| Thu 16 Sep 2004, 8:48 | | results for the period ended 31 August 2004 |
|
Creditvision - Provisional unaudited interim results for the period ended 31
August 2004 and further cautionary announcement
Creditvision Holdings Limited
(Formerly Nova Education and Technology Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/006957/06)
Share code: CDT ISIN: ZAE000053492
(CreditVision or the company or the group)
Provisional unaudited interim andresults for the period ended 31 August 2004
further cautionary announcement
CONSOLIDATED INCOME STATEMENT
for the period ended 31 August 2004
Unaudited Unaudited
6 months 6 months
Aug 2004 Aug 2003
R R
Revenue 1 070 626 2 876 738
Operating profit/(loss) 144 879 (2 277 020)
Net interest 42 305 (1 208 767)
Operating profit before taxation 187 184 (3 485 787)
Taxation (57 613) (8 291 642)
Net profit/(loss) after taxation 129 571 (11 777 429)
Provision for irrecoverable
portion of loan to subsidiaries - (1 850 441)
Amortisation of intangible assets - (22 927)
Net profit/(loss) for period 129 571 (13 650 797)
Headline earnings per share (cents) 0,09 (8,58)
Earnings/(Loss) per share (cents) 0,09 (9,95)
Number of shares 137 222 200 137 222 200
CONSOLIDATED BALANCE SHEET
31 August 2004
Unaudited Unaudited
6 months 6 months
Aug 2004 Aug 2003
R R
ASSETS
NON-CURRENT ASSETS 295 398 12 216 685
Property, plant and equipment 21 374 135 129
Long-term trade receivables - 10 519 378
Loan receivable 274 024 1 153 592
Loan to Joint Venture - 245 736
Deferred tax - -
Intangible assets - 162 850
CURRENT ASSETS 5 543 883 10 687 875
Trade receivables and other debtors 5 119 569 7 196 807
Cash and cash equivalents 424 314 1 684 509
Inventory - 1 806 559
5 839 281 22 904 560
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 5 165 785 2 723 608
Share capital 13 722 13 722
Share premium 40 875 874 40 875 874
Accumulated loss (35 723 811) (38 165 988)
NON-CURRENT LIABILITIES - 17 825 592
Interest bearing loans - 15 203 759
Non-interest bearing loans - 1 204 920
Loans from other investors to Joint Venture - 1 416 913
CURRENT LIABILITIES 673 496 2 355 360
Accounts payable 13 614 1 487 198
Provisions - 57 438
Receiver of Revenue 659 882
Bank overdraft - 810 724
5 839 281 22 904 560
Net asset value per share (cents) 3.76 1.98
ABRIDGED CASH FLOW STATEMENT
for the period ended 31 August 2004
Unaudited Unaudited
6 months 6 months
Aug 2004 Aug 2003
R R
Cash flows from operating activities 420 546 2 505 998
Cash flows from investing activities - (2 170 823)
Cash flows from financing activities - 627 916
Net decrease in cash and cash
equivalents for period 420 546 963 091
Cash and cash equivalents
at beginning of period (89 306)
Previously published 3 768 (89 306)
Adjustment - change in accounting policy -
Cash and cash equivalents at end of period 424 314 873 785
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 31 August 2004
Acc-
Share Share umulated
capital premium loss Total
R R R R
31 AUGUST 2004
Balance beginning
of period 13 722 40 875 874 (35 853 382) 5 036 214
Net loss for period 129 571 129 571
Balance end of
period 13 722 40 875 874 (35 723 811) 5 165 785
31 AUGUST 2003
Balance beginning
of period 13 722 40 875 874 (24 515 191) 16 374 405
Net loss for period (13 650 797) (13 650 797)
Balance end of
period 13 722 40 875 874 (38 165 988) 2 723 608
28 FEBRUARY 2003
Balance beginning
of period 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 the
period - - 6 370 680 6 370 680
Balance end of the
period 13 722 40 875 874 (24 515 191) 16 374 405
CHAIRMANS STATEMENT
It is hereby reported that over the last six months we have managed to clean up
the balance sheet and we are able to report an interim profit of R129 571. This
equates to an earnings per share of 0,09 cents and the tangible net asset value
per share has increased to 3,76 cents. The Board is reviewing several exciting
opportunities some of which are discussed below and others, which if accepted,
will be published as soon as the Board approves the relevant proposals.
I would like to express a word of gratitude to the shareholders for their
continued support and the Board of directors for their support during the past
six months.
H W Bonsma - Chairman of the Board
INTERIM FINANCIAL STATEMENTS
These interim financial statements have been prepared in accordance with South
African Generally Accepted Accounting Practice, the Companies Act, and are
unaudited and have not been reviewed by the auditors. No divided has been
declared.
DEVELOPMENTS IN THE LAST SIX MONTHS
Private placement
The company has issued 5 188 831 shares at 23 cents per share, representing a
discount of 8% to the current trading share price and being 3,78% of the issued
share capital, before the placement, of the company, with various members of the
public who have expressed interest in becoming shareholders of Creditvision. As
a result the issued share capital will increase to 142 411 031 issued shares and
the company will receive R1 193 431,05 from the issue and will utilise the funds
to expand the business.
Detailed cautionary announcement regarding the acquisition
Further to the cautionary announcement published on 31 August 2004, shareholders
are advised that the company has concluded a heads of agreement with two
companies to purchase two motor dealerships, that sell both new and used motor
vehicles, for approximately R8 500 000 in cash from the vendors GDP Motors (Pty)
Ltd and GDP Garage (Pty) Ltd. The rationale for these acquisitions is that the
acquisitions will enhance the profitability of the motor vehicle rental,
insurance and financing divisions of the group. The businesses being acquired
had a net asset value of R3 870 862 and a profit after tax of R1 172 252 for the
year ended 28 February 2004.
The acquisitions will be financed out of the current cash resources of the
company and debt. The transaction is subject to a full due diligence by the
company, financing and approval from the relevant motor companies with regard to
dealership licenses. A detailed announcement will be made with regard to the
above as soon as the transaction is concluded.
EMPOWERMENT (BEE) PROSPECTS 2004/2005
As reported on 31 August 2004 Creditvision is committed to complying with the
Financial Services Charter and we are currently finalising negotiations with our
prospective BEE partner. Shareholders are advised that an announcement in this
regard will be made in due course.
FURTHER CAUTIONARY ANNOUNCEMENT REGARDING CASH SHELL STATUS
Due to the success of growing the financial services business, the directors
have approached the JSE Securities Exchange South Africa Listings Committee to
amend the status of the company from that of a cash shell to an operating
company.
These negotiations are ongoing and shareholders will be informed in due course.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the companys securities until a further announcement is made.
DIRECTORS OF THE COMPANY
The current directors of the company are:
Executive
Mr H W Bonsma - Chairman of the Board
Mr K M van Nieuwenhuizen - Chief Executive Officer
Mrs M Durrant - Chief Financial Officer
Corporate advisor
Dr P W de Wet - Director of the Board
and sponsor
Non-executive Company secretary
Mr D H Cooper Mrs E G Schubert
Postal address Physical address
PO Box 1571 Bank Forum Building
Brooklyn Square, 0075 Ground Floor
337 Veale Street, Brooklyn, 0181
www.creditvision.co.za
info@creditvision.co.za
Date: 16/09/2004 07:00:32 AM Produced by the JSE SENS Department
