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EC-Hold - AND FURTHER
CAUTIONARY ANNOUNCEMENT
EC-Hold Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1998/020093/06
Share Code: ECH
ISIN: ZAE000016705
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2002 AND FURTHER CAUTIONARY
ANNOUNCEMENT
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 18 months
to 31 Dec to 31 Dec to 30 Jun
R000 2002 2001 2002
Revenue 48 410 91 944 192 344
Operating (loss)/
income before
depreciation (10 402) 4 622 450
Depreciation (285) (577) (1 066)
Operating (loss)/
income (10 687) 4 045 (616)
Net finance income 363 347 147
Net capital impairments (1 007) - (12 481)
Net (loss)/income
before taxation (11 331) 4 392 (12 950)
Taxation (283) (1 307) (6 057)
Net (loss)/income for
the year (11 614) 3 085 (19 007)
Outside shareholders"
interest (104) - (74)
(Loss)/income
attributable to
ordinary
shareholders (11 718) 3 085 (19 081)
Weighted average
number of
ordinary shares
in issue
(thousands) 104 040 104 040 104 040
Headline earnings
per ordinary
share (cents) (11.3) 3.0 (17.2)
Earnings per
ordinary share
(cents) (11.3) 3.0 (18.3)
Headline earnings
reconciliation
Income attributable
to ordinary
shareholders (11 718) 3 085 (19 081)
Loss on sale of
division - - (1 208)
Headline earnings (11 718) 3 085 (17 873)
SUMMARISED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at 31 Dec at 31 Dec at 30 Jun
R000 2002 2001 2002
Assets
Non-current assets 1 411 45 777 2 097
Fixed assets 766 1 005 721
Research and
development - 6 400 -
Deferred tax 645 26 440 -
Financial assets - 11 932 1 376
Current assets 35 374 46 344 60 545
Cash resources 5 847 14 723 3 263
Other current assets 29 527 31 621 57 282
Total assets 36 785 92 121 62 642
Equity and liabilities
Shareholders" equity 1 177 53 299 9 995
Vendor loan - 7 600 -
Non-current liabilities:
Interest bearing 15 198 9 235 8 470
Non-interest bearing - - 10 870
Deferred tax - - -
Current liabilities 20 410 21 987 33 307
Total equity and
liabilities 36 785 92 121 62 642
Number of ordinary
shares in issue
(thousands) 104 040 104 040 104 040
Net tangible asset
value per ordinary
share (cents) 0.1 19.4 9.6
STATEMENT OF CHANGES IN EQUITY
Non- Outside
distrib- Distrib- share-
Share Share utable utable holders"
capital premium reserve reserve interest Total
Balance 1 July 2002 1 040 11 118 7 600 (10 076) 313 9 995
Net loss for the
Period - - - (11 718) 104 (11 614)
Foreign currency
translation reserve - - 2 796 - - 2 796
1 040 11 118 10 396 (21 794) 417 1 177
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 18 months
to 31 Dec to 31 Dec to 30 Jun
R000 2002 2001 2002
Cash (utilised by)/
generated from
operations before
working capital
changes (10 402) 4 621 543
Working capital
changes 17 219 (1 360) (23 775)
Net finance income 363 347 147
Taxation paid 680 (556) (1 263)
Cash flow from
operating
activities 7 860 3 052 (24 348)
Cash flow from
investing
activities 40 (8 772) (11 904)
Cash flow from
financing
activities (4 142) 507 11 351
Net increase/
(decrease) in
cash and cash
equivalents 3 758 (5 213) (24 901)
Cash and cash
equivalents at the
beginning of the
period 2 089 19 936 26 990
Cash and cash
equivalents at the
end of the period 5 847 14 723 2 089
COMMENTS
INTERIM RESULTS
The decline in the performance is primarily attributed to a difficult trading
environment.
BALANCE SHEET
Investments have been written down to their current estimated values. Working
capital has been adjusted to reflect the realisable carrying value for stock and
the recoverability of the accounts receivable. Interest bearing non-current
liabilities include a loan of R15 million from a fellow subsidiary of MGX
Holdings Limited.
CASH FLOW STATEMENT
Cash and cash equivalents increased through working capital changes, brought
about by lower trading activities. This was offset by the repayment of certain
non-current liabilities.
ACCOUNTING POLICIES
The accounting policies and methods of computation were the same as those used
for the 30 June 2002 annual financial statements and are in compliance with the
South African Statements of Generally Accepted Accounting Practice. AC133 has
not been applied.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous cautionary announcements of 20
November 2002, 2 January 2003 and 10 March 2003. MGX Holdings Limited is at
present considering alternative courses of action that could be taken as a
result of the Securities Regulation Panel ruling of 19 March 2002. Accordingly,
EC-Hold shareholders are advised to continue to exercise caution when dealing in
their shares until a further announcement is made.
THE SRP ISSUE
MGX Holdings Limited has advised that discussions with the Securities Regulation
Panel regarding resolving this matter are continuing.
BOARD AND MANAGEMENT
Rory Shirley resigned on 15 September 2002 and has not been replaced. There
were no other changes to the board of directors.
PROSPECTS
Negotiations for the disposal of the CDP Africa business are progressing. A
further announcement will be made once this transaction has been finalised. The
group"s trading performance continues to deteriorate because of the continuing
weakness in the IT sector.
On behalf of the board
A Lubashevsky T H Appel
Joint managing director Joint managing director
31 March 2003
Directors: A Lubashevsky, T H Appel
Registered office:
22 Milkyway Avenue, Linbro Business Park
Transfer secretaries:
Computershare Investor Services Limited, 70 Marshall Street, Johannesburg, 2001
Investor & Media relations:
contact Kathy du Plessis, Tel: (011) 728 4701, Fax: (011) 728 2547 or e-mail:
gen@dpapr.com
Sponsor
Brait Sponsors
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