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Avasa Holdings Limited - Unaudited Interim Financial Results For The Six Months
Release Date: 28/05/2004 14:17:06 Code(s): AVA
Avasa Holdings Limited - Unaudited Interim Financial Results for the six months
ended 29 February 2004
AVASA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: AVA ISIN: ZAE000040622
(`AVASA` or `the Company`)
UNAUDITED INTERIM FINANCIAL RESULTS
for the six months ended 29 February 2004
ABRIDGED UNAUDITED INCOME STATEMENT
for the six months ended 29 February 2004
Unaudited Audited Audited
Six Six Year
months months 31
29 28 August
February February 2003
2004 2003
R`000 R`000 R`000
Revenue (5 471) - 11 059
(Loss) /Earnings before (9 308) (2 852) 594
interest tax and
depreciation
Depreciation (37) (16) (42)
Operating profit (9 345) (2 868)
Interest paid - - (15)
Interest received 270 159 574
Net (loss)/profit before (9 075) (2 709) 1 111
taxation
Taxation 2 723 - 550
Net (loss)/profit after (6 352) (2 709) 1 661
taxation
Weighted number of shares 580 750 332 296 424 382
in issue (000)
Basic (loss)/earnings per (1.09) (0.82) 0.39
share (cents)
Headline loss per share (1.09) (0.82) 0.39
(cents)
Number of shares in issue 580 750 495 000 580 750
(000)
ABRIDGED UNAUDITED BALANCE SHEET
as at 29 February 2004
Unaudited Audited Audited
Six Six Year
months months 31
29 28 August
February February 2003
2004 2003
R`000 R`000 R`000
ASSETS
Non-current assets 18 456 288 19 482
Fixed assets 310 288 347
Investments 12 811 - 12 727
Carried interest 2 062 - 5 858
receivable
Deferred taxation 3 273 - 550
Current assets 4 248 11 997 11 191
Sundry debtors 841 330 607
Deposits 62 53 506
Bank and cash 3 345 11 614 10 078
TOTAL ASSETS 22 704 12 285 30 673
EQUITY AND LIABILITIES
Capital and reserves 21 843 12 019 28 195
Issued capital and premium 40 379 28 573 40 379
Accumulated loss (18 536) (16 554) (12 184)
Current liabilities
Accounts payable 861 266 2 478
TOTAL EQUITY AND 22 704 12 285 30 673
LIABILITIES
Net asset value per 3.76 0.04 4,85
ordinary share (cents)
Net tangible asset value 3.76 0.04 4,85
per ordinary share (cents)
ABRIDGED UNAUDITED CASH FLOW STATEMENT
for the six months ended 29 February 2004
Unaudited Audited Audited
Six Six Year
months months 31
29 28 August
February February 2003
2004 2003
R`000 R`000 R`000
Cash flow from operating (4 891) (2 691 ) (5 903)
activity
Cash flow from investing (1 842) (296 ) (10 426)
activity
Cash flow from financing - 14 595 26 400
activity
Net increase/(decrease) in (6 733) 11 608 10 071
cash resources
Cash resources at 10 078 6 7
beginning of period
Cash resources at end of 3 345 11 614 10 078
period
STATEMENT OF CHANGES IN EQUITY
for the six months ended 29 February 2004
Unaudited Audited Audited
Six Six Year
months months 31 August
29 28 2003
February February
2004 2003
Balance at beginning of year 28 195 (189) (189)
Net Profit (Loss) for the (6 352) (2 709) 1 661
period
Shares issued - 14 917 26 797
Shares cancelled - - (74)
21 843 (12 019) 28 195
COMMENTARY
Investment overview
AVASA acquired 6,060,060 shares in Sage Group Limited (`Sage`)(the life
assurance and financial services group) in April 2003 at a price of R1.65 per
share. In addition AVASA manages a further 75 454 454 Sage shares (also
acquired at R1.65 per share) on behalf of a consortium of investors in return
for which AVASA has carried interest participation of 20% of any gains realised
by the investors.
As at 29 February 2004 the Sage share price was R1.81 and, while this is an
overall gain of 16 cents per Sage share on the original purchase price, it is a
decline of 29 cents from the ruling price on 31 August 2003, AVASA`s previous
financial year end. In accordance with South African Statements of Generally
Accepted Accounting Practice AVASA is required to write down the value of the
investment in Sage to reflect the decrease in the market price of Sage shares
between 31 August 2003 and 29 February 2004.
Messrs Treger and Myerson represent the AVASA consortium on the board of Sage
and are part of the strategic committee that is dealing with the restructuring,
recapitalisation and repositioning of Sage.
The African Harvest Transaction
As previously announced AVASA is in dispute with Metallon Capital and Messrs E
Dube, B Khoza, N Gugushe and M Anderson (collectively `the sellers`) in relation
to the merger between AVASA and African Harvest Capital Holdings (Pty) Ltd (`the
Merger`).
The dispute between the parties (which relates to the fulfilment of the last of
the conditions to which the merger agreement was subject) has been referred to
arbitration. AVASA has been advised that the merger agreement is unconditional,
remains binding on the parties and is capable of being implemented in accordance
with its terms and is seeking a ruling on these terms. AVASA is attempting to
bring the arbitration to conclusion as quickly as possible. and shareholders
As shareholders are in possession of all relevant information in relation to the
dispute and will be kept informed of developments in relation to the arbitration
it is no longer necessary for shareholders to exercise caution in relation to
their trading in AVASA shares.
Accounting principles
The same accounting policies and methods of measurement and recognition as those
applied in the 2003 annual financial statements have been followed in preparing
this interim report.
The abridged financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
Directors
B Myerson (Joint-executive chairman)*, J Treger (Joint-executive chairman)*, AD
Bonamour, S Zungu (non-executive) served as directors for the period under
review.
Subsequent changes to the Board of directors
Sandile Zungu has resigned due to a potential conflict of interest on 30 April
2004. Julian Treger has been appointed non executive director and Andrew
Bonamour has been appointed Chief Executive whilst Brian Myerson continues to
act as Executive Chairman. Further non executive directors are to be appointed
shortly.
*British
On behalf of the Board
Brian Myerson
Executive Chairman
Company secretary
Peter Ritchie Barrable
Johannesburg
28 May 2004
Registered Office:
First Floor, Eastwood
57 Sixth Road
Hyde Park
(PO Box 411449, Craighall, 2024)
Transfer Secretaries:
Computershare Limited
Ground Floor
70 Marshall Street
Johannesburg
2001
(PO Box 61051, Marshalltown, 2107)
Independent Auditors:
Compendium (Pretoria) Incorporated
165 Lynnwood Road
Brooklyn, Pretoria
(Private Bag X4, Hatfield, 0028)
Sponsor:
Java Capital (Pty) Limited
2 Arnold Road
Rosebank
Johannesburg
2196
(PO Box 2087, Parklands, 2121)
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