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Maxtec limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/004039/06)
Share code MEC
ISIN: ZAE000016721
("Maxtec or "the Group")
The directors of Maxtec Limited hereby announce the Interim Results for the six
months ended 28 February 2003.
Nature of business
Classified under the Information Technology Hardware sector of the JSE
Securities Exchange, Maxtec Limited (`MEC") provides complete high-end mass
storage solutions as well as offering a range of related applications. Maxtec
covers the distribution and support of all aspects of IT storage solutions
including: consulting, outsourcing, implementation, repair, maintenance,
education and training.
BASIS OF PREPARATION
The interim financial statements of the Group have been prepared in accordance
with the South African Statements of Generally Accepted Accounting Practice,
which policies are consistent with those of the prior year.
AUDIT OPINION
The interim results have not been audited.
Trading environment, Financial Performance and operational review
Results for the six months are approximately as anticipated. It was hoped that
additional business might come through in the six-month period but that did not
materialize.
Compared to the six month period ended 28 February 2002, turnover decreased from
R37,998 million to R29,772 million for continuing operations, with the operating
loss decreasing to R2,281 million (R4,257 million: 2002 continuing operations).
The trading environment remains competitive. Maxtec reports a headline loss of
R1,748 million or (2.0) cents per share for the financial period under review.
PROSPECTS
Further cost reductions were implemented in February, the benefits of which will
be realized in this financial year.
It is anticipated that the second half of the financial year will be better than
the first as new agreements with suppliers and the tight focus of the Group,
continues the overall improvement in results. Growth in the IBM distribution
business is steady. Relationships with the reseller channel are improving all
the time.
Efforts are continuing to grow the services related business which effort is
expected to show results in this six-month period.
Cash flow is being tightly controlled but the reseller channel needs to be
supported with adequate credit terms. Inventory levels will continue to be
closely monitored with reduction in stock levels below current levels still
targeted.
Dividends
No dividend has been declared.
Unaudited
Six months
ended
GROUP INCOME STATEMENT 28 Feb 2003
R " 000
Total
Revenue 29,772
Operating (Loss)/Profit (2,281)
Net interest paid (212)
Profit from associate -
Profit from sale of associate
company -
Dividend received/paid -
Loss from sale of
subsidiaries -
Loss on write down of loan to
Share Incentive Trust -
(Loss)/Profit before taxation (2,493)
Taxation 745
Net (loss)/profit after tax
for the year (1,748)
Depreciation 411
Net interest paid (212)
Interest received 99
Interest paid (311)
(Loss)/earnings per share
(cents) (2.0)
Headline (loss)/earnings per
share (cents) (2.0)
Fully diluted headline
(loss)/earnings per share
(cents) (2.0)
Weighted average number of
shares in issue (millions) 88.2
Number of shares in issue
(millions) 88.2
Net asset value per share 15.46c
Unaudited Unaudited Audited
Six months Six months Six months
ended ended ended
GROUP INCOME STATEMENT 28 Feb 2002 28 Feb 2002 28 Feb 2002
R " 000 R " 000 R " 000
Total Continuing Discontinued
operations operations
Revenue 47,139 37,998 9,141
Operating (Loss)/Profit (2,899) (4,257) 1,358
Net interest paid (989) (808) (181)
Profit from associate 550 550 -
Profit from sale of associate
company - - -
Amortisation of goodwill in
associate company (91) (91) -
Dividend received/paid - - -
Loss from sale of
subsidiaries - - -
Loss on write down of loan to
Share Incentive Trust (153) (153) -
(Loss)/Profit before taxation (3,582) (4,759) 1,177
Taxation 1,197 948 249
Net (loss)/profit after tax
for the year (2,385) (3,811) 1,426
Depreciation 1,048 500 548
Net interest paid (989) (808) (181)
Interest received 13 11 2
Interest paid (1,002) (819) (183)
(Loss)/earnings per share (2.7) (4.3) 1.6
(cents)
Headline (loss)/earnings per (2.5) (4.1) 1.6
share (cents)
Fully diluted headline (2.5) (4.1) 1.6
(loss)/earnings per share
(cents)
Weighted average number of 88.2
shares in issue (millions)
Number of shares in issue 88.2
(millions)
Net asset value per share 17.46c
Audited Audited Audited
Year ended Year ended Year ended
GROUP INCOME STATEMENT 31 Aug 2002 31 Aug 2002 31 Aug 2002
R " 000 R " 000 R " 000
Total Continuing Discontinued
operations operations
Revenue 92,848 79,395 13,453
Operating (Loss)/Profit (12,023) (13,561) 1,538
Net interest paid (1,601) (1,413) (188)
Profit from associate 665 665 -
Profit from sale of associate
company 2,257 2,257 -
Dividend received/paid - 738 (738)
Loss from sale of subsidiaries (474) (474) -
Loss on write down of loan to Share
Incentive Trust (153) (153) -
(Loss)/Profit before taxation (11,329) (11,941) 612
Taxation 3,883 4,288 (405)
Net (loss)/profit after tax for the
year (7,446) (7,653) 207
Depreciation 1,917 1,177 740
Net interest paid (1,601) (1,413) (188)
Interest received 101 89 12
Interest paid (1,702) (1,502) (200)
(Loss)/earnings per share (cents) (8.4)
Headline (loss)/earnings per share
(cents) (9.3)
Fully diluted headline
(loss)/earnings per share (cents) (9.3)
Weighted average number of shares 88.2
in issue (millions)
Number of shares in issue
(millions) 88.2
Net asset value per share 25.90c
Unaudited Unaudited Audited
GROUP BALANCE SHEET 28 Feb 2003 28 Feb 2002 31 Aug 2002
R " 000 R " 000 R " 000
ASSETS
Non-current assets 8,272 12,533 7,917
Plant and equipment 1,421 4,465 1,811
Investment in associate company - 4,692 -
Deferred taxation 6,542 3,067 5,797
Loan to share incentive trust 309 309 309
Current assets 18,688 32,744 27,460
Inventories 9,560 16,786 9,618
Trade and other receivables 9,119 15,958 17,616
Cash resources 9 - 226
TOTAL ASSETS 26,960 45,277 35,377
EQUITY AND LIABILITIES
Capital and reserves 13,644 20,453 15,392
Issued capital 9 9 9
Share premium 18,446 18,446 18,446
Accumulated (loss)/profit (4,811) 1,998 (3,063)
Non current liabilities - 137 -
Interest-bearing borrowings - 137 -
Current liabilities 13,316 24,687 19,985
Trade and other payables 9,468 17,118 19,533
Provisions 246 473 384
Current portion of interest-
bearing borrowings 15 121 38
Taxation - 1,666 30
Bank overdraft 3,587 5,309 -
TOTAL EQUITY AND LIABILITIES 26,960 45,277 35,377
MAXTEC LIMITED Unaudited
Six months
ended
GROUP CASH FLOW STATEMENT 28 Feb 2003
R " 000
Total
Cash flows from operating
activities (3,760)
Cash receipts from customers 38,269
Cash paid to suppliers &
employees (41,787)
Cash generated from
operations (3,518)
Dividend received -
Interest received 99
Interest paid (311)
Taxation paid/received (30)
Cash flows from investing
activities (21)
Additions to plant &
equipment (26)
Proceeds on sale of plant and
equipment 5
Increase in investment in
associate -
Proceeds on disposal of
associate -
Proceeds on disposal of
subsidiaries -
Cash flows from financing
activities (23)
Decrease in loan to share
incentive trust -
Increase/(decrease) in
interest-bearing liabilities (23)
(Decrease/Increase in amounts
due to group companies -
Net (decrease)/increase in
cash resources (3,804)
Cash resources at the
beginning of the year 226
Cash resources at the end of
the year (3,578)
MAXTEC LIMITED Unaudited Unaudited Unaudited
Six months Six months Six months
ended ended ended
GROUP CASH FLOW STATEMENT 28 Feb 2002 28 Feb 2002 28 Feb 2002
R " 000 R " 000 R " 000
Total Continuing Discontinued
operations Operations
Cash flows from operating
activities (205) (3,910) 3,705
Cash receipts from customers 44,078 32,894 11,184
Cash paid to suppliers & employees (42,567) (35,269) (7,298)
Cash generated from operations 1,511 (2,375) 3,886
Dividend received - - -
Interest received 13 11 2
Interest paid (1,002) (819) (183)
Taxation paid (727) (727) -
Cash flows from investing
activities (313) (146) (167)
Additions to plant & equipment (324) (157) (167)
Proceeds on sale of plant and
equipment 11 11 -
Increase in investment in associate - - -
Proceeds on disposal of associate - - -
Proceeds on disposal of - -
subsidiaries -
Cash flows from financing
activities (68) 1,470 (1,538)
Increase/(decrease) in interest-
bearing liabilities (68) (23) (45)
(Decrease)/increase in amounts due
to group companies - (1,636) 1,636
Transfers between group companies - 3,129 (3,129)
Net (decrease)/increase in cash
resources (586) (2,586) 2,000
Cash resources at the beginning of
the period (4,723) (1,750) (2,973)
Cash resources at the end of the
period (5,309) (4,336) (973)
MAXTEC LIMITED Audited Audited Audited
Year ended Year ended Year ended
GROUP CASH FLOW STATEMENT 31 Aug 2002 31 Aug 2002 31 Aug 2002
R " 000 R " 000 R " 000
Total Continuing Discontinued
operations operations
Cash flows from operating
activities (2,170) (5,746) 3,576
Cash receipts from customers 86,470 69,842 16,628
Cash paid to suppliers &
employees (85,769) (72,827) (12,942)
Cash generated from
operations 701 (2,985) 3,686
Dividend received 1,139 1,139 -
Interest received 101 89 12
Interest paid (1,702) (1,502) (200)
Taxation paid/received (2,409) (2,487) 78
Cash flows from investing
activities 7,213 7,294 (81)
Additions to plant &
equipment (1,539) (1,344) (195)
Proceeds on sale of plant and
equipment 265 151 114
Proceeds on disposal of
associate 6,995 6,995 -
Proceeds on disposal of
subsidiaries 1,492 1,492 -
Cash flows from financing
activities (93) 312 (405)
Decrease in loan to share
incentive trust - - -
Increase/(decrease) in
interest-bearing liabilities - - -
(Decrease/Increase in amounts
due to group companies - 349 (349)
Transfers between group
companies (93) (37) (56)
Net (decrease)/increase in
cash resources 4,950 1,860 3,090
Cash resources at the
beginning of the year (4,724) (1,749) (2,975)
Cash resources at the end of
the year 226 111 115
Unaudited Unaudited Audited
Six months Six Months Year ended
ended ended
GROUP STATEMENT OF CHANGES IN 28 Feb 2003 28 Feb 2002 31 Aug 2002
EQUITY
R " 000 R " 000 R " 000
Ordinary shareholders equity
at beginning of period 15,392 22,838 22,838
Attributable loss for the
period (1,748) (2,385) (7,446)
Ordinary shareholders equity
at the end of the period 13,644 20,453 15,392
On behalf of the Board
16 April 2003
L G B TALBOT
Executive Chairman
AC WILSON CA (SA), H Dip Tax
Company Secretary and Financial Director
Registered Address
1 - 8th Avenue, Rivonia, Sandton
(PO Box 69938, Bryanston, 2021)
Transfer Secretaries
Ultra Registrars (Pty) Ltd
(PO Box 4844, Johannesburg, 2000)
Sponsors
Exchange Sponsors (Pty) Ltd
(PO Box 411216, Craighall, 2024)
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