxation - (108)
paid
CASH FLOW FROM INVESTMENT
ACTIVITIES 3,681 26,196
Proceeds on sale of property and non- 3,675 -
current assets
Disposal of subsidiary -
companies 20,426
Disposal of - 4,276
investments
Disposal of loans and other 6 1,494
investments
CASH FLOW FROM FINANCING - (24,237)
ACTIVITIES
Long-term loan - (2,742)
repaid
Short-term loans - (21,495)
repaid
Net increase/decrease in cash and cash
equivalents 64 (2,496)
Cash and cash equivalents - beginning
of year 3,007 5,503
Cash and cash equivalents at 3,071 3,007
end of year
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2001
Retained
earnings/
Share Share (Accumulated Capital
capital premium Losses) reserve Total
R`000 R`000 R`000 R`000 R`000
GROUP
Balance at 1 July 386 7,032 (2,932) - 4,486
2001
Loss for the year - - (1,349) - (1,349)
Capital profit on sale
of non-current - - (456) 456 -
assets
Balance at 30 386 7,032 (4,737) 456 3,137
June 2002
NOTES TO THE ABRIDGED FINANCIAL
STATEMENTS
1) General
The audited results have been prepared in accordance with the
Statements of Generally Accepted Accounting Practice of South Africa.
The accounting policies adopted remain consistent with those applied
in the financial statements for the year ended 30 June 2001.
2) Audited results
Brainware`s results for the year ended 30 June 2002 have been audited
by the company`s auditors, Jan Erasmus Auditors, Chartered
Accountants (SA). The audit opinion is available for inspection at
Brainware`s registered address.
3) Receivables and
prepayments
Included in receivables and prepayments is an amount of R7 million
that is outstanding in terms of the disposal of Brainware`s interest
in Aqeuro Holding N.V. ("Aqeuro"). The Board has decided to include
the full R 7 million in the provision for doubtful debts and the
amount reflected in the balance sheet is net of this provision.
Brainware has obtained judgement against the purchasers of the Aqeuro
interest and is in the process of pursuing its legal rights opposite
these purchasers and the individuals that have provided personal
suretyships in this regard. Shareholders are also referred to the
announcements dated 24 January 2001 and 2 August 2001.
4) Earnings/loss and headline earnings/loss per
share
Earnings/(loss) per share have been calculated based on the loss
attributable to ordinary shareholders of R1 349 000 (2001: R3 026
320) and on the basis of 386 475 905 (2001: 386 475 905) ordinary
shares in issue.
Headline loss per share has been calculated based on the headline
loss attributable to ordinary shareholders of R1 349 000 and based on
386 475 905 ordinary shares in issue throughout the financial year.
During the year ended 30 June 2001 the group`s only headline earnings
were derived from interest received. Given that these headline
earnings were egligible, no headline earnings per share has been
calculated.
PROPOSED ACQUISITION OF SOUTHERN ELECTRICITY COMPANY (PTY)
LIMITED ("SELCo")
With reference to Brainware`s announcements dated 25 April 2002, 27 May
2002 and 14 June 2002 respectively, Brainware shareholders are hereby
informed that a circular ("the circular"), containing, inter alia, full
details of the proposed acquisition of SELCo ("the SELCo acquisition")
and revised listing particulars of Brainware as it will be constituted
following the SELCo acquisition, is being posted to Brainware
shareholders today. The circular furthermore includes a notice of
general meeting, to be held on Friday, 6 September 2002, convened, inter
alia, for the purpose of considering the SELCo acquisition.
J C van F R Ueckermann
Niekerk
Chairma Director
n
For and on behalf of the Board
15 August 2002
Directors: J C van Niekerk (Chairman), K D Macmillan, M Pels,
F R Ueckermann.
Company secretary: JS Jacobs & Associates
Registered office Registrars
63 Vindhella Road Computershare Investor Services Limited
Valhalla 2nd Floor, Edura House
Pretoria 41 Fox Street
Johannesburg 2001
Sponsor
Quaestor Capital (Proprietary) Limited
1st Floor
44 Wierda Road West
Sandton 2146
Date: 15/08/2002 04:00:00 PM Produced by the JSE SENS Department
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