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Alacrity Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/000078/06)
JSE Share code: ALY ISIN: ZAE000023966
("Alacrity")
AUDITED GROUP FINANCIAL RESULTS for the year ended 31 December 2002
CONSOLIDATED BALANCE SHEET
as at 31 December
2002 2001
R`000 R`000
Assets
Non-current assets 35,722 34,875
Property, plant and equipment 22,250 11,198
Intangible assets 11,960 21,460
Other investments 1,512 2,217
Current assets 34,908 67,177
Receivables and prepayments 4,954 24,672
Receiver of revenue 423 424
Cash and cash equivalents 29,531 42,081
Total assets 70,630 102,052
Equity and liabilities
Capital and reserves 1,471 828
Ordinary shares 1,174 1,376
Share premium 8,573 13,081
Accumulated loss (8,276) (13,629)
Non-current liabilities 40,470 32,996
Interest bearing borrowings 40,470 32,996
Current liabilities 28,689 68,228
Trade and other payables 21,215 62,363
Provision for taxation 852 279
Current portion of borrowings 4,726 2,497
Leave pay provision 1,896 3,089
Total liabilities 69,159 101,224
Total equity and liabilities 70,630 102,052
CONSOLIDATED INCOME STATEMENTS
for the year ended 31 December
2002 2001
Note R`000 R`000
Revenue 104,616 133,291
Other income 3,287 1,180
107,903 134,471
Administrative expenses (6,590) (7,490)
Operating expenses (96,581) (125,984)
Abnormal items - (19,291)
Operating profit / (loss) 4,732 (18,294)
Finance income 1,413 965
Profit / (loss) before tax 6,145 (17,329)
Taxation (792) (279)
Profit / (loss) from ordinary 5,353 (17,608)
activities
Net profit / (loss) 5,353 (17,608)
Earnings per share (cents)
Basic 2 4.22 (12.98)
Diluted 2 4.22 (12.66)
Headline earnings per share
(cents)
Basic 2 2.13 (0.96)
Diluted 2 2.13 (0.93)
Dividends per ordinary shares - -
(cents)
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December
2002 2001
R`000 R`000
Cash flow from operating activities
Cash generated from / ( utilised in ) 23,074 (12,109)
operations
Financing costs 4,871 3,096
Taxation paid (57) (279)
(Decrease)/Increase in Insurer Payables (30,527) 30,642
Net cash (utilised in) / generated from operating (2,639) 21,350
activities
Cash utilised in investing activities
Acquisition of subsidiaries (3,385) (3,101)
Purchase of intangible assets (828) (1,505)
Tangible assets acquired (16,633) (9,821)
Proceeds from disposal of tangible and 1,232 181
intangible assets
Net cash utilised in investing activities (19,614) (14,246)
Cash flow from financing activities
Increase in long-term liabilities 7,474 4,361
Net ordinary shares issued - 1,377
Net preference shares issued - 27,613
Increase / ( Decrease ) in short-term loans 2,229 (515)
Net cash generated from financing activities 9,703 32,836
Net (decrease) / increase in cash and cash (12,550) 39,940
equivalents
Change in cash and cash equivalents before
effect of insurer payables 17,977 9,298
Cash effect of insurer payables (30,527) 30,642
Cash and cash equivalents at beginning of the year 42,081 2,141
Cash and cash equivalents at end of the year 29,531 42,081
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2002
Ordinary Share Accumalate
shares Premium d Loss Total
R`000 R`000 R`000 R`000
GROUP
Balance at 1 January 2001 1,340 11,740 3,979 17,059
Net loss - - (17,608) (17,608)
Issue of share capital - 36 1,341 - 1,377
acquisitions
Balance at 31 December 2001 1,376 13,081 (13,629) 827
Balance at 1 January 2002 1,376 13,081 (13,629) 827
Net profit - - 5,353 5,353
Cancellation of share capital - (72) (2,030) - (2,102)
subsidiaries
Treasury shares - sale of (2,478) - (2,608)
subsidiaries (130)
Balance at 31 December 2002 1,174 8,573 (8,276) 1,471
NOTES TO THE FINANCIAL STATEMENTS
General
1. General
The annual financial results have been prepared in accordance with the
Statements of Generally Accepted Accounting Practice of South Africa. The
accounting policies adopted remain consistent with those applied in the
financial statements for the year ended 31 December 2002.
These annual financial statements have been audited by PricewaterhouseCoopers
Inc. and the audit report is available for inspection at the company`s
registered office.
2. Earnings and headline earnings per share
2002 2001
(R`000) (R`000)
Net profit/(loss) after taxation 5,353 (17,608)
(Loss)/Profit on sale of subsidiary (3,101) 3,136
Impairment or loss on asset - 12,517
Goodwill amortisation arising on 458 656
consolidation
Headline earnings 2,710 (1,299)
Basic earnings per share
Profit/(Loss) after taxation 5,353 (17,608)
Weighted average number of ordinary
shares in issue (thousands) 129,966 135,631
Earnings/(Loss) per share (cents) 4,22 (12,98)
Fully diluted earnings per share
Profit/(Loss) after taxation 5,353 (17,608)
Weighted average number of ordinary
shares in issue (thousands) 126,966 135,631
Shares awaiting issue - 3,460
126,966 139,091
Fully diluted earnings per share 4,22 (12,66)
(cents)
Headline earnings/(loss) per share
Headline earnings / (loss) 2,710 (1,299)
Weighted average number of ordinary
shares in issue (thousands) 126,966 135,631
Headline earnings/(loss) per share 2,13 (0,96)
(cents)
Fully diluted headline earnings per
share
Headline earnings 2,710 (1,299)
Weighted average number of ordinary
shares in issue (thousands) 126,966 135,631
Shares awaiting issue - 3,460
126,966 139,091
Fully diluted headline earnings/(loss)
per share (cents) 2,13 (0,93)
Commentary
Financial performance
There were a number of changes, which affected performance during the
year under review, but in the main these proved to be positive with
the benefits really coming through in the second six-month period. The
operating loss for the year ending 31 December 2001 was R18.3 million
after the write off of abnormal items of R19.3 million leaving an
adjusted operating profit of R1.1 million. This should be compared
with an operating profit of R0.6 million for the six months ending 30
June 2002 and R4.7 million for the year ending 31 December 2002.
Headline earnings have grown from R0.5 million in 2000 to (R1.3)
million in 2001 and R2.7 million in 2002. This represents growth of
440% over the last two years. We are encouraged by the positive trend
and are convinced that the seesaw results of the past are now history
and that the company after two years of restructuring and
consolidation is now at last poised to deliver consistent and
sustainable results to shareholders.
Comparatives are made difficult by the decision to sell non-core
subsidiaries. During the year under review four non-core subsidiaries,
namely De Wet de Villiers Brokers (Pty) Limited, E.D. Paton &
Associates (Pty) Limited, Alacrity Financial Solutions (Pty) Limited
and S.F.S. Holdings (Pty) Limited were sold back to the original
vendors. The main reason for undoing the purchases was an
acknowledgement that the independent operations could not easily be
absorbed into our mainstream business. Failure to achieve this
integration negated any opportunity to unlock value for either party.
While the sale of subsidiaries has resulted in a short-term decline in
premium income written as well as a decline in profitability we
believe that the long-term benefits will be positive as management
time is refocused on the core business and the proceeds from the sales
can be employed more productively elsewhere.
The decrease in trading income from R133.3 million last year to R104.6
million this year is directly as a result of the sale of the
abovementioned subsidiaries. Despite this, we have been able to
achieve a R5.3 million profit after taxation and positive cash flow
before the effect of insurer payables of R17.9 million.
By order of the board
7 March 2003
N A Ntsele M H Lobban
Chairman Chief Executive Officer
Johannesburg
7 March 2003
Executive directors
M H Lobban (Chief Executive Officer), M H Muller, Z B H Nkosi.
Non-executive directors
N A Ntsele (Non-executive Chairman), J J du Plooy, L Keel, D Masson, H B Mkhize,
S A Msibi.
Registrars
Computershare Investor Services Limited
2nd Floor, Edura House
41 Fox Street
Johannesburg 2001
Registered office
2nd Floor
Pamodzi House
5 Willowbrook Close
Melrose North
2196
Sponsor on the JSE Securities Exchange South Africa:
Quaestor Capital (Proprietary) Limited
1st Floor
44 Wierda Road West
Sandton 2146
Date: 07/03/2003 04:40:43 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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