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ZELTIS HOLDINGS LIMITED -
ZELTIS HOLDINGS LIMITED
(Registration No:1905/0021141/06)
("Zeltis")
JSE CODE: ZLT - ISIN CODE: ZAE000015939
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at
30 June 30 June 2002
2003 R"000
R"000
ASSETS
Non-Current Assets
Tangible assets 2 138 2,210
Intangible assets 10 341 11 002
Investments 3 227 3 020
15 706 16 232
Current Assets
Accounts receivable 21 184 25 681
Cash and cash
equivalents 971 3 211
22 155 28 892
Total Assets 37 861 45 124
EQUITY AND
LIABILITIES
Capital and Reserves
Ordinary share
capital 4 102 4 102
Share premium 114 973 114 973
Distributable
reserve (117 979) (117 234)
Ordinary
shareholders" 1 096 1 841
interest
Preference share
capital 39 39
1 135 1 880
Non-Current
Liabilities
Long-term
liabilities 7 941 11 792
Current Liabilities
Accounts payable 24 207 27 156
Bank overdraft 1 347 1 811
Current portion of
long-term debt 3 231 510
Taxation -- 1 975
28 785 31 452
Total equity and
liabilities 37 861 45 124
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
Year ended Year ended
30 June 30 June 2002
2003 R"000
R"000
Revenue 141 489 148 505
Operating
profit/(loss) on
ordinary
activities before
investment income 3 277 (2 492)
Impairment of
investments - (5 161)
Investment income 237 358
Profit/(Loss) before
finance costs 3 514 (7 295)
Finance Costs (4 259) (5 646)
Loss on ordinary
activities before
Taxation (745) (12 941)
Taxation -- --
Net loss for the
year (745) (12 941)
-
Adjustments for
headline earnings: (2 454) 5 756
Loss on sale of
investments (3 115) (66)
Investments and
loans written off - 5 161
Goodwill amortised 661 661
Headline loss for
the year (3 199) (7 185)
EARNINGS PER SHARE
Weighted average
number of ordinary
shares in issue 82 044 59 783
("000)
Loss per share
(cents) (0.91) (21.6)
adjusted for: (2.99) 9.6
Loss on sale of
investments (3.80) (0.1)
Investments and
loans written off - 8.6
Goodwill amortised 0.81 1.1
Headline loss per
share (cents) (3.90) (12.0)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
Year ended Year ended
30 June 2003 30 June 2002
R"000 R"000
Cash flow from
operating activities
Cash generated from
operations 3 554 1 241
Investment income 167 86
Finance costs (4 259) (5 185)
Taxation paid - (2)
Net cash outflow from
operations (539) (3 860)
Cash flow from
investing activities
Replacement of fixed
assets (789) (250)
Expansion to fixed
assets - (396)
Proceeds from disposal
of fixed assets 382 2 176
Increase in associate
investment - (2)
Proceeds from disposal
of investments 300 257
Net cash (outflow)
/inflow from investing
activities (107) 1 785
Cash flow from
financing activities
Loans raised -- 251
Loans repaid (1 130) --
Capital raised - 2 104
Net cash (outflow) / (1 130) 2 355
inflow from financing
activities
Net change in cash and
cash equivalents (1 776) 280
Cash and cash
equivalents at
beginning of the year 1 400 1 120
Cash and cash
equivalents at end of
the year (376) 1 400
STATEMENT IN CHANGES IN EQUITY
Ordinary Preference Distribut
share Share Share able
Capital Premium Capital Reserves Total
R"000 R"000 R"000 R"000 R"000
Balance as at 30
June 2001 1 487 109 743 39 (104 293) 6 976
Share capital
Issued 2 615 5 230 -- -- 7 845
Net loss for the
Year -- -- -- (12 941) (12 941)
Balance as at 30
June 2002 4 201 114 973 39 (117 234) 1 880
Net loss for the
Year -- -- -- (745) (745)
Balance as at 30
June 2003 4 102 114 973 39 (117 979) 1 135
BASIS OF PREPARATION
The financial statements of the group have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice, which
policies have been applied consistently from prior years. The results have been
audited by BDO Spencer Steward (JHB) Inc and their unqualified audit report, is
available for inspection at the company"s offices.
REVIEW OF OPERATIONS
The more important events which occurred during the year ended 30 June 2003
included the following. We have:
- striven and succeeded in reducing the overall debt of the company during the
year;
- disposed of the corporate entity, Rovic Diamonds (Pty) Ltd, payment for which
should be received on or before 15 November 2003 provided all of the suspensive
conditions have been met;
- continued with the re-organisation and restructure of the most Important
operating subsidiary, Denverdraft Agency (Pty) Ltd, with a range of meaningful
successes in accounting and administration and in the introduction of a range of
new services and products;
- established a new BEE initiative, which has achieved short-term successes;
- opened branches of Denverdraft Agency (Pty) Ltd in Richards Bay and via our
subsidiary company, Denverdraft East Star (Pty) Ltd, in Lephalale (Ellisras) to
service new client bases, including Kumba Resources Limited;
- continued negotiations in respect of a settlement of debt owed to a major
creditor. On several occasions, we had believed that finality had been reached,
but unfortunately, that final goal has not yet been achieved; and
- continued negotiations in respect of the possible disposal of the company"s
interests in the electronics technology company, Message Link (Pty) Ltd:
While we have succeeded legally in some battles which we have been engaged in,
those legal successes have not led to the repayment of several millions of Rand
due to the company.
In summary, the company"s financial position has improved further, but several
issues are unresolved and are currently being contested.
On behalf of the Board
RN McLeod
Managing Director
CHD Field
Financial Director
20 October 2003
Johannesburg
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 21/10/2003 07:00:19 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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