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IDION - Information To Shareholders
IDION Technology Holdings Limited
(Registration Number: 1998/013846/06)
Share Code: IDI ISIN Code: ZAE000022513
(`IDION` or `the Group`)
JSE request:
The JSE Securities Exchange South Africa (`JSE`), in consultation with the GAAP
Monitoring Panel, has formed the opinion that a deferred tax benefit (R4,2
million) recorded in the consolidated results of IDION for the six months ended
30 June 2002, published on 6 August 2002, was not in conformity with
International Financial Reporting Standards. The JSE has accordingly requested
that IDION announce amendments (set out in the table below) to its previously
published financial information for the 2002 financial year.
Background:
At the request of the JSE, IDION provided the JSE with relevant facts,
circumstances and background relating to the accounting treatment of deferred
tax in its erstwhile subsidiary, IDION Solutions (Pty) Ltd (`IDION Solutions`).
The information provided related to the financial statements of IDION`s
discontinued operation, IDION Solutions for the six months ended 30 June 2002
(the six-month period within which a deferred tax asset was raised) and for the
year ended 31 December 2002. It was announced on 3 July 2002 and 24 July 2002
that IDION Solutions was disposed of with effect from 1 September 2002.
IDION also disclosed, as an event subsequent to the balance sheet date of 30
June 2002, in its interim results for the six months ended 30 June 2002, that
`Subsequent to the reporting period, shareholders were advised that IDION
Solutions had been sold .... effective 1 September 2002 and subject to the
fulfilment of certain conditions.` IDION further reported that `upon
finalisation of the purchase price the Group expects to record a non-cash
accounting charge arising from the unrecoverable portion of the net assets ...
sold which is expected to be between R11,7 million and R14,7 million`. IDION
disclosed, in a separate column, `Discontinuing operation` in its audited
results for the year ended 31 December 2002, a loss of R6,7 million arising from
the sale of IDION Solutions.
The above accounting treatment, specifically in respect of the raising of
deferred tax in the interim results for the six months ended 30 June 2002 and
the year ended 31 December 2002, accorded with specific independent advice
obtained at the time and is supported by the unqualified opinion of the
independent auditors, Deloitte & Touche, on IDION`s reported results for the
year ended 31 December 2002. The accounting treatment relates to IDION`s
discontinued operation which was disposed of effective 1 September 2002 and has
no impact on IDION`s ongoing business, its cash flow or its reported results.
In view of the JSE`s aforesaid request and in compliance with IDION`s
obligations under the Listings Requirements, the suggested amendments are
published in the table below:
Previously reported Suggested amendment
GROUP - six Conti- Disconti- Conti- Disconti-
months Total nuing nuing Total nuing nuing
ended 30 operations operations operations operations
June 2002
Income
statement
extract
(R`000):
Loss before
taxation (40 757) (26 667) (14 090) (40 757) (26 667) (14 090)
Taxation (9 413) (5 186) (4 227) (5 186) (5 186) -
Net loss
for the
period (31 344) (21 481) (9 863) (35 571) (21 481) (14 090)
Headline
loss (16 618) (6 755) (9 863) (20 845) (6 755) (14 090)
Basic loss
per share (27.8) (19.1) (8.8) (31.6) (19.1) (12.5)
Diluted
basic loss
per share (27.8) (19.1) (8.8) (31.6) (19.1) (12.5)
Headline
loss per
share
(cents) (14.7) (6.0) (8.8) (18.5) (6.0) (12.5)
Diluted
headline
loss per
share
(cents) (14.7) (6.0) (8.8) (18.5) (6.0) (12.5)
Previously reported Suggested amendment
GROUP - Conti-nuing Disconti- Conti- Disconti-
year ended Total operations nuing Total nuing nuing
31 December operations operations operations
2002
Income
statement
extract
(R`000):
Loss before
loss on
disposal of
discontinui
ng
operation (68 896) (39 359) (29 537) (68 896) (39 359) (29 537)
Loss on
disposal of
discontinui
ng
operation (6 693) - (6 693) (2 465) - (2 465)
Loss before
taxation (75 589) (39 359) (36 230) (71 361) (39 359) (32 002)
Taxation (21 090) (16 862) (4 228) (16 862) (16 862) -
Net loss
for the
year (54 499) (22 497) (32 002) (54 499) (22 497) (32 002)
Headline
earnings
(loss) 1 564 16 538 (14 974) (2 664) 16 538 (19 202)
Basic loss
per share
(cents) (49.1) (20.2) (28.8) (49.1) (20.2) (28.8)
Diluted
basic loss
per share
(cents) (49.1) (20.2) (28.8) (49.1) (20.2) (28.8)
Headline
earnings
(loss) per
share
(cents) 1.4 14.9 (13.5) (2.4) 14.9 (17.3)
Diluted
headline
earnings
(loss) per
share
(cents) 1.4 14.6 (13.2) (2.4) 14.6 (17.0)
14 December 2004
Sunninghill
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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