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ITG
ITG
Integrear - Unaudited Interim Results For The Six Months Ended 31 December 2005
Integrear Limited
("Integrear" or "the group")
Registration number 1989/001319/06
Share code: ITG & ISIN number: ZAE000027231
UNAUDITED INTERIM RESULTSFOR THE SIX MONTHS ENDED 31 DECEMBER 2005
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Revenue 6 808 3 827 8 544
Cost of sales (2 019) (1 302) (3 237)
Gross profit 4 789 2 525 5 307
Operating expenses (3 841) (3 062) (6 215)
Goodwill amortised - - -
Profit/(loss) from operations 948 (537) (908)
Finance costs 17 (7) (262)
Income from investments 62 65 282
Profit/(loss) before taxation 1 027 (479) (888)
Income tax (expense)/benefit - 195 178
Net profit/(loss) for the period 1 027 (284) (710)
Weighted average number of ordinary
shares in issue 12 564 190 12 564 190 12 564 190
Basic earnings/(loss) per share (cents)* 8,18 (2,26) (5,65)
Headline earnings/(loss) per share 8,18 (2,26) (5,65)
(cents)**
Reconciliation between basic and headline
earnings/(loss)
Basic earnings/(loss) 1 027 (284) (710)
Headline earnings/(loss) 1 027 (284) (710)
* Basic earnings per share is calculated based on net profit of R1 027 000
divided by the number of shares in issue being 12 564 190 x 100.
* Headline earnings per share is calculated based on net profit of R1 027 000
adjusted by the amortisation of goodwill of R nul divided by the number of
shares in issue being 12 564 190 x 100.
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Operating activities
Cash receipts from customers 5 193 4 320 9 972
Cash paid to suppliers and employees 5 096 3 925 (9 855)
Cash from/(used) in operations 97 395 117
Interest paid 17 (7) (22)
Interest received 62 65 124
Income taxes received - 117 116
Net cash from/(used in) operating
activities 177 570 335
Investing activities
Purchases of equipment (46) (9) (34)
Increase in loans receivable - - -
Net cash used in investing activities (46) (9) (34)
Financing activities
Decrease in borrowings (24) (34) (47)
Net cash (used in)/from financing
activities (24) (34) (47)
Net (decrease)/increase in cash and
cash equivalents (473) 527 253
Effect of foreign exchange rate changes - - -
Cash and cash equivalents at beginning
of the period 1 965 1 711 1 711
Cash and cash equivalents at end of the
period 1 492 2 238 1 965
CONSOLIDATED BALANCE SHEET
Unaudited Audited
31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Assets
Non-current assets 663 1 105 1 087
Equipment 46 92 92
Goodwill - - -
Deferred tax asset 617 1 013 995
Current assets 4 512 4 703 3 474
Tax asset - - -
Inventory - 6 -
Trade and other receivables 3 019 2 459 1 509
Bank balances and cash 1 492 2 2348 1 965
TOTAL ASSETS 5 175 5 808 4 561
Equity and liabilities
Capital and reserves 3 177 1 629 1 203
Share capital 126 126 126
Share premium 686 686 686
Non-distributable reserves 828 828 828
Capital redemption fund 48 48 48
Accumulated profits/(loss) 1 489 (59) (485)
Non-current liabilities
Long-term borrowings: Interest bearing 11 30 29
Current liabilities 1 987 4 149 3 329
Trade and other payables 1 948 4 092 3 284
Deferred revenue - - -
Tax liability 4 4 4
Short-term borrowings: Interest bearing 35 53 41
TOTAL EQUITY AND LIABILITIES 5 175 5 808 4 561
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Accumu-
Non- Capital lated
Share Share Distri- redemption (loss)/
butable
capital premium reserve fund profits Total
R"000 R"000 R"000 R"000 R"000 R"000
Balance at 30 June
2004 126 686 828 48 225 1 913
Net loss for the
period - - - - (284) (284)
Balance at 31 Dec
2004 126 686 828 48 (59) 1 629
Net profit for the
period - - - - (427) (427)
Balance at 30 June
2005 126 686 828 48 (486) 1 202
Net profit for the
period - - - - 1 027 1 027
Sale of subsidiary - - - - 948 948
Balance at 31 Dec 6
2005 126 86 828 48 1 489 3 177
COMMENTS
After much deliberation about the business portfolio of the Integrear Limited
group the directors have concluded that these businesses are subject to market
conditions that hamper long-term growth. The Board therefore concluded that the
best way forward would be to sell these businesses and to return the proceeds to
the shareholders in the way of a share buy-back offer. To this effect Integrear
Abacus (Pty) Limited as well as the Zeus business of Integrear Indicium (Pty)
Limited has been sold. Notices in terms of these transactions were placed in the
newspapers and a circular will shortly be mailed to shareholders.
ACCOUNTING POLICIES
The interim statement has been prepared in accordance with IFRS on accounting
for interim final statements. The accounting policies used are consistent with
those used in the annual financial statements for the year ended 30 June 2005.
AUDIT REPORT
The interim consolidated financial statements are not audited.
CORPORATE GOVERNANCE
The Group subscribes to and complies with the Code on Corporate Governance
Practices and Conduct as contained in the second King Report on Corporate
Governance.
SEGMENT REPORTING
No segment reporting was prepared since the group only operated in one
geographical and business segment.
JSE LIMITED REQUIREMENTS
This announcement has been prepared in accordance with the listing requirements
of the JSE Limited.
FINANCIAL
Due to the sale of Abacus (Pty) Limited and the sale of the Zeus business of
Indicium (Pty) Limited, several capital gains tax and secondary tax on companies
might have an impact on the final results as at 31 December 2005.
The matter is currently being referred for a legal opinion on which the final
impact can only be established. We want to inform shareholders that this might
have an effect on the final interim statements of which the shareholders will be
informed adequately of any material changes.
PROSPECTS
The only remaining business in the group is the business process management
business of Integrear Systemflo. Systemflo"s revenue is primarily derived from
the support of its current customer base according to annual software support
agreements, as well as project work and software licensing revenue. Ongoing
project work is foreseen with major customers.
DIVIDEND
No dividend is declared for the period under review.
By order of the board
L du Plessis
Chairperson
31 March 2006
Registered office
Glen Manor Office Park
Menlyn, 0063
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
Directors: L du Plessis* (Chairperson), TJ Hill (Chief Executive Officer), BP
Jones*, GJ Oosthuizen*, M Lindeque*
*Non-executive
Date: 30/03/2006 02:53:10 PM Produced by the JSE SENS Department
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