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Zeltis Holdings Limited - Audited Results For The Year Ended 30 June 2004
ZELTIS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1946/0211141/06
JSE code: ZLT ISIN code: ZAE000037297
(`Zeltis` or `the company`)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
AUDITED AUDITED UNAUDITED
ASSETS
Non-Current Assets
Tangible assets 750 2,138 2,103
Intangible assets 5,000 10,341 10,010
Investments 1,123 3,227 3,227
6,873 15,706 15,340
Current Assets
Accounts receivable 13,527 21,184 16,244
Cash and cash equivalents 2,980 971 1,074
16,507 22,155 17,318
Total Assets
23,380 37,861 32,658
EQUITY AND LIABILITIES
Capital and Reserves
Ordinary share capital 4,102 4,102 4,102
Share premium 114,973 114,973 114,973
Distributable reserve (127,405) (117,979) (118,899)
Ordinary shareholders` interest (8,330) 1,096 176
Outside shareholder`s interest 7
Preference share capital 39 39 39
(8,284) 1,135 215
Non-Current Liabilities
Long-term liabilities 7,586 7,941 7,498
7,586 7,941 7,498
Current Liabilities
Accounts payable 16,984 24,207 19,703
Bank overdraft 1,063 1,347 1,160
Current portion of long-term 6,031 3,231 4,082
debt
24,078 28,785 24,945
Total equity and liabilities 23,380 37,861 32,658
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
12 months 12 months 6 months
ending ending ending
30 June 30 June 2003 31 Dec 2003
2004
R`000 R`000 R`000
AUDITED AUDITED UNAUDITED
Revenue 10,847 17,450 5,809
activities before (7,683) 3,277 428
investment income
(Deficit)/surplus on sale (127) - 326
of investments
Investment income 49 237 25
(Loss)/profit before (7,761) 3,514 779
finance costs
Finance Costs (1,658) (4,259) (1,699)
Loss on ordinary (9,419) (745) (920)
activities before and
after Taxation
Outside shareholder`s (7) - -
share of profits
Net loss for the year (9,426) (745) (920)
attributable to ordinary
shareholder`s
Adjustments for headline 15,062 (2,454) (2,154)
earnings:
Surplus/(deficit) on sale 127 - (326)
of investments
Investments and loans 9,595 (3,115) (2,159)
written off/(recovered)
Goodwill amortised and 5,340 661 331
impaired
Headline earnings/(loss) 5,636 (3,199) (3,074)
for the year
EARNINGS PER SHARE
Weighted average number of 82,044 82,044 82,044
ordinary shares in issue
(`000)
Loss per share (cents) (11.49) (0.91) (1.12)
adjusted for:
(Deficit)/surplus on sale 0.15 - (0.40)
of investments
Investments and loans 11.70 (3.80) (2.63)
written off/(recovered)
Goodwill amortised and 6.51 0.81 0.40
impaired
Headline earnings/(loss) 6.87 (3.90) (3.75)
per share
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
12 months 12 months 6 months
ending ending ending
30 June 2004 30 June 31 Dec 2003
R`000 2003 R`000
AUDITED R`000 UNAUDITED
AUDITED
Cash flow from
operating activities
Cash generated by 407 3,553 1,307
operations
Investment income 49 167 25
Finance costs (1,658) (4,259) (1,699)
Net cash outflow from (1,202) (539) (367)
operations
Cash flow from
investing activities
Replacement of fixed (170) (789) (78)
assets
Proceeds from disposal 1,220 382 -
of fixed assets
Proceeds from disposal 0 300 326
of investments
Net cash 1,050 (107) 248
inflow/(outflow) from
investing activities
Cash flow from
financing activities
Loans raised 3,000 - -
Loans repaid (555) (1,130) 408
Net cash 2,445 (1,130) 408
inflow/(outflow) from
financing activities
Net change in cash and
cash
Equivalents 2,293 (1,776) 289
Cash and cash
equivalents at
beginning of year (376) 1,400 (376)
Cash and cash
equivalents at
end of year 1,917 (376) (87)
BASIS OF PREPARATION
The financial statements of the group have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice, which
policies have been applied consistently from prior years.
STATEMENTS OF CHANGES IN EQUITY
Ordinary Ordinary Prefer- Distribu- Outside Total
Share Share ence table share
Capital Premium Share Reserve holder`s
Capital interest
R`000 R`000 R`000 R`000 R`000 R`000
Audited 1,487 109,743 39 -
balance as (117,234) (5,965)
at 30 June
2002
Net loss for (745) - (745)
the period
Share 2,615 5,230 7 845
capital
issued
Audited 4,102 114,973 39 - 1,135
balance as (117,979)
at 30 June
2003
Net loss for (9,426) 7
the period (9,419)
Audited 4,102 114,973 39 7
balance as (127,405) (8,284)
at 30 June
2004
REVIEW OF OPERATIONS AND AUDITOR`S OPINION
The results for the group for the year ending 30 June 2004 reflected those of
the Zeltis Group including Denverdraft, the Group`s temporary and permanent
staff recruitment business.
Denverdraft now incorporates BEE structures, including registration with the
South African Mining Preferential Procurement Forum, the Temporary Employment
Services Division and Association of Personnel Services Organisation. It also
incorporates an active but small life and pensions broking business, through
which the Denverdraft Retirement Fund and associated social benefits are
marketed to both white and blue-collar contractors.
The poor investments made in 35 venture capital market operations in the late
1990`s continue to take a great deal of the current management team`s attention
and have also taken their toll on results in the past year.
In consultation with the auditors it was decided to:
- write off investment and loans in the group amounting to a total of R 9,6
million; and
- to write down the value of goodwill in Denverdraft. This adjustment reflects
more on the value paid for the business than it does on the positive outlook for
the future of the business as will be set out in more detail in the published
financial statements of the group.
These adjustments have resulted in the liabilities of the Group exceeding its
assets. Notwithstanding this, the operational aspect of the Group, namely
Denverdraft, continues to trade profitably.
Furthermore it should be noted that in 2003, the group showed revenue of R 3,115
million, out of a total revenue of R17,450 million, from investment disposals
which have not been repeated this year. This contributed to the decrease in
turnover for the current year.
The effects of the establishment of BEE partnership companies and the
introduction of the social benefits business has seen the establishment of the
Denverdraft group as a serious participant in the temporary and permanent staff
recruitment industry. However, the Group did incur losses in setting up their
new businesses in the past year. We are confident that they will show positive
results in the years to come. Finality has also been reached in terms of
certain liabilities that the Group has previously provided for, the results of
which have been reversals of over-provisions made in prior years. The net effect
of these factors is that the Denverdraft operating entity has shown a profit for
the year.
Auditors opinion
BDO Spencer Steward (Johannesburg) Inc have issued an unqualified audit opinion
on the financial statements and an emphasis of matter paragraph, drawing
shareholders` attention to the fact that the Group`s liabilities exceed its
assets as at 30 June 2004 and that the financial statements have been drafted on
a going concern basis as the directors have every reason to believe the Group
will continue as such and will be able to realise its assets and discharge its
liabilities in the ordinary course of business. The auditors opinion is
available for inspection at the company`s registered offices.
Sponsor
Imara Corporate Finance South Africa Limited
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