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Stratcorp Limited
Release Date: 28/11/2003 17:15:01 Code(s): STA
STRATCORP LIMITED
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code ZAE 000 034 294
INTERIM REPORT
Group unaudited results for the six months
ended 31 August 2003 were as follows:
Abridged Income Statement Six months Six months Twelve months
ended ended ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Revenue 2,539 1,447 3,350
Unrealised gains on 6,000 0 0
investmrents
Expenditure -3,358 -2,703 -5,524
Operating profit/(loss)
before
interest 5,181 -1,256 -2,174
Net interest -36 51 75
Operating profit/(loss) 5,145 -1,307 -2,099
before taxation
Taxation 1,288 0 761
Net profit/(loss) after 3,857 -1,307 -1,338
taxation
Minority Interest 0 -5 0
Net profit/(loss) after 3,857 -1,312 -1,338
minority Interest
Number of ordinary shares in 70,815 17,233 19,815
issue ("000)
Weighted average number of
ordinary shares in issue 70,815 17,233 17,747
("000)
Profit/(Loss) per ordinary 5.45 -7.61 -7.54
share (cents) (Weighted
average)
Headline 5.57 -7.61 -5.80
profit/(loss)/earnings per
ordinary share (cents)
Dividends per ordinary share - - -
(cents)
Reconciliation of Headline
Earnings
Net income /(loss) 3,857 -1,312 -1,338
Amortisation of goodwill 87 - -
Headline profit/(loss) / 3,944 -1,312 -1,338
earnings
Abridged Balance Sheet Six months Six months Twelve
ended ended months ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Investments/fixed assets 10,239 6,253 5,324
Current assets 5,239 2,291 3,778
Employment of capital 15,478 8,544 9,102
Shareholders" funds 9,009 4,462 5,152
Non-current liabilities 0 2,857 493
Current liabilities 6,469 1,225 3,457
Capital employed 15,478 8,544 9,102
Number of ordinary shares in issue 70,815 17,233 19,815
Number of preference shares in issue 51,000 51,000
Total number of shares in issue 70,815 68,233 70,815
Net asset value per ordinary share 12.7 25.9 26.0
Net asset value per total number of 12.7 6.5 7.3
shares in issue
Abridged Statement of Changes in Six months Six months Twelve
Equity ended ended months ended
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Balance at beginning of period 5,152 5,774 5,973
Share capital issued 0 0 517
Net profit/(loss) for the period 3,857 -1,312 -1,338
Balance at end of period 9,009 4,462 5,152
Abridged Cash Flow Six months Six months Twelve
Statement ended ended months ended
31 August 2003 31 August 28 February
2002 2003
(unaudited) (unaudited) (audited)
R"000 R"000 R"000
Cash flow from operating 5,290 1,119 375
activities
Cash flow from investing -4,915 -621 1,157
activities
Cash flow from financing -493 640 600
activities
Net (decrease)/increase in -118 1,138 2,132
cash and cash equivalents
Cash and cash equivalents
at beginning
of the period 2,367 235 235
Cash and cash equivalents
at end
of the period 2,249 1,373 2,367
Comments on results
During the current period the group disposed of an interest it had acquired in
technology pertaining to the events and advertising industry,
to Mobile Events Marketing Ltd ("MEM"). Due to the group"s position on Strategic
Investments, a decision was made to take up shares in MEM in settlement of the
purchase price.
As a result the Group held a 60% shareholding in MEM. This percentage was
diluted due to a Public Offer which MEM conducted. It is the Group"s intention
to dispose of this investment in the near future and for this reason MEM has
been excluded from consolidation.
In accordance with AC 133, the directors have placed a value of R 6 million,
which has been reflected in the income statement as an unrealised surplus on
investments, on the 53% holding it currently has in MEM.
This places a value of 14,6 cents on each MEM share currently held. MEM placed
shares through the Public Offer at 75 cents per share.
Wholly owned subsidiaries
StratEquity (Pty) Ltd (100%)
As reported in the Annual report, the increase in sales from the subscription
product of StratEquity is satisfactory. This growth has continued and sales
over the past 6 months have increased by an average of 25% month on month. The
effect of this growth is that StratEquity"s income is now annuity
based and the consensus is that StratEquity will be profitable and self reliant
from this source from April 2004.
With the establishment of the Altx Alternative Exchange, a division of the JSE,
StratEquity will play a significant role in assisting companies seeking access
to this market, by providing key funding. By utilising its business model as a
facilitator between developing companies requiring funding and investors, the
Altx is the ideal avenue for the group to successfully fulfill this strategy.
StratFund Portfolio Managers (Pty) Ltd (100%)
It was always the objective that StratFund"s business would feed from the
StratEquity client base. The anticipated growth from StratEquity is now being
realised and the
existence of StratFund as a separate profit centre will materialise in the next
financial year. StratFund has obtained a license in August 2001 from the
Financial
Services Board ("FSB") to operate as a Portfolio Manager.
StratCorp Solutions (Pty) Ltd (100%)
StratCorp has identified a niche in providing listed companies with a service
relating to shareholder relationships and profiling. This subsidiary was
established in
October 2003, and in addition to the services offered, this subsidiary will play
a significant role as a facilitator between listed companies planning corporate
actions
such as rights offers, issues for Cash, and the rest of the group, which provide
these services.
Conversion of Preference Shares
As detailed in the company"s Pre Listing Statement, as well as in the company"s
Annual Report, 51 million redeemable, convertible preference shares were
converted to
ordinary shares on 1 March 2003. Application for the listing of these shares
have been submitted and approved by the JSE Listings Committee with effect from
Thursday 27 November 2003. The company"s authorised share capital comprise of
100 million no par value ordinary shares, of which 70 817 826 are issued and
listed.
Accounting Policies
The interim statements have been prepared in accordance with AC 127 on
accounting for interim financial statements. The financial statements are
unaudited and
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practices and are based on approved accounting policies
which
have been consistently applied.
Dividends
No interim dividends have been declared.
On behalf of the board
DB Harington
CEO
28 November 2003
Registered Offices
Transfer Secretaries
Suite 1001
Ultra Registrars (Pty) Ltd
267 West Avenue
11 Diagonal Straat
Centurion
Johannesburg, 2001
Pretoria
Directors : P J de Jongh (Non Executive Chairman); D B Harington (CEO); J A
Beukman; P de W Louw
Company Secretary: TA Tromp
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