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Tisec - Interim results for the six months ended 30 September 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 company` or `the group`)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 AND CAUTIONARY
ANNOUNCEMENT
SUMMARISED GROUP INCOME STATEMENT
Six Six Twelve
months months months
ended ended ended
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000`s R000`s R000`s
Turnover - 407 389
Loss before interest, taxes, depreciation
and amortisation (EBITDA) (326) (563) (1 027)
Net interest received - 77 76
Depreciation - (21) (30)
Operating loss (326) (507) (981)
Exceptional items - (1 628) (1 628)
Loss before taxation (326) (2 135) (2 609)
Taxation - - -
Share of associated company loss (88) (41) (354)
Loss attributable to shareholders (414) (2 176) (2 963)
Headline loss per share (cents) (0,3) (0,4) (1,0)
Loss per share (cents) (0,3) (1,6) (2,2)
Shares in issue (000`s) 133 315 133 315 133 315
Shares in issue - weighted
average (000`s) 133 315 133 315 133 315
Headline loss reconciliation
Loss attributable to shareholders (414) (2 176) (2 963)
Loss on disposal of subsidiary - 1 628 1 628
Headline loss (414) (548) (1 335)
SUMMARISED GROUP BALANCE SHEET
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000`s R000`s R000`s
Non-current assets
Property, plant and equipment - 17 -
Investments 1 898 3 283 1 986
Current assets 387 595 400
Cash resources - 3 39
Other current assets 387 592 361
Total assets 2 285 3 895 2 386
Capital and reserves
Shareholders` funds 95 95 95
Non-current liabilities
Long-term liabilities 2 034 2 725 2 088
Current liabilities 156 1 075 203
Total equity and liabilities 2 285 3 895 2 386
Tangible net asset value
per share (cents) 0,07 0,07 0,07
SUMMARISED GROUP CASH FLOW STATEMENT
Six Six Twelve
months months months
ended ended ended
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000`s R000`s R000`s
Cash utilised in operating activities (551) (81) (541)
Cash utilised in investing activities - (1 565) (1 219)
Cash retained in financing activities 360 459 609
Net movements in cash balances (191) (1 187) (1 151)
Cash at beginning of period 39 1 190 1 190
Cash at end of period (152) 3 39
STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
Share Share Distributable
capital premium reserves Total
R000`s R000`s R000`s R000`s
Balance 1 April 2004 13 314 14 217 (27 436) 95
Loss attributable to shareholders - - (414) (414)
Convertible loan equity - 414 - 414
Balance 30 September 2004 13 314 14 631 (27 850) 95
NOTES TO THE GROUP FINANCIAL STATEMENTS
LONG-TERM LIABILITIES
The loan creditors have deferred their rights to claim or accept payment of
their loans in the sum of R414 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 R414 000 would be converted on the same
terms and conditions as that offered to other shareholders.
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 12 months ended 31 March
2004.
AUDIT REVIEW
The interim results presented above have been reviewed, but not audited, by
Moores Rowland, the group`s auditors. Their limited review report is available
for inspection at the group`s registered office during normal office hours.
GROUP RESULTS
The interim results for Tisec reflect an operating loss of R414 000 and loss
attributable to shareholders of R414 000. Loss per share is 0,3 cents and
headline loss per share is 0,3 cents.
PROSPECTS
Tisec`s prospects will be substantially linked to the outcome of the
negotiations referred to in the cautionary announcement
SUBSEQUENT EVENT
Subsequent to the interim period ended 30 September 2004, the company disposed
of its entire interest in its associate, IDE Securities (Pty) Limited.
DIVIDEND
No dividend has been declared.
CAUTIONARY ANNOUNCEMENT
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.
On behalf of the board
Johannesburg
17 December 2004
Directors
P van Niekerk*, HS Courtney, KA Colley, DH Alexander
*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)
Sponsor:
Imara Corporate Finance South Africa (Pty) Limited
Date: 15/12/2004 04:50:04 PM
Produced by the JSE SENS Department
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