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Y3K GROUP LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
Y3K GROUP LIMITED
(Registration number 1998/009608/06)
JSE Share code: YHK
ISIN code:ZAE000017208
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
2004 2003
R`000s R`000s
GROUP INCOME STATEMENT
Revenue
9,137 11,198
Cost of sales
4,383 5,164
Gross Profit
4,754 6,034
Operating expenses
4,747 5,695
Operating profit before net finance
effects 7 339
Net finance income/(costs)
128 (253)
Net profit for the year before tax
135 86
Taxation
- -
Net profit for the year
135 86
GROUP BALANCE SHEET
Assets
Non - current assets
1,755 2,917
Tangible assets
460 266
Intangible assets
1,240 2,596
Share incentive trust
55 55
Current assets
3,327 2,824
Cash and cash equivalents
687 1,000
Inventories
23 -
Trade and other receivables
2,617 1,824
Total assets 5,082 5,741
Equity and liabilities
Capital and reserves
1,079 944
Non-current liabilities
24 -
Interest bearing borrowings
24 -
Current liabilities
3,979 4,797
Interest bearing borrowings
19 -
Trade and other payables
3,960 4,797
Total equity and liabilities 5,082 5,741
GROUP CASH FLOW STATEMENT
Cash flows from operating activities
(49) 364
Cash flows from investing activities
(307) 156
Cash flows from financing activities
43 (218)
Net (decrease)/increase in cash and
cash equivalents (313) 302
Cash and cash equivalents at
beginning of the year 1,000 698
Cash and cash equivalents at end of
the year 687 1,000
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital and reserves
Balance at beginning of the year
944 858
Net profit for the year
135 86
Balance at the end of the year
1,079 944
RECONCILIATION OF HEADLINE EARNINGS
Profit as per income statement
135 86
Goodwill write down
45 45
Headline earnings
180 131
ORDINARY SHARES
Earnings per share (cents)
0.3 0.2
Headline earnings per share (cents)
0.3 0.2
Number of shares in issue (`000s)
52,253 52,253
Net asset value per share (cents)
2.1 1.8
Net tangible asset value per share
(cents) (0.3) (3.2)
COMMENTARY
Y3K Group Limited (`Y3K`) provides information security solutions based on world
leading technologies and methodologies, in a sector of the IT industry which is
expected to show substantial growth in the forthcoming years. A primary
objective of the Group is to be a sustainable supplier of information security
solutions, throughout sub-Sahara Africa, with a commitment and focus on
corporate governance and social responsibility. The historic restructuring
challenges have finally been resolved and the Group is appropriately positioned
to leverage opportunities in its sector.
Trading activity for the year ending 29 February 2004 was not at an acceptable
level. If the proposed acquisitions of Information Security Architects (Pty) Ltd
and iSecure (Pty) Ltd are approved, as announced on 9 March 2004, these
acquisitions should ensure the Group`s ability to be a trusted provider of
information security solutions. As a result of the aforementioned, turnover is
expected to exceed R30 million, resulting in a substantial increase in
profitability for the financial year ending 28 February 2005.
If the proposed acquisitions of Information Security Architects (Pty) Ltd and
iSecure (Pty) Ltd are not approved, Y3K will remain dependant on its financiers
and creditors to provide ongoing working capital for its business activities for
the foreseeable future. Furthermore, should continued finance not be made
available to the Group, Y3K may not be sustainable as a going concern. In this
case, the realisable values of the assets may be less that the values reflected
in the balance sheet.
The results have been prepared on a going concern basis, using accounting
principles and policies that comply with South African Statements of Generally
Accepted Accounting Practice and are consistent with those of the previous
audited financial statements. The financial results have been audited by the
Group`s auditors, Levenstein and Partners, and their unqualified audit opinion
with an emphasis of matter, as a result of the above paragraph, is available for
inspection at Y3K`s registered offices.
For and on behalf of the board:
Ryan S Price
Chief Executive Officer
Johannesburg
31 May 2004
Sponsor
River Group
Date: 31/05/2004 03:05:05 PM Produced by the JSE SENS Department
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