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Zeltis -
ZELTIS HOLDINGS LIMITED
(Registration No:1905/0021141/06)
("Zeltis")
JSE CODE: ZLT - ISIN CODE: ZAE000015939
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at
31 Dec As at 31 Dec
2002 30 June 2002 2001
R"000 R"000 R"000
UNAUDITED AUDITED UNAUDITED
ASSETS
Non-Current Assets
Tangible assets 2,268 2,210 2,355
Intangible assets 10,671 11,002 11,324
Associates - - 889
Investments 3,020 3,020 15,292
15,960 16,232 29,860
Current Assets 17,011 25,681 12,143
Accounts receivable
Cash and cash 2,505 3,211 9,182
equivalents
19,516 28,892 21,325
Total Assets 35,476 45,124 51,185
EQUITY AND
LIABILITIES
Capital and Reserves
Ordinary share 4,102 4,102 1,487
capital
Share premium 114,973 114,973 109,743
Distributable reserve (118,882) (117,234) (104,600)
Ordinary 192 1,841 6,630
shareholders"
interest
Preference share 39 39 39
capital
231 1,880 6,669
Non-Current 7,788 11,792 18,558
Liabilities
Long-term liabilities
7,788 11,792 18,558
Current Liabilities 23,909 27,156 22,094
Accounts payable
Bank overdraft 1,502 1,811 2,146
Current portion of 70 510 310
long-term debt
Taxation 1,975 1,975 1,408
27,457 31,452 25,958
Total equity and 35,476 45,124 51,185
liabilities
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 12 months 6 months
ending ending ending
31 Dec 2002 30 June 2002 31 Dec 2001
R"000 R"000 R"000
UNAUDITED AUDITED UNAUDITED
Revenue
7,688 10,778 5,734
Operating
profit/(loss) on
ordinary
activities before 285 (2,492) 822
investment income
Impairment of - (5,161) -
investments
Investment income 104 358 173
Profit/(loss) before 389 (7,295) 995
finance costs
Finance Costs (2,038) (5,646) (1,302)
Loss on ordinary (1,648) (12,941) (307)
activities before
Taxation - - -
Net loss for the (1,648) (12,941) (307)
year
Adjustments for 535 5,756 201
headline earnings:
Profit/loss on sale 205 (66) -
of investments
Investments and - 5,161 -
loans written off
Goodwill amortised 331 661 201
Headline loss for (1,113) (7,185) (106)
the year
EARNINGS PER SHARE 82,044 59,783
Weighted average "Restated"
number of ordinary
shares in issue
("000)
41,525
Loss per share (2.0) (21.6) (0.7)
(cents)
adjusted for: 0.2 (0.1) (0)
Profit/loss on sale
of investments
Investments and - 8.6 0
loans written off
Goodwill amortised 0.4 1.1 0.4
Headline loss per (1.4) (12.0) (0.3)
share (cents)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months 12 months 6 months
ending ending ending
31 Dec 2002 30 June 2002 31 Dec 2001
R"000 R"000 R"000
UNAUDITED AUDITED UNAUDITED
Cash flow from operating 6,277 1,701 5,539
activities
Cash generated from
operations
Investment income 104 86 173
Finance costs (2,038) (5,646) (1,302)
Taxation paid - (2) -
Net cash inflow/(outflow) 4,343 (3,860) 4,410
from operations
Cash flow from investing
activities
Replacement of fixed (295) (181) (105)
assets
Expansion to fixed assets - (396) -
Proceeds from disposal of - 2,107 -
fixed assets
Increase in associate - (2) -
investment
Proceeds from disposal of - 257 -
investments
Net cash (outflow)/inflow (295) 1,785 (105)
from investing activities
Cash flow from financing
activities
Loans raised 251 1,611
Loans repaid (4,445) -
Capital raised - 2,104
Net cash (outflow)/inflow (4,445) 2,355 1,611
from financing activities
Net change in cash and (397) 280 5,916
cash equivalents
Cash and cash equivalents 1,400 1,120 1,120
at
beginning of year
Cash and cash equivalents 1,003 1,400 7,036
at end of year
STATEMENT IN CHANGES IN EQUITY
Share Share Distributable Total
Capital Premium Preference Reserve R"000
R"000 R"000 Share R"000
Capital
R"000
Audited balance 1,487 109,743 39 (104,293) 6,976
as at 30 June
2001
Net loss for (307) (307)
the period
Unaudited 1,487 109,743 39 (104,600) 6,669
balance as at
31 December
2001
Share capital 2,615 5,230 7,845
issued
Net loss for (12,634) (12,634)
the period
Audited balance 4,102 114,973 39 (117,234) 1,880
as at 30 June
2002
Net loss for (1,648) (1,648)
the period
Unaudited 4,102 114,973 39 (118,882) 232
balance as at
31 December
2002
BASIS OF PREPARATION
The financial statements of the group have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice, which
policies have been applied consistently from prior years
INTERIM REVIEW OF OPERATIONS
Management has continued to transform the small portfolio of remaining
investments. In this context, the following are pertinent in respect of the six
months ended 31 December 2002.
Recruitment / Labour Broking operations (Denverdraft Agency (Pty) Ltd).
The group has, over the past six months, consolidated it"s position as a leading
supplier of labour in the mining, construction and engineering industries. The
growth of the "blue collar" division in both Kwa-Zulu Natal and the North
Western Province has been notable as have been the meaningful improvements in
administration, systems and procedures, following the appointment of new staff
in key positions.
Investment portfolio operations Management have proceeded with the recovery of
investments and loans made by the group in 1998 / 1999 and an amount of R204,000
was recovered in the period to the end of December.
Legal Proceedings
Legal proceedings against other debtors of the group continues. Shareholders
will be informed as developments materialise in this regard
On behalf of the Board
RN McLeod
Managing Director CHD Field
Financial Director
28 March 2003
Johannesburg
Sponsor
The Janus Corporation (Pty) Ltd
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