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INFOWAVE HOLDINGS LIMITED -
INFOWAVE HOLDINGS LIMITED
(Registration number 1998/17276/06)
Share code: IFW
ISIN: ZAE000016440
("InfoWave")
UNAUDITED GROUP RESULTS FOR THE 6 MONTHS ENDED 31 AUGUST 2003
CONSOLIDATED INCOME STATEMENT
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Revenue 15 918 15 406 28 790
Operating profit before interest 3 918 3 267 6 011
Net interest received 497 614 1 295
Profit before taxation 4 415 3 881 7 306
Taxation (1 711) (920) (1 360)
Profit attributable to ordinary
shareholders 2 704 2 961 5 946
Headline profit
Profit attributable to ordinary
shareholders 2 704 2 961 5 946
Loss on disposal of
equipment - - (2)
Recovery of write-down
of investments (42) (91) -
Headline profit 2 662 2 870 5 944
CONSOLIDATED CASH FLOW INFORMATION
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Net cash (outflows)/inflows
from operating activities
Cash inflows
from operations 3 488 4 435 9 108
Normal taxation paid (1 356) (500) (1 884)
Dividend paid (2 675) - -
Net cash (outflows)/inflows
from operating activities (543) 3 935 7 224
Net cash outflows
from investing activities (546) (191) (473)
Net cash outflows
from financing activities (57) (125) (8 987)
Net (decrease)/increase in
cash resources (1 146) 3 619 (2 236)
Cash and cash equivalents
at beginning of period 8 500 10 736 10 736
Cash and cash equivalents
at end of period 7 354 14 355 8 500
GROUP SUPPLEMENTARY INFORMATION
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Capital expenditure for
the period 133 191 475
Capital expenditure authorised 350 409 500
Operating lease expenses 353 359 724
CONSOLIDATED BALANCE SHEET
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Assets
Non-current assets
Fixed and intangible assets 1 144 706 818
Current assets
Trade and other receivables 3 908 4 383 3 395
Cash and cash equivalents 7 354 14 355 8 500
Deferred taxation asset 332 - 470
11 594 18 738 12 365
Total assets 12 738 19 444 13 183
Equity and liabilities
Capital and reserves
Issued share capital 9 9 9
Share premium 289 9 020 283
Accumulated profit 7 959 4 943 7 929
8 257 13 972 8 221
Non-current liabilities
Long-term borrowings - 188 63
Current liabilities
Trade and other payables 4 481 5 284 4 899
Total equity and liabilities 12 738 19 444 13 183
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
capital premium profit Total
R"000 R"000 R"000 R"000
Balance at
28 February 2002 9 9 020 1 983 11 012
Net profit for the year - - 5 947 5 947
Shares issued
during the year - 172 - 172
Repayment of
share premium - (8 909) - (8 909)
Balance at
28 February 2003 9 283 7 930 8 222
Dividend paid - - (2 675) (2 675)
Shares issued during
the period - 6 - 6
Net profit for the period - - 2 704 2 704
Balance at
31 August 2003 9 289 7 959 8 257
STATISTICS
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
Number of ordinary
shares in issue ("000) 89 225 87 455 89 095
Weighted average number of
ordinary shares in issue ("000) 89 225 87 455 88 001
Earnings per ordinary share:
weighted average (cents) 3,03 3,39 6,76
Earnings per ordinary share:
fully diluted (cents) 2,88 3,29 6,48
Headline earnings per ordinary
share: weighted average (cents) 2,98 3,28 6,76
Headline earnings per ordinary
share: fully diluted (cents) 2,84 3,19 6,48
Net asset value per ordinary
share (cents) 9,25 15,98 9,23
Debt: Equity ratio (%) 0,00 1,34 2,43
DIRECTORS" COMMENT
These results have been prepared in accordance with the South African Statements
of Generally Accepted Accounting Practice and the accounting policies have been
consistently applied in comparison to the previous year. The Directors endorse
the aims of the King Report on Corporate Governance in conducting the affairs of
the company with integrity and in accordance with the highest standards of
corporate practice. The company is committed to the principles of openness,
integrity and accountability in its dealings with all its stakeholders.
CHAIRMAN"S REPORT
Trading conditions have been difficult during the first half of the year with
turnover increasing marginally by 3% to R15,918 million. Although operating
profit was 20% higher than that of the comparable period, this was offset by an
increase in the effective taxation rate from 23,7% to 38,8%. This is due to the
recognition of deferred taxation as well as the payment of secondary taxation on
companies on the dividend paid to shareholders on 23 June 2003. Headline profit
declined by 7,2%.
We have undertaken the development of two niche products during the period.
While it is early in the lifecycle of taking these to market, a keen interest
has been shown and we have won new business with both of these products. We
continue to research future core technologies, which underpin our strategic
technology decisions for both existing customers and new product development.
Dr. Bernard Ravno (Ph.D., A.M.P Harvard) was appointed to the board as an
independent non-executive director effective 26 May 2003. His extensive
knowledge of the sugar industry is invaluable in relation to our core business.
This, together with 10 years" experience as a listed company director, provides
us with excellent stewardship. We extend our sincere appreciation to him for his
willingness to serve on the board and look forward to a long association with
him in this role.
Mr Paris Aposporis (B.Com, LLB, MBA) was re-appointed to the board as an
independent non-executive director effective 18 June 2003. He served as a non-
executive director from 1 September 1998 to 31 December 2001 when he was
required to resign due to taking up a position with the JSE Securities Exchange
South Africa. He has since joined a financial institution as a corporate
advisor. His knowledge of InfoWave"s business, together with his expertise, is
extremely valuable in guiding the board.
At 31 August 2003, InfoWave had black shareholding of 24%. This is far in excess
of many companies, significantly those in the Information Communication and
Technology (ICT) industry. This is attributed to one of InfoWave"s founding
principles, being equity participation for all employees. InfoWave is in the
early stages of identifying an appropriate Black Economic Empowerment partner.
We are currently looking at all areas for opportunity to improve our
empowerment.
We continue to face challenging trading conditions. This, together with the full
tax charge and secondary tax on companies, means the outlook to
28 February 2004 is less favourable than anticipated. We persistently focus on
operational efficiency while ensuring we do not prejudice investment for future
growth.
The board will consider the declaration of a dividend after year end.
I would like to thank my fellow board members and all InfoWavers for their
continued commitment and dedication to InfoWave"s goals, customers and
shareholders.
RP Collis
Executive Chairman
2 October 2003
Directors:
RP Collis (Chairman and Chief Executive Officer), T Dunsdon, MCB Lionnet,
P Naicker, CL von Pannier, P Aposporis*, Dr AB Ravno* (*independent non-
executive directors), NC Swinford-Meyer (Company Secretary)
Registered office:
Gleneagles Park, 10 Flanders Drive,
Mount Edgecombe, 4300
PO Box 2225,
M.E.C.C.,
Mount Edgecombe, 4301
Transfer secretaries:
Computershare Limited,
70 Marshall Street,
Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor:
Sasfin Corporate Finance
a division of Sasfin Bank Limited,
Sasfin Place, North Block,
13 - 15 Scott Street,
Waverley, 2090
Date: 02/10/2003 05:15:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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