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Edutech - Audited results for the year ended 28 February 2002
NOVA EDUCATION AND TECHNOLOGY HOLDINGS LIMITED
(Formerly Contlan Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/006957/06)
JSE Share code: ETH ISIN: ZAE000033270
("Edutech" or "the Company")
Audited results for the year ended 28 February 2002
CONSOLIDATED INCOME STATEMENT
for the year ended 28 February 2002
Audited Audited
12 months 12 months
Feb 2002 Feb 2001
R R
Revenue 4 689 745 11 439 757
Continued 4 689 745 -
Discontinued - 11 439 757
Operating profit/(loss) 2 937 194 (27 495 391)
Continued 2 937 194 -
Discontinued - (27 495 391)
Net interest paid (2 318 435) -
Continued (2 318 435) -
Discontinued - -
Operating profit/(loss)
before taxation 618 759 (27 495 391)
Continued 618 759 -
Discontinued - (27 495 391)
Taxation 49 737 (43 227)
Continued 49 737 -
Discontinued - (43 227)
Net profit/(loss) after taxation 668 496 (27 538 618)
Abnormal items (27 727 504) (392 000)
Amortisation of goodwill (1 980 957) -
Net loss for the year (29 039 965) (27 930 618)
Headline earnings per share (cents) 0,49 (39)
Earnings per share (cents) (21,16) (39)
Number of shares in issue 137 222 200 71 000 000
SHORTENED CASH FLOW STATEMENT
for the year ended 28 February 2002
Audited Audited
12 months 12 months
Feb 2002 Feb 2001
R R
Cash flows from operating activities (385 870) (1 686 251)
Cash flows from investing activities 4 278 068 2 473 037
Cash flows from financing activities (3 424 137) (364 485)
Net increase in cash and
cash equivalents
at end of year 468 061 422 301
Cash and cash equivalents at
beginning of year 490 706 68 405
Cash and cash equivalents at
end of year 958 767 490 706
CONSOLIDATED BALANCE SHEET
at 28 February 2002
Audited Audited
12 months 12 months
Feb 2002 Feb 2001
R R
ASSETS
Non-current assets 14 682 955 257 812
Long-term trade receivables 14 210 239 -
Fixed assets 80 928 61 012
Intangible assets 171 030 -
Deferred tax 23 958 -
Employee Share Incentive Trust 196 800 196 800
Current assets 12 585 138 1 298 382
Cash and cash equivalents 958 767 490 706
Accounts receivable and other debtors 11 626 371 807 676
27 268 093 1 556 194
EQUITY AND LIABILITIES
Capital and reserves 10 307 800 649 252
Share capital 13 722 7 100
Share premium 40 875 874 29 416 668
Retained loss (30 581 796) (28 774 516)
Non-current liabilities
Interest bearing loans 15 553 259 -
Current liabilities 1 407 034 906 942
Accounts payable 1 406 967 873 801
Bank account 67 -
Current portion of interest bearing
borrowings - 33 141
27 268 093 1 556 194
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2002
Share Share Retained
2002 Capital Premium Income Total
Balance beginning
of the year 7 100 29 416 668 (28 774 516) 649 252
Net loss for the year - - (29 039 965) (29 039 965)
Sale of subsidiary -
Contlan Consulting
(Pty) Ltd - - 27 232 685 27 232 685
Share capital movement 6 622 11 459 206 - 11 465 828
Balance end of the year 13 722 40 875 874 (30 581 796) 10 307 800
2001
Balance beginning
of the year 7 100 29 416 668 (843 898) 28 579 870
Net profit/(loss)
for the year - - (27 930 618) (27 930 618)
Balance end of the year 7 100 29 416 668 (28 774 516) 649 252
ACCOUNTING POLICY
The accounting policies adopted by Edutech comply in all material
respects with South African Statements of Generally Accepted Accounting
Practice as well as with applicable legislation and are consistent with
those disclosed in the Prelisting Statement.
Abbreviated Chairman`s Report 2001/2002
The 2001/02 financial year was a year of great importance to Edutech as
the foundations were laid to become a leading player in the broader
education sector and in the process to generate positive revenue from the
various subsidiaries to the benefit of shareholders. In this regard, we are
grateful to report that we have achieved an operating profit of R618 760.
Furthermore and with reference to the Pre-listing Statement, as well as the
Interim results, an amount of R27 727 504 has been written-off as it relates
to to losses sustained in closing down the former Contlan subsidiaries, as
well as that a further R1 980 957 Goodwill has also been written-off.
From a close study of the market place, it is clear that business
conditions can be regarded as daunting for a fledgling company. However, it
can be reported that Edutech has endured the tests these challenging
conditions have posed and that substantial progress can be identified. Tough
and protracted negotiations have preceded the rolling out of further
business units to enhance the revenue possibilities although they have not
contributed to this year`s results, and in this regard the following
entities have been established, i.e.: Finsa Brokers (Pty) Limited; Tutor
Health Brokers (Pty) Limited and a Cell Captive for insurance products.
We take pleasure to report that Bateleur Books (Pty) Ltd, has commenced
with the publishing of school text books for the whole public school market
and we expect that substantial income can be expected with the advent of the
2004 school year.
The 2002/03 financial year will mark the period during which Edutech will
become a fully functional group of companies that will be able to
successfully enhance the inherent synergies that exist among them. We remain
committed to our core strategy, i.e.: to optimise business opportunities and
the provision of the best available services and products on an accountable
and cost effective basis. Edutech is ideally positioned to build on its
trust relationship with schools and educators and to gain access to this
"closed community".
C J Booyens (Chairman and Non-executive Director)
Pretoria
31 May 2002
Board of directors
Executive: J C Klopper (CEO), E H Davies, C J H van Wyk
Non-executive: C J Booyens (Chairman), A Lianos, L M Maree,
J F Steyn, M J van Staden
Company secretary
J C Klopper
Registered address
278 Serene Street, Garsfontein, 0042
Private Bag 90120, Garsfontein, 0042
Telephone: (012) 348-9641 Fax: (012) 365-1977
Date: 30/05/2002 04:45:00 PM Produced by the SENS Department
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