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Cycad Financial Holdings Limited - Interim Report For The Six Months Ended 31
Release Date: 01/04/2004 12:27:20 Code(s): CYD
Cycad Financial Holdings Limited - Interim Report For The Six Months Ended 31
December 2003
Cycad Financial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/008637/06)
Share code: CYD ISIN: ZAE000017729
("Cycad" or "the Group")
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
NET ASSET VALUE PER SHARE
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2003 2003 2002
Notes Reviewed Audited Reviewed
Net asset values
(cents) 1.1/1.3/2.2 2,7 3,6 13,7
The calculation of
net asset values
per share is based
on the following:
Net asset
value (R"000) 8 008 10 365 40 001
Number of shares
in issue ("000) 291 796 291 796 291 796
GROUP INCOME STATEMENTS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2003 2003 2002
R"000 Notes Reviewed Audited Reviewed
Net operating costs (2 132) (4 049) (1 976)
Net interest paid 2.3 (288) (3 724) (1 336)
Investment adjustments 1.1 / 2.2 (7 600) (33 200) (7 850)
Reversal of investment
provisions 1.2 7 663 175 -
Attributable loss 2.4 (2 357) (40 798) (11 162)
Attributable loss per ordinary
share (cents) (0,8) (14) (4)
Headline loss per ordinary
share (cents) (0,8) (14) (4)
The calculation of
attributable and headline
loss per share is based
on the following:
Attributable/Headline loss (2 357) (40 798) (11 162)
Weighted average number
of shares in issue ("000) 291 796 291 796 291 796
STATEMENT OF CHANGES IN EQUITY
Preference
Share Share share Accumulated
R"000 capital premium capital loss Total
Balance at
1 July 2003 2 918 163 990 1 (156 544) 10 365
Attributable loss
for period - - - (2 357) (2 357)
Balance at
31 December 2003 2 918 163 990 1 (158 901) 8 008
GROUP BALANCE SHEETS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2003 2003 2002
R"000 Notes Reviewed Audited Reviewed
Assets
Non-current assets
Investments 1.1/1.3/2.2 22 000 29 600 54 700
Current assets 2 638 1 307 1 388
Cash and short-term
deposits 412 8 335
Other current assets 2 226 1 299 1 053
24 638 30 907 56 088
Capital, reserves and liabilities
Shareholders" funds 8 008 10 365 40 001
Current liabilities 16 630 20 542 16 087
- Interest bearing 15 405 20 202 15 695
- Non-interest bearing 1 225 340 392
24 638 30 907 56 088
GROUP CASH FLOW MOVEMENTS
Six months Year Six months
ended ended ended
31 December 30 June 31 December
2003 2003 2002
R"000 Note Reviewed Audited Reviewed
Cash (utilised)/generated by
operations and
financing activities (6 596) 155 407
Net cash realised from/
(advanced to) investments 7 000 (425) (350)
Net proceeds on realisation of
investments 1.2 7 000 575 400
Advances to investments - (1 000) (750)
Cash and cash equivalents at
beginning of period 8 278 278
Cash and cash equivalents at
end of period 412 8 335
COMMENTARY
1. Overview
1.1 The Group"s main investments are in the technology and services sectors.
The value of these businesses can only be determined on realisation and not on
the six-monthly basis required utilising the principles embodied in AC 133 which
requires "marking-to-market". This approach is inappropriate for unlisted, early
stage or intellectual capital-based businesses. Our board has adopted a
conservative approach in arriving at these valuations.
1.2 A cash amount of R7,5 million, including a R500 000 contribution towards
costs, was unconditionally received from MGX Holdings Limited in December 2003,
for our holding in EC-Hold Limited. This had previously been written-off in our
financial statements.
1.3 The further decline in net asset value is attributable to:
- a further provision of R7,6 million against investments in terms of AC 133;
and
- listing and management expenses.
1.4 As advised on 12 March 2004, the company is in the process of delisting from
the JSE Securities Exchange South Africa ("JSE"). The board is advising against
acceptance of the standby offer from a non-related party. Full details of this
proposal will be furnished in a circular to shareholders in the third week of
April 2004.
1.5 In addition, the fund manager has undertaken not to charge fees after 31
March 2004. The fund manager has contributed nearly R10 million in respect of
JSE fees, operating costs and to fund follow-on investments made by the
Group.1.6 Markets in the technology and services sector remain difficult.
Notwithstanding, our major investments demonstrated improved strategic
positions. There should be prospects for value realisation over time and without
undue pressure.
2. Accounting
2.1 These summarised financial statements are prepared in accordance with the
Group"s accounting policies which comply in all material respects with South
African Statements of Generally Accepted Accounting Practice, in particular
Accounting Statement AC 133 and are consistent with those policies applied in
previous periods.
2.2 The directors" valuations are comprehensively reviewed every six months in
accordance with the Group"s accounting policies whereby investments are valued
at cost for the first two reporting periods during which they are held (with
provision being made for any permanent impairment of value) and thereafter they
are revalued to fair value.
2.3 In dealing with the Group"s funding obligations, historic interest accrued
has been adjusted by approximately R1,95 million.
2.4 No taxation has been provided for, as the Group has accumulated tax losses.
No deferred tax asset has been raised in terms of Accounting Statement
AC 102 due to uncertainty as to when these losses are expected to be utilised.
3. DIVIDENDS
No dividend was declared or paid during the year under review.
4. REPORT OF THE INDEPENDENT AUDITORS
The interim report has not been audited, but has been reviewed by our auditors,
Fisher Hoffman PKF (Jhb) Inc. This review has been performed in accordance with
the guidelines issued by The South African Institute of
Chartered Accountants and a copy of the review report is available for
inspection at the registered office of Cycad.
5. GENERAL
We will continue to work toward the orderly realisation of our investments in
such a manner as to achieve maximum value for our stakeholders.
These efforts will continue post the delisting of Cycad.
By order of the Board
L H Fine L Klaff
Chairman Executive
Johannesburg
31 March 2004
Transfer secretaries Registered office
Computershare Limited 15 Girton Road
70 Marshall Street Parktown
Johannesburg, 2001 2193
PO Box 1053, Johannesburg, 2000 Tel: (011) 507-2000
Fax: (011) 507-2004
email: Website:
cycadfinhold@cycadfinhold.co.za www.cycadfinhold.co.za
Directors:
L H Fine (Chairman), A J Frost* (alt. L Klaff), J M Kahn*, W Y N Luhabe*,
P G Joubert*
*Non-executive
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