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Zeltis Holdings Limited - Reviewed Results For The Six Months Ended 31 December
2004
ZELTIS HOLDINGS LIMITED
(Registration No:1905/0021141/06)
(`Zeltis`)
JSE CODE: ZLT - ISIN CODE: ZAE000037297
REVIEWED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
31 December 31 December 30 June 2004
2004 2003 R`000
R`000 R`000 AUDITED
REVIEWED UNAUDITED
ASSETS
Non-Current
Assets
Tangible 897 2,103 750
assets
Intangible 4,670 10,010 5,000
assets
Investments 3,917 3,227 1,123
9,484 15,340 6,873
Current Assets
Accounts 10,681 16,244 13,527
receivable
Cash and cash 5,579 1,074 2,980
equivalents
16,260 16,507
17,318
Total Assets 25,744 32,658 23,380
EQUITY AND
LIABILITIES
Capital and
Reserves
Ordinary share 4,102 4,102 4,102
capital
Share premium 114,973 114,973 114,973
Distributable (128,325) (118,899) (127,405)
reserve
Ordinary (9,250) 176 (8,330)
shareholders`
interest
Outside 14 - 7
shareholder`s
interest
Preference 39 39 39
share capital
(9,197) 215 (8,284)
Non-Current
Liabilities
Long-term 7,961 7,498 7,586
liabilities
7,961 7,498 7,586
Current
Liabilities
Accounts 23,322 19 703 16,984
payable
Bank overdraft 1,107 1,160 1,063
Current 2,531 4,082 6,031
portion of
long-term debt
Taxation 20 - -
payable
26,980 24 945 24,078
Total equity 25 744 32 658 23,380
and
liabilities
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 6 months 12 months
ending ending ending
31 December 31 December 30 June 2004
2004 2003 R`000
R`000 R`000 AUDITED
REVIEWED UNAUDITED
Revenue 67,900 52,517 127,903
Gross income 8,654 5,809 10,847
(2,880) 428 (7,673)
Operating
(loss)/ profit
on ordinary
activities
before
investment
income
Surplus on sale 2,794 326 (127)
of investments
Investment 34 25 39
income
Profit before (52) 779 (7,761)
finance costs
Finance Costs (841) (1,699) (1,658)
Loss on ordinary (893) (920) (9,419)
activities
before taxation
Taxation (20) - -
Loss after (913) (920) (9,419)
taxation
Outside (7) - (7)
shareholder`s
share of profits
Net loss for the (920) (920) (9,426)
period
attributable to
ordinary
shareholders
Adjustments for (2,463) (2 154) 15,085
headline
earnings
(Profit)/loss on (2,794) (326) 127
sale or
revaluation of
investments
Investments and - (2,159) 9,617
loans written
off
Goodwill 331 331 5,341
amortised and
impaired
Headline (3,383) (3,074) 5,659
(loss)/profit
for the year
EARNINGS PER
SHARE
Weighted average 82,044 82,044 82,044
number of
ordinary shares
in issue (`000)
Loss per share (1.12) (1.12) (11.49)
(cents)
adjusted for:
(Profit)/loss on (3.41) (0.40) 0.15
sale of
investments
Investments and - (2.63) 11.72
loans written
off
Goodwill 0.40 0.40 6.51
amortised
Headline (4.12) (3.75) 6.90
(loss)/profit
per share
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months ending 6 months 12 months
31 Dec 2004 ending ending
R`000 31 Dec 2003 30 June
REVIEWED R`000 2004
UNAUDITED R`000
AUDITED
Cash flow from
operating activities
Cash generated from/ 6,778 1,307 (1,103)
(utilised in)
operations
Investment income 34 25 39
Finance costs (841) (1,699) (1,658)
Net cash inflow/ 5,971 (367) (2,722)
(outflow) from
operations
Cash flow from
investing activities
Replacement of fixed (291) (78) (372)
assets
Proceeds from - - 965
disposal of fixed
assets
Proceeds from - 326 1,977
disposal of
investments
Net cash (outflow)/ (291) 248 2,570
inflow from
investing activities
Cash flow from
financing activities
Loans raised 375 - 3000
Loans repaid (3,500) 408 (555)
Net cash (outflow)/ (3,125) 408 2,445
inflow from
financing activities
Net change in cash 2,555 289 2,293
and cash equivalents
Cash and cash 1,917 (376) (376)
equivalents at
beginning of year
Cash and cash 4,472 (87) (1,917)
equivalents at end
of year
STATEMENTS OF CHANGES IN EQUITY
Share Share Preference Distribu- Outside Total
capital Premium Share table Share- R`000
R`000 R`000 Capital Reserve holder`s
R`000 R`000 Interest
R`000
Audited balance 4,102 114,973 39 (117,234) 1,880
as at 30 June
2002 -
Net loss for - - - (745) (745)
the period -
Audited balance 4,102 114,973 39 (117,979) 1,135
as at 30 June
2003 -
Net loss for - - - (9,426) (9,426)
the period -
Outside - - - - 7
shareholder`s
share of
profits 7
Audited balance 4102 114,973 39 (127,405) (8,284)
as at
30 June 2004 7
Net loss for - - - (920) (920)
the period -
Outside - - - - 7
shareholder`s
share of 7
profits
Reviewed 4,102 114,973 39 (128,325) (9,197)
balance as at
31 December
2004 14
BASIS OF ACCOUNTING
The accounts have been prepared in accordance with South African Statements of
Generally Accepted Accounting Standards. The accounting policies used are
consistent with the prior years.
RESULTS
Competition in the labour market continues to be very tough for the Group`s
labour business, Denverdraft. Never-the-less there are more enquiries coming in
and some exciting proposals that the group is expecting to be awarded as a
result of several fixed capital investment projects currently underway.
In the balance of the group, it is notable that the group`s investment in Kairos
has appreciated, the effect of which is reflected in these results. Also of note
is that the group`s legal issue with the liquidators of Brightstone Resources
has been postponed indefinitely and is unlikely to come up on the court role
before 2006.
CONTINGENT LIABILITIES
As reported in the group annual financial statements for the year ending June
2004, a subsidiary of the Group had received enquiries from the South African
Revenue Services with regard to the deduction of employee`s tax. Since the
publication of those accounts the Group has engaged SARS in the alternative
dispute resolution process with some success; however, the matter remains
unresolved at this stage and thus remains a contingent liability.
AUDITOR`S REVIEW OPINION
In accordance with 3.18 (b) of the JSE listings requirements, the interim
results of the group have been reviewed by the auditors, BDO Spencer Steward
(Johannesburg) Inc. A copy of their opinion is available for inspection at the
Group`s offices at 23 Fricker Road, Illovo, Johannesburg.
The auditors have reviewed the interim financial statements for the 6 months
ended 31 December 2004, presented herewith. They have no reason to believe that
these financial statements do not fairly present the financial position of the
group and the results and cash flows of the Group for the 6 months then ended.
RN McLeod CHD Field
Managing Director Finance Director
Sponsor
Imara Corporate Finance (Pty) Ltd
31 March 2005 Johannesburg
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