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the year ended 31 May 2002
Crux Technologies Limited
(Registration number 1998/012784/06)
ISIN Code : ZAE000015855
Share Code : CRX
Reviewed Summarised Annual Financial Statements for the year ended 31 May 2002
CONSOLIDATED 2002 2001
INCOME STATEMENT note
R`000s
Revenue 88 274 97 525
(Loss)/profit before (5 108) 10 606
finance costs
Net finance (1 019) 41
(costs)/income
Net (loss)/profit (6 127) 10 647
before abnormal
items
Abnormal items 1 (29 080) 147
Net (loss)/profit (35 207) 10 794
before tax
Taxation 553 3 544
Net (loss)/profit (35 760) 7 250
after tax
Weighted average 175 971 184 362
number of shares in
issue (`000)
Loss/earnings per (20.3) 3.9
share (cents)
Headline (19.6) 4.0
loss/earnings per
share (cents)
CONSOLIDATED note 2002 2001
BALANCE SHEET R`000s
Assets
Non-current assets 1 860 20 476
Property, plant and 1 707 2 473
equipment
Intangible assets 152 6 999
Investments 1 1
Deferred taxation 0 11 003
asset
Current assets 12 531 31 406
Total assets 14 391 51 882
Equity & Liabilities
Share capital and (9 606) 37 595
reserves
Non-current
liabilities
Interest bearing 615 41
borrowings
Current liabilities 23 382 14 246
Total equity and 14 391 51 882
liabilities
Number of shares in 2 174 917 181 237
issue (`000)
NAV per share (5.5) 20.7
(cents)
Tangible NAV per (5.6) 10.8
share (cents)
CONSOLIDATED 2002 2001
CASH FLOW STATEMENT R`000s
Cash flows from operating 4 288 538
activities
Cash flows from investing (2 248) (4 683)
activities
Cash flows from financing 574 189
activities
Net increase/(decrease) in 2 614 (3 956)
cash and cash equivalents
Cash and cash equivalents (2 199) 1 757
at beginning of the year
Cash and cash equivalents 415 (2 199)
at end of the year
Notes R`000s
Abnormal items comprise of the following:
Write off of debts: 14 453
Write off of other assets: 6 469
Losses incurred on Professional
Services division: 6 008
Legal costs: 450
Restructuring costs: 1 200
Provision for interest on arrear taxation: 500
6 320 150 Crux shares were purchased by a subsidiary. These are held as treasury
shares.
The group has contingent liabilities for finance and operating lease commitments
of the businesses disposed of, amounting to R17 million over the next 7 years.
The group also has a contingent liability for operating lease commitments of the
remaining business amounting to R4,5 million over the next 7 years.
STATEMENT OF Share NDR Distributable Shareholders equity
CHANGES IN capital reserves
EQUITY R`000
Balance at 31 1 812 10 450 25 333 37 595
May 2001
Treasury shares (63) (928) (991)
Decrease in (10 450) (10 450)
deferred tax
asset
Net loss for (35 760) (35 760)
the year
Balance as at 1 749 - (11 355) (9 606)
31 May 2002
RECONCILIATION OF EARNINGS WITH 2002 2001
HEADLINE EARNINGS R`000s
Earnings attributable to ordinary (35 760) 7 250
shareholders
Items of a capital nature
-Profit on disposal of business - (8 073)
and assets
-Impairment of unlisted - 7 969
investment
-STC on share buyback - 239
-Restructuring costs 1 200 -
Headline (loss) / earnings ( 34 560) 7 385
COMMENTS
Restructure
In the announcement of the interim results on 15 March 2002, the trading
problems experienced by the group and the steps taken to restructure were set
out in detail. Since then, no buyer was found for the Munsoft division and it
was closed to stem the losses. Progress in the legal action against the large
provincial government customer for payment of a debt of R7 million has been slow
and, while management are confident of ultimate recovery, there is a significant
degree of uncertainty so full provision has now been made. Only the core
contracting business remains.
On 19 April 2002 the company announced that it had sold its contracting business
to the Mantis Consortium, subject to certain conditions precedent, for a maximum
consideration of R16 million. One of these conditions precedent, relating to the
assignment of a lease over premises, has not yet been met. The lessor had ceded
its rights in terms of the lease to Nedcor Investment Bank ("NIB"). Negotiations
with NIB have been protracted and, although agreement has now been reached in
principle, the matter has not been finalised. This business continues to trade
profitably and is generating positive cash flows.
The deferred tax asset of R11 million, most of which arose on the write-off of
trademarks, has been reversed as its realisation in the foreseeable future is
not considered probable under the current circumstances.
Going concern
The financial statements have been prepared on the going concern basis. The
appropriateness of this basis is contingent on the successful conclusion of the
transaction with the Mantis Consortium or the securing of an alternative source
of financing.
Accounting policies
These summarised financial statements have been prepared in accordance with
South African Statement of Generally Accepted Accounting Practice, AC127. The
accounting policies applied are consistent with those of the previous year.
Auditors` review
These summarised financial statements have been reviewed by Grant Thornton
Kessel Feinstein and a copy of their review report, which they have modified
regarding the ability of the group to continue as a going concern if the Mantis
transaction is not concluded successfully, is available for inspection at the
registered office.
For and on behalf of the board
SW Kekana ZM Zafiropoulos
Chief executive officer Director
13 September 2002
Executive directors Non-executive director
W Cloete, SW Kekana, ZM Zafiropoulos B Neale
Registered office
Crux House, Thandanani Office Park, Invicta Road, Midrand 1685. PO Box 3169,
Midrand 1685
Date: 13/09/2002 03:50:00 PM Produced by the JSE SENS Department
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