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JIGSAW HOLDINGS LIMITED -
PERIOD ENDED 31 AUGUST 2003 AND WITHDRAWAL OF CAUTIONARY - Amendment
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)
Minority interests - 13 209
Non-current liabilities 13,191 8,002 5,158
Current liabilities 74,428 83,943 82,974
- - -
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
operations 4,735 (1,203) (23,029)
Net finance costs
(4,105) (2,792) (6,143)
Profit /(Loss) before
taxation 630 (3,995) (29,172)
Taxation
(54) (175) 4,941
Profit /(Loss) after
taxation 576 (4,170) (24,231)
Attributable to
outside
shareholders in
subsidiaries - - (84)
Preference share
dividends (435) (221) (883)
Profit /(Loss) for
the period 141 (4,391) (25,198)
attributable to
ordinary shareholders
Less (Profit)/ loss on
sale of fixed assets - - 455
Less (Profit)/ loss on
sale of subsidiaries - - 4,795
Impairment of fixed
assets - tangible - - 43
Impairment of fixed 755
assets - intangible - 1,382
Plus Intangible 529
amortization - 1,632
Impairment on Loan to
Share incentive scheme 420 1,199 1,763
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 year 1,090 (2,437) (15,128)
Weighted average number
of shares 40,672 46,386 46,386
Dilutive Weighted
average number of 40,672 46,386 46,386
shares
cents cents cents
Basic earnings per (9.47) (8.90)
share 0.35
Diluted basic earnings (9.47) (8.90)
per share 0.35
Headline earnings per 2.68 (5.25) (32.61)
share
Diluted Headline 2.68 (5.25) (32.61)
earnings per share
STATEMENTS OF CHANGES IN EQUITY
Group Distribu-
Share Share table
capital premium reserves Minority Total
R"000 R"000 R"000 R"000 R"000
Balance at 31 August
2003 464 23 637 (3 235) 13 20 879
Balance previously
stated - - (2 868) - (2 868)
Prior year
adjustments - - 367 - (367)
- - (20 808) (13) (20 821)
Net loss for the 6
months - - (20 062) - (20 062)
Minority interest - - (84) - (97)
Dividends - - (662) - (662)
Cancellation of
share capital due to
rebate from profit
warranty on Machaus
(Pty) Ltd (57) (7 943) - - (8 000)
Balance at 28
February 2003 407 15 694 (24 043) - (7 942)
Balance previously
stated - - - - -
Prior year
adjustments - - - - -
- - 141 - 141
Net profit for the
six months ended 31 - -
August 2003 - - 576 - 576
Minority interest - - - - -
Dividends (435) - (435)
Balance at 31 August
2003 407 15 694 (23 902) - (7 801)
CASH FLOW
Unaudited Unaudited Audited
six six Year
months months ended
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 10 869 (6 990) (33 499)
equivalents
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: 21/10/2003 01:04:35 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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