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Acuity Group Holdings - Financial Statements For The Six Months Ended 30
Release Date: 15/01/2003 17:52:06 Code(s): ACY
ACUITY GROUP HOLDINGS - FINANCIAL STATEMENTS for the six months ended 30
September 2002
ACUITY GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011074/06)
Share code ACY ISIN ZAE000018149
("Acuity" or "the company" or "the Group")
FINANCIAL STATEMENTS for the six months ended 30 September 2002
INCOME STATEMENT
Group Group Group
Six months 15-months Nine months
ended ended ended
30 Sept 31 March 30 Sept
2002 2002 2001
Unaudited Audited Unaudited
R`000 R`000 R`000
Gross billings 15 018 31 592
Cost of billings (11 967) (23 366)
Revenue 3 051 8 226 19 249
Operating costs (3 116) (32 777) (22 883)
Operating loss before
interest and taxation (65) (24 551) (3 634)
Interest received/(paid) 24 (174) (121)
Net loss before exceptional items (41) (24 725) (3 755)
Net loss before taxation (41) (24 725) (2 704)
Taxation - (133) -
Net loss for period (41) (24 858) (2 704)
Loss per share (cents) (0,0) (22,4) (2,5)
Amortisation of intangible assets - 0,5 0,2
Intangible assets written-off - 7,3 -
Loans written-off (0,4) 5,7 -
Loss on subsidiaries - 3,4 -
Loss on sale of fixed assets - 0,1 -
Headline loss per share (cents) (0,4) (5,5) (3,3)
STATEMENT OF CHANGES IN EQUITY
Non-
distri- Accu- Shares
Share Share butable mulated due to
capital premium reserve profit vendors Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at
1 January 2000 933 481 7 743 4 228 11 176 24 561
Net loss for period -
Issue of shares 218 4 796 - - - 5 014
Share buy back (14) - - - - (14)
Share issue expenses
written-off - (230) - - - (230)
Settlement of vendor
liabilities - - - - (11 176)(11 176)
Settlement of vendor
liabilities by issuing
of shares - - 6 049 - - 6 049
Release from debt
incurred in respect
of share issue
expenses previously
written-off against
share premium - - 616 - - 616
Gain on cancellation
of business acquisition - - 109 - - 109
Net loss for period - - - (271) - (271)
Balance at
1 January 2001 1 137 5 047 14 517 3 957 - 24 658
Net loss for period - - - (24 858) - (24 858)
Share buy back (54) - - - - (54)
Balance at
31 March 2002 1 083 5 047 14 517 (20 901) - (254)
Net loss for period - - - (41) - (41)
Cancellation of
issued shares* (102) - 102 - - -
Balance at
30 September 2002 981 5 047 14 619 (20 942) - (295)
*Cancellation of shares by means of special resolution passed by shareholders at
the annual general meeting held on 20 August 2002.
BALANCE SHEET
Group Group
Six months 15-months
ended ended
30 Sept 31 March
2002 2002
Unaudited Audited
R`000 R`000
ASSETS
Non-current assets 389 404
Fixed assets 329 385
Loans receivable 59 19
Current assets 4 510 4 530
Accounts receivable 3 761 4 424
Deposits 55 5
Taxation 101 100
Cash and cash equivalents 592 1
Total assets 4 898 4 934
EQUITY AND LIABILITIES
Capital and reserves (295) (254)
Share capital 6 028 6 130
Non-distributable reserve 14 619 14 517
Accumulated losses (20 943) (20 901)
Non-current liabilities 1 440 1 688
Interest bearing liabilities 43 -
Loans payable 169 169
Amounts due to group companies 978 1 269
Amounts due to vendors 250 250
Current liabilities 3 754 3 500
Accounts payable and provisions 3 740 3 444
Bank overdraft 4 56
Short-term portion of long-term liabilities 10 -
Total equity and liabilities 4 898 4 934
Number and weighted number
of shares on which per share
figures are calculated 98 140 414 98 140 414
Net asset value and net tangible
assets value per share (cents) (0,3) (0,3)
CASH FLOW STATEMENT
Group Group
Six months 15-months
30 Sept 31 March
2002 2002
Unaudited Audited
R`000 R`000
Cash flows generated from/(utilised in)
operating activities 627 (2 959)
Cash receipts from customers 3 714 6 960
Cash paid to suppliers and employees (3 110) (9 374)
Cash generated from/(utilised in)
operating activities 604 (2 414)
Interest received 24 44
Interest paid - (218)
Taxation paid - (371)
Cash flows generated from/(utilised in)
investing activities (108) (317)
Cash flows to maintain activities
Furniture, fittings and equipment acquired (68) (303)
Plant and equipment sold - 5
Cash flow to expand activities
Advances (40) (19)
Cash flows generated from/(utilised in)
financing activities 125 (3 790)
Payment on vendors` loans - (2 610)
Proceeds from long-term borrowings 51 90
Loans raised/(repaid) 74 (1 270)
Increase/(decrease) in cash and cash equivalents 644 (7 066)
Cash and cash equivalents at beginning of period (56) 7 010
Cash and cash equivalents at end of period 588 (56)
COMMENTARY
NATURE OF BUSINESS AND PROSPECTS
Acuity is an investment and management holding company listed in the "Support
Services" sector of the JSE Securities Exchange South Africa lists. As reported
in the annual financial statements, corporate restructuring specialists, Gandalf
Trust, took control of the company during March 2002 with the intention of
refocusing the business operations, seeking new opportunities for the Group and
unlocking value for shareholders. The board has identified various opportunities
that are currently being evaluated.
FINANCIAL RESULTS
The interim results for the six months ended 30 September 2002 reflect the
ongoing restructuring of the Group. A number of subsidiaries have been placed in
voluntary liquidation, which has led to a substantial reduction in the operating
costs of the Group. Together with a positive cash flow, this has enabled the
Group to show a turnaround from a 5,5 cents per share headline loss at year-end
to a marginal loss for the period under review. The Group would have reported a
profit but for the cancellation of a contract on which costs were incurred, but
no revenue generated. Comparative figures for the nine months to 30 September
2001 are shown in respect of the income statement, although the directors
consider such comparison to be meaningless as the company has since undergone
significant changes. Shareholders should note that the said nine-month period
reflects fully consolidated figures whereas the financials for the current
period only reflect the consolidation of solvent subsidiaries (as detailed in
the Group`s annual financial statements dated 5 July 2002).
ACCOUNTING POLICIES
The accounting policies of the Group comply in all material respects with South
African Statements of Generally Accepted Accounting Practice and the Companies
Act of 1973. These policies are consistent with those applied during the 15
months to 31 March 2002.
DIVIDEND
No dividend has been declared or recommended for the interim period.
For and on behalf of the board
K J Gribnitz
Director
15 January 2003
Corporate advisor:
Gandalf Trust
Sponsor:
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Transfer secretaries: Registered address:
Computershare Investor Mirkwood Estate
Services Limited Klipkop - JR 396
Gauteng
Date: 15/01/2003 05:52:00 PM Produced by the JSE SENS Department
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