| Fri 30 May 2003, 14:15 | | AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR |
|
Casey -
CASEY INVESTMENT HOLDINGS LIMITED
(Registration No:1998/016433/06)
("Casey")
JSE CODE: CSY - ISIN CODE: ZAE000016127
AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
Year ended Year ended
INCOME STATEMENT 28 February 28 February
(Rands) 2003 2002
Revenue 27,078,144 29,224,921
Operating loss before depreciation
and amortisation -3,716,583 -6,733,752
Depreciation 598,773 563,389
Write-off / Amortisation of goodwill 3,708,389 235,341
Operating loss before interest
and taxation -8,023,745 -7,532,482
Net interest paid 767,307 459,357
Operating loss before taxation -8,791,052 -7,991,839
Taxation 0 0
Loss after taxation -8,791,052 -7,991,839
Number of shares in issue (fully diluted) 74,979,630 83,129,592
Weighted average number of shares 22,376,886 8,142,696
in issue
Loss per share (cents) -39.29 -98.15
Headline loss computed as follows:
Loss for the year -8,791,052 -7,991,839
Goodwill written-off / amortised 3,708,389 235,341
Headline loss -5,082,663 -7,756,498
Headline loss per share (cents) -22.71 -95.26
At At
BALANCE SHEET 28 February 28 February
(Rands) 2003 2002
Assets
Non-current assets 1,675,474 5,743,675
Current assets 7,943,722 7,780,835
Inventories 898,504 431,696
Accounts receivable 7,021,657 7,269,045
Bank and cash 23,561 80,094
Total assets 9,619,196 13,524,510
Equity and Liabilities
Capital and reserves -3,993,143 -15,202,092
Share capital 23,572,554 3,572,553
Accumulated loss -27,565,697 -18,774,645
Non-current liabilities 2,248,347 17,748,787
Current liabilities 11,363,992 10,977,815
Accounts payable 6,858,877 4,458,341
Bank overdraft 4,505,115 6,519,474
Total equity and liabilities 9,619,196 13,524,510
Net asset value per share (cents) -5.33 -18.29
Net tangible asset value per share -5.33 -22.75
(cents)
Year ended Year ended
CASH FLOW STATEMENT 28 February 28 February
(Rands) 2003 2002
Cash flow from operating activities -2,237,641 -9,226,948
Cash utilised in operating activities -1,344,420 -8,065,196
Interest paid -767,307 -459,357
Taxation paid -125,914 -702,395
Cash flow from investing activities -238,960 -203,188
Fixed assets acquired -153,960 -196,704
Proceeds on disposal of fixed assets 0 27,578
Investments -85,000 -34,062
Cash flows from financing activities 4,434,427 7,384,708
Capital raised 20,000,000 34,062
Net loans raised / (repaid) -15,565,573 7,350,646
Movement in cash and cash equivalents 1,957,826 -2,045,428
Cash and cash equivalents at
beginning of the year -6,439,380 -4,393,952
Cash and cash equivalents at
end of the year -4,481,554 -6,439,380
STATEMENT OF CHANGES Share Share Accumulated Total
IN EQUITY
(Rands) capital Premium loss
Balance at March 2001 797,233 2,741,258 -10,782,806 -7,244,315
Net loss for the year 0 0 -7,991,839 -7,991,839
Issue of share capital 34,062 0 0 34,062
Balance at March 2002 831,295 2,741,258 -18,774,645 -15,202,092
Net loss for the year 0 0 -8,791,052 -8,791,052
Share split 0 822,983 0 822,983
Share consolidation -822,982 0 0 -822,982
Issue of share capital 66,667 19,933,333 0 20,000,000
Balance at 28 February 74,980 23,497,574 -27,565,697 -3,993,143
2003
Notes
The accounting policies used in the preparation of the financial statements for
the year ended 28 February 2003 are consistent with those applied in the prior
period and comply with South African Statements of Generally Accepted Accounting
Practice. The financial results have been audited by SAB&T Incorporated. Their
unqualified audit opinion is available for inspection at the company"s
registered office.
Non-current liabilities include a loan of R2 127 257 from the major shareholder,
Black Information Technology Empowerment Company Limited.
The figures for net asset value per share were calculated on the fully diluted
number of shares in issue and those for loss per share were calculated on the
weighted average number of shares in issue.
COMMENTS
The past financial year has once again proved to be a tough year as we re-
positioned our overhead structure. During the year we commenced a process to
restructure our balance sheet. Casey consolidated its issued shares on a one-for
ten basis and converted R20 million of loans into share capital.
Our efforts to secure more business are beginning to show success. In this
regard, we have succeeded to win some government department contracts. After the
year-end, we secured an important contract to supply equipment to the
Independent Elections Commission.
Towards the end of the financial year, Casey entered into a highly strategic
distribution agreement with a division of Controlware GmbH in terms of which
Casey will distribute Controlware"s ISDN Backup, Networked Video, Fibre Optic
and Broadcasting solutions. The telecommunications sector is an important target
market for these products.
Further, we continue to be guided by government"s unwavering commitment to
deploy technology within its business processes for improved service delivery to
all sections of the South African population and by the trends within the
broader private sector to seek out and conclude meaningful business with BEE
companies like ourselves.
We are further buoyed by developments within the continent that have opened up
opportunities under the ambit of NEPAD and Regional economic development. We are
pursuing strategies to garner these opportunities for our future.
As a fully empowered group we continue to be a highly sought after partner by
technology groups from all over the world in their endeavours to expand into our
market as well as in the arena of sourcing cost effective access to South
African human capital.
Our commitment to be a leading example of what empowerment companies can achieve
given the opportunities drives us to continue to strive for a better return on
investment alongside a better than average return on the development of our
country"s people.
The overall strategy to obtain leverage on our partners in order to deliver
value to our customers well beyond their expectations continues to be a core
part of our strategy for the future.
Perceptions regarding our company have improved significantly in the same period
as a consequence of our level of delivery and honest communication with all
sectors of the market.
Morale and operating efficiencies are high and continue to improve with every
success, and our plans to expand fully into the Western Cape province are well
advanced.
We thank all our stakeholders old and new for the trust and commitment
demonstrated over the last year and we count it a privilege to continue to be
challenged in the way we have been and still to prevail.
Further cautionary announcement
With reference to the cautionary announcements of 17 March 2003 and 9 May 2003,
Casey is continuing to make progress in their negotiations to acquire the
Technology Services Division that is owned by Ndizani Technology Holdings (Pty)
Ltd.
Shareholders are accordingly advised to continue exercising caution when dealing
in their Casey shares until a further announcement is made.
For and on behalf of the directors
L Khumalo
Managing Director
Midrand
30 May 2003
Directors: J Molobela (Non-Executive Chairman), D Khumalo (Managing Director),
S Singh (Sales Director), YT Moerane (Non-Executive)
Transfer Secretaries: Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg, 2001 (PO Box 1063, Johannesburg, 2003)
Registered Office: Greenoaks Office Park, Cnr Bekker and Gregory Avenue, Vorna
Valley, Midrand, Gauteng, 1685, South Africa
(PO Box 7978, Centurion, Gauteng, 1685)
Sponsor
The Janus Corporation (Pty) Ltd
Date: 30/05/2003 01:14:46 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
