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INTEGREAR LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
INTEGREAR LIMITED
("Integrear" or "the group")
(Registration number 1989/001319/06)
(Share code: ITG ISIN number: ZAE000027231)
Group Income Statement
for the year ended 30 June 2003
2003 2002
R R
Revenue 8 834 749 11 603 112
Cost of sales (4 284 157) (6 666 442)
Gross profit 4 550 592 4 936 670
Operating expenses (5 721 107) (5 135 021)
Loss from operations (1 170 515) (198 351)
Finance costs (28 996) (16 478)
Income from investments 145 356 119 735
Goodwill amortisation (336 196) (336 196)
Loss before tax (1 390 351) (431 290)
Taxation 172 121 23 779
Net loss for the year (1 218 230) (407 511)
Loss per share
Basic loss per share (cents)* (9,70) (3,24)
Headline loss per share (cents)** (7,02) (0,51)
*Basic loss per share is calculated based on net loss of R1 218 230 divided by
the weighted average number of shares in issue being 12 564 190.
**Headline loss per share is calculated based on net loss of R1 218 230 adjusted
by the amortization of goodwill of R336 196 divided by the weighted average
number of shares in issue being 12 564 190.
Group Balance Sheet
as at 30 June 2003
2003 2002
R R
ASSETS
Non-current assets 1 567 769 1 822 691
Equipment 202 463 293 310
Goodwill 336 195 672 391
Deferred tax asset 1 022 258 850 137
Loans receivable 6 853 6 853
Current assets 3 692 592 3 602 662
Trade and other receivables 1 568 886 1 620 248
Tax assets 160 470 76 486
Bank balances and cash 1 963 236 1 905 928
TOTAL ASSETS 5 260 361 5 425 353
EQUITY AND LIABILITIES
Capital and reserves 2 006 687 3 224 917
Share capital 125 642 125 642
Share premium 686 031 686 031
Non-distributable reserve 827 687 827 687
Capital redemption fund 48 558 48 558
Accumulated profits 318 769 1 536 999
Non-current liabilities
Long-term interest bearing borrowings 52 044 61 666
Current liabilities 3 201 630 2 138 770
Trade and other payables 3 140 024 2 069 608
Short-term interest bearing borrowings 61 606 69 162
TOTAL EQUITY AND LIABILITIES 5 260 361 5 425 353
Net asset value per share (cents) 15,97 25,67
Group Cash Flow Statement
for the year ended 30 June 2003
2003 2002
R R
OPERATING ACTIVITIES
Cash receipts from customers 886 111 11 022 129
Cash paid to suppliers and employees (8 769 762) (11 382 318)
Cash from (used in) operations 116 349 (360 189)
Interest paid (28 996) (16 478)
Taxation paid (83 984) (358 544)
Income from investments 145 356 119 735
Net cash from (used in) operating activities 148 725 (615 476)
INVESTING ACTIVITIES
Purchases of equipment - maintaining operations (74 239) (91 452)
Increase in loans receivable - (5 880)
Acquisition of subsidiaries, net of cash acquired - 21 045
Net cash used in investing activities (74 239) (76 287)
FINANCING ACTIVITIES
(Decrease) increase in borrowings (17 178) 27 709
Net cash (used in) from financing activities (17 178) 27 709
Net increase (decrease) in cash and cash equivalents 57 308 (664 054)
Cash and cash equivalents at beginning of the year 1 905 928 2 569 982
Cash and cash equivalents at end of the year 1 963 236 1 905 928
Group Statement of Changes in Equity
for the year ended 30 June 2003
Non- Capital
Share Share distributable redemption Accumulated
capital premium reserve fund profits Total
R R R R R R
Balance at
30 June 2001 125 642 686 031 827 687 48 558 1 944 510 3 632 428
Net loss for
the year - - - - (407 511) (407 511)
Balance at
30 June 2002 125 642 686 031 827 687 48 558 1 536 999 3 224 917
Net loss for
the year - - - - (1 218 230) (1 218 230)
Balance at
30 June 2003 125 642 686 031 827 687 48 558 318 769 2 006 687
COMMENTS
VISION
We remain committed to our vision of being the preferred player in bringing
insight and effectiveness to the financial and credit value chains of our
customers in the South African market.
NATURE OF BUSINESS
Integrear has positioned itself to good advantage in the area of providing
business solutions that address requirements in the two separable areas of
credit management and resource management.
REVIEW OF RESULTS
The basis of the preparation of the financial statements for the year ended 30
June 2003 except for the adoption of AC 133: Financial instruments recognition
and measurement. The effects of the group"s adoption of this statement results
in no adjustments to opening retained earnings as the effect is immaterial. The
accounting policies applied are consistent with those published in our financial
statements for the year ended 30 June 2002, and are in accordance with South
African Statements of Generally Accepted Accounting Practice (GAAP).
The net loss for the year is due to the market remaining less active in terms of
decision making, and to expend on software solutions in the markets targeted.
The second half of the financial year proved to be particularly disappointing.
AUDIT OPINION
The results have been audited by Deloitte & Touche and their unqualified report
is available for inspection at the company"s registered office.
PROSPECTS
Integrear has built a strong reputation in the area of workflow and document
management solutions, and this coupled with the focus on credit grantors in the
commercial, parastatal and municipal sectors of the market, together with the
secondary focus on tertiary training institutions" needs for resource
optimization. The group is confident that leveraging its market position in
terms of existing clients in its selected target markets will lead to an
expanded market share. Emphasis exists in expanding long-term continuous
revenue contracts for services and software utilization.
OPERATIONAL OVERVIEW
The company continues to spend significant resources, both human and capital, to
expand the functionality of its software solutions in response to the needs in
the market.
DIVIDEND
No dividend is declared.
CORPORATE GOVERNANCE
The group is committed to the principles of sound corporate governance and is
seriously striving to comply with the requirements of the King Report on
Corporate Governance for South Africa 2002 ("King II").
DIRECTORS
No changes were effected to the constitution of the Board during the financial
year under report.
By order of the Board
L du Plessis TJ Hill
Chairperson Managing Director
22 September 2003
Transfer Secretaries
Computershare Limited
70 Marshall Street
Johannesburg, 2001
Registered Office
265 West Street
Centurion, 0157
Auditors: Deloitte & Touche
Sponsors: Exchange Sponsors (Pty) Ltd
Company Secretary: HJ Bester
Directors
L du Plessis* ** (Chairperson), TJ Hill (Managing Director), BP Jones* **,
GJ Oosthuizen*, LLS van der Watt* **
*Non-executive
**Independent
www.integrear.com
Date: 30/09/2003 09:49:08 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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