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Vesta Technology Holdings Limited - Abridged Audited Results for the year ended
31 August 2003
Vesta Technology Holdings Limited
(Registration number: 1998/015580/06)
(Share code: VST)
(ISIN code: ZAE000016267)
Abridged Audited Results for the year ended 31 August 2003
Abridged Income Statement
Audited Audited
Year Year
ended ended
31/8/03 31/8/02
R"000 R"000
Revenue 18 494 18 601
Cost of sales (5 990) (6 144)
Gross profit 12 504 12 457
Other operating income 816 319
Other operating expenses (12 039) (17 083)
Results from operating activities 1 281 (4 307)
Loans written off (63)
Impairment of intangible assets (607) (14 288)
Net financing expense (36) (401)
Profit/(loss) before taxation 638 (19 059)
Taxation 532 (482)
Profit/(loss) for the year 1 170 (19 541)
Reconciliation of headline
earnings/(loss)
Profit/(loss) 1 170 (19 541)
Amortisation of goodwill 997
Loans written off 63
Impairment of intangible assets 607 14 288
Headline earnings/(loss) 1 777 (4 193)
Earnings/(loss) per share (cents) 1,4 (23,1)
Diluted earnings/(loss) per share 1,3 (23,1)
(cents)
Headline earnings/(loss) per share 2,1 (5,0)
(cents)
(There are 84 600 000 shares in issue. In the new year 7 358 194 shares are to
be issued to the share trust, increasing the shares in issue to
91 958 194 shares. The granting of the share options was authorised at the
previous Annual General Meeting.)
Abridged Statement of Changes of Equity
Non-
distri-
Share Share Retained butable
capital premium profits reserve Total
R"000 R"000 R"000 R"000 R"000
Balance at 1 85 18 958 395 529 19 967
September 2001
Foreign exchange 542 542
translation reserve
Post acquisition 112 (112)
profits
Net loss for the (19 541) (19 541)
year
Balance at 31 August 85 18 958 (19 034) 959 968
2002
Balance at 1 85 18 958 (19 034) 959 968
September 2002
Foreign exchange (818) (818)
translation reserve
Net profit for the 1 170 1 170
year
Balance at 31 August 85 18 958 (17 864) 141 1 320
2003
Abridged Balance Sheet
Audited Audited
31/8/03 31/8/02
R"000 R"000
Assets
Non-current assets 1 808 2 803
Tangible assets 291 492
Intangible assets 985 2 311
Deferred taxation 532
Current assets 2 689 2 523
Inventories 6 167
Trade and other receivables 2 377 2 095
Taxation 183 180
Financial assets 52 34
Cash and cash equivalents 71 47
Total assets 4 497 5 326
Equity and Liabilities
Capital and reserves 1 320 968
Equity capital 19 043 19 043
Non-distributable reserves 141 959
Accumulated loss (17 864) (19 034)
Non-current liabilities 13 164
Interest bearing borrowings 13 56
Financial liabilities 108
Current liabilities 3 164 4 194
Trade and other payables 1 985 3 091
Provisions 291 297
Deferred revenue 566 490
Short-term borrowings 43 102
Bank overdraft 279 214
Total equity and liabilities 4 497 5 326
Abridged Cash Flow Statement
Audited Audited
Year Year
ended ended
31/8/03 31/8/02
R"000 R"000
Cash flows from operating activities 150 430
Cash flows from investment activities (89) 2 081
Cash flows from financing activities (102) (140)
Net change in cash and cash equivalents (41) 2 371
Cash and cash equivalents at beginning of (167) (2 538)
the year
Cash and cash equivalents at end of the (208) (167)
year
CommentaryThe BusinessVesta"s core business competency is the delivery of total
Information Technology services. Over the last few years Vesta invested in a
multi-disciplined development team and products that are able to perform in a
fast changing environment. Vesta delivers these skills to the marketplace in
four main areas, Software Development, Service and Support, Training and Own
Products. The products are positioned in the areas of e-learning, local
government financial management, performance management and collaboration.
Accounting PoliciesThe accounting policies, in respect of the financial year
ended 31 August 2003, are consistent with those applied for the year ended 31
August 2002. These policies conform to the South African Statements of Generally
Accepted Accounting Practice.
Review of ResultsThe financial statements have been presented in accordance with
South African Statements of Generally Accepted Accounting Practice (GAAP) and
have been audited by the Company"s auditors, Grant Thornton Kessel Feinstein.
Their report is available for inspection at the registered office.
The restructuring process embarked on 18 months ago is bearing fruit. Although
the markets and trading conditions remained challenging, the team at Vesta
demonstrated their commitment towards turning the corner and getting the group
back into positive earnings.
An additional R606 668 of the WebActive Learner Management System was impaired
during the past year. The remaining value in use at year end is R984 870.
The Company is reporting negative taxation of R531 699. This is a provision for
debit deferred taxation on taxation losses that were not provided for in the
past.
Operational CommentVesta"s services business has grown and we are pleased at the
progress the company has made in the Local Council arena. The company is now
providing our standard service offerings in terms of infrastructure support and
maintenance, as well as a new financial system for local councils.
Although the long-term potential for WebActive in the e-learning market is
improving, it will still take a while for the potential to be realised and have
a positive impact on the bottom line. The European based revenue stream is also
growing with the securing of key accounts in the Netherlands.
FutureVesta will continue to strive for sustainable long-term growth with
annuity revenue streams. Focus will still be on expansion of existing
operational areas including the local council market where the company is
beginning to provide products and services.By order of the Board
Frederick Morrison JohannesburgGroup
Chief Executive 11 November 2003
Directors: F Morrison, E Thomas, A Futcher, M Morrison (Non-executive)
Transfer Secretaries: Computershare Limited, 11th Floor, 70 Marshall Street,
Johannesburg 2000. P O Box 61051, Marshalltown 2107
Registered Office: Vesta House, Gazelle Close, Sage Corporate Park, Old Pretoria
Rd, Midrand, Johannesburg.
Tel: (011) 314-8181 Fax: (011) 314-8182
www:vesta.co.za
Date: 11/11/2003 05:15:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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