|
Jigsaw Holdings Limited - Reviewed Unaudited Interim Results For The Six Month
Period Ended 31 August 2003 And Withdrawal Of
Cautionary
JIGSAW HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No:1987/000111/06)
("Jigsaw" or "the company")
JSE CODE: JGS ISIN CODE: ZAE000018370
REVIEWED UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2003
AND WITHDRAWAL OF CAUTIONARY
BALANCE SHEETS
Unaudited Unaudited Audited
31/08/2003 31/08/2002 28/02/2003
R"000 R"000 R"000
ASSETS
Non-current assets 24,399 33,220 23,672
Current assets 55,419 79,971 56,727
Total assets 79,818 113,191 80,399
EQUITY AND LIABILITIES
Capital and reserves (7,801) 21,233 (7,942)
Share capital (8,675) 21,233 407
Share premium 758 - 15,694
Distributable reserves (69) - (24,043)
Minority interests - 13 209
Non-current liabilities 13,191 8,002 5,158
Interest-bearing 13,191 8,002 4,907
liabilities
Interest-free liabilities - - 251
Current liabilities 74,428 83,943 82,974
Accounts payable & 74,359 83,943 28,217
provisions
Loan payable - - 852
Amounts owing on purchase - - -
Consideration of - - -
subsidiaries acquired
Interest-bearing - - 332
liabilities
Taxation owing - - 1,702
Bank overdraft 69 - 48,504
Shareholders for dividends - - 3,367
Total equity and 79,818 113,191 80,399
liabilities
INCOME STATEMENTS
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 28/02/2003
31/08/2003 31/08/2002 R"000
R"000 R"000
Revenue 35,922 49,980 76,982
Profit/(loss) from 4,735 (1,203) (23,029)
operations
Net finance costs (4,105) (2,792) (6,143)
Profit /(Loss) before 630 (3,995) (29,172)
taxation
Taxation (54) (175) 4,941
Profit /(Loss) after 576 (4,170) (24,231)
taxation
Attributable to outside
shareholders in - - (84)
subsidiaries
Preference share dividends (435) (221) (883)
Profit /(Loss) for the 141 (4,391) (25,198)
period attributable to
ordinary shareholders
Less (Profit)/ loss on sale - - 455
of fixed assets
Less (Profit)/ loss on sale - - 4,795
of subsidiaries
Impairment of fixed assets - - 43
- tangible
Impairment of fixed assets - 755 1,382
- intangible
Plus Intangible 529 - 1,632
amortization
Impairment on Loan to Share 420 1,199 1,763
incentive scheme trust
Headline earnings for
Ordinary shares 1,090 (2,437) (15,128)
Basic earnings for the year 141 (4,391) (4,130)
Headline earnings for the 1,090 (2,437) (15,128)
year
Weighted average number of 40,672 46,386 46,386
shares
Dilutive Weighted average 40,672 46,386 46,386
number of shares
cents cents cents
Basic earnings per share 0.35 (9.47) (8.90)
Diluted basic earnings per 0.35 (9.47) (8.90)
share
Headline earnings per 2.68 (5.25) (32.61)
share
Diluted Headline earnings 2.68 (5.25) (32.61)
per share
STATEMENTS OF CHANGES IN EQUITY
Group Share Share Distribu- Minority Total
capital premium table R"000 R"000
R"000 R"000 reserves
R"000
Balance at 464 23 637 (3 235) 13 20 879
31 August
2003
Balance - - (2 868) - (2 868)
previously
stated
Prior year - - 367 - (367)
adjustments
Net loss for - - (20 808) (13) (20 821)
the 6 months
Minority - - (84) - (97)
interest
Dividends - - (662) - (662)
Cancellation (57) (7 943) - - (8 000)
of share
capital due
to rebate
from profit
warranty on
Machaus
(Pty) Ltd
Balance at 407 15 694 (24 043) - (7 942)
28 February
2003
Balance - - - - -
previously
stated
Prior year - - - - -
adjustments
- - 141 - 141
Net profit - - 576 - 576
for the six
months ended
31 August
2003
Minority - - - - -
interest
Dividends (435) - (435)
Balance at 407 15 694 (23 902) - (7 801)
31 August
2003
CASH FLOW
Unaudited Unaudited Audited
six six months Year ended
months ended ended 28/02/03
31/08/03 31/08/02 R"000
R"000 R"000
Cash (Utilised by)/generated from
operating activities 35 182 39 845 85 843
Cash receipts from customers
Cash paid to suppliers and employees (28 519) (46 756) (110 133)
Net cash (outflow)/inflow from
operating activities 6 663 (6 911) (24 290)
Net interest paid (4 105) (2 793) (6 143)
Taxation (paid) 153 (533) (328)
Dividends paid - - -
Net cash (outflow)/inflow from
investing activities (457) 7 652 (1 768)
Net cash (outflow/inflow from financing
activities 8 615 (4 405) (970)
Movement of cash and cash equivalents 10 869 (6 990) (33 499)
Cash and cash equivalents at beginning
of period (47 242) (13 743) (13 743)
Cash and cash equivalents at end of
period (36 373) (20 733) (47 242)
Basis of preparation
The interim results presented here have not been audited, but have been reviewed
by our stock exchange sponsors and public accountants to ensure that they comply
with the requirements of the JSE Securities Exchange South Africa and South
African Statements of Generally Accepted Accounting Practice. Comparative
interim figures are as previously published. Accounting policies and the methods
of computation are the same as those used for the Annual Report for the year
ended 28 February 2003. The reviewed opinion of BDO Spencer Steward
(Johannesburg) Inc is available for inspection at the registered office of the
Company.
Comments
From the results, it is evident that Jigsaw has undergone a radical turnaround
since the previous year end. The management team"s dedicated approach, in
conjunction with a very positive property market, is already contributing
towards sound results and an improvement in cash flow.
Headline Earnings
The divisional headline earnings for the six months ended 31 August 2003 is set
out below:
R"000
Real Estate franchises 453
Related Services 421
Property Development 216
Headline earnings 1 090
The real estate networks, Aida, ERA and Realty 1 Elk are performing well due to
added value gained from the MortgageSA relationship and healthy ongoing growth
through the establishment of several new franchisees. Although there have been
unjustified negative perceptions around Jigsaw in recent months resulting in a
number of franchisees withdrawing from the network, the period reflected a net
increase of 8 franchisees.
Our related services operations posted solid results with Ascendant Cashflow
Solutions achieving the best trading months in its history.
Home Inspector and Home Warranty are now both showing improved results due to a
revised focus.
The property development operation, Machaus, also achieved a significant
turnaround, through increased sales and higher volumes.
The management team is confident that the implementation of several strategic
initiatives will continue to produce sustainable earnings in the future.
WITHDRAWAL OF CAUTIONARY
Shareholders are referred to the cautionary announcements published in the press
on 14 July 2003 and 27 March 2003 and are advised that the negotiations referred
to therein have been terminated.
Shareholders are therefore no longer required to exercise caution when dealing
in their shares.
For and on behalf of the board
Neville McIntyre
Chief Executive Officer
16 October 2003
DIRECTORS
Executive: Neville McIntyre, Piet Joubert
Non-Executive: Johan Nel, Pieter van der Merwe
REGISTERED ADDRESS
First Floor, 1 St Andrew Street, Birdhaven, 2196
AUDITORS
BDO Spencer Stewart (Johannesburg) Inc.
SPONSOR
Imara Corporate Finance South Africa (Pty) Ltd
Date: 17/10/2003 04:28:11 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
