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Zeltis Holdings Limited - Unaudited Results For The Six Months Ended
Release Date: 01/04/2004 07:00:04 Code(s): ZLT
ZELTIS HOLDINGS LIMITED - UNAUDITED RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2003
ZELTIS HOLDINGS LIMITED
(Registration No:1905/0021141/06)
("Zeltis")
JSE CODE: ZLT
ISIN CODE: ZAE000037297
UNAUDITED
CONSOLIDATED, ABRIDGED BALANCE SHEETS
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
31 December 31 December 30 June 2003
2003 2003 `000
R"000 R"000 Audited
Unaudited Unaudited
ASSETS
Non-Current
Assets
Tangible 2,103 2,268 2,138
assets
Intangible 10,010 10,672 10,340
assets
Investments 3,227 3,020 3,227
15,340 15,960
15,705
Current Assets
Accounts 16,244 17,011 21,184
receivable
Cash and cash 1,074 2,505 971
equivalents
17,318 19,516 22,155
Total Assets 32,658 35,476 37,860
EQUITY AND
LIABILITIES
Capital and
Reserves
Ordinary share 4,102 4,102 4,102
capital
Share premium 114,973 114,973 114,973
Distributable (118,899) (118,882) (117,979)
reserve
Ordinary 176 193 1,096
shareholders"
interest
Preference 39 39 39
share capital
215 232 1,135
Non-Current
Liabilities
Long-term 7,498 7,788 7,941
liabilities
7,498 7,788 7,941
Current
Liabilities
Accounts 19 703 23,909 24,207
payable
Bank overdraft 1,160 1,502 1,346
Current 4,082 70 3,231
portion of
long-term debt
Taxation - 1,975 -
24 945 27,456 28,784
Total equity 32 658 35,476 37,860
and
liabilities
1 April 2004
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 6 months 12 months
ending ending 6 months
31 December 31 December ending
2003 2002 30 June 2003
R"000 R"000 R"000
Unaudited Unaudited Audited
Revenue
5,809 7,688 17,450
Operating
profit/(loss) on 428 285 3,278
ordinary
activities
before
investment
income
Surplus on sale
of investments 326 - -
Investment
income 25 104 237
Profit before
finance costs 779 389 3,515
Finance Costs
(1,699) (2,038) (4,259)
Loss on ordinary
activities (920) (1,648) (745)
before taxation
Taxation - - -
Net loss for the
year (920) (1,648) (745)
Profit/loss on
sale of (326) 205 (3,115)
investments
Investments
written off and (2,159) - -
provisions
reversed
Goodwill
amortised 331 331 661
Headline loss
for the year (3,074) (1,113) (3,199)
EARNINGS PER
SHARE
Weighted average
number of 82,044 82,044 82,044
ordinary shares
in issue ("000)
Loss per share
(cents) (1.12) (2.01) (0.91)
adjusted for:
Profit/loss on
sale of (0.40) 0.25 (3.80)
investments
Investments and
loans written (2.63) - -
off
Goodwill
amortised 0.40 0.40 0.81
Headline profit/
(loss) per share (3.75) (1.36) (3.90)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months ending 6 months 12 months
31 Dec 2003 ending ending
R"000 31 Dec 2002 30 June
UNAUDITED R"000 2003
UNAUDITED R"000
AUDITED
Cash flow from
operating activities
Cash generated from/
(utilised in) 1,307 6,277 3,553
operations
Investment income
25 104 167
Finance costs
(1,699) (2,038) (4,259)
Net cash outflow
from operations (367) 4,343 (539)
Cash flow from
investing activities
Replacement of fixed
assets (78) (295) (789)
Proceeds from
disposal of fixed - - 382
assets
Proceeds from
disposal of 326 - 300
investments
Net cash inflow from
investing activities 248 (295) (107)
Cash flow from
financing activities
Loans repaid 408 (4,445) (1,130)
Net cash inflow from
financing activities 408 (4,445) (1,130)
Net change in cash 289 (1,776)
and cash equivalents (397)
Cash and cash (376) 1,400 1,400
equivalents at
beginning of year
Cash and cash
equivalents at end (87) 1,003 (376)
of year
STATEMENTS OF CHANGES IN EQUITY
Share Premium Share Reserve R"000
capital `000 Capital `000
R"000 `000
Unaudited
balance as at 4,102 114,973 39 (118,882) 232
31 December
2002
Net profit for
the period 903 903
Audited balance
as at 30 4,102 114,973 39 (117,979) 1,135
June 2003
Net loss for
the period (920) (920)
Unaudited
balance as at 4,102 114,973 39 (118,899) 215
31 December
2003
BASIS OF ACCOUNTING
The accounts have been prepared in accordance with South African Statements of
Generally Accepted Accounting Standards. The accounting policies used are
consistent with the prior years. The accounts have not been audited or reviewed.
REVIEW OF OPERATIONS
We have continued the strategy of disposing of investments which do not have any
reasonable prospects for the future or which alternatively, would require
capital investments beyond the scope of this group to secure.
The development of the recruitment organisation has continued and we have
invested in the establishment of BEE companies within the group. These
companies are partially staffed and managed by our BEE partners and one enjoys
SAMPPF status.
We have also invested in the establishment of employee benefits for the
upliftment of our contractors and some of the benefits offered have not been
available to that market previously. The immediate response from the market has
been rewarding.
The establishment of an office in Richards Bay and further development in the
Ellisras and Thabazimbi areas, where we already have a small but growing client
base have significant potential.
The development of new operations within the recruitment company is perceived as
essential for the future growth of the Denverdraft group. However, these
decisions imply the investment of capital which, while synchronised to an era of
lower interest rates in South Africa has created short term negative cash flow
impacts which we are confident will be reversed as the businesses develop.
Close attention is being paid to the group cash flow, which has also been under
pressure due to -
a) either the closure or disposal of poor investments;
b) margin cutting in a highly competitive professional contractor market;
c) legislated leave level increases which have not yet been recovered from
clients.
We anticipate that these issues will have been fully addressed in both the
second half of the current year and the first half of the financial year 2004 /
2005.
RN McLeod CHD Field
Managing Director Finance Director
31 March 2004
Johannesburg
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