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Jigsaw - REVIEWED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
2002
AND CAUTIONARY ANNOUNCEMENT
Jigsaw Holdings Limited
Registration No:1987/00011/06)
("Jigsaw" OR "the company")
JSE CODE: JGS - ISIN CODE: ZAE000018370
REVIEWED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
AND CAUTIONARY ANNOUNCEMENT
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31/08/2002 31/08/2001 28/02/2002
R`000 R`000 R`000
Revenue 49 980 49 068 87 213
Profit or (loss) from
operations 91 6 510 247
Prior period expenses
raised in this period (1 294) - -
Net finance costs (2 792) (1 700) (2 932)
Profit/(Loss)
before taxation (3 995) 4 810 (2 685)
Taxation (175) (1 094) (231)
Profit or (loss) after
taxation (4 169) 3 716 (2 916)
Attributable to outside
shareowners in
subsidiary companies - (412) (1)
Provision for preference
share dividends (221) (204) (846)
Retained profits/
(losses) attributable
to ordinary shareowners (4 390) 3 100 (3 763)
Diminution in value of
loans to share and
option incentive schemes 1 199 - 1 694
Amortisation of goodwill
and intangible assets 755 836 1 819
Headline earnings for
ordinary shares (2 436) 3 936 (250)
Ordinary shares in
issue (`000) 46 836 46 836 46 836
Earnings per share (cents) (9,4) 6,6 (8,0)
Headline earnings
per share (cents) (5,2) 8,4 (0,5)
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
31/08/2002 31/08/2001 28/02/2002
R`000 R`000 R`000
ASSETS
Non-current assets 33 220 37 008 34 909
Current assets 79 971 80 020 70 063
Total assets 113 191 117 028 104 972
EQUITY AND
LIABILITIES
Capital, reserves and
minority interests 21 246 38 425 25 636
Non-current liabilities 8 002 6 701 6 361
Current liabilities 83 943 71 902 72 975
113 191 117 028 104 972
CASH FLOW STATEMENT
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31/08/2002 31/08/2001 28/02/2002
R`000 R`000 R`000
Cash (utilised by)/
generated from
operating activities
Cash receipts from
customers 39 845 40 197 77 833
Cash paid to
suppliers and
employees (46 756) (34 822) (72 765)
Net cash (outflow)/
inflow from
operating
activities (6 911) 5 375 5 068
Net interest
paid (2 793) (1 700) (2 932)
Taxation paid (533) (374) (771)
Dividends paid - (68) (244)
Net cash
(outflow)/inflow
from investing
activities 7 652 (4 672) (6 625)
Net cash (outflow)/
inflow from
financing activities (4 405) 764 928
Movements on cash
and cash equivalents (6 990) (675) (4 576)
Cash and cash
equivalents at
beginning of period (13 743) (9 167) (9 167)
Cash and cash
equivalents at
end of period (20 733) (9 842) (13 743)
STATEMENT OF CHANGES IN EQUITY
Share Share Accum
capital premium profit/(loss) Minority Total
R`000 R`000 R`000 R`000 R`000
Balance at
1 September 2001 464 23 389 13 950 622 38 425
Issue of share capital 248 248
Loss to
28 February 2002 (12 428) (12 428)
Outside shareholders (609) (609)
Balance at
28 February 2002 464 23 637 1 522 13 25 636
Loss to
31 August 2002 (4 169) (4 169)
Provision for
dividends (221) (221)
464 23 637 (2 868) 13 21 246
Basis of preparation
The interim results presented here have been not been audited, but have been
reviewed by our stock exchange sponsors and public
accountants to ensure that they comply with the requirements of the JSE
Securities Exchange South Africa and South African Statements of Generally
Accepted Accounting Practice. Comparative interim figures are as previously
published but do not take into account adjustments established only at the year-
end audit. Accounting policies and the methods of computation are substantially
the same as those used for the Annual Report for the year ended 28 February
2002. The reviewed opinion of BDO Spencer Steward (Johannesburg) Inc is
available for inspection at the registered office of the company.
COMMENTS
The last few months have been a difficult transition period for the Group
consequent to the change in management. Many long outstanding matters
have been resolved and have now been brought into account, resulting in
an increase in overheads.
The poor results for this interim period are a combination of these
additional expenses and the lack of effective direction within the Group
prior to the transition. As the new management has only been in place
from August, it has been unable to beneficially affect the results
presented here.
RESULTS FROM OPERATIONS 31/08/2002 28/02/2002
R`000 R`000
Network and realty operations 1 340 1 521
Service operations 679 685
Supplementary operations (1 928) (1 959)
Profit or (loss) from operations 91 247
Our three real estate networks of Aida, ERA and Realty 1 Elk continue to
perform to expectation.
Our networks have been expanded to 194 franchises. Network sales have
increased by almost 7% over the average for the prior year. The service
operations of Ascendant CashFlow Solutions and Ascendant Mortgages
have performed well.
The Supplementary operations will be closely watched to ensure that their
contribution to the Group remains positive in the future. In depth business
appraisal exercises are being undertaken on each subsidiary. Although
some of these companies might not contribute to profits at the year-end, we
believe that they will prove themselves thereafter.
The Group has experienced a strain on cash flow due to the increase in
interest rates, the additional expenses described above as well as an
increase in normal working capital requirements. It is the determined
intention of the new management to improve all levels of control of the
Group resources.
The executive management team of the Group are confident that current
strategic interventions and activities will position the Group towards
sustainable growth for the future.
CAUTIONARY ANNOUNCEMENT
Negotiations are being held with interested parties on business
opportunities for the Group.
In view of these negotiations shareowners are urged to exercise caution in
respect of dealing in the Company`s shares.
For and on behalf of the board
Director
26 November 2002
DIRECTORS
Executive: Lance Brogden, Niel Cronj (alternate: Piet Joubert), Neville
McIntyre.
Non-executive: Johan Nel, Pieter van der Merwe
Registered address
1st Floor, 1 St Andrews Street, Birdhaven
AUDITORS
BDO Spencer Steward (Johannesburg) Inc
SPONSOR
The Janus Corporation (Pty) Ltd
Date: 27/11/2002 05:23:37 PM Produced by the JSE SENS Department
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