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Y3k - Financial Report
Release Date: 30/11/2004 17:50:02 Code(s): YHK
Y3K - Financial Report
Y3K GROUP LIMITED
(Registration number 1998/009608/06)
(`Y3K` or `the company`)
Share JSE code: YHK
ISIN code: ZAE000017208
6 months 6 months Year ended
ended ended
31 August 31 August 29 February
2004 2003 2004
Unaudited Unaudited Audited
R`000s R`000s R`000s
GROUP INCOME STATEMENT
Revenue 14,620 5,205 9,137
Cost of Sales 7,757 2,647 4,383
Gross profit 6,863 2,558 4,754
Operating expenses 5,357 2,469 4,747
Operating profit before net
finance charges 1,506 89 7
Net finance income/(charges) 27 (42) 128
Net profit for the period before
taxation 1,533 47 135
Taxation - - -
Net profit for the period 1,533 47 135
GROUP BALANCE SHEET
Assets
Non - current assets 8,509 2,176 1,755
Tangible assets 421 203 460
Intangible assets 6,815 1,918 1,240
Share incentive trust 1,273 55 55
Current assets 6,573 4,125 3,327
Cash and cash equivalents 1,349 2,008 687
Inventories 28 - 23
Trade and other receivables 5,196 2,117 2,617
Total assets 15,082 6,301 5,082
Equity and liabilities
Capital and reserves 12,104 991 1,079
Share capital 1,231 523 523
Share premium 13,757 4,973 4,973
Non distributable reserve 3,021 3,021 3,021
Accumulated loss (5,905) (7,526) (7,438)
Non-current liabilities 13 - 24
Interest bearing borrowings 13 - 24
Current liabilities 2,965 5,310 3,979
Trade and other payables 2,915 5,310 3,960
Interest bearing borrowings 50 - 19
Total equity and liabilities 15,082 6,301 5,082
CASH FLOW STATEMENT
Cash flows from operating 1,433 994 (49)
activities
Cash flows from investing (68) 14 (307)
activities
Cash flows from financing (703) - 43
activities
Net increase/(decrease) in cash 662 1,008 (313)
and cash equivalents
Cash and cash equivalents at 687 1,000 1,000
beginning of the period
Cash and cash equivalents at end 1,349 2,008 687
of the period
GROUP STATEMENT OF CHANGES IN
EQUITY
Share capital and reserves
Balance at beginning of the 1,079 944 944
period
Shares issued during the period 708 - -
at par value
Share premium on shares issued 8,784 - -
Net profit for the period 1,533 47 135
Balance at end of the period 12,104 991 1,079
RECONCILIATION OF HEADLINE
EARNINGS
Profit as per income statement 1,533 47 135
Goodwill and trade mark write 714 22 45
down
Headline earnings 2,247 69 180
ORDINARY SHARES
Earnings per share (cents) 1.2 0.1 0.3
Headline earnings per share 1.8 0.1 0.3
(cents)
Number of shares in issue 123,113 52,253 52,253
(`000s)
Net asset value per share 9.8 1.9 2.1
(cents)
Net tangible asset value per 4.3 (1.8) (0.3)
share (cents)
COMMENTS
Introduction
The results for the six months ended 31 August 2004 incorporate the acquisitions
of Information Security Architects (Pty) Ltd and iSecure (Pty) Ltd, with effect
from 1 March 2004. Although the acquisitions have not been formally approved by
shareholders in a General Meeting, the majority of shareholders have given
irrevocable undertakings to vote in favour of the acquisitions and the relevant
issue of new shares. Details of the transactions will be published in a circular
to shareholders as soon as the Group receives approvals from the relevant
authorities.
Y3K Security Products, Information Security Architects and iSecure will trade
under the name `Information Security Architects`, and Y3K Group Limited will
change its name to ISA Limited. The Group`s listing will be transferred to the
AltX under the name ISA.
Financial Overview
The net profit for six months of R1.5 million and headline earnings of R2.2
million is in line with budgets. It is anticipated that the Group will achieve
its targeted profits for the full financial year, generate positive cash flow
and declare a dividend for the year.
Accounting policies
These 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 the previous period.
Prospects
The Group is well positioned for growth in the Information Security market. It
is able to effectively design, integrate, support and manage technologically
advanced and commercially appropriate security solutions for a broad range of
clients, by providing best-of-class security methodologies integrated with best-
of breed security technologies.
I take this opportunity to thank management and staff for their dedication and
commitment through the merger process. I am confident that the Group has a firm
foundation for the future.
For and on behalf of the board:
Clifford Katz
Executive Director
Randburg
30 November 2004
Company Sponsor: River Sponsors (Pty) Ltd
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