|
Lyons Financial Solutions Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/022117/06)
Share code: LYS ISIN: ZAE000024709
Group income statement
for the 6 months ended 30 Nov 2002
30 Nov 2002 30 Nov 2001 31 May 2002
(6 months) (6 months) (12 months)
unaudited Unaudited audited
Notes R`000`s R`000`s R`000`s
Fee income 17,014 14,556 32,457
- continuing operations 16,995 14,398 31,866
- discontinued operations 19 158 591
Profit/(loss) from 3,386 5,750 7,244
operations
- continuing operations 5,827 6,077 8,506
- discontinued operations -2,441 -327 -1,262
Net finance costs -567 -81 -458
Amortisation of goodwill 1 -336 -164 -924
Closure costs related to
discontinued operation -593 - -
Impairment of investment -2,190 - -616
Share of associate 5,478 3,023 11,403
company pre-tax earnings
Net profit before 5,178 8,528 16,649
taxation
Taxation 2,222 2,154 4,281
Net profit after taxation 2,956 6,374 12,368
Earnings calculations 2
Shares in issue 380,419,350 380,419,350 385,050,792
Earnings per share 0.78 1.68 3.21
(cents)
Headline earnings per 1.55 1.72 3.61
share (cents)
Abridged group cash flow statements
6 months ended 30 November 2002
30 Nov 2002 30 Nov 2001 31 May 2002
(6 months) (6 months) (12 months)
unaudited Unaudited audited
R`000`s R`000`s R`000`s
Operating activities -1,542 11,610 10,608
- continuing operations 899 11,283 11,870
- discontinued operations -2,441 -327 -1,262
Investing activities -6,755 -7,327 -10,660
- continuing operations -3,865 -7,327 -9,233
- discontinued operations -2,890 - -1,427
Financing activities 8,412 -19 4,456
Movement in cash and 115 4,264 4,404
short term funds
Opening cash and 5,847 1,443 1,443
short term funds
Closing cash and 5,962 5,707 5,847
short term funds
consolidated statement of changes in equity
6 months ended 30 November 2002
Share Share Non- Retained
distributable
capital premium reserve income Total
R`000`s R`000`s R`000`s R`000`s R`000`s
Balance at 31 May 2001 33 315 1,332 13,426 15,106
Additional costs re -33 -33
sale of Cape Town and
Durban businesses
Surplus listing 8 8
provisions
Issue of shares to 5 4,157 4,162
acquire business
Shares to be issued re 1 2,499 2,500
acquisition of
business
Net profit 12,368 12,368
Balance at 31 May 2002 39 6,979 1,299 25,794 34,111
Shares to be issued re 1 2,499 2,500
acquisition of
business now cancelled
Net profit 2,956 2,956
Balance at 38 4,480 1,299 28,750 34,567
30 November 2002
Notes to the abridged group financial statements
period ended for 30 November 2002
Note 1 Intangible assets
Arising on acquisition of businesses in prior period 11,163
Less: amortized through the income statement -2,526
- continuing operations -336
- discontinuing operations -2,190
Less: shares cancelled on business acquired -2,500
6,137
30 Nov 30 Nov 31 May
2002 2001 2002
R`000`s R`000`s R`000`s
Note 2 Headline earnings and earnings
per share
Attributable earnings after tax 2,956 6,374 12,368
utilized in calculating earnings per
share
Add: amortization of goodwill 336 164 924
Add: after tax closure costs re 415 - -
discontinued investment
Add: permanent impairment of 2,190 - 616
investment
5,897 6,538 13,908
Earnings per share and headline
earnings per share have been
calculated using 380 419 350 ordinary
shares in issue for the full six (6)
month period under review.
Abridged group balance sheet
as at 30 November 2002
30 Nov 30 Nov 31 May
2002 2001 2002
unaudited unaudited audited
Notes R`000`s R`000`s R`000`s
Assets
Non-current assets
Property, plant and equipment 1,840 624 1,944
Investment in associate company 31,098 17,091 21,100
Other investments 1,212 1,460 1,080
Intangible assets 1 6,137 6,549 11,163
Total non-current assets 40,287 25,724 35,287
Current assets 15,744 11,751 15,985
Total assets 56,031 37,475 51,272
Equity and liabilities
Capital and reserves 34,567 26,209 34,111
Liabilities
Non-current liabilities 11,610 65 3,210
Current liabilities 9,854 11,201 13,951
Total liabilities 21,464 11,266 17,161
Total equity and liabilities 56,031 37,475 51,272
Accounting policies
The interim results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
used are consistent with those used in the comparative period and the annual
financial statements for the year ended 31 May 2002.
Operational review and prospects
The six months under review were below expectation in that your board decided to
discontinue the structured, capital and asset finance division which resulted in
lower earnings for the period compared to the same period in the previous
financial year. The board however has taken this opportunity to take the full
effects of the necessary write offs and has embarked on a programme to
concentrate on its core business of providing property asset management services
to the corporate market. The full positive effects of this programme are now
being felt and will filter through to the bottom line immediately. The company`s
corporate client base continues to grow and the prospects for calendar year 2003
are encouraging.
Ian Hewett
Executive Director
Max Kretzmer
Executive Director
25 February 2003
Communication
Lyons Place, 10 Benmore Road
Morningside, Sandton, South Africa
P O Box 652288, Benmore, 2010
Tel: (+2711) 324 2000
Fax: (+2711) 324 2001
e-mail: enquiries@lyons.co.za
www.lyons.co.za
Directors
M Judin* (chairman), I Hewett (executive director),
M Kretzmer (executive director), dr V Sibiya*
*Non-executive
engineered thought
www.lyons.co.za
Date: 26/02/2003 07:01:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
