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SYNERGY HOLDINGS LIMITED - UNAUDITED INTERIM RESULTS OF THE GROUP FOR THE SIX
MONTHS ENDED 31 AUGUST 2002
Synergy Holdings Limited
(Registration number 1995/006315/06)
Share code: SNG ISIN: ZAE000017760
("the Company" or "the Group")
Unaudited interim results of the Group for the six months ended 31 August 2002
INCOME STATEMENTS
Six months Six months Twelve months
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
R`000 R`000 R`000
Gross revenue 10 138 5 867 12 305
Net income before
interest and taxation 730 526 524
Net income before taxation 730 526 524
Taxation - - -
Net attributable income 730 526 524
Number of shares issued (`000) 62 562 62 562 62 562
Earnings per share (cents) 1,17 0,84 0,84
Headline earnings per share (cents) 1,17 0,84 0,81
CASH FLOW STATEMENTS
Six months Six months Twelve months
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
R`000 R`000 R`000
Net cash inflow from
operating activities 1 116 789 802
Net cash inflow/(outflow)
from from investing activities (181) (121) 36
Net cash inflow/(outflow)
from financing activities 21 (122) (51)
Net increase in cash on deposit
and bank balances 956 546 787
Cash on deposit and bank
balances at beginning of period 1 401 614 614
Cash on deposit and bank balances
at end of the period 2 357 1 160 1 401
BALANCE SHEETS
31 Aug 2002 31 Aug 2001 28 Feb 2002
(Unaudited) (Unaudited) (Audited)
R`000 R`000 R`000
ASSETS
Non-current assets 1 495 1 893 1 542
Fixed assets 1 220 1 663 1 268
Investments 275 230 274
Current assets 4 606 2 351 3 389
Accounts receivable 2 172 1 168 1 792
Inventories 77 23 79
Cash on deposit and bank balances 2 357 1 160 1 518
Total assets 6 101 4 244 4 931
EQUITY AND LIABILITIES
Capital and reserves 4 028 3 300 3 299
Issued capital 3 837 3 837 626
Share premium - - 3 212
Accumulated profit/(loss) 191 (537) (539)
Non-current liabilities
Long-term liabilities 174 239 113
Current liabilities 1 899 705 1 519
Accounts payable 1 899 705 1 402
Taxation - - -
Bank overdraft - - 117
6 101 4 244 4 931
Number of shares issued (`000) 62 562 62 562 62 562
Net asset value per share (cents) 6,44 5,27 5,27
Net tangible value per share (cents) 6,44 5,27 5,27
STATEMENT OF CHANGES IN EQUITIES
Share Share Accumulated
capital premium (loss)/ Total
R`000 R`000 profit R`000
Balance at 28 February 2002 626 3 212 (539) 3 299
Surplus for the period - - 730 730
Transfers to reserves - - - -
Balance at 31 August 2002 626 3 212 191 4 029
COMMENTS
Accounting policies
The financial statements of the Group comply in all material effects with South
African Statements of Generally Accepted Accounting Practice and are consistent
with those applied in the previous financial year.
Review of results
A profit of 1,17 cents per share was achieved.
Turnover increased by 73% (R4 271 000).
Attributable income increased by 39% (R204 000).
Cash balances increased by R956 000.
Comment
We are pleased with the improvement on the comparative period last year, but
refer you to the full year numbers and point out that, it seems as if in recent
years, the first half of the year represents the more profitable half.
As discussed in the 2002 final numbers, emphasis has been on maintaining focus
on delivering, servicing and customising Accpac solutions.
We would like to thank our clients for their valued support and our staff for
their commitment.
Directorship Announcements
We would like to take this opportunity to disclose imminent changes to the
board:
Ashley Regenass will assume the role of an executive director of the Group with
effect from 7 October 2002. Ashley has been with the company for approximately
two years and was employed with the purpose of assuming the Managing Director
role in the operating entity, Prime Support. He was appointed Managing Director
of Prime Support effective 1 September 2002.
Thandi James will resign as an executive director of the Group with effect from
10 December 2002. She will, however, remain on the board as a non-executive
director, effective from the same date. We thank her for her tremendous
contribution to the Company over the last nine years and wish her the best with
her sabbatical to Europe.
On behalf of the board
Patrick Toolan Chief Executive Officer
7 October 2002
Directors: P Toolan, N Plane, T James, H Scott (non-executive)
Registered office
49, 1st Avenue, Linden, PO Box 2423, Pinegowrie, 2123
Tel: (011) 888-1044, Fax (011) 888-1069
Company Secretary/Chartered Accountants: Van Sitterts
Transfer secretaries: Computershare Investor Services Limited
Date: 07/10/2002 11:22:15 AM Produced by the JSE SENS Department
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