| Fri 6 Jun 2003, 17:21 | | AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 20 |
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Y3K GROUP LIMITED -
Y3K GROUP LIMITED
(Registration number 1998/009608/06)
Share JSE code: YHK
ISIN code:ZAE000017208
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
GROUP INCOME STATEMENT
2003 2002
R"000s R"000s
Revenue 11,198 16,078
- continuing operations 11,198 11,493
- discontinued operations - 4,585
Operating profit/(loss) before
exceptional item and funding costs 339 (1,612)
- continuing operations 339 (1,693)
- discontinued operations - 81
Net funding costs (253) (388)
- continuing operations (253) (379)
- discontinued operations - (9)
Operating profit/(loss) before exceptional
item 86 (2,000)
Exceptional item - (233)
Net profit/(loss) for the year before tax 86 (2,233)
Taxation - -
Net profit/(loss) for the year after tax 86 (2,233)
GROUP BALANCE SHEET
Assets
Non - current assets 2,917 4,597
Tangible assets 266 590
Intangible assets 2,596 3,952
Share incentive trust 55 55
Current assets 2,824 2,771
Bank and cash 1,000 698
Trade and other receivables 1,824 2,073
Total assets 5,741 7,368
Equity and liabilities
Capital and reserves 944 858
Non-current liabilities - 98
Interest bearing borrowings - 98
Current liabilities 4,797 6,412
Interest bearing borrowings - 120 Other
4,797 6,292
Total equity and liabilities 5,741 7,368
GROUP CASH FLOW STATEMENT
Cash flows from operating activities 364 1,670
Cash flows from investing activities 156 (56)
Cash flows from financing activities (218) (302)
Net increase in cash and cash equivalents 302 1,312
Cash and cash equivalents at
beginning of the year 698 (614)
Cash and cash equivalents at end of year 1,000 698
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital and reserves
Balance at beginning of the year 858 3,091
Net profit/(loss) for the year 86 (2,233)
Balance at the end of the year 944 858
ORDINARY SHARES
Profit/(loss) per share (cents) 0.2 (4.3)
Headline profit/(loss) per share (cents) 0.2 (3.8)
- continuing operations 0.2 (3.9)
- discontinued operations - 0.1
Number of shares in issue ("000s) 52,253 52,253
Net asset value per share (cents) 1.8 1.6
Net tangible asset value per share (cents) (3.2) (5.9)
RECONCILIATION OF HEADLINE PROFIT/(LOSS) AND NET PROFIT/(LOSS)Profit/(loss) as
per income statement 86 (2,233)
Net loss on investments - 233
Headline profit/(loss) 86 (2,000)
COMMENTS
Y3K provides top quality digital information security products and services in a
sector with growing demand for such technology.
Y3K"s return to modest profitability for the year under review has helped to
restore the confidence of its clients, principals and staff. During the period
Y3K has moved to address the requirements of Black Economic Empowerment (BEE)
representation, and now has 50% of its directorship thus represented. The group
aims to increase its BEE shareholding in the current year, with a target of 36%
ownership by the end of the financial year.
Y3K has added to its existing product range through a 50% joint venture in a
biometrics company that specializes in logical and physical access control
systems. Y3K"s Windows based point-of-sale software division was unable to
achieve its targets and sales were below budget for the year.
Y3K remains dependent on its financiers and creditors to provide ongoing working
capital for its business activities for the foreseeable future. If continued
finance is not made available to the group, then it may not be sustainable as a
going concern for the foreseeable future, in which case, the realisable values
of the assets may be less than the values reflected in the balance sheet.
The financial statements have been prepared on the going concern basis, using
accounting principles and policies that comply with South African Statements of
Generally Accepted Accounting Practice and are consistent with the previous
year. The financial statements have been audited by Levenstein and Partners,
whose unqualified audit opinion with an emphasis of matter as a result of the
above paragraph is available for inspection at the registered office of the
company.
Y3K"s current management expects to achieve a trading profit for the year to
February 2004 despite the difficulties within the general information technology
trading environment. Strategies are in place to grow the company on the basis of
a conservative and focused expansion plan for the future.
For and on behalf of the board:
Ryan S Price
Chief Executive Officer
Johannesburg
6 June 2003
Date: 06/06/2003 05:11:09 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
