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Jigsaw - Audited Results For The Year Ended 29 February 2004
Release Date: 28/05/2004 15:27:09 Code(s): JGS
Jigsaw - Audited Results For The Year Ended 29 February 2004
JIGSAW HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No: 1987/000111/06)
(`Jigsaw` or `the company`)
JSE CODE: JGS - ISIN CODE: ZAE000018370
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
AUDITED GROUP INCOME STATEMENT Audited Audited
for the year ended 29 February 2004 12 Months 12 Months
R000`s Feb 04 Feb 03
Revenue 75 205 76 982
Profit / (loss) from operations 11 478 (21 266)
Finance costs (7 401) (6 143)
Profit / (loss) before tax 4 077 (27 409)
Taxation (2 606) 4 941
Profit / (loss) after tax 1 471 (22 468)
Attributable to outside shareholders - (84)
Preference share dividends (766) (883)
Net profit / (loss) for the year 705 (23 435)
Dividends - -
Earnings per share 1.9 (63.04)
Headline earnings / (loss) per share 6.06 (40.69)
RECONCILIATION BETWEEN
EARNINGS AND HEADLINE EARNINGS
Profit / (loss) attributable
to shareholders 705 (23 435)
Basic earnings for the year 705 (23 435)
Less (Profit) / loss on sale
of fixed assets 33 455
Less (Profit) / loss on sale
of subsidiaries 40 4 795
Impairment of fixed
assets - tangible 9 43
Impairment of fixed assets - intangible - 1 382
Plus intangible amortization 1 467 1 632
Headline earnings for the year 2 254 (15 128)
Shares issued - 000`s 37 176 37 176
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders` funds - begin 9 341 22 094
Movement in retained earnings 703 (23 435)
Cancellation of shares - (8 000)
19 883 (9 341)
INTERIM GROUP BALANCE SHEET Audited Audited
at 29 February 2004 12 Months 12 Months
R000`s Feb `04 Feb `03
ASSETS
Non-current assets 20 238 22 272
Current assets 66 974 56 728
TOTAL ASSETS 87 212 79 000
EQUITY AND LIABILITIES
Capital and reserves (8 631) (9 341)
Minority interest - 209
Non-current liabilities 23 173 5 158
Current liabilities 72 670 82 874
TOTAL EQUITY AND LIABILITIES 87 212 79 000
NUMBER OF SHARES IN ISSUE 37 176 37 176
AUDITED CASH FLOW STATEMENT
Net cash inflow / (outflow)
from operations (2 337) (30 760)
Net (outflow) /
inflow - investing activities (7 519) (1 768)
Net cash inflow /
(outflow) - financing
Activities 18 716 (970)
Net cash (outflow) /
inflow from activities 8 860 (33 498)
CASH AND CASH EQUIVALENTS AT
BEGINNING (47 241) (13 743)
CASH AND CASH EQUIVALENTS AT
END (38 381) (47 241)
COMMENTARY
Jigsaw Holdings is an investment company focussed on the real estate
franchising, valuations and related financial services market within South
Africa.
Jigsaw`s earnings are derived from :
- royalty fees from real estate franchises AIDA, ERA and REALTY 1 ELK.
- fees from commission discounts, bridging finance and proceed advances.
- fees from home inspections, valuations and training
- proceeds on having developments and infrastructure provision.
With a focussed and dedicated management approach, Jigsaw already achieved a
significant turnaround during the past year and the directors were pleased with
the turn around in the fortunes of the company.
The company posted headline earnings of R 2 254 000 for the 12 months ended 29
February 2004
The real estate networks AIDA, ERA and Realty 1 Elk have performed very well due
to the introduction of several value added new initiatives. This is also
reflected in a net increase of 34 new franchises.
Our related services operations posted solid results with Ascendant Cashflow
Solutions achieving the best trading year in it`s history.
The property development operations of the Group, Machaus, also achieved
significant growth in all areas.
The Management Team remain confident that the continued implementation of pro-
active, forward thinking initiatives, linked to the buoyant property market,
will produce sustainable earnings in the future.
AUDIT
The company`s auditors, BDO Spencer Stewart have audited the financial
statements. The auditor`s report will be available for inspection at the
company`s registered office 4 June 2004. The financial statements have been
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice and are based on appropriate accounting policies, which have
been constantly applied and which are supported by reasonable and prudent
judgement and estimates.
POST BALANCE SHEET EVENTS
No material events have taken place since year-end.
GOING CONCERN
A major shareholder has agreed to subordinate a portion of its loans in order to
ensure solvency in the Group
ON BEHALF OF THE BOARD
MR N MCINTYRE (Chief Executive Officer)
MR I MCINTYRE (Chief Financial Officer)
28 May 2004
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