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Avasa Holdings Limited - Audited Interim Financial Results For The Six Months
Release Date: 03/06/2003 17:15:01 Code(s): AVA
Avasa Holdings Limited - Audited Interim Financial Results for the six months
ended 28 February 2003
AVASA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code AVA ISIN ZAE000016754
("AVASA" or "the Company")
AUDITED INTERIM FINANCIAL RESULTS
for the six months ended 28 February 2003
ABRIDGED AUDITED INCOME STATEMENT
for the six months ended 28 February 2003
Audited Unaudited Audited
six months six months Year
28 February 28 February 31 August
2003 2002 2002
R R R
Revenue - - -
Operating expenses (2 868 597) (44 599) (276 162)
Operating loss (2 868 597) (44 599) (276 162)
Gain on compromise with
creditors - 2 762 721 2 771 651
Interest paid - (3 215) (4 172)
Interest received 159 353 - 5 004
Net (loss)/profit before
taxation (2 709 244) 2 714 907 2 496 321
Taxation - - -
Net (loss)/profit after
taxation (2 709 244) 2 714 907 2 496 321
Weighted number of
shares in issue 332 296 133 78 020 000 78 020 000
Basic (loss)earnings
per share (cents) (0,82) 3,48 3,20
Headline loss per
share (cents) (0,82) (0,06) (0,35)
Number of shares in issue 495 000 000 78 020 000 78 020 000
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Profit/ Taxa- Audited Unaudited Audited
(loss) tion 28 February 28 February 31 August
2003 2002 2002
R R R
Net (loss)/profit (2 709 244) - (2 709 244) 2 714 907 2 496 321
Gain on compromise
with creditors - - - (2 762 721) (2 771 651)
Headline loss (2 709 244) - (2 709 244) (47 814) (275 330)
ABRIDGED AUDITED CASH FLOW STATEMENT
for the six months ended 28 February 2003
Audited Unaudited Audited
28 February 28 February 31 August
2003 2002 2002
R R R
Cash flow from operating
activity (2 691 993) (101 621) (425 142)
Cash flow from investing activity (296 054) 33 828 114 365
Cash flow from financing activity 14 595 062 298 097 241 094
Net increase/(decrease) in
cash resources 11 607 015 230 304 (69 683)
Cash resources at beginning
of period 7 094 (201 955) 76 777
Cash resources at end of period 11 614 109 28 349 7 094
ABRIDGED AUDITED BALANCE SHEET
as at 28 February 2003
Audited Unaudited Audited
28 February 28 February 31 August
2003 2002 2002
R R R
ASSETS
Non-current assets 288 199 74 000 74 000
Fixed assets 288 199 - -
Employee share incentive
scheme - 74 000 74 000
Current assets 11 998 047 196 382 166 268
Sundry debtors 330 408 168 033 159 174
Deposits 53 530 - -
Bank and cash 11 614 109 28 349 7 094
TOTAL ASSETS 12 286 246 270 382 240 268
EQUITY AND LIABILITIES
Capital and reserves 12 018 657 29 097 (189 389)
Issued capital and premium 28 573 551 13 656 261 13 656 261
Accumulated loss (16 554 894) (13 627 164) (13 845 650)
Non-current liabilities
Shareholders loan - 241 285 396 228
Current liabilities
Accounts payable 267 589 - 33 429
TOTAL EQUITY AND
LIABILITIES 12 286 246 270 382 240 268
Net asset value per ordinary
share (cents) 2,43 0,04 (0,24)
Net tangible asset value per
share (cents) 2,43 0,04 (0,24)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 28 February 2003
Accu-
Share Share mulated
capital premium loss Total
R R R R
Balance at
1 September 2001 78 020 13 578 241 (16 342 071) (2 685 810)
Net profit for the
six months - - 2 714 907 2 714 907
Balance at
28 February 2002 78 020 13 578 241 (13 627 164) 29 097
Net loss for the
six months - - (218 486) (218 486)
Balance at
1 September 2002 78 020 13 578 241 (13 845 650) (189 389)
Issue of share capital 416 980 14 500 310 - 14 917 290
Net loss for the
six months - - (2 709 244) (2 709 244)
Balance at
28 February 2003 495 000 28 078 551 (16 554 894) 12 018 657
COMMENTARY
Overview
The results for the period reflect the change in control of the Company to AVASA
Management Limited and the recapitalisation of the company by way of a private
placement to certain high profile South African businessmen in January 2003.
The Company has, subsequent to these results, concluded an investment in Sage
Group Limited.
Accounting principles
The same accounting policies and methods of measurement and recognition as
those applied in the 2002 annual financial statements have been followed in
preparing this interim report. The abridged financial statements are prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice.
Audit Opinion
The financial results have been audited by the Company"s auditor, Compendium
(Pretoria) Incorporated. The unqualified audit opinion is available for
inspection at the Company"s registered office.
Share Capital
The Company has raised R12 million in a private placement in which 140
million shares were issued.
Share Option Scheme
A share option scheme for the benefit of executive directors and staff of the
Company was approved during the period under review. The beneficiaries under the
scheme shall have an option to purchase such shares as are equivalent to 20% of
any new shares issued by the company at the same price payable in respect of the
issue of shares to which the option relates or otherwise from time to time. The
exercise price under the option that does not relate to the new issue shall be
at a 10% discount to the 30-day weighted average share price. The option would
be valid for a period of five years.
Subsequent Event
Investments
The Company has formed an R123 million consortium of investors, for the purpose
of participating in the R350 million capital raising by Sage Group Limited
announced in April 2003. As part of the AVASA Consortium, the Company will
subscribe for 6, 060 606 new Sage shares through its participation in the AVASA
Consortium at a price of R1,65 per share for a total cost of R10 million, which
will be financed from the Company"s current cash resources.
Shares
The company has issued 10 000 000 ordinary shares of R0,001 at 12 cents per
share.
On behalf of the Board
3 June 2003
Brian Myerson Julian Treger
Joint Executive Chairman Joint Executive Chairman
Registered Office: Company Secretary:
First Floor, Eastwood Corporate Governance Facilitators CC
57 Sixth Road 6 Dale Lace Glades
Hyde Park Eastwood Street
(PO Box 411449, Craighall, 2024) Randpark Ridge
(PO Box 279, Randpark Ridge, 2156)
Transfer Secretaries: Independent Auditors:
Computershare Investor Compendium (Pretoria) Incorporated
Services Limited 165 Lynnwood Road
70 Marshall Street Brooklyn, Pretoria
Johannesburg (Private Bag X4, Hatfield, 0028)
(PO Box 61051,Marshalltown, 2107)
Legal Advisers:
Routledge-Modise Attorneys Shepstone & Wylie
2 Pybus Road Scotswood
Sandton 35 Aliwal Street
(PO Box 78333, Sandton, 2146) Durban 4001
JSE issuer name and code:
Issuer long name: AVASA Holdings Limited
Ticker symbol: AVA
JSE ISIN: ZAE000016754
Directors:
B Myerson (Joint-executive chairman)*, J Treger (Joint-executive chairman)*,
K Gribnitz (non-executive), S Zunga (non-executive)
*British
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