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Vesta Technology Holdings Limited - Interim results for the six months ended 29
February 2004
VESTA TECHNOLOGY HOLDINGS LIMITED
(Registration number: 1998/015580/06)
(Share code: VST)
(ISIN code: ZAE000016267)
Interim results for the six months ended 29 February 2004
Condensed income statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
29/2/04 28/2/03 31/8/03
R`000 R`000 R`000
Revenue 8 675 9 495 18 494
Cost of sales (2 508) (3 423) (5 990)
Gross profit 6 167 6 072 12 504
Other operating income 214 440 816
Other operating expenses (6 059) (6 061) (12 039)
Results from operating 322 451 1 281
activities
Impairment of intangible assets (607)
Net financing expense (5) (30) (36)
Profit before taxation 317 421 638
Income tax (182) 532
Profit for the period 135 421 1 170
Reconciliation of headline
earnings
Profit 135 421 1 170
Impairment of intangible 607
assets
Headline earnings 135 421 1 777
Earnings per share (cents) 0,2 0,5 1,4
Diluted earnings per share 0,1 0,5 1,3
(cents)
Headline earnings per share 0,2 0,5 2,1
(cents)
There are 84 600 000 shares in issue. During this year 7 358 194 shares are to
be issued to the Share Trust, increasing the shares in issue to 91 958 194
shares. The granting of the share options, in terms of the Share Trust, was
authorised at the annual general meeting held on 30 April 2003.Condensed
statement of changes of equity
Non-
distri-
Share Share Retained butable
capital premium profits reserve Total
R`000 R`000 R`000 R`000 R`000
Balance at 1 September 85 18 958 (19 034) 959 968
2002
Foreign exchange (438) (438)
translation reserve
Net profit for the year 421 421
Balance at 28 February 85 18 958 (18 613) 521 951
2003
Balance at 1 September 85 18 958 (17 864) 141 1 320
2003
Foreign exchange (141) (141)
translation reserve
Net profit for the period 135 135
Balance at 29 February 85 18 958 (17 729) 1 314
2004
Condensed balance sheet
Unaudited Unaudited Audited
29/2/04 28/2/03 31/8/03
R`000 R`000 R`000
Assets
Non-current assets 1 377 2 313 1 808
Tangible assets 202 362 291
Intangible assets 768 1 951 985
Deferred tax 407 532
Current assets 3 157 2 514 2 689
Inventories 64 31 6
Trade and other receivables 2 747 2 178 2 377
Cash and cash equivalents 133 44 71
Taxation 183 180 183
Other financial assets 30 81 52
Total assets 4 534 4 827 4 497
Equity and liabilities
Capital and reserves 1 314 951 1 320
Equity capital 19 043 19 043 19 043
Non-distributable reserves 521 141
Accumulated loss (17 729) (18 613) (17 864)
Non-current liabilities 3 54 13
Interest bearing borrowings 3 54 13
Current liabilities 3 217 3 822 3 164
Trade and other payables 1 912 2 463 1 985
Provisions 316 274 291
Deferred revenue 488 599 566
Short-term borrowings 18 109 43
Bank overdraft 426 377 279
Taxation 57
Total equity and liabilities 4 534 4 827 4 497
Cash flow statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
29/2/04 28/2/03 31/8/03
R`000 R`000 R`000
Cash flows from operating (67) (50) 150
activities
Cash flows from investment 17 (20) (89)
activities
Cash flows from financing (35) (96) (102)
activities
Net change in cash and cash (85) (166) (41)
equivalents
Cash and cash equivalents at (208) (167) (167)
beginning of period
Cash and cash equivalents at end (293) (333) (208)
of period
COMMENTARYThe BusinessVestas` core business competency is the delivery of total
Information Technology services. Vesta delivers these skills to the marketplace
in three main areas, Software development, Service and Support and Vesta
developed products, which are positioned in the areas of e-learning, local
government financial management, performance management and collaboration.
Accounting policiesThe accounting policies in respect of the financial year
ended 31 August 2003 have been consistently applied to the results for the
period ended 29 February 2004. These policies conform with South African
Statements of Generally Accepted Accounting Practice (GAAP).
Review of resultsThe interim results have been prepared in accordance with GAAP
and have not been reviewed or reported on by the company`s auditors.
The gross profit of the group in the last six months has improved with margins
rising even though the revenue dropped in comparison with the six months ended
February 2003. The operating expenses remained flat and the foreign exchange
profits on a loan were R191 379 in comparison to last year`s R434 933. The
comparative operational profit before tax, after adding back the foreign
exchange profits, is R125 515 for February 2004 and a loss of R13 971 for
February 2003.
The earnings of the group are also lower than that of February 2003 as taxation
has been provided for in the current period while there was no provision in
February 2003.
The group`s current liabilities exceed its current assets by R61 151 (February
2003: R1 307 601). The board of directors has satisfied itself that the group
has adequate revenue, a budget for the current year reflecting a net profit and
a cash-flow forecast which indicates that the group will be able to honour all
its liabilities in the normal course of business.
FutureVesta will continue to strive for sustainable long-term growth with
annuity revenue streams. Focus will still be on expansion of existing
operational areas including the local council market where the company is
beginning to provide products and services.By order of the Board
Frederick Morrison Johannesburg
Chairman and Chief Executive Officer 28 May 2004
Directors: F Morrison, E Thomas, A Futcher, M Morrison (Non-executive)
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 11th
Floor, 70 Marshall Street, Johannesburg 2001. PO Box 61051, Marshalltown 2107
Registered Office:
Vesta House, Gazelle Close, Sage Corporate Park, Old Pretoria Rd, Midrand,
Johannesburg.
Tel: (011) 314-8181 Fax: (011) 314-8182
www.vesta.co.za
Date: 27/05/2004 04:08:08 PM Produced by the JSE SENS Department
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