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ZELTIS - PROVISIONAL REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2002
ZELTIS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/021141/06)
JSE code: ZLT ISIN code: ZAE000015939
("Zeltis" or "the company")
PROVISIONAL REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2002
CONSOLIDATED BALANCE SHEETS For the year ended 30 June 2002
GROUP
2002 2001
R`000 R`000
REVIEWED AUDITED
ASSETS
Non-current Assets
Tangible assets 2,210 2,470
Intangible assets 11,002 11,663
Subsidiaries
Associates - 886
Investments 3,020 14,851
16,232 29,870
Current Assets
Accounts receivable 25,681 17,335
Cash and cash 3,211 2,999
equivalents
28,892 20,334
Total Assets 45,124 50,204
EQUITY AND LIABILITIES
Capital and Reserves
Ordinary share capital 4,102 1,487
Share premium 114,973 109,743
Distributable reserve -117,234 -104,293
Ordinary shareholders` 1,841 6,937
interest
Preference share 39 39
capital
Outside shareholders` - -
interest
1,880 6,976
Non-current liabilities
Long-term liabilities 11,792 16,698
11,792 16,698
Current liabilities
Accounts payable 27,156 22,685
Bank overdraft 1,811 1,879
Current portion of long- 510 558
term debt
Taxation 1,975 1,408
31,452 26,530
Total equity and 45,124 50,204
liabilities
CONSOLIDATED INCOME STATEMENTS For the year ended 30th June
2002
GROUP
2002 2001
R`000 R`000
REVIEWED AUDITED
Revenue 148,505 140,140
Operating loss on
ordinary activities -2,492 -583
before investment income
Impairment of -5,161 -21,417
investments
Investment income 358 814
Loss before finance -7,295 -21,186
costs
Finance costs -5,646 -3,150
Loss on ordinary
activities before -12,941 -24,336
taxation
Taxation - -
Net loss for the year -12,941 -24,336
Adjustments for headline 5,756 18,201
earnings:
Profit/loss on sale of -66 -1,143
investments
Investments and loans 5,161 18,038
written off
Goodwill amortised 661 1,296
Loss on sale of - 10
intangible assets
Headline loss for the -7,185 -6,135
year
EARNINGS PER SHARE
Weighted average number "Restated"
of ordinary shares in 59,783 41,525
issue (`000)
Loss per share (cents) -21.65 -58.61
adjusted for:
Profit/loss on sale of -0.11 -2.75
investments
Investments and loans 8.63 43.44
written off
Goodwill amortised 1.11 3.12
Loss on the sale of - 0.02
intangible assets
Headline loss per share -12.02 -14.78
(cents)
CHANGES IN SHAREHOLDERS EQUITY
Ordinary Share Prefer Non- Distributable Total
Share Premium ence Distributable Reserve
Capital Share Reserve
R`000 R`000 Capita R`000 R`000 R`000
l
R`000
1,487 109,743 39 110 -79,957 31,422
-110 -110
-24,336 -24,336
1,487 109,743 39 0 -104,293 6,976
2,615 5,230 7,845
-12,941 -12,941
4,102 114,973 39 0 -117,234 1,880
CONSOLIDATED CASH FLOW STATEMENTS For the year ended 30 June 2002
GROUP
2002 2001
R`000 R`000
REVIEWED AUDITED
Cash Flow from Operating
Activities
Cash utilised in 1,241 3,580
operations
Investment income 86 814
Finance costs -5,185 -3,150
Taxation paid -2 -62
Net cash outflow from -3,860 1,182
operations
Replacement of fixed -181
assets
Expansion of fixed -396 -1,831
assets
Proceeds from disposal 2,107 453
of fixed assets
Intangible assets -504
acquired
Increase in subsidiary
investment
Increase in associate -2
investment
Proceeds from disposal 257
of investments
Net cash inflow from 1,785 1,882
investing activities
Cash Flow from Financing
Activities
Loans raised 251 2,940
Loans repaid -110
Capital raised 2,104
Net cash inflow from 2,355 2,830
financing activities
Net change in cash and 280 2,130
cash equivalents
Cash and cash
equivalents at beginning 1,120 -1,010
of year
Cash and cash 1,400 1,120
equivalents at end of
year
BASIS OF PREPARATION
The financial statements of the group have been prepared in accordance
with
South African Statements of Generally Accepted Accounting Practice,
which policies
are consistent with those applied in the prior year.
BDO Spencer Steward (Johannesburg) Inc. have issued an unqualified
review opinion on the
financial statements. They anticipate issuing an unqualified audit
opinion in the near
future. Their unqualified review opinion is available for inspection at
the company`s
registered office in Hyde Park, Johannesburg.
COMMENTARY
The financial year ended 30 June 2002 was an eventful year, a year which
included -
1.further re-organisation of the portfolio investments;
2.more importantly, a successful `claw-back` rights issue which saw the
conversion of a substantial company debt into equity;
3.the consolidation of the company`s authorised and issued share capital
on a one for five basis;
4.the disposal of the dumps of Rovic Diamonds (Pty) Ltd (announced on 22
July 2002).
During the last quarter of the financial year, Zeltis assumed direct
managerial control of Denverdraft Agency (Pty) Ltd, which has led to the
revision and change of managerial and accounting systems in
Johannesburg, Rustenburg and in Durban, the immediate results of which
have seen a marked improvement in the profitability of the company and
the production of management information timeously. Unfortunately in
this process, we uncovered a write-off against debtors of R2,6 million,
of which R1 million was provided for in last year`s accounts.
Our technology investment in Lexshell 311 Investments (Pty) Ltd (re-
styled Airbridge (Pty) Ltd) is making slow but steady progress, which
progress we believe may be augmented by a recent agreement to network
with a prominent black empowerment group.
Overall, the changes effected during the year have placed the company in
a better position financially, but we still have a number of legal
issues to contest and these may well be costly and drawn out.
By order of the board.
RN McLeod CHD Field
Director Director
30 September 2002
Johannesburg
Sponsor: The Janus Corporation (Pty) Ltd
Date: 01/10/2002 05:23:00 PM Produced by the JSE SENS Department
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