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TISEC LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2004 AND CAUTIONARY
ANNOUNCEMENT
TISEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
Share code: TSC ISIN: ZAE000018131
(`Tisec` or `the group` or `the company`)
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2004 AND CAUTIONARY ANNOUNCEMENT
SUMMARISED GROUP INCOME STATEMENT
Twelve months Twelve months
ended ended
31 March 31 March
2004 2003
(Audited) (Audited)
R`000 R`000
Turnover 389 2 285
Operating loss before interest,
taxes, depreciation and
amortisation (EBITDA) (1 027) (1 477)
Net interest received 76 316
Depreciation (30) (384)
Operating loss (981) (1 545)
Exceptional items (1 628) (1 000)
Loss before taxation (2 609) (2 545)
Taxation - -
Share of associate company losses (354) -
Loss attributable to shareholders (2 963) (2 545)
Headline loss
per share (cents) (1,0) (1,2)
Loss per share (cents) (2,2) (1,9)
Shares in issue (000`s) 133 315 133 315
Shares in issue - weighted
average (000`s) 133 315 133 315
Headline loss reconciliation
Loss attributable to shareholders (2 963) (2 545)
Loss on disposal of subsidiary 1 628 -
Goodwill written-off/amortised - 1 000
Headline (loss) (1 335) (1 545)
SUMMARISED GROUP BALANCE SHEET
31 March 31 March
2004 2003
(Audited) (Audited)
R`000 R`000
Non-current assets 1 986 2 425
Property, plant and equipment - 60
Investments 1 986 2 365
Current assets 400 3 115
Cash resources 39 1 190
Other current assets 361 1 925
Total assets 2 386 5 540
Capital and reserves
Shareholders` funds 95 2 271
Non-current liabilities
Long-term liabilities 2 088 2 266
Current liabilities 203 1 003
Total equity and liabilities 2 386 5 540
Tangible net asset value
per share (cents) 0,07 1,70
SUMMARISED GROUP CASH FLOW STATEMENT
Twelve months Twelve months
ended ended
31 March 31 March
2004 2003
(Audited) (Audited)
R`000 R`000
Cash utilised by operating activities (187) (1 656)
Cash retained from/(utilised in)
investing activities (1 573) 278
Cash retained from financing activities 608 901
Net movements in cash balances (1 152) (477)
Cash at beginning of period 1 190 1 667
Cash at end of period 38 1 190
STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
Share Share Distributable
capital premium reserve Total
R000`s R000`s R000`s R000`s
Balance 1 April 2003 13 314 13 430 (24 473) 2 271
Loss attributable to
shareholders - - (2 963) (2 963)
Convertible loan equity 787 - - 787
Balance 31 March 2004 14 101 13 430 (27 436) 95
NOTES TO THE GROUP FINANCIAL STATEMENTS
Long-term liabilities
The above loan creditors have deferred their rights to claim or accept payment
of their loans in the sum of R787 000 owing to them by the company until the
company`s assets fairly valued exceed its liabilities. The company is
considering making a rights offer to shareholders to increase the share capital
in which case the convertible loan of R787 000 would be converted on the same
terms and conditions as that offered to other shareholders.
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 2004 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 R981 000 and loss attributable to
shareholders of R2 963 000. Loss per share is 2,2 cents and headline loss per
share is 1,0 cents.
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.
RENEWAL OF CAUTIONARY ANNOUNCEMENT AND PROSPECTS
Shareholders are advised that Tisec has entered into negotiations, which if
successfully concluded, may have a material effect on the price of the
company`s securities. Accordingly, shareholders are advised to exercise caution
when dealing in the company`s securities until a full announcement is made.
Tisec`s prospects will be substantially linked to the outcome of the
negotiations referred to in the renewed cautionary announcement.
DIVIDEND
No dividend was declared or proposed during the period under review.
On behalf of the board
KA Colley Johannesburg
Secretary 30 June 2004
Directors
P van Niekerk*, D Alexander*, 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: 29/06/2004 05:51:06 PM Produced by the JSE SENS Department
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