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AVASA - Audited Results For The Year Ended 31 August 2004
AVASA HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Company registration number 1998/013637/06
ISIN ZAE000040622 Share code: AVA
(`AVASA` or `the Company`)
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2004
INCOME STATEMENT
Audited Audited
31 August 31 August
2004 2003
R`000 R`000
Revenue 167 2 474
Carried interest on investment (5 858) 5 858
(Loss)/Gain on investment (3 637) 2 727
Expenses 10 783 10 507
Operating (loss)/ income before
interest & taxation (20 111) 552
Interest received 373 574
Interest paid (1) (15)
Net (loss)/ profit before taxation (19 739) 1 111
Taxation-deferred 550 (550)
Net (loss)/ profit after taxation (20 289) 1 661
BALANCE SHEET
Audited Audited
31 August 31 August
2004 2003
R`000 R`000
ASSETS
Non-current assets 9 364 19 482
Fixed assets 274 347
Investments 9 090 12 727
Deferred tax - 550
Carried interest receivable - 5 858
Current assets 627 11 191
Sundry debtors - 607
Loan to director 408 -
Prepayments and deposits 69 506
Cash and cash equivalents 150 10 078
Total assets 9 991 30 673
EQUITY AND LIABILITIES
Capital and reserves 7 906 28 195
Issued capital 581 581
Share premium 39 798 39 798
Distributable reserve (32 473) (12 184)
Current liabilities 2 085 2 478
Bank overdraft 485 -
Accounts payable 1 600 2 478
Total equity and liabilities 9 991 30 673
STATEMENT OF CHANGES IN EQUITY
COMPANY
Accumulated
Share Share profit/
Capital Premium (loss) Total
R`000 R`000 R`000 R`000
Balance at 1 September 2002 78 13 578 (13 845) (189)
Net profit for the period - - 1 661 1 661
Shares issued 510 26 287 - 26 797
Shares cancelled (7) (67) - (74)
Balance at 31 August 2003 581 39 798 (12 184) 28 195
Net loss for the period - - (20 289) (20 289)
Balance at 31 August 2004 581 39 798 (32 473) 7 906
CASH FLOW STATEMENT
Audited Audited
31 August 31 August
2004 2003
R`000 R`000
Cash flow from operating activities (10 005) (5 903)
Cash receipts from customers 167 2 474
Cash paid to suppliers (6 608) (6 071)
Cash paid to directors and employees (3 936) (2 865)
Cash utilised in operating activities (10 377) (6 462)
Interest received 373 574
Interest paid (1) (15)
Cash flows from investing activities (408) (10 426)
Cash flows to maintain activities
Short-term loans (408) -
Cash flow to expand activities
Property, plant and equipment acquired - (389)
Investments acquired - (10 823)
Proceeds on disposal of investments - 786
Cash flow from financing activities - 26 400
Shares issued - 26 555
Decrease in loans from shareholders - (155)
(Decrease)/Increase in cash and cash equivalents (10 413) 10 071
Cash and cash equivalents at
the beginning of the year 10 078 7
Cash and cash equivalents at end of year (335) 10 078
PER SHARE INFORMATION
Audited Audited
31 Aug 31 Aug
2004 2003
cents cents
Net asset value per ordinary share 1.36 4.85
Net tangible asset value per ordinary share 1.36 4.85
(Loss)/ Earnings per ordinary share (3.49) 0.39
Headline (loss)/ earnings per ordinary share (3.49) 0.39
Diluted (loss)/ earnings per ordinary share (3.47) 0.38
Diluted headline (loss)/ earnings
per ordinary share (3.47) 0.38
* The net asset value per ordinary share and the net tangible asset value per
ordinary share is based on the number of ordinary shares in issue at year-end of
580 750 000 (2003: 580 750 000) and net assets of R7 905 747(2003: R28 194 467).
* The calculation of earnings / (loss) per ordinary share is based on net
(loss)/profit attributable to ordinary shareholders of (R20 288 720) (2003:
Profit R 1 661 567) and a weighted average of 580 750 000 (2003: 424 382 466)
ordinary shares in issue during the year.
* The calculation of diluted earnings/ (loss) per ordinary share is based on net
(loss)/ profit attributable to ordinary shareholders of (R20 288 720) (2003:
Profit R 1 661 567) and a weighted average diluted number of ordinary shares of
584 196 473 (2003: 433 222 459) in issue during the year.
* The calculation of the headline (loss)/ earnings per ordinary share is based
on headline (loss)/earnings attributable to ordinary shareholders of (R20 288
720) (2003: Headline earnings R 1 661 567) and a weighted average of 580 750 000
(2003: 424 382 466) ordinary shares in issue during the year.
* The calculation of diluted headline (loss)/ earnings per ordinary share is
based on headline (loss)/earnings attributable to ordinary shareholders of (R20
288 720) (2003: Headline earnings R 1 661 567) and a weighted average diluted
number of ordinary shares of 584 196 473 (2003: 433 222 567) in issue during the
year.
COMMENTARY
General
The company`s loss for the period under review is largely attributable to:
* the drop in value of the company`s investment in Sage Group Limited which has
resulted in the company having to reverse the unrealized gain on the investment
brought to account in the previous financial year; and
* the decision to withdraw from the African Harvest arbitration as a result of
which the company has had to write off all costs relating to the acquisition of
African Harvest which were previously being capitalised.
Subsequent events
In October 2004, Executive Chairman Brian Myerson resigned from the board of
Avasa and was replaced by Mark Barnes. Mark Barnes, together with the board of
Avasa, is in the process of repositioning and re-capitalising the company.
Shareholders are referred to the detailed announcement, which appears elsewhere
in this publication.
Accounting
* The financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent in all
material respects with those applied in the previous year.
* Report of the independent auditors: the annual financial statements have been
audited by the company`s auditors, Compendium (Pretoria) Incorporated, who have
issued an unqualified report. A copy of their report is available for inspection
at the registered office of the company.
By order of the Board
Sandton
28 October 2004
A.D Bonamour J.A Treger
Director Non-executive Director
Transfer Secretaries: Registered Office:
Computershare Investor 1st Floor, Eastwood
Services 2004 (Pty) Limited 57 6th Road
70 Marshall Street Hyde Park
Johannesburg
Sponsor:
Java Capital (Pty) Limited
Directors: M A Barnes (Chairman), A D Bonamour, J A Treger (non-executive)
Date: 28/10/2004 05:03:15 PM
Produced by the JSE SENS Department
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