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Synergy - Audited results for the 12 months ended 28 February 2005
Synergy Holdings Limited
(Registration number 1995/006315/06)
Share code: SNG ISIN: ZAE000017760
(`Synergy`,`the company` or `the group`)
AUDITED RESULTS FOR THE 12 MONTHS ENDED 28 FEBRUARY 2005
INCOME STATEMENT
12 months 12 months
ended ended
28 February 29 February
2005 2004
(Audited) (Audited) Change
R R %
Gross revenue 19 157 743 21 817 777 (12,2)
Cost of sales (4 284 122) (6 091 089) (29,7)
Gross profit 14 873 621 15 726 688 (5,4)
Operating costs (14 632 103) (14 258 488) 2,6
Operating profit 241 518 1 468 200 (83,6)
Investment income 142 618 316 609 (55,0)
Finance costs (98 593) (97 258) 1,4
Taxation (85 862) (146 897)
Net profit for the year 199 681 1 540 654 (87,0)
Shares in issue 54 409 900 54 409 900 0,0
Earnings per share 0,37 2,83 (87,0)
Headline earnings per share 0,37 2,79 (86,9)
Reconciliation of
headline earnings
Net profit for year 199 681 1 540 654
Adjusted for:
Profit on asset disposal - (20 878)
Headline earnings 199 681 1 519 776
Headline earnings per share 0,37 2,79
BALANCE SHEET
ASSETS
Non-current assets 1 779 710 1 835 552
Fixed assets 1 592 547 1 664 789
Investments 187 163 170 763
Current assets 5 100 683 5 574 904
Inventories 10 030 255 567
Accounts receivable 2 688 094 1 860 398
Taxation 30 394
Bank balances 2 372 165 3 458 939
Total assets 6 880 393 7 410 456
EQUITY AND LIABILITIES
Capital and reserves 4 921 143 4 881 689
Issued capital 3 593 074 3 593 074
Accumulated profit/loss 1 328 069 1 288 615
Long-term liabilities 165 458 341 915
Current liabilities 1 793 792 2 186 852
Accounts payable 1 668 074 1 920 411
Taxation - 106 356
Current portion of long-
term liabilities 125 718 160 085
Bank overdraft - -
Total equity and liabilities 6 880 393 7 410 456
Net asset value per share 9,04 8,97
Net tangible asset
value per share 9,04 8,97
CASH FLOW STATEMENT
12 months 12 months
ended ended
28 February 29 February
2005 2004
(Audited) (Audited)
R R
Net cash from operating activities 235 828 1 545 510
Net cash from investing activities (336 276) (1 056 490)
Net cash from financing activities (986 324) 401 680
Net decrease in cash (1 086 772) 890 700
Cash at beginning of the year 3 458 938 2 568 238
Cash at end of the year 2 372 166 3 458 938
STATEMENT OF CHANGES IN EQUITY
Opening balance 4 881 687 4 321 442
Shares repurchased and cancelled - -
Net income for year 199 681 1 540 654
Dividends paid (160 227) (980 409)
Closing balance 4 921 141 4 881 687
COMMENTARY
Synergy focuses on providing Accpac Accounting Software solutions around
software sales, implementation, customisation and associated networking support.
The Group continues to focus specifically in this area.
ACCOUNTING POLICIES
These audited results of the Group comply with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the audited financial statements to 29 February 2004.
AUDITORS OPINION
Synergys external auditors,Van Sitterts Chartered Accountants, have audited
these results.Their unqualified audit opinion is available for inspection at
Synergy`s registered office.
FINANCIAL COMMENT
Earnings per share decreased by 87% to 0,37 cent per share, on the back of a
12,2% decrease in gross revenue.
The reduction in gross revenue occurred as a consequence of significantly fewer
ACCPAC DOS to WINDOWS software upgrades being sold. We believe that the majority
of users intending to upgrade have done so at this stage.
The cost structure of the business was adjusted to accommodate these changes,
however this is masked in the operating costs line as additional costs were
incurred with the establishment of a Cape Town branch.
New installation sales
have remained steady, these sales offer higher margins than upgrade
installations and this is represented in the 30% reduction in cost of sales.
The cash receipts cycle of new installation sales is significantly longer and
this is represented in the increase in debtors days.
For and on behalf of the Board
Ashley Regenass
CEO Synergy
30 May 2005
Date: 27/05/2005 02:37:06 PM
Produced by the JSE SENS Department
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