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MAXTEC LIMITED PROVISIONAL ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2003
Maxtec Limited ("Maxtec")
(Incorporated in the Republic of South Africa)
(Registration number 1998/004039/06) ("Maxtec")
JSE Code -MEC
ISIN: ZAE000016
The directors of Maxtec hereby announce the provisional annual results for the
year ended 31 August 2003 ("the annual results").
NATURE OF BUSINESS
Classified under the Information Technology Hardware sector of the JSE
Securities Exchange South Africa ("the JSE"), Maxtec provides complete high-end
mass storage solutions and offers a range of related applications. Maxtec covers
all aspects of IT storage solutions including, but not limited to, consulting,
outsourcing, implementation, repair, maintenance, education and training.
BASIS OF PREPARATION
The annual results of Maxtec and its subsidiary companies ("the Group") have
been prepared in accordance with the South African Statements of Generally
Accepted Accounting Practice, which policies are consistent with those of the
prior year.
AUDIT OPINION
Fisher Hoffman PKF (JHB) Inc, the Group"s auditors, have audited the annual
results. Their signed audit report, while unqualified, includes a "matter of
emphasis" relating to the going concern aspect of the Group and is available for
inspection at the Group"s registered office during normal office hours.
TRADING ENVIRONMENT & FINANCIAL PERFORMANCE
In spite of the efforts of management, various factors have resulted in an
increased loss after tax. These factors included deflation related to the cost
of goods, the resulting lower turnover, stock write-downs and a decision not to
raise a deferred tax asset in respect of the current year"s loss.
Compared to the twelve month period ended 31 August 2002, turnover decreased
from R92,9 million to R64,2 million, with the operating loss reducing to
R7,5million (R12,0 million: 2002). Maxtec reported a headline loss of R9,3
million or 10,6 cents per share for the financial year under review.
Maxtec continues to focus sales on data storage, networking and security
solutions solely via the reseller channel. Growing service-related annuity
income is still an objective that has not been achieved.
OPERATIONAL REVIEW
Management continues to focus the activities of the Group on consulting,
outsourcing, implementation and the distribution of storage products and
software solutions, solely via the reseller channel. Emphasis is now being
placed on business"s networking and holistic security offerings and solutions.
PROSPECTS
Maxtec continues to establish new supplier alliances and distribution agreements
that will ultimately, together with increasing services business activities,
improve Maxtec"s performance.
Further cost reductions have been made since year-end and the sales pipeline of
prospects looks encouraging.
CAUTIONARY ANNOUNCEMENT
Shareholders of Maxtec are referred to the cautionary announcement dated 11
November 2003 and are reminded to continue exercising caution when dealing in
Maxtec shares on the JSE until a further announcement is made in this regard.
DIVIDENDS
No dividend has been declared.
DIRECTORS
L G B Talbot - Chairman and CEO
L J Talbot - Company Secretary
S A Bakaniozos
W P P Hutton
G McN Sinclair - Non-executive
For and on behalf of the Board
L G B TALBOT
Executive Chairman
L J TALBOT
Company Secretary
Registered Address
1 - 8th Avenue, Rivonia, Sandton
(PO Box 69938, Bryanston, 2021)
Transfer Secretaries
Ultra Registrars (Pty) Ltd
(PO Box 4844, Johannesburg, 2000)
Sponsors
Merchant Sponsors (Pty) Ltd
(PO Box 781106, Sandton, 2146)
Audited Audited Audited Audited
Year ended Year ended Year ended Year ended
GROUP INCOME STATEMENT 31 Aug 2003 31 Aug 2002 31 Aug 2002 31 Aug 2002
Total Continuing Discontinued
operations operations
R " 000 R " 000 R " 000 R " 000
Revenue 64,198 92,848 79,395 13,453
Operating (Loss)/Profit (7,467) (12,023) (13,561) 1,538
Net interest paid (717) (1,601) (1,413) (188)
Profit from associate - 665 665 -
Profit from sale of
associate company - 2,257 2,257 -
Dividend received/(paid) - - 738 (738)
Loss from sale of
subsidiaries - (474) (474) -
Loss on write down of
loan to Share Incentive
Trust (247) (153) (153) -
(Loss)/Profit before
Taxation (8,431) (11,329) (11,941) 612
Taxation (1,133) 3,883 4,288 (405)
Net (loss)/profit after
tax for the year (9,564) (7,446) (7,653) 207
Depreciation 1,578 1,917 1,457 460
Net interest paid (717) (1,601) (1,413) (188)
Interest received 92 101 89 12
Interest paid (809) (1,702) (1,502) (200)
Loss per share (cents)
(10.8) (8.4)
Headline loss per share
(cents) (10.6) (9.3)
Fully diluted headline
loss per share (cents)
(10.6) (9.3)
Weighted average number
of shares in issue 88,2 88,2
(millions)
Calculation of fully diluted loss
Actual number of shares
in issue 88,154,507 88,154,507
Reconciliation of headline loss
Net loss after tax for
the year (9,564) (7,446)
Loss on write down of
loan to Share Incentive 247 153
Trust
Profit from sale of
associate company - (2,257)
Loss from sale of
subsidiaries - 474
Amortisation of goodwill
in associate - 159
Profit on sale of fixed
assets - 2
Impairment loss - 726
Headline loss (9,317) (8,189)
Audited Audited
Year ended Year ended
GROUP BALANCE SHEET 31 Aug 2003 31 Aug 2002
R " 000 R " 000
ASSETS
Non-current assets 6,452 7,917
Plant and equipment 1,726 1,811
Deferred taxation 4,664 5,797
Loan to share incentive trust 62 309
Current assets 14,230 27,460
Inventories 6,320 9,618
Trade and other receivables 7,902 17,616
Cash resources 8 226
TOTAL ASSETS 20,682 35,377
EQUITY AND LIABILITIES
Capital and reserves 5,828 15,392
Issued capital 9 9
Share premium 18,446 18,446
Accumulated profit (12,627) (3,063)
Current liabilities 14,854 19,985
Trade and other payables 11,093 19,533
Provisions 222 384
Current portion of interest-bearing
liabilities 1,037 38
Taxation - 30
Bank overdraft 2,502 -
TOTAL EQUITY AND LIABILITIES 20,682 35,377
Audited Audited Audited Audited
Year ended Year ended Year ended Year ended
GROUP STATEMENT OF CHANGES 31 Aug 2003 31 Aug 2002 31 Aug 2002 31 Aug 2002
IN EQUITY
Total Total Continuing Discontinued
operations operations
R " 000 R " 000 R " 000 R " 000
Ordinary shareholders
equity at beginning of
year 15,392 22,838 21,032 1,806
Attributable (loss)/profit
for the year (9,564) (7,446) (7,653) 207
Ordinary shareholders
equity at the end of the
year 5,828 15,392 13,379 2,013
MAXTEC LIMITED Audited Audited Audited Audited
Year ended Year ended Year ended Year ended
GROUP CASH FLOW STATEMENT 31 Aug 2003 31 Aug 2002 31 Aug 2002 31 Aug 2002
Total Total Continuing Discontinued
Operations operations
R " 000 R " 000 R " 000 R " 000
Cash flows from operating
activities (2,226) (2,170) (5,746) 3,576
Cash receipts from
customers 73,912 86,470 69,842 16,628
Cash paid to suppliers &
employees (75,391) (85,769) (72,827) (12,942)
Cash generated from
operations (1,479) 701 (2,985) 3,686
Dividend received - 1,139 1,139 -
Interest received 92 101 89 12
Interest paid (809) (1,702) (1,502) (200)
Taxation paid/received (30) (2,409) (2,487) 78
Cash flows from investing
activities (1,493) 7,213 7,294 (81)
Additions to plant &
equipment (1,515) (1,539) (1,344) (195)
Proceeds on sale of plant
and equipment 22 265 151 114
Proceeds on disposal of -
associate 6,995 6,995 -
Proceeds on disposal of
subsidiaries - 1,492 1,492 -
Cash flows from financing
activities 999 (93) 312 (405)
Increase/(decrease) in
interest-bearing
liabilities 999 (93) (37) (56)
(Decrease)/Increase in
amounts due to group
companies - - 349 (349)
Net (decrease)/increase
in cash resources (2,720) 4,950 1,860 3,090
Cash resources at the
beginning of the year 226 (4,724) (1,749) (2,975)
Cash resources at the end
of the year (2,494) 226 111 115
Date: 27/11/2003 08:58:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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