| Thu 13 Dec 2001, 0:00 | | Tisec Limited |
|
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
Share code: TSC ISIN: ZAE000018131
("Tisec")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
SUMMARISED GROUP INCOME STATEMENT
Twelve
Six months Six months months
ended ended ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
Turnover 1 025 14 806 24 993
(Loss)/Earnings before interest, taxes,
depreciation and amortisation (EBITDA) (2 984) 3 465 (628)
Net interest received 398 110 493
Depreciation (351) (424) -
Operating (loss)/profit (2 937) 3 151 (135)
Exceptional items (384) 695 (3 124)
(Loss)/Profit before taxation (3 321) 3 846 (3 259)
Taxation (4) - 1 389
(Loss)/Profit
attributable to shareholders (3 325) 3 846 (1 870)
Headline (loss)/earnings
per share (cents) (2,2) 4,2 1,1
(Loss)/Earnings per share (cents) (2,5) 5,0 (1,6)
Shares in issue (000's) 133 315 90 591 133 315
Shares in issue
- weighted average (000's) 133 315 76 573 114 858
(Loss)/Profit attributable to
shareholders (3 325) 3, 846 (1 870)
Profit on sale of
subsidiaries / investments - (695) (968)
Amortisation of goodwill 85 - 92
Investments written down 299 - -
Provision against assets - - 4 000
Headline earnings (2 941) 3 151 1 254
SUMMARISED GROUP BALANCE SHEET
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
Non-current assets
Property, plant and equipment 1 243 3 581 1 593
Investments 5 700 2 173 6 388
Current assets 9 882 46 614 14 523
Cash resources 2 828 6 986 3 956
Other current assets 7 054 39 628 10 567
Total assets 16 825 52 368 22 504
Capital and reserves
Shareholders' funds 8 229 15 787 11 469
Non-current liabilities
Long-term liabilities 7 595 10 686 8 394
Current liabilities 1 001 25 895 2 641
Total equity and liabilities 16 825 52 368 22 504
SUMMARISED GROUP CASH FLOW STATEMENT
Twelve
Six months Six months months
ended ended ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000's R000's R000's
Cash retained from/(utilised in)
operating activities (718) 1 009 1 600
Cash retained from/(utilised in)
investing activities 389 (8 709) (9 406)
Cash retained from/(utilised in)
financing activities (799) 10 462 7 538
Net movements in cash balances (1 128) 2 762 (268)
Cash at beginning of period 3 956 4 224 4 224
Cash at end of period 2 828 6 986 3 956
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Dis-
Share Share tributable
capital premium reserve Total
R000's R000's R000's R000's
Balance at 1 April 2001 13 314 10 187 (12 032) 11 469
Goodwill set off - 85 - 85
Loss attributable to
shareholders - - (3 325) (3 325)
13 314 10 272 (15 357) 8 229
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 interim results for Tisec reflect an operating loss of R2 937 000 and
loss attributable to shareholders of R3 325 000. Loss per share is 2,5 cents
and headline loss per share is 2,2 cents.
EXCEPTIONAL ITEMS
The exceptional items arise pursuant to the write-down of investments within
IDE Securities and goodwill amortisation.
PROSPECTS
The difficult market conditions noted in Tisec's previous announcement have
further deteriorated in the current financial year. Consequently Tisec's
short-term prospects remain limited.
DIVIDEND
No dividend has been declared.
The above accounts are prepared in accordance with the Statements of
Generally Accepted Accounting Practice and are consistent with the company
policy.
On behalf of the board
N D Kennelly
Chairman
Johannesburg
14 December 2001
Directors
N D Kennelly*, K L Kingma*, 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)
