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Vesta - Audited results for the year ended 31 August 2005
Vesta Technology Holdings Limited
(Registration number: 1998/015580/06)
Share code: VST & ISIN number: ZAE000016267
("Vesta" or "the Group")
Audited results for the year ended 31 August 2005
Group Income Statement
Audited Audited
Year Year
ended ended
31/08/05 31/08/04
R"000 R"000
Revenue 9 160 16 172
Cost of sales (5 340) (9 861)
Gross profit 3 820 6 311
Other operating income 233 267
Depreciation and amortisation expense (93) (618)
Other operating expenses (3 004) (5 013)
Results from operating activities 956 947
Impairment of intangible assets - (552)
Impairment of loans (3 638) -
Profit on the dilution and sale of 3 524 -
investment in subsidiary
Equity loss from associate (48) -
Net financing cost (34) (13)
Profit before taxation 760 382
Taxation (305) (413)
Profit/(loss) for the year 455 (31)
Reconciliation of headline earnings
Profit/(loss) 455 (31)
Impairment of loans 3 638 -
Profit on the dilution and sale of (3 524) -
investment in subsidiary
Impairment of intangible assets - 552
Headline earnings 569 521
Basic and diluted earnings per share (cents) 0.5 0.0
Basic and diluted headline earnings per 0.7 0.6
share (cents)
Closing and weighted average number of 83 936 83 936
shares in issue - `000
(Net of treasury shares)
Group Balance Sheet
Audited Audited
31/08/05 31/08/04
R"000 R"000
Assets
Non-current assets 201 288
- Tangible assets 33 123
- Deferred tax 168 165
Current assets 3 276 2 978
- Inventories - 3
- Trade and other receivables 2 880 2 470
- Cash and cash equivalents 24 95
- Taxation 30 203
- Financial assets 342 207
Total assets 3 477 3 266
Equity and liabilities
Capital and reserves 1 603 1 148
- Equity capital 19 043 19 043
- Accumulated loss (17 440) (17 895)
Current liabilities 1 874 2 118
- Trade and other payables 795 1 247
- Provisions 220 382
- Deferred revenue 388 255
- Short term borrowings - 12
- Bank overdraft 471 222
Total equity and liabilities 3 477 3 266
Net asset value and net tangible asset value 1.9 1.4
per share (cents)
Condensed Statement of Changes in Equity
Share Share Retained Distribu- Total
capital Premium profits table R"000
R"000 R"000 R"000 reserve
R"000
Balance at 1 85 18 958 (17 864) 141 1 320
September 2003
Foreign exchange - - - (141) (141)
translation reserve
Net loss for the - - (31) - (31)
period
Balance at 31 85 18 958 (17 895) - 1 148
August 2004
Balance at 31 85 18 958 (17 895) - 1 148
August 2004
Net profit for the - - 455 - 455
period
Balance at 31 85 18 958 (17 440) - 1 603
August 2005
Cash flow statement
Audited Audited
Year Year
ended ended
31/08/05 31/08/04
R"000 R"000
Cash flows from operating activities (210) 297
Cash flows from investing activities (98) (172)
Cash flows from financing activities (12) (44)
Net change in cash and cash equivalents (320) 81
Cash and cash equivalents at beginning of (127) (208)
period
Cash and cash equivalents at end of the (447) (127)
period
Commentary
The Business
Vesta"s core business competency is the delivery of total Information Technology
services. Vesta delivers these skills to the marketplace in three main areas,
Software development, Service and Support and Vesta developed products, which
are positioned in the areas of e-learning, local government financial
management, performance management, and collaboration.
Accounting policies
The accounting policies applied in the preparation of the 2005 financial
statements are consistent with the prior year.
These policies conform with South African Statements of Generally Accepted
Accounting Practice.
Review of results
The financial statements have been presented in accordance with South African
Statements of Generally Accepted Accounting Practice (GAAP) and have been
audited by the Company"s auditors, Grant Thornton. Their unqualified audit
report is available for inspection at the registered offices of the Company.
Vesta results reflect the changes in the market and focus of the company.
The Group diluted its interest in Vesta WebActive Solutions (Pty) Ltd from 100%
to 50%, by acquiring the e-learning business from Campuswise (Pty) Ltd,
effective from 1 January 2005, for a consideration of R50 000. This was settled
by the issue of 1 000 Vesta WebActive Solutions (Pty) Ltd shares equating to 50%
of its share capital. The group then subsequently sold a portion of its
investment to a BEE partner on 1 February 2005 for R25 000 cash, thus reducing
its holding to 35%. The reduction in the Group"s investment in WebActive has led
to a profit of R3 524 655 and a corresponding impairment in the loans to
WebActive of R3 464 015. The name of Vesta WebActive Solutions (Pty) Ltd has
also been changed to Vesta Learning Solutions (Pty) Ltd. The group will in
future account for Vesta Learning Solutions (Pty) Ltd as an Associate.
As result of the changes Vesta"s revenue and cost of sales decreased but Vesta
maintained its operational results. The changes also led to the Financial
Director, E Thomas, leaving the group.
In view of the operating results the Board has elected not to declare any
dividends.
Future
Vesta will continue to strive for sustainable long-term growth with annuity
revenue streams. Focus will still be on expansion of existing operational areas
including the local council market where the company is beginning to provide
products and services.
By order of the board
F J Morrison Johannesburg
Chief Executive Officer 28 November 2005
Directors: S Roopa (Chairman)*, F Morrison, A Futcher, M Morrison*
* (Non-Executive)
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, 11th
Floor, 70 Marshall Street, Johannesburg 2001. PO Box 61051, Marshalltown, 2107.
Date: 30/11/2005 02:55:15 PM Produced by the JSE SENS Department
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