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Vesta Technology Holdings Limited -
Vesta Technology Holdings Limited
(Registration number: 1998/015580/06)
(Share code: VST)
(ISIN code: ZAE000016267)
Interim Results for the six months ended in February 2003
Condensed income statement
Unaudited Unaudited Audited
Six months Six months Year
ending ending Ending
28/2/03 28/2/02 31/8/02
R"000 R"000 R"000
Revenue 9 495 8 555 18 601
Cost of sales (3 423) (2 566) (6 144)
Gross profit 6 072 5 989 12 457
Other operating income 440 185 319
Other operating expenses (6 061) (8 539) (17 083)
Results from operating activities 451 (2 365) (4 307)
Loans written off (63)
Impairment of intangible assets (14 288)
Net financing expense (30) (236) (401)
Profit/(loss) before taxation 421 (2 601) (19 059)
Income tax 594 (482)
Net profit/(loss) for the period 421 (2 007) (19 541)
Reconciliation of headline
earnings/(loss)
Net profit/(loss) 421 (2 007) (19 541)
Goodwill effects 498 997
Loans written off 63
Impairment of goodwill 11 962
Impairment of tangible assets 2 326
Headline earnings/(loss) 421 (1 509) (4 193)
Earnings/(loss) per share (cents) 0,5 (2,4) (23,1)
Headline earnings/(loss) per share 0,5 (1,8) (5,0)
(cents)
Weighted average number of shares 84 600 84 600 84 600
Condensed statement of changes of equity
Non-
Distri-
Share Share Retained butable
capital premium profits reserve Total
R"000 R"000 R"000 R"000 R"000
Balance at 1 85 18 958 749 529 20 321
September 2001
Foreign exchange 718 718
translation
reserve
Net profit for the (2 007) (2 007)
year
Balance at 28 85 18 958 (1 258) 1 247 19 032
February 2002
Balance at 1 85 18 958 (19 034) 959 968
September 2002
Foreign exchange (438) (438)
translation
reserve
Net profit/(loss) 421 421
for the period
Balance at 28 85 18 958 (18 613) 521 951
February 2003
Condensed balance sheet
Unaudited Unaudited Audited
28/2/03 28/2/02 31/8/02
R"000 R"000 R"000
Assets
Non-current assets 2 313 20 153 2 803
Tangible assets 362 6 200 492
Non-tangible assets 1 951 12 461 2 311
Deferred tax 1 429
Other financial assets 63
Current assets 2 514 6 776 2 523
Inventories 31 206 167
Trade and other receivables 2 178 6 248 2 095
Cash and cash equivalents 44 131 47
Other financial assets 261 191 214
Total assets 4 827 26 929 5 326
Equity and liabilities
Capital and reserves 951 19 032 968
Equity capital 19 043 19 043 19 043
Non-distributable reserves 521 1 247 959
Accumulated loss (18 613) (1 258) (19 034)
Non-current liabilities 54 309 164
Interest bearing borrowings 114 56
Other financial liabilities 54 195 108
Current liabilities 3 822 7 588 4 194
Trade and other payables 3 336 4 228 3 878
Short-term borrowings 486 3 360 316
Total equity and liabilities 4 827 26 929 5 326
Cash flow statement
Unaudited Unaudited Audited
Six months Six months Year
ending ending Ending
28/2/03 28/2/02 31/8/02
R"000 R"000 R"000
Cash flows from operating (50) (9) 430
activities
Cash flows from investment (20) (541) 1 998
activities
Cash flows from financing (96) (52) (57)
activities
Net change in cash and (166) (602) 2 371
cash equivalents
Cash and cash equivalents (167) (2 538) (2 538)
at beginning of period
Cash and cash equivalents (333) (3 140) (167)
at end of period
CommentaryThe BusinessVestas" core business is to deliver total Information
Technology (IT) services. Vesta delivers these services to the marketplace in
four main areas: Software development, Service and Support, Training and Vesta
Developed Products, which are positioned in the areas of e-learning, performance
management and collaboration.
Accounting policiesThe accounting policies in respect of the financial year
ended 31 August 2002 were also consistently applied to the results for the
period ended 28 February 2003. These policies conform to the South African
Statements of Generally Accepted Accounting Practice.
Review of resultsThe group achieved a profit of R420 961 for the six months
ended 28 February 2003. Included in the results for the period are foreign
exchange profits of R434 933 on a loan, which occurred as a result of the rand
strengthening against other currencies.
No provision was made for taxation as the group has calculated losses against
which future taxable income will be utilised.
The group has reached a breakeven situation from its operations for the six
months ended 28 February 2003. This has been achieved by the successful
implementation of a restructuring and rationalisation process, the streamlining
of its operational areas and the reworking of the groups marketing strategy.
The groups" current liabilities exceed its current assets by R1 307 601. The
board of directors has satisfied itself that the group has adequate revenue, a
budget for the next year reflecting a net profit and a cash-flow forecast which
indicates that the group will be able to honour all its liabilities in the
normal course of business.
FutureThe group will continue to drive its marketing strategy to optimise
opportunities and expand the existing markets within which the group operates.
These actions are aimed at developing sustainable long-term annuity revenue
streams for the group. The board is optimistic that the group will achieve
profitability by the end of this financial year.By order of the Board
Frederick Morrison JohannesburgGroup Chief
Executive 31 March 2003
Directors: F Morrison, E Thomas, A Futcher, M Morrison (Non-executive)
Transfer Secretaries: Computershare Investor Services Limited, Edura House, 41
Fox Street, Johannesburg 2001.
Registered Office: Vesta House, Gazelle Close, Sage Corporate Park, Old Pretoria
Rd, Midrand, Johannesburg.
Tel: (011) 314-8181
Fax: (011) 314-8182
www: vesta.co.za
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