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Y3K GROUP LIMITED - Unaudited results for the 6 months ended 31 August 2002
Y3K GROUP LIMITED
(Registration number 1998/009608/06)
Share JSE code: YHK
ISIN code: ZAE000017208
Unaudited results for the 6 months ended 31 August 2002
GROUP BALANCE SHEET
6 months 6 months Year ended
ended ended 28 February
31 August 31 August 2002
2002 2001
R`000s R`000s R`000s
Assets
Non - current 3,842 1,034 4,597
assets
Tangible assets 513 767 590
Intangible assets 3,274 178 3,952
Share incentive 55 89 55
trust
Current assets 2,300 7,971 2,771
Inventories - 2 -
Bank and cash 155 41 698
Trade and other 2,145 7,928 2,073
receivables
Total assets 6,142 9,005 7,368
Equity and
liabilities
Capital and 456 2,493 858
reserves
Share capital 523 523 523
Share premium 4,973 4,973 4,973
Non distributable 3,021 3,021 3,021
reserve
Accumulated loss (8,061) (6,024) (7,659)
Non-current 57 29 98
liabilities
Interest bearing 57 29 98
borrowings
Current 5,629 6,483 6,412
liabilities
Trade and other 5,549 5,679 6,292
payables
Interest bearing 80 372 120
borrowings
Bank overdraft - 432 -
Total equity and 6,142 9,005 7,368
liabilities
CASH FLOW
STATEMENT
Cash flows from (448) 342 1,670
operating
activities
Cash flows from (14) - (56)
investing
activities
Cash flows from (81) (119) (302)
financing
activities
Net (543) 223 1,312
(decrease)/increa
se in cash and
cash equivalents
Cash and cash 698 (614) (614)
equivalents at
beginning of the
period
Cash and cash 155 (391) 698
equivalents at
end of the period
STATEMENT OF
CHANGES IN EQUITY
Share capital and 5,496 5,496 5,496
share premium
Balance at 5,496 5,496 5,496
beginning of the
period
Arising from - - -
share issue
Accumulated loss (8,061) (6,024) (7,659)
Balance at (7,659) (5,426) (5,426)
beginning of the
period
Net loss for the (402) (598) (2,233)
period
GROUP INCOME
STATEMENT
6 months ended 6 months Year ended
31 August 2002 ended 28 February
31 August 2002
2001
R`000s R`000s R`000s
Revenue 5,312 10,193 16,078
- continuing 5,312 5,793 11,493
operations
- discontinued - 4,400 4,585
operations
Cost of Sales 2,349 6,025 9,010
- continuing 2,349 2,706 5,613
operations
- discontinued - 3,319 3,397
operations
Gross profit 2,963 4,168 7,068
- continuing 2,963 3,087 5,880
operations
- discontinued - 1,081 1,188
operations
Depreciation 769 148 413
- tangible 91 122 259
assets
- intangible 678 26 154
assets
Operating 2,474 4,537 8,267
expenses
- continuing 2,474 3,469 7,175
operations
- discontinued - 1,068 1,092
operations
Operating loss
before
exceptional item
and net finance (280) (517) (1,612)
charges
- continuing (280) (519) (1,693)
operations
- discontinued - 2 81
operations
Net finance (122) (81) (388)
charges
- continuing (122) (72) (379)
operations
- discontinued - (9) (9)
operations
Operating loss (402) (598) (2,000)
before
exceptional items
Exceptional items - - (233)
Net loss for the (402) (598) (2,233)
period
RECONCILIATION OF
HEADLINE LOSS TO
NET LOSS
Loss as per above (402) (598) (2,233)
Net surplus on - - 233
investments
Headline loss (402) (598) (2,000)
ORDINARY SHARES
Loss per share (0.8) (1.1) (4.3)
(cents)
Headline loss per (0.8) (1.1) (3.8)
share (cents)
- continuing (0.8) (1.1) (3.9)
operations
- discontinued - - 0.1
operations
Number of shares 52,253 52,253 52,253
in issue (`000s)
Net asset value 0.9 4.8 1.6
per share (cents)
Net tangible (5.4) 4.4 (5.9)
asset value per
share (cents)
COMMENTS
Nature of business
Y3K`s continuing operations are comprised of the Security Division and the
Micro-Angelo Division. The group has its headquarters in Randburg, Johannesburg,
and provides countrywide sales and support through either branches or agents.
The Security Division is focused on the sale, support and management of a range
of leading IT security products from around the world, including anti-virus,
content security, intrusion detection and firewalls.
The Micro-Angelo division provides support, implementation and back-up for the
group`s own point-of-sale software product, which was only fully available for
distribution in the period under review.
Review of trading operations
Y3K incurred a loss of R402 000 for the six months ended 31 August 2002, largely
the result of the substantial amortisation charge of R678 000 for intangible
assets. This charge was not present in the six months ended 31 August 2001. The
amortisation relates to Y3K`s Windows-based point-of-sale software division,
which is expected to at least break-even in forthcoming periods. Y3K`s Security
Products Division performed satisfactorily for the period, achieving profits of
R108 000.
During the period under review new management started to implement a more
aggressive approach to the business in order to return it to financial health.
Although the results for the six months under review continue to show losses
after amortisation charges, much has been achieved in terms of this objective.
Y3K is now in a position to rebuild and develop the business, based on greater
depth of expertise and improved focus, Y3K continues to increase its market
share in this sector, with products aimed at medium and large enterprises with
distributed networks and servers.
The accounting policies adopted for the purposes of this report comply, in all
material respects, with South African Statements of Generally Accepted
Accounting Practice, and are consistent with those of the previous period.
Prospects
Current management remains committed to achieving a turnaround despite the
overhang of problems associated with the restructuring within the company, and
negative sentiment in the current IT environment. Y3K`s focus for the remainder
of the year will be to increase its reach to the medium and large corporate
market as a provider of software security products and services. New business is
currently in the pipeline and an increased emphasis on service delivery should
see margins return to acceptable levels. With the worst effects of the
restructuring now in the past, improved infrastructure and expertise and
favourable deal flow anticipated for the remainder of the year, Y3K has now
built a reasonable foundation for its future. In the absence of unforeseen
circumstances, the group should achieve satisfactory profits for the year ending
28 February 2003, before amortisation of intangible assets is taken into
account.
For and on behalf of the board:
Ryan S Price
CEO
Johannesburg
20 November 2002
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