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Integrear - Unaudited Interim Results
Integrear Limited
("Integrear" or "the group")
Registration number 1989/001319/06
Share code: ITG ISIN number: ZAE000027231
Unaudited Interim Results
for the six months ended 31 December 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six months ended Year ended
31 Dec 31 Dec 30 June
2002 2001 2002
R"000 R"000 R"000
Revenue 5 322 8 517 11 603
Cost of sales (1 940) (4 158) (6 666)
Gross profit 3 382 4 359 4 937
Operating expenses (3 174) (3 241) (5 135)
Profit/(loss) from operations 208 1 118 (198)
Finance costs (15) (143) (16)
Goodwill amortised (168) (240) (336)
Income from investments 50 260 120
Profit/(loss) before taxation 75 995 (430)
Income tax (expense)/benefit (73) (317) 23
Net profit/(loss) for the period 2 678 (407)
Earnings per share
Basic earnings/(loss) per share (cents)* 0,02 5,40 (3,24)
Headline earnings/(loss) per
share (cents)** 1,35 7,31 (0,51)
*Basic earnings per share is calculated based on net profit of R2 000 divided by
the number of shares in issue being 12 564 190 x 100.
**Headline earnings per share is calculated based on net profit of R2 000
adjusted by the amortisation of goodwill of R168 000 divided by the number of
shares in issue being 12 564 190 x 100.
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
31 December 30 June
2002 2001 2002
R"000 R"000 R"000
Operating activities
Cash receipts from customers 3 348 7 106 11 022
Cash paid to suppliers and employees (4 514) (7 509) (11 382)
Cash used in operations (1 166) (403) (360)
Interest paid (15) (143) (16)
Interest received 50 260 120
Income taxes paid (84) (53) (359)
Net cash used in operating activities (1 215) (339) (615)
Investing activities
Purchases of equipment (38) (21) (91)
Increase in loans receivable (20) - (6)
Acquisition of subsidiaries - 21 21
Net cash from investing activities (58) - (76)
Financing activities
Decrease/(increase) in borrowings (6) (21) 28
Net cash used in financing activities (6) (21) 28
Net decrease in cash
and cash equivalents (1 279) (360) (663)
Cash and cash equivalents at beginning
of the period 1 906 2 570 2 569
Cash and cash equivalents at end
of the period 627 2 210 1 906
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2002 2001 2002
R"000 R"000 R"000
Assets
Non-current assets 1 712 1 384 1 899
Equipment 245 335 293
Goodwill 504 1 201 673
Deferred tax asset 781 167 850
Tax asset/(liability) 156 (319) 76
Loans receivable 26 - 7
Current assets 4 222 4 661 3 526
Trade and other receivables 3 595 2 451 1 620
Bank balances and cash 627 2 210 1 906
TOTAL ASSETS 5 934 6 045 5 425
Equity and liabilities
Capital and reserves 3 227 4 310 3 225
Share capital 126 126 126
Share premium 686 686 686
Non-distributable reserves 828 828 828
Capital redemption fund 48 48 48
Accumulated profits 1 539 2 622 1 537
Non-current liabilities
Long-term borrowings 83 50 62
Current liabilities 2 624 1 685 2 138
Trade and other payables 2 583 1 652 2 069
Short-term borrowings 41 33 69
TOTAL EQUITY AND LIABILITIES 5 934 6 045 5 425
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Capital
distri- redemp- Accumu-
Share Share butable tion lated
capital premium reserve fund profits Total
R"000 R"000 R"000 R"000 R"000 R"000
Balance at
30 June 2001 126 686 828 48 1 944 3 632
Net profit for the period - - - - 678 678
Balance at
31 December 2001 126 686 828 48 2 622 4 310
Net loss for the period - - - - (1 085) (1 085)
Balance at 30 June 2002 126 686 828 48 1 537 3 225
Net profit for
the period - - - - 2 2
Balance at
31 December 2002 126 686 828 48 1 539 3 227
COMMENTS
The IT sector remains depressed, but notwithstanding these realities, a sense of
optimism prevails concerning our future.
The group has invested in technologies that positions Integrear as a supplier of
software and services to the credit management, municipal debt collection and
tertiary education industries. These products are finding increasing market
acceptance.
FINANCIAL
The headline earnings are positive at 1,35 cents per share after a loss reported
at the financial year end at 30 June 2002.
The gross profit percentage increased significantly partially due to the sales
of Integrear"s proprietary products compared to previous periods where the
income was derived from reselling third party products. Operating expenses
increased by 23,6% if annualised and compared to the June 2002 results. Yet
they decreased marginally by 2,1% when compared to the December 2001 results.
The reasons are the method whereby costs are allocated to cost of sales and
operating expenditure. The principle of activity based costing is being
followed.
The increase in trade receivables are due to new business contracts which were
concluded towards the end of the period in review.
The interim results have been prepared in accordance with South African
Standards on Generally Accepted Accounting Policies which have been consistently
applied.
PROSPECTS
The Group has entrenched itself as a supplier of timetable optimisation
solutions in the tertiary education sector. Further sales are expected in this
area based on our demonstrated success with a number of institutions.
Our efforts in the municipal debt collection market have been rewarded with
sales and a great deal of interest in the Zeus debt collection solution.
The Solidus debt collection system is being introduced in a number of commercial
business sectors with keen interest being experienced.
The continuous improvement and upgrading of our unique products distinguishes
Integrear"s standing with clients in the target markets in which we operate. We
remain responsive to our clients" needs.
POST BALANCE SHEET EVENTS
We are pleased to announce that the debt outstanding from Saambou Bank, as
reported in February 2002, and again in the Annual Report, was paid in full.
A substantial order was concluded with a Tertiary Education Institution for a
timetable system, and places the company in a dominant position in this sector
of the market.
DIVIDEND
No dividend is declared for the period under review.
By order of the board
L du Plessis
Chairperson
28 March 2003
Transfer secretaries Registered office
Computershare Investor Services Limited 265 West Avenue
9th Floor, 70 Marshall Street Centurion, 0157
Johannesburg, 2001
Directors: L du Plessis* (Chairperson), TJ Hill (Managing), BP Jones*,
GJ Oosthuizen*, LLS van der Watt*
*Non-executive
www.integrear.com
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