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CCN HOLDINGS LIMITED - FINANCIAL REPORTS
CCN HOLDINGS LIMITED
SHARE CODE: CCN
ISIN: ZAE000046819
FINANCIAL REPORTS
BALANCE SHEET AS 30 APRIL 2004
2004 2003
R`000 R`000
ASSETS
Non-current assets 5 612 3 513
Property, plant and equipment 5 162 3 513
Current assets 68 437 83 704
Inventories 56
Trade and other receivables 8 765 5 251
Short-term receivables 10 389
Cash and cash equivalents 59 616 68 064
TOTAL ASSETS 73 599 87 217
EQUITY AND LIABILITIES
Capital and reserves 61 160 73 826
Share capital 93 139
Share premium 5 774 25 420
Accumulated profit 55 293 48 267
Current liabilities
Trade and other payables 12 439 13 391
TOTAL EQUITY AND LIABILITIES 73 599 87 217
Number of shares in issue 46 587 69 762
(net of treasury stock) (`000)
Net asset value per ordinary share 131 106
(cents)
INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2004
2004 2003
R`000 R`000
CONTINUING OPERATIONS
LOSS (656) (4 854)
Revenue 36 017 6 729
Cost of sales (20 896) (4 762)
Gross profit 15 121 1 967
Operating expenses (15 777) (6 821)
DISCONTINUING OPERATIONS (LOSS)/PROFIT (278) 14 533
Revenue 12 173 23 076
Cost of sales (8 522) (12 296)
Gross profit 3 651 10 780
Operating expenses (3 929) (19 273)
Operating loss (278) (8 943)
Profit on discontinuance 23 026
SUNDRY INCOME 832 34
Continuing 721 34
Discontinuing 111
NET INTEREST RECEIVED 7 583 8 266
Continuing 8 049 8 265
Discontinuing 111
NET PROFIT FOR THE YEAR 7 481 17 979
Headline profit/(loss) per share 12.37 (7.00)
(cents)
Profit per share (cents) 12.37 24.93
Fully diluted profit per share (cents) 12.37 24.93
Weighted average number of shares in 60 497 72 123
issue
Reconciliation between profit and
headline profit/(loss)
Net profit for the year 7 481 17 979
Less: profit on disposal of ISP (23 026)
business
Headline profit/(loss) 7 481 (5 047)
CASH FLOW STATEMENT for the year ended 30 April 2004
2004 2003
R`000 R`000
CASH FLOW FROM OPERATING ACTIVITIES 4 701 3 640
Cash (utilised)/generated by (6 840) 261
continuing operations
Cash received from customers 32 740 5 967
Cash paid to suppliers and employees (39 580) (5 706)
Cash generated/(utilised) by 3 958 (4 887)
discontinuing operations
Cash received from customers 11 936 32 124
Cash paid to suppliers and employees (7 978) (37 011(
Cash utilised by continuing and (2 822) (4 626)
discontinuing operations
Net interest received 7 583 8 266
CASH FLOW FROM INVESTING ACTIVITIES 6 998 17 410
Additions to property, plant and (3 391) (2 705)
equipment
Proceeds on disposal of businesses 33 504
Movement in short-term receivable 10 389 (10 389)
Acquisition of business (3 000)
CASH FLOW FROM FINANCING ACTIVITIES (20 147) (1 767)
Shares issued during the year 1
Equity transaction costs (455)
Repurchase of ordinary shares (19 692) (1 768)
Net (decrease)/increase in cash and (8 448) 19 283
cash equivalents
Cash and cash equivalents at the 68 064 48 781
beginning of the year
Cash and cash equivalents at the end 59 616 68 064
of the year
STATEMENT OF CHANGES IN EQUITY for the year ended 30 April 2004
Share Share Accumulated
Capital Premium Profit Total
R`000 R`000 R`000 R`000
Balance at 30 April 2002 144 27 182 30 288 57 614
Shares issued during the 1 1
year
Shares repurchased by (6) (1 762) (1
subsidiary 768)
Net profit for the year 17 979 17 979
Balance at 30 April 2004 139 25 420 48 267 73 826
Shares repurchased by (35) (35)
subsidiary
Shares repurchased (46) (19 (19
611) 657)
Equity transaction costs (455) (455)
expended
Net profit for the year 7 481 7 481
Balance at 30 April 2004 93 5 774 55 293 61 160
Reviewed provisional annual financial statements
As referred to in the circular dated 26 April 2004, regarding the proposed
voluntary termination of the listing of CCN on the JSE securities exchange, and
the offer by CCN to repurchase minority shareholders interests, we have prepared
the reviewed provisional annual financial statements for the year ended 30 April
2004.
A net profit amounting to R7,5m (2003: R18m) was generated for the year, after
recognising interest income of R7,6m (2003: R8,3m). Discontinuing operations,
which includes NetFlorist, incurred a loss amounting to R0,3m (R2003: profit
R14,5m). Continuing operations consisting primarily of the outsourced contact
centre division and head office incurred a loss amounting to R0,7m (2003:
R4,9m). It is anticipated that additional investment will be required in order
to grow the market, build infrastructure and develop skills in the short to
medium term, with benefits being realised over the longer term. The balance
sheet is sound, with no interest bearing debt. Cash balances decreased from R68m
to R60m. This decrease arose primarily from the repurchase of shares that
occurred during the year.
Resolution of the amounts due in terms of the agreement between M-Web and CCN
(formerly NetActive) has not been achieved, despite considerable time and effort
being invested to resolve this. There are significant claims being made by both
companies. The matter has been referred to arbitration.
Accounting policies
The results of the group comply in all material respects with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those applied in the audited financial statements at 30 April 2003.
Auditors` review opinion
The financial information contained in this announcement has been reviewed by
CCN`s auditors, Fisher Hoffman PKF Jhb (Inc). A copy of their unmodified review
report is available for inspection at CCN`s registered office.
For and on behalf of the board
Ian Sturrock Lawrence Brick
Chairman Chief Executive Officer
25 May 2004
TRANSFER SECRETARIES
Ultra Registrars (Proprietary) Limited, 11 Diagonal Street, Johannesburg
REGISTERED OFFICE
CCN House, Woodmead Estate, 1 Woodmead Drive, Sandton
DIRECTORS
L Brick (CEO), PH Bacher, JA Hackner, H Rostowsky*, I Sturrock**
*NON-EXECUTIVE ** NON-EXECUTIVE CHAIRMAN
COMPANY SECRETARY: M van der Merwe
Date: 26/05/2004 07:36:29 AM Produced by the JSE SENS Department
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