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STRATCORP LIMITED - INTERIM RESULTS - 31 AUGUST 2004
STRATCORP LIMITED
(Registration number: 2000/031842/06)
(Incorporated in the Republic of South Africa)
Share Code: STA ISIN Code ZAE 000034294
INTERIM REPORT
Group unaudited results for the six months ended 31 August 2004 were as follows:
Abridged Income Statement Six months Six months Twelve months
ended ended ended
31 August 31 August 29 February
2004 2003 2004
(unaudited) (unaudited) (audited)
R`000 R`000 R`000
Revenue 5,263 2,539 11,261
Unrealised gains on investments 0 6,000 0
Total Income 5,263 8,539 11,261
Expenditure 5,557 3,358 7,985
Operating profit/(loss) before
interest -294 5,181 3,276
Net interest -187 -36 -94
Operating profit/(loss) before
taxation -481 5,145 3,182
Taxation 0 1,288 670
Net profit/(loss) after
taxation -481 3,857 2,512
Accumulated loss brought forward -700 -3,212 -3,212
Accumulated loss carried forward -1,181 645 -700
Number of ordinary shares in
issue (`000) 76,817 70,815 5,075
Weighted average number of
ordinary shares in issue (`000) 76,031 70,815 71,005
Profit/(Loss) per ordinary share
(cents) (Weighted average) -0.63 5.45 3.54
Headline profit/(loss)/earnings
per ordinary share (cents) -0.52 5.57 3.78
Dividends per ordinary share
(cents) - - -
Reconciliation of Headline
Earnings
Net income /(loss) -481 3,857 2,512
Amortisation of goodwill 87 87 175
Headline profit/(loss) /
earnings -394 3,944 2,687
Abridged Balance Sheet Six months Six months Twelve months
ended ended ended
31 August 31 August 29 February
2004 2003 2004
(unaudited) (unaudited) (audited)
R`000 R`000 R`000
Investments/fixed assets 9,655 10,239 7,110
Current assets 8,571 5,239 8,678
Employment of capital 18,226 15,478 15,788
Shareholders` funds 9,875 9,009 9,027
Non-current liabilities 2,294 0 2,162
Current liabilities 6,057 6,469 4,599
Capital employed 18,226 15,478 15,788
Number of ordinary shares in
issue 76,817 70,815 75,075
Total number of shares in issue 76,817 70,815 75,075
Net asset value per ordinary
share 12.9 12.7 12.0
Net asset value per total number
of shares in issue 12.9 12.7 12.0
Abridged Statement of Changes in Equity
Six months Six months Twelve months
ended ended ended
31 August 31 August 29 February
2004 2003 2004
(unaudited) (unaudited) (audited)
R`000 R`000 R`000
Balance at beginning of
period 9,026 5,152 5,152
Share capital issued 1,330 0 1,362
Net profit/(loss) for the
period -481 3,857 2,512
Balance at end of period 9,875 9,009 9,026
Abridged Cash Flow Statement
Six months Six months Twelve months
ended ended ended
31 August 31 August 29 February 2004
2004 2003 2003
(unaudited) (unaudited) (audited)
R`000 R`000 R`000
Cash flow from operating
activities 3,496 5,326 -473
Net interest paid -187 -36 -94
Cash flow from investing
activities -2,944 -4,915 -859
Cash flow from financing
activities 748 -493 -368
Net (decrease)/increase
in cash and cash
equivalents 1,113 -118 -1,794
Cash and cash
equivalents at beginning
of the period 573 2,367 2,367
Cash and cash
equivalents at end
of the period 1,686 2,249 573
Comments on overleaf
Comments on results
The board is satisfied that the company`s current business model is now
established and moving forward positively. Revenue from operations is regular
and predictable.
StratEquity (Pty) Ltd, is still the largest contributor towards earnings.
Although an interim loss has been posted, and the position for the full year
should be on a break even
point, the board is optimistic that the effort that went into consolidating its
operations will reflect positively in the 2006 financial year.
The board is currently evaluating various propositions in order to expand its
operations and will report to shareholders at year end on its future plans.
Wholly owned subsidiaries
StratEquity (Pty) Ltd (100%)
As reported in the Annual report, the increase in sales from the subscription
product of StratEquity is satisfactory. This growth has continued and sales
over the past 6 months have increased steadily. The monthly premium is in excess
of R2 million and the future for this subsidiary looks promising.
The company is currently adapting its software to be applicable for operating in
foreign markets.
StratFund Portfolio Managers (Pty) Ltd (100%)
StratFund`s license to comply under the new FAIS Act has been approved. The
software development is being finalised and the company should launch
its products and services into the market during the first quarter of 2005.
Other matters
StratCorp issued 1 527 679 shares for cash at 34 cents per share to independent
shareholders in March 2002. The company entered into agreements with some of
these shareholders,
whereby the company guaranteed a return of 65% on their investment on 1 March
2004. The liability on 1 March 2004 was R624 542.33. Subsequently, R160 892.33
was paid out,
and the shares were effectively bought back from some of these shareholders who
opted to exercise their rights on 1 March 2004 at a price of 56 cents per share.
The outstanding liability in this regard amounts to R463 650 and will remain
until such time that the holders of these shares opt to exercise their rights.
Cautionary Announcement
The company issued a Cautionary Announcement on 18 October 2004. Shareholders
are advised that the negotiations were not concluded and the Cautionary is
herewith formally withdrawn.
Accounting Policies
The interim statements have been prepared in accordance with AC 127 on
accounting for interim financial statements. The financial statements are
unaudited and
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practices and are based on approved accounting policies
which
have been consistently applied.
Dividends
No interim dividends have been declared.
On behalf of the board
DB Harington
CEO
25 November 2004
Registered Offices
Secretaries
Suite 1001
Registrars (Pty) Ltd
267 West Avenue
Street
Centurion
Johannesburg, 2001
Pretoria
Directors : P J de Jongh* (Chairman); D B Harington (CEO); WA Pieters; P de W
Louw; JJ Steynberg*
(* Non-executive)
Company Secretary: PH van Zyl
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