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ALACRITY FINANCIAL SERVICES LIMITED - UNAUDITED GROUP INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 JUNE 2002
ALACRITY FINANCIAL SERVICES LIMITED
(Registration number 1994/000078/06)
Share Code : ALY
ISIN Code : ZAE000023966
UNAUDITED GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
Consolidated income statement for the six months ended 30 June 2002
Unaudited Unaudited Audited
six months ended six months ended year ended
30/6/2002 30/6/2001 31/12/2001
R`000 R`000 R`000
Revenue 54 839 51 131 125 792
Other income - - 181
54 839 51 131 125 973
Administrative (3 016) (3 129) (7 981)
expenses
Operating (50 286) (45 725) (116 082)
expenses
Abnormal items (619) (551) (20 204)
Operating profit 918 1 726 (18 294)
/ (loss)
Finance ( cost ) (340) (612) 965
/ income
Profit / (loss) 578 1 114 (17 329)
before tax
Taxation - - (279)
Profit / (loss) 578 1 114 (17 608)
from ordinary
activities
Net profit / 578 1 114 (17 608)
(loss)
Earnings per
share (cents)
Basic 0.43 0.82 (12.98)
Diluted 0.42 0.82 (12.66)
Headline
earnings per
share (cents)
Basic 0.88 1.23 1.91
Diluted 0.86 1.23 1.87
Dividends per - - -
ordinary share
(cents)
Headline earnings
Profit / (loss) 578 1 114 (17 608)
after taxation
Correction of - - 624
prior year
consolidation
Revaluation of - - 1 839
Share Incentive
Trust
Write-off of - - 1 800
investment
Loss on sale of - - 3 136
subsidiary
Loss arising on - - 10 260
cancellation of
outsource
agreement
Non-operational - - 1 633
provision
Amortisation of 619 698 912
goodwill arising
on consolidation
Profit on sale of - (147) -
associate
Headline profit 1 197 1 665 2 596
Basic earnings
per share (cents)
Profit / (loss) 578 1 114 (17 608)
after taxation
Weighted average 135 631 135 631 135 631
number of
ordinary shares
in issue
(thousands)
Earnings / (loss) 0.43 0.82 (12.98)
per share (cents)
Fully diluted
earnings per
share (cents)
Profit / (loss) 578 1 114 (17 608)
after taxation
Weighted average 135 631 135 631 135 631
number of
ordinary shares
in issue
(thousands)
Shares awaiting 2 860 - 3 460
issue
138 491 135 631 139 091
Fully diluted 0.42 0.82 (12.66)
earnings per
share (cents)
Headline earnings
per share (cents)
Headline profit 1 197 1 665 2 596
Weighted average
number of
ordinary shares
in issue 135 631 135 631 135 631
(thousands)
Headline earnings 0.88 1.23 1.91
per share (cents)
Fully diluted
earnings per
share (cents)
Headline profit 1 197 1 665 2 596
Weighted average
number of
ordinary shares
in issue 135 631 135 631 135 631
(thousands)
Share awaiting 2 860 - 3 460
issue
138 491 135 631 139 091
Fully diluted 0.86 1.23 1.87
earnings per
share (cents)
Statement of change in equity for the six months ended 30 June 2002
Share Share Retained Total
capital premium earnings R`000
R`000 R`000 R`000
Balance at 1 July 2001 1 368 12 685 5 092 19 145
Net profit / (loss) - - (18 721) (18 721)
Issue of share capital 8 396 - 404
Balance at 31 December 1 376 13 081 (13 629) 828
2001
Balance at 1 January 2002 1 376 13 081 (13 629) 828
Net profit / (loss) - - 578 578
Issue of share capital - - -
Balance at 30 June 2002 1 376 13 081 (13 051) 1 406
Consolidated balance sheet as at 30 June 2002
Unaudited Unaudited Audited
six months ended six months ended year ended
30/6/2002 30/6/2001 31/12/2001
R`000 R`000 R`000
Assets
Non-current assets 31 631 61 286 32 475
Property, plant 9 606 4 239 11 198
and equipment
Intangible assets 215 728 419
Goodwill 8 793 5 192 9 041
Pre-paid 10 800 45 555 9 600
information
technology
Other investments 2 217 5 572 2 217
Current assets 53 242 67 699 69 577
Receivables and 8 320 27 138 27 072
prepayments
Receiver of 423 423 424
revenue
Cash and cash 44 499 40 138 42 081
equivalents
Total assets 84 873 128 985 102 052
Equity and
liabilities
Capital and 1 406 19 145 828
reserves
Ordinary shares 1 376 1 368 1 376
Share premium 13 081 12 685 13 081
Retained earnings (13 051) 5 092 (13 629)
Non-current 32 996 54 664 32 996
liabilities
Interest bearing 32 996 27 713 32 996
borrowings
Deferred income - 26 951 -
Current 50 471 55 176 68 228
liabilities
Trade and other 46 398 52 848 62 363
payables
Bank overdraft - 62 -
Provision for 279 - 279
taxation
Current portion of 1 283 2 266 2 497
borrowings
Leave pay 2 511 - 3 089
provision
Total liabilities 83 467 109 840 101 224
Total equity and 84 873 128 985 102 052
liabilities
Consolidated cash flow statement for the six months ended 30 June 2002
Unaudited Unaudited Audited
six months ended six months ended year ended
30/6/2002 30/6/2001 31/12/2001
R`000 R`000 R`000
Cash flow from
operating
activities
Cash generated 4 745 15 517 20 664
from operations
Financing (340) (612) 965
(costs)/earnings
Taxation paid - - (279)
Net cash generated 4 405 14 905 21 350
from operating
activities
Cash (utilised in)
investing
activities
Acquisition of - - (3 101)
subsidiaries
Purchase of (371) (404) (1 505)
broking business
Tangible and (401) (1 030) (9 821)
intangible assets
acquired
Proceeds from - - 181
disposal of
tangible and
intangible assets
Net cash (utilised (772) (1 434) (14 246)
in) investing
activities
Cash flow from
financing
activities
Increase in long- - (922) 4 361
term liabilities
Net ordinary - 974 1 377
shares issued
Net preference - 27 613 27 613
shares issued
(Decrease) / (1 215) (3 201) (515)
increase in short-
term loans
Net cash from (1 215) 24 464 32 836
financing
activities
Net increase in 2 418 37 935 39 940
cash and cash
equivalents
Cash and cash 42 081 2 141 2 141
equivalents at
beginning of year
Cash and cash 44 499 40 076 42 081
equivalents at end
of year
Commentary
After reporting a loss of R17,6 million for the year ended December 2001, the
Board is pleased to advise that the Group has returned to profitability in the
six months ended 30 June 2002. More significantly, the cash flow for the last
six months has continued its positive trend with the Group`s cash resources,
increasing by R2,4 million during the six month period.
The consolidation process will continue for at least the remaining period of
this financial year with management`s attention being directed towards continued
improvement in the Group`s core business.
Notes
These results have been compiled in accordance with statements of Generally
Accepted Accounting Practice in South Africa.
The same accounting policies and methods of computation have been used in the
preparation of these unaudited interim statements as were used in the
preparation of the audited financial statements to 31 December 2001.
By order of the Board
N A Ntsele M H Lobban Johannesburg
Chairman Group Chief Executive Officer 6 August 2002
Directors
N A Ntsele (Chairman), M H Lobban * (Group Chief Executive Officer), A D Dixon
*, J J du Plooy, B D James *, L Keel (Swiss), S D Levitt * (British), D Masson,
M B Mkhize, S A Msibi, M H Muller *,
Z B H Nkosi * *Executive
Transfer secretaries Registered office
Mercantile Registrars Limited Fifth Floor
11 Diagonal Street The Towers
Johannesburg 2001 28 Plein Street
Johannesburg 2001
Date: 27/09/2002 05:06:00 PM Produced by the JSE SENS Department
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