| Fri 12 Dec 2003, 8:46 | | results for the 6 months ended 31 August 2003 and |
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Y3K - Unaudited results for the 6 months ended 31 August 2003 and further
cautionary announcement
Y3K GROUP LIMITED
(Registration number 1998/009608/06)
("Y3K" or "the company")
Share JSE code: YHK
ISIN code: ZAE000017208
Unaudited results for the 6 months ended 31 August 2003 and further cautionary
announcement
6 months ended 6 months ended 12 months ended
31 August 31 August 28 February
2003 2002 2003
Unaudited Unaudited Audited
R"000s R"000s R"000s
GROUP INCOME STATEMENT
Revenue: 5,205 5,312 11,198
Cost of Sales 2,647 2,349 5,164
Gross profit 2,558 2,963 6,034
Operating expenses 2,469 3,243 5,695
Operating profit/(loss)
before net finance charges 89 (280) 339
Net finance charges (42) (122) (253)
Net profit/(loss) for the
period before taxation: 47 (402) 86
Taxation
Net profit/(loss) for the
period after taxation 47 (402) 86
GROUP BALANCE SHEET
Assets
Non - current assets: 2,176 3,842 2,917
Tangible assets: 203 513 266
Intangible assets 1,918 3,274 2,596
Share incentive trust 55 55 55
Current assets: 4,125 2,300 2,824
Bank and cash: 2,008 155 1,000
Trade and other receivables 2,117 2,145 1,824
Total assets: 6,301 6,142 5,741
Equity and liabilities
Capital and reserves 991 456 944
Share capital 523 523 523
Share premium 4,973 4,973 4,973
Non distributable reserve 3,021 3,021 3,021
Accumulated loss: (7,526) (8,061) (7,573)
Non-current liabilities: - 57 -
Interest bearing borrowings: - 57 -
Current liabilities: 5,310 5,629 4,797
Trade and other payables : 5,310 5,549 4,797
Interest bearing borrowings - 80
Total equity and liabilities 6,301 6,142 5,741
CASH FLOW STATEMENT
Cash flows from operating
activities 994 (448) 364
Cash flows from investing
activities 14 (14) 156
Cash flows from financing
activities - (81) (218)
Net increase/(decrease) in
cash and cash equivalents 1,008 (543) 302
Cash and cash equivalents at
beginning of the period 1,000 698 698
Cash and cash equivalents
at end of the period 2,008 155 1,000
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital and reserves
Balance at beginning of the
period 944 858 858
Net profit/(loss) for the period 47 (402) 86
Balance at end of the period 991 456 944
ORDINARY SHARES
Profit/(loss) per share (cents) 0.1 (0.8) 0.2
Headline profit/(loss) per
share (cents) 0.1 (0.8) 0.2
Number of shares in
issue ("000s) 52,253 52,253 52,253
Net asset value per share (cents) 1.9 0.9 1.8
Net tangible asset value
per share (cents) (1.8) (5.4) (3.2)
COMMENTS
Y3K Group Limited provides leading edge digital security products and services
that are sourced from the world"s best suppliers. Y3K Security Products (Pty)
Ltd, a wholly owned subsidiary of Y3K Group Limited provides solutions
incorporating anti-virus and distributed firewalls, network security, intrusion
detection software, biometric hardware and software, single sign on solutions,
as well as encryption software. Y3K Security Products distributes, sells and
supports top of the range IT security products to large and small organisations
throughout Sub-Saharan Africa as well as products and services to the consumer
market through professionally trained resellers.
In recent months internet security has featured prominently in the media and
there is a tangible increase in awareness and demand for solutions that are both
reliable and secure. Y3K is in the position to offer these solutions to both the
corporate sector as well as the home user.
Y3K, in its efforts to address Black Economic Empowerment is proud to be listed
as one of the top 300 Black Empowerment companies in South Africa as elected by
the Impumelelo magazine. The group aims to increase its BEE shareholding in the
current financial year.
Y3K"s profit of R47,000 is an improvement over the R402,000 loss in the
comparable period of the previous year. Management expects to continue to trade
profitably for the full year to February 2004. Y3K"s 50% joint venture in a
biometrics company has not been able to meet its targets for the period but
management believe that this venture will be profitable in the near future.
Y3K"s Windows based point-of-sale software has been sold to a third party during
the period under review.
Y3K"s focus for the remainder of the year will be to increase its exposure to
the medium and large corporate market as a provider of software security
products and services. Y3K is confident that it has now built a reasonable
foundation for growth.
Y3K remains dependant on its financiers and creditors to provide ongoing working
capital for its business activities for the foreseeable future. If continued
finance is not made available to the group, it may not be sustainable as a going
concern. In this case, the realisable values of the assets may be less that the
values reflected in the balance sheet.
The results have been prepared on the going concern basis, using accounting
principles and policies that comply with South African Statements of Generally
Accepted Accounting Practise and are consistent with the previous period.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement published on 7 November
2003. The company is currently still in negotiations which, if successfully
concluded, may have a material effect on the price of the company"s securities.
Accordingly shareholders are advised to continue to exercise caution when
dealing in the company"s securities until a full announcement is made.
For and on behalf of the board:
Ryan S Price
CEO
Johannesburg
SPONSOR
River Group
Date: 12/12/2003 08:30:13 AM Produced by the JSE SENS Department
