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CYCAD FINANCIAL HOLDINGS LIMITED -
CYCAD FINANCIAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/008637/06)
Share code: CYD ISIN: ZAE000017729)
("Cycad" or "the company")
GROUP AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
NET ASSET VALUE PER SHARE
2003 2002
Net asset value per share (cents) 3,6 17,5
The calculation of net asset value
per share is based on the following:
Net asset value at 30 June 2003 (R`000) 10 365 51 163
Number of shares in issue at
30 June 2003 (`000) 291 796 291 796
GROUP INCOME STATEMENTS
Notes 2003 2002
(R"000) (R"000)
Net operating costs (4 049) (5 062)
Net interest paid (3 724) (3 094)
Amount written-off investments 1.3 (33 200) (56 718)
Profit on disposal of investment 1.1 175 -
Loss on disposal of subsidiary company - (1 392)
Loss before and after taxation 2.3 (40 798) (66 266)
Attributable loss per ordinary
share (cents) (14) (49)
Headline loss per ordinary share (cents) (14) (48)
The calculation of attributable and
headline loss per share is based on
the following:
Attributable loss (40 798) (66 266)
Add: Loss on disposal of subsidiary
company - 1 392
Headline loss (40 798) (64 874)
Weighted average number of shares
in issue (`000) 291 796 135 084
STATEMENT OF CHANGES IN EQUITY
Preference
Share Share share Accumulated
capital premium capital loss Total
(R"000) (R"000) (R"000) (R"000) (R"000)
Balance at
1 July 2002 2 918 163 990 1 (115 746) 51 163
Loss for year
after taxation - - - (40 798) (40 798)
Balance at
30 June 2003 2 918 163 990 1 (156 544) 10 365
GROUP BALANCE SHEETS
Notes 2003 2002
(R"000) (R"000)
Assets
Non-current assets
Investments 1.1/1.3/1.4 29 600 62 200
Current assets 1 307 1 986
Cash and short-term deposits 8 278
Other current assets 1 299 1 708
30 907 64 186
Capital, reserves and liabilities
Shareholders" funds 10 365 51 163
Interest bearing non-current
liabilities - 3 186
Current liabilities 20 542 9 837
- Interest bearing 1.2 20 202 8 830
- Non-interest bearing 340 1 007
30 907 64 186
GROUP CASH FLOW MOVEMENTS
Notes 2003 2002
(R"000) (R"000)
Cash generated by rights issue - 20 000
Decrease in long-term borrowings (3 186) (1 395)
Cash generated/(utilised) by
operations and short-term funding 3 341 (8 171)
Net cash invested (425) (4 729)
Loss on disposal of subsidiary
and restructuring amounts paid - (1 748)
Advances to investments (1 000) (2 981)
Proceeds on realisation of
investments 1.1 575 -
Share issue expenses written-off
against share premium - (2 897)
Cash and cash equivalents beginning of year 278 (2 530)
Cash and cash equivalents end of year 8 278
COMMENTARY
1. Overview
1.1 As previously advised to shareholders, our investments are being realised
in an orderly manner to ensure acceptable exit values. A number of options have
been explored with regard to individual investments, namely:
- The settlement of our dispute with MGX Holdings Limited regarding our
interest in EC Hold Limited.
- A small investment, Supergalv (Pty) Limited, was sold during the year.
- The investment held in Sportal Asia Limited was realised.
- Progress has been slow in regard to the realisation of other investments due
to the depressed investment climate for small technology businesses.
1.2 The proceeds of realisations will be utilised to reduce borrowings.
1.3 In the light of the continued depressed technology markets, a further R33,2
million has been provided against certain investments.
1.4 The investments in Absolute Systems, Coresource and Intelleca Voice and
Mobile continue to make progress.
2. Accounting
2.1 These summarised financial statements are prepared in accordance with the
Group"s accounting policies which comply in all material respects with South
African Statements of Generally Accepted Accounting Practice, in particular
Accounting Statement AC 133, and are consistent with those policies applied in
the previous financial year.
2.2 The directors" valuations of the investments are comprehensively reviewed
every six months in accordance with the Group"s accounting policies whereby
investments are valued at cost for the first two reporting periods during which
they are held (with provision being made for any permanent impairment of value)
and thereafter they are revalued to fair value.
2.3 No taxation has been provided for, as the Group has accumulated tax losses.
3. Dividends
No dividend was declared or paid during the year under review.
4. Report of the independent auditors
The annual financial statements have been audited by the Group"s auditors,
Fisher Hoffman PKF (Jhb) Inc. Their audit has been performed in accordance with
the requirements of The South African Institute of Chartered Accountants and a
copy of their audit report is available for inspection at the registered office
of the company.
5. GENERAL
The Board continues to address the realisation of our investments. Attention
is drawn to the cautionary announcement published on 26 September 2003 and
shareholders will be kept informed of developments.
By order of the board
L H Fine L Klaff
Executive Chairman Executive
Johannesburg
15 October 2003
Transfer secretaries: Registered office:
Computershare Limited 15 Girton Road
70 Marshall Street Parktown
Johannesburg, 2001 2193
PO Box 1053, Johannesburg, 2000 Tel: (011) 507-2000
Fax: (011) 507-2004
email: Website:
cycadfinhold@cycadfinhold.co.za www.cycadfinhold.co.za
Directors:
L H Fine (Executive Chairman), A J Frost* (alt. L Klaff),
J M Kahn*, W Y N Luhabe*, P G Joubert* *non-executive
Date: 16/10/2003 07:00:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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