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Nova Education And Technology Holdings Limited -
NOVA EDUCATION AND TECHNOLOGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/006957/06)
Share code ETH ISIN ZAE000033270
("Edutech", "the Company" or "the Group")
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
CONSOLIDATED INCOME STATEMENT
for the year ended 28 February 2003
Audited Audited
12 months 12 months
Feb 2003 Feb 2002
R R
Revenue 5 475 935 4 689 745
Operating profit 568 468 2 937 194
Net interest (2 463 474) (2 318 433)
Operating (loss)/profit before taxation (1 895 006) 618 761
Taxation 8 267 685 49 737
Net profit after taxation 6 372 679 668 498
Amortisation of franchise cost (2 000) -
Loan to subsidary written-off - (27 727 504)
Amortisation of goodwill - (1 980 957)
Net profit/(loss) for year 6 370 679 (29 039 963)
Headline earnings per share (cents) 4,64 0,49
Earnings/(loss) per share (cents) 4,64 (21,16)
Number of shares 137 222 200 137 222 200
RECONCILIATION OF HEADLINE
EARNINGS
Net profit per the financial statements 6 370 679 (29 039 963)
Adjusted for:
Amortisation of intangible assets 43 493 -
Loan to subsidiary written-off - 27 727 504
Amortisation of goodwill - 1 980 957
Headline earnings 6 414 172 668 498
Headline earnings per share 4,67 0,49
ABRIDGED CASH FLOW STATEMENT
for the year ended 28 February 2003
Cash flows from operating activities 3 691 648 (385 870)
Cash flows from investing activities (892 122) 2 996 443
Cash flows from financing activities (3 198 910) (2 142 578)
Net increase in cash and cash
equivalents at end of year (399 384) (467 995)
Cash and cash equivalents
at beginning of year 958 701 490 706
Cash and cash equivalents
at end of year 559 317 958 701
CONSOLIDATED BALANCE SHEET
at 28 February 2003
Audited Audited
12 months 12 months
Feb 2003 Feb 2002
R R
ASSETS
Non-current assets 20 820 878 14 682 956
Property, plant and equipment 74 337 80 928
Long-term trade receivables 11 205 375 14 210 239
Loan receivable 196 900 196 800
Loan to Joint Venture 866 846 -
Franchise cost 8 000 -
Deferred taxation 8 291 643 23 958
Intangible assets 177 777 171 031
Current assets 12 503 085 12 585 072
Accounts receivable and other debtors 11 141 921 11 626 371
Cash and cash equivalents 559 318 958 701
Inventory 801 846 -
Tolal assets 33 323 963 27 268 028
EQUITY AND LIABILITIES
Capital and reserves 16 681 970 10 307 802
Share capital 13 722 13 722
Share premium 40 875 874 40 875 874
Accumulated loss (24 207 626) (30 581 794)
Non-current liabilities 15 022 895 15 553 259
Interest bearing loans 12 088 061 15 553 259
Non-interest bearing loans 1 200 488 -
Loans from other investors to
Joint Venture 1 734 346 -
Current liabilities 1 619 098 1 406 967
Accounts payable 1 605 598 1 406 967
Provision 13 500 -
Total equity and liabilities 33 323 963 27 268 028
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 28 February 2003
Accumu-
Share Share lated
capital premium loss Total
R R R R
February 2003
Balance beginning of
year 13 722 40 875 874 (30 578 305) 10 311 291
Balance beginning of
year 13 722 40 875 874 (30 581 794) 10 307 802
Adjustment to opening
balance - - 3 489 3 489
Net profit for year - - 6 370 679 6 370 679
Balance end of year 13 722 40 875 874 (24 207 626) 16 681 970
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
ABBREVIATED CHAIRMAN"S REPORT 2002/03
It was predicted during our previous report that the 2002/03 financial year
would be typified by further investments and the laying of foundations to build
upon in future. We are convinced that the investment phase will be completed
during the 2003/04 financial year and that it will be able to generate
substantial income from the subsidiaries.
The Board took the strategic decision that it would not be possible to expand
all subsidiaries to the same extent on a contemporaneous basis and that a well-
considered phased approach whereby priority is given to certain subsidiaries is
deemed necessary. In this regard it can be reported that as a result of the
phasing in of the National Curriculum Statement (replacing the aborted
Curriculum 2005) with effect from January 2004, and the provision of R1,4
billion by the State to Departments of Education, that priority was given to
Bateleur Books. Bateleur, which has also secured a significant black empowerment
consortium as shareholder, has submitted its text books and teacher guides to
the various provincial departments for approval and incorporation in the
Approved Lists, and it can be reported that the submissions were favourably
received.
Although the market place for small companies has continued to be a daunting
arena, FINSA (Pty) Ltd has continued doing steady business. Kids Development
Academy (Pty) Ltd, focusing on curriculum enrichment in primary schools, has
commenced with business and all indications are positive as excellent feedback
is received from schools and marketing progresses well.
We are convinced Edutech is poised for a positive future and that we will be
able to optimise the business opportunities that exist in the education
community while rendering a quality service to education.
ACCOUNTING POLICY
The financial statements of the Group have been audited and an unqualified
audit report expressed thereon by Henk Prinsloo & Partners. Their report is
available for inspection at the registered offices of the Company. The financial
statements comply in all material respects with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the previous year.
C J Booyens (Chairman and Non-executive Director)
Pretoria
30 May 2003
Board of directors
Executive: J C Klopper (CEO), E H Davies, A Lianos
Non-executive: C J Booyens (Chairman), C J H van Wyk, 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: 30/05/2003 03:04:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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