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GLOBAL TECHNOLOGY LIMITED - UNREVIEWED FINANCIAL INFORMATION FOR THE SIX MONTHS
ENDED JUNE 2004
GLOBAL TECHNOLOGY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1996/009809/06)
Share code: GLT ISIN: ZAE000016820
(`Glotec`)
UNREVIEWED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED JUNE 2004
COMMENTARY
Glotec has been in the process of restructuring for the past 18 months. This
process of restructuring was premised on the satisfactory performance of the
three remaining operating subsidiaries. Unfortunately, these companies have not
performed as expected during 2004, and as a result, the group has lost the
credibility of all its stakeholders. Due to this predicament, the directors of
Glotec have taken the decision to dispose of the remaining three operating
subsidiaries, and thereafter, to place the group into voluntary liquidation.
Following this voluntary liquidation, it is unlikely that there will be any
distribution, cash or otherwise, to shareholders.
INCOME STATEMENTS
Unreviewed Reviewed 6 Audited 12
6 months months months
ended 30 ended 30 ended 31
June June December
2004 2003 2003
R`000 R`000 R`000
Revenue 64 761 130 614 192 584
Operating profit/(loss) 911 (30 437) (37 394)
Exchange profit/(loss) 679 (517) (1 322)
Depreciation - assets (597) (1 489) (3 167)
Amortisation - (1 506) (5 983) (5 728)
development costs
Amortisation - goodwill - (2 347) (4 550)
(Loss) from operations (513) (40 773) (52 161)
Net interest paid (1 506) (7 438) (8 096)
(Loss) from associates - (209) (209)
Net (loss) before (2 019) (48 420) (60 466)
taxation
Exceptional items (16 986) 12 716 26 364
Taxation (1 746) 1 328 (17 736)
(Loss) after taxation (20 751) (34 376) (51 838)
Number of shares in 2 864 619 438 805 432 335
issue (`000)
Weighted average number
of shares in issue 1 434 650 438 805 430 570
(`000)
Headline (loss) per (0,6) (24,1) (20,8)
share (cents)
(Loss) per share (cents) (1,5) (7,8) (12,0)
Fully diluted headline
(loss) per share (cents) (0,6) (24,0) (20,8)
Reconciliation of
headline (loss) per
share
(Loss) per share (cents) (1,5) (7,8) (12,0)
Exceptional items (0,2) (16,8) (12,1)
Impairment - goodwill 1,0 - 1,8
Amortisation - goodwill - 0,5 1,0
Impairment - development - - 0,5
cost
Impairment - property,
plant and equipment 0,1 - -
Headline (loss) per (0,6) (24,1) (20,8)
share (cents)
STATEMENT OF CHANGES IN EQUITY
Foreign
currency
Share Share translat Accumula
capital premium ion ted Total
reserve losses
R`000 R`000 R`000 R`000 R`000
Balance at 1 350 202 035 372 (249 (46
January 2004 178) 421)
Loss for the year - - - (20 751) (20
751)
Rights issue 2 432 46 213 - - 48 645
2 782 248 248 372 (269 (18
929) 527)
BALANCE SHEETS
Unreviewed Reviewed 6 Audited
6 months months 12 months
ended 30 ended 30 ended 31
June June December
2004 2003 2003
R`000 R`000 R`000
ASSETS
Non-current assets 20 333 51 506 38 970
Property, plant and equipment 1 807 4 041 5 224
Loans receivable - 2 918 -
Development costs 7 032 13 080 6 991
Goodwill 2 000 18 221 17 205
Investment in joint venture - 1 181 -
Investments - unlisted - 128 -
Deferred tax assets 9 494 11 937 9 550
Current assets 29 821 53 224 33 610
Trade and other receivables 13 119 37 064 18 605
Deferred expenses 6 706 10 832 6 716
Tax assets 1 849 1 148 1 299
Bank balances and cash 8 147 4 180 6 990
Total assets 50 154 104 730 72 580
EQUITY AND LIABILITIES
Capital and reserves (18 527) (29 350) (46 421)
Ordinary shareholders` (18 527) (29 350) (46 421)
interest
Non-current liabilities 830 2 237 1 256
Interest-bearing long-term 332 1 915 856
borrowings
Deferred tax liabilities 498 322 400
Current liabilities 67 851 131 843 117 745
Trade and other payables 33 221 65 408 46 718
Deferred revenue 13 444 21 056 16 497
Current portion of long-term - 28 286 25 000
borrowings
Short-term loan - interest- 1 028 - 8 128
bearing
Tax liabilities 4 534 7 580 2 899
Bank overdraft - interest- 15 624 9 513 18 503
bearing
Total equity and liabilities 50 154 104 730 72 580
Net asset value per share (0,65) (6,7) (10,8)
(cents)
Notes
1. Accounting Policies
The accounting policies used in the preparation of these interim results are
consistent with those adopted for the audited financial statements to 31
December 2003.
2. Exceptional items
Unreviewed 6 Reviewed 6 Audited
months ended months 12 months
30 June ended 30 ended 31
2004 June December
R`000 2003 2003
R`000 R`000
Profit on the sale of 3 082 85 437 33 605
investment
Impairment - goodwill (15 205) (6 026) (7 901)
Impairment - property, plant (1 055) - -
and equipment
Litigation provision (3 808) - -
Loss on realisation of loans - (62 424) (7 232)
Loss on disposal of business - (402) (392)
Anticipated gain on - 654 19 063
liquidation
Impairment - share incentive - (459) -
loan
Impairment - development costs - (4 064) (2 779)
Penalty for early cancellation - - (8 000)
of operating lease
(16 986) 12 716 26 364
Registered office
Arcay House, 3 Anerley Road, Parktown, 2193
PO Box 62397, Marshalltown, 2107
Directors:
Non-executive: G A Victor, D R Geeringh (Chairman), P M Marsden, A M Mhlongo
Company secretary
Arcay Client Support (Proprietary) Limited
(Registration number 1998/025284/07)
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