| Thu 18 Dec 2003, 18:07 | | RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 |
|
TISEC LIMITED - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
TISEC LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1997/010036/06)
Share code TSC
ISIN ZAE000018131
(Tisec or the Group)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
SUMMARISED GROUP INCOME STATEMENT
Six months Six months 12 months
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Turnover 407 784 2 285
Loss before interest, taxes,
depreciation and amortisation
(EBITDA) (563) (1 133) (1 477)
Net interest received 77 430 316
Depreciation (21) (199) (384)
Operating loss (507) (902) (1 545)
Exceptional items (1 628) - (1 000)
Loss before taxation (2 135) (902) (2 545)
Taxation - - -
Share of associated company
losses (41) - -
Loss attributable to shareholders (2 176) (902) (2 545)
Headline loss per share (cents) (0,4) (0,7) (1,2)
Loss per share (cents) (1,6) (0,7) (1,9)
Shares in issue (000s) 133 315 133 315 133 315
Shares in issue - weighted
average (000s) 133 315 133 315 133 315
Headline (loss)/earnings
reconciliation
Loss attributable to shareholders (2 176) (902) (2 545)
Loss on disposal of subsidiary 1 628 - -
Provision against assets - - 1 000
Headline loss (548) (902) (1 545)
SUMMARISED GROUP BALANCE SHEET
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Non-current assets
Property, plant and
equipment 17 523 60
Investments 3 283 3 365 2 365
Current assets 595 2 901 3 115
Cash resources 3 2 182 1 190
Other current assets 592 719 1 925
Total assets 3 895 6 789 5 540
Capital and reserves
Shareholders funds 95 3 914 2 271
Non-current liabilities
Long-term liabilities 2 725 2 118 2 266
Current liabilities 1 075 757 1 003
Total equity and liabilities 3 895 6 789 5 540
Tangible net asset value
per share (cents) 0,07 2,94 1,70
SUMMARISED GROUP CASH FLOW STATEMENT
Six months Six months 12 months
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Cash retained utilised in
operating activities (81) (238) (1 656)
Cash retained from/(utilised in)
investing activities (1 565) - 278
Cash retained from financing
activities 459 753 901
Net movements in cash balances (1 187) 515 (477)
Cash at beginning of period 1 190 1 667 1 667
Cash at end of period 3 2 182 1 190
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
Share Share Distributable
capital premium reserve Total
R000s R000s R000s R000s
Balance 1 April 2003 13 314 13 430 (24 473) 2 271
Loss attributable to
shareholders - - (2 176) (2 176)
Balance
30 September 2003 13 314 13 430 (26 649) 95
ACCOUNTING POLICY
The interim report has been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice, using accounting
policies consistent with those applied in the financial statements for the
period ended 31 March 2003.
AUDIT REVIEW
The interim results presented above have been reviewed, but not audited,
by Moores Rowland, the Groups auditors. Their limited review report is
available for inspection at the Groups registered office during normal
office hours.
GROUP RESULTS
The interim results for Tisec reflect an operating loss of R507 000 and
loss attributable to shareholders of R2 176 000. Loss per share is 1,6
cents and headline loss per share is 0,4 cent.
EXCEPTIONAL ITEM
In July 2003 IDE Securities (Pty) Ltd (IDE), a subsidiary of Tisec,
embarked on a rights issue of its ordinary shares. This was to provide a
shareholding for management and to make shares available for an empowerment
group in compliance with the financial services charter. Tisec did not
follow its rights. IDE is consequently no longer a subsidiary of Tisec and
is now accounted for as an associated company. The exceptional loss of R1
628 000 arises on the deconsolidation of IDE.
CHANGES TO THE BOARD OF DIRECTORS
KL Kingma resigned with effect 3 October 2003 and P van Niekerk was
appointed the new Non-executive Director on the same date.
DIVIDEND
No dividend has been declared.
On behalf of the board
Johannesburg
17 December 2003
Directors
P van Niekerk*, HS Courtney, KA Colley
*non-executive
Transfer secretaries Registered office
Ultra Registrars (Pty) Limited 2nd Floor, Moores Rowland House
11 Diagonal Street 5 St Davids Place, Parktown, 2193
Johannesburg, 2001 (PO Box 6697, Johannesburg, 2000)
(PO Box 4844, Johannesburg, 2000)
Date: 18/12/2003 05:48:05 PM Produced by the JSE SENS Department
