| Wed 27 Jun 2001, 0:00 | | Tisec Limited - Audited Results |
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Tisec Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
("Tisec" or "the group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2001
SUMMARISED GROUP INCOME STATEMENT
12 months 12 months
ended ended
31 March 31 March
2001 2000
(Audited) (Audited)
R000's R000's
Turnover 24 993 34 227
Operating (loss)/profit
before interest (628) 11 327
Net interest received 493 194
Profit/(Loss) (135) 11 521
Exceptional items (3 124) (26 362)
Loss before taxation (3 259) (14 841)
Foreign taxation 1 389 702
Loss attributable to
shareholders (1 870) (14 139)
Headline earnings
per share (cents) 1,1 19,5
Loss per share (cents) (1,6) (22,6)
Shares in issue (000's) 133 315 62 554
Shares in issue -
weighted average (000's) 114 858 62 554
SUMMARISED GROUP BALANCE SHEET
12 months 12 months
ended ended
31 March 31 March
2001 2000
(Audited) (Audited)
R000's R000's
Non-current assets
Property, plant and equipment 1 593 2 543
Investments 6 388 -
Current assets 14 523 17 942
Cash resources 3 956 4 224
Other current assets 10 567 13 718
Total assets 22 504 20 485
Capital and reserves
Shareholders' funds 11 470 5 937
Non-current liabilities
Long-term liabilities 8 393 11 501
Current liabilities 2 641 3 047
Total equity and liabilities 22 504 20 485
SUMMARISED GROUP CASH FLOW STATEMENT
12 months 12 months
ended ended
31 March 31 March
2001 2000
(Audited) (Audited)
R000's R000's
Cash utilised in operating activities (6 399) (12 563)
Cash retained from/
(utilised in) investing activities (1 408) 4 958
Cash retained from/
(utilised in) financing activities 7 539 (16 579)
Net movements in cash balances (268) (24 184)
Cash at beginning of period 4 224 28 408
Cash at end of period 3 956 4 224
GROUP PROFILE
Tisec is an investment holding company with subsidiaries conducting business
in investment banking, corporate advisory services and securities trading
operations.
GROUP RESULTS
The final results for Tisec reflect an operating loss of R628 000 and losses
attributable to shareholders of R1,9 million compared to a loss of R14,1
million for financial 2000. Loss per share is 1,6 cents and headline
earnings per share 1,1 cents. No South African tax has been provided due to
the existence of assessable tax losses in the group.
EXCEPTIONAL ITEMS
The exceptional items arise primarily pursuant to the disposals of
TrustInvest NV and Tisec Private Equity (Pty) Ltd which were fully detailed
in the announcements of 10 April 2001 and 5 June 2001. These financial
statements are prepared on the basis that the disposal transactions referred
to above had been finalised at their effective dates of
14 February 2001 and 31 March 2001, respectively.
PROSPECTS
In the short term difficult market conditions and the slowdown of corporate
finance activity have placed a limiting factor on the group's immediate
prospects, given the long lead times in corporate finance transactions and
the reduced turnover experienced by securities trading division over the
past financial year. In the medium term Tisec commands sufficient capital
and reserves and deal flow prospects to return to profitability.
TISEC BOARD
Mr A O La s has resigned from the board as an executive director to
concentrate fully on his role as managing director of Tisec's stockbroking
subsidiary, IDE Securities (Pty) Ltd. K A Colley has been appointed as
administrative director.
DIVIDENDS
No dividend was declared or proposed during the period under review.
On behalf of the board
N D Kennelly
Chairman
Rivonia
26 June 2001
Directors
N D Kennelly*, K L Kingma*, C J Ransome*,
H S Courtney, K A Colley
*non-executive
Transfer secretaries
Ultra Registrars (Pty) Limited
11 Diagonal Street,
Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)
Registered office
2nd Floor, Moores Rowland House
5 St Davids Place, Parktown, 2193
(PO Box 6697, Johannesburg, 2000)
