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CYCAD FINANCIAL HOLD LTD.-
CYCAD FINANCIAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/008637/06)
Share code: CYD ISIN: ZAE000017729)
("Cycad" or "the group")
INTERIM REPORT for the six months ended 31 December 2002
NET ASSET VALUE PER SHARE
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2002 2002 2001
Note Reviewed Audited Reviewed
Net asset values (cents) 1.5 13,7 17,5 58,1
The calculation of net asset
values per share is based
on the following:
Net asset value (R"000) 40 001 51 163 53 343
Number of shares in issue ("000) 291 796 291 796 91 796
Shares in issue at beginning
of period 91 796 91 796 91 796
Shares issued on 12 April 2002 200 000 200 000 -
GROUP INCOME STATEMENTS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2002 2002 2001
Reviewed Audited Reviewed
Notes (R"000) (R"000) (R"000)
Net interest paid (1 336) (3 094) (1 494)
Net operating costs 1.6 (1 976) (5 062) (3 187)
Loss on disposal of subsidiary
company - (1 392) -
Goodwill amortised 2.1 - - (2 682)
Investment adjustments 1.4 (7 850) (56 718) (36 953)
Loss before and after taxation 2.3 (11 162) (66 266) (44 316)
Share of retained loss from
associate companies - - (2 667)
Attributable loss (11 162) (66 266) (46 983)
Attributable loss per ordinary
share (cents) (4) (49) (51)
Headline loss per ordinary
share (cents) (4) (48) (48)
The calculation of attributable and
headline loss per share is based
on the following:
Attributable loss (11 162) (66 266) (46 983)
Less: Goodwill amortisation - - 2 682
Less: Loss on disposal of
subsidiary company - 1 392 -
Headline loss (R"000) (11 162) (64 874) (44 301)
Weighted average number
of shares in issue ("000) 291 796 135 084 91 796
GROUP BALANCE SHEETS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2002 2002 2001
Reviewed Audited Reviewed
Assets
Non-current assets
Investments 54 700 62 200 14 990
Associate companies 2.1 - - 59 875
Total investment portfolio 2.2 54 700 62 200 74 865
Current assets
Cash and short-term deposits 335 278 -
Net other assets 1 053 1 708 358
56 088 64 186 75 223
Capital, reserves and
liabilities
Shareholders" funds 40 001 51 163 53 343
Interest bearing non-current
liabilities - 3 186 7 426
Provisions - - 178
Current liabilities 16 087 9 837 14 276
- Bank overdraft - - 7 486
- Interest bearing (other) 1.3 15 695 8 830 5 930
- Non-interest bearing 392 1 007 860
56 088 64 186 75 223
GROUP CASH FLOW MOVEMENTS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2002 2002 2001
Notes Reviewed Audited Reviewed
(R"000) (R"000) (R"000)
Cash generated by rights issue - 20 000 -
Cash generated/(utilised) by
operations and borrowings 407 (9 566) (3 694)
Net cash invested (350) (4 729) (1 262)
Proceeds on disposal of
investment 1.2 400 - -
Net advances to investments (750) (2 981) (1 235)
Loss on disposal of subsidiary and
restructuring amounts paid - (1 748) -
Net acquisition of fixed assets - - (27)
Share issue expenses written-off
against share premium - (2 897) -
Balance at beginning of period 278 (2 530) (2 530)
Balance at end of period 335 278 (7 486)
STATEMENT OF CHANGES IN EQUITY
Preference Accumu-
Share Share share lated
capital premium capital loss Total
Balance at 1 July 2002 2 918 163 990 1 (115 746) 51 163
Loss for the period
after taxation (11 162) (11 162)
Balance at
31 December 2002 2 918 163 990 1 (126 908) 40 001
1. Overview
1.1 Cycad"s objective is to realise its investments over the next two years,
in an orderly manner to ensure acceptable exit valuation levels. This is
difficult in the present economic climate and turbulent financial markets.
Consequently, progress has been slower than desired.
1.2 Discussions are in hand to resolve the EC-Hold Limited dispute and to
realise or restructure our holdings in various investments. We have realised a
small investment in the Cycad Trafalgar Turnaround Fund, namely Supergalv (Pty)
Ltd.
1.3 The proceeds of realisations will be utilised to settle borrowings, the
terms of which will be determined as transactions are finalised.
1.4 In the light of the continued pressure on international equity markets
and particularly IT business market values, R7,85 million has been provided
against certain investments.
1.5 The reduction in net asset value of approximately 22% since 30 June 2002,
can be benchmarked against a 39 % decline in the JSE Securities Exchange South
Africa information technology sector over the same period and consists of
investment provisions, operating costs and interest. The substance of the net
asset value is underpinned by satisfactory performance in the businesses of the
core underlying investments.
1.6 The planned reduction in operating costs has been implemented resulting
in a 38% reduction compared to the period ended 31 December 2001.
2. Accounting
2.1 These summarised financial statements are prepared in accordance with the
group"s accounting policies which comply in all material respects with South
African Statements of Generally Accepted Accounting Practice and which is
consistent with those policies applied in previous periods. All investments have
been accounted for in terms of Accounting Standard AC133 and goodwill has been
capitalised to the cost of the related investments.
2.2 The directors" valuations are comprehensively reviewed every six months
in accordance with the group"s accounting policies whereby investments are
valued at cost for the first two reporting periods during which they are held
(with provision being made for any permanent impairment of value) and thereafter
they are revalued to fair value.
2.3 No taxation has been provided for, as the group has accumulated tax
losses.
3. Capital Commitments
At the date of this announcement, the group had potential investment
commitments of R400 000 (30 June 2002: R590 000).
4. Dividends
No dividend was declared or paid during the period under review.
5. REVIEW OF THE INDEPENDENT AUDITORS
The interim report has not been audited, but has been reviewed by our
auditors Fisher Hoffman PKF (Jhb) Inc. This review has been performed in
accordance with the guidelines issued by the South African Institute of
Chartered Accountants and a copy of the review report is available for
inspection at the registered office of the company.
6. PROSPECTS
We continue to work on the realisation of the portfolio. The underlying
businesses of our main investments are performing satisfactorily and these
should realise fair value provided that market conditions permit.
By order of the board
L H Fine L Klaff
Executive Chairman Executive
Johannesburg
31 March 2003
Transfer secretaries Registered office
Computershare Investor Services Limited 15 Girton Road
70 Marshall Street Parktown 2193
Johannesburg, 2001 Tel: (011) 507-2000
(PO Box 1053, Johannesburg, 2000) Fax: (011) 507-2004
email: cycadfinhold@cycadfinhold.co.za Website: www.cycadfinhold.co.za
Directors:
L H Fine (Executive Chairman), A J Frost* (alt. L Klaff), J M Kahn*,
W Y N Luhabe*, P G Joubert*
*Non-executive
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