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Casey -
CASEY INVESTMENT HOLDINGS LIMITED
(Registration No:1998/016433/06)
("Casey")
JSE CODE: CSY - ISIN CODE: ZAE000016127
ABRIDGED REPORT ON THE 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 (cents) -5.33 -22.75
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.
The annual report was mailed to shareholders on 5 September 2003 along with the
notice of annual general meeting. The annual general meeting was held on 1
October 2003 at which meeting all the resolutions proposed were adopted
unanimously by the shareholders
For and on behalf of the directors
L Khumalo
Managing Director
Midrand
2 October 2003
Directors: D Khumalo (Managing Director), S Singh (Sales Director), YT Moerane
(Non-Executive)
Transfer Secretaries: Computershare Limited, 70 Marshall Street, Johannesburg,
2001 (PO Box 1053, 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
Imara Corporate Finance South Africa (Pty) Ltd
Date: 02/10/2003 10:20:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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