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Nova Education And Technology Holdings Limted - Unaudited Results For The Six
Release Date: 28/11/2002 08:08:07 Code(s): ETH
NOVA EDUCATION AND TECHNOLOGY HOLDINGS LIMTED - UNAUDITED RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2002
Nova Education and Technology Holdings Limted
(Incorporated in the Republic of South Africa)
(Registration number 1998/006957/06)
Share code: ETH ISIN: ZAE000033270
("Edutech" or "the company")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
CONSOLIDATED INCOME STATEMENT
for the period ended 31 August 2002
Unaudited Unaudited Audited
six months six months 12 months
Aug 2002 Aug 2001 Feb 2002
R R R
Revenue 2 306 516 2 870 750 4 689 745
Operating profit 1 119 084 1 669 613 2 937 194
Net interest (1 181 512) (1 172 337) (2 318 433)
Operating (loss)/profit before taxation (62 428) 497 276 618 761
Taxation 108 331 (152 062) 49 737
Net profit after taxation 45 903 345 214 668 498
Loan to subsidiary written-off - (27 727 504) (27 727 504)
Amortisation of goodwill - (1 936 139) (1 980 957)
Net profit/(loss) for period 45 903 (29 318 429) (29 039 963)
Headline earnings per share (cents) 0,03 0,25 0,49
Earnings/(Loss) per share (cents) 0,03 (21,37) (21,16)
Number of shares in issue 137 222 200 137 222 200 137 222 200
SHORTENED CASH FLOW STATEMENT
for the period ended 31 August 2002
Unaudited Unaudited Audited
six months six months 12 months
Aug 2002 Aug 2001 Feb 2002
R R R
Cash flows from operating activities 4 056 015 2 044 756 (385 870)
Cash flows from investing activities (520 665) (28 770 394) 2 996 443
Cash flows from financing activities (3 558 755) 26 426 349 (2 142 578)
Net decrease/(increase) in cash and
cash equivalents for period (23 405) (299 289) 467 995
Cash and cash equivalents
at beginning of period 958 701 490 706 490 706
Cash and cash equivalents
at end of period 935 296 191 417 958 701
CONSOLIDATED BALANCE SHEET
at 31 August 2002
Unaudited Unaudited Audited
six months six months 12 months
Aug 2002 Aug 2001 Feb 2002
R R R
ASSETS
Non-current assets 15 309 353 27 015 361 14 682 956
Property, plant and equipment 70 140 91 171 80 928
Long-term trade receivables 14 249 376 26 727 390 14 210 239
Loan receivable 671 788 196 800 196 800
Deferred tax 132 289 - 23 958
Intangible assets 185 760 - 171 031
Current assets 9 803 455 424 082 12 585 072
Accounts receivable and other debtors 8 868 159 232 599 11 626 371
Cash and cash equivalents 935 296 191 483 958 701
25 112 808 27 439 443 27 268 028
EQUITY AND LIABILITIES
Capital and reserves 10 353 705 10 021 033 10 307 802
Share capital 13 722 13 722 13 722
Share premium 40 875 874 40 867 571 40 875 874
Accumulated loss (30 535 891) (30 860 260) (30 581 794)
Non-current liabilities 13 231 961 16 778 404 15 553 259
Interest bearing loans 13 231 961 16 752 154 15 553 259
Deferred tax - 26 250 -
Current liabilities
Accounts payable 1 527 142 640 006 1 406 967
25 112 808 27 439 443 27 268 028
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 31 August 2002
Share Share Accumulated
capital premium income Total
R R R R
August 2002
Balance beginning of period 13 722 40 875 874 (30 581 794) 10 307 802
Net profit for period 45 903 45 903
Balance end of period 13 722 40 875 874 (30 535 891) 10 353 705
February 2002
Balance beginning of year 7 100 29 416 668 (28 774 516) 649 252
Net (loss) for year - - (29 039 963) (29 039 963)
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 year 13 722 40 875 874 (30 581 794) 10 307 802
1. Operation review
The operational and net profit of Edutech have decreased, respectively, to
R1,11 million and R45 903 when compared with the prior corresponding period. The
main reasons that can be advanced are:
* Edutech is in the light of the changing environment presently in a phase of
refocusing the Company and its subsidiaries.
* The decrease of the financing of schools, previously a core focus, as a
result of Section 36 of the SA Schools Act, which substantially increases the
risk of financing schools.
* The required investment in subsidiaries for economically viable
establishment, with specific reference to the publishing business, Bateleur
Books.
* The payment of debt to ultimately increase profit margins.
2. Compliance
These interim financial statements have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice and the
accounting policies used, are consistent with the prior year.
3. Prospects
The Board remains positive that the necessary steps implemented to position
the Company to take advantage of the strategic opportunities that will arise,
with reference to the following:
* Bateleur Books is presently in a process of submitting text books in
accordance with the National Curriculum Statement to compete in the lucrative
R1,2 billion school text book market in 2004. Text books for Grades 1, 2, 3, 5,
6, 8 and 9 have been completed.
* Kids Development Academy have also shown a promising start and have secured
substantial contracts from schools.
* FINSA is in a process of refocusing, and will concentrate on the further
expansion of its insurance cell captive, with specific reference to the
provision of professional indemnity cover to school governing bodies.
For and on behalf of the Board
J C Klopper CEO
25 November 2002
Board of directors:
Executive: J C Klopper (CEO), E H Davies
Non-executive: C J Booyens (Chairman), A Lianos, L M Maree, J F Steyn,
M J van Staden, C J H van Wyk
Transfer secretary:
Computershare Investor Services Limited
70 Marshall Street
Johannesburg
Registered address:
278 Serene Street, Garsfontein, 0042
Private Bag 90120, Garsfontein, 0042
Telephone: (012) 348-9641 Fax: (012) 365-1977
Date: 28/11/2002 08:08:03 AM Produced by the JSE SENS Department
