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TISEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
Share code TSC ISIN ZAE000018131
("TISEC" or the "group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2003
SUMMARISED GROUP INCOME STATEMENT
12 months 12 months
ended ended
31 March 31 March
2003 2002
(Audited) (Audited)
R"000 R"000
Turnover 2 285 2 700
Operating loss before interest (1 861) (2 563)
Net interest received 316 272
Loss before exceptional items (1 545) (2 291)
Exceptional items (1 000) (7 606)
Loss before taxation (2 545) (9 897)
Loss attributable to shareholders (2 545) (9 897)
--------------------------------------------------------------------------------
Headline loss per share (cents) (1,2) (1,7)
Loss per share (cents) (1,9) (7,4)
Shares in issue (000"s) 133 314 133 314
Shares in issue -
weighted average (000"s) 133 314 133 314
Headline (loss)/earnings reconciliation
Loss attributable to shareholders (2 545) (9 897)
Goodwill written off/amortised - 3 885
Assets written down - 821
Provision against assets 1 000 3 000
Headline loss (1 545) (2 191)
SUMMARISED GROUP BALANCE SHEET
31 March 31 March
2003 2002
(Audited) (Audited)
R"000 R"000
Non-current assets 2 425 4 087
Property, plant and equipment 60 722
Investments 2 365 3 365
Current assets 3 115 3 087
Cash resources 1 190 1 667
Other current assets 1 925 1 420
Total assets 5 540 7 174
Capital and reserves
Shareholders" funds 2 271 4 816
Non-current liabilities
Long-term liabilities 2 266 1 365
Current liabilities 1 003 993
Total equity and liabilities 5 540 7 174
Tangible net assets value
per share (cents) 1,7 3,6
SUMMARISED GROUP CASH FLOW STATEMENT
12 months 12 months
ended ended
31 March 31 March
2003 2002
(Audited) (Audited)
R"000 R"000
Cash generated/(utilised) by operating
activities (1 656) 4 639
Cash retained from investing activities 278 100
Cash retained from/(utilised in)
financing activities 901 (7 028)
Net movements in cash balances (477) (2 289)
Cash at beginning of period 1 667 3 956
Cash at end of period 1 190 1 667
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
Share Share Distributable
Capital Premium Reserve Total
R"000 R"000 R"000 R"000
Balance at 01/04/2002 13 314 13 430 (21 928) 4 816
Loss attributable to shareholders - - (2 545) (2 545)
Balance at 31/03/2003 13 314 13 430 (24 473) 2 271
ACCOUNTING POLICIES AND AUDIT OPINIONS
The financial statements of the group comply in all material respects with
South African Statements of Generally Accepted Accounting Practice and are
consistent with those applied in the previous financial year.
The auditors, Moores Rowland, have issued an unqualified audit opinion on the 31
March 2003 annual statements and the summarised financial results contained
therein. Their report is available for inspection upon request.
GROUP RESULTS
Tisec"s results reflect an operating loss of R1 860 525 and loss attributable
to shareholders of R2 544 501. Loss per share is 1,9 cents and headline loss per
share is 1,2 cents.
PROSPECTS
Tisec"s short-term prospects continue to be uncertain. However, Tisec remains
solvent and has sufficient resources for the foreseeable future so that Tisec is
in a position to take advantage of opportunities which may arise as market
conditions improve and have a beneficial effect on the financial services
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