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InfoWave - Audited Results For The Year Ended 28 February 2003
INFOWAVE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/017276/06)
("InfoWave" or "the Company")
Share Code: IFW ISIN Number: ZAE000016440
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
CONSOLIDATED INCOME STATEMENT
28 February 28 February
2003 2002
(Audited) (Audited)
R R
Revenue 28 790 007 26 902 750
Cost of sales (14 581 247) (13 383 893)
Gross profit 14 208 760 13 518 857
Administrative, selling and (8 197 802) (7 499 078)
other costs
Profit from operations 6 010 958 6 019 779
Interest income 1 303 251 663 560
Finance costs ( 7 792) ( 8 500)
Dividend from subsidiary - -
Profit before taxation 7 306 417 6 674 839
Taxation (1 359 755) (2 130 417)
Profit for the year 5 946 662 4 544 422
Earnings per share (cents) 6.76 5.24
Headline earnings per share 6.76 5.32
(cents)
Fully diluted earnings per share 6.48 5.16
(cents)
Weighted average number of 88 001 345 86 804 545
shares in issue
Number of shares in issue at 89 094 945 87 454 545
year end
Reconciliation of earnings to
headline earnings
Profit for the year 5 946 662 4 544 422
(Surplus)/Loss on disposal of ( 2 179) 5 923
equipment
Write down of Share Incentive - 40 035
Trust Loan
Write down of investments - 27 942
Headline earnings 5 944 483 4 618 322
CONSOLIDATED BALANCE SHEET
28 February 28 February
2003 2002
(Audited) (Audited)
R R
ASSETS
Non-current assets 818 381 660 445
Equipment 818 381 660 445
Interest in subsidiaries - -
Current assets 12 363 946 14 341 615
Accounts receivable 3 358 473 3 163 994
Short term loan - Share 36 114 442 000
Incentive Trust
Cash resources 8 499 614 10 735 621
Deferred taxation asset 469 745 -
Total assets 13 182 327 15 002 060
EQUITY AND LIABILITIES
Capital and reserves 8 221 217 11 011 807
Issued capital 8 910 8 746
Share premium 283 063 9 020 479
Accumulated profit 7 929 244 1 982 582
Non-current liabilities
Long-term borrowings 62 500 312 500
Current liabilities 4 898 610 3 677 753
Accounts payable 3 892 037 2 616 618
Taxation payable 756 573 811 135
Current portion of long-term 250 000 250 000
borrowings
Total equity and liabilities 13 182 327 15 002 060
Net asset value per share 9.23 12.59
Number of shares in issue at 89 094 945 87 454 545
year end
CONSOLIDATED CASH FLOW STATEMENT
28 February 28 February 2002
2003
(Audited) (Audited)
R R
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit from operations 6 010 958 6 019 779
Adjustment for:
Depreciation on equipment 317 494 395 643
Assets under R 2 000 written off - 164 483
(Surplus)/Loss on disposal of ( 2 179) 5 923
equipment
Write down of investments - 27 942
Write down of Share Incentive - 40 035
Trust Loan
Restraint of trade payments - 78 001
settled by issue of shares
Operating profit before working 6 326 273 6 731 806
capital changes
Working capital changes
Decrease/(increase) in 211 407 ( 207 928)
receivables
Increase/(decrease) in payables 1 275 419 (1 683 930)
Cash generated from operations 7 813 099 4 839 948
Normal taxation paid (1 884 062) (1 144 389)
Interest income 1 303 251 663 560
Finance costs ( 7 792) ( 8 500)
Net cash inflow from operating 7 224 496 4 350 619
activities
CASH FLOW FROM INVESTING
ACTIVITIES
Acquisition of equipment ( 475 430) ( 368 107)
Proceeds on disposal of 2 179 170 868
equipment
Proceeds from investments - 2 415 868
Decrease in interest in - -
subsidiaries
Increase in short-term loans - ( 182 000)
Net cash (outflow)/inflow from ( 473 251) 2 036 629
investing activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Payment of capital reduction out (8 909 494) -
of share premium
Proceeds from issue of shares 172 242 -
Long-term loan repaid ( 250 000) ( 250 000)
Net cash outflow from investing (8 987 252) ( 250 000)
activities
Net (decrease)/increase in cash (2 236 007) 6 137 248
resources
Cash resources at beginning of 10 735 621 4 598 373
year
Cash resources at end of year 8 499 614 10 735 621
STATEMENT OF CHANGES IN EQUITY
SHARE SHARE ACCUMULATED TOTAL
CAPITAL PREMIUM PROFIT
R R R R
Balance at 28 8 746 9 020 479 1 982 582 11 011
February 2002 807
Profit for the - - 5 946 662 5 946 662
year
Shares issued 164 172 078 - 172 242
during the year
Repayment of share - (8 909 - (8 909
premium 494) 494)
Balance at 28 8 910 283 063 7 929 244 8 221 217
February 2003
COMMENTARY
General
The board of the Company is pleased to report another good year for InfoWave.
Turnover increased by 7% from R26,9 million to R28,8 million and operating
profitability remained satisfactory at 21% of turnover, bearing increased
investment in quality assurance programmes, research, training and performance-
based reward aimed at staff retention. Profit after tax increased by 31% from
R4,5 million to R5,9 million, driven by the increase in interest income and the
creation of a deferred taxation asset. Headline earnings per share rose by 27%
from 5,32 to 6,76 cents per share.
Future plans and prospects
- The plans and prospects for the next financial year are positive and the
Company anticipates further growth in turnover and profit. The board intends to:
- Implement new technology standards so that the company remains competitive
and viable in what is now a maturing internet-based corporate market;
- Continue to grow market share in the sugar industry sector;
- Proactively pursue opportunities which will enable re-use of InfoWave"s
intellectual property;
- Increase annuity revenue of the Company based on our principle of long-term
partnerships with our customers;
- Continue to review strategies for the retention of our people; and
- Pursue further social responsibility projects.
Basis of preparation of financial statements
These financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the accounting policies
used are consistent with the prior year.
Audit report
The consolidated results for the year have been audited by Deloitte & Touche.
The unqualified audit report is available for inspection at the company"s
registered office.
Publication of this announcement in the press
As this announcement ("the announcement") has been published on SENS and the
annual financial statements of the company will be distributed to shareholders
within three months of the Company"s year end, there is no requirement for the
announcement to be published in the press.
Dividend
Notice is hereby given that a cash dividend of 3 cents per share (2002: nil)
("the dividend") has been declared, payable to shareholders recorded in the
books of the Company at the close of business on Friday, 20 June 2003.
Shareholders are advised that the last day to trade "cum" the dividend will be
Thursday, 12 June 2003 ("last day to trade"). Shares will trade "Ex" dividend as
from Friday, 13 June 2003 ("ex date"), and the record date will be Friday, 20
June 2003. Payment will be made on Monday, 23 June 2003. Share certificates may
not be dematerialised or rematerialised during the period Friday, 13 June 2003
to Friday, 20 June 2003, both days inclusive. It should be noted that the last
day to trade and the ex date have been revised, as above, from the respective
dates detailed in the annual financial statements.
The dividend is covered 2,25 times by earnings per share. During the year, a
capital repayment of
10 cents per share was made to shareholders.
For and on behalf of the board
RP Collis
Executive Chairman and Managing Director
6 May 2003
Directors:
RP Collis*, T Dunsdon* (Financial Director), MCB Lionnet*, P Naicker*, CL von
Pannier*
*Executive
Company secretary:
NC Swinford-Meyer
Registered address:
InfoWave Holdings Limited, 10 Flanders Drive, Mount Edgecombe, 4300.
PO Box 2255, M.E.C.C, Mount Edgecombe, 4301.
Transfer Secretaries:
Computershare Investor Services Limited, 70 Marshall Street, Johannesburg 2001.
PO Box 61051, Marshalltown, 2107
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