| Thu 27 May 2004, 13:22 | | Results For The Year Ended 29 February 2004 |
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Edutech - Unaudited Results For The Year Ended 29 February 2004
Release Date: 27/05/2004 12:08:03 Code(s): CDT
Edutech - Unaudited Results For The Year Ended 29 February 2004
NOVA EDUCATION AND TECHNOLOGY HOLDINGS LIMITED
(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 YEAR ENDED 29 FEBRUARY 2004
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the year ended 29 February 2004
Reviewed Audited
12 months 12 months
Feb. 2004 Feb. 2003
R R
Revenue 6 724 773 5 267 094
Operating profit/(loss) (1 625 588) 609 961
Net interest (2 183 563) (2 463 473)
Operating profit before taxation (3 809 151) (1 853 512)
Taxation (8 291 642) 8 267 685
Net profit/(loss) after taxation (12 100 793) 6 414 173
Provision for irrecoverable portion of
loan to subsidiaries (1 850 441) -
Amortisation of intangible assets (45 674) (43 493)
Net profit/(loss) for period (13 996 908) 6 370 680
Headline earnings/(Loss) per share (cents) (10,17) 4,67
Earnings/(loss) per share (cents) (10,20) 4,64
Number of shares 137 222 200 137 222 200
Reconciliation of headline earnings
Net profit per the financial statements (13 996 908) 6 370 679
Adjusted for:
Amortisation of intangible assets 45 674 43 493
Headline earnings/(loss) (13 951 234) 6 414 172
Headline earnings/(loss) per share (cents) (10,17) 4,67
SHORTENED UNAUDITED CASH FLOW STATEMENT
for the year ended 29 February 2004
Reviewed Audited
12 months 12 months
Feb. 2004 Feb. 2003
R R
Cash flows from operating activities (1 118 416) 3 739 179
Cash flows from investing activities (491 819) (924 834)
Cash flows from financing activities 1 639 317 (3 881 852)
Net decrease in cash and cash equivalents
for year 29 082 (1 067 507)
Cash and cash equivalents
at beginning of year (89 306) 978 201
Previously published (89 306) 958 701
Adjustment - change in accounting policy - 19 500
Cash and cash equivalents at end of year (60 224) (89 306)
UNAUDITED CONSOLIDATED BALANCE SHEET
at 29 February 2004
Reviewed Audited
12 months 12 months
Feb. 2004 Feb. 2003
R R
ASSETS
Non-current assets 16 735 046 21 849 776
Property, plant and equipment 372 608 103 337
Long-term trade receivables 14 764 862 12 205 372
Loan receivable 196 800 196 800
Loan to Joint Venture 1 268 672 866 847
Deferred tax - 8 291 643
Intangible assets 132 104 185 777
Current assets 10 082 201 12 396 872
Trade receivables and other debtors 7 595 260 10 740 172
Cash and cash equivalents 578 547 578 819
Inventory 1 908 394 1 077 881
26 817 247 34 246 648
EQUITY AND LIABILITIES
Capital and reserves 2 818 780 16 374 405
Share capital 13 722 13 722
Share premium 40 875 874 40 875 874
Accumulated loss (38 070 816) (24 515 191)
Non-current liabilities 21 438 365 15 847 295
Interest bearing loans 20 237 977 14 646 907
Non-interest bearing loans 1 200 388 1 200 388
Loans from other investors to Joint Venture - -
Current liabilities 2 560 102 2 024 948
Accounts payable 1 514 831 1 258 823
Provisions 406 500 98 000
Bank overdraft 638 771 668 125
26 817 247 34 246 648
Net asset value per share (cents) 2,05 11,93
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 29 February 2004
Share Share Accumulated
capital premium loss Total
R R R R
29 February 2004
Balance beginning
of year 13 722 40 875 874 (24 515 191) 16 374 405
Sale of Joint Venture 441 283 441 283
Net profit for year (13 996 908) (13 996 908)
Balance end of year 13 722 40 875 874 (38 070 816) 2 818 780
28 February 2003
Balance beginning
of year 13 722 40 875 874 (30 885 871) 10 003 725
Balance as previously
published 13 722 40 875 874 (30 581 794) 10 307 802
Adjustment - change in
accounting policy - - (304 077) (304 077)
Net profit for year - - 6 370 680 6 370 680
Balance end of year 13 722 40 875 874 (24 515 191) 16 374 405
Shareholders` attention is drawn to the fact that the comments below are at 29
February 2004 and all relevant resolutions have been passed at the shareholders`
meeting held on 15 March 2004 to give effect to the following:
* The change in name to Creditvision Holdings and change in shareholding,
whereby Callidus will be the controlling shareholder, as referred to in the
circular to shareholders dated 20 February 2004.
* Shareholders are advised that Callidus will purchase a portion of the
debtor`s book of approximately 5,8 million Rand. As part of this agreement,
SAOS, being the largest shareholder and creditor of Edutech and Swanvest,
being the second largest shareholder and creditor of Edutech have called up
their loans to Edutech and have agreed to settle all claims against the
company by SAOS and Swanvest. The effect hereof is that SAOS and Swanvest
will accept a cession of their relevant shares and loans in the relevant
subsidiaries as full and final settlement of liabilities to SAOS and
Swanvest.
The company will continue the core financial business of the company, which is
that of financing and related financial services.
* Edutech will be classified as a cash company in terms of the Listings
Requirements of the JSE Securities Exchange South Africa (`JSE`). The
company will deal in potential projects and transactions purely on merit
regardless of the time constraints imposed on it by the JSE Listings
Requirements to do a transaction to retain its listing, and it is therefore
possible that the company may not enter into a transaction within the
required time period, being either six months or the date of termination of
the `Venture Capital Market` of the JSE lists, whichever is the earliest,
to retain its listing.
Should the listing be suspended or terminated, the company will re-apply
for the listing of its securities on the JSE once an appropriate
transaction is entered into. Shareholders are therefore advised to exercise
caution in dealing in their securities until a further announcement is
made.
* No dividends have been paid or declared for the year.
* The increase in the accumulated loss is attributable to the reversal of the
deferred tax asset at 29 February 2004.
* The financial statements are in accordance with South African Generally
Accepted Accounting Practice and the Listings Requirements of the JSE and
Schedule 4 to the Companies Act,1973. The accounting policies adopted by
the directors are consistent to that of the previous year.
* T he financial statements have been prepared by Henk Prinsloo and Partners
and reviewed by the external auditors, Deloitte & Touche. A copy of their
unqualified reviewed financial report is available for inspection at the
company`s registered office.
On behalf of the board
A Lianos
27 May 2004
Directors: J C Klopper, A Lianos, H W Bonsma, K M van Nieuwenhuizen,
P W de Wet, M Durrant
Registered Office: 337 Bronkhorst Street
Lobby 4
Bankforum Building
Brooklyn, Pretoria.
