|
Synergy Holdings Limited
(Registration number 1995/006315/06)
Share code: SNG ISIN: ZAE000017760
("Synergy", "the company" or "the group")
* Headlines earnings per share up 189% to 2,34 cents per share
* Net asset value per share up 50,67% to 7,94 cents per share
* Strong cash flows generated
* Maiden dividend declared
Audited results for the year ended 28 February 2003
Income Statement for the year ended 28 February 2003
Twelve months Twelve months
ended ended
28 February 28 February
2003 2002
(Audited) (Audited) Change
R"000 R"000 %
Gross revenue 8 909 342 12 305 343 54
Cost of sales (5 053 790) (3 082 871) 64
Gross profit 13 855 552 9 222 472 50
Operating costs (12 754 274) (8 758 060) 46
Operating profit 1 101 278 464 412 137
Investment income 234 392 82 845 183
Finance costs (68 339) (22 614) 202
Net profit for the year 1 267 331 524 643 142
Earnings per share (cents) 2,33 0,84 178
Headline earnings per share
(cents) 2,34 0,81 189
Reconciliation of Headline Earnings for the year ended 28 February 2003
Twelve months Twelve months
ended ended
28 February 28 February
2003 2002
(Audited) (Audited)
R"000 R"000
Net profit for the year per the
financial statements 1 267 331 524 282
Adjusted for:
Profit on disposal of fixed assets (18 079) (17 929)
Loss on revaluation of investments 26 486 -
Headline earnings 1 275 738 506 353
Headline earnings per share (cents) 2,34 0,81
Cash Flow Statement for the year ended 28 February 2003
Twelve months Twelve months
ended ended
28 February 28 February
2003 2002
(Audited) (Audited)
R"000 R"000
Net cash from operating activities 1 444 668 801 554
Net cash from investing activities (197 645) 36 501
Net cash from financing activities (79 829) (50 573)
Net increase in cash 1 167 194 787 482
Cash at beginning of year 1 401 044 613 563
Cash at end of year 2 568 238 1 401 045
Balance Sheet at 28 February 2003 28 February 28
Twelve months Twelve months
ended ended
28 February 28 February
2003 2002
(Audited) (Audited)
R"000 R"000
ASSETS
Non-current assets 1 167 501 1 542 266
Fixed assets 1 140 280 1 267 603
Investments 27 221 274 663
Current assets 4 952 940 3 389 425
Inventories 122 459 79 241
Accounts receivable 1 868 924 1 791 774
Bank balances 2 961 557 1 518 410
Total assets 6 120 441 4 931 691
EQUITY AND LIABILITIES
Capital and reserves 4 321 442 3 298 671
Issued capital 3 593 074 3 837 634
Accumulated profit/loss 728 368 (538 963)
Long-term liabilities - 46 870
Current liabilities 1 798 999 1 586 150
Accounts payable 1 223 151 1 253 296
Taxation 82 208 82 208
Current portion of long-term liabilities 100 321 133 280
Bank overdraft 393 319 117 366
Total equity and liabilities 6 120 441 4 931 691
Number of shares in issue 54 409 900 62 562 000
Net asset value per share (cents) 7,94 5,27
Net tangible asset value per share(cents) 7,94 5,27
Statement of changes in Equity for the year ended 28 February 2003
Twelve months Twelve months
ended ended
28 February 28 February
2003 2002
(Audited) (Audited)
R"000 R"000
Opening balance 3 298 671 2 774 388
Shares repurchased and cancelled (244 560) -
Net income for year 1 267 331 524 283
Closing balance 4 321 442 3 298 671
Commentary
Company Overview
Synergy Holdings owns the entire share capital of Prime Support (Proprietary)
Limited. Prime Support is focused entirely on providing Accpac Accounting
Software solutions through three divisions, namely, Synergy Accounting, Synergy
Networking and Appsoft.
Synergy Accounting sells, implements and supports Accpac Accounting Software.
Synergy Networking maintains the networking infrastructure hosting Accpac, and
Appsoft develops bespoke and shrink-wrap software to extend Accpac as required.
Comment
We are pleased with the improvement in our results and would like to thank
our customers and staff for their loyalty and support during the year.
For the year under review headline earnings of 2,34 cents per share were
achieved, this represents a 189 percent growth in HEPS. Cash flows have been
positive and the improved earnings can be seen in the improved cash balance
rising from R1 401 044 to R2 568 238, resulting in the board resolving to
declare a maiden dividend.
Prospects
We are hesitant to make any form of prediction given the current market
conditions, however, we are confident that there will be earnings growth in the
new year.
Accpac is the dominant accounting software range in the mid-market segment in
South Africa. This market continues to grow as new vertical applications are
released.
We will remain focused on growing the Accpac market and our share of that
market.
Accounting policies
van Sitterts Chartered Accountants have audited the financial statements of
the Group and expressed an unqualified opinion thereon. Their audit opinion is
available for inspection at the registered office of the Company. The financial
statements of the Group comply in all material respects with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those applied in the previous year.
Maiden dividend
Over the past year Synergy has demonstrated its ability to maximise cash
flows, which the directors believe to be sustainable into the future.
Consequently, the board has decided to declare a maiden dividend of 1 cent per
ordinary share/(dividend number 1).
This dividend will be payable to all ordinary shareholders recorded in the
register on the record date, being Friday, 27 June 2003.
The salient dates for the payment of the dividend are:
* the last date to trade cum dividend in order to be
recorded in the register on the record date is Friday, 20 June 2003
* shares will trade ex-dividend on Monday, 23 June 2003;
* Record date Friday, 27 June 2003
* the dividend will be paid on Monday, 30 June 2003
No shares may be dematerialised or re-materialised between Monday,
23 June 2003 and Friday, 27 June 2003, both days inclusive;
For and on behalf of the board
Patrick Toolan
Director
23 May 2003
ACCPAC
Business Partner
ACCPAC
Development Partner
Date: 26/05/2003 08:30:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
