| Thu 29 Nov 2001, 0:00 | | Elexir Technology - Unaudited Annual Financial |
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ELEXIR TECHNOLOGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/004365/06)
Share code ELX ISIN ZAE000016663
("Elexir")
UNAUDITED ANNUAL FINANCIAL RESULTS
FOR THE YEAR ENDED 31 AUGUST 2001
CONSOLIDATED INCOME STATEMENT
GROUP
Unaudited Audited
2001 2000
R R
REVENUE 57 333 837 44 507 227
Cost of inventory sold (48 962 742) (32 320 840)
GROSS PROFIT 8 371 095 12 186 387
Operating costs net of sundry income (13 712 608) (25 115 238)
OPERATING LOSS (5 341 513) (12 928 851)
Net interest paid (237 459) (636 206)
Exceptional items - (20 313 055)
NET LOSS BEFORE TAXATION (5 578 972) (33 878 112)
Taxation - (45 384)
NET LOSS AFTER TAXATION (5 578 972) (33 923 496)
Share of associated companies
retained income - 2 086 000
ACCUMULATED LOSS FOR THE YEAR (5 578 972) (31 837 496)
Reconciliation of headline loss per share
Accumulated loss for the year (5 578 972) (31 837 496)
Adjusted for:
- Loss on disposal of property,
plant and equipment - 393 684
- Amortisation of goodwill 401 697 4 500 269
- Write-down of goodwill 846 098 7 598 556
- Exceptional losses - 12 714 499
Headline losses (4 331 177) (6 630 488)
Weighted average number of shares 143 247 092 130 127 999
Loss per share (cents) (3,90) (24,47)
Headline loss per share (cents) (3,00) (5,10)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GROUP
Unaudited Audited
2001 2000
R R
Balance at beginning of the year 818 844 36 084 979
Issue of share capital 130 000 -
Share premium on new issues 1 690 000 -
Cancellation of share capital - (22 857)
Share premium relating to the
cancellation of share capital - (3 405 782)
Share issue expenses
written-off - -
Net loss for the year (5 578 972) (31 837 496)
Balance at end of year (2 940 128) 818 844
CONSOLIDATED BALANCE SHEET
GROUP
Unaudited Audited
2001 2000
R R
ASSETS
NON-CURRENT ASSETS 6 333 117 6 574 751
Property, plant and equipment 3 935 486 4 749 325
Premium on acquisition of investments 2 397 631 1 825 426
Investments in associated companies - -
Intangible assets - -
Other investments - -
CURRENT ASSETS 12 347 460 7 855 333
Inventories 3 379 863 348 528
Accounts receivable 3 318 669 2 209 517
Short-term advancements 154 543 164 933
Short-term investments - 1 000 000
Taxation - -
Cash at bank and on hand 5 494 385 4 132 355
TOTAL ASSETS 18 680 577 14 430 084
EQUITY AND LIABILITIES
CAPITAL AND RESERVES (2 940 128) 818 844
Issued capital 1 431 280 1 301 280
Share premium 91 911 800 90 221 800
Non-distributable reserves 574 000 574 000
Accumulated losses (96 857 208) (91 278 236)
NON-CURRENT LIABILITIES 2 476 659 2 086 226
Long-term liabilities 2 476 659 2 086 226
Amount due to vendors - -
CURRENT LIABILITIES 19 144 046 11 525 014
Accounts payable 18 774 100 9 622 645
Provision for taxation 35 481 35 481
Bank overdraft 2 854 1 737 218
Current portion of long-term
liabilities 331 611 129 670
TOTAL EQUITY AND LIABILITIES 18 680 577 14 430 084
Net asset value per share
including intangible assets (cents) (2,00) 0,63
Net asset value per share
excluding intangible assets (cents) (3,73) (0,77)
CONSOLIDATED CASH FLOW STATEMENT
GROUP
Unaudited Audited
2001 2000
R R
Cash flows from operating activities 1 474 948 (2 862 135)
Cash flow from investing activities (588 987) 7 837 883
Cash flow from financing activities 2 210 433 (274 913)
Net increase in cash and
cash equivalents 3 096 394 4 700 835
Cash and cash equivalents
at beginning of the year 2 395 137 (2 305 698)
Cash and cash equivalents
at end of the year 5 491 531 2 395 137
COMMENTS
Results
Elexir reported a headline loss per share of 3,0 cents, compared to 5,1
cents in the previous financial year. On a weighted average basis, the loss
per share was 3,9 cents compared to 24,47 cents the previous financial year.
Turnover increased significantly to R57,3 million, 28,8% up on the
previous year. Tighter trading conditions, however, reduced gross margins to
14,6% compared with 27,3% for the year 2000.
Overheads have reduced from R25 million in the year 2000 to R15 million
for the year under review.
Prospects
The directors expect the trend of increased turnover to continue, and
increased sales from services and telecommunication products are expected to
improve margins for the coming year. The expense reduction programme
continues and it is anticipated that profitability will be restored in the
coming year.
Events after the balance sheet date
On 1 October 2001, the group disposed of its interest in Skye Capital (Pty)
Ltd. Goodwill has been written down in the above results to reflect the loss
realized on the disposal of this investment.
Accounting policies
There has been no change in the accounting policies for the year reported
on.
M N A Mokoape B G Casey
Chairman Chief Executive Officer
30 November 2001
Directors:
M N A Mokoape (Non-Executive Chairman), B G Casey (CEO)
J A Casey, D Lockey (Non-Executive), I J L Sturgeon, A P Volschenk
Registered office:
156 Kyalami Boulevard, Kyalami Business Park, Midrand, 1684
(PO Box 1819, Fourways, 2205)
Transfer secretaries:
Mercantile Registrars Limited, 10th Floor, 11 Diagonal Street Johannesburg,
2001 (PO Box 1053, Johannesburg, 2000)
